【华泰建筑建材】洁净室产业链更新260127 1月27日，美光科技官网官宣，未来十年将在新加坡投资240亿美金（合1700亿人民币）建设一座新NAND工厂， 规划约70万平方英尺（合6.5万平）的洁净室面积，计划2H28投产。 25年初，美光曾在同一园区官宣投资70亿美金建设一座HBM工厂（亚翔集团承接EPC总包），计划2H2027投产。 此前美光亦官宣收购力积电台湾12英寸厂房，以补充洁净室需求。 【华泰建筑建材】洁净室产业链更新260127 1月27日，美光科技官网官宣，未来十年将在新加坡投资240亿美金（合1700亿人民币）建设一座新NAND工厂， 规划约70万平方英尺（合6.5万平）的洁净室面积，计划2H28投产。 25年初，美光曾在同一园区官宣投资70亿美金建设一座HBM工厂（亚翔集团承接EPC总包），计划2H2027投产。 此前美光亦官宣收购力积电台湾12英寸厂房，以补充洁净室需求 我们认为此举进一步印证了AI应用落地下，全球先进制程、存储需求旺盛，跨国龙头扩产意愿较强。 而在台积电逐步调减成熟制程产能后，AI应用配套带动成熟制程需求旺盛，成熟制程厂商产能利用率提升下亦开 启提价，如世界先进1Q2 ...

Investment Rating - The investment rating for the cleanroom industry is "Positive" and maintained [11] Core Viewpoints - The cleanroom sector is currently in a phase of marginal improvement, with ongoing domestic and international project releases, leading to a potential acceleration in orders for related companies and sustained growth in performance [3][32] Summary by Sections Upstream Equipment - Air filtration systems, including various types of filters and purification devices, are critical solutions designed for semiconductor clients. Major international brands include AAF and Camfil, while domestic players include Meier Technology and Youyuan Environment [7][35] - The global AMHS (Automated Material Handling System) market accounts for approximately 3% of the semiconductor equipment total, with expectations for the Chinese AMHS market to exceed 10 billion yuan by 2025. The market has been historically dominated by Japanese companies Daifuku and Murata Machinery, which hold over 90% market share [7][47][49] Cleanroom Engineering - The competitive landscape for cleanroom engineering is stable, with leading design and general contracting firms such as Shiyi Technology and Shiyuan Technology establishing strong market positions. Shiyi Technology has unique expertise in high-level purification systems for semiconductor and biopharmaceutical environments [8][52] - Major players in the cleanroom engineering subcontracting market include Shen Sanda A, Shenghui Integration, and Yaxiang Integration, all of which have significant market shares and experience in high-end cleanroom projects [8][65] Downstream Capital Expenditure - Since mid-2022, companies like Shenghui and Yaxiang have seen significant stock price increases, driven by growth in semiconductor projects. Shenghui's uncompleted project scale reached 47 billion yuan, a 44% increase, while Yaxiang's cumulative orders surged to 208.49 billion yuan, with 63% from semiconductors [9][88] - The cleanroom industry is expected to benefit from ongoing overseas expansions in Southeast Asia and North America, as well as domestic projects driven by local replacements. Key projects include the Shanghai Xinpux Tianying project and the AMOLED 8.6 generation line by Visionox [10][60]