On September 9, Soochow Securities reported that Changxin and Yangtze Memory are actively ramping up their production capacities, leading to a substantial surge in the demand—and consequently, the value—of high-end DRAM and HBM testing equipment. Based on their most recent projections, the domestic market for memory testing equipment is set to expand from RMB 4.8 billion in 2026 to an impressive RMB 15.5 billion in 2027. This growth trajectory signifies a staggering year-on-year increase of approximately 223%. Despite this, the localization rate of domestic memory testing equipment is projected to remain relatively modest at around 8%-10% in 2025. However, considering the prolonged lead times associated with overseas market leaders, Soochow Securities is optimistic that domestic equipment manufacturers are poised to achieve swift market substitution once they make significant technological advancements.