山西证券研究早观点-20250715

Core Insights - The report emphasizes the urgency of domestic production of photolithography machines in China, highlighting the significant investment opportunities within the industry chain [3] - The global photolithography machine market is projected to exceed $30 billion, with ASML holding a dominant market share of 82.1% as of 2022 [3] - The construction of domestic wafer fabs is expected to surge, with monthly production capacity anticipated to grow from 2.17 million wafers in 2023 to over 4.14 million by the end of 2026 [3] Market Trends - The semiconductor manufacturing process includes several critical steps, with photolithography being the most complex and costly [3] - The report outlines the advancements in photolithography resolution through shorter wavelengths and increased numerical apertures, with EUV technology achieving resolutions down to 8nm [3] - The demand for domestic photolithography machines is expected to rise due to the rapid development of AI and the ongoing U.S. export controls on semiconductor equipment to China [3] Investment Recommendations - The report suggests focusing on companies such as Maolai Optical, Fuguang Co., Huicheng Vacuum, Inno Laser, Sudavige, Chip Micro, and Zhongqi New Materials for potential investment opportunities [3]