The CITIC Securities Research Report said that from a capital expenditure perspective, demand for silicon wafers is expected to continue to increase under the expansion of fab production capacity. Mainland China's capital expenditure ranks first in the world, and there is still room for higher localization rates in high-end processes and specialty silicon wafers; from the perspective of technological progress, 3D stacking shows a marked increase in the consumption of silicon wafers per unit, and major domestic manufacturers are expected to lay out the next generation of 3D stacked chip products in production expansion; from a cyclical perspective, AI demand is expected to drive the semiconductor boom cycle to restart. We are optimistic about the overall shipment growth and product price restoration expectations of domestic semiconductor silicon wafer companies.

The CITIC Securities Research Report said that from a capital expenditure perspective, demand for silicon wafers is expected to continue to increase under the expansion of fab production capacity. Mainland China's capital expenditure ranks first in the world, and there is still room for higher localization rates in high-end processes and specialty silicon wafers; from the perspective of technological progress, 3D stacking shows a marked increase in the consumption of silicon wafers per unit, and major domestic manufacturers are expected to lay out the next generation of 3D stacked chip products in production expansion; from a cyclical perspective, AI demand is expected to drive the semiconductor boom cycle to restart. We are optimistic about the overall shipment growth and product price restoration expectations of domestic semiconductor silicon wafer companies.