Niche Gold Track: Semiconductor Capacity Expansion Indispensable! Concept Stocks Scarce in Numbers, Already Produced 2 Major Bull Stocks

The global semiconductor industry is experiencing a dual shift with a “super cycle of equipment investment” and a “surge in storage prices,” leading to continuous demand for cleanroom engineering.

Yaxiang Integration Reports Significant Annual Performance Growth, Stock Price Hits Limit Up

On March 13, Yaxiang Integration (603929) opened sharply higher, hitting the daily limit within less than a minute after opening. The latest closing price was 140.83 yuan per share. Compared to its low point in the past year, the stock has increased by more than 4.6 times.

Yaxiang Integration mainly focuses on cleanroom projects for high-tech factories in the electronics industry, including IC semiconductors and optoelectronics, positioning itself in the higher-end segment of the cleanroom industry. The company has completed high-end cleanroom projects for several domestic high-tech factories.

On the evening of March 12, the company released its 2025 annual report, showing total revenue of 4.904 billion yuan, down 8.81% year-over-year; net profit attributable to shareholders was 892 million yuan, up 40.3%, reaching a record high. In the fourth quarter of 2025, net profit was 450 million yuan, a 59.69% quarter-over-quarter increase, indicating a clear upward trend in profitability.

In the annual report, the company mentioned that the integrated circuit industry is receiving multi-faceted policy support, with AI computing power driving strong demand for storage chips. The domestic IC industry continues to expand steadily, and foreign markets, especially in Southeast Asia, are experiencing hot semiconductor investments, providing ongoing opportunities for the company. During the reporting period, the Singapore project progressed steadily and secured large orders, significantly contributing to the 2025 performance and profits.

Cleanrooms Become a Bottleneck in Global AI Capacity Expansion

For the semiconductor industry, cleanrooms are a critical part of manufacturing, directly affecting product yield. Nearly all key stages of the IC manufacturing process, both front-end and back-end, require cleanroom environments. If air cleanliness standards are not met during production, product yields are greatly impacted.

Currently, the global semiconductor industry is facing a dual shift: a “super cycle of equipment investment” and a “sharp rise in storage prices.” Leading companies like TSMC and Micron are significantly expanding capacity, with capital increasingly focused on high-bandwidth memory (HBM) and advanced process nodes.

Guosen Securities states that due to explosive growth in overseas AI computing demand and the relatively rigid supply of cleanroom construction capacity, cleanrooms have become a core bottleneck restricting global AI capacity expansion. Leading manufacturers like Micron urgently need to expand capacity and are willing to pay premiums to shorten construction times, reinforcing the “volume and price increase” logic in cleanroom engineering.

On January 29, 2026, Samsung Electronics’ memory business head Kim Joon-kyu stated during a earnings call that due to limited cleanroom space in the industry, supply expansion in 2026 and 2027 will be constrained, and shortages are expected to persist. The company plans to invest in new wafer fabs to secure cleanroom capacity in advance.

Equipment manufacturers also point out that insufficient cleanroom space is a bottleneck for capacity expansion. ASML reported revenue of 7.2 billion euros in Q4 2025, slightly above market expectations. However, the CEO emphasized that despite strong demand for advanced lithography equipment, many wafer fabs are operating near full capacity. Construction of new capacity is limited by land, power, cleanroom space, and supply chain constraints, making rapid expansion difficult in the short term.

Changjiang Securities’ research notes that driven by AI demand, the shortage of cleanrooms is expected to lead to increased industry scale and profitability, maintaining a positive outlook on the cleanroom sector.

Guotou Securities points out that under the accelerated global AI technology iteration, the “14th Five-Year Plan” emphasizes coordinated development of computing infrastructure and enhanced support for computing power facilities. Capital expenditure in the electronic semiconductor industry is expected to increase, boosting capacity building across all segments and driving demand for cleanroom projects.

Six Cleanroom Concept Stocks Have Doubled

According to Securities Times and Data Treasure, there are currently 15 concept stocks related to cleanroom business in the A-share market. As of March 13, these stocks had a combined market value of 190.3 billion yuan. Comparing latest closing prices to their lows over the past year, six stocks—Yaxiang Integration, Shenghui Integration, Tianhua New Energy, Huakang Clean, Yangzi New Materials, and Xinlai Yingcai—have doubled in value. The two industry leaders, Yaxiang Integration and Shenghui Integration, have increased more than fourfold.

After significant gains earlier, many cleanroom concept stocks have pulled back sharply. Data Treasure reports that, as of March 13, compared to their yearly highs, six stocks—Mei Ai Technology, Shenghui Integration, Shen Sangda A, Chutian Technology, Bocheng Shares, and Xinlai Yingcai—have retraced over 20%.

Mei Ai Technology leads with a 31.35% decline. The company specializes in ultra-clean semiconductor fabs, and is a domestic leader in clean equipment (fan filter units) and consumables (filters) for the semiconductor industry.

From a performance perspective, based on the 2025 annual report, performance brief, and lower bounds of forecasts (or the announced figures if no bounds are provided), five stocks have projected net profit growth exceeding 30%, including Chu Tian Technology, Huakang Clean, Micro Light Co., Yaxiang Integration, and Shenghui Integration.

Chu Tian Technology’s Chu Tian Jingbang engages in cleanroom system engineering and related businesses. The company expects 2025 net profit of 235 million to 300 million yuan, turning profitable after losses. During the period, its overseas business grew rapidly, with breakthroughs in Southeast Asia, Middle East, Africa, and the Americas, significantly increasing its international business share and driving profit growth.

Huakang Clean projects 2025 net profit of 114 million to 144 million yuan, up 70.63% to 115.54% year-over-year. During the reporting period, the company secured multiple leading projects in electronic clean sectors, covering semiconductor materials, compound semiconductor chips, new energy materials, LiDAR, and sensors, injecting clean energy into industrial upgrades.

Micro Light’s centrifugal fans and EC fans support related cleanroom equipment, applicable in semiconductor, biomedicine, and other fields. The company forecasts 2025 net profit of 353 million to 375 million yuan, up 60.04% to 70.01%.

(Source: Data Treasure)