封锁越狠，爆发越强！半导体设备迎来投资风口？

Core Viewpoint - The semiconductor equipment industry is experiencing a significant growth phase driven by domestic demand, technological advancements, and geopolitical factors, positioning it as a critical area for investment opportunities [2][3][10]. Group 1: Industry Performance - The semiconductor equipment sector has shown a remarkable resilience with a 53.4% growth in investment, making it the only segment in the semiconductor industry to achieve positive growth amidst a 9.8% decline in total investment [5]. - Leading domestic companies such as North Huachuang and Tuojing Technology have made significant advancements in etching and deposition technologies, resulting in a substantial increase in market share [5][6]. Group 2: Financial Performance of Key Companies - Zhongwei Company reported a 43.9% year-on-year increase in revenue and a net profit growth of 31.6% to 41.3% for the first half of 2025 [7]. - Shengmei Shanghai achieved a revenue growth of 35.8% and a net profit increase of 57% in its 2025 semi-annual report [8]. - Tuojing Technology's revenue is projected to grow between 52% to 58%, with net profit expected to rise by 101% to 108% for the second quarter of 2025 [9]. Group 3: Policy and Government Support - The establishment of the National Integrated Circuit Industry Investment Fund Phase III, with a registered capital of 344 billion yuan, focuses on semiconductor equipment and materials, providing a robust financial backing for the industry [11]. - Local governments in cities like Shanghai, Shenzhen, and Beijing are implementing supportive policies and funds to promote the semiconductor industry, enhancing the stability of funding for equipment manufacturers [12][13][14][15]. Group 4: Technological Advancements and Market Dynamics - The demand for AI chips is driving a surge in equipment needs, with domestic manufacturers transitioning from "usable" to "high-quality" equipment [16]. - Significant breakthroughs have been made in various equipment categories, including etching, deposition, and cleaning, with domestic products successfully replacing foreign counterparts in key applications [17][18][19][20]. Group 5: Geopolitical Factors - The escalation of U.S. export controls has accelerated the shift towards domestic equipment suppliers, creating unprecedented opportunities for local manufacturers to validate and iterate their technologies [21][22]. - The halt in production of certain AI chips by foreign companies has opened market opportunities for domestic AI chip manufacturers, further solidifying the trend towards local supply chains [22]. Group 6: Investment Strategies - The semiconductor equipment industry can be segmented into front-end (wafer manufacturing) and back-end (packaging and testing) equipment, with front-end equipment accounting for over 80% of the value, making it a focal point for domestic substitution [24]. - Investment strategies include focusing on leading equipment manufacturers for stable returns, identifying champions in niche markets for growth potential, and targeting undervalued back-end equipment suppliers for rebound opportunities [27].