汇丰HSBC：亚洲半导体行业研究：中美存储芯片竞争五大关键问题探析-251210（英文版）（16页）.pdf

1、Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited View HSBC Global Investment Research at:https:/ US

2、chip restrictions against China have shifted from small yard,high fence to larger yard,lower fence China is gradually developing HBM chips,but lacks access to cutting-edge chipmaking equipment(e.g.,EUV lithography)Asia remains central to memory chip production,but a supply squeeze will drive up cost

3、s for electronics manufacturers 1.Why do memory chips increasingly matter for AI?High-bandwidth memory(HBM)chips have become critical for AI applications due to their ability to store and retrieve vast amounts of data at high speed.Samsung,SK Hynix,and Micron are the three global leaders in memory c

4、hipmaking.2.How are US memory chip restrictions evolving?The US banned HBM exports to China in December 2024.Since then,the Trump administration has balanced high-tech restrictions with broader economic interests.3.How is Chinas memory chip industry adapting to US restrictions?Mainland Chinas chipma

5、kers have increased imports of legacy memory chips and gained access to modified versions of US chips like Nvidias H20.Domestic champions are attempting to develop HBM products,but progress is slowed by mainland Chinas reliance on advanced foreign chipmaking equipment.4.What is the biggest obstacle

6、to mainland China developing its own HBM?Mainland Chinas chip industry has a glaring dependence on foreign suppliers for advanced chipmaking equipment,especially lithography machines.While domestic equipment makers are improving,they still trail global leaders,and mainland Chinese foundries must rel