EQUITY RESEARCH | August 28, 2025 | 2:34 AM HKT Global Semis CHIPS Act 3: China capex continues to grow; migration ongoing despite challenges We update our views on the semiconductor industry in China for the latest trends post our CHIPS Act 2 report in Oct 2024. In this report, we raise our estimates for China's semiconductor capex by 2%~6% to US$43bn-46bn in 2025-30E and introduce the analysis of Lithography demand in China. We are positive on China Semis development driven by large home market and ongoin ...