According to a research report from CITIC Construction Investment, the current semiconductor boom is primarily driven by AI demand. Both the profitability and capital expenditures of memory manufacturers worldwide have hit all-time highs, with expansion plans surpassing those of previous cycles. The demand for equipment components arises from both the expansion and upgrading of existing production capacities. On the supply side, domestic equipment manufacturers and their key industrial chains have achieved global competitiveness; however, specialized components and materials still represent critical areas for further industrial chain development. Given the current complex political environment abroad, characterized by stricter export controls and prolonged delivery times, the third phase of the National Integrated Circuit Industry Investment Fund will prioritize the semiconductor equipment components and materials sectors, ramping up efforts to foster domestic capabilities. CITIC Construction Investment anticipates that, based on the localization pace gap (Note: In economic contexts, 'price scissors' typically refers to a 'scissors gap' in pricing, but here it more accurately denotes a disparity in the pace of localization; for clarity, we refer to it as the 'localization pace gap') and the degree of monopoly, the localization of industrial chains for MFC, blank photomasks, and electrostatic chucks will advance more rapidly.