According to the CITIC Securities Research Report, since September 2025, the stock prices of leading semiconductor equipment companies have risen rapidly due to a series of capital injections and events such as a series of capital injections and successive price increases from the original storage manufacturer. Considering the current upstream storage cycle and positive downstream logic demand, we expect the global semiconductor wafer manufacturing equipment market to maintain a high single-digit year-on-year growth rate in 2025/2026, and the share of storage is expected to increase further. At the same time, it is expected that the normalization of demand in the mainland China market in 2026 will gradually reduce risks such as previous regulatory uncertainty. We are optimistic about investment opportunities in the semiconductor equipment industry.

According to the CITIC Securities Research Report, since September 2025, the stock prices of leading semiconductor equipment companies have risen rapidly due to a series of capital injections and events such as a series of capital injections and successive price increases from the original storage manufacturer. Considering the current upstream storage cycle and positive downstream logic demand, we expect the global semiconductor wafer manufacturing equipment market to maintain a high single-digit year-on-year growth rate in 2025/2026, and the share of storage is expected to increase further. At the same time, it is expected that the normalization of demand in the mainland China market in 2026 will gradually reduce risks such as previous regulatory uncertainty. We are optimistic about investment opportunities in the semiconductor equipment industry.