The power semiconductor sector led the gains, with HUA HONG GRACE (01347) rising 13.48% to HK$67.35, SICC (02631) climbing 12.67% to HK$43.76, INNOSCIENCE (02577) gaining 10.67% to HK$28, and BASICSEMI (09971) advancing 4.57% to HK$32.94.
On the news front, the third-quarter earnings reports of A-share third-generation semiconductor supply chain listed companies have largely been disclosed. The substrate segment, which sits at the upstream of the silicon carbide supply chain, is also the link with the most prominent earnings recovery elasticity in this round. SICC reported third-quarter revenue of 646 million yuan, up 102.89% year-on-year, with net profit attributable to shareholders of 85.83 million yuan, a significant improvement quarter-on-quarter.
IDM and power device manufacturers continued to show divergent trends, with SiC modules being a core source of incremental growth for some companies. China Securities Co. pointed out that the explosive growth of AIDC has driven power semiconductors into a new demand cycle. From the perspective of technological iteration, SiC power devices are highly compatible with the technological trend of high-voltage direct current transformation and are one of the core components of power supply units. According to estimates, driven by the AIDC boom and technological iteration, it is expected to bring tens of billions in incremental demand for SiC power devices by 2030.
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