Analysts: Global semiconductor equipment boom confirmed, Q2 sales up 22.6% YoY

Industry Overview

The global semiconductor equipment industry is experiencing significant supply shortages, particularly in critical components. According to reports, delivery times for key parts used in South Korea's semiconductor equipment manufacturing have doubled, leading to a severe supply crunch. This has prompted international equipment makers to begin evaluating Chinese component suppliers as alternatives.

Domestic Supply Constraints

China's domestic semiconductor component market is also facing shortages. Industry leaders such as North Huachuang (北方华创) are among those affected.

Strong Demand Confirmed by Global Data

According to CSC Financial (湘财证券), driven by accelerating terminal demand, global semiconductor companies are expected to increase capital expenditures. In the second quarter of 2026, global semiconductor equipment sales reached $40.53 billion, a 22.6% year-on-year increase, with growth accelerating by 8.6 percentage points compared to Q1. This data confirms the strong demand景气度 for semiconductor equipment.

Capital Flows: September Fund Inflows

Data from East Money Choice shows that since September 1, major funds have been net buyers of a range of semiconductor equipment concept stocks.

Key stocks attracting capital include:

• 超纯应材
• 金海通
• 京仪装备
• 矽电股份
• 富乐德
• 领先股份
• 恒运昌

Institutional Outlook: Global Semiconductor Equipment Cycle Confirmed

CITIC Securities (中信建投) notes that TSMC (台积电) has reached historic highs, while ASML has delivered overall results that exceeded market expectations.

Key Observations from CITIC Securities:

• The global semiconductor equipment components sector is undergoing a rare, full-chain price surge.
• Pricing power in the semiconductor supply chain is structurally shifting from chip end-products toward equipment and component segments.
• Component companies, being smaller in scale with high fixed-cost ratios, benefit directly from price increases, which translate into higher profits.
• Production line expansion cycles last 12 to 18 months, resulting in the lowest supply elasticity in the chain.
• Extended delivery times from overseas suppliers for components such as valves, piping, ceramic parts, RF power supplies, and gas boxes create strong demand for domestic substitution and price appreciation.

CITIC Securities further emphasizes that the structural shift in pricing power, combined with supply constraints, makes the semiconductor equipment and components sector a high-growth area for the coming years.

Disclaimer: This article is sourced from the East Money Research Center. For stock trading, open an account with East Money Securities for seamless market data and trading.