ab Global Research owered by UBS Evidence Lab YES P 30 May 2025 China Semis Equipment APAC Focus: Turning more optimistic on demand Based on the third UBS Evidence Lab survey and our bottom-up analysis, we think the market has significantly underestimated the resilience of China wafer fabrication equipment (WFE) demand for 2025-26 and beyond. We now forecast China WFE demand to decline a modest 9.5% YoY in 2025 (consensus down about 20% YoY), and grow 6.0% YoY in 2026. With technology advancement and more r ...