On November 12, the semiconductor equipment sector staged a broad rally. As of 10:04 a.m., the CSI Semiconductor Index had climbed 6.43%, while the Semiconductor Equipment ETF (561980) surged on heavy volume, eyeing a third consecutive daily gain.
Among the top-weighted constituents, Cambricon Technologies Corporation Limited (688256) jumped over 11%, with its share price returning above the 1,000-yuan mark. Hygon Information Technology Co.,Ltd. (688041) rose 6.90%, Naura Technology Group Co.,Ltd. (002371) gained 6.31%, Piotech advanced 5.89%, and AMEC climbed 5.39%.
On the news front, Alibaba announced on the evening of November 10 that it had submitted an application to the Hong Kong Stock Exchange for the independent listing of its subsidiary T-Head. T-Head's Zhenwu series AI chips had cumulatively shipped 560,000 units as of April 2026, serving over 650 enterprise clients across more than 20 industries including intelligent driving, finance, large language models, and embodied intelligence.
At the industry level, SEMI forecasts that global 300mm wafer fab front-end equipment spending will reach $149 billion in 2026, up 31% year-on-year, with China remaining the world's largest buyer. AMEC's new order volume and growth rate in 2026 both hit record highs. Shengmei Shanghai reported an order backlog of 17.073 billion yuan, up 88.2% year-on-year, while new orders signed in the first three quarters grew 147% year-on-year.
Analysts noted that T-Head's independent listing is a landmark event signaling accelerated securitization of domestic computing power chip assets. Its cumulative shipment of 560,000 units validates that domestic AI chips have achieved large-scale delivery capability. The independent listing will showcase the commercial value of full-stack data center chips, attract specialized investors in the semiconductor and AI computing power sectors, and provide a valuation anchor for the domestic computing power chip segment.
Cambricon's return above the 1,000-yuan level and Hygon's simultaneous advance reflect capital market recognition of the fundamentals of leading domestic computing power chip companies. Robust equipment orders and SEMI's upward revision of global equipment spending forecasts provide long-cycle prosperity support for the sector.
However, it is worth noting that Yangtze Memory has temporarily suspended its 33 billion yuan STAR Market IPO, and regulators have guided investment banks to slow down IPO processes for AI and chip companies. The sector is showing structural divergence, with computing power chips remaining strong while storage expansion expectations diverge.
The Semiconductor Equipment ETF (561980) tracks the CSI Semiconductor Industry Index, covering the entire chain from equipment and materials to chip design. Its top ten holdings include Naura Technology, AMEC, Piotech, Hwatsing Technology, Cambricon, and Hygon, with nearly 60% exposure to the "ChangXin Memory" concept.
Investors should note that the slowdown in storage IPO pace and weakening momentum in consumer-grade storage prices constitute short-term disruptions. The sector has experienced significant volatility previously, and investors may wish to exercise caution based on their own risk tolerance, rather than simply extrapolating a single-day event catalyst and a new share price high as confirmation of a trend reversal. A MACD golden cross signal has formed, and these stocks are performing well.
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