中国银河证券：自主可控逻辑强化 半导体设备表现卓越

Core Viewpoint - The semiconductor industry is performing relatively well due to multiple factors such as the AI wave, domestic substitution, and technological innovation, supporting the long-term development logic of the semiconductor sector [1] Semiconductor Equipment - The U.S. House of Representatives has introduced H.R.6207, the "Chip Equipment Quality Act," which prohibits chip factories receiving U.S. subsidies from using 12 types of semiconductor equipment from China. This legislation reflects China's rapid progress in semiconductor equipment and reinforces the logic of self-sufficiency, serving as an important emotional catalyst for the sector's rise [1] Semiconductor Materials & Electronic Chemicals - Rongda Photosensitive has revealed that some of its photoresist products have achieved performance indicators that can replace certain Japanese products and have been applied in bulk among some customers. Domestic substitution is a strong theme throughout the sector, especially in critical areas like photoresists and electronic specialty gases [2] Integrated Circuit Packaging and Testing - The extreme pursuit of computing power and bandwidth by AI chips has made advanced packaging a necessity rather than an option. Developments from TSMC and Intel highlight that advanced packaging is a bottleneck for AI chip production and a key enabling factor, with its strategic value continuously increasing. Additionally, the rising demand for memory chips is directly boosting the demand for memory packaging and testing services [3] Analog Chip Design - The analog chip design sector has shown relative stability, with domestic industries advancing in capacity building, technological breakthroughs, and capital support. In the long term, the market space for analog chips remains broad, especially in key areas like automotive electronics, industrial control, and high-end power management, which are worth continuous attention [4] Digital Chip Design - NVIDIA has announced a $2 billion investment in leading EDA company Synopsys, which may reshape chip design processes and intensify technological competition. The upcoming listing of Moore Threads on the Sci-Tech Innovation Board on December 5, 2025, signifies domestic capital's recognition of high-end GPU design companies and strengthens market expectations for growth in AI computing power and domestic chip substitution [5]