半导体_SPE 板块：预计晶圆代工设备（WFE）市场将保持强劲-Semiconductor_SPE sector_ Expect WFE market to remain strong

J P M O R G A N Asia Pacific Equity Research 17 July 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Semiconductor/SPE sector Expect WFE market to remain strong We update our WFE model. We forecast a 1% YoY decline in CY2025 followed by 3% growth in CY2 ...