TIMES ELECTRIC (03898) has surged over 11% again. As of the time of writing, the stock is up 10.96%, trading at HKD 42.12 with a turnover of HKD 316 million. The backdrop is an intensifying supply-demand imbalance in the power semiconductor market. Delivery times for some power semiconductor products from major IDM manufacturers have extended to as long as 30 weeks. Mainstream categories such as MOSFETs and IGBTs are experiencing varying degrees of supply tightness. TIMES ELECTRIC's power semiconductor business is entering its production phase. It is reported that the third-phase project in Yixing has commenced production, and the third-phase silicon carbide project in Zhuzhou will also begin partial production by 2026, leading to rapid growth in power semiconductor capacity. Analysts point out that the company, as a leading supplier of traction converter systems in China's rail transit industry, has existing products covering various models in the locomotive, high-speed train, and urban rail sectors. It has broken international monopolies, achieved domestic substitution for core train systems, and leads the domestic market. Furthermore, the company's emerging equipment business has made significant breakthroughs, positioning it among the industry's front-runners and creating new growth drivers. There is continued optimism regarding the company's industrial chain structure of "components + systems + complete machines" and its subsequent development.