[Guotai Haitong Electronics] 2026 as the First Year of Domestic Super Nodes, Driving Demand Growth for Domestic AI Compute Chips in the Coming Years

English summary

### [Guotai Haitong Electronics] 2026 as the First Year of Domestic Super Nodes, Driving Demand Growth for Domestic AI Compute Chips in the Coming Years; Severe Shortage of Packaging/Testing Capacity, Attaching Importance to Related Opportunities Time: 2026-07-31 11:32:18 Content: [Guotai Haitong Electronics] 2026 as the First Year of Domestic Super Nodes, Driving Demand Growth for Domestic AI Compute Chips in the Coming Years; Severe Shortage of Packaging/Testing Capacity, Attaching Importance to Related Opportunities. The semiconductor sector fell too much earlier, and the current position is already low. With overseas mapping and sharp rises in North American and Korean stock markets, we should actively focus on investment opportunities brought by fundamental changes in 26H2. Background: Domestic advanced packaging capacity is in severe shortage, and testing capacity is also severely tight. Currently, advanced packaging expansion has entered a new round of capacity expansion, with delivery times for testing machines booked as long as 9 months. Key changes to watch in 26H2: 1. Domestic CoWoS-L production lines are being pulled through, and China has entered a substantial large-scale expansion cycle for advanced packaging; 2. Domestic testing machines are being sampled and verified, while overseas testing machines are being pre-booked. Companies that have pre-emptively secured more testing capacity will fully benefit from the surge in demand;…