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1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 26 to 29.Analyst Certification on page 25.Price Objective Basis/Risk on page 24.12866702 European Semiconductors SIA Data Tracker:The Power is back on Industry Overview Solid Core semi unit growth amid pricing pressure In June,Core semi sales+4%YoY,the

4、4th consecutive month of YoY growth,powered by strength in units,+15%YoY vs price-10%.Demand remains robust,with signs of a potential recovery in Power semis,Analog,Optoelectronics,and sensors continuing to perform strongly,whilst MCUs,especially in automotive,show ongoing weakness.We believe the de

5、stocking phase is largely behind us,but persistent market uncertainties are weighing on the timing of restocking.We reiterate our Buy rating for IFX(PO:42),Neutral for STM(PO:25),and U/P for AMS(PO:CHF7.07)and AIXA(PO:10.9).Powering up;first signs of recovery;MCUs still lagging In June,Power saw+1%Y

6、oY sales growth.The 1st month of growth since Dec-23,with units+18%offsetting 14%ASP decline.The recovery is predominately due to a pick-up in MOSFET units,which have underperformed IGBTs in the last year.MOSFET is the largest category within Power,c85%of sales.Throughout 25E,Power and MCU sales hav