China Semis Supply Chain: China’s chip supply growth accelerates in April but semis equipment imports down

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China Semis Supply Chain: China’s chip supply growth accelerates in April but semis equipment imports down

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China Semis Supply Chain

China’s chip supply growth accelerates in

April but semis equipment imports down

Industry Overview

China’s IC supply growth accelerates in April 20 May 2026

China’s domestic IC manufacturing output reached 48.1bn units in April 2026, +1% Equity

MoM/+33% YoY. IC import volume was 55.7mn units in April, also maintaining 11% YoY China

growth. In comparison, China’s IC export volume growth slowed to just 4% YoY from Semiconductors

11% YoY in 1Q26. Overall, we believe semiconductor chip supply growth (domestic Dai Shen >>

manufacturing + imports – exports) in the China market accelerated in April: we estimate Research Analyst

23% YoY growth vs +19% in 1Q26 or just single-digit% growth through 2025. Merrill+852 3508Lynch7310(Hong Kong)

dai.shen@bofa.com

Fabless inventory: seasonal stockpiling in 1Q26 Simon Woo, CFA >>

Based on reported 1Q26 results, we note that inventory levels of China semiconductor ResearchMerrill LynchAnalyst(Seoul)

fabless companies increased in 1Q26, but the magnitude was generally in line with simon.woo@bofa.com

historical 1Q seasonality. MCU/logic (excluding MCU)/analog chipmakers’ inventory Matt Shin >>

Research Analyst

turnover periods increased by 24-31 days on average (5-yr seasonality +36~41 days in Merrill Lynch (Seoul)

1Q). In comparison, memory chip/module makers’ inventory DoI slightly decreased from matt.shin2@bofa.com

225 days in 4Q25 to 212 days in 1Q26; power discrete companies’ DoI remained flat at

118 days.

Mature-tech foundry pricing likely to improve from 2Q26

Asian mature-technology foundry players’ wafer pricing remained soft in 1Q26 – only