Semiconductor industry recovery "temperature difference" is large: storage chips are hot, while other categories are weak. Morgan Stanley is optimistic about these AI beneficiary stocks.

Morgan Stanley cited top trade institution data in the semiconductor industry, indicating that global semiconductor sales slowed slightly in November, but the storage chip market still performed well. According to data from the Semiconductor Industry Association (SIA) in the United States, semiconductor sales in November increased by 7.1% compared to the previous month, lower than Morgan Stanley's previous forecast of 10.4%, but significantly higher than the historical average of 2.5% over the past 10 years. The investment bank also added that the year-on-year growth rate of this indicator climbed to 29.8%, further accelerating from the previous 27.2%; the month-on-month growth rate soared to 29.5%. Looking at the regions, sales in the Asia-Pacific region surged by 71.9%, with the Chinese market also recording a considerable increase of 28.9%; the Americas and Europe followed closely, with year-on-year growth rates of 12.4% and 10.8% respectively; only the Japanese market experienced a decline, with a 5.6% decrease in sales compared to the previous month. Morgan Stanley analyst Joseph Moore stated in a client report, "Although the overall recovery trend remains unchanged, and the upward trend in storage chip prices continues to boost industry data, we expect that short-term fluctuations in sales will continue to a certain extent. According to the industry association data, the overall performance of the semiconductor industry is weaker than seasonal levels, with NAND flash memory being one of the few bright spots." By product category, discrete devices performed below expectations, with sales falling by 4.1% compared to the previous month, not only lower than Morgan Stanley's forecast of zero growth but also worse than the historical average decline of 0.7%. In terms of quantity and price, sales volume decreased by 0.5% compared to the previous month, better than the historical average decline of 1.8%; however, the average selling price fell by 4.6%, much lower than the historical average increase of 1.2%. The analog chip sector also showed weakness in November, with sales declining by 4.4% compared to the previous month, exceeding Morgan Stanley's forecast of 3% and higher than the historical average decline of 3.2%. In terms of quantity and price, sales volume decreased by 2.4% compared to the previous month...