On July 3, CITIC Construction Investment released a research report that draws on statistical forecasts of capital expenditures from 31 global semiconductor manufacturing companies and growth expectations from 25 semiconductor equipment firms. The key findings are as follows: (1) By 2028, global semiconductor manufacturing enterprises' capital expenditures are projected to surge to USD 341.7 billion, marking a 103.3% increase from USD 168.1 billion in 2025—effectively doubling the initial figure. This escalation in capital expenditures will directly fuel growth in the equipment sector; (2) In 2028, the global front-end semiconductor equipment market (WFE) is forecasted to reach USD 241.4 billion, expanding by approximately 108% compared to its 2025 size; (3) By 2028, the global back-end semiconductor equipment market is expected to grow to USD 38.3 billion, up 136.9% from USD 16.16 billion in 2025. Regarding downstream demand, the memory sector is anticipated to experience a 150% growth, outpacing the 91.4% growth in wafer foundry. Following a period of inventory destocking in China from 2025 to 2026, the market is projected to rebound with robust growth in 2027.