CITIC Construction Investment has observed that the global boom cycle for semiconductor equipment is showing no signs of slowing down. According to SEMI forecasts, global sales of semiconductor manufacturing equipment are projected to hit an all-time high of $165.9 billion by 2026, with expectations to further surge to $229.5 billion by 2028, marking five straight years of growth. Notably, TSMC has increased its capital expenditures for 2026 by around 15%. ASML has also outperformed quarterly expectations and, for the second time this year, has upwardly revised its full-year performance targets. The resurgence in AI computing power and storage is fueling high levels of industry prosperity. Presently, there is a widespread trend of price increases throughout the global semiconductor equipment component supply chain, with pricing power shifting towards the equipment and component sectors. It is recommended to focus on areas related to domestic substitution and the underlying logic of price increases.