上海证券：中国大陆稳居全球第一大半导体设备市场 Micro LED迎来全新增长契机

Core Viewpoint - The global semiconductor equipment shipment value reached $33.07 billion in Q2 2025, representing a 24% year-on-year increase, with mainland China maintaining its position as the largest market [1][2]. Group 1: Semiconductor Equipment Market - The Q2 2025 global semiconductor equipment shipment value was $33.07 billion, up 24% year-on-year and 3% quarter-on-quarter, driven by advanced logic processes and increased shipments in Asia [2]. - Mainland China's sales reached $11.36 billion, down 2% year-on-year but up 11% quarter-on-quarter, holding approximately 34.4% of the global market share [2]. - SEMI's CEO projected a record global semiconductor equipment market sales of $117 billion in 2024, with over $65 billion in revenue expected in the first half of 2025 [2]. Group 2: Micro LED Market - The penetration rate of Micro LED in consumer electronics is accelerating, with significant product launches expected, including Samsung's 140-inch Micro LED TV and Garmin's Fenix 8 Pro smartwatch in 2025 [3]. - The Micro LED market value is projected to reach $461 million by 2029, driven by the commercialization of Micro LED technology across various fields [3]. - Despite challenges such as high power consumption and costs, Micro LED technology is gaining traction due to its advantages in brightness and potential for integration in innovative products [3]. Group 3: Investment Recommendations - The electronic semiconductor sector is expected to experience a comprehensive recovery by 2025, with an improved competitive landscape and sustained profit recovery for related companies [4]. - Investment focus includes semiconductor design firms with low PE/PEG ratios, such as Zhongke Lanyun and Juchip Technology, as well as key materials and silicon carbide industry chains [4].