Silicon carbide concept stocks experienced a broad rally. At the time of writing, SICC (02631) surged 17.42% to HK$128.1; INNOSCIENCE (02577) rose 11.46% to HK$82.7; TIANYU SEMI (02658) increased 7.33% to HK$58.6; and EPIWORLD (02726) gained 5.75% to HK$112.2. The industry is seeing a significant uptick in business activity, with upstream SiC substrate manufacturers operating at full capacity. Analysts have identified SiC as a critically overlooked core theme in the AI sector. By 2030, AI power supplies are projected to account for 50% of the SiC power market, with substrate and equipment demand potentially growing nearly tenfold. The application of SiC in advanced CoWoS packaging is expected to surpass its use in the power market. A recent report highlights that AI development is driving substantial growth in SiC demand within related fields, with significant future expansion potential. AI-related demand far exceeds that of traditional markets like automotive, positioning SiC as a potential new primary trend in AI. Estimates suggest that by 2030, the total demand for SiC substrates in the power sector could approach CNY 70 billion, representing nearly an eightfold increase. The large-scale expansion of 8-inch downstream FAB lines is expected to significantly stimulate demand for substrates and equipment.