伯恩斯坦_中国半导体：现在是重新布局的时候，晶圆制造设备需求激增而市场情绪正在重置.pdfVIP

BERNSTEIN

10February2026

SOCIETEGENERALEGROUP

ChinaSemiconductors

ChinaSemicap:Timetoreloadnow,WFEdemandexploding

whilesentimentbeingreset

Weinitiallyflagged2026tobeahighlypromisingyearforChinaSemicapinourOutlook.

QingyuanLin,Ph.D.

+85221232654Afterarobustrallyinthefirsttwoweeksoftheyear,wesuggestedinvestorstostepback

qingyuan.lin@andavoidchasingmomentum,anticipatinganear-termpullback.Localvendorsindeed

toneddown26orderoutlookandhighlightedintensifyingcompetition,whichreset

StacyA.Rasgon,Ph.D.sentimentandledtoabout10%correctioninstockprices.However,ourlatestchannel

+12135595917

stacy.rasgon@checksrevealfarstronger-than-expectedWFEdemandacrosstheboard;wesuggest

investorsshouldreloadonChinaSemicapnow.HereweupdateourChinaWFEmodel

DavidDai,CFAreinforcingourbullishviewonNAURA,AMEC,Piotech.UpdatedChinaWFEmodelcanbe

+85229185704

downloadedhere.

david.dai@

WesignificantlyreviseupChinaWFEdemandby$1.7/4.9/16bnfrom2025-27,

ZhengCui

+85221232694andexpect2028WFEdemandmaygoupfurthe