November 2024 Chuangxin Index Analysis Report - Analog devices show signs of recovery, and AI-related materials are hot

1. Overall Market Overview

• The IC market still facesHigh inventory, weak pricesPressure, demand for consumer electronics, industry, and automobiles is recovering slowly
• Memory price expectations are weak, with only high-end products such as HBM and DDR5 relatively strong
• Localized production has become a trend: ST cooperates with local foundries for MCUs, and local foundry production increases
• AI continues to drive advanced processes, advanced packaging andPower Supply/RF/Programmable LogicDevice requirements

2. Top 10 most searched categories & brands in November

Hot search categories (both increased month-on-month)

1. Rectifier 22.51%
2. Microcontroller (MCU) 22.76%
3. TVS 26.31%
4. MOSFET 20.71%
5. Operational amplifier 22.40%
6. Linear regulator 18.42%
7. DC-DC 23.37%
8. General bipolar transistor 19.07%
9. Flash 23.63%
10. ADC 24.43%

Popular brands (month-on-month growth rate differentiation)

• Growth of TI, ADI, Infineon, NXP, etc.20%+
• **ST (19.49%), Microchip (17.35%)** The growth rate is obviously lagging behind, which is consistent with the decline in demand and the performance retracement.

3. Hot search TOP50: The recovery signal of analog devices is obvious

• The list pattern is basically stable compared to last month, and search volume has returned to normal levels.
• The growth rate of many analog chips from TI and ADI is much higher than the average, becoming the main force of recovery:
  • TI: TPA3116D2DADR (audio power amplifier), TMS320F28034PNT (MCU)
  • ADI: ADXRS453BRGZ (gyro)
• The overall price fluctuations are moderate, there is no significant price increase, and the market is still focused on destocking

4. Search volume surges TOP20: Analog + programmable logic is strong

• TI has the largest number of entries on the list, the popularity of audio, driver, and power management chips has surged
• Altera (Intel PSG) multiple models surge sharply: Benefit from original factory price increase + AI computing power demand
• ADI, NXP, ST, and ON Semiconductor all have models on the list, covering communications, radio frequency, automotive, and industrial control.
• Typical high-increase models:
  • TI：TPA3116D2DADR、DRV5033、TPS54231
  • ADI：AD8317、ADF4351
  • Altera：5CEFA9、EP2C8/EP2C5/EP4CE10

5. Inventory fluctuation list: supply and demand structure differentiation

Inventory growth TOP10

• NXP PCF7952, TI BQ79600PWRQ1, ADI AD780ARZ, etc.

Inventory decline TOP10

• Intel WGI210IS、ADI ADXRS453、ADI AD8310
• Skyworks RF, ON Semiconductor image sensor, NVIDIA RTX4090

6. Summary of demand for subdivided categories

1. MCU

   STM32 and Microchip AVR series continue to destock, demand recovery is slow, and the growth rate lags behind the broader market.
2. Analog Devices (TI/ADI)

   Op amp, power supply, audio, gyroscope, interface chipDemand picks up first, is the clearest recovery sector in November.
3. Programmable logic (Altera/Xilinx)

   acceptAI computing power demand + original factory price increaseDriven by this, search volume and market attention increased significantly.
4. MOSFET & Passive Components

   Vishay benefited from Nvidia's AI server orders, MOSFET production capacity was fully loaded, and polymer tantalum capacitors were in short supply.
5. memory
   • DRAM: DDR4 spot prices plummeted, only HBM and DDR5 remained strong
   • NAND: The enterprise level is stable, the consumer level is weak, and the contract price is falling; Samsung and Kioxia's production cuts are expected to support the price

7. Summary of Core Innovation Index

• Weaknesses: General MCU, consumer memory, traditional discrete devices
• Strong:TI/ADI analog chips, AI-related FPGA/logic chips, AI server power supplies and RF devices