First Read: China Power Semiconductor "SiC Week in a glance: constructive..."

研报英文原文证据摘录

First Read: China Power Semiconductor "SiC Week in a glance: constructive..."

Global Research

29 June 2026ab

First Read

EquitiesChina Power Semiconductor

SiC Week in a glance: constructive tone toward China

demand outlook across supply chain Semiconductors

Jimmy Yu

Analyst

jimmy.yu@ubs.com

Constructive demand outlook shared across supply chain +86-21-3866 8880

We highlighted accelerated SiC penetration in early June, and gained more positive Nicolas Gaudois

feedback from a week of SiC supply chain checks, spanning substrate, epitaxial, Analyst

equipment, and specialty foundry. Investors' key questions were focused on: 1) pricing nicolas.gaudois@ubs.com

outlook; 2) SiC penetration across downstream; and 3) 6'' to 8'' conversion progress. +65-6495 5148

Demand: Companies we visited all shared constructive views toward demand growth Francois-Xavier Bouvignies

outlook across downstream (especially EV and data centers), with some (SICC and Analyst

United Nova) already facing supply tightness evidenced by fully loaded 6'' capacity. francois.bouvignies@ubs.com

Pricing: Companies generally prioritize product mix upgrade rather than blunt price +44-20-7568 7105

hikes, though selective price hikes already announced for rush orders, shared by SICC. Xinlei Li

8'' adoption is accelerating, SICC and Epiworld believe they will secure R&D leadership Analyst

in 12'' transition in the future. S1460522090008

xinlei.li@ubs.com

Upstream: SICC (SiC substrate) and Epiworld (SiC epitaxial) +86-21-3866 8805

As world's largest SiC substrate and epitaxial suppliers, SICC and Epiworld both saw Kunlun Li

strong SiC demand growth globally, mainly thanks to accelerated 800V transition in EV Analyst

and robust orders from leading global customers. As the semi supply chain is under an S1460520080002