MBSB keeps Malaysia tech sector neutral amid talent shortage — Eter News

Enriched Analysis 深度解析

MBSB keeps Malaysia tech sector neutral amid talent shortage人才短缺限制上行空间，MBSB维持马来西亚科技业中性评级

MBSB Research maintained a neutral view on Malaysia’s technology sector despite strong semiconductor demand from AI infrastructure and data-center investment. It warned that a shortage of skilled engineers, intensifying competition from regional economies, possible AI regulation and a difficult smartphone market could constrain companies’ ability to fulfil orders and expand earnings.尽管人工智能基础设施和数据中心投资推动半导体需求强劲，MBSB Research仍维持对马来西亚科技业的中性看法。该机构警告，熟练工程师短缺、区域竞争加剧、潜在的人工智能监管以及疲弱的智能手机市场，可能限制企业履行订单和扩大盈利的能力。

TNGlobal 5 Oct 2026 2026年10月5日

1.511.51

2026 global semiconductor sales forecast2026年全球半导体销售额预测

50,0005万

Skilled engineers needed所需熟练工程师

01The Story新闻事实

MBSB Research maintained a neutral view on Malaysia’s technology sector despite strong semiconductor demand from AI infrastructure and data-center investment. It warned that a shortage of skilled engineers, intensifying competition from regional economies, possible AI regulation and a difficult smartphone market could constrain companies’ ability to fulfil orders and expand earnings.尽管人工智能基础设施和数据中心投资推动半导体需求强劲，MBSB Research仍维持对马来西亚科技业的中性看法。该机构警告，熟练工程师短缺、区域竞争加剧、潜在的人工智能监管以及疲弱的智能手机市场，可能限制企业履行订单和扩大盈利的能力。

  • WSTS forecasts global semiconductor sales to rise 89.9% year on year to US$1.51 trillion in 2026.WSTS预计，2026年全球半导体销售额将同比增长89.9%，达到1.51万亿美元。
  • Global semiconductor sales reached a record US$146.8 billion in July, marking the 17th consecutive month of sequential growth.全球半导体销售额7月达到创纪录的1468亿美元，连续第17个月环比增长。
  • Malaysia needs about 50,000 skilled engineers to meet current demand, while local engineering graduates number around 5,000 annually.马来西亚目前约需要5万名熟练工程师，而当地每年工程专业毕业生约为5000人。
  • The National Semiconductor Strategy aims to train 60,000 highly skilled engineers by 2030.《国家半导体战略》计划到2030年培养6万名高技能工程师。
  • MBSB identified Vietnam as a potential competitor as neighboring economies invest across the semiconductor value chain.随着邻国加大对半导体价值链的投资，MBSB将越南列为潜在竞争对手。
  • Global smartphone shipments fell 6.7% year on year to 277.5 million units in the second quarter amid a memory shortage.受存储器短缺影响，全球智能手机出货量第二季度同比下降6.7%，至2.775亿部。

Malaysia’s semiconductor opportunity is supported by AI-led demand, but its ability to capture higher-value growth depends on talent development and competitiveness.人工智能驱动的需求支撑马来西亚半导体机遇，但该国能否实现更高价值增长取决于人才培育和竞争力。

023 Dimensions维度分析

Future signal前瞻信号

AI demand supports semiconductor growth人工智能需求支撑半导体增长

MBSB said semiconductor demand remains underpinned by AI infrastructure and data-center buildouts. Global sales momentum was strong enough for the research house to view the 2026 forecast as achievable.MBSB表示，人工智能基础设施和数据中心建设继续支撑半导体需求。全球销售势头强劲，该机构认为2026年预测目标有望实现。

2026 global semiconductor sales forecast2026年全球半导体销售额预测

20262026年1.51 trillion US dollars

20262026年89.9 %

July 20262026年7月146.8 billion US dollars

  • Global semiconductor sales rose 135.1% year on year and 6.4% from June in July.7月全球半导体销售额同比增长135.1%，较6月增长6.4%。
Stakeholder impact利益相关方

Talent is the near-term constraint人才成为近期制约因素

Malaysia is seeking to move beyond outsourced semiconductor assembly and testing into IC design, advanced packaging and innovation-led manufacturing. MBSB warned that the existing skills gap could prevent local companies from fulfilling all customer orders.马来西亚正寻求从半导体外包组装与测试，进一步发展集成电路设计、先进封装和创新型制造。MBSB警告，现有技能缺口可能导致本地企业无法履行全部客户订单。

Skilled engineers needed所需熟练工程师

Current demand当前需求50,000 engineers

Annually每年5,000 graduates

By 2030到2030年60,000 engineers

  • MBSB said the talent gap could limit earnings upside even as customer demand remains strong.MBSB表示，即使客户需求保持强劲，人才缺口仍可能限制盈利上行空间。
Consequence影响推演

Competition and regulation add risk竞争和监管增加风险

Malaysia benefits from a strong semiconductor ecosystem, particularly in OSAT, but regional peers are expanding across the value chain. MBSB also said potential AI regulation and the pace of safety concerns could limit future earnings growth.马来西亚拥有强大的半导体生态系统，尤其是在外包组装与测试领域，但区域同业正在扩大整个价值链的布局。MBSB还表示，潜在的人工智能监管以及围绕发展速度和安全性的担忧，可能限制未来盈利增长。

  • Geopolitical risks have encouraged multinational companies to seek secondary manufacturing and sourcing locations across Southeast Asia.地缘政治风险促使跨国企业在东南亚寻找第二制造和采购地点。
  • MBSB said robust AI safety protocols and regulation had not fully kept pace with rapid development.MBSB表示，完善的人工智能安全协议和监管尚未完全跟上快速发展步伐。
  • The global smartphone market remained challenging amid an ongoing memory shortage.在持续的存储器短缺背景下，全球智能手机市场仍面临挑战。

03Timeline时间线

  1. 2026-10-05 TNGlobal published MBSB Research’s neutral assessment of Malaysia’s technology sector.TNGlobal刊发MBSB Research对马来西亚科技业的中性评估。

Key takeaway核心结论

Strong AI-related semiconductor demand does not remove Malaysia’s structural talent, regional competition and regulatory risks.人工智能相关的强劲半导体需求，并未消除马来西亚面临的结构性人才、区域竞争和监管风险。

04What to Watch后续关注

  1. Whether Malaysia can train enough highly skilled engineers to support expansion into IC design and advanced packaging.马来西亚能否培养足够的高技能工程师，以支持其拓展集成电路设计和先进封装。
  2. Whether regional competitors, particularly Vietnam, gain further semiconductor investment and supply-chain roles.区域竞争者，尤其是越南，是否获得更多半导体投资和供应链角色。
  3. Whether AI safety concerns lead regulators to introduce measures that affect future industry growth.人工智能安全担忧是否促使监管机构采取影响行业未来增长的措施。
  4. Whether the memory shortage continues to weigh on smartphone shipments and related companies.存储器短缺是否继续拖累智能手机出货量及相关企业。

05Uncertainties不确定因素

  • The source does not specify when potential AI regulation might be introduced or what form it would take.来源未说明潜在人工智能监管何时推出或将采取何种形式。
  • The source gives no timeframe for closing Malaysia’s current skilled-engineer gap.来源未说明马来西亚需要多长时间才能弥补当前的熟练工程师缺口。
  • The source does not quantify the potential earnings impact of talent shortages, regional competition or regulation.来源未量化人才短缺、区域竞争或监管可能造成的盈利影响。

06Sources信息来源

  1. MBSB keeps tech sector neutral as talent crunch caps AI upside - TNGlobalMBSB keeps tech sector neutral as talent crunch caps AI upside - TNGlobal TNGlobal · 2026-10-05

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