China Semi Equipment "China SPE imports flattish in June, imports from..."

研报英文原文证据摘录

China Semi Equipment "China SPE imports flattish in June, imports from..."

Global Research

20 July 2026ab

China Semi Equipment Equities

ChinaChina SPE imports flattish in June, imports from

Japan break eight-month decline Semiconductors

Jimmy Yu

Analyst

jimmy.yu@ubs.com

June SPE imports up 59% MoM; solid demand from Shanghai/Beijing fabs +86-21-3866 8880

China's semiconductor production equipment (SPE) imports were up 59% MoM to US Nicolas Gaudois

$3.0bn in June, while the YoY decline narrowed to -2% for the month from -12% YoY Analyst

in 5M26. Within this, we still saw solid demand growth in two major semiconductor nicolas.gaudois@ubs.com

manufacturing hubs in China, ie, Shanghai (+38% YoY) and Beijing (+64% YoY), while +65-6495 5148

demand in other major provinces/tier-1 cities remained muted (Guangdong/Hubei/ Timothy Arcuri

Anhui imports were down 54%/58%/26% YoY in the same period, respectively). The Analyst

accumulated China SPE imports stood at US$7.2bn in Q226, down 6% YoY but up timothy.arcuri@ubs.com

10.2% QoQ. China's SPE imports fell 10% YoY in H126, mainly because of +1-415-352 5676

Guangdong's digestion of equipment pull-in from last year (-75% YoY to US$1.3bn in Yongwei Lai

H126) and muted import demand in Hubei and Anhui where YMTC and CMXT's fabs Analyst

are mainly located. We remain comfortable with our forecast of 6.7% YoY growth in S1460524110001

China's total WFE in 2026, owing to good revenue growth from domestic WFE yongwei.lai@ubs.com

companies, partly offset by normalised import demand in the same period. +86-21-3866 8780

Francois-Xavier Bouvignies

SPE imports from Japan break eight-month losing streak Analyst

By equipment: Litho imports amounted to US$0.8bn (+3% YoY) in June, versus US francois.bouvignies@ubs.com

$142m/US$297m in April/May.