中国半导体：由战略本土化与国内 AI 需求驱动-Driven by strategic localization and domestic AI demand

Driven by strategic localization and domestic AI demand Memory expansion may moderate temporarily in 1H26, but domestic breakthroughs in critical tools and the repatriation of AI demand underpin a structural shift toward local equipment. Lifting our estimate of China's WFE TAM: Our Global Semis team recently raised its 2026 WFE market growth forecast to +16% Y/Y, driven by DRAM and TSMC. Given robust capex for domestic memory and advanced-node capacity, we forecast China's WFE market to grow 4% Y/Y in 2026. ...