According to the CITIC Securities Research Report, AI is becoming the core driving force in the current round of the global semiconductor industry cycle, driving global fab capital expenditure into a new upward cycle. Advanced logic and advanced storage are resonating in production expansion. The boom in the semiconductor equipment industry is moving from cyclical repair to a structural growth stage. CITIC Securities expects the global semiconductor equipment market to exceed 290 billion US dollars in 2028, while the prosperity of China's semiconductor industry will benefit from the dual catalysis of AI and domestic substitution. The size of China's semiconductor equipment market is expected to be close to 100 billion US dollars in 2028. In this context, CITIC Securities proposes to focus on two main lines of investment: 1) domestic equipment leaders that have global competitiveness and continue to benefit from the expansion of advanced manufacturing processes and advanced packaging; 2) domestic parts companies that continue to advance domestic substitution, continuously improve product matrices, and continue to break through advanced process verification.

According to the CITIC Securities Research Report, AI is becoming the core driving force in the current round of the global semiconductor industry cycle, driving global fab capital expenditure into a new upward cycle. Advanced logic and advanced storage are resonating in production expansion. The boom in the semiconductor equipment industry is moving from cyclical repair to a structural growth stage. CITIC Securities expects the global semiconductor equipment market to exceed 290 billion US dollars in 2028, while the prosperity of China's semiconductor industry will benefit from the dual catalysis of AI and domestic substitution. The size of China's semiconductor equipment market is expected to be close to 100 billion US dollars in 2028. In this context, CITIC Securities proposes to focus on two main lines of investment: 1) domestic equipment leaders that have global competitiveness and continue to benefit from the expansion of advanced manufacturing processes and advanced packaging; 2) domestic parts companies that continue to advance domestic substitution, continuously improve product matrices, and continue to break through advanced process verification.