Multiple factors catalyze resonance, accelerating the domestic substitution of semiconductors

The semiconductor industry has recently experienced multiple catalysts. Amid increasingly complex circumstances, technological breakthroughs and overseas restrictions are expected to accelerate the adoption of domestic semiconductor equipment. Currently, demand in the AI computing power supply chain remains in a high growth phase, while progress in China’s semiconductor industry has exceeded expectations.

On the domestic front, DeepSeek V4 may achieve significant technological breakthroughs, including a trillion-parameter scale, a million-level context window, and full compatibility with domestic AI chips during the reasoning phase for the first time. This will make it the first trillion-level model in China to completely摆脱 reliance on NVIDIA across the entire computing power supply chain, while also improving inference speed and reducing energy consumption.

From the recent SEMICON China 2026 exhibition, domestic semiconductor companies have shown notable progress. Domestic equipment now covers the entire chip design, manufacturing, and testing chain, with continuous improvements in equipment, components, and materials, reflecting strong technological breakthroughs and supply chain collaboration. With increasing demand for self-reliance in semiconductor equipment, AI-driven demand could further boost domestic supply chains and advanced process expansions.

Driven by growing computing power demand and the push for domestic supply chain independence, scaled substitution has been achieved in mid-to-low-end sectors, with rapid validation ongoing in high-end areas such as lithography and inspection equipment. As domestic storage manufacturers advance toward IPOs to expand production capacity, domestic equipment becomes increasingly competitive, and with Phase III of the National Large Fund providing key support, policy synergy and industrial chain effects are strengthening. The industry is accelerating the comprehensive localization of the supply chain, and the market share of localized products is expected to grow further.

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