CITIC Securities: Semiconductor silicon wafer industry enters another upturn cycle, optimistic about accelerating replacement of 12-inch domestic products.

The research report from CITIC Securities stated that the semiconductor silicon wafer is entering another upturn cycle, with a positive outlook on the acceleration of domestic 12-inch alternative production: We believe that the semiconductor silicon wafer industry is entering an upturn cycle driven by AI demand. The logic for increased production is expected to appear in 2025, and the logic for price increases is expected to appear in the second quarter of 2026. In addition, with the acceleration of domestic 12-inch silicon wafer alternative production, we are optimistic about the long-term growth prospects of Chinese silicon wafer companies. We recommend focusing on silicon wafer companies with a relatively high proportion of heavily-doped silicon wafer products, and suggest paying attention to other silicon wafer companies with leading shipments of 12-inch lightly-doped silicon wafers.