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Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Viewpoints - The cleanroom sector is essential for the production processes of semiconductors and biomanufacturing, with a new round of global semiconductor capacity restructuring expected to drive order growth for related companies. Both overseas and domestic markets are anticipated to see increased project activity, particularly in Southeast Asia and North America, as well as in China as it narrows the gap in advanced processes and core products come to fruition [2][6] Summary by Relevant Sections - Demand Growth: Overseas cleanroom demand is expected to expand first, driving companies to seek opportunities abroad. For instance, Morgan Stanley's report highlights that companies like Nvidia and AMD are aggressively securing 3nm capacity, leading to a shortage at TSMC. TSMC plans to increase its 3nm capacity by an additional 20,000 wafers per month by the end of this year. Additionally, Micron Technology has commenced construction of an advanced wafer manufacturing facility in Singapore, with an investment of approximately $24 billion over the next decade [13][13] - Price Increase: The high gross margin of companies like Asia Cleanroom reflects that overseas projects significantly outperform domestic ones in profitability. For example, Asia Cleanroom's overseas business accounted for 45.13% of total revenue in the first half of 2025, with a gross margin of 14.17% [13] - Key Targets: The report recommends focusing on Asia Cleanroom, with additional attention on Shenghui Integration and Bocheng Co. Asia Cleanroom specializes in cleanroom engineering services for high-tech industries and has established a strong client base, including major companies in Singapore. Shenghui Integration has a strong order book and focuses on advanced manufacturing cleanroom systems. Bocheng Co. is a leading player in the cleanroom industry, providing integrated solutions across various sectors [13]