Zhi Tong Cai Jing·2025-10-23 03:23Core Viewpoint - The semiconductor sector continues to decline, influenced by potential U.S. export controls on products using American software for production in China, leading to a drop in related stocks and further declines in U.S. markets [1] Group 1: Stock Performance - Huahong Semiconductor (01347) fell by 7.5%, trading at HKD 70.25 [1] - Shanghai Fudan (01385) decreased by 6.43%, trading at HKD 39 [1] - Jingmen Semiconductor (02878) dropped by 1.96%, trading at HKD 0.5 [1] - SMIC (00981) declined by 1.87%, trading at HKD 73.45 [1] Group 2: U.S. Export Controls - Reports indicate that the White House is considering regulations on products using U.S. software for exports to China, which has contributed to the decline in U.S. stocks, particularly in EDA software [1] - NVIDIA has confirmed its complete exit from the Chinese AI chip market, while Micron plans to halt server chip supplies to China [1] Group 3: Industry Analysis - According to a report from CICC, the U.S. export controls on semiconductors and rare earths signify a shift in trade friction towards core upstream technologies and raw materials, which may accelerate domestic industry self-sufficiency and promote domestic substitution [1] - According to招商证券, the ongoing U.S. export controls are expected to hasten the domestic self-sufficiency process, with an anticipated acceleration in the expansion of advanced production lines in China by 2026, which may positively impact orders in domestic equipment and components sectors [1]