高盛：中国半导体行业_光刻技术专家解读；本土专业电子系统技术在发展；人才、供应链、经验为必备要素

Investment Rating - The report assigns a "Buy" rating to several companies in the semiconductor sector, including ACM Research, AMEC, AccoTest, Cambricon, Horizon Robotics, Montage, NAURA, Piotech, and Will Semi [13]. Core Insights - The semiconductor industry in China is expected to see increased capital expenditure (capex) in the coming years, driven by local demand for advanced semiconductor capacities amid tariff uncertainties [2]. - There is a significant focus on high-end lithography systems, which are critical for producing advanced node semiconductors, as existing tools may soon become obsolete [3][4]. - The technology gap in lithography remains substantial, with a need for more skilled talent and a robust supply chain to support research and development [4][6]. Summary by Sections Investment in High-End SPEs - The industry is prioritizing investment in high-end lithography systems due to export controls on existing technologies, with a noted urgent demand for these systems in China [3]. Technology Gap - The complexity of lithography systems presents a significant challenge, requiring time for R&D and a greater pool of talent to expedite development [4][6]. Lithography Ecosystem - The lithography ecosystem in China is still in its early stages, with supply chain companies collaborating to develop necessary systems, although challenges remain in producing highly customized lens components [6].