According to the CITIC Construction Investment Research Report, SEMI updated forecasts and expects semiconductor equipment to continue to grow over the next 3 years. SEMI expects global semiconductor manufacturing equipment sales to reach a record high of US$165.9 billion in 2026, +23.2% year over year. The growth momentum is expected to continue until 2028, and total equipment sales are expected to reach a record $229.5 billion, achieving five consecutive years of growth. TSMC raised its 26-year capital expenditure. TSMC expects capital expenditure of 60 billion to 64 billion US dollars for the full year of 2026. The previous estimate was 52 billion to 56 billion US dollars, an increase of 8 billion US dollars, or about 15%. ASML's overall performance comprehensively surpassed the market and the company's early guidance. The total quarterly net sales volume was 9.326 billion euros, +21% year over month, significantly exceeding the company's previous guidance of 84-9 billion euros and the market's consensus forecast of 8.85 billion euros. The annual performance target was raised for the second time in the year. The AI computing power+storage recovery both drove the boom in the industry, and the profit structure continued to be optimized. The world's semiconductor equipment components are experiencing a wave of price increases throughout the entire chain, which is rare in history. The pricing power in the semiconductor industry chain is shifting structurally from chip terminals to equipment and components. Parts companies are small in scale and account for a high proportion of fixed costs, and price increases directly translate into profits; at the same time, the production line expansion cycle lasts 12-18 months, and supply elasticity is the worst. Pay attention to domestic substitution demands and price increase logic brought about by extended delivery times from overseas suppliers such as valve pipelines, ceramic parts, RF power supplies, and GAS BOX.

According to the CITIC Construction Investment Research Report, SEMI updated forecasts and expects semiconductor equipment to continue to grow over the next 3 years. SEMI expects global semiconductor manufacturing equipment sales to reach a record high of US$165.9 billion in 2026, +23.2% year over year. The growth momentum is expected to continue until 2028, and total equipment sales are expected to reach a record $229.5 billion, achieving five consecutive years of growth. TSMC raised its 26-year capital expenditure. TSMC expects capital expenditure of 60 billion to 64 billion US dollars for the full year of 2026. The previous estimate was 52 billion to 56 billion US dollars, an increase of 8 billion US dollars, or about 15%. ASML's overall performance comprehensively surpassed the market and the company's early guidance. The total quarterly net sales volume was 9.326 billion euros, +21% year over month, significantly exceeding the company's previous guidance of 84-9 billion euros and the market's consensus forecast of 8.85 billion euros. The annual performance target was raised for the second time in the year. The AI computing power+storage recovery both drove the boom in the industry, and the profit structure continued to be optimized. The world's semiconductor equipment components are experiencing a wave of price increases throughout the entire chain, which is rare in history. The pricing power in the semiconductor industry chain is shifting structurally from chip terminals to equipment and components. Parts companies are small in scale and account for a high proportion of fixed costs, and price increases directly translate into profits; at the same time, the production line expansion cycle lasts 12-18 months, and supply elasticity is the worst. Pay attention to domestic substitution demands and price increase logic brought about by extended delivery times from overseas suppliers such as valve pipelines, ceramic parts, RF power supplies, and GAS BOX.