On Monday (November 11), the three major Hong Kong stock indexes plummeted by more than 2.5%, with most industry sectors seeing a decline. Only the semiconductor sector rose against the trend, becoming a market highlight. Driven by national policy support and domestic substitution demand, the semiconductor sector performed strongly. An article by the National Development and Reform Commission in the Economic Daily stated that to cope with global competitive pressure, it is necessary to accelerate technological self-reliance and build a domestic circulation dominated by domestic demand. It also emphasized leveraging the advantages of the socialist system to focus on overcoming critical "bottleneck" technologies, thereby enhancing China's initiative in international competition. This policy direction has greatly increased market attention on domestic chips and the semiconductor industry.
Meanwhile, TSMC announced that from November 11, it would suspend the supply of 7nm and more advanced technology chips to AI chip customers in mainland China, affecting the chip supply of related enterprises in the region. This move further underscored the importance of enhancing domestic chip self-production capabilities and deepened market expectations for domestic substitution.
A research report by Citic Securities pointed out that computing power demand will become the core theme of the technology sector, especially in the context of the accelerated construction of domestic intelligent computing centers and the AI demand catalyzed by internet companies. The demand for intelligent computing chips will further increase. The report forecasts that by 2026, the domestic AI chip market size will exceed 300 billion yuan, and the market share of domestic chips will continue to grow. Currently, domestic chips are gradually closing the gap with overseas products in terms of hardware performance, and software ecosystems and interconnection technologies are expected to improve gradually with industry development.
The market generally believes that policy support and rising demand are driving the domestic chip industry into a critical development stage, which will bring new growth momentum to the Chinese semiconductor industry and make it an important part of the global chip supply chain.
