The overall performance of the A-share semiconductor industry chain is trending upwards. As of the evening of April 15, out of the 211 constituent stocks in the Wind Semiconductor (Changjiang) Index, 153 companies have released their 2025 annual reports and first-quarter performance forecasts. Data indicates that 129 companies experienced positive revenue growth, with 69 of them seeing increases of over 20%, and 29 companies recording growth rates exceeding 40%. Meanwhile, the release of first-quarter reports has commenced, with companies in the AI industry chain, such as Hygon Information and BIWIN, continuing to showcase robust performance. However, there is a notable divergence within the semiconductor sector. Some niche sub-sectors (translated for clarity; "niche field" could be contextually ambiguous, so "sub-sectors" is used here to denote specialized segments within the industry) that have not leveraged the AI boom and are facing fierce competition are witnessing performance that requires improvement. Taking the SiC (Silicon Carbide) sector as an example, industry leader Tianyue Advanced reported 2025 revenue of RMB 1.465 billion, representing a year-on-year decrease of 17.15%, and a net loss attributable to shareholders of RMB 208 million. The revenue decline was primarily attributed to an increase in sales volume of substrate products, which was offset by a decrease in market prices.