Citic Securities: Bullish on investment opportunities in the semiconductor equipment industry.

CITIC Securities' research report believes that since September 2025, triggered by a series of investments and collaborations with downstream major customer Intel, as well as sequential price increases by storage manufacturers, the stock prices of leading semiconductor equipment companies have rapidly increased. Considering the current upward trend in storage cycles and the strong logical demand downstream, we predict that the global semiconductor wafer manufacturing equipment market will maintain a high single-digit percentage year-on-year growth in 2025/2026, with the share of storage expected to further increase. At the same time, we expect the normalization of demand in the mainland Chinese market in 2026 to gradually reduce uncertainties and risks related to previous regulations. We are optimistic about the investment opportunities in the semiconductor equipment industry.