Re-call Semiconductor Equipment: Clear Demand and Continuous Catalysts, Cherish Quality Targets After Pullback [Changjiang Machinery]

English summary

Semiconductor equipment sector has seen significant pullback since July, but AI-related demand remains strong. Nvidia and SK Hynix reached multi-year HBM cooperation, incorporated into approximately $750 billion long-term supply framework, further validating AI memory expansion certainty; global memory, advanced packaging and other bottleneck links have high expansion certainty in coming years; domestic computing power is transitioning from small-scale validation to large-scale deployment, directly driving advanced packaging and testing equipment demand; additionally, Lens Technology and Intel cooperate on TGV glass substrates, LPKF revised 2030 TGV market size up over 3 times to 1.7 billion euros, also bringing new industry catalyst for glass substrate packaging. We believe semiconductor equipment is one of the directions with highest demand certainty in this AI industry chain; whether overseas GPU, ASIC continue expanding, or domestic AI chips accelerate volume, ultimately all need to land in wafer manufacturing, memory, advanced packaging and testing expansion. ...