18 July 2025 | 5:17PM HKT AMEC (688012.SS): Rev +51% YoY in 2Q; R&D expenses remain elevated on new product expansion; Buy AMEC pre-announced 2Q Rev of Rmb2.8bn (+51% YoY), which is largely in-line with GSe and Bloomberg consensus. 2Q GM was down to 38.5% (vs. 41.5% in 1Q25 and 38.2% in 2Q24). With R&D expenses remaining high at Rmb652mn (+84% YoY) resulting from new product developments, 2Q25 net income came in at Rmb367mn~417mn (+37%~+56% YoY). In 1H25, the company's etching equipment sales were Rmb3.8bn ...

Core Points - The Shanghai Composite Index opened high and rose, with the China Trading Service Semiconductor Chip Industry Index increasing by 0.29% to 8556.02 points, with a trading volume of 38.839 billion yuan [1] - The China Semiconductor Chip Index has risen by 4.03% in the past month, decreased by 2.63% in the past three months, and increased by 1.61% year-to-date [1] - The index aims to track the overall performance of listed companies in the semiconductor chip industry in the Shanghai and Shenzhen markets, covering areas such as semiconductor chip materials, equipment, design, manufacturing, packaging, and testing [1] Index Holdings - The top ten weighted companies in the China Semiconductor Chip Industry Index are: SMIC (9.36%), Northern Huachuang (7.48%), Haiguang Information (6.77%), Cambricon (6.46%), OmniVision (5.69%), Lattice Semiconductor (5.21%), Zhongwei Company (4.24%), Zhaoyi Innovation (4.14%), Changdian Technology (2.58%), and Unisoc (2.44%) [1] - The market share of the index holdings is 77.35% from the Shanghai Stock Exchange and 22.65% from the Shenzhen Stock Exchange [1] Industry Composition - The industry composition of the China Semiconductor Chip Industry Index is 100% in Information Technology [2] - Public funds tracking the China Semiconductor Chip Index include: Guotai CES Semiconductor Chip Industry ETF Link A, Guotai CES Semiconductor Chip Industry ETF Link C, Huaan CES Semiconductor Chip Industry A, Huaan CES Semiconductor Chip Industry C, Western Li De CES Semiconductor Chip Industry Index Enhanced A, Western Li De CES Semiconductor Chip Industry Index Enhanced C, and Guotai CES Semiconductor Chip ETF [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve significant revenue growth in H1 2025, with projected revenue of 4.96 billion yuan, representing a year-on-year increase of 43.9%. The growth is driven by a substantial increase in the shipment of high-end etching equipment for advanced storage and logic applications [7] - The company continues to increase its R&D investment, with R&D expenses in H1 2025 expected to reach 1.49 billion yuan, accounting for 30.1% of revenue, indicating a strong commitment to innovation and product development [7] - The company has a robust order backlog, with contract liabilities reaching 3.07 billion yuan, a year-on-year increase of 162.4%, and inventory of 7.45 billion yuan, up 33.4% year-on-year [7] - The company is expanding its product offerings in etching and deposition equipment, with successful validations and repeat orders from clients for new products [7] Financial Summary - Total revenue is projected to grow from 6.26 billion yuan in 2023 to 17.54 billion yuan by 2027, with a compound annual growth rate (CAGR) of 23.70% [1][8] - Net profit attributable to shareholders is expected to increase from 1.79 billion yuan in 2023 to 4.45 billion yuan in 2027, with a notable growth rate of 50.53% in 2025 [1][8] - The earnings per share (EPS) is forecasted to rise from 2.85 yuan in 2023 to 7.11 yuan in 2027, reflecting strong profitability growth [1][8] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 63.90 in 2023 to 25.62 in 2027, indicating improving valuation metrics as earnings grow [1][8]

作者丨FOFWEEKLY 本期导读： 值得关注的是，中微公司拟通过子公司出资不超过人民币7.35亿参与半导体基金，成为本月最大 单笔出资之一。 此外，欣旺达又做LP出资给星航资本； 珀莱雅则通过转让基金份额，实现退出。 6月，上市公司参与出资基金的平均规模和出资的平均规模相较5月均有所下降，但出资次数有所 提升。投资集中在信息技术、工业、可选消费等领域。 本期推荐阅读5分钟 对接需求请扫码 *本文仅代表作者个人观点。 上市公司出资详情如下： 每日｜荐读 榜单： 「2025投资机构软实力排行榜」评选启动 峰会： 「2025母基金年度论坛」报名启动：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 热文： 今年，上市公司热衷做并购基金 ...

截至2025年7月18日 14:23，上证科创板半导体材料设备主题指数上涨0.45%，成分股拓荆科技上涨 4.43%，神工股份上涨2.61%，中微公司上涨1.91%，华兴源创上涨0.81%，华海诚科上涨0.78%。科创半 导体ETF（588170）上涨0.30%，最新价报1.02元。 从资金净流入方面来看，科创半导体ETF近5天获得连续资金净流入，最高单日获得1621.47万元净流 入，合计"吸金"3042.52万元，日均净流入达608.50万元。 中微公司公告称，预计2025年半年度归属于母公司净利润为6.8亿元-7.3亿元，同比增长 31.61%-41.28%。报告期内，公司营业收入约49.61亿元，同比增长43.88%，其中刻蚀设备和LPCVD薄 膜设备收入大幅增长。公司针对先进逻辑和存储器件制造中关键刻蚀工艺的高端产品新增付运量显著提 升，在先进逻辑器件和先进存储器件中多种关键刻蚀工艺实现大规模量产。 拓荆科技7月17日晚间发布业绩预告，预计公司2025年第二季度实现归属于母公司所有者的净利润2.38 亿元~2.47亿元，同比增长101%~108%。 数据显示，截至2025年6月30日，科创半导体ET ...

Core Viewpoint - The report highlights significant adjustments in the heavy holdings of Liu Gesong's six funds managed by GF Fund, particularly in the new energy vehicle and semiconductor sectors, with a notable shift towards new consumption, internet, and military industries [1][2]. Fund Holdings Adjustment - Liu Gesong's funds have reduced their positions in several previously favored stocks, including: - North Huachuang: Holdings decreased by approximately 17.69% to 161,240 shares [2]. - Seres: Holdings reduced by 9.14% [6]. - EVE Energy: Holdings decreased by 4.16% [6]. - JinkoSolar: Holdings down by 10.77% [6]. - Conversely, there has been a significant increase in holdings of stocks such as: - DeYe Co.: Increased by 40% [3][8]. - Xichuang Data: Increased by nearly 76% [3]. - Xiaomi Group-W: Increased by 25.66% [7]. Fund Performance - The overall performance of Liu Gesong's funds in Q2 was underwhelming, with all funds experiencing net redemptions: - The best-performing fund, GF Multi-Dimensional Emerging, recorded a net value growth rate of 7.91% [4]. - Other funds, such as GF Small Cap Growth A and C, reported growth rates of 2.38% and 2.28%, respectively [4]. - GF Innovation Upgrade and GF Technology Pioneer recorded negative returns [4]. Market Context - The A-share market saw mixed performance in Q2, with the Shanghai Composite Index rising by 3.26% and the Shenzhen Component Index slightly declining by 0.37% [5]. - Key sectors such as military, banking, and telecommunications showed significant gains, while sectors like food and beverage, home appliances, and steel performed poorly [5]. - Liu Gesong remains optimistic about the domestic economy's resilience, citing factors such as the easing of geopolitical tensions and supportive domestic policies [5].

点击招商研究小程序查看PDF报告原文 中微公司发布25Q2业绩预告，25Q2预计收入27.87亿元，同比+51.2%/环比+28.2%；扣非净利 润2.12-2.62亿元，同比-3.9%~+18.9%/环比-29%~-12.3%。公司刻蚀设备同比稳健增长， LPCVD设备快速放量，加大研发投入以快速推出新品。 25H1收入和利润同比稳健增长。 25H1预计收入49.6亿元，同比+43.9%；归母净利润6.8-7.3亿 元，同比+31.6%-41.3%；扣非净利润5.1-5.6亿元，同比+5.54%-15.9%。25H1刻蚀设备收入 37.8亿元，同比+40%；LPCVD设备收入1.99亿元，同比+608%。公司利润增速低于收入增速， 主要系25H1研发投入14.92亿元同比增长约5.2亿元。公司扣非利润增速低于归母净利润增速，主 要系非经常损益影响，非经常收益主要包括政府补助，以及以公允价值计量且变动计入当期损益的 对外股权投资（25H1为1.72亿元，24H1为亏损0.08亿元）。 25Q2收入同比高增长，加大研发投入影响利润环比表现。 25Q2预计收入27.87亿元，同比 +51.2%/环比+28.2%； ...

7月18日，三大股指红盘向上，受KiMIK2、中报业绩等消息点燃，盘面科技股局部活跃。有色金属、钢 铁、煤炭等行业涨幅居前。近期热度较高的$科创半导体ETF（588170）今日跳空高开，但盘中抛压沉 重，逐步走弱。指数成分股中，拓荆科技、神工股份、中微公司等涨幅居前。 中微公司公告称，预计2025年半年度归属于母公司净利润为6.8亿元-7.3亿元，同比增长 31.61%-41.28%。报告期内，公司营业收入约49.61亿元，同比增长43.88%，其中刻蚀设备和LPCVD薄 膜设备收入大幅增长。公司针对先进逻辑和存储器件制造中关键刻蚀工艺的高端产品新增付运量显著提 升，在先进逻辑器件和先进存储器件中多种关键刻蚀工艺实现大规模量产。 公开信息显示，科创半导体ETF（588170）跟踪上证科创板半导体材料设备主题指数，囊括科创板中半 导体设备和半导体材料细分领域的硬科技公司。半导体设备和材料行业是重要的国产替代领域，具备国 产化率较低、国产替代天花板较高属性，受益于人工智能革命下的半导体需求扩张、科技重组并购浪 潮、光刻机技术进展。 首创证券认为，我国半导体设备国产化率仍有提升空间，建议关注半导体设备板块。在政策支 ...

Group 1 - Chinese assets are experiencing a resurgence, with NIO and Li Auto rising nearly 7% as foreign investment increases in A-shares [2] - The Invesco Global Sovereign Asset Management Research indicates a noticeable recovery in interest from international investment institutions towards the Chinese market, managing approximately $27 trillion in assets [2] - Several foreign institutions express optimism about Chinese assets due to the stable economic performance, policy benefits, and improved corporate earnings outlook [2] Group 2 - The U.S. House of Representatives has advanced cryptocurrency legislation, supported by President Trump, which has led to significant stock price increases for companies in the crypto sector [3] - Blue Ocean Interactive surged over 45% after announcing the establishment of LK Crypto, focusing on mainstream crypto asset management and RWA [3] - Hong Kong is actively developing stablecoin products, creating a dual regulatory framework that connects the U.S. dollar stablecoin with the mainland [3] Group 3 - The Hong Kong IPO market is witnessing a surge, with a significant increase in financing amounts, reflecting global capital's confidence in China's industrial upgrade and consumption potential [7] - On July 9, the Hong Kong Stock Exchange saw five companies queueing for listing in a single day, raising over 10 billion HKD [7] Group 4 - The domestic consumption and investment policies are being emphasized by the Chinese government to strengthen the domestic circulation [5][6] - Analysts highlight the urgency and necessity of promoting consumption as a core strategy for economic growth [6] Group 5 - The A-share market has seen an increase in financing balance for eight consecutive days, totaling an increase of 44.038 billion CNY, indicating positive market sentiment [10] - Analysts suggest that the current macro environment and market risk appetite signal potential for further market growth [10] Group 6 - The number of private equity MOM products registered this year has reached a new high, with 43 products registered by July 15, surpassing the total for the past nine years [14] - This trend indicates a strong interest in the MOM fund model, which allows for diversified asset management [14] Group 7 - The beverage brand Wahaha is facing a decline in sales following a family dispute involving its chairman, which has raised concerns among distributors [16] - The internal family conflict could potentially disrupt the competitive landscape of the Chinese beverage industry [16] Group 8 - The domestic electric vehicle market is seeing significant growth, with L2-level assisted driving penetration exceeding 50% [18] - The heavy truck sales in the first half of the year have increased by approximately 7%, with new energy heavy trucks being a major highlight [18] Group 9 - The stock market is experiencing fluctuations, with the Shanghai Composite Index slightly declining by 0.03% to 3503.78 points [19] - The Hong Kong market is also showing mixed performance, with the Hang Seng Index and the Hang Seng Tech Index experiencing slight declines and gains, respectively [19] Group 10 - The U.S. stock market has seen gains driven by positive economic data and corporate earnings reports, with the S&P 500 rising by 0.45% [20] - Approximately 88% of S&P 500 companies that have reported earnings exceeded analyst expectations, boosting investor confidence [20] Group 11 - Several foreign investment banks have expressed positive views on the Chinese market, with Citigroup raising its ratings for Chinese and Korean markets to "overweight" [21] - Citigroup projects the Hang Seng Index to reach 25,000 points by the end of the year and the CSI 300 Index to reach 4,200 points [21] Group 12 - The stock market's investment logic is shifting towards cash flow analysis in a low-interest-rate environment, with a focus on high-dividend and strong cash flow companies [22] - Analysts are optimistic about sectors such as automotive, electronics, and traditional high-growth areas like AI and pharmaceuticals [22]

智通财经7月18日早间新闻精选 9、纵横股份公告，实控人任斌离婚，将分割11.41%公司股份至邝明芳名下。 10、金通灵收检察机关起诉书，公司及责任人因欺诈发行股票罪及违规披露重要信息罪均被追究刑事责 任。 11、5连板上海物贸公告，全资子公司数据产品"有色金属现货指数查询"目前处于"暂失效"状态。5连板 兰生股份公告，公司目前未开展"稳定币"相关业务。 1、中共住房和城乡建设部党组17日召开理论学习中心组学习（扩大）会议，强调要把城市更新摆在更 加突出位置，统筹实施好一系列民生工程、安全工程、发展工程；加快构建房地产发展新模式，稳步推 进城中村和危旧房改造。 2、在17日的外交部例行记者会上，有媒体提问称，外交部能否确认中欧领导人会晤是否将于下周举 行，并提供相关细节？对此，外交部发言人林剑表示，目前我没有可以提供的信息。 3、财政部、国家税务总局公告，调整超豪华小汽车消费税政策，超豪华小汽车征收范围调整为"每辆零 售价格90万元（不含增值税）及以上的各种动力类型（含纯电动、燃料电池等动力类型）的乘用车和中 轻型商用客车"。 4、国务院新闻办公室昨日下午举行新闻发布会，介绍上半年农业农村经济运行情况。农业农 ...