Chip stocks climbed higher once again. As of press time, SOLOMON SYSTECH (02878) surged 7.14% to HK$0.6; HUA HONG SEMI (01347) gained 5.42% to HK$71.95; SMIC (00981) rose 2.67% to HK$74.9; and SHANGHAI FUDAN (01385) advanced 2.25% to HK$42.68.

On the news front, Moore Threads recently received approval for its initial public offering application on the Science and Technology Innovation Board, completing the process from application acceptance to approval in the shortest time among new IPO approvals on the STAR Market this year. According to the prospectus, Moore Threads plans to raise 8 billion yuan for funding projects including the development of next-generation autonomous and controllable AI training and inference integrated chips, next-generation autonomous and controllable graphics chips, next-generation autonomous and controllable AI SoC chips, and supplementing working capital. Additionally, Muxin's second-round inquiry review was recently completed.

Galaxy Securities noted that the semiconductor equipment sector has shown strong performance recently, becoming a key focus for capital allocation. On one hand, AI data centers are driving up memory demand, directly boosting equipment demand; on the other hand, domestic substitution continues to deepen, creating growth opportunities. In the short term, new projects from leading memory manufacturers and advanced logic capacity expansion are driving the equipment industry into a new round of growth, while the long-term domestic substitution logic remains solid. The firm recommends focusing on areas with improving localization rates and technological breakthroughs.