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半導體基本面可能即將觸底
uSMART盈立智投 04-10 09:46

天風證券表示,全球半導體銷售額同比增速由2021年8月的高點29.7%,持續回落至2023年1月的-18.5%,當前在人工智能科技浪潮催化下,半導體週期可能醞釀新一輪復甦週期。

國泰君安認爲,我國半導體的產能週期基本已經觸底,其一,我國電子行業的資產負債率同比已經出現回升,意味着新一輪債務週期正在開啓,考慮到該行業的資產負債率處於歷史最低水位(54.3%),未來加槓桿的空間極大;其二,在過去兩年的需求下行週期中,我國電子行業的產能利用率已經基本觸底,目前需求已經出先回暖的跡象,產能利用率的回升將帶動新一輪產能週期開啓。

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