China Semi Equipment — SPE import analysis: Solid YoY growth with broadening demand across provinces in August

China's semiconductor production equipment (SPE) imports reached US$3.3bn in August (+24% YoY/-5% MoM). Strong demand from Shanghai persisted (US$1.4bn, +71% YoY, 44% of total imports), supported by capacity expansion in both memory and leading logic. Sichuan (likely Huali's Chengdu fab) rapidly climbed to second place, with imports reaching US$626mn, more than doubling YoY and 19% of the total. Other meaningful imports were seen in Beijing, Shaanxi, Liaoning, Jiangsu, and Guangdong, accounting for 10%/5%/4%/4%/3%, respectively; imports to Shaanxi (Samsung's Xi'an fab) and Liaoning (SK Hynix's Dalian fab) were likely related to capacity expansion by overseas memory makers. 8M26 SPE imports were US$20.4bn, -4% YoY, further narrowing from -8% in 7M26; excluding Guangdong, 8M26 imports were +28% YoY. By equipment, litho imports reached US$989mn (+32% YoY;