Chip stocks surged collectively. As of press time, BATELAB (02149) rose 6.94% to HK$58.7; CE HUADA TECH (00085) gained 3.8% to HK$1.64; INNOSCIENCE (02577) climbed 2.41% to HK$102; and HUA HONG SEMI (01347) increased 2.16% to HK$52.

On the news front, according to an announcement on the Ministry of Commerce's official website on September 13, in accordance with Article 16 of the "Anti-Dumping Regulations of the People's Republic of China," MOFCOM decided to initiate an anti-dumping investigation on imported analog chips originating from the United States starting September 13, 2025. On the same day, MOFCOM issued another announcement launching an anti-discrimination investigation regarding US measures in the integrated circuit sector targeting China.

CITIC Securities noted that in recent years, overseas giants such as Texas Instruments have been aggressively expanding capacity while adopting competitive pricing strategies in the domestic market to recapture lost market share. This has slowed the pace of domestic substitution in the analog chip sector while pressuring profitability for both domestic and foreign manufacturers. Since 2025, tariff-related events have strengthened downstream customers' willingness for domestic substitution, and Texas Instruments' price increases from June to August also signal an adjustment in previous competitive strategies.

As the anti-dumping investigation progresses, domestic manufacturers are expected to face a more favorable market environment, with profitability likely to recover accordingly. This anti-dumping investigation primarily focuses on general interface and gate driver chips, sectors where many manufacturers have made significant prior investments. We believe greater attention should be paid to the medium to long-term domestic substitution trend across the entire analog chip sector, from which more manufacturers are expected to benefit.