[CITIC Securities: Huawei Proposes 'Tao's Law,' Focusing on New Directions in Semiconductor Process Development] Golden Finance reported that on May 26, CITIC Securities released a research report stating that Huawei, guided by the principles of 'Tao's Law,' has fully leveraged domestic technological capabilities in areas such as 3D integration, advanced packaging, chip design and manufacturing synergy optimization, and optical communication. Through the optimization and iteration of system topology, Huawei aims to bridge the short-term gap in process nodes, potentially accelerating the development of China's semiconductor industry. Extending from the guiding principles of 'Tao's Law,' significant changes in the semiconductor industry over the next five years may include the following: 1) Ultra-fine pitch hybrid bonding technology and TSV (Through-Silicon Via) technology becoming the foundational technical basis for achieving 'logic folding' in the 3D direction, with a focus on semiconductor manufacturing companies involved in these areas; 2) Multi-layer logic stacking leading to exponential growth in wafer demand, with attention on domestic wafer fabs; 3) Expansion of hybrid bonding and advanced packaging production lines driving demand for equipment such as bonding, electroplating, cleaning, CMP (Chemical Mechanical Planarization), etching, and thin-film deposition; 4) Near-package optical engines and 3D stacking based on micro-bump and standard-pitch hybrid bonding technology, with a focus on domestic advanced packaging enterprises.