CITIC Securities: Global Semiconductor Capex Seen at $341.7B in 2028

The CSI Semiconductor Materials & Equipment Thematic Index was down 2.1% as of 2:23 p.m., while E Fund’s Semiconductor Equipment ETF (159558) recorded net inflows of more than 5.2 billion yuan over the past week through Thursday, ranking first among peer products tracking the same benchmark, according to Jiemian News. In a recent research note, China Securities said global semiconductor manufacturers’ capital expenditure is projected to reach $341.7 billion in 2028, up 103.3% from $168.1 billion in 2025. It forecast the 2028 global front-end semiconductor equipment market at $241.4 billion, about 108% higher than 2025, and the back-end equipment market at about $38.3 billion, up 136.9%. China Securities added that after China’s market completes destocking in 2025-2026, it may return to strong growth in 2027, creating a new shipment upcycle for domestic equipment makers.