Core Viewpoint - Shares of China's domestic legacy chipmakers surged following Beijing's announcement of an anti-dumping investigation into imported US semiconductors, marking a significant step in the country's efforts to develop domestic alternatives for analogue integrated-circuit chips [1][6]. Group 1: Market Reaction - SG Micro's shares surged by the maximum 20% limit, closing at 87.42 yuan (US$12.26) on Shenzhen's ChiNext board [2]. - 3Peak's shares rose by 9.7% to 163.2 yuan at closing, while Novosense Microelectronics gained 10.79% [4]. Group 2: Company Profiles - SG Micro has a diverse chip portfolio that includes industrial, consumer electronics, communications, and automotive applications, with power management chips being its largest product line. The company announced plans to seek a Hong Kong listing [3]. - 3Peak specializes in analogue signal chain and power management chips, contributing to its stock price increase [4]. Group 3: Industry Context - The anti-dumping investigation targets commodity interface ICs and gate driver ICs, both types of analogue chips produced on 40nm and larger nodes, following a complaint from the Jiangsu Semiconductor Industry Association [6]. - Analogue chips are essential for processing real-world signals and are widely used in various applications, including power management and automotive systems, typically manufactured using mature production nodes [5].

Core Insights - China's legacy chip companies are poised to benefit from the US-China tech war, particularly due to Beijing's anti-dumping investigation targeting US analogue chipmakers [1][3] - The investigation is expected to last at least one year and is likely to impact sales of major US companies like Texas Instruments and Analog Devices while boosting their Chinese competitors [3][4] Industry Impact - The import volume of US mature mode integrated circuit (IC) chips under investigation increased by 37% from 2022 to 2024, while the import price decreased by 52%, affecting domestic sales prices [1] - Domestic companies such as Silergy, SGMicro, Southchip Semiconductor Technology, Joulwatt Technology, and Novosense Microelectronics are expected to gain from this investigation [4] Market Dynamics - Analogue chips, which account for approximately 15% of total global semiconductor sales in 2024, are crucial for processing real-world signals and are primarily used in various applications including power management and automotive systems [5][6] - China is the largest consumer of analogue chips, with demand growing rapidly due to emerging applications like electric vehicles, 5G communications, and the Internet of Things [7]