According to the Zhitong Finance APP, Minsheng Securities released a research report stating that the NAND field will continue to bring an increase in deposition equipment investment (due to the need to lay more deposition/etching machines to stack layers), high aspect ratio etching technology, and a growing demand for advanced packaging/bonding equipment. With the capacity upgrades of overseas manufacturers and the capacity expansion of domestic Changxin and Changchuan, the share of domestic storage in the global market will gradually increase. As the technological confrontation between China and the United States continues and the demand for AI computing power persists, it is recommended to pay attention to future catalysts. Etching, deposition, bonding equipment, CMP equipment, and increased usage.
<h2>The main points of Minsheng Securities are as follows:</h2>
Global semiconductor equipment demand remains strong, with advanced logic and storage technology iterations upgrading equipment requirements
According to SEMI, the total global semiconductor equipment sales are expected to reach $125.5 billion by 2025, setting a new historical high, mainly driven by capacity expansion in advanced logic and storage to support artificial intelligence applications, as well as process iterations in various major sub-segment markets. According to SEMI's report, mainland China is expected to continue leading global 300mm equipment spending, with total investment reaching $94 billion between 2026 and 2028. As logic continues to evolve towards more advanced processes, the demand for etching, thin film deposition, bonding, and coating and developing equipment will further increase; the rise of HBM will drive wafer thinning, TSV etching and filling, and wafer stacking packaging. The NAND field will continue to bring an increase in deposition equipment investment (due to the need to lay more deposition/etching machines to stack layers), high aspect ratio etching technology, and a growing demand for advanced packaging/bonding equipment.
AMD collaborates with OpenAI on AI infrastructure, driving growth in the logic and storage markets
According to IDC, data center investment is expected to grow from $17 billion in 2020 to $45.3 billion by 2028. According to reports from CNBC and other media, OpenAI will deploy a total of 6 GW of AMD GPU computing power over the next few years. The two companies estimate that bringing online 1 gigawatt of AI computing power will require about $50 billion, of which about two-thirds will be used for chips and supporting data center infrastructure. According to IDC, from 2020 to 2030, the overall revenue growth of AI semiconductors is expected to be very strong, increasing from $8.2 billion to $41.3 billion, with an annual growth rate of 24.4%. According to TrendForce, as AI shifts from &#34;training&#34; to &#34;inference&#34; (such as real-time responses in applications like ChatGPT), the deployment of AI inference servers will grow rapidly, directly driving demand for &#34;enterprise SSDs.&#34; Meanwhile, as the three major DRAM manufacturers continue to prioritize advanced process capacity for high-end Server DRAM and HBM, they are squeezing capacity for PC, Mobile, and Consumer applications. Affected by the differentiated demand for various terminal products, the price increase of old process DRAM in the fourth quarter remains considerable, while the price increase of new generation products is relatively moderate. With the capacity upgrades of overseas manufacturers and the capacity expansion of domestic Changxin and Changchuan, the share of domestic storage in the global market will gradually increase
Fluctuations in Overseas Technology Product Supply, Self-Control Remains the Optimal Solution for Supply Chain Security
(1) There are restrictions on obtaining key semiconductor equipment. According to a bipartisan investigation by U.S. lawmakers, there are still loopholes in the supply chain restrictions imposed by the U.S. and its allies, allowing China to purchase nearly $40 billion worth of advanced chip manufacturing equipment. Therefore, the House committee's new proposal includes: implementing a broader ban on chip manufacturing tools sold to China, rather than just targeting specific Chinese chip manufacturers with narrower bans, and suggesting enhanced coordination among allies and expanding the scope of restrictions. (2) On October 16, NVIDIA founder Jensen Huang mentioned in a speech that due to U.S. export controls, NVIDIA has completely exited the Chinese market. China's market share has dropped from 95% to 0%. With the subsequent advancement of domestic computing power infrastructure, the demand for domestic AI chips is expected to further increase.
Risk Warning: The pace of downstream capacity expansion may fall short of expectations, the increase in localization rate may not meet expectations, and technological breakthroughs may not occur as anticipated

OpenAI

SOXS

CP00062

NVDA

Minsheng Securities released a research report indicating that with the growth of Sino-U.S. technological competition and the demand for AI computing power, global semiconductor equipment demand will continue to rise, with sales expected to reach USD 125.5 billion by 2025. The demand for deposition equipment in the NAND sector is increasing, and the domestic storage market share will improve. It is expected that mainland China will continue to lead in 300mm equipment spending, with total investment reaching USD 94 billion between 2026 and 2028. AI demand will drive growth in the logic and storage markets

- Minsheng Securities reports that the NAND sector will see increased investment in deposition equipment due to the need for more machines to stack layers, alongside rising demand for advanced packaging and etching technologies.  
- Global semiconductor equipment demand is projected to grow, with total sales expected to reach $125.5 billion in 2025, driven by AI applications and capacity expansions in advanced logic and storage.  
- As domestic manufacturers expand capacity, China's share in the global storage market is anticipated to rise, despite ongoing supply chain challenges and geopolitical tensions.

Minsheng Securities: AI drives demand for advanced logic and storage, benefiting semiconductor equipment