CITIC Securities research note: CSEAC 2026 expanded with a larger presence of
core components and materials exhibitors. Exhibitor WeChat posts (including
Zhongwei and Kema Technology) point to further improvement in
semiconductor-equipment order momentum in Q3 2026 and industry optimism for
equipment demand over the next 2–3 years. Key medium- to long-term demand
drivers cited are advanced-logic self-sufficiency, 3D NAND architecture
upgrades, HBM and advanced packaging—expected to create new equipment categories
and raise per-tool value. Upstream localization is moving into core process
modules, midstream equipment demand remains robust, and downstream storage and
packaging upgrades are generating incremental equipment needs. Increased
participation from overseas vendors and customers suggests rising export
interest in Chinese equipment, components and materials. CITIC continues to
favor the domestic semiconductor equipment and core components chain.
