According to intelligence reports, Guosen Securities Co.,Ltd. released a research report stating that the Shanghai Composite Index gained 1.52% last week, with the electronics sector rising 6.15% and the components subsector surging 11.33%. During the same period, the Hang Seng Tech Index, Philadelphia Semiconductor Index, and Taiwan Information Technology Index rose 5.31%, 4.17%, and 6.05% respectively.
Following the catalytic trend driven by strong performance delivery in North America's AI computing industry chain, the semiconductor sector experienced rapid board-wide gains. This occurred against the backdrop of TSMC (TSM.US) upgrading its annual guidance and SMIC (00981) and HUA HONG SEMI (01347) expressing optimistic outlooks for future orders and market conditions during investor conferences. The previously recommended analog (anti-dumping against US) and memory (price increases) sectors have recently seen significant catalytic events, with semiconductor self-reliance once again becoming a market focus.
Simultaneously, Deepseek and BABA-W (09988) have successively announced increased adaptation efforts and procurement ratios for domestic computing power. As domestic advanced process supporting capabilities continue to improve, the local computing power chain is experiencing a Davis double-click effect. The firm maintains its optimistic assessment of valuation expansion for the electronics sector in 2025, driven by the convergence of macroeconomic policy cycles, industrial inventory cycles, and AI innovation cycles.
The Ministry of Commerce launched an anti-dumping investigation against US analog simulation chips, recommending analog chip and foundry sectors. On September 13, the Ministry of Commerce announced the initiation of an anti-dumping investigation into imported analog chips originating from the United States. The dumping investigation period covers January 1, 2024, to December 31, 2024, while the industry damage investigation period spans January 1, 2022, to December 31, 2024. The investigation began on September 13, 2025, and should typically conclude by September 13, 2026, with possible extension of six months under special circumstances. The investigation covers general interface chips and gate driver chips manufactured using 40nm and above process technologies.
The firm believes this investigation will help improve price competition and accelerate domestic substitution, with key recommendations including SMIC and HUA HONG SEMI.
Guosen Securities noted that Alibaba and BIDU-SW (09888) are developing in-house computing chips, with domestic model training gradually decoupling from overseas dependencies. According to foreign media reports, Alibaba and Baidu have begun using internally designed chips to train AI large language models. During its latest earnings conference, Alibaba mentioned preparing "backup plans" in response to global AI chip supply and policy changes. Meanwhile, Baidu's "Kunlun P800" chip is being adopted by both internal and external customers. In China Mobile's centralized procurement project for AI general computing equipment (inference type) from 2025 to 2026, AI server products based on Kunlun chips secured 70%, 70%, and 100% shares respectively across three bid packages, all ranking first with contract orders reaching billion-yuan scale.
Recently, domestic computing chips have gradually replaced NVIDIA products, reflecting China's artificial intelligence development progressively decoupling from Western semiconductor ecosystems.