Huatai Securities pointed out that starting in 2020, due to the expansion of demand for ICs for applications such as 5G, automotive electronics, and IoT, the asset-light design process became increasingly prosperous. Combined with the impact of the scissor gap of the epidemic, asset-heavy manufacturing/sealing production capacity was tight, and multiple rounds of price increases began. Considering that major foundries such as TSMC and SMIC, which were previously cautious about expanding production, have recently actively invested in expanding production, it can be seen that the industry is more optimistic about the sustainability of this round of the semiconductor boom.