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<Research>TF Securities: CN New Purchase Subsidies for Handsets & Others May Boost Semi Demand; Focus on Independent & Controllable Semi Direction
Recommend 11 Positive 27 Negative 6 |
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Some chip stocks rallied this morning. SMIC (00981.HK) last leaped by 4.9% to $33, making it the biggest blue-chip gainer, while HUA HONG SEMI (01347.HK) rose by 3.2% to $21.2. Subsidies for new purchases of handsets and other products may drive semiconductor demand. China's National Development and Reform Commission (NDRC) recently revealed that subsidies will be provided to individual consumers for purchasing digital products such as mobile phones, tablets, smartwatches, and smart bracelets. On the basis of this year's item list of around RMB100 billion issued in advance in 2024, another batch of item lists has been issued recently to promote the rapid formation of physical workloads. Since November last year, regions such as Jiangsu and Guizhou have successively launched mobile phone subsidies. The broker expected to see more regions across China include products such as mobile phones in the subsidy range under the guidance of the NDRC. Against the backdrop of AI enhancing the user experience of new products, new purchase subsidies are expected to accelerate consumer upgrades. The broker suggested investors should pay attention to the increased demand for chips related to handsets, tablets, smartwatches, and smart bracelets. TF Securities also pointed out that with US restrictions on technology investment in China taking effect on January 2 and the US Department of Commerce adding 11 more Chinese entities to the entity list, it continued to focus on the independent and controllable direction of semiconductors. Having repeatedly emphasized the urgent demand for independent and controllable semiconductors in multiple recent reports, the broker remained upbeat about investment opportunities in local semiconductor equipment materials, EDA, and IP fields under the combined influence of external (international political instability) and internal (policy promotion, expansion of major manufacturers' production) factors. The broker recommended keeping a close eye on SMIC, HUA HONG SEMI, and TIMES ELECTRIC (03898.HK) in terms of foundry and packaging testing by integrated device manufacturers. AAStocks Financial News |
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