CSC Financial US-listed Equipment Stocks Rebound Sharply, Our Assessment of Semiconductor Equipment — [Believe in Domestic, Love (AI) to Death]

English summary

# Why buying AI rebound should prioritize semiconductor equipment: 1) The scale and certainty of domestic storage and logic expansion are absolutely greater than overseas. This round of expansion is not only driven by downstream prosperity, but also the rise of national storage and logic; 2) We see a global shortage of equipment and components, and domestic exports are accelerating. The journey of domestic semiconductor equipment in the 15th Five-Year Plan is not limited to domestic substitution; the second growth curve of 'going overseas' is accelerating. 3) Catalysts have not been fully reflected, and we continue to look forward to H2. We have mentioned this before; you can refer to our previous commentary. Favorite combination: directions with upside surprises and dense catalysts. 1. De-Japanization: ACM Research, Zhijingda, Huafeng Test & Control. 2. Advanced logic: NAURA. 3. Going overseas: ACM Research Shanghai, Yitang, AMEC, Hwatsing. by CXL