China SPE Memory advanced logic capacity expansion drives growth ahead; Valuation framework reset on better long-term visibility

研报英文原文证据摘录

China SPE Memory advanced logic capacity expansion drives growth ahead; Valuation framework reset on better long-term visibility

Equity Research

1 July 2026 | 9:06PM HKT

China SPE: Memory/ advanced logic capacity expansion drives growth

ahead; Valuation framework reset on better long-term visibility

We are constructive on China SPE and semi material names, riding on rising advanced Allen Chang

+852-2978-2930 |

node capacity expansion and the generative AI trend to support China semis allen.k.chang@gs.com

Goldman Sachs (Asia) L.L.C.

ecosystem development. Media reported (Link) the long-term supply agreement

Verena Jeng

between CXMT and Tencent on the DRAM chips for servers, suggesting strong +852-2978-1681 | verena.jeng@gs.com

demand from local clients and mix upgrade towards high-end applications. We Goldman Sachs (Asia) L.L.C.

Ting Songreview the valuation framework of China SPE and semi material names (NAURA/ +852-2978-6466 | ting.song@gs.com

AMEC/ ACMR/ Anji Micro) and change the valuation methodology to 2030E Goldman Sachs (Asia) L.L.C.

discounted P/E on better long-term visibility given customers’ rising capex and rising

localization. Maintain Buy on NAURA, AMEC, ACMR and Anji Micro. Read more:

Global Chips Act 3.

New memory agreement with CSP clients: Media reported that (Link) the memory

supplier CXMT has signed a multi-year supply agreement with Tencent on the server

DRAM chips, and the value worth more than Rmb20bn. We are positive on the

progress of local memory and advanced logic suppliers to fulfill rising demand from

local CSP clients in China on generative AI demand, which is positive to the China

semis supply chain across foundry, SPE, semi material, components, IP and design.

NAURA (002371.SZ, Buy)