Group 1 - The semiconductor ETF Southern (159325) opened with a slight decline of 0.06%, priced at 1.586 yuan [1] - Key holdings in the ETF showed mixed performance, with SMIC down 1.47%, Northern Huachuang up 1.88%, and other notable movements including Huagong Information unchanged, Cambrian down 0.34%, and Zhaoyi Innovation down 0.40% [1] - The ETF's performance benchmark is the CSI Semiconductor Industry Select Index return, managed by Southern Fund Management Co., with a return of 58.40% since its inception on October 31, 2024, and a monthly return of 19.33% [1]

Core Viewpoint - The domestic semiconductor industry is experiencing positive developments leading to a recent surge in the semiconductor sector, with significant capital inflow into related ETFs [1][3]. Group 1: Market Performance - As of September 24, the Semiconductor Equipment ETF (561980) saw a net inflow of 290 million yuan, with a cumulative net inflow of 610 million yuan over the past five days [1]. - The ETF reached a new high with an 8.67% increase on the same day, marking a year-to-date index increase of 64.36%, leading among major semiconductor theme indices in A-shares [1][2]. Group 2: Industry Trends - The semiconductor sector is witnessing strong performance driven by capital concentration in upstream equipment, components, and materials, influenced by a "catch-up" demand and recent price hikes in upstream materials like silicon wafers [2][3]. - The global semiconductor equipment shipment value reached 33.07 billion USD in Q2 2025, a 24% year-on-year increase, with China's semiconductor equipment sales at 11.36 billion USD, marking an 11% quarter-on-quarter growth and capturing over one-third of the global market share [3]. Group 3: AI Demand and Innovation - The rapid development of AI has led to a surge in demand for semiconductor equipment and materials, with major domestic tech companies announcing significant investments in AI infrastructure [5][6]. - The demand for AI servers, high-performance computing (HPC), and advanced packaging is driving the need for core equipment such as etching and thin-film deposition tools, as well as materials for semiconductor packaging [6][7]. Group 4: ETF Characteristics - The Semiconductor Equipment ETF (561980) tracks the CSI Semiconductor Index, characterized by a high concentration of component stocks, with the top five stocks accounting for nearly 59% of the total weight [7][8]. - The index focuses on upstream and midstream equipment, materials, and design, which collectively account for about 90% of the index, indicating significant potential for domestic innovation and market support [8][10].

Summary of Key Points Core Viewpoint - On September 24, 18 stocks from the STAR Market experienced block trading, with a total transaction value of 580 million yuan, indicating active trading in the sector [1]. Group 1: Trading Activity - A total of 44 block trades were recorded, with a cumulative trading volume of 14.79 million shares [1]. - The stock with the highest transaction amount was Zhongwei Company, which had 13 block trades totaling 10.679 million shares and a transaction value of 286 million yuan [1]. - Other notable stocks in terms of transaction value included Jiehuate and Haiguang Information, with transaction amounts of 82.37 million yuan and 62.91 million yuan, respectively [1]. Group 2: Price Performance - The STAR 50 Index rose by 3.49% on the same day, with 530 stocks (90.14%) in the STAR Market experiencing price increases [1]. - The average increase for stocks involved in block trading was 4.11%, with Jiehuate, Fuchuang Precision, and Hehui Optoelectronics leading the gains at 12.78%, 11.32%, and 8.15%, respectively [1]. Group 3: Institutional Participation - Among the block trades, 14 transactions involved institutional buyers or sellers, covering 5 stocks [1]. - The top stocks by institutional buying amount were Zhongwei Company, Haiguang Information, and Bozhong Precision, with respective amounts of 211 million yuan, 48.86 million yuan, and 8.27 million yuan [1]. Group 4: Fund Flow - Out of the stocks that underwent block trading, 10 experienced net inflows of main funds, with the highest net inflows recorded for Zhongxin International, Haiguang Information, and Zhongwei Company at 1.137 billion yuan, 847 million yuan, and 334 million yuan, respectively [2]. - Conversely, stocks with the highest net outflows included Ruisheng Technology, Meidi West, and Haitian Ruisheng, with net outflows of 24.02 million yuan, 22.39 million yuan, and 16.56 million yuan, respectively [2].

Summary of Key Points Core Viewpoint - Zhongwei Company experienced significant trading activity on September 24, with a total of 13 transactions amounting to 1.0679 million shares and a total transaction value of 286 million yuan, indicating strong institutional interest in the stock [1][2]. Trading Activity - On September 24, there were 13 large transactions totaling 1.0679 million shares and 286 million yuan, with 9 transactions executed at a discount, the highest discount rate reaching 9.00% [1]. - Over the past three months, Zhongwei Company has seen 28 large transactions with a cumulative transaction value of 758 million yuan [2]. Stock Performance - The closing price of Zhongwei Company on September 24 was 290.50 yuan, reflecting a 3.75% increase, with a daily turnover rate of 5.99% and a total trading volume of 10.898 billion yuan [2]. - In the last five days, the stock has increased by 27.86%, with a total net inflow of 1.308 billion yuan [2]. Financing and Ratings - The latest margin financing balance for Zhongwei Company is 4.106 billion yuan, which has increased by 808 million yuan over the past five days, representing a growth of 24.49% [3]. - One institution has provided a rating for the stock in the last five days, with the highest target price set at 280.00 yuan by Jiangyin International Securities [3].

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 3.49%, closing at 1456.47 points, with a total trading volume of 6.19 billion shares and a turnover of 314.57 billion yuan, resulting in an average turnover rate of 3.29% [1] - Among the tradable stocks on the STAR Market, 530 stocks closed higher, with 23 stocks experiencing a rise of over 10%, including ShenGong Co., Ltd., Shangwei New Materials, and Xingfu Electronics, which hit the daily limit [1] - The turnover rate distribution shows that 6 stocks had a turnover rate exceeding 20%, 36 stocks had a turnover rate between 10% and 20%, and 120 stocks had a turnover rate between 5% and 10% [1] High Turnover Stocks - Xingfu Electronics had the highest turnover rate at 34.29%, closing up by 19.99% with a trading volume of 929 million yuan [1][3] - Other notable stocks with high turnover rates include Weidao Nano (28.97% turnover rate, up 15.54%) and Pioneer Precision (25.83% turnover rate, up 5.41%) [1][3] - A total of 134 stocks with a turnover rate exceeding 5% saw an increase, with ShenGong Co., Ltd. and Xingfu Electronics leading the gains at 20.01% and 19.99%, respectively [2] Sector Analysis - The electronics sector had the highest representation among stocks with a turnover rate exceeding 5%, with 91 stocks listed, followed by machinery equipment and power equipment sectors with 19 and 18 stocks, respectively [2] - In terms of capital flow, 100 stocks experienced net inflows from main funds, with the highest net inflows recorded for SMIC (1.14 billion yuan), Lanke Technology (771 million yuan), and Baiwei Storage (466 million yuan) [2] Leverage Fund Movements - A total of 88 stocks with high turnover rates received net purchases from leveraged funds, with notable increases in financing balances for SMIC (1.949 billion yuan), Zhongwei Company (808 million yuan), and Dekeli (355 million yuan) [2]

证券代码：688012 证券简称：中微公司 公告编号：2025-061 中微半导体设备（上海）股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 9 月 24 日 （二） 股东大会召开的地点：上海市浦东新区江山路 4168 号中微临港产业化基 地 603 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 972 | | --- | --- | | 普通股股东人数 | 972 | | 2、出席会议的股东所持有的表决权数量 | 261,289,868 | | 普通股股东所持有表决权数量 | 261,289,868 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 41.7299 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（ ...

上海市锦天城律师事务所 关于中微半导体设备（上海）股份有限公司 2025 年第三次临时股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于中微半导体设备（上海）股份有限公司 2025 年第三次临时股东大会的 法律意见书 致：中微半导体设备（上海）股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受中微半导体设备（上海） 股份有限公司（以下简称"公司"）委托，就公司召开 2025 年第三次临时股东大 会（以下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《上市公司股东会规则》等法律、法规、规章和其他规 范性文件以及《中微半导体设备（上海）股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵 ...

Core Insights - On September 24, Zhongwei Company executed a block trade of 1,067,900 shares, amounting to 286 million yuan, which represented 2.55% of the total trading volume for that day [1] - The average transaction price was 267.55 yuan, reflecting a discount of 7.9% compared to the market closing price of 290.5 yuan [1] - The highest transaction price recorded was 290.5 yuan, while the lowest was 264.36 yuan [1] Trading Details - The block trade on September 24 involved multiple transactions at varying prices, with significant volumes at both the highest and lowest prices [2] - The highest price of 290.5 yuan was associated with a transaction amount of approximately 14.87 million yuan for a volume of 5,120 shares [2] - The lowest price of 264.36 yuan saw a substantial transaction amount of approximately 52.87 million yuan for a volume of 20,000 shares, indicating strong institutional interest at this price point [2]

Group 1 - HBM (High Bandwidth Memory) has become the main driver of growth in the DRAM market, effectively addressing bandwidth bottlenecks, high power consumption, and capacity limitations, making it a mainstream choice for AI chips [1][3] - The global HBM market is projected to grow from $17 billion in 2024 to $98 billion by 2030, with a compound annual growth rate (CAGR) of 33% [3] - The introduction of HBM significantly enhances AI performance and its growth rate surpasses that of traditional memory evolution, effectively breaking the long-standing memory wall limitation [3] Group 2 - The HBM industry chain includes upstream semiconductor raw materials such as plating solutions, precursors, IC substrates, and TSV equipment; midstream involves HBM production; and downstream applications focus on artificial intelligence, data centers, and high-performance computing [3] - The TSV (Through-Silicon Via) process is identified as a major challenge in manufacturing, involving complex processes such as photolithography, coating, and etching, with the highest value [3] - Domestic companies are actively expanding in the HBM industry chain, with Sai Teng Co. gaining recognition for its HBM testing equipment and Zhongwei Company making comprehensive layouts in advanced packaging, including HBM processes [3] Group 3 - Analysts believe that the accelerating breakthrough of domestic HBM will be crucial for enhancing the self-controllable capabilities of the domestic semiconductor industry [3] - The continuous release of demand for AI and high-performance computing is expected to sustain high growth in HBM demand [3]

Core Viewpoint - Despite warnings from the Federal Reserve about high stock valuations, the Chinese technology sector, particularly semiconductor stocks, continues to perform well in the market [1][2]. Group 1: Semiconductor Sector Performance - The semiconductor sector is leading the market, with significant gains in stocks such as Changchuan Technology and Jiangfeng Electronics, which hit the daily limit up of 20%, and Huahai Qingshi and Nanda Optoelectronics rising over 12% [2]. - The semiconductor equipment ETF, E Fund (159558), reached a closing increase of 9.44%, with a nearly 31% rise over the past ten days, indicating strong investor interest [2]. - The overall semiconductor and components index has outperformed the broader market since September, showcasing a clear trend of leading stocks driving the entire sector [13][15]. Group 2: Positive Catalysts - Major technological advancements have been reported, including new developments in advanced packaging equipment and significant awards at industry exhibitions [4][6]. - Alibaba's CEO announced a substantial investment of 380 billion in AI infrastructure, which is expected to drive demand for AI chips, further benefiting the semiconductor sector [5][6]. - Domestic semiconductor companies are experiencing growth in orders and market share, particularly in key areas like AI GPUs and semiconductor equipment, with several new AI chips set to launch in the coming years [7]. Group 3: Financial Performance - The financial data from key semiconductor companies show robust growth, with companies like Zhongwei Company and Beifang Huachuang reporting significant revenue increases [17]. - The visibility of future earnings is strong, with many companies' orders extending into 2026 and beyond, providing a buffer against macroeconomic fluctuations [17]. Group 4: Valuation Dynamics - The current market valuation of domestic semiconductors has surpassed traditional cyclical industry frameworks, driven by high growth expectations, strategic importance, and improved earnings visibility [20][22]. - The semiconductor market in China is now driven by both market demand and supply chain security, making domestic semiconductor companies essential for many downstream enterprises [22]. - The favorable macroeconomic environment, including expectations of a shift to looser monetary policy by the Federal Reserve, is likely to enhance the valuation of long-duration assets like semiconductors [28]. Group 5: Investment Outlook - The recent performance of the domestic semiconductor sector is attributed to multiple factors, including policy support, technological breakthroughs, and favorable liquidity conditions [31]. - The investment value of domestic semiconductors is expected to deepen as the AI revolution progresses and China transitions from a manufacturing powerhouse to a technology leader [35].