Semiconductor Morning Brief | Cambricon Achieves First Full-Year Profitability, Top 10 Global Wafer Foundries Report 2.6% QoQ Output Growth in 2025Q4

As of March 12, 2026, at the close of trading, the Shanghai Composite Index fell 0.10% to 4,129.10 points; the Shenzhen Component Index dropped 0.63% to 14,374.87 points; and the ChiNext Index declined 0.96% to 3,317.52 points. The Sci-Tech Innovation Semiconductor ETF (588170) decreased by 1.08%, and the Semiconductor Equipment ETF Huaxia (562590) fell by 1.69%.

Overnight international markets: By the close, the Dow Jones Industrial Average dropped 1.56%; the Nasdaq Composite fell 1.68%; and the S&P 500 declined 1.52%. The Philadelphia Semiconductor Index decreased by 3.43%, NXP Semiconductors fell 4.33%, Micron Technology dropped 3.19%, ARM declined 4.15%, Applied Materials fell 3.93%, and Microchip Technology decreased 4.65%.

Industry News:

1. Cambrian (688256.SH) released its 2025 annual report, achieving operating revenue of 6.497 billion yuan, a year-on-year increase of 453.21%; net profit attributable to shareholders of the listed company was 2.059 billion yuan, turning from loss to profit year-on-year. The company plans to distribute a cash dividend of 15.00 yuan (tax included) per 10 shares to all shareholders, and to transfer 4.9 shares for every 10 shares from capital reserve.

2. According to TrendForce’s latest wafer foundry industry research, in Q4 2025, advanced process nodes continued to benefit from the high demand for AI server GPUs and Google TPUs, along with new smartphone launches driving main chip production, resulting in strong shipment performance. In mature processes, server and Edge AI power management orders maintained high utilization of 8-inch fabs, with some even considering price increases. Meanwhile, 12-inch capacity utilization remained roughly flat, boosting the combined quarterly output value of the top ten global wafer foundries by 2.6% to approximately $46.3 billion.

3. According to META’s official blog, Meta will launch four generations of new MTIA chips over the next two years to support generative AI inference production.

Galaxy Securities believes that, in the context of the external environment, supply chain security and independence remain long-term trends. Equipment and materials are the most resilient under top-level domestic substitution strategies. Digital chips are the core carriers of computing power autonomy, and advanced packaging and testing benefit from technological upgrades.

Related ETFs: Sci-Tech Innovation Semiconductor ETF (588170) and its associated funds (Class A: 024417; Class C: 024418): The tracking index is the only semiconductor equipment theme index on the STAR Market, with the highest proportion of advanced packaging (about 50%) in the entire market, focusing on cutting-edge equipment companies in technological innovation.

Semiconductor Equipment ETF Huaxia (562590) and its associated funds (Class A: 020356; Class C: 020357): Tracking the CSI Semiconductor Materials and Equipment Theme Index, which has the highest proportion of semiconductor equipment (about 63%) in the market index, directly benefiting from the global chip price surge and the resulting demand from equipment suppliers.

(Edited by: Wang Zhiqiang HF013)

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