Core Viewpoint - The power semiconductor industry is stabilizing, with growth momentum driven by data centers and energy storage applications [3][5]. Group 1: Power Semiconductor Performance Review - The power semiconductor industry has shown stable revenue growth, with traditional applications maintaining steady performance while the share of revenue from electric vehicles (EVs) has increased [3][11]. - In September 2025, China's new energy vehicle sales reached 1.6 million units, a year-on-year increase of 24.6%, with a penetration rate of 49.7% [23][24]. - The market share of domestic manufacturers in the main drive IGBT power modules is increasing, with leading companies like Chipone, Times Electric, and Silan Microelectronics establishing competitive advantages [3][27]. Group 2: Electric Vehicle Market Insights - The share of electric vehicles with a power output of over 200kW has increased from 9% in 2022 to 25% in the first eight months of 2025, indicating a trend towards higher power outputs in EVs [27][30]. - The peak power output of electric drives has risen from 255kW in 2022 to 580kW in 2025, reflecting advancements in technology and increasing demand for high-performance vehicles [27][30]. Group 3: Data Center and Energy Storage Growth - The global server market is expected to grow at a compound annual growth rate (CAGR) of 18.5% over the next five years, driven by increased demand for servers and the recovery of non-accelerated servers [50]. - In the first nine months of 2025, Chinese companies secured 308 overseas energy storage orders totaling 214.7GWh, a year-on-year increase of 131.75% [53]. Group 4: Market Dynamics and Competitive Landscape - The competition in the IGBT module market is becoming more concentrated, with domestic suppliers capturing approximately 86.3% of the market share in the main drive IGBT modules [30]. - The penetration of SiC MOSFETs in new energy vehicles has increased to 18.1% in the first eight months of 2025, indicating a shift towards more advanced semiconductor technologies [30][39].

Core Viewpoint - The article highlights the significant growth in the new energy vehicle (NEV) market, particularly focusing on sales, production, and the increasing penetration of advanced power modules like SiC and IGBT in the industry [7][12][19]. New Energy Vehicle Sales and Production - In May, NEV sales reached 1.31 million units, marking a year-on-year increase of 36.9% and a month-on-month increase of 6.6%. The production for the same month was 1.27 million units, with a year-on-year growth of 35.1% [7]. - The penetration rate of NEVs in May was 48.7%, indicating a strong market presence [7]. Market Dynamics of Major Players - BYD sold 380,000 units in May, showing a year-on-year increase of 13.6%. Other brands like Aion, Li Auto, and NIO also reported positive growth rates [7]. - Xpeng and Xiaomi exhibited remarkable growth, with year-on-year increases of 230.4% and 224.6%, respectively [7]. Power Module Trends - The share of main drive power modules with a peak power of over 200 kW increased from 9% in 2022 to 25% in the first five months of 2025, reflecting a trend towards higher power vehicles [12]. - The penetration rate of SiC MOSFETs in NEV main drive modules reached 18.6% in early 2025, up from 10.25% in late 2022, indicating a shift towards more efficient power components [15]. Competitive Landscape - The competition among domestic IGBT module suppliers is intensifying, with local manufacturers like BYD Semiconductor and others gaining significant market shares [15]. - The market for SiC modules is becoming increasingly fragmented, with both domestic and international players expanding their presence [19]. Charging Infrastructure Growth - The number of charging stations increased by 19.2% year-on-year in the first five months of 2025, with public charging stations growing by 56% [37]. - The demand for high-efficiency SiC products in charging infrastructure is expected to rise, driven by the construction of ultra-fast charging stations [37]. Future Projections - The NEV market is anticipated to continue its robust growth trajectory, with increasing adoption of high-power models and advanced semiconductor technologies [19][21]. - The introduction of new models featuring SiC technology is expected to further enhance market penetration and efficiency [21].