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Industry chain 'uniting to fight back' against overseas restrictions! Chip stocks in Hong Kong are active and strong, with institutions discussing the space for domestic production.
①The four major industry associations have spoken out against the export control of semiconductors by the usa, what impact does this have on domestic chip stocks? ②Institutions are discussing the space for localization, why can semiconductor stocks remain active?
Hong Kong stocks move differently | Chip stocks open higher collectively. Industry associations collectively call for cautious procurement of usa chips. The process of industry chain localization is expected to accelerate.
Chip stocks collectively opened high as of press time, Horizon Robotics (09660) rose 5.87%, at 4.33 Hong Kong dollars; Semiconductor Manufacturing International Corporation (00981) rose 3.85%, at 27 Hong Kong dollars; Hua Hong Semiconductor (01347) rose 3.19%, at 21.05 Hong Kong dollars; Shanghai Fudan (01385) rose 2.41%, at 15.32 Hong Kong dollars.
citic sec: Four industry associations have spoken out, calling for the localization of chips, which has a significant guiding role in the direction.
On December 3, 2024, the four major industry associations of china's semiconductors/autos/internet/communication companies collectively issued a statement, firmly opposing the usa's export restrictions against china, stating that relevant chip products from the usa are no longer safe or reliable, and calling for the active use of chips produced by domestic and foreign enterprises in china.
Industry associations collectively call on domestic companies to be cautious in purchasing usa chips. Institutions provide this analysis as overseas semiconductor giants have repeatedly increased their investment in the china market.
① China has become the most important application market for the global IC industry. Institutions analyze that the new round of export controls by the usa has fractured the global semiconductor market and may also limit the development of usa's own enterprises; ② In the past two years, several overseas semiconductor companies have chosen to increase their investment in the china market and value the growth opportunities of chinese customers.
First Shanghai: Adjust rating of Shanghai Fudan to 'hold', with a target price of 16 Hong Kong dollars.
First Shanghai released a research report stating that it adjusted Shanghai Fudan (01385) to a "hold" rating, expecting the company's future three-year revenue CAGR to be 5.1%, corresponding to a net income CAGR of 9.1%, with a target price of 16 Hong Kong dollars. Currently, apart from AI-related products, the semiconductor industry has not yet seen a clear demand recovery, and the company's various businesses have been under pressure in terms of revenue in 2024. However, stable downstream customer orders for the FPGA business and the bidding demand for smart meters are expected to drive growth in these two businesses. First Shanghai's main points of view are as follows: Quarterly performance summary: the company achieved revenue of 0.89 billion yuan in 2024 Q3, a year-on-year decrease of 5.5.
Semiconductor companies respond to the new round of export controls by the usa: overall impact is manageable, and the supply chain has been basically localized.
① In response to the new round of entity lists released by the usa, several A-share listed companies stated today that the expected impact is limited; ② Industry insiders analyzed that this round of sanctions has extended to the components sector, with a very fine granularity, requiring domestic semiconductor companies to focus on the security of the domestic supply chain; ③ Industry insiders stated that past cases have proven that the impact of the entity list on relevant companies will decrease marginally, and there is no need to panic excessively.
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