Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - The focus is on identifying investment value from significant events, analyzing industry chain companies, and interpreting key policy points [1] - The product features a combination of liquid cooling servers and liquid metal, which are being applied in leading GPU manufacturers, with small batch shipments to domestic clients [1] Group 2 - Storage chips are being integrated into AI servers and optical module markets, with a strategic focus on RISC-V architecture and 3D-DRAM [1] - The company's storage products have found applications in the robotics sector [1]

Summary of Semiconductor Production Equipment Industry Insights Industry Overview - The semiconductor production equipment industry in Japan is currently viewed as attractive, with a confirmed entry into a recovery phase for front-end equipment [8][10][21]. Key Companies and Upgrades - **Tokyo Electron (TEL)** and **Kokusai Electric** have been upgraded to an Overweight (OW) rating due to increasing inquiries for equipment from foundries and DRAM makers [8][10]. - Other companies highlighted include **Advantest**, **Disco**, **Ebara**, **SCREEN Holdings**, and **Ulvac**, which are also positioned favorably in the market [10][21]. Market Trends - There has been a significant increase in equipment inquiries from foundries and DRAM manufacturers since mid-November 2025, driven by additional investments in AI semiconductors and supply shortages in DRAM [8][10]. - Demand for back-end equipment remains strong, while front-end equipment, which had been weak, is showing signs of recovery [10][21]. Specific Developments - **Micron Technology** plans to invest approximately ¥1,500 billion to construct a new fab in Hiroshima for next-gen HBM chips, which is expected to benefit front-end equipment makers like Tokyo Electron, Ebara, SCREEN HD, and Kokusai Electric [22]. - The transition to 12-inch SiC wafers is anticipated to drive revenue growth for Disco's KABRA systems and Ulvac's deposition equipment, particularly as demand from Chinese EV makers recovers [12][21]. Technological Innovations - Advancements in 3D-DRAM technology, as confirmed by Kioxia Holdings, could lead to significant changes in the DRAM semiconductor production equipment market, benefiting companies like Tokyo Electron, Ebara, and Kokusai Electric [14]. - The collaboration between Advantest and Tokyo Seimitsu on die-level probers aims to improve yield rates in IC packages, indicating a shift towards more complex testing methods [30]. Government Support and External Factors - The Japanese government is providing substantial support to Rapidus, aiming to mass-produce advanced semiconductors, with investments expected to reach ¥1 trillion by the end of F3/27-28 [26]. - Potential US government approval for H200 exports to China could increase demand for Japanese semiconductor production equipment, particularly benefiting back-end equipment makers like Advantest and Disco [24]. Conclusion - The semiconductor production equipment industry in Japan is poised for growth, driven by increased demand for advanced technologies and government support. Key players are strategically positioned to capitalize on these trends, with significant investments and technological advancements expected to shape the market landscape in the coming years [8][10][21][22].