In the competition between countries for computing power, domestic substitution is happening urgently. Semiconductor materials and equipment will be a very important part of domestic substitution. Whoever controls the equipment and materials will hold the key to independent computing power.

The top 10 companies with the most potential for domestic substitution, listed in no particular order:
The sixth is Northern Huachuang, 002371. This company is a leading platform in domestic semiconductor equipment, covering etching, PVD, CVD, ALD, cleaning, and heat treatment across the entire platform. Currently, advanced process equipment is being rapidly deployed, benefiting the entire industry chain expansion. It directly benefits the infrastructure construction of AI computing power, with the strongest comprehensive strength, and long-term it remains a super platform on the equipment side.
The seventh is Qiangyi Co., Ltd., 688809. This is a rising star in semiconductor equipment, recently listed on the STAR Market, focusing on integrated circuit testing equipment and related semiconductor products. Now, the demand for testing AI chips and high-performance computing chips is exploding, and the penetration rate of domestic testing equipment is rapidly increasing. It excels in the back-end inspection stage, and in the future, it will be an important part of mass production verification and yield control.
The eighth is Dinglong Co., Ltd., 300054. This company is a platform player in semiconductor materials, with CMP polishing pads already achieving full-process independence and control. Currently, it has a comprehensive layout of polishing liquids, photoresists, and advanced packaging materials, breaking overseas monopolies. With equipment deployment and wafer fab expansion, materials and consumables are highly sticky and have high gross margins. It is an invisible champion of domestic material substitution.
The ninth is Hushi Silicon Industry, 688126. This company is the absolute leader in domestic semiconductor silicon wafers, with rapid release of 300mm large silicon wafer capacity. It covers polishing wafers, epitaxial wafers, and SOI wafers. Now, technology is penetrating into advanced processes. Driven by large-scale expansion of wafer fabs and domestic substitution, it is the king of the upstream basic materials in chip manufacturing, with long-term import substitution potential fully realized.
The tenth is Taiji Industrial, 600667. This company has strong semiconductor packaging and testing capabilities. Its subsidiary, Haitai Semiconductor, is deeply linked with SK Hynix, covering packaging, testing, and module assembly. Now, with explosive demand for AI servers and storage chips in the back-end processes, it is well-positioned in high-end storage packaging and testing. As domestic advanced packaging and computing clusters take off, it will remain an important force in the back-end stage for the long term.
These 10 companies have basically mastered core upstream and downstream semiconductor manufacturing processes such as etching, deposition, cleaning, coating, developing, inspection equipment, as well as silicon wafers, CMP materials, and packaging testing. Against the backdrop of intense national competition for computing power, these hardcore players are the most certain and resilient in domestic substitution. In the long run, they are all major varieties that can deeply benefit from AI and independent innovation dividends.
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