芯片ETF景顺（159560）业绩比较基准为中证芯片产业指数收益率，管理人为景顺长城基金管理有限公 司，基金经理为张晓南，成立（2023-11-09）以来回报为59.95%，近一个月回报为-3.94%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 11月17日，芯片ETF景顺（159560）开盘跌0.19%，报1.602元。芯片ETF景顺（159560）重仓股方面， 中芯国际开盘跌1.15%，寒武纪跌0.61%，海光信息涨0.75%，北方华创跌0.14%，澜起科技涨0.09%，兆 易创新涨0.99%，中微公司涨0.00%，豪威集团涨0.30%，芯原股份涨3.08%，长电科技跌0.13%。 ...

Core Viewpoint - The article discusses the recent share reduction by Xunxin Investment in Zhongwei Company, highlighting the completion of the reduction plan and its implications for the company's shareholder structure [1][4]. Group 1: Shareholder Information - Xunxin Investment held 80,996,822 shares of Zhongwei Company before the reduction, representing 12.94% of the total share capital [4]. - After the reduction, Xunxin Investment now holds 68,473,916 shares, which is 10.94% of the total share capital [9][11]. Group 2: Reduction Plan Details - The reduction plan was announced on August 27, 2025, allowing Xunxin Investment to reduce its holdings by up to 2% of the total share capital within three months [4][9]. - The actual reduction occurred between September 22 and November 13, 2025, with a total of 12,522,906 shares sold at prices ranging from 236.22 to 289.22 yuan per share, amounting to a total of 3.35 billion yuan [1][9]. Group 3: Compliance and Results - The reduction was completed in accordance with the previously disclosed plan, and it did not violate any commitments made by Xunxin Investment [10]. - The reduction resulted in a decrease in Xunxin Investment's shareholding percentage from 12.94% to 10.94%, triggering a 1% threshold change [11].

Group 1 - The semiconductor ETF (159813) opened down 0.09% at 1.079 yuan [1] - Key stocks in the semiconductor ETF include: Cambrian down 0.61%, SMIC down 1.15%, Haiguang Information up 0.75%, Northern Huachuang down 0.14%, Lanke Technology up 0.09%, Zhaoyi Innovation up 0.99%, Zhongwei Company unchanged, OmniVision up 0.30%, Changdian Technology down 0.13%, and Unisoc up 0.76% [1] - The performance benchmark for the semiconductor ETF is the National Securities Semiconductor Chip Index return, managed by Penghua Fund Management Co., Ltd. [1] Group 2 - Since its establishment on April 17, 2020, the semiconductor ETF has returned 61.80%, while the return over the past month is -3.43% [1]

Core Viewpoint - The Chip 50 ETF (516920) opened at 1.000 CNY, experiencing a slight decline of 0.10% on November 17, indicating a challenging market environment for semiconductor stocks [1] Group 1: ETF Performance - The Chip 50 ETF's performance benchmark is the CSI Chip Industry Index return [1] - Since its inception on July 27, 2021, the ETF has recorded a return of -0.08% [1] - Over the past month, the ETF has seen a return of -4.01% [1] Group 2: Major Holdings Performance - Major holdings in the Chip 50 ETF include: - SMIC (中芯国际) down 1.15% [1] - Cambricon (寒武纪) down 0.61% [1] - Haiguang Information (海光信息) up 0.75% [1] - Northern Huachuang (北方华创) down 0.14% [1] - Lattice Semiconductor (澜起科技) up 0.09% [1] - GigaDevice (兆易创新) up 0.99% [1] - Zhongwei Company (中微公司) unchanged [1] - OmniVision (豪威集团) up 0.30% [1] - Chipone (芯原股份) up 3.08% [1] - JCET (长电科技) down 0.13% [1]

Economic Information - The price of upstream storage chips has surged, leading several smartphone manufacturers, including Xiaomi, OPPO, and vivo, to suspend their storage chip purchases for the current quarter. Many manufacturers have inventory levels below two months, with some DRAM inventories dropping to less than three weeks. They are hesitant to accept price quotes from original manufacturers (Micron, Samsung, SK Hynix) that approach a 50% increase. The demand for storage chips has surged due to the AI model wave, with data centers willing to pay higher prices for procurement, often exceeding prices offered to smartphone manufacturers by over 30% for the same products [2][8]. - The Ningbo Shipping Exchange reported that the Ningbo Export Container Freight Index (NCFI) closed at 999.7 points, down 5.1% from the previous week. Among 21 shipping routes, 6 saw an increase in freight index, while 14 experienced a decline, and 1 remained stable. In major ports along the "Maritime Silk Road," 5 ports saw an increase in freight index, while 11 ports saw a decrease [2][8]. Company Alerts - China Fortune Land Development has seen a cumulative increase of 256% over 14 trading days, significantly higher than the industry and Shanghai Composite Index, and is now under suspension for verification [4]. - Contemporary Amperex Technology Co., Ltd. (CATL) has its third-largest shareholder, Huang Shilin, planning to transfer 1% of shares, valued at approximately 18.4 billion yuan [4]. - Other companies, including Baida Group, Chahua Co., and Yifeng Pharmacy, have announced plans for share reductions by various stakeholders, with reductions ranging from 0.0176% to 3% [4][8]. Overseas Alerts - The U.S. stock market saw mixed results last Friday, with the Dow Jones down 0.65%, S&P 500 down 0.05%, and Nasdaq up 0.13%. Notable tech stocks had varied performances, with Oracle rising over 2% and Netflix dropping over 3% [5]. - The Chinese Ministry of Foreign Affairs issued a travel advisory, warning citizens to avoid traveling to Japan due to deteriorating safety conditions and recent incidents involving Chinese nationals [5].

Core Viewpoint - The article highlights the competitive landscape between two semiconductor equipment manufacturers, Zhongwei Company and Northern Huachuang, emphasizing the significant differences in their market positioning, R&D investments, and product offerings. Zhongwei is portrayed as a latecomer striving to catch up, while Northern Huachuang has a more stable growth trajectory with a diversified product portfolio [1][4][5]. R&D Investment - Zhongwei's R&D expenses have surged from 640 million yuan in 2020 to 2.452 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 39.91%. The R&D personnel count reached a peak of 1,190, with a R&D expense ratio of 30.07% as of Q3 2025 [2][3]. - In contrast, Northern Huachuang maintains a stable R&D expense ratio below 20%, focusing primarily on the domestic market for growth [2][3]. Market Performance - As of November 6, Zhongwei's price-to-earnings ratio reached 119, significantly higher than the average of 60 for the semiconductor equipment sector, indicating strong investor confidence. However, there remains a market capitalization gap of over 100 billion yuan between the two companies [4][5]. - In 2025, Zhongwei's revenue was reported at 8.063 billion yuan, while Northern Huachuang's revenue from etching equipment alone was comparable, highlighting the latter's broader product range [8][10]. Product Differentiation - Zhongwei specializes in etching equipment, which accounted for 80.28% of its revenue in 2024, while Northern Huachuang has diversified into both etching and thin film deposition equipment, with the latter becoming a key revenue driver [7][10]. - The two companies have different technological focuses, with Zhongwei emphasizing capacitively coupled plasma (CCP) technology and Northern Huachuang focusing on inductively coupled plasma (ICP) technology, leading to different applications and market strategies [5][7]. Future Growth Potential - The semiconductor equipment market in China is projected to grow significantly, with an expected capacity increase of 14% by 2025, indicating a favorable environment for both companies [16]. - Zhongwei aims to enhance its product offerings and market presence by expanding into various semiconductor manufacturing segments, while also pursuing a platform-based development strategy [13][14]. Financial Performance - Zhongwei's revenue and net profit have shown consistent upward trends, with a CAGR of 37.24% and 39.31% respectively since 2020, although the growth rate of R&D expenses has outpaced revenue growth [19][20]. - The company faces challenges in maintaining profitability due to rising operational costs and declining gross margins, necessitating a strategic focus on leveraging R&D investments for greater revenue generation [19][20].

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会、全体董事及相关股东保证本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： ● 大股东持有的基本情况 本次减持计划实施前，巽鑫（上海）投资有限公司（以下简称"巽鑫投资"）持有中微半导体设备（上 海）股份有限公司（以下简称"中微公司"或"公司"）股份80,996,822股，占公司总股本的12.94%。 ■ 上述减持主体无一致行动人。 二、减持计划的实施结果 ■ （二）本次实际减持情况与此前披露的减持计划、承诺是否一致 √是 □否 （三）减持时间区间届满，是否未实施减持 □未实施 √已实施 （四）实际减持是否未达到减持计划最低减持数量（比例） □未达到 √已达到 （五）是否提前终止减持计划 □是 √否 三、本次权益变动情况 （一）信息披露义务人及其一致行动人的基本信息 1.身份类别 ■ 2.信息披露义务人信息 ■ 3.一致行动人信息 上述减持主体无一致行动人。 ● 减持计划的实施结果情况 公司于2025年8月27日披露了《大股东大宗交易减持股份计划公告》，巽鑫投资计划自公告披露之 ...

Core Viewpoint - The A-share market is experiencing increased volatility and sector rotation, with brokerages adjusting stock ratings significantly as they anticipate a bullish trend for 2026, suggesting a transition towards a low-volatility slow bull market [1][8]. Group 1: Stock Ratings Adjustments - A total of 23 stocks have had their ratings upgraded since the end of October, primarily in the electronics, pharmaceutical, food and beverage, power equipment, and automotive parts sectors [2][6]. - The electronics sector has the highest number of upgrades, with companies like Guangliwei and Zhongwei receiving positive attention due to strong performance and high technical barriers [2][4]. - The pharmaceutical sector saw upgrades for companies such as Deyuan Pharmaceutical and Yiling Pharmaceutical, driven by innovation in drug development and expected performance recovery [3][4]. Group 2: Sector Performance - The food and beverage sector has also seen increased attention, with stocks like Ximai Food and Qingdao Beer receiving upgrades, indicating a positive outlook [3][4]. - Conversely, around 40 stocks have had their ratings or target prices downgraded, mainly in the pharmaceutical, food and beverage, electronics, and beauty care sectors, reflecting short-term performance pressures and declining gross margins [6][7]. - Notable downgrades in the pharmaceutical sector include Aibo Medical and Guizhou Moutai, with reasons linked to competitive pressures and performance under expectations [6][7]. Group 3: Market Outlook for 2026 - Major brokerages like CITIC Securities and CICC are optimistic about the A-share market in 2026, predicting a transition to a mature market with a focus on global demand rather than just domestic [8][9]. - The investment strategy emphasizes the importance of global market dynamics and the potential for Chinese companies to gain pricing power in the global value chain [8][9]. - CICC suggests a balanced market style in 2026, with a focus on growth sectors, external demand, and cyclical reversals, while also highlighting the importance of technology and resource sectors [9].

Summary of Key Points Core Viewpoint - Multiple shareholders across various companies are planning to reduce their stakes, indicating potential shifts in ownership dynamics and investor sentiment in the market [1]. Shareholder Reductions - Guosheng Securities: Three shareholders plan to collectively reduce their holdings by no more than 2.82% [1] - Binjiang Group: Multiple shareholders intend to reduce their stakes by up to 2.88% [1] - Kanglong Chemical: Shareholder Xincheng Kang and its concerted parties plan to reduce their holdings by no more than 1.5% [1] - Erliang San: Controlling shareholder Li Xiaolong intends to reduce his stake by no more than 1% [1] - Yongxing Shares: Science City Investment Group plans to reduce its holdings by no more than 1% [1] - Weike Technology: Industrial Investment intends to reduce its stake by no more than 0.9999% [1] - Zhengyuan Wisdom: Plans to reduce no more than 2% of repurchased shares [1] - Baida Group: Shareholder Xizi United plans to reduce up to 752.48 million shares [1] - Camel Shares: Chairman Liu Changle intends to reduce no more than 7.2 million shares [1] - Zhongwei Company: Xunxin Investment has cumulatively reduced 12.52 million shares through block trading [1] - Aerospace Engineering: Guochuang Fund and New Car Fund have collectively reduced 2.76 million shares [1] - Tengya Precision: Nanjing Yunhang has cumulatively reduced 2.49% of its shares [1] - Hexing Packaging: Xia Ping and its concerted parties have cumulatively reduced 3.4045% of their shares [1] Other Notable Information - *ST Dazheng: Shareholder Zhou Zhenke's 0.81% stake is set to be forcibly sold by judicial order [1] - Dongbai Group: Lacks duty-free operating qualifications and is not involved in duty-free goods operations [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688012 证券简称：中微公司 公告编号：2025-066 中微半导体设备（上海）股份有限公司 关于持股5%以上股东权益变动触及1%刻度暨减持股份结果公告 本公司董事会、全体董事及相关股东保证本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： ● 大股东持有的基本情况 1.身份类别 ■ 2.信息披露义务人信息 本次减持计划实施前，巽鑫（上海）投资有限公司（以下简称"巽鑫投资"）持有中微半导体设备（上 海）股份有限公司（以下简称"中微公司"或"公司"）股份80,996,822股，占公司总股本的12.94%。 ● 减持计划的实施结果情况 公司于2025年8月27日披露了《大股东大宗交易减持股份计划公告》，巽鑫投资计划自公告披露之日起 15个交易日后的3个月内，在符合法律法规规定的减持前提下，通过大宗交易方式减持公司股票不超过 总股本的2%。近日，公司收到巽鑫投资出具的《关于股份减持情况的告知函》，巽鑫投资通过大宗交 易已累计减持中微公司股份12,522,906股,减持股份数量已达 ...