[CITIC Construction Investment: The MFC, blank mask, and electrostatic chuck industry chains have a higher localization slope] On September 22, CITIC Construction Investment Research reported that this round of semiconductor boom cycle is driven by AI demand. Global storage plant profits and capital expenditures simultaneously hit record highs, and the expansion of production exceeds any previous cycle. Among them, the demand for equipment parts is both expanding. Production and inventory replacement needs; On the supply side, domestic equipment manufacturers and the main industry chain have global influence, but subdivided parts and materials have become the last bastion of the industry chain; the current external political environment is complex, export control has been upgraded, and delivery times have been lengthening; the third phase of the national large fund has directed investment in semiconductor equipment parts and materials, and increased local incubation efforts; Based on the localization scissor gap and monopoly intensity as criteria, CITIC Construction Investment believes that the MFC, blank mask, and electrostatic chuck industry chains have a higher localization slope.