半导体_SPE_从 SPE 制造商视角看中国晶圆厂设备（WFE）前景-Semiconductor_SPE_ Chinese WFE outlook from SPE manufacturers‘ perspective

See page 5 for analyst certification and important disclosures, including non-US analyst disclosures. J P M O R G A N Asia Pacific Equity Research 27 August 2025 Semiconductor/SPE Chinese WFE outlook from SPE manufacturers' perspective Our global team expects demand for WFE in China in CY2025 to show flat to single-digit growth YoY (see August 17 report by Billy Feng and others), a more bullish stance than the market. Below we summarize the outlook of non-Chinese semiconductor production equipment manufactu ...