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Analysts: Global semiconductor equipment upcycle confirmed amid worsening supply shortage
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An East Money article reports a confirmed upcycle in the global semiconductor equipment market, driven by a severe supply shortage. According to Cailian Press, lead times for key components in South Korea have doubled, prompting international equipment makers to consider Chinese suppliers. Founder Securities notes advanced packaging and equipment as high-growth areas. Xiangcai Securities states that global semiconductor companies are expected to increase capital expenditures, citing Q2 2026 equipment sales up 22.6% year-on-year. CITIC Construction Investment highlights TSMC's record highs and ASML's strong performance, noting an unusual across-the-board price hike for components. The firm argues pricing power is shifting from chips to equipment and components, and recommends focusing on domestic substitution demands and pricing logic from extended lead times for overseas suppliers of valves, tubing, and ceramic parts. The article also lists stocks accumulated by major funds in September, including Ultra Pure Materials and Applied Materials.
Source report
Semiconductor Equipment Supply Faces Severe Shortage
Key semiconductor stocks mentioned: Torrance, Huafeng Test & Control, Fuchuang Precision
According to Cailian Press, lead times for key components of South Korea's semiconductor equipment have doubled, resulting in a severe supply shortage across the equipment industry. In response, international equipment manufacturers are beginning to explore Chinese component suppliers.
Founder Securities notes that advanced packaging and semiconductor equipment are expected to remain high-growth areas over the next several years.
Domestic components are also experiencing supply constraints. For example, leading equipment manufacturer NAURA Technology...
Xiangcai Securities stated that, driven by accelerating end-market demand, global semiconductor companies are likely to increase capital expenditures. In Q2 2026, global semiconductor equipment sales rose 22.6% year-on-year to $40.53 billion, with growth accelerating by 8.6 percentage points compared to Q1, confirming robust demand for semiconductor equipment.
Main Fund Flows: September Accumulation
Data from East Money Choice shows that since September 1 this year, main funds have net purchased a batch of semiconductor equipment concept stocks, including:
- Ultra Pure Materials
- Applied Materials
- Jinhaitong
- Jingyi Equipment
- Silan Microelectronics
- Fulleride
- Lingxian Shares
- Hengyunchang
Institutional Outlook: Global Semiconductor Equipment Upcycle Confirmed
CITIC Construction Investment highlights TSMC reaching record highs, while ASML's overall performance significantly exceeded expectations.
Global semiconductor equipment components are experiencing an unusual across-the-board price hike. Pricing power in the semiconductor value chain is structurally shifting upward—from chip end-products to equipment and components.
Key observations from CITIC Construction Investment:
- Component firms are relatively small-scale with high fixed-cost ratios, meaning 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 of valves, tubing, ceramic parts, RF power supplies, and GAS BOXes
Source: East Money Research Center
Source
东方财富网-产经资讯Eastern
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Global semiconductor equipment upcycle confirmed as supply shortages drive price hikes