[Core Information] Anti-Dumping Investigation Of US-Produced Analog Chips, Local IC Industry Resumes Mergers And Acquisitions

1. Policy heavy blow: The Ministry of Commerce files an anti-dumping case against US-produced analog chips

1. Investigate core information

• Case filing time: September 13, 2025Ministry of Commerce of the People's Republic of China
• Respondents: Originated in the United States, adopted40nm and aboveCraftsmanshipUniversal interface chipwithGate driver chipMinistry of Commerce of the People's Republic of China
• Investigation cycle: Dumping investigation period (2024), industrial injury investigation period (2022-2024), the case is expected to be concluded before September 2026Ministry of Commerce of the People's Republic of China
• core basis: Imports of U.S.-made chips to China will increase from 2022 to 202437%, price drop52%, seriously impacting the domestic industryChina News Center

2. Industry impact

• Domestic replacement window: The annual revenue of analog chips of TI, ADI, MPS and other US companies in China exceeds$6 billion, the self-sufficiency rate is only16%, there is huge room for substitution in the industrial/automotive field
• Supply chain restructuring: Domestic analog chip manufacturers such as Shengbang Micro, Seripu, Zhuosheng Micro, etc. welcomeBoth volume and price riseopportunity
• Industrial collaboration: Jointly supported by the China Semiconductor Industry Association and other organizations, thePolicy + IndustryJoin forces

2. Local M&A wave: distribution + design + storage full chain integration

1. Shangluo Electronics: Acquired Ligong Technology to strengthen distribution territory

• trading plan:Issuance of convertible bonds to raise funds1 billion yuan, with700 million yuanAcquired **88.79%** equity of Ligong Technology
• underlying value: Authorized distributor of NXP, ISSI, 3PEAK and other brands, focus onMCU, driver, storagechip
• strategic significance: Integrate original factory resources and customer channels to improveAutomotive electronics, industrial controlField competitiveness

2. Puran Shares: Acquired SHM and laid out high-performance 2D NAND

• Transaction content: Cash acquisition of controlling stake in Zhuhai Noah Changtian, indirect holding of Hong KongSHM
• core business: focusSLC NAND、eMMC、MCP, focusing on firmware algorithms, test solutions and customized services
• strategic value: Complementing the capabilities of mid-to-high-end memory chips, entering the marketIndustrial, consumer, automotive regulationsstorage market

3. Dongxin Co., Ltd.: Storage prices rebound, vehicle specifications break through

• price trend: SLC NAND, NOR Flash, DDR3 priceFull recovery, a clear upward trend in the second half of the year
• Progress in vehicle regulations：SLC/NOR/MCP passedAEC-Q100, entering multiple OEMs and Tier1 supply chains

3. Storage market: HDD shortage + AI driven, QLC outbreak is imminent

1. HDD is seriously out of stock, SSD substitutes for acceleration

• supply crisis: Nearline HDD delivery time extended to52 weeks +, prices skyrocketed
• QLC Advantages: The read and write performance is better than HDD, and the power consumption is only70%, unit capacity costs continue to decline
• market forecast: TrendForce estimatesQLC SSD shipments will explode in 2026, data center penetration rate exceeds45%

2. Original factory strategy: reduce production to protect price + tilt production capacity

• Micron, Samsung, SK HynixCut NAND capacity, turnHBM, enterprise SSDHigh margin products
• Global NAND inventories drop to3-4 weeksBelow the safety line, the gap between supply and demand continues to expand

4. International trends: Altera becomes independent, MediaTek 2nm tape-out

1. Altera regains its independence and reshapes the FPGA landscape

• transaction completed:Silver Lake Capital$8.75 billionValuation acquisition of Altera51%Equity, retained by Intel49%
• strategic positioning: becomeThe world's largest independent FPGA company, focusing on AI, data centers, and industrial automation
• market impact: Forming a competition with Xilinx to accelerate the development of FPGAAI reasoning, edge computingField penetration

2. MediaTek’s 2nm SoC tape-out accelerates process competition

• technological breakthrough: The first to use TSMC2nmThe flagship SoC of the manufacturing process has completed tape-out and is expected toend of 2026mass productionMediaTek
• Performance improvements: Logic density increases1.2 times, performance improvement with the same power consumption18%, the power consumption is reduced at the same speed36%MediaTek
• Industry significance: Android camp enters2nm era, narrowing the process generation gap with Apple’s A-series chips

5. Core trends and prospects

1. Policy drives domestic substitution: Anti-dumping investigation accelerates localization of analog chips,The self-sufficiency rate is expected to exceed 25% in 2026
2. Industrial integration accelerates: Frequent mergers and acquisitions in the fields of distribution, design, and storage.Increased concentration of leading companies
3. storage super cycle: AI+HDD shortage drives NAND/QLC price increase,QLC shipments increase by more than 100% in 2026
4. Advanced process competition: 2nm/3nm becomes mainstream,MediaTek, Huawei, XiaomiWaiting for accelerated layout
5. FPGA independence: After Altera became independent,FPGA ecosystem is more open, AI applications are accelerated

6. Summary