Certain semiconductor stocks faced downward pressure in the Hong Kong market. At the time of writing, HUA HONG SEMI (01347) dropped over 7% to HK$92.7, while SMIC (00981) declined over 2% to HK$58.1. The movement follows news that the U.S. House Foreign Affairs Committee passed the Multilateral Alignment of Technology Controls for Hardware (MATCH) Act on Wednesday local time. The legislation aims to strengthen export controls on China's semiconductor industry. Besides addressing perceived gaps in the regulation of chip manufacturing equipment, the bill also seeks to pressure foreign companies that sell equipment to Chinese chipmakers. Reports citing informed sources indicate that Micron Technology, the largest U.S. memory chip manufacturer, was a key driver behind the push for congressional approval of the act. However, Hua Chuang Securities believes that the current penetration rate of domestic AI chips in the Chinese market continues to rise, and the implementation of the bill will further accelerate the shift of domestic computing power chips from pilot testing to large-scale deployment. The competitive landscape is gradually concentrating towards players with full-stack capabilities and strong ecosystem adaptability. As China's semiconductor industry deepens its pursuit of self-sufficiency, despite external constraints on advanced process technologies, the supply chain is leveraging a combined approach of "moderate process nodes + advanced packaging + system and ecosystem optimization" to establish a distinctive industrial development model.
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