April Hard Currency: Performance, Leading Domestic Semiconductor Equipment Companies Reach New Highs

After the holiday, these past few days, the semiconductor equipment sector has been especially strong.

Today, the Bosera Semiconductor Equipment ETF (561980) rose more than 4% intraday. Bei Fang Huarui, AMEC, KEDA Industrial, APPLIED Materials—Oops, sorry—Topsun, and Hygon Information all surged. With April being the “earnings are king” window, the market’s choice of the main theme is inseparable from the domestic equipment names that can truly deliver.

Why equipment? Because within the entire semiconductor industry chain, the earnings certainty of the equipment segment is currently the clearest. With this round of annual reports and Q1 reports releasing in batches, the answer sheets turned in by semiconductor equipment companies can be summed up in four words: all-time highs.

For AMEC, 2025 full-year revenue was 12.39B yuan, up 36.62% year over year. Parent-company net profit was 2.11B yuan, up 30.69% year over year, also setting an all-time high. It also announced the acquisition of Tongsilicon Electronic to round out its CMP wet-process equipment layout, further strengthening its platform capabilities.

Bei Fang Huarui’s performance guidance has continued to show strong growth. Lithography etching and thin-film deposition equipment orders are full. The company is still waiting for the final annual report, and as the “big brother” in the equipment space, it is drawing intense market attention.

For KEDA Industrial, Changchuan Technology, and InnoLight Systems, the year 2025 parent-company net profit growth rates year over year are all in three digits.

For Semiconductor Manufacturing International Corporation (SMIC), capital expenditure in 2026 will be maintained at a balanced level, with plans to add 40k 12-inch wafer monthly production capacity. The utilization rate is expected to rise from 89.6% in Q1 2025 to more than 96% in Q1 2026—nearly full capacity.

On the side of compute chips, Bosera Semiconductor Equipment ETF (561980) is also heavily invested in Hanyang King and Haiwang King. Haiwang King just released its Q1 report yesterday, and revenue also hit a new high. Hanyang King is even more aggressive—its net profit surged by 500%!

This is not a one-off explosion by a single company. Behind it is a structural trend: wafer fabs expanding capacity**, equipment****, and materials**** suppliers are the first to benefit, and**** design is also the “soul” performer, **** what**** benefits are**** very**** direct.**

Capacity expansion never stops, and these needs are rigid. CXMT is investing 35 billion yuan in 2026, focusing on expanding DDR5 and HBM. Hua Hong Semiconductor, and Guangdong Xin Semiconductor, as well as other specialty process production lines, are also stepping up further.

Equipment is the “shovel seller” for wafer fabs. As long as capacity expansion never stops, equipment orders will not stop either. Moreover, as process nodes advance, the equipment investment per unit of capacity will only keep getting higher—the equipment investment intensity for advanced processes is several times that of mature processes.

And it’s still driven by the big logic of domestic substitution and technological self-reliance.

At the beginning of April, the U.S. House of Representatives proposed the MATCH Act, which would expand controls from specific models to all ASML DUV lithography machines, and impose comprehensive export restrictions on 15 companies including SMIC and Huawei.

In the short term, this is pressure. In the long term, it is an exclusive growth window for domestic equipment.

As domestic wafer fabs expand capacity and imported equipment is restricted, the only way out is to purchase domestic equipment. The domestic equipment localization rate increased from 13% in 2017 to 20% in 2024. Institutions expect it to reach 22% in 2025. This number still leaves a huge gap before true self-reliance and controllability—put another way, the replacement space for domestic equipment has just begun.

Whether looking at the number of new wafer fabs worldwide, or at the capacity expansion pace between mature process nodes and specialty processes, China will continue to be a source of incremental global equipment demand.

[** Earnings certainty is the hard currency of April****]**

In April, the market is at a decision window. Money is shifting from “telling stories” to “looking at numbers.” And for the semiconductor equipment sector, it is precisely one of the hardest sectors on earnings.

Currently, Bosera Semiconductor Equipment ETF (561980), which tracks the CSI Semiconductor Equipment Index, has the highest top-10 concentration—75%—among peer semiconductor theme indices**, and it also covers 100% of leading players in equipment, materials, design, and manufacturing such as AMEC, Bei Fang Huarui, SMIC, Hygon Information, Nanchang Optoelectronics, Hanyang King, and others.

Therefore, its upside is also the strongest: since 2020, the total gain ranks first among its peers.

Most importantly, the “National Big Fund” exposure in the CSI Semiconductor Equipment index is about 61%, meaning the direction of industrial policy and capital is highly aligned.

In April’s market, only one line will become increasingly clear: earnings are king, and equipment leads the way. In this window, being able to deliver all-time-high earnings is, by itself, the hardest logic.

Source: Sanhao Financial Migrant Worker

Risk warning: Funds involve risk; invest cautiously.