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Analysts: Global semiconductor equipment industry confirms upcycle amid worsening supply shortage
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An article from East Money Research Center reports that the global semiconductor equipment industry is experiencing a confirmed upcycle driven by a severe supply shortage. Key component delivery lead times for South Korean equipment have doubled, prompting international manufacturers to consider Chinese suppliers. Founder Securities forecasts that advanced packaging and semiconductor equipment will remain high-growth areas. Xiangcai Securities notes that global semiconductor companies are expected to increase capital expenditures, with Q2 2026 equipment sales rising 22.6% year-on-year to $40.53 billion. CITIC Construction Investment highlights that ASML's performance exceeded expectations and that pricing power is shifting from chip terminals to equipment and component segments. The firm recommends focusing on domestic substitution demands for components like valves, tubing, and ceramic parts due to extended lead times from overseas suppliers. The article also lists stocks accumulated by major funds in September, including Ultra Pure Materials and Jingyi Equipment.
Source report
Market Overview
Semiconductor: Torrance, Huafeng Test & Control, Fortune Precision
A significant shortage in semiconductor equipment supply is impacting the industry.
Supply Chain Disruptions
According to Cailian Press, delivery lead times for key components of South Korean semiconductor equipment have doubled, leading to a severe supply shortage in the equipment industry. As a result, international equipment manufacturers are beginning to consider Chinese component suppliers.
Founder Securities noted that advanced packaging and semiconductor equipment may remain high-growth areas in the coming years.
Domestic components are also in short supply. For example, leading equipment manufacturer NAURA Technology is facing similar constraints.
Demand and Capital Expenditure Outlook
Xiangcai Securities stated that driven by accelerating end-market demand, global semiconductor companies are expected to increase capital expenditures. In Q2 2026, global semiconductor equipment sales grew 22.6% year-on-year to $40.53 billion, with the growth rate rising 8.6 percentage points compared to Q1, confirming robust demand for semiconductor equipment.
Main Capital Flows in September
Data from East Money Choice shows that since September 1 this year, main capital has net bought a batch of semiconductor equipment concept stocks, including:
- Ultra Pure Materials
- Jinhaitong
- Jingyi Equipment
- Silicon Electric
- Fulede
- Lingxian Shares
- Hengyunchang
Institutional Analysis
CITIC Construction Investment reported that TSMC has hit record highs, while ASML's overall performance significantly exceeded expectations.
Global semiconductor equipment components are experiencing an unprecedented across-the-board price hike. Pricing power in the semiconductor supply chain is structurally shifting from chip terminals to equipment and component segments.
Key observations from CITIC Construction Investment:
- Component companies are relatively small-scale with high fixed cost ratios, so price increases directly translate into profits
- Production line expansion cycles last 12–18 months, resulting in the lowest supply elasticity
- Recommended focus areas: domestic substitution demands and pricing logic driven by extended lead times from overseas suppliers for valves, tubing, ceramic parts, RF power supplies, and GAS BOXes
Source: East Money Research Center
Source
东方财富网Eastern
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Global semiconductor equipment upcycle confirmed as supply shortages drive price hikes