本报告来源于“慧博投研”，请勿外传！ Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com EXHIBIT 1: Global WFE: we expect both China & Non-China WFE will grow by double digit in 2026E, with China Source:Gartner, EM, Company reports, ernstein estimates and analysis ·For 2025 China WFE market, our forecast is largely in-line with previous forecast, only edged up a bit based on actual full ·For 2026 China WFE market, we now forecast China WFE market to grow 10% to $55bn. Now we are modeling flattish import, given most global incumbents like Lam Research, KLA & Tokyo Electron (Exhibit 5) commenting China WFE to be flattish YoY, while ASML is guiding down their China revenue. Although it may sound less exciting, remember 2025 marked a record high import year at $39.2bn, even flattish guidance makes China WFE to be another elevated year. We think global incumbents lack of visibility about the local vendors, hence it is fair to infer their guidance to import data. However, for