Semiconductor Growth Forecast Significantly Upgraded! Comprehensive Analysis of 56 Targets Across 7 Major Tracks in the Entire Semiconductor Equipment Industry Chain
On July 21, the A-share semiconductor sector staged a strong counterattack, with semiconductor equipment stocks leading the rally across the board: Tuojing Technology, Changchuan Technology, and HWATSING Technology surged to the 20% daily limit up, AMEC soared over 19%, and more than a dozen stocks including Xingji Micro-Equipment and Jingce Electronic saw gains exceeding 15%, making it the most eye-catching mainline in the entire market.
The core driver of this market surge is the significant upward revision of industry prosperity by Omdia, a globally authoritative institution. The report projects that the Chinese semiconductor market will reach $812.08 billion in 2026, with the year-on-year growth rate substantially revised upward to 92.90%. Compared to previous forecasts, the upward revision amounts to as much as $265.6 billion, an increase of nearly 50%. The core engine driving this industry boom is the comprehensive acceleration of domestic AI computing infrastructure. Data shows that the domestic computing and memory chip track is expected to achieve a full-year growth rate of 126%, accounting for as much as 62.9% of the semiconductor application market. On a global scale, the total global semiconductor market will exceed $1.6 trillion in 2026, with computing and memory categories also accounting for over 60% of the share. The growth logic of the domestic and international industries is highly aligned, marking the industry's official entry into a new upward cycle driven by AI.
Amid the capacity expansion wave in the chip industry, semiconductor equipment, as the "shovel sellers" upstream in the industry chain, will directly and fully benefit from the expansion of capital expenditure across the entire industry chain. Leading brokerages such as Huatai Securities and CITIC Securities are unanimously optimistic about the sector's performance: the current sector valuation is in the historical mid-range. With the acceleration of wafer fab expansion and continuous breakthroughs in core equipment technology, the localization rate is expected to increase from the current 20% to over 40% by 2028, and the sector is about to usher in a two-way repair of both performance and valuation.
This article will conduct an in-depth analysis of all listed companies one by one according to the seven sub-tracks: wafer fabrication equipment, inspection and metrology equipment, packaging and testing equipment, pan-semiconductor process equipment, cleanroom and facility equipment, equipment components and consumables, and supporting power supply and automation, to clarify the core barriers and growth logic of the industry chain.
I. Wafer Fabrication Equipment: Core Segment of Chip Manufacturing and Main Battlefield for Domestic Substitution
Front-end wafer fabrication equipment accounts for over 70% of the overall semiconductor equipment market. It is the most core segment in chip manufacturing and also the track with the highest difficulty for domestic substitution and the broadest growth space.
1. NAURA Technology (002371)
As the only platform-type semiconductor equipment leader in China, benchmarking against Applied Materials overseas, its products cover almost all front-end core processes including etching, PVD thin film deposition, oxidation and diffusion furnaces, cleaning, and ion implantation. It is the domestic equipment supplier with the highest procurement share in domestic wafer fabs. The company is deeply bound to leading wafer fabs such as SMIC, YMTC, and CXMT. Mature process equipment is introduced in batches, while 14nm and 7nm advanced process equipment continues to undergo validation. At the same time, it has laid out advanced packaging bonding equipment to open up a second growth curve. With a full order book, its performance certainty firmly ranks in the first tier of the sector.
2. AMEC (688012)
A first-tier global etching equipment company and the absolute leader in domestic dielectric and conductor etching. Its CCP etching equipment has successfully entered TSMC's 5nm production line, making it one of the extremely few domestic equipment products that have broken into the world's top wafer manufacturing system. Etching equipment continues to see volume growth in 3D NAND memory, power semiconductors, and advanced packaging fields, deeply benefiting from the wave of AI memory and computing chip capacity expansion. It has extremely high technical barriers and irreplaceable scarcity.
3. Tuojing Technology (688072)
The leader in domestic PECVD thin film deposition equipment, mainly engaged in silicon-based thin film, silicon nitride, and silicon oxide thin film deposition equipment. It is essential equipment for the thin film process in wafer manufacturing and the preferred target for domestic substitution in domestic 12-inch wafer fabs, with its market share in memory chip production lines firmly ranking first among domestic peers. The R&D of hybrid bonding equipment is advancing smoothly, cutting into the HBM advanced packaging track, opening up the long-term growth ceiling. It is also one of the leading stocks in this round of market rally.
4. ACM Research (688082)
The leader in domestic single-wafer wet cleaning equipment. Wafer cleaning runs through the entire chip manufacturing process and is an essential step for every process, with the fastest pace of domestic substitution. In addition to cleaning equipment, the company has expanded horizontally into electroplating equipment and wet stripping equipment, forming a platform-based layout. It is a core supplier for YMTC and CXMT, with extremely strong stability in performance growth.
5. HWATSING Technology (688120)
The only domestic company with mass production capabilities for CMP chemical mechanical polishing equipment, breaking the long-term monopoly of overseas enterprises. CMP is an essential process for planarization in advanced process chips. With the expansion of advanced processes, 3D memory, and advanced packaging, equipment demand continues to surge. At the same time, it has laid out wafer thinning equipment, cutting into the packaging track, and continuously optimizing its product structure. The 20% limit up fully confirms the recognition of capital.
6. E-Town Semiconductor
Focusing on semiconductor precision process equipment and special gas supporting equipment, it is deeply engaged in auxiliary processes for wafer manufacturing. Bound to multiple newly built wafer production lines in China, it benefits from the large-scale release of mature process capacity and is a high-quality target for sub-track supporting in front-end equipment.
7. Kingsemi (688037)
The leader in domestic coating and developing equipment. Its products cover two major fields: front-end coating and developing for lithography support, and back-end packaging coating and developing. The domestic substitution in memory chip and power semiconductor production lines is accelerating. It is a scarce domestic target in the lithography segment, forming deep business synergy with NAURA Technology.
8. Xingji Micro-Equipment (688630)
The only domestic manufacturer with mass production capabilities for direct-write lithography equipment. Its products are applied in fields such as advanced packaging, power semiconductors, and Mini LED. Without the need for lithography masks, it adapts to the production needs of small-batch and multi-category chips. With the explosion in advanced packaging demand, equipment shipments are growing rapidly.
9. Jingsheng M&E (300316)
The absolute leader in silicon wafer equipment, mainly engaged in monocrystalline silicon growth furnaces and silicon wafer processing equipment, covering both the photovoltaic and semiconductor tracks. Semiconductor 8/12-inch silicon wafer crystal growth equipment is supplied in large batches. The capacity expansion of domestic silicon wafer enterprises directly drives the growth of equipment orders, and abundant photovoltaic cash flow continues to feed back into semiconductor business R&D.
10. Xiandao Jidian
Focusing on semiconductor high-purity dielectric and special process supporting equipment, it is deeply engaged in energy supply and process medium transmission in wafer manufacturing. Relying on its accumulation in energy equipment technology, it has entered the semiconductor track and is bound to multiple leading equipment manufacturers and wafer fabs.
11. Beijing Jingyuntong Technology (601908)
Dual layout in semiconductor silicon wafer equipment and silicon wafer manufacturing. Silicon wafer crystal growth furnaces and slicing equipment have achieved batch domestic supply. At the same time, it has laid out silicon carbide third-generation semiconductor substrate equipment, benefiting from the upward prosperity of the power semiconductor industry.
12. Jingsheng Co., Ltd. (688478)
A specialized domestic enterprise for semiconductor-grade silicon single-crystal furnaces, focusing on 12-inch large-size silicon wafer crystal growth equipment. Its products are adapted for the production of logic chips, memory chips, and power chip silicon wafers. With the acceleration of domestic silicon wafer self-reliance and controllability, orders continue to surge.
II. Inspection and Metrology Equipment: "Goalkeeper" of Chip Yield with Broad Space for Localization
Inspection and metrology equipment runs through the entire process of chip manufacturing and packaging, directly determining chip yield. The current overall localization rate is less than 20%, making it the core blue ocean track for domestic substitution in the next three years.
1. Changchuan Technology (300604)
The leading domestic semiconductor testing equipment platform, covering all categories including testers, sorters, probers, and AOI optical inspection. High-end SoC testers and memory testers have achieved substitution for overseas products. Deeply bound to leading packaging and testing enterprises such as JCET and TFME. This stock hit the 20% limit up in this round of market rally, attracting extremely high attention from capital.
2. Skyverse (688361)
A pure-play leader in front-end metrology equipment, and one of the very few domestic manufacturers capable of providing full coverage in film thickness measurement, overlay accuracy, defect inspection, and CD critical dimension metrology, benchmarked against KLA of the United States. In 2025, the metrology business achieved a year-on-year growth rate of over 70%. Its products are continuously being adopted by SMIC and YMTC, making it a core beneficiary of the localization of front-end metrology.
3. AccoTEST (688200)
A leader in analog and power semiconductor testers, maintaining the top domestic market share in testing power chips, IGBTs, and SiC power devices. The surge in demand for power chips driven by new energy vehicles, photovoltaics, and energy storage has enabled the company to achieve sustained and steady performance growth.
4. Wuhan Jingce Electronic (300567)
Dual-track layout in front-end metrology and HBM memory inspection. With profound technical accumulation in panel inspection, the company has expanded horizontally into the semiconductor optical inspection track. It is one of the few domestic enterprises capable of mass-producing HBM high-bandwidth memory inspection equipment, deeply aligning with the wave of HBM capacity expansion for AI computing.
5. Rayence (688531)
A leader in X-ray inspection equipment, with products used for non-destructive inspection of semiconductor wafers, packaging solder joints, and internal chip defects. Demand is rapidly increasing in the fields of advanced packaging and memory chip inspection, leaving ample room for domestic substitution.
6. Utron Technology (301368)
Focusing on back-end semiconductor testing and laser marking equipment, the company holds significant advantages in testing equipment for discrete devices and optical communication chips. Benefiting from the high prosperity of the optical module and computing chip industry chains, orders continue to be released.
7. Tztek Technology (688003)
A leader in machine vision inspection, with products covering wafer geometric metrology, packaging appearance inspection, and precision process inspection. Leveraging its technological advantages in visual algorithms, the company has entered multiple tracks including semiconductors, photovoltaics, and consumer electronics, demonstrating strong anti-cyclical business capabilities.
8. Sitaic (301518)
A specialized enterprise in semiconductor 3D optical inspection equipment, having independently developed a tri-optical machine inspection system. The system is adaptable to advanced packaging, Mini LED, and PCB inspection scenarios. As the refinement requirements for advanced packaging increase, the penetration rate of the equipment continues to rise.
III. Packaging and Testing Equipment: Advanced Packaging Booms, Bringing Incremental Growth to Back-End Equipment
AI computing chips have driven the comprehensive boom in HBM, CoWoS, and 2.5D/3D advanced packaging, leading to a substantial increase in packaging and testing capital expenditures and bringing clear incremental growth to back-end equipment.
1. GK Machine (301338)
A global leader in solder paste printing equipment with a global market share of approximately 30%. It is also pushing into semiconductor die attach equipment. Its IGBT and Mini LED die attachers have won large orders from leading customers, and the advanced packaging equipment business is expected to achieve doubled growth.
2. Quick Intelligent (603203)
A scarce domestic R&D enterprise for TCB thermocompression bonding equipment. This equipment is a core bottleneck device for HBM, CoWoS, and CPO co-packaged optics. It directly benefits from the wave of capacity expansion in AI computing advanced packaging, offering ample long-term growth elasticity.
3. Xidian Co., Ltd.
A specialized leader in semiconductor probers, focusing on probe equipment for the wafer testing stage. It is adaptable to CP testing for memory chips, logic chips, and power chips. As a rigid-demand device for packaging and testing production lines, domestic substitution is continuously advancing.
4. Xinyichang (688383)
A domestic leader in semiconductor die attachers, with products covering lead frame die attach, flip-chip die attach, and mass transfer equipment. It has achieved multi-point breakthroughs in the fields of LED, power semiconductors, and advanced packaging, with customers covering leading domestic packaging and testing factories and chip design enterprises.
5. Leadeon (301013)
Deployed across three major tracks: semiconductor packaging and testing equipment, optical module automation equipment, and computing liquid cooling equipment. On the packaging and testing end, it focuses on memory chip inspection and precision die attach equipment, utilizing a diversified layout to hedge against industry cyclical fluctuation risks.
6. Shkeda (688328)
Deeply engaged in semiconductor packaging and testing and panel automation equipment, its main businesses include die attachers, AOI inspection equipment, and automated packaging production lines. It has achieved batch supply in the fields of consumer chip and power device packaging.
7. Jintuo (300402)
A niche leader in semiconductor drying, curing, and soldering equipment, with products covering the baking and reflow soldering stages of the packaging process. As basic supporting equipment for packaging and testing production lines, it has a broad downstream customer base and strong performance stability.
8. Liande Equipment (300545)
Leveraging its technological accumulation in display equipment to enter the semiconductor packaging track, the company has developed flip-chip bonders, high-speed die attachers, and packaging AOI inspection equipment, and secured order implementations, gradually opening up growth space for its semiconductor business.
IV. Pan-Semiconductor Process Equipment: Cross-Track Technology Reuse with Ample Elasticity
Pan-semiconductor equipment enterprises leverage their technological advantages in lasers, precision automation, and high-purity processes to cross over into the semiconductor track, combining their original core business with semiconductor growth elasticity.
1. Han's Laser (002008)
The absolute leader in domestic laser equipment, with net profit surging by 163.47% year-on-year in the first half of the year. Its subsidiary Han's CNC deeply cultivates AI high-end PCB drilling and forming equipment, while also deploying in wafer laser cutting and third-generation semiconductor processing equipment. Laser technology is comprehensively reused in the fields of semiconductors, photovoltaics, and consumer electronics, demonstrating significant platform advantages.
2. Robotechnik (300757)
A globally scarce supplier of full-process automation equipment for photonic devices, covering the entire industry chain of optical modules, CPUs, and CPO. Relying on its capabilities in precision automation and industrial software, it has entered the track of semiconductor wafer processing and advanced packaging automation equipment, driven by a dual engine of computing optical communication and semiconductors.
3. Weidao Nano
Focusing on thin-film deposition and precision coating equipment, its products are adaptable to semiconductor passivation layers, packaging protective layers, and third-generation semiconductor thin-film preparation, benefiting bidirectionally from both the photovoltaic and semiconductor industries.
4. Laplace
Focusing on vacuum processes and plasma equipment, its products can be used for semiconductor wafer cleaning, surface modification, and thin-film pretreatment. It is a high-quality niche target in pan-semiconductor vacuum equipment.
5. Zhichun Technology (603690)
A dual-mainline leader in semiconductor cleaning equipment and high-purity process systems, with batch-type cleaning equipment entering 12-inch mature production lines in large quantities. High-purity chemical and special gas delivery systems are essential facility systems for wafer fabs. Its customers cover the vast majority of leading domestic wafer manufacturing enterprises, and the track has extremely strong rigid-demand attributes.
6. Gaoce (688556)
A leader in photovoltaic silicon wafer cutting, its technology extends to semiconductor silicon wafer and silicon carbide substrate cutting and grinding equipment. As a core equipment provider for third-generation semiconductor material processing, it fully benefits from the development of the power semiconductor industry.
7. UW Laser (688518)
A leader in precision laser welding equipment, it has established a semiconductor subsidiary dedicated to the R&D of semiconductor packaging and power device laser welding equipment. Its laser welding solutions are widely used in the packaging of IGBT and SiC modules, cutting into the core semiconductor supply chain.
V. Cleanroom and Facility Equipment: Rigid Demand for Wafer Fab Infrastructure, Pioneering Stage of Capacity Expansion
Cleanrooms and facility systems are the first to be implemented in the construction of wafer fabs. Downstream capacity expansion directly drives the early release of orders, resulting in strong certainty in performance realization.
1. Yaxiang Integration (603929)
The absolute leader in A-share semiconductor cleanroom EPC general contracting, with semiconductor business revenue accounting for over 74%. It is capable of constructing ISO Class 1 ultra-high-grade cleanrooms and is deeply bound to SMIC, YMTC, and CXMT. In 2026, it won a large overseas wafer fab order in Singapore, with high-margin overseas business growing at high speed.
2. Bocheng (601137)
A leading domestic cleanroom system integrator in mainland China, focusing on the two high-prosperity tracks of semiconductors and new displays. It possesses full-process service capabilities in cleanroom design, construction, and secondary hook-up, and is one of the core general contractors for newly built domestic wafer fabs and advanced packaging plants.
3. Hanbell (002158)
A leading semiconductor vacuum pump manufacturer. Vacuum pumps are essential supporting equipment for wafer etching and thin film deposition equipment. The company's products have achieved large-scale domestic substitution, while also expanding into photovoltaic and cold chain equipment, maintaining steady cash flow.
4. Meijie Technology (688376)
A leading cleanroom air filtration equipment provider. Its products are used to control particulate and gaseous pollutants in wafer fabs, ensuring chip production yield. The company has broken the long-term monopoly of foreign brands. With the acceleration of domestic cleanroom construction, continuous repurchases of filtration consumables bring long-term stable revenue.
5. Shenghui Integration (603163)
A cleanroom engineering service provider with Taiwanese investment background, focusing on the construction of cleanrooms for semiconductors and precision manufacturing. It has deeply cultivated the Yangtze River Delta and Southeast Asian markets. The dividends from overseas wafer capacity expansion continue to be released, and the order growth momentum remains strong.
6. Shengjian Technology (603324)
A leading provider of semiconductor process exhaust gas treatment and special ductwork, holding FM international dual certifications. Its products cover exhaust gas treatment in wafer fabs and cleanroom piping systems, extending downstream to the entire cleanroom system, and fully benefiting from the expansion of capital expenditures in wafer fabs.
7. Guolin Technology (300786)
A specialized enterprise in ozone generation equipment. Ozone is widely used in semiconductor wafer cleaning and surface oxidation processes, with steadily increasing demand in high-purity electronic chemicals and semiconductor cleaning segments.
VI. Equipment Components and Consumables: Core Shortcoming in Equipment Localization, with the Largest Incremental Space
The localization of semiconductor equipment components is a key prerequisite for the independent and controllable production of complete machines. The import substitution of consumables and components such as chambers, precision structural parts, seals, and ceramic parts has entered an accelerated period.
1. Xianfeng Precision (688605)
A leading supplier of core components for etching and thin film deposition equipment, mainly producing chambers, liners, gas distribution plates, and ceramic pedestals. It supplies over 80% of AMEC's needs and 60%-70% of NAURA's needs. Directly bound to the two major equipment leaders, the validation and introduction of components are accelerating in volume.
2. Helin Micro-Nano (688661)
A leading precision micro-nano processing company. Its products include semiconductor test probes and MEMS precision micro-structural parts, suitable for wafer testing and advanced packaging processes. It is a core upstream consumable supplier for test equipment and wafer processing equipment.
3. Zhilifang (301312)
A leading provider of precision functional components and automated fixtures for semiconductor equipment. Its products are applied in wafer handling, inspection, and packaging equipment, and it is deeply bound to leading domestic equipment companies such as Changchuan Technology and Skyverse.
4. Huaya Intelligent (003043)
A leading manufacturer of precision sheet metal structural parts for semiconductor equipment. Its products are used in transfer chambers, process chambers, and cleanroom supporting structural parts, directly affecting equipment operation stability and cleanliness levels. It is a core supplier for multiple domestic front-end equipment manufacturers.
5. Fengguang Precision (920510)
A precision metal parts manufacturer focusing on the processing of precision small parts for semiconductor equipment and industrial automation. Its products cover equipment transmission, sealing, and supporting structural parts, with steady progress in domestic substitution.
6. Weivan Sealing (301131)
A leading provider of high-end seals for semiconductors. Its fluoroelastomer and perfluoroether sealing products are suitable for vacuum chambers and high-purity medium pipelines, solving the bottleneck in equipment sealing. The consumable nature of the products brings continuous repurchases.
7. Kunbo Precision
Focusing on vacuum chambers and precision aluminum alloy structural parts for semiconductor equipment, its products are supplied to manufacturers of etching, deposition, and inspection equipment. With the acceleration of complete machine localization, component orders are growing rapidly in tandem.
VII. Supporting Power Supplies and Automation: The "Heart" of Equipment Operation, a Rigid Demand Supporting Track
High-precision power supplies and automated transmission equipment ensure the stable operation of semiconductor equipment and are indispensable supporting links in the industrial chain.
1. Saite (603283)
A rare A-share supplier of full-process inspection and testing equipment for HBM high bandwidth memory. Its products have achieved batch supply to Samsung, deeply meeting the explosive demand for AI computing HBM chip capacity. At the same time, it is deploying automated equipment for semiconductor packaging, and its consumer electronics automation business provides stable cash flow to support R&D investment.
2. Autowell (688516)
A leading photovoltaic equipment company expanding across sectors into semiconductors, focusing on wafer sorting and power device packaging equipment. The abundant cash flow from its photovoltaic business continuously empowers the R&D of its semiconductor business, with dual-track synergistic growth resisting cyclical fluctuations.
3. Yingjie Electric (300820)
A leading provider of high-precision power supplies for semiconductors. Its products are compatible with thin film deposition, etching, and diffusion equipment, serving as the "power heart" of semiconductor equipment. It has achieved volume growth in both the photovoltaic and semiconductor industries, with broad space for domestic substitution.
4. Guangli Technology (300480)
Deploying dual mainlines in semiconductor dicing saws and air spindles. The dicing saw is essential back-end equipment for wafer cutting, and the air spindle is a core component of precision equipment. Domestic substitution in the packaging and testing segment continues to accelerate.
5. Naisike Equipment (688419)
Focusing on automated equipment for semiconductor packaging molding and demolding, mainly producing plastic molding molds and automated molding equipment, meeting the production needs of power semiconductors and advanced packaging, and bound to multiple domestic packaging and testing companies.
6. Kewell (688551)
A leading test power supply provider, with products covering power semiconductors, hydrogen energy, and new energy testing fields. Semiconductor test power supplies are essential equipment for chip reliability testing. The product precision benchmarks overseas leaders, providing ample space for import substitution.
7. Yuhua Numerical Control (002903)
A manufacturer of precision grinding and polishing equipment for silicon carbide and sapphire, suitable for the processing of ingots and substrates for third-generation semiconductors. With the increasing penetration rate of SiC power devices, equipment demand is gradually being released.
VIII. Four Core Logics Behind the Surge in the Semiconductor Equipment Market This Round
1. Authoritative Institutions Significantly Raise Industry Growth Forecasts; AI Computing Power is the Core Growth Engine
Omdia has significantly raised the growth forecast for the domestic semiconductor market in 2026 to 92.90%, with computing and memory chip growth reaching as high as 126%. The construction of AI servers, large models, and computing power clusters has driven an explosive demand for chips, forcing domestic wafer fabs and packaging and testing plants to launch a new round of large-scale capital expenditures, directly boosting equipment procurement demand.
2. Domestic Substitution Enters the Deep Water Zone, with Clear Localization Rate Targets
Huatai Securities estimates that the localization rate of semiconductor equipment will increase from the current 20% to over 40% by 2028. The validation pace across all segments, including etching, thin film, cleaning, inspection, and components, continues to accelerate, shifting from "single-point prototype validation" to "stable batch procurement." Industrial dividends are being fully transmitted from top to bottom to the performance end of listed companies.
3. Sector Valuation is in a Reasonable Range, Providing a Foundation for Recovery
CITIC Securities points out that the current valuation of the semiconductor equipment sector is at a historical median level. The sector has experienced sufficient pullback in the early stage, with risks thoroughly released. As downstream orders recover and performance is gradually realized, the sector is expected to usher in a valuation recovery driven by performance growth.
4. Full Industry Chain Synergy Matures, with Continuous Intensification of Independent and Controllable Policies
A complete industrial ecosystem has been formed domestically, encompassing complete machine equipment, core components, cleanroom facilities, and supporting consumables. Precision manufacturing and automation technologies accumulated in new energy vehicles and high-end manufacturing continue to spill over into the semiconductor industry. Coupled with continuous policy support, the long-term growth certainty of the industry is extremely strong.
Conclusion
The expected annual growth rate of 92.90%, coupled with the strong market feedback of multiple equipment stocks hitting the 20% daily limit up, clearly declares: a new round of prosperity cycle for semiconductor equipment driven by AI has officially begun.
Unlike past thematic speculation, this round of market rally is supported by solid fundamental data, including industry data, downstream capital expenditures, and the progress of domestic substitution. As the "cornerstone" of the chip industry, semiconductor equipment will continue to fully benefit from the wave of computing power infrastructure construction and the long-term national strategy of independence and controllability.
For investors, it is advisable to position their portfolios along four main investment themes: front-end core complete machines → advanced packaging equipment → upstream components and consumables → cleanroom supporting facilities, prioritizing segment leaders with deep technological barriers, ample orders, and a premium customer base to capture the medium- to long-term dividends of the industry's rapid growth.