Greater China Semis: May: IC import/export value +68.0%/+110.9% YoY
Report Summary
Goldman Sachs maintains a positive outlook on Greater China semiconductors, noting robust demand with IC import value surging +68.0% YoY and IC export value jumping +110.9% YoY in May 2026, while domestic IC production grew +22.1% YoY in April. The strength is attributed to generative AI adoption, ADAS/autonomous driving trends, and ongoing market share gains by local suppliers. Goldman reiterates Buy ratings on 11 China semiconductor names across IP, design, foundry, advanced packaging, and equipment.
Key Takeaways
- IC import value rose +68.0% YoY in May 2026, implying a 69.7% YoY increase in import ASP, signaling a shift toward higher-value chip imports even as import volume dipped -1.0% YoY.
- IC export value reached US$35.5bn in May 2026 (+110.9% YoY), with YTD exports totaling US$139.1bn (+89.8% YoY), marking a structural upcycle in China's semiconductor export competitiveness.
- Domestic IC production volume grew +22.1% YoY in April 2026 to 48bn units, reflecting sustained capacity expansion by Chinese fabs.
- Semiconductor total revenue in China hit US$28.9bn in April (+78.3% YoY), while Taiwan-listed semis aggregate revenue grew +26.3% YoY in May.
- Lithography imports from the Netherlands fell -40% YoY to 9 units in April, reflecting ongoing export control constraints, though test equipment imports rebounded +48.4% YoY.
- China semiconductor manufacturers' continuous bidding activity in June reinforces the capex upward trend thesis.
Who this summary is for
This summary is for users researching the Goldman Sachs Greater China Semis report. It helps users review Greater China Semis: May: IC import/export value +68.0%/+110.9% YoY coverage, key takeaways, and related broker or sector research paths across China IC Import/Export Trends, Domestic IC Production Expansion, Semiconductor Equipment Imports; SMIC, Hua Hong Semiconductor.
Topics Covered
Companies Mentioned
Related Search Paths
Use these links to find similar broker research summaries and sector report notes.