Analysis of the Impact of Localization Breakthroughs in Semiconductor Equipment on the Investment Landscape of Ion Implanter and Power Semiconductor Industry Chains

On January 17, 2026, China’s first self-developed tandem high-energy hydrogen ion implanter (POWER-750H) developed by the China Institute of Atomic Energy of China National Nuclear Corporation (CNNC) successfully produced a beam, with core indicators reaching international advanced levels [1]. This breakthrough marks that China has fully mastered the full-chain R&D technology of tandem high-energy hydrogen ion implanters, overcoming a key link in the power semiconductor manufacturing chain. Ion implanters, together with lithography machines, etching machines, and thin film deposition equipment, are known as the “four core equipment” for chip manufacturing, and are indispensable “must-have” equipment for semiconductor manufacturing [1]. For a long time, China’s high-energy hydrogen ion implanters have been completely dependent on foreign imports. With high R&D difficulty and technical barriers, this has been one of the bottlenecks restricting the upgrading of China’s strategic industries.

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According to industry data, the global ion implanter market size is approximately USD 1.8 billion, and the Chinese market size is approximately RMB 5 billion [5]. In the semiconductor equipment investment structure, ion implantation equipment accounts for approximately 2.3% of the total value, significantly lower than that of etching, thin film deposition, lithography and other segments, but its technical barriers are second only to lithography machines, making it a high-precision device. Among segmented product categories, low-energy high-current ion implanters account for as much as 61%, and are the most technically challenging sub-field [5].

Currently, the localization rate of semiconductor equipment in China shows significant structural differences:

• The localization rate of ion implantation equipment is approximately 3.1%
  , which is at an extremely low level [4]
• Sinosemicon is one of the few domestic manufacturers that have secured procurement, and Kailis Semiconductor, a subsidiary of Wanye Enterprise (600641), also plays an important role in promoting the localization process [4]
• The global ion implanter industry presents an oligopolistic pattern, with two major oligopolists AMAT and Axcelis accounting for approximately 70% of the market share [5]

The successful development of this high-energy hydrogen ion implanter has the following strategic significance:

1. Deep Integration of Nuclear Technology and Semiconductor Industry
   : Relying on decades of profound accumulation in the field of nuclear physics accelerators, the China Institute of Atomic Energy used tandem accelerator technology as the core means to solve a series of problems [1]
2. Breaking Technical Blockades
   : Having fully mastered the forward design capabilities of tandem high-energy hydrogen ion implanters from underlying principles to complete machine integration, breaking the technical blockades and long-term monopoly of foreign enterprises in this field [1]
3. Independent and Controllable Industry Chain
   : Laying a solid foundation for promoting the independent and controllable of high-end manufacturing equipment and ensuring industry chain security [1]

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Power semiconductor devices are key components for realizing energy conversion and control in power systems. According to data from industry research institutions:

• IGBT Market
  : The global market size is expected to reach USD 8.4 billion by 2026, with a compound annual growth rate (CAGR) of approximately 4-5% from 2021 to 2026 [6]
• MOSFET Market
  : The global market size is expected to reach USD 9.5 billion by 2026, with broad market space and long-term growth prospects [6]
• SiC Market
  : Driven by demand from new energy vehicles and photovoltaic energy storage, the market size is expected to reach USD 4 billion in 2025 [6]

Product Type	2024 Localization Rate	2025 Target Localization Rate	Technical Gap	Substitution Progress
Planar MOSFET	54.2%	-	Small	Mature Substitution
Trench MOSFET	49.7%	-	Medium	Accelerating Substitution
Super Junction MOSFET	34.6%	-	Large	Early Stage of Substitution
Automotive-Grade IGBT	20%	35%-60%	Large	Accelerating Progress
SiC Substrate	30%	50%	Medium	Undergoing Breakthrough
SiC Module	<10%	20%	Large	Blue Ocean Market
GaN Fast Charging	>40%	-	Small	Mature Substitution

Data Source: Compiled from public industry information [6]

: The global power semiconductor market is highly concentrated. In 2024, the top five manufacturers accounted for approximately 60% of the market share, with Infineon ranking first with a 13.5% market share, followed by Texas Instruments, ON Semiconductor, etc. [6]. In segmented fields, international manufacturers have obvious advantages: Infineon accounts for more than 30% of the global IGBT market share, while STMicroelectronics (ST) and ON Semiconductor dominate the SiC market.

: Among the top 20 global power semiconductor manufacturers in 2024, 7 are from China, with their total revenue continuing to grow and rankings rising. The domestic competitive landscape is relatively fragmented, with a CR5 of 28%, and major manufacturers include StarPower Semiconductor, BYD Semiconductor, CR Micro, Silan Microelectronics, and CRRC Times Electric, etc. [6]

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Upstream Components → Ion Implanter → Power Device Manufacturing → End-User Applications
   [75 points]      [95 points]       [85 points]       [65 points]

: The localization rate of components such as vacuum pumps, vacuum valves, and electrostatic chucks is <10%, leaving huge room for domestic substitution [3]

: The technological breakthrough has led to a surge in equipment demand, and the market share of domestic manufacturers is expected to increase rapidly

: Equipment localization reduces manufacturing costs and enhances the competitiveness of domestic power devices

: Cost reductions in fields such as new energy vehicles, photovoltaic energy storage, and industrial control will accelerate application penetration

• The localization rate of semiconductor equipment will increase to 22% [7]
• Technological breakthroughs will be achieved in core equipment such as ion implanters
• Market size will be approximately RMB 50 billion

• Wafer foundry capacity will be released, promoting large-scale production [6]
• Yangtze Memory Technologies (YMTC) and ChangXin Memory Technologies (CXMT) are expected to add 100,000-120,000 wafers/month of capacity
• Total investment is expected to reach USD 15.5-18 billion [7]
• Market size will be approximately RMB 120 billion

• System-integrated IPM solution providers will emerge, forming 3-5 leading enterprises with RMB 100 billion+ scale [6]
• It is expected to form 3-5 leading enterprises with RMB 100 billion+ scale
• Market size will reach RMB 300 billion

Company	Business Positioning	Core Advantages	Investment Rating
Wanye Enterprise (600641)	Domestic Leader in Ion Implanters	Kailis Semiconductor’s ion implanter technology is leading, having broken through the 3nm process	Buy
NAURA Technology (002371)	Platform-Based Semiconductor Equipment Leader	Covers the full range of processes including etching, thin film deposition, cleaning, and heat treatment	Buy
Advanced Micro-Fabrication Equipment (AMEC) (688012)	Etching Equipment Leader	5nm etching technology has passed TSMC verification	Buy
StarPower Semiconductor	IGBT Module Leader	Accounts for approximately 20% of the domestic IGBT market share, ranking 4th globally	Accumulate
CR Micro	Main Force in MOSFET Localization	54.2% localization rate for planar MOSFETs	Accumulate
Core Integrated	Leader in Power Semiconductor Foundry	One of China’s largest automotive-grade IGBT production bases	Buy

:

• Focus on ion implanter equipment manufacturers:
  Wanye Enterprise (600641)
  ,
  NAURA Technology (002371)
• Catalysts: Equipment order confirmation, technical verification approval

:

• Focus on power device manufacturing enterprises:
  StarPower Semiconductor
  ,
  BYD Semiconductor
• Focus on the silicon carbide track:
  San’an Optoelectronics
  ,
  Tianyue Advanced Materials

:

• Lay out third-generation semiconductors:
  Silan Microelectronics
  ,
  Innoscience Technology
• Focus on system-integrated solution providers

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1. Technology Iteration Risk
   : New technology routes such as EUV lithography and GAA transistors may disrupt the existing pattern
2. Intensified International Competition
   : Giants such as ASML and Applied Materials (AMAT) are accelerating technical blockades, extending the verification cycle for domestic equipment
3. Supply Chain Dependence
   : High-end components (such as lithography machine lenses, precision sensors) still rely on imports
4. Geopolitical Risk
   : U.S. technology restrictions against China may further escalate after the U.S. presidential election
5. Downstream Demand Falling Short of Expectations
   : Demand fluctuations in fields such as new energy vehicles and photovoltaics may affect equipment investment

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The successful development of China’s first tandem high-energy hydrogen ion implanter marks a “0 to 1” breakthrough in the field of ion implanters. This milestone event not only fills the domestic technical gap, but also lays a solid foundation for the localization of the entire power semiconductor industry chain. Against the backdrop of global semiconductor industry chain restructuring and accelerated domestic substitution, the ion implanter and power semiconductor industry chains are ushering in historic development opportunities.

:

• There is still significant room for improvement in the localization rate of semiconductor equipment (from approximately 13% to over 30%)
• Demand for power semiconductors continues to grow, driven significantly by new energy vehicles and photovoltaic energy storage
• Independent and controllable equipment is the cornerstone of industry chain security, and policy support continues to increase
• Resonance between technological breakthroughs and policy support: enterprises with core competitiveness will enjoy the dual dividends of industry growth and market share expansion

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[1] IT Home - China’s First Tandem High-Energy Hydrogen Ion Implanter Successfully Produces a Beam (https://www.ithome.com/0/914/056.htm)

[2] Zhongshang Industry Research Institute - 2025 China Semiconductor Equipment Industry Chain Sorting and Investment Heat Map

[3] ChinaVenture - Challenges and Opportunities Coexist: Systematically Analyzing Localization Opportunities for Semiconductor Equipment

[4] Securities Times - In 2024, the total revenue of listed companies for front-end equipment increased by 37% year-on-year, and the localization process continues to advance

[5] Everbright Securities/Soochow Securities - Ion Implanter Industry Research Report

[6] Guanyan Tianxia/Shanghai Securities - Analysis of Development Trends and Investment Forecasts for China’s Power Semiconductor Device Industry

[7] Sina Finance - Accelerated Domestic Substitution: The Golden Window for Semiconductor Equipment Investment Opens

[8] NAURA In-Depth Report - Platform-Based Semiconductor Equipment Leader