China memory expansion remains a key driver: We remain constructive on China memory WFE demand, with our latest industry checks pointing to more aggressive capacity trajectories at both CXMT and YMTC, consistent with our 27 May 2026 report, Double Catalysts from Memory Expansion and Huawei's t (Tau)-Law. We expect CXMT's Shanghai expansion and YMTC's Fab 3/4/5 roadmap to sustain WFE demand in 2026-28, while rising localization ratios should further benefit qualified domestic vendors. For ACMR, we believe me ...