As of the close on May 25, 2026, the Shanghai Composite Index rose 0.96%, closing at 4152.57 points; the Shenzhen Component Index rose 1.66%, closing at 15856.61 points; the ChiNext Index rose 2.10%, closing at 4021.10 points. The Science and Technology Innovation Semiconductor ETF Huaxia (588170) rose 5.76%, and the Semiconductor Equipment ETF Huaxia (562590) rose 5.36%.

Overnight overseas markets: At the close, the Dow Jones Industrial Average rose 0.58%; the Nasdaq Composite Index rose 0.19%; the S&P 500 Index rose 0.37%. The Philadelphia Semiconductor Index rose 1.99%, NXP Semiconductors rose 5.71%, Micron Technology fell 1.46%, ARM rose 2.78%, Applied Materials rose 1.12%, and Microchip Technology rose 3.06%.

Industry news:

1. At the 2026 International Circuit and System Symposium, He Tingbo, Director of Huawei and President of the Semiconductor Business Unit, officially announced the "Tao (τ) Law," which is the first new principle proposed in China to guide the development of the semiconductor industry globally; based on the "Tao Law," Huawei has successfully designed and mass-produced 381 types of chips and will release a new Kirin mobile phone chip using logic folding technology in the fall.

2. SK Hynix announced on the 26th that the company has released the "iHBM" technology. This technology significantly reduces the heat generated during product operation by integrating an integrated cooling element "ICE*" within the HBM package. SK Hynix plans to apply the iHBM technology to next-generation products such as HBM5 to meet the stringent thermal management requirements of ultra-highly integrated, high-bandwidth application scenarios such as high-performance computing (HPC) and AI data centers, further enhancing the overall system's stability and operational efficiency.

3. Following the listings of companies such as OmniVision Technologies, GigaDevice Semiconductor, Montage Technology, and National Technology on the Hong Kong Stock Exchange earlier this year, and after Yuanjie Technology, Zhongwei Semiconductor, and Chipone Technology submitted their applications, another Sci-Tech Innovation Board company is attempting to list on the Hong Kong stock market. Recently, Dongxin Co., Ltd. announced that it plans to issue overseas listed shares (H shares) and list on the main board of the Hong Kong Stock Exchange. The A-share semiconductor industry has seen a significant and dense wave of "Hong Kong stock listings"; many industry insiders indicate that A-share semiconductor companies listing in Hong Kong is the result of the resonance between industrial policies, corporate needs, and new policies in the Hong Kong stock market.

CITIC Securities stated that Huawei's "Tao (τ) Law" reshapes the paradigm of semiconductor iteration technology and is expected to drive technological updates in the upstream and downstream industrial chains. Its core logic folding and 3D folding technology are based on multi-layer chip vertical stacking and hybrid bonding, which in turn requires stricter copper plating technology, surface smoothness, cleanliness, and bonding alignment accuracy. This will systematically increase the demand for related copper plating equipment, CMP equipment, hybrid bonding equipment, clean rooms, and related consumables