the middle reaches of 11.84%

Shenyin wanguo Yu Bin continued downturn in global electronics demand. September global semiconductor sales growth was slightly better than in August, an increase of 2%. October in North America, Japan semiconductor device BB values respectively from 0.80, dropped to 0.75, 0.75, industry investment continues to decline, showing that international manufacturers of light industry demand, tight investments pending springBird's nest. Inventory adjustments has been nearly high. Analysis of international electronic companies three quarterly status, inventory levels are still rising and the semiconductor industry as a whole. Specific IC Foundry, IC testing and brand inventory adjustments to produce results, EMS, IC design, IDM companies increased inventory levels are still in State. From the a-share electronic stock situation, three quarter days inventoryIncreased inventory adjustments continued to.　　We think that from the current industry enterprise to order on the actual circumstances and wishes of inventory, three quarters will be inventory levels of cycle highs. Electronic industry in October excess return-2.6%, cumulative excess return since 11-12.9%. October e-plate or 1.6% and 11 new Trojan-28.2%, ShenOctober 23 level industry relative gains in 18th place.　　We think the main reason for this is: three quarterly disclosure of slower growth in most companies, a significant portion from the spit, season not Mong Kok becomes a reality, a listed company earnings forecast downgrade. The economy hit bottom, cyclical opportunities emerging. From the current industry profitability, inventory, demand, electronic industry boomHas entered the bottom of the cycle, although the first quarter of 2012 thanks days and Thailand floods from the fall, but a factor that might have been expected by the market.　　Counter-cyclical investment, considered cyclical investment opportunities with the bottom of the cycle is about to emerge. Global Semiconductor boom continued to fall according to the WSTS statistics, in September this year the global semiconductor productsTotal amount of $ 29.44 billion, compared to September 2010 global semiconductor product shipment amount $, rose 2%.　　Decline in sales growth compared to the August growth-3.8% 5.8%. Electronics sales growth not seen season signals. In August 2011, the United States consumer electronics 8.29 billion the total the United StatesYuan, an increase of 2.5%, compared to growth in per cent in July from 3.6%.　　In August 2011, Chinese household electrical appliances, audio equipment, communication products (above designated size) total consumption of 49.6 billion yuan, an increase of 28.1% compared with July growth 6.3%. According to the September 2011 North American released SEMI-semiconductor equipmentOrder shipped than reporting, North American semiconductor equipment orders shipped ratio (BB) continued to decline. The three-month moving average sales statistics for September North American semiconductor equipment makers order amount of US $ 984 million swtor credits, shipments amounted to $ 1.314 billion order shipment ratio of 0.75. September 2011 the order amount of US $ 984 million, fell 40.4%, 15.3% fell, produces goods the amount of $ 1.314 billion fell 18.4%, fell 9.8%.　　Due to the significant drop in orders, leading North American semiconductor equipment BB values continue to fall to 0.75, semiconductor manufacturers investment slumped badly, industry boom of low. SEAJ announced Japan semiconductor equipment order book-to-Bill dataIn September 2011, Japan semiconductor equipment orders 79.48 billion yen fell 37.9% September 2011 Japan semiconductor equipment shipment amount 106.45 billion yen, fell 5% September BB value of 0.75, 0.76 compared with August BB value continues to decline. Market sales season was Mong stocks at a high levelElectronic component sales grow dull. Taiwan Electronics listed companies be announced October sales figures. In October, Taiwan's electronics industry overall revenues rose 3.13%. From industrial chain y/y growth, upstream-10.58%, Middle 12.52%, lower-2.68% per cent growth rate, upper-2.44%, the middle reaches of 11.84%, The lower reaches of 2.04%. In particular, made in October with mobile phone sales grew more than 10% (17.3%), optical lenses (19.4%), NB and handset components (25.1%), EMS (23.2%), down over 10% mainly in the area of DRAM manufacturing (-42.6%), the monitor (-40.7%), solar energy (-56%), the passive components (-10.4%), LED and optical components (-14.8%), STN Panel (-18.3%).　　We focus on upper and middle reaches of industry swtor power leveling, IC manufacturing, IC closed beta per cent from the slightly rising trend. Season does not want most falling in the area. October 2011 TaiwanPCB manufacturing 1.98% per cent growth, compared to growth in September dropped 2.88%; passive component y/y growth-10.39%, compared to growth in September fell 1.17%. Analysis of international electronic companies three quarterly status, inventory levels are still rising and the semiconductor industry as a whole. Specific IC Foundry, IC testing and brand inventory adjustment beginning, eMS, IC design, IDM companies still in a State of increased inventory levels. From the a-share electronic stock situation, slightly increases the number of days of stock in the third quarter, inventory adjustments continued to. We believe that from the current industry enterprise wishes to inventory and order on the actual situation, cycle highs will be in the third quarter inventory levels. From the a-share electronic stock situation, three quarters of the libraryKeep slightly increases the number of days, inventory adjustments continued to. Investment strategy: growth balanced October cycle electronics industry excess return-2.6%, cumulative excess return since 11-12.9%. October gain and 1.6% Trojan or 28.2% the electronics sector. Shen Wan 23 level industry electronic relative benefit October 18th, Overall performance weakened again.　　We think the main reason for this is: three quarterly disclosure of slower growth in most companies, a significant portion from the spit, season not Mong Kok becomes a reality, a listed company earnings forecast downgrade. Mobile electronic products, energy-saving emission reduction remain major areas of investment for the year and even next year in the near future. Benefit from the lower-priced smart phones posed by eruptions and ultrabookIndustry will change dramatically, zowee technology, Cheung Ying precision, xwoda, Crystal opto-electronic will continue to benefit to LED lighting, power semiconductors, capacitors and other energy-saving emission reduction policy, the direction will actively promote rapid growth. From the current industry profitability, inventory, demand, electronic industry prosperity has entered the bottom of the cycle, although the first quarter of 2012 thanks days andThailand floods from the fall, but a factor that might have been expected by the market.　　Counter-cyclical investment, considered cyclical investment opportunities with the bottom of the cycle is about to emerge. In 2011, under the influence of European debt crisis of the global economy, electronics demand downturn, electronics industry boom remained low. An upsurge in the demand, we believe in the low-end products willChristmas consumption subject gave China Terminal enterprises, and boost from good components enterprise-quality opportunities for customers and market share. Adjust gradually entered the field of LED late lighting applications move towards universal access. LED prices continue to fall, LED fluorescent lamp and tube light is economics. At the same time, as the State policy on green light italic, As well as the upcoming release of energy-efficient lighting subsidies would facilitate the rise of LED lighting applications.　　2011 2010 massive investments into capacity to digest years experienced boom after adjustment, we expect the first quarter of 2012 will be the industry boom time window changes. (From: communications and information reported)