Understanding the Market | Chip stocks rise collectively as the Ministry of Commerce launches anti-dumping investigations against U.S. analog chips, local manufacturers are expected to welcome a better market environment
Chip stocks collectively rose, BATELAB increased by 6.94%, CE HUADA TECH rose by 3.8%, INNOSCIENCE rose by 2.41%, and HUA HONG SEMI rose by 2.16%. The Ministry of Commerce has decided to launch an anti-dumping investigation on imported analog chips from the United States starting September 13, 2025, which may improve the market environment for domestic manufacturers. CITIC Securities pointed out that the pace of domestic substitution has slowed, but with the progress of the investigation, profitability is expected to recover, focusing on the medium to long-term substitution trend in the analog chip sector
According to the Zhitong Finance APP, chip stocks have collectively risen. As of the time of publication, BATELAB (02149) rose by 6.94% to HKD 58.7; CE HUADA TECH (00085) rose by 3.8% to HKD 1.64; INNOSCIENCE (02577) rose by 2.41% to HKD 102; HUA HONG SEMI (01347) rose by 2.16% to HKD 52.
In terms of news, on September 13, according to an announcement on the Ministry of Commerce's official website, based on Article 16 of the Anti-Dumping Regulations of the People's Republic of China, the Ministry of Commerce decided to initiate an anti-dumping investigation on imported relevant analog chips originating from the United States starting from September 13, 2025. On the same day, the Ministry of Commerce announced the initiation of an anti-discrimination investigation regarding the measures taken by the United States in the field of integrated circuits against China.
CITIC Securities pointed out that in recent years, overseas giants such as Texas Instruments have actively expanded production while widely adopting aggressive pricing measures in the domestic market to capture lost market share, leading to a slowdown in the pace of domestic substitution in the analog chip sector, while both domestic and foreign manufacturers are under profit pressure. Since 2025, tariff events have increased the willingness of downstream customers to substitute domestically produced products, and the price increases by Texas Instruments from June to August also indicate an adjustment in previous competitive strategies. As the anti-dumping investigation progresses, domestic manufacturers are expected to welcome a better market environment, and their profitability is also expected to recover. This anti-dumping investigation mainly focuses on general interface and gate driver chips, with many manufacturers having made early layouts; we believe it is more important to pay attention to the medium- and long-term domestic substitution trend in the entire analog chip sector, with more manufacturers expected to benefit
