China Semiconductors: 2025 Review and 2026 Outlook Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com Zheng Cui +852 2123 2694 zheng.cui@bernsteinsg.com Francis Ma +852 2123 2626 francis.ma@bernsteinsg.com Farewell 2025, hello 2026. As we wrap up the second year of our China Semiconductors sector coverage, we are publishing this call to look-back at our published views during the year, review what worked and what didn't, and summarize our outlook for 2026. Top picks: NAURA/AMEC, Cambricon, Hori ...

Group 1 - Taiwan Semiconductor Manufacturing Company (TSMC) is the market leader in the foundry industry with a revenue market share of 67.6% [1] - TSMC holds over 90% of the market share in the manufacturing of AI chips [1]