Semiconductor Coupling-Point Premium Atlas 2026

PART I

Three chains, and where they meet

Splitting the semiconductor industry by function rather than by sector classification explains the valuation spread better.

The signal chain handles information: sensing, compute, high-speed interconnect, memory. The power chain handles energy: wide-bandgap materials, voltage conversion, isolated drive, transmission and distribution. The actuation chain turns both into mechanical work: control algorithms, motor-control silicon, transmission and motion.

Each chain on its own has mature companies and a stable valuation band. The dispersion shows up where a company sits on two chains at once.

The test is functional, and independent of how an exchange classifies the company. A power-management IC uses a control signal to decide when a power switch conducts; functionally it belongs to both the signal and the power chain. Joulwatt and SG Micro in China, MPWR and ADI in the US are all this type. An isolated gate driver (NOVOSENSE) passes a signal across a high-voltage boundary; same logic. A solar inverter (Sungrow) drives power devices from a PWM signal — the same mechanism, even though it is classified as electrical equipment.

Robotics and actuation systems call on all three chains: perception and decision on the signal chain, motor drive on the power chain, reduction and transmission on the actuation chain. Unitree, Tesla, Inovance and Intuitive Surgical sit here.

PART II

Where the coupling points are

Each company gets two 0-100 coordinates: signal-chain exposure and power-chain exposure. The coordinates are derived from the company's stage on the chain — the stage defines what it does, and therefore how much signal and how much energy it handles; companies at the same stage get the same coordinate. Both dimensions at or above 60 puts a company in the coupling zone. 21 of 66 companies qualify, or 32%.

The A-share coupling points cluster in two places: power management and isolated drive (Joulwatt, SG Micro, NOVOSENSE, 3PEAK), and motor control and actuation systems (Unitree, Fortior, Inovance, Moons' Electric, Desay SV). Sungrow enters on the signal-to-power conversion in its inverters, and is the only electrical-equipment company in the group.

The US distribution has a different shape. The dense group at upper left is analog and power semiconductors (MPWR, ADI, TXN, NXPI); the right-hand group is industrial automation and actuation systems (ROK, EMR, HON, ISRG, TSLA). VRT enters on data-centre power and thermal — it serves the signal chain's energy interface.

The two largest names in the upper right are TSLA at USD 1,147 bn and SPCX at USD 1,857 bn, both companies that put algorithms, electrical power and mechanics into a single system.

PART III

China A-shares: scenario-driven, convergent innovation

China's upgrade path runs from the application backwards. Established autonomous-driving, AI-datacentre and robotics deployments provide confirmed order books, and companies integrate upstream to improve cost and margin: scenario ready → orders confirmed → cost and efficiency hit a ceiling → integrate upstream.

Process node vs track tier

The horizontal axis is process node and technical maturity; the vertical axis is track tier. Further right means a position closer to the physical limit; further up means closer to defining a standard rather than supplying a part.

20 of the 30 A-share names are on this chart. The inclusion test is whether the company has a process node of its own: fabless designers, IDMs, foundries, optical chips and optical modules are in; equipment vendors serve every node and have none of their own, and batteries, electrical equipment and robotics systems are not semiconductors — all are excluded.

The upper-right quadrant holds the intersection of advanced nodes and top-tier tracks: CXMT, Montage Technology, Cambricon, Hygon, MetaX, VeriSilicon, Innolight, Eoptolink, Yuanjie Semiconductor, SMIC, Desay SV. The lower left is sensing and analog on mature nodes: GigaDevice, SmartSens, 3PEAK, Joulwatt, SG Micro, NOVOSENSE, CR Micro, Yangjie Technology. The 6 names carrying a dotted violet ring are also coupling points — their position comes not from node advancement but from handling signal and power together.