Equity & Credit Research

Duncan Chan

Equity and credit research focused on value chains and capital structure. Experience across traditional metals, materials, advanced materials and industrial cyclicals. Built to Endure.

Thematic (Sector/Industry)

Macau Semiconductors and semiconductor equipment / Thematic (Sector/Industry)

<ul>
<li>Global wafer shipments grew 5.8% in 2025 and continued expanding into 2026, but China's localisation drive is increasingly influencing procurement decisions.</li>
<li>China's domestic 12-inch wafer penetration is estimated to have reached c.32% in 2026, supported by capacity expansion and qualification progress.</li>
<li>The two groups represent complementary exposures: Shin-Etsu and SUMCO for advanced-node durability; Chinese localisation names for higher-growth domestic substitution.</li>
</ul>


Global wafer shipments grew 5.8% in 2025 and continued expanding into 2026, but China's localisation drive is increasingly influencing procurement decisions.
China's domestic 12-inch wafer penetration is estimated to have reached c.32% in 2026, supported by capacity expansion and qualification progress.
The two groups represent complementary exposures: Shin-Etsu and SUMCO for advanced-node durability; Chinese localisation names for higher-growth domestic substitution.


National Silicon Industry Grou (688126 CH)

Silicon Wafer Suppliers: China's Localisation Drive Is Emerging As A Market Share Risk