Mei Ri Jing Ji Xin Wen·2025-11-17 01:17Core Insights - The semiconductor sector is experiencing a temporary downturn, but the long-term growth logic remains intact, driven by supply chain security and self-sufficiency trends [3] Industry Updates - SMIC reported Q3 2025 revenue of 17.162 billion yuan, a 6.9% increase quarter-on-quarter and a 9.9% increase year-on-year, achieving a record high for a single quarter. The net profit attributable to shareholders was 1.517 billion yuan, up 43.1% year-on-year and 60.64% quarter-on-quarter [2] - Domestic GPU company Moore Threads has initiated its IPO process on the Sci-Tech Innovation Board, planning to issue 70 million shares to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips [2] - Huawei is set to unveil breakthrough AI technology on November 21, which aims to enhance the utilization efficiency of computing resources from the industry average of 30%-40% to 70%, significantly unlocking the potential of computing hardware [2] - Nvidia's earnings report, highly anticipated in the current earnings season, is expected to be released this week, with some investors believing that Wall Street's bullish sentiment towards the company is not yet strong enough [2] Sector Analysis - The semiconductor sector's performance has been weak recently, but the underlying support for long-term development remains strong, particularly in the context of supply chain security and self-sufficiency [3] - The semiconductor equipment and materials sectors are crucial areas for domestic substitution, characterized by low domestic replacement rates and high ceilings for domestic substitution, benefiting from the expansion of semiconductor demand driven by the AI revolution and technological advancements [3] - The Sci-Tech Innovation Board semiconductor ETFs focus on semiconductor equipment (61%) and materials (23%), indicating a strong emphasis on upstream semiconductor sectors [3]