来自Spruce Pine的高纯石英砂是全球半导体和光伏拉晶用石英坩埚的核心原材料，机构推断当前产业链各环节石英砂和硅片库存仍能支持数月至半年正常运作，但若Spruce Pine复产慢于预期或将带动高纯石英砂以及下游硅片价格反弹，建议持续跟踪此次事件影响。Semiconductors are the primary industry vigorously supported by current national policies.
On September 27th, Hurricane Helen made landfall in the usa and affected several states in the southeastern usa, including the main global high-purity quartz sand production area, the town of Spruce Pine in North Carolina.
Since September 26, local major quartz sand mining operations have been suspended. Currently, local water supply, power supply, and roads are still under repair, and the damage to the mining area is still being assessed.
The high-purity quartz sand from Spruce Pine is the core raw material of quartz crucibles for global semiconductors and photovoltaics. Institutions speculate that the current inventory of quartz sand and silicon wafers at various stages of the industry chain can still support normal operations for several months to half a year. However, if the resumption of production in Spruce Pine is slower than expected, it may lead to a rebound in prices of high-purity quartz sand and downstream silicon wafers. It is recommended to continue monitoring the impact of this event.
Citigroup stated that after seeing stronger-than-expected semiconductor sales data in August, it is increasing its bullish stance on the semiconductor sector.
CITIC Securities pointed out that semiconductors are the primary industry vigorously supported by current national policies and are the underlying cornerstone of technological innovation. Against the backdrop of the complex and volatile global situation, their domestic independent controllability is one of the most certain development trends.
In addition, there is still a significant gap in the overall semiconductor manufacturing capacity in China, especially in the field of advanced chips, which has huge room for improvement.
Looking ahead to 2025, it is expected that domestic memory manufacturers and local semiconductor wafer fabs will continue to expand at an accelerated pace. At the same time, the high-end demand for advanced chips is anticipated to drive the domestic semiconductor equipment market to further improve, with equipment company orders also expected to continue to grow in sync.
Citic Securities recommends paying attention to opportunities in the semiconductor sector, driven by multiple favorable factors such as policy support, cyclical reversal, incremental innovation, and domestic substitution, which are expected to lead to a reshaping of valuations.
Companies in the chip semiconductor and related industry chain:
Semiconductor Manufacturing International Corporation (00981), Hua Hong Semiconductor (01347), Times Electric (03898), ASMPT (00522), Shanghai Fudan (01385), etc.
