伯恩斯坦：中国半导体设备：2025年中国晶圆制造设备竞争动态报告（英文版）

We track the WFE competitive dynamics in China annually (2023, 2024); in this call werefresh the numbers for 2025. Overall localization ratio rose from 16% in 2024 to 21% in 2025; Deposition, Doping and Process Control made the best progress in growth. Lithography and Track remain the two sectors with the lowest localization ratios.In our latest China WFE model update (report and model), we estimated that China’sWFE self-sufficiency reached 21% in 2025 (Exhibit 2). Dry Etch and Deposition are