On Wednesday, some Chinese chip manufacturing stocks related to "domestic substitution" strengthened. In the Hong Kong stock market, SMIC and Hua Hong Semiconductor both recorded gains; in the A-shares market, companies seen as potential alternatives to Nvidia also followed the upward trend.
News: H200 purchases to be "approved on demand"
The trigger for the sector's strength comes from a report concerning supply chain and policy. Media quoted insiders saying that Chinese authorities have advised some local tech companies that the purchase of Nvidia's H200 will be more cautious and only approved in "special circumstances," such as for university research or R&D labs, with the guidelines described as relatively vague.
Another direction: U.S. approval with conditions, market interpretation shifts to "variable overlap"
This news somewhat overshadowed another development — the recent U.S. decision to allow the export of H200 to China under specific conditions, emphasizing compliance with several regulatory requirements. Hence, the market has focused on the potential coexistence of "relaxed external export policies" and "strict internal purchase approvals," prompting a trading surge in related beneficiary stocks.
Background: Self-sufficiency narrative rises, AI and semiconductor sentiment reignited
From a broader narrative perspective, reports generally believe that China is increasing efforts to promote self-sufficiency in the AI industry chain, with chip manufacturing seen as a key link. However, the industry also acknowledges a gap remains in achieving full self-sufficiency. Recently, the overall performance of Chinese tech stocks has been strong, and the market reaction to newly listed "AI concept" companies has also warmed risk appetite, further increasing attention to the related sectors.
