Market Overview - The Shanghai Composite Index fell by 0.18% on September 23, with five industries experiencing gains, notably banking and coal, which rose by 1.52% and 1.11% respectively. Conversely, social services and retail sectors saw declines of 3.11% and 2.90% [1]. Electronic Industry Performance - The electronic industry experienced a slight decline of 0.06%, with a net outflow of 20.04 billion yuan in capital. Out of 467 stocks in this sector, 151 stocks rose, with 9 hitting the daily limit, while 312 stocks fell [1]. - Among the stocks with net inflows, 125 saw capital inflows, with 15 stocks receiving over 100 million yuan. The top three stocks by net inflow were沃尔核材 (11.48 billion yuan), 长川科技 (5.69 billion yuan), and 中微公司 (5.16 billion yuan) [1]. - The stocks with the highest net outflows included 立讯精密 (-19.68 billion yuan), 中芯国际 (-16.57 billion yuan), and 工业富联 (-11.55 billion yuan) [1]. Electronic Industry Capital Inflow and Outflow Capital Inflow Leaders - 002130 沃尔核材: +10.00%, turnover rate 23.20%, main capital flow 1.15 billion yuan - 300604 长川科技: +20.00%, turnover rate 10.92%, main capital flow 569.39 million yuan - 688012 中微公司: +9.12%, turnover rate 4.66%, main capital flow 515.55 million yuan [1]. Capital Outflow Leaders - 002475 立讯精密: +7.79%, turnover rate 7.65%, main capital flow -1.97 billion yuan - 688981 中芯国际: -0.32%, turnover rate 7.21%, main capital flow -1.66 billion yuan - 601138 工业富联: +0.52%, turnover rate 1.34%, main capital flow -1.16 billion yuan [2]. ETF Insights - The consumption electronics ETF (code: 159732) tracks the Guozheng Consumption Electronics Theme Index, showing a 6.95% change over the last five days. The current price-to-earnings ratio is 50.39, with a total of 3.74 billion shares, an increase of 210 million shares, and a net outflow of 47.38 million yuan [4].

Core Insights - The National Big Fund holding concept rose by 1.08%, ranking second among concept sectors, with 26 stocks increasing in value, led by Changchuan Technology which hit a 20% limit up [1][2] - Major stocks in the sector that saw significant gains include Hu Silicon Industry, Zhongwei Company, and Zhongke Feimiao, with increases of 11.54%, 9.12%, and 5.63% respectively [1][2] - Conversely, stocks that experienced notable declines include China Electric Port, Saiwei Electronics, and Huahong Company, with decreases of 5.90%, 4.87%, and 3.26% respectively [1][2] Market Performance - The National Big Fund holding sector saw a net outflow of 2.768 billion yuan, with 17 stocks receiving net inflows from major funds [2] - Changchuan Technology led the net inflow with 569 million yuan, followed by Zhongwei Company, Baiwei Storage, and Hu Silicon Industry with net inflows of 516 million yuan, 251 million yuan, and 176 million yuan respectively [2][3] - The net inflow ratios for leading stocks were 13.43% for Changchuan Technology, 6.74% for Zhongwei Company, and 6.88% for Baiwei Storage [3] Stock Performance - The top performers in the National Big Fund holding sector included Changchuan Technology with a 20% increase and a turnover rate of 10.92%, Zhongwei Company with a 9.12% increase and a turnover rate of 4.66%, and Baiwei Storage with a 3.57% increase and a turnover rate of 13.05% [3][4] - Other notable stocks included Hu Silicon Industry with an 11.54% increase and a turnover rate of 4.96%, and Jiangbolong with a 2.56% increase and a turnover rate of 9.24% [4] Declining Stocks - Stocks that faced significant declines included China Electric Port with a 5.90% drop and a turnover rate of 11.67%, Saiwei Electronics with a 4.87% drop and a turnover rate of 13.78%, and Huahong Company with a 3.26% drop and a turnover rate of 6.94% [5] - Other declining stocks included Yuyuan New Materials with a 2.16% drop and a turnover rate of 5.17%, and Silan Microelectronics with a 1.95% drop and a turnover rate of 3.84% [5]

Core Insights - The company Micro Semiconductor (688012.SH) announced plans to establish a venture capital fund named Shanghai Zhiwei Panfeng, with a total fund size of 1.5 billion yuan [1][3] - The fund will focus on investments in the semiconductor, semi-semiconductor, and strategic emerging industries, indicating the company's strategic intent to deepen its investment in the industry chain [3] Group 1 - The fund will be co-established by Zhiwei Capital and other investors, with Zhiwei Capital acting as the general partner [1] - Micro Semiconductor's subsidiary, Zhongwei Lingang, plans to contribute up to 735 million yuan, representing no more than 49% of the fund [1][3] - Zhiwei Capital was co-founded by Micro Semiconductor and former board secretary Liu Xiaoyu, who has extensive experience in investment projects totaling over 2 billion yuan [3] Group 2 - Liu Xiaoyu and Zhongwei Lingang each hold 45% of Zhiwei Capital, while Furenheng Partnership holds 10% [3] - The establishment of the fund is seen as a move to leverage professional team experience and networks to enhance the company's position in the semiconductor industry chain [3] - The investment strategy aims to promote domestic substitution and technological innovation through capital market efforts [3]

Core Insights - The semiconductor sector is experiencing a rebound, with notable stock performances from companies such as Demingli, which has achieved three consecutive trading limits, and Zhongwei Company, which has increased by over 6% [1] Company Performance - Demingli has recorded three consecutive trading limits, indicating strong investor interest and confidence in its stock [1] - Zhongwei Company has seen a stock price increase of more than 6%, reflecting positive market sentiment [1] - Other companies such as Huafeng Measurement and Control, Liyang Chip, and Zhongke Lanyun have also shown significant gains, leading the market in terms of stock performance [1]

Core Viewpoint - The semiconductor sector is experiencing a rebound after hitting a low point, with notable stock performances from several companies [1] Company Performance - Deminor has achieved three consecutive trading gains [1] - Zhongwei Company has seen an increase of over 6% in its stock price [1] - Huafeng Measurement and Control, Liyang Chip, and Zhongke Lanyun have also reported significant gains, leading the market in terms of stock performance [1]

Summary of Conference Call Records Industry or Company Involved - The records primarily discuss the overall market performance, focusing on sectors such as AI, semiconductor, renewable energy, and consumer services, particularly in the context of the upcoming National Day holiday in China. Core Points and Arguments 1. **Market Performance and Sentiment** - The market experienced a significant decline on Thursday, influenced by holiday effects and profit-taking, with total trading volume exceeding 3 trillion [1][2][3] - The risk appetite decreased ahead of the holiday, leading to a mixed market style and a retreat in speculative trading sentiment [1][2][3] 2. **Impact of Federal Reserve's Rate Cut** - The Federal Reserve's 25 basis point rate cut was in line with expectations, but some investors opted to cash out, influenced by concerns over U.S.-China trade negotiations [1][6] - The overall risk appetite remained low, with rapid market rotation and a rise in speculative sentiment in smaller stocks [6] 3. **Investment Opportunities in Core Assets** - In the current mid-term bull market, core assets and blue-chip stocks remain attractive, with significant gains observed in leading companies like Zhongwei and Ningde Times, which saw over 10% increase in a week [7] - The focus remains on large-cap stocks that can absorb more liquidity despite the recent rise in small-cap stocks [7] 4. **AI Sector Performance** - The AI sector has shown remarkable performance, impacting related fields such as semiconductor and robotics, with cyclical sectors like coal and tourism also receiving investment [8] - The mid-term bull market outlook remains intact due to established economic policy bottoms [8] 5. **Trends in Humanoid Robotics** - The humanoid robotics sector has seen a notable rise, influenced by positive developments in the U.S. stock market and Tesla's announcements [9] - Upcoming events like the Yushu listing and Alibaba's cloud conference may act as catalysts for further growth [9] 6. **Renewable Energy and Semiconductor Updates** - Ningde Times has revised its production guidance for 2026, indicating improved industry conditions [10] - Developments in domestic GPU production and semiconductor equipment have been highlighted, with Huawei announcing a three-year AI chip plan [10][11] 7. **Storage Market Dynamics** - The storage sector is experiencing independent growth, with price increases validated by major companies like SanDisk and Micron [12] 8. **Quantum Computing and Optical Communication Developments** - Quantum computing is seeing IPO preparations, while optical communication is gaining traction with new directions being explored [13] 9. **Consumer Services Outlook** - The restaurant and tourism sectors are expected to benefit from policy stimuli aimed at expanding service consumption [14] 10. **Mid-term Market Trends** - The mid-term market outlook is deemed highly certain based on three underlying logics: policy bottom, asset scarcity, and the U.S. rate cut cycle [15] - Short-term volatility is anticipated, with the market expected to stabilize before resuming upward momentum [15] 11. **Market Structure and Sector Rotation** - The market structure is currently dispersed, with notable sector rotation, and opportunities in transitional themes like solid-state batteries and robotics [16] 12. **Key Investment Directions** - Focus on AI expansion, AIGC capital expenditure, and sectors benefiting from interest rate cuts, such as precious and industrial metals [17] 13. **Solid-State Battery Industry Progress** - The solid-state battery sector is rapidly developing, with new projects being signed at industry conferences [18] 14. **Military Industry Attention** - The military sector is worth monitoring due to recent stabilization and ongoing interest from market participants [19] 15. **Innovative Drug Sector Catalysts** - Potential catalysts in the innovative drug sector include upcoming conferences and favorable drug procurement policies [20][21] Other Important but Possibly Overlooked Content - The market's short-term fluctuations are influenced by external factors such as geopolitical events and economic policies, which may not be immediately apparent in daily trading activities [2][3][6] - The emphasis on structural opportunities suggests a need for investors to remain vigilant and adaptable to changing market conditions [16]

交银国际研究 每日晨报 2025 年 9 月 23 日 主要商品及外汇价格 今日焦点 | 中微公司 | | 688012 CH | | --- | --- | --- | | 刻蚀设备优势明显，产品进一步多元化，首予 | 评级: | 买入 | | 买入 | | | | 收盘价: 人民币 254.00 | 目标价: 人民币 280.00 | 潜在涨幅: +10.2% | | 王大卫, PhD, CFA | Dawei.wang@bocomgroup.com | | 存储器电路结构复杂拉动刻蚀/沉积需求：此前，我们曾在主题报告和北 方华创首次覆盖报告中阐述逻辑电路制程升级会增加刻蚀和沉积设备需 求，本文中，我们深度剖析 3D NAND 的制作过程，随着 3D NAND 的堆 叠层数增加，沉积和刻蚀步骤也将相应增加，对刻蚀的深宽比要求也在 提高。3D NAND 对光刻设备需求较低，而对刻蚀设备需求则较高，这正 是中微公司擅长的领域。 | | | 三个月 | 年初至 | | --- | --- | --- | --- | | | 收盘价 | 升跌% | 今升跌 | | 布兰特 | 66.69 | -13.38 | - ...

Core Viewpoint - The company, Zhongwei Company, has announced its participation in establishing a private equity investment fund, focusing on the semiconductor and emerging strategic sectors, with a total fund size of 1.5 billion yuan [1]. Group 1: Stock Performance - As of September 22, 2025, Zhongwei Company (688012) closed at 256.6 yuan, up 1.02% from the previous trading day, with a total market capitalization of 160.669 billion yuan [1]. - The stock opened at 254.0 yuan, reached a high of 260.67 yuan, and a low of 248.53 yuan, with a trading volume of 5.616 billion yuan and a turnover rate of 3.52% [1]. Group 2: Fund Establishment Details - Zhongwei Company’s subsidiary, Zhongwei Lingang, plans to co-establish the Shanghai Zhiwei Panfeng Venture Capital Partnership (Limited Partnership) with Zhiwei Capital and others, with a fund size of 1.5 billion yuan [1]. - Zhiwei Capital will act as the fund manager and has committed 15 million yuan, while Zhongwei Lingang will contribute up to 735 million yuan [1]. - As of the announcement date, the fund has completed business registration and has been filed with the Asset Management Association of China, with a filing code of SBEN20 dated August 28, 2025 [1]. - The total committed amount reached 1.5 billion yuan after the second closing, and the first phase of contributions has been completed, totaling 600 million yuan, with Zhongwei Lingang contributing 294 million yuan [1].

每经记者｜朱成祥 每经编辑｜文多 在这次投资中，值得一说的是刘晓宇，他曾担任中微公司董秘。刘晓宇在2005年加入中微公司，历任公 司市场部经理、市场部资深经理、市场部总监、公共关系部资深总监、董事会办公室执行总监、董事会 秘书和副总经理。 中微公司1月时还"猛夸"过刘晓宇，说他过去20多年中先后任职于中芯国际（688981.SH）和中微公司， 在这两家领先的半导体企业中积累了丰富的工作经验，并建立了广泛的半导体行业联系，对半导体产业 及资本市场有深入的理解。中微公司称，刘晓宇在中微公司任职期间，负责中微公司的投资业务，参与 项目30多个，涉及投资金额超过20亿元，投资案例包括拓荆科技（688072.SH）、中芯国际、天岳先进 （688234.SH）、华虹公司（688347.SH）等，业绩卓越。所以，中微公司认为与刘晓宇开展私募基金 管理人的合作，能够充分发挥公司的资金和行业优势，进一步强化公司产业链上下游协作。 强强组合：半导体经验+资本市场经验 9月22日晚间，中微公司（688012.SH，股价256.60元，市值1607亿元）披露，子公司中微半导体（上 海）有限公司（以下简称"中微临港"）拟与上海智微私募 ...

Summary of Key Points Core Viewpoint - On September 22, a total of 20 stocks from the STAR Market experienced block trading, with a cumulative transaction amount of 799 million yuan, indicating active trading in the sector [1]. Group 1: Trading Activity - A total of 59 block trades were recorded, with a cumulative trading volume of 19.17 million shares [1]. - The stock with the highest transaction amount was Zhongwei Company, which had 14 block trades totaling 195.05 million shares and a transaction amount of 461 million yuan [1]. - Other notable stocks in terms of transaction amounts included Bozhong Precision Engineering and Aotwei, with transaction amounts of 59.52 million yuan and 51.70 million yuan, respectively [1]. Group 2: Price and Discount Analysis - Among the stocks that underwent block trading, the highest discount rates relative to the closing price were observed in Yuntian Lifa, Pan Asia Micro, and Bozhong Precision Engineering, with discount rates of 24.59%, 23.65%, and 23.02% respectively [1]. - The average increase for STAR Market stocks involved in block trading was 1.56%, with the STAR 50 Index rising by 3.38% on the same day [1]. Group 3: Institutional Participation - Institutional transactions accounted for 16 trades involving 6 stocks, with the highest buying amounts in Zhongwei Company (257 million yuan), Yuntian Lifa (22.18 million yuan), and Bozhong Precision Engineering (14.66 million yuan) [2]. - In terms of net capital flow, 11 stocks saw net inflows, with Zhongwei Company, Puran Shares, and Yuntian Lifa leading with net inflows of 203 million yuan, 186 million yuan, and 38.87 million yuan respectively [2]. Group 4: Detailed Trading Data - A detailed table of block trading activity includes various stocks, their transaction counts, trading volumes, average transaction prices, discount rates, and transaction amounts, providing a comprehensive overview of the trading landscape on that day [3].