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<Research>Galaxy Securities: Price Hikes & Stronger Momentum for Domestic Substitution Create Structural Opportunities in CN Semis Sector
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BIREN TECH (06082.HK) made its debut today. As Hong Kong's first China-made GPU stock, it last traded at HKD34.42, 75.6% higher than its listing price of HKD19.6. HUA HONG SEMI (01347.HK), after opening flat, last printed at HKD81.8, up 10.2%, with a turnover of HKD1.65 billion. It has finalized plans to raise RMB7.556 billion through A-share issuance for the acquisition of Huali Microelectronics, and the final consideration won't include any cash portion. SMIC (00981.HK) also opened flat but managed to trend upward. It was last at HKD74.95, up 4.9%, with a turnover of HKD1.95 billion. China Galaxy Securities recently released a report on the semiconductor industry. It highlighted SEMI's estimate that the 2025 global semiconductor manufacturing equipment market rose by 13.7% YoY to a new record of USD133 billion. Fueled by demand for AI and HBM, the market is projected to expand further to USD145 billion in 2026. Meanwhile, China's memory giants will accelerate capacity expansion, creating opportunities for domestic equipment makers in key process areas and boosting expectations for market share gains. China Galaxy Securities also stressed that a wave of price hikes across the supply chain, sustained AI demand, and a stronger case for domestic substitution drove a structural rally in the semiconductor sector by December 2025. Against the backdrop of a complex external environment, supply chain security and technological self-reliance will remain long-term trends. Equipment and materials will enjoy the strongest rationale under the top-level design for domestic substitution, digital chips will serve as the core carriers of computing power autonomy, and advanced packaging and testing will benefit from ongoing technological upgrades. AAStocks Financial News |
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