全球半导体：中国半导体设备进口追踪报告 - 2025年10月

Oct‘25 Semicap imports – up 15% yoy / down 36% mom We analyze monthly China customs import data relating to semiconductor equipment.The data is relevant for tracking China sales for global semicapcompanies. Chinaaccounted for 36% of global WFE in 2024, making it one of the most important regionsfor global semicaps. China's semiconductor equipment imports were $4.6bn in Oct 2025,below the previous 3mth (July'25-September'25) average of $5.5bn and in line with theprevious 12mth (Oct'24-Sept'25) average of $4.6bn. Import value was up 15% yoy anddown 36% mom. On a 3MMA, import value was up 25% yoy and down 4% mom, below EquityGlobal Didier Scemama>>Research AnalystMLI (UK)+44 20 7995 6751 Vivek AryaResearch AnalystBofASvivek.arya@bofa.com Simon Woo, CFA>>Research AnalystMerrill Lynch (Seoul)simon.woo@bofa.com Front-end – up 11% yoy and down 35% mom China imported $3.2bn worth of front-end equipment in October. Front-end importswere up 11% yoy and down 35% mom, driven primarily by Lithography ($1,033mm;+90% yoy/-25% mom), Etching ($679mm; +6% yoy/-29% mom), Deposition ($605 mm;+2% yoy/-42% mom) and Other front-end ($451mm, flat yoy/-17% mom) while othersegments were down: Process control ($254mm, -42% yoy/-66% mom), Ion implanters($60mm; -33% yoy/-37% mom) and Heat treatment ($150mm; -4% yoy/-17% mom). Mikio Hirakawa>>Research AnalystBofAS Japanmikio.hirakawa@bofa.com Haas Liu>>Research AnalystMerrill Lynch (Taiwan)haas.liu@bofa.com YTD, front-end imports of $32.2bn are up 7% yoy, driven by Etching ($6.6bn; +45% yoy),Deposition ($7.2bn; +13% yoy), Process control ($3.8bn; +11% yoy), and Other Front-end($4.3bn; +12% yoy); while Lithography ($7.6bn; -10% yoy), Heat treatment ($1.4bn; -18%yoy) and Ion implanters ($1.2bn; -25% yoy) are down. NL lithography intensity withinChina WFE imports, at 24% in 2024, is at 21% for 2025 YTD. Dai Shen>>Research AnalystMerrill Lynch (Hong Kong)dai.shen@bofa.com Daley Li, CFA>>Research AnalystMerrill Lynch (Hong Kong)daley.li2@bofa.com Back-end categories in Oct Oliver Wong>>Research AnalystMLI (UK)oliver.wong2@bofa.com •Assembly & Packaging:$341mm, up 8% yoy and down 30% mom. Within A&P,wire bonder imports were up 13% yoy and down 16% mom while mounting andbonding was up 12% yoy and down 44% mom. YTD, A&P is up 4% yoy to $3.7bn.•Wafer manufacturing: $124mm, up 8% yoy and up 21% mom. YTD, imports are up2% yoy to $1.3bn.•Flat panel display: $412mm, up 166% yoy and down 57% mom. YTD, imports areup 55% yoy to $2.9bn. Amelia Banks>>Research AnalystMLI (UK)amelia.banks@bofa.com 3MMA: 3 month moving averageASP: Average selling price This research report provides general information only. No part of this report may be usedor reproduced or quoted in any manner whatsoever in Taiwan by the press or otherpersons without the expresswritten consent of BofA Securities. >> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analystunder the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Securities entities that takeresponsibility for the information herein in particular jurisdictions. BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. Contents China semiconductor equipment imports–major categories at a glance ($mm)3China semiconductor equipment imports–major categories at a glance (yoy %)4China semiconductor equipment imports–category breakdown5China semiconductor equipment imports–major categories in Oct6China semiconductor equipment imports–further analysis8Front-end equipment import total compared to semi equipment suppliers’disclosedChina equipment sales10Lithography imports–up 90% yoy in Oct 202512Netherlands lithography machine imports15Deposition imports–up 2% yoy in Oct 202518Etching imports–up 6% yoy in Oct 202521Heat treatment imports–down 4% in Oct 202524Ion implanters imports–down 33% yoy in Oct 202527Process Control imports–down 42% yoy in Oct 202529Wafer manufacturing equipment–up 8% yoy in Oct 202531Flat panel display manufacturing equipment - up 166% yoy in Oct 202532Assembly and packaging equipment–up 8% yoy in Oct 202533Spares–up 1% yoy in Oct 202534Wire bonders–up 13% yoy in Oct 202535Mounting and bonding–up 12% yoy in Oct 202536Testing equipment–down 33% yoy in Oct 202537Appendix: China semiconductor equipment imports–summary tables38 China semiconductor equipment imports –major categories at a glance ($mm) Source:China General Customs, BofA Global Research Source:China General Customs, BofA Global Research Source:China General Customs, BofA Global Research BofA GLOBAL RESEARCH BofA GLOBAL RESEARCH Source:China General Customs, BofA Global Research China semiconductor equipment imports –major categories at a