China Galaxy Securities: Autonomous Controllable Logic Enhances Excellent Performance of Semiconductor Devices
The Zhitong Finance App learned that China Galaxy Securities released a research report saying that the overall performance of the semiconductor industry is relatively good, driven by multiple factors such as the AI wave, domestic substitution, and technological innovation, and the logic that supports the long-term development of the semiconductor sector remains unchanged. In the context of the external environment, supply chain security and autonomy are long-term trends. The equipment and materials have the hardest logic under domestic alternative top-level design. Digital chips are the core carriers with autonomous computing power, and advanced packaging and testing benefit from technological upgrades.
The main views of China Galaxy Securities are as follows:
semiconductor equipment
The US House of Representatives officially proposed Bill H.R. 6207 — the “Chip Equipment Quality Act”, which prohibits chip factories receiving its subsidies from using 12 types of semiconductor devices from China. The bill's introduction confirms China's rapid progress in the field of semiconductor equipment, further strengthens the logic of autonomy and control, and is an important emotional catalyst for the rise of the sector.
Semiconductor materials & electronic chemicals
Rong Da Guang revealed on an interactive platform that some of the company's photoresist products have replaced some Japanese products in terms of key performance indicators and have been applied in batches among some customers. Domestic substitution is the strongest main line running through the sector, especially in key “stuck neck” fields such as photoresist and electronic specialty gas. Domestic companies' technological breakthroughs or mass application news boosted market sentiment.
Integrated circuit sealing and testing
AI chips pursue the ultimate in computing power and bandwidth, turning advanced packaging from optional to essential. Whether it is TSMC's latest fully integrated in-package optical I/O engine or Intel's deployment of AI-oriented semiconductor packaging business to Anqao Technology, they all confirm that advanced packaging is a bottleneck in production capacity and a key enabler for AI chips, and its strategic value continues to increase. At the same time, the increase in demand for memory chips has also directly driven the demand for storage packaging and testing, providing stable support for the commercial performance of packaging and testing manufacturers.
Analog chip design
The overall performance of the analog chip design sector has been relatively stable this week, and the domestic industry is progressing in all directions, from capacity construction, technical attacks to capital assistance. In the long run, under the trend of intelligence and electrification, the market space for analog chips is still broad as a key component. At the same time, under the definitive trend of domestic substitution, companies that have made progress in key fields such as automotive electronics, industrial control, and high-end power management deserve continued attention.
Digital chip design
Nvidia announced an investment of 2 billion US dollars in Synopsys, the leading EDA company, which may reshape the chip company's design process and intensify the technology competition. Moore Thread was officially listed on the Science and Technology Innovation Board on December 5, 2025. Its listing marked domestic capital's recognition of high-end GPU design companies, and also strengthened the market's growth expectations for AI computing power circuits and domestic chip replacement.
Risk warning: the risk of technological iteration falling short of expectations; the risk of international trade; the risk of increased market competition.