Chip stocks opened broadly higher in Hong Kong. At the time of writing, HUA HONG SEMI (01347) rose 14.99% to HK$149.6; SMIC (00981) gained 14.97% to HK$91.8; ASMPT (00522) increased 14.95% to HK$212.2; and GIGADEVICE (03986) advanced 9.9% to HK$855.

The market movement is attributed to Huawei's recent announcement of the "Tau (τ) Law" on May 25th, which has garnered significant attention. An official commentary noted that this principle shifts focus from geometric scaling to prioritizing logic compression and time efficiency, opening a "second curve" beyond Moore's Law and diversifying the global semiconductor development roadmap.

Furthermore, China's top economic planner recently held a press conference, guiding domestic large AI models to intensify their adaptation to domestic computing power chips. Analysts believe this statement elevates the coordinated adaptation between "domestic large models" and "domestic computing chips" to a clear policy guidance level.

A research report from CITIC Securities points out that Huawei's proposed "Tau (τ) Law," which guides semiconductor development with a "time scaling" principle, is expected to bring profound changes at four levels: transistors, circuits, chips, and systems. By leveraging domestic technological capabilities in areas such as 3D integration, advanced packaging, chip design-manufacturing co-optimization, and optical communication, and by optimizing and iterating system topology to bridge short-term process node gaps, China's semiconductor industry is poised for an accelerated development opportunity on a new path.