1.1 Global Manufacturing Sentiment Improves, Economy Recovers Steadily
1.2 Electronic Information Manufacturing Sees Improved Profitability and Strong Exports
1.3 Semiconductor Sales Remain Strong, Driven by Asia-Pacific Market
2.1 Overall Chip Lead Time Trends
2.2 Overview of Lead Times for Key Chip Suppliers
4.1 Upstream Semiconductor Manufacturers
(1)Silicon Wafer/Equipment
(2)Fabless/IDM
(3)Foundry
(4)OSAT
4.2 Distributor
4.3 System Integration
4.4 Terminal Application
(1)Consumer Electronics
(2)New Energy Vehicles
(3)Industrial Control
(4)Photovoltaic
(5)Energy Storage
(6)Data Center
(7)Communication
(8)Medical Equipment
5.1 Opportunities
5.2 Risk

In March, the global manufacturing PMI maintained moderate expansion, showing a clear overall improvement. China, the EU, the US, Japan and South Korea all remained above the 50-point boom-bust line. Among them, the Eurozone manufacturing PMI jumped to 51.6 in March, rebounding for two consecutive months, indicating signs of a strengthening recovery.
Chart 1: Manufacturing PMI of the world's major economies in March
Source: NBSPRC
In February 2025, China’s electronic information manufacturing industry achieved rapid production growth, recovering exports, significantly improved economic benefits and accelerated investment growth, representing a sound overall development trend.
Chart 2: Latest Operation of Electronic Information Manufacturing Industry
Source: MIIT
According to the latest data from SIA, global semiconductor sales reached $88.78 billion in February, up 61.8% YoY, with growth exceeding 20% for eight consecutive months.
By region, the Americas market rose 59.2% YoY, the Asia-Pacific region represented by China surged 93.5% YoY, while Japan and Europe recorded changes of -0.3% and 42.3% respectively. SIA expects the market to maintain high growth this year.
Chart 3: Latest global semiconductor industry sales and growth rate
Source: SIA,Chip Insights
In terms of integrated circuit output, China's cumulative IC production exceeded 81.5 billion units in February, maintaining an upward trend in line with global capacity.
Chart 4: Latest global and Chinese integrated circuit production and growth rate
Source: WSTS,SIA,Chip Insights
Regarding imports and exports, China's IC trade maintained strong growth in February, with imports and exports rising by over 40% and 72% respectively in the past two months.
Chart 5: Latest import and export amount and growth rate of integrated circuits in China
Source: MIIT,SIA,Chip Insights
From the capital market index perspective, the Philadelphia Semiconductor Index (SOX) fell 6.7% in March, and the China Semiconductor (SW) Index dropped 13.2%. The capital market experienced relatively large volatility affected by geopolitical factors.
Chart 6: Trend of SOX and SW Index in March

Source: Wind,Chip Insights
For more information, please refer to the attached report.