Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry, indicating a positive outlook for the sector in the next 6 months [1]. Core Insights - Changxin Storage has initiated its IPO process, with expectations of a 50% year-on-year increase in DRAM shipments, raising its market share from 6% to 8% by Q4 [5]. - Domestic advanced process expansion is exceeding expectations, benefiting local equipment manufacturers, with new project launches anticipated in the upcoming technology iteration cycle [5]. - The report highlights the activation of the third phase of the National Big Fund, which aims to focus on critical technology breakthroughs and industry consolidation [5]. - The report recommends key players in various segments, including platform equipment manufacturers and packaging testing equipment providers, indicating a diversified investment approach [5]. Industry Trends - The semiconductor sector is experiencing a significant increase in domestic DRAM production, with Changxin Storage's market share in DDR5 expected to rise from less than 1% to 7% by year-end [5]. - The report notes ongoing advancements in mature processes, with technology iterations in nodes such as 90nm, 65nm, and 40nm driving new equipment demand [5]. - The IPO applications from domestic GPU companies signal a growing interest and investment in the semiconductor space, with substantial fundraising goals set [5].