Global Semiconductor Capital Equipment — China WFE Import Tracker (Aug 2026): Aug YTD YoY -4%, import growth stronger in 2H

We track monthly Wafer Fabrication Equipment (WFE) imports to China through data from China Customs; this call provides an update to the Aug 2026 data and our analysis. Aug import was $3.7 billion, -6% MoM and +23% YoY. Aug YTD YoY -4%. Aug imports remain above the monthly average of last year ($3.3bn), and we expect 2H import to grow stronger than 1H as memory demand should be much stronger. By equipment, dry etch, lithography and deposition became the main drivers with double-digit YoY increases; lithography continued recovering from April's historical low point, with YTD YoY -7%. By region, imports from Singapore/Taiwan, China continued to show strong growth (YTD YoY +28%/31%); YTD US+Malaysia+Singapore import share was 41% vs 35% last year;