Recently, listed companies in the A-share semiconductor sector have been dense ( dense -> frequently) releasing their 2025 annual performance reports. As of March 2, out of the 173 semiconductor companies classified under the Shenwan industry categorization, 115 have disclosed their performance, with 101 reporting year-on-year growth in total operating revenue. Companies such as Cambricon, BIWIN Storage, and Pioneering Technology have seen significant revenue growth, highlighting the current strong market demand for computing and storage as well as robust growth in front-end equipment. Analysts point out that capital expenditures by global tech giants are in a high-intensity growth cycle, with sustained increasing demand for AI computing power. The expansion of advanced logic and storage production is driving up demand for core manufacturing equipment such as etching and thin-film deposition.