China WFE Import Tracker (May 2026): YTD YoY -12%, weakness continues but expect 2H to recover: Global Semiconductor Capital Equipment

研报英文原文证据摘录

China WFE Import Tracker (May 2026): YTD YoY -12%, weakness continues but expect 2H to recover: Global Semiconductor Capital Equipment

23 June 2026

Global Semiconductor Capital Equipment

China WFE Import Tracker (May 2026): YTD YoY -12%, weakness

continues but expect 2H to recover

We track monthly Wafer Fabrication Equipment (WFE) imports to China through data from Qingyuan Lin, Ph.D.

+852 2123 2654 China Customs (link); this call provides an update to the May 2026 data (excel) and our

qingyuan.lin@bernsteinsg.com analysis. May import was $2.2 billion, -20% MoM and -9% YoY. YTD YoY -12%, still weaker

than expected mainly due to Lithography YTD YoY -24%. We expect 2H import to recover

Stacy A. Rasgon, Ph.D. as memory WFE import should be much stronger.

+1 213 559 5917

stacy.rasgon@bernsteinsg.com

May single month total WFE imports at USD 2.2bn, lower than last year average of

$3.2bn. May YTD at USD 12bn, YoY -12%. Litho import was USD 297mn, YoY – 2%, David Dai, CFA

+852 2918 5704 recovered from last month’s historical low point. Although recovered MoM, Lithography

david.dai@bernsteinsg.com import remained at lower end in history. YTD’s weak import was mostly dragged by

Lithography due to supply shortage, YTD Litho import was USD 2.14bn, YoY-24%. By

Kai Zhang region, import from Singapore/Korea showed strong growth, YoY+38%/12%. May import +852 2123 2665

kai.zhang@bernsteinsg.com from Singapore + US + Malaysia was USD 1.1bn, YoY-3%, while YTD import was USD

5.3bn, YoY-4%. YTD Shanghai & Beijing import were USD 4.0/3.1bn, as the largest import

Francis Ma regions, accounting for 33%/26% share.

+852 2123 2626

francis.ma@bernsteinsg.com

May Litho imports of EUR 236Mn were up 171% MoM and 2% YoY. Our regression