中国科技行业 2026 年展望：上游受青睐，下游承压-China Technology-2026 outlook Upstream favored; downstream squeezed

Asia Pacific Equity Research 25 November 2025 China Technology 2026 outlook: Upstream favored; downstream squeezed End demand uncertainty will be the top overhang in 2026 in our view; this is especially true for consumer electronics and automotive application in 1H26, due to an elevated base and an unfavorable (memory) cost. Therefore, we prefer upstream supply chain, such as WFE and foundry sub-sectors, with: (a) sustainable fab capex, largely driven by China indigenous AI supply chain, and (b) "China-for- ...