电子行业简评报告：半导体设备领域继续保持乐观

Investment Rating - The report assigns an investment rating of "Positive" for the semiconductor equipment industry [1]. Core Viewpoints - The semiconductor equipment market is expected to reach a historical high by 2027, with global 300mm wafer fab equipment investment projected to grow by 20% to $116.5 billion in 2025 and by 12% to $130.5 billion in 2026, driven by a recovery in the memory market and strong demand for high-performance computing and automotive applications [1]. - The Chinese market is anticipated to maintain an investment scale of over $30 billion annually, supported by government incentives and policies promoting domestic semiconductor industry development [1]. - The report highlights that the demand for advanced process nodes driven by high-performance computing applications will boost equipment spending in 300mm wafer fabs, while the need for self-sufficiency in the semiconductor supply chain in China will drive demand for mature process equipment [1]. Summary by Sections - Market Outlook: The semiconductor equipment market is projected to grow significantly, with DRAM equipment spending expected to reach $25.2 billion by 2027, reflecting a compound annual growth rate (CAGR) of 17.4%, and 3D NAND investment expected to reach $16.8 billion with a CAGR of 29% [1]. - Regional Insights: Taiwan's equipment spending is expected to increase from $20.3 billion in 2024 to $28 billion by 2027, while South Korea's spending is projected to rise from $19.5 billion to $26.3 billion in the same period. The Americas are expected to see a doubling of investment from $12 billion in 2024 to $24.7 billion by 2027 [1]. - Investment Recommendations: The report recommends focusing on companies within the semiconductor equipment supply chain, indicating a positive outlook for the industry [1].