Investment Rating - The report maintains an "Overweight" rating for the semiconductor equipment industry, indicating a positive outlook for the sector [1]. Core Insights - The development of domestic computing power chips is gaining attention, with significant benefits expected for domestic equipment manufacturers. Huawei announced a three-year roadmap for its Ascend AI chips, aiming to release four new products between 2026 and 2028, which is expected to enhance the market share of domestic computing power chips [4]. - Domestic advanced process expansion is exceeding expectations, which is favorable for local equipment manufacturers. The report highlights the establishment of Changxin Storage and the anticipated new iteration cycle in memory technology [4]. - The high-end SoC testing machine market presents significant opportunities, with domestic companies like Huafeng Measurement and Changchuan Technology actively working on SoC testing machines to meet the high demands of testing [4]. - The demand for advanced packaging in computing power chips is expected to benefit equipment manufacturers, as domestic supply chains are anticipated to shift towards local advanced packaging suppliers [4]. - Investment recommendations include companies involved in front-end processes such as North Huachuang and Zhongke Feimeng, as well as back-end packaging firms like Huafeng Measurement and Changchuan Technology [4].