$CFMEE(09630.HK) rose by more than six points today, reigniting the narrative of domestic lithography equipment alongside Hong Kong tech stocks; $Applied Materials(AMAT.US) remained flat, with order cycles for major US equipment stocks still shadowed by export controls.
At opposite ends of the same industry, one side trades on the penetration rate of domestic substitution, while the other digests the revenue gap from China, with directions completely diverging.
Orders for equipment localization are indeed materializing, but the volatility of small-cap HK stocks is also genuinely high—would you choose the low-volatility large-cap US stocks to wait out the cycle, or the high-volatility small-cap HK stocks to bet on penetration rates?
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