Changjiang Securities electronic-sector chief analyst Yang Yang said rising
external policy uncertainty is forcing global tech supply chains to reassess
supply security and capex timing, accentuating the value of indigenous compute,
semiconductor fabrication and core software/hardware in China. He said China’s
domestic substitution is shifting from single-product breakthroughs to
coordinated supply-chain adoption, moving from “usable” to “scalable and
reliable.” Compute chips, high-performance memory and wafer fabs are mutually
validating, while advances in equipment, materials and EDA/IP support steadier
supply and faster iteration. Demand from Chinese government agencies, financial
institutions, telecom carriers and manufacturers for data security,
private/on-prem deployments and supply continuity should provide application
demand for domestic models and compute.
