Semiconductors · Sector
Real near-term cash in design + ATMP/OSAT + ESDM; the fab is subsidy- (~70%) and yield-gated. Localisation is back-end-and-design-first — leading-edge fabrication stays a generational gap.
Point-in-time — grades are reviewed each cycle; every change publishes as a dated action. Snapshot 22 June 2026.
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