Event: Global Semiconductor Capital Expenditure Resurgence
(1) On September 5, Changchun Phase III was established with a registered capital of 20.72 billion RMB, with Chen Nanxiang, Chairman of Yangtze Memory Technologies Co., Ltd., serving as the legal representative. Changchun Phase III marks another significant move by Yangtze Memory Technologies since the establishment of Phase II in 2021, and unlike Phase II, Phase III received direct funding from Yangtze Memory Technologies at its inception. (2) Taiwan Semiconductor Manufacturing Company (TSMC) has committed to investing a total of $65 billion in Arizona to build three wafer fabs in 2020, 2023, and 2024. In March 2025, after a meeting between Trump and TSMC Chairman Wei Zhejia at the White House, they jointly announced that TSMC would increase its investment in the U.S. by at least $100 billion. (3) In July 2025, Micron plans to invest $200 billion over the next 20 years for memory production and R&D in the U.S., including the construction of two cutting-edge DRAM fabs in Idaho, four fabs in New York, and one HBM packaging facility in Virginia. (4) In June 2025, Texas Instruments announced plans to invest over $60 billion to build seven chip factories in Texas and Utah.
1
Focus on the trend of semiconductor manufacturing returning to North America; TSMC’s capacity is a key factor in addressing NV+ASIC expansion
Trump has guided the return of manufacturing to North America. Based on the capital expenditures of leading wafer fabs such as TSMC, Micron, and Texas Instruments, we believe that semiconductor capital expenditure in North America is gradually entering a high prosperity phase. Additionally, referring to our September commentary “ASICs have become a significant force driving AI materials and equipment,” the high prosperity of AI-ASICs and sustained high CAPEX (e.g., Meta, Google, etc.) indicate that the capacity of semiconductor wafer fabs is a key factor in addressing NV+ASIC expansion.
2
Simultaneously monitor Southeast Asia’s overseas expansion and domestic wafer fab localization expectations
Pay attention to the layout of the semiconductor supply chain in Southeast Asia:
①In Singapore, 1) UMC’s Singapore Fab 12i is expanding with a total investment of $5 billion, expected to start production in 2026 (in 2023, ASE Group won the bid for the expansion of UMC’s 12-inch wafer fab). 2) In June 2024, World Advanced and NXP Semiconductors announced plans to jointly establish a VSMC joint venture in Singapore, investing approximately $7.8 billion to build a 12-inch wafer fab (in January 2025, ASE Group won the bid for the VSMC MEP project with a contract amount of 3.163 billion RMB). 3) In January 2025, Micron is investing $7 billion to build a new HBM advanced packaging facility next to its existing factory in Singapore, with operations planned to start in 2026.
②In Thailand, the PCB industry is actively laying out investments, with companies like Zhen Ding, Unimicron, Jinchang Electric, Lianmao, and Taiyo Yuden investing in Thailand, where Zhen Ding, Unimicron, and Jinchang Electric are expected to have PCB production capacity by 2025.
③In Malaysia, which holds nearly 13% of the global packaging and testing market, many IDM manufacturers such as Micron, Infineon, NXP, Texas Instruments, and Intel have established packaging and testing facilities there.
According to The Information, NV has notified some component suppliers to suspend the production of its China-exclusive H20 AI chips. The semiconductor arms race among major powers is evident, and the establishment of Changchun Phase III can validate the expectations for domestic substitution to restart.
3
Investment in cleanroom construction and maintenance by chip manufacturers generally accounts for no less than 15% of the total investment
Cleanrooms, consisting of cleanroom systems, cleanroom process systems, and secondary distribution systems, create stable environments for industries such as semiconductors, panels, and medical applications. The electronics industry is a major downstream application of cleanrooms; for example, in the first half of 2022, the electronics sector accounted for 85% of the revenue of Baicheng Co. Cleanrooms are a crucial part of semiconductor manufacturing, applied in all major links of the supply chain, and investment in cleanroom construction and maintenance by chip manufacturers generally accounts for no less than 15% of the total investment. Furthermore, the higher the cleanliness level, the higher the cost of the cleanroom, and the IC semiconductor and optoelectronic panel industries have relatively higher requirements for controlling non-living particles in the air.
The trend of semiconductor manufacturing returning to North America is clear, and the stock prices of cleanroom companies in Taiwan (Hantang/Saint Shine/Ase Technology) have reacted first.
Investment Recommendations
With global semiconductor capital expenditure on the rise, it is important to focus on the trend of semiconductor manufacturing returning to North America, where TSMC’s capacity is a key factor in addressing NV+ASIC expansion. Additionally, monitor Southeast Asia’s overseas expansion and domestic wafer fab localization expectations. Investment in cleanroom construction and maintenance by chip manufacturers generally accounts for no less than 15% of the total investment. During the global semiconductor capital expenditure upturn, cleanrooms will lead the way, and the stock prices of cleanroom companies in Taiwan have reacted first, suggesting attention to the A-share cleanroom sector.
Risk Warning
Semiconductor capital expenditure may fall short of expectations; risks of fluctuations in foreign semiconductor policies towards China; risks of intensified market competition.
Team Introduction
Li Yang, Chief of New Materials at Guojin Building Materials, with 1 year of industry experience and 7 years in securities research. Specializes in cyclical investment opportunities. Ranked fourth in the “Securities Times·New Fortune Best Analyst” in 2024, and has received 2-4 rankings in various evaluations such as Crystal Ball, Wind, Golden Bull Award, 21st Century Gold Medal, and Shanghai Securities Journal. Nominated for the “Securities Times·New Fortune Best Analyst” from 2021 to 2023, and has repeatedly been recognized among the top 5 in analyst evaluations such as Sina’s “Golden Unicorn”, “Crystal Ball”, “Golden Bull Award”, and “Choice/Wind”.
Important Notice
Report Information: Securities Research Report: “Commentary on the New Materials Industry: Global Semiconductor Capital Expenditure on the Rise: Insights on Cleanroom Expansion Overseas” Release Date: September 14, 2025 Report Issuer: Guojin Securities Co., Ltd.
Securities Analyst: Li Yang SAC License Number: S1130524120003 Email: [email protected] Securities Analyst: Zhao Ming SAC License Number: S1130524120004
Email: [email protected]
