2025半导体市场向好，长川科技可期

Group 1 - The global semiconductor equipment market is expected to continue its strong recovery, reaching a scale of $125 billion by 2025, with mainland China becoming the largest market [1] - Domestic semiconductor equipment companies are anticipated to see growth in performance against the backdrop of domestic substitution, with testing machine manufacturers being the core players [1] - The market for testing equipment is rapidly growing due to the penetration of AI, with testing machines expected to account for over 60% of the domestic back-end testing equipment market by 2025 [1] Group 2 - The global testing machine market is dominated by foreign giants, making the adoption of domestic testing equipment an inevitable choice [1] - Changchuan Technology and Huafeng Measurement Control are the main large testing machine manufacturers in China, with Changchuan Technology showing significant advantages in SOC chip testing and expected to see a substantial increase in non-recurring profit in the first half of 2025 [1] - Huafeng Measurement Control has strengths in analog and power chip fields, but its SOC testing machine is still in the validation stage, and its R&D investment is inferior to that of Changchuan Technology [1][3]