Summary of China Semiconductor Equipment Import Analysis Industry Overview - The report focuses on the semiconductor production equipment (SPE) industry in China, particularly analyzing import trends and demand dynamics in major cities like Shanghai and Beijing [1][4]. Key Highlights - **November 2025 SPE Imports**: Total SPE imports normalized to **US$2.1 billion**, reflecting a **10% YoY decrease** and a **29% MoM decline** from **US$2.98 billion** in October [1]. - **Year-to-Date (YTD) Performance**: Combined import demand for the first eleven months of 2025 reached **US$30.5 billion**, marking a **5% YoY increase** [1]. - **Regional Demand**: Shanghai and Beijing accounted for **67%** of total SPE imports in November, with Shanghai's imports at **US$902 million** (+179% YoY) and Beijing's at **US$525 million** (+41% YoY) [1]. Equipment Type Analysis - **Lithography Equipment**: - November litho imports totaled **US$707 million**, down **15% YoY** and **32% MoM**. However, litho accounted for **33%** of total imports, above the typical range of **20-25%** [2]. - Strong demand for litho suggests sustainable expansion activities in the long term [2]. - **Deposition Equipment**: Imports reached **US$414 million**, up **8% YoY**, driven by other deposition (+72% YoY) and CVD (+24% YoY) [2]. - **Etch Equipment**: Imports were **US$428 million**, down **32% YoY** [2]. Import Sources - The Netherlands and Japan were the top exporters to China, holding **29%** and **28%** market shares, respectively [2]. - Imports from the US accounted for only **4%** of total SPE imports [2]. Major Import Transactions - In November, Shanghai imported **nine litho tools** from the Netherlands for a total of **US$494 million** (average selling price of **US$55 million** per unit) [3]. - Accumulated litho imports from the Netherlands in Shanghai, Beijing, and Guangdong reached **US$3.2 billion**, with Shanghai showing a **71% YoY increase** [3]. Future Outlook - **WFE Spending Projections**: Expected growth of **10%** in 2026 and **1%** in 2027, following an **8%** growth in 2025, driven by advanced logic and memory capacity expansion projects [4]. - **Top Picks**: NAURA is highlighted as a key buy, with buy ratings also on AMEC and ACMR Shanghai [4]. Risks and Considerations - **Downside Risks**: Include potential macroeconomic downturns, geopolitical tensions, and slower-than-expected R&D progress [48]. - **Upside Risks**: Faster-than-expected demand recovery and aggressive capex plans from domestic fabs could enhance market conditions [48]. Conclusion - The analysis indicates a mixed but cautiously optimistic outlook for the semiconductor equipment sector in China, with significant regional demand and potential for growth in WFE spending, despite existing risks.

为保护投资者利益，本基金管理人提示如下： 1、本基金为上市型开放式基金，除可在二级市场交易外，投资者还可以申购、赎回本基金，申购、赎 回价格以申请当日收市后计算的基金份额净值进行计算，投资者可通过本基金管理人网站或交易行情系 统查询本基金的最新份额净值。 2、本基金的交易价格，除了有份额净值变化的风险外，还会受到市场的系统性风险、流动性风险等其 他风险影响，在当前溢价水平下买入，可能使投资人面临损失。 3、截至本公告披露日，本基金运作正常。本基金管理人仍将严格按照法律法规及基金合同进行投资运 作。 4、截至本公告披露日，本基金无其他应披露而未披露的重大信息。本基金管理人仍将严格按照有关规 定和要求，及时做好信息披露工作。 风险提示：本基金管理人承诺依照恪尽职守、诚实信用、谨慎勤勉的原则管理和运用基金资产，但不保 证基金一定盈利，也不保证最低收益和本金安全。基金的过往业绩及其净值高低并不预示其未来业绩表 现，基金管理人管理的其他基金的业绩也不构成对本基金业绩表现的保证。投资有风险，敬请投资人认 真阅读本基金的基金合同、招募说明书、基金产品资料概要等基金信息披露文件，了解本基金的风险收 益特征，并根据自身的投资目 ...

Group 1 - The company, CITIC Prudential Fund Management Co., Ltd., will adopt the "index income method" for valuing the suspended stock "Zhongwei Company" (stock code: 688012) starting from December 24, 2025, after reaching an agreement with the fund custodian [1] - The valuation method will revert to using the closing price on the day of trading once the stock resumes trading and exhibits active market trading characteristics [1] - Investors can consult details on the company's official website or customer service hotline [1]

Core Viewpoint - The company will adopt the "index yield method" for valuing suspended stocks, specifically for Zhongwei Company (stock code: 688012), starting from December 24, 2025 [1] Group 1 - The decision was made in accordance with the guidelines from the China Securities Regulatory Commission and the Securities Association of China regarding the valuation of suspended stocks [1] - The valuation method will revert to using the closing price on the day of resumption of trading once the stock resumes and exhibits active market trading characteristics [1] - Investors are advised to pay attention to this announcement [1]

12月18日，三大指数涨跌不一，医药、商业航天等表现较好，电池、半导体产业链有所回调。半导体设备ETF（561980）全天收跌1.97%，但单日获资金净 流入超2700万，实现连续2日吸金超3300万元。 一、【多项权威数据显示半导体仍处上行区间】 消息面上，近日多项权威数据公布，显示本轮半导体周期或仍处上行区间。 大摩分析师与美国银行近日发表最新观点，强调半导体行业的繁荣周期远未结束，全球对人工智能计算能力的无限需求是关键变量。 根据摩根士丹利发布的最新研究报告，在史无前例的AI基建热潮以及传统模拟芯片/MCU强劲去库存步伐推动之下，芯片股的"长期牛市逻辑"或仍然完好无 损。其中，科技巨头们主导的全球AI基础设施建设进程愈发火热，全面助力3nm及以下先进制程芯片扩产与先进封装产能扩张大举加速，半导体设备板块的 长期牛市逻辑仍然坚挺。 此前，全球技术研究咨询机构Omdia发布最新数据显示，2025年第三季度半导体市场表现创历史新高，行业营收达到2163亿美元，环比增长14.5%。 招银国际指出，人工智能正驱动存储行业进入超级结构性周期：从传统周期性供需调整，转向结构性供应紧缺。而高带宽内存在2026-27年向 ...

Core Viewpoint - Dongfang Fund Management Co., Ltd. announced an adjustment to the valuation method for certain suspended stocks held by its funds, effective December 23, 2025, adopting the "index income method" for Zhongwei Company [1] Group 1 - The valuation will utilize the AMAC Industry Index, which is the stock valuation index for the fund industry [1] - The company will consider various influencing factors and consult with the custodian bank before reverting to the closing price valuation method once the stock demonstrates active market trading characteristics [1] - No further announcements will be made when the valuation method changes back to the closing price [1]

中国经济网北京12月24日讯 今日，金信基金管理有限公司发布关于旗下基金持有的长期停牌股票 调整估值方法的公告。 公告称，根据中国证监会《中国证监会关于证券投资基金估值业务的指导意见》（中国证监会发 [2017]第13 号）、中国证券业协会基金估值工作小组《关于停牌股票估值的参考方法》以及中国证券投 资基金业协会《关于发布中基协（AMAC）基金行业股票估值指数的通知》(中基协发[2013] 第13号)的 有关规定，经金信基金管理有限公司与托管银行协商一致，决定于2025年12月23日起对该公司旗下基金 所持有"中微公司"（股票代码688012SH）采用"指数收益法"进行估值，并采用中基协AMAC行业指数作 为计算依据。 (责任编辑：康博) 在"中微公司"复牌且其交易体现了活跃市场交易特征后，恢复按市场价格进行估值。 ...

Core Viewpoint - Manulife Investment Management announced a change in the valuation method for long-term suspended stocks held by its funds, specifically adopting the "index yield method" for the stock "Zhongwei Company" (stock code: 688012) starting December 23, 2025 [1] Group 1: Regulatory Compliance - The decision aligns with the guidelines set forth by the China Securities Regulatory Commission regarding the valuation of securities investment funds [1] - The change is also in accordance with the notice from the Asset Management Association of China regarding the publication of the fund industry stock valuation index [1] Group 2: Stakeholder Interests - The adjustment aims to ensure a fair and reasonable valuation of long-term suspended stocks, thereby better protecting the interests of fund holders [1] - The valuation will revert to market price once the stock resumes trading and exhibits characteristics of an active market [1]

Group 1 - The core point of the article is that the leading semiconductor equipment company, Zhongwei, plans to acquire a controlling stake in Hangzhou Zhonggui Electronics Technology Co., which specializes in high-end chemical mechanical polishing (CMP) equipment for 12-inch wafer manufacturing, filling a product gap in Zhongwei's wet processing equipment segment [1] - The semiconductor industry is experiencing a trend of mergers and acquisitions driven by policy support and the need for industrial upgrades, with a notable acceleration expected by 2025 [3] - There are currently 125 companies in the integrated circuit sector on the Sci-Tech Innovation Board, accounting for over 60% of similar companies in the A-share market, indicating a significant concentration in this industry [3] Group 2 - Different segments of the semiconductor supply chain are engaging in mergers and acquisitions to achieve "demand-driven integration and collaborative efficiency," exemplified by companies like SMIC and Huahai Qingke [3] - In the semiconductor equipment sector, companies are breaking through niche barriers through acquisitions, with Zhongwei's acquisition of Hangzhou Zhonggui being a key example [3] - Huahai Qingke's full acquisition of Xinyu Company represents a case of horizontal expansion, transitioning towards a platform company model [3]

根据《中国证监会关于证券投资基金估值业务的指导意见》（证监会公告[2017]13号）、中国证券业协 会下发的《关于停牌股票估值的参考方法》及我公司长期停牌股票的估值政策和程序，本公司与托管行 协商一致，决定自2025年12月23日起对旗下基金(除ETF基金外)持有的停牌股票中微公司（股票代码： 688012）采用指数收益法进行估值。 待上述股票复牌且交易体现活跃市场交易特征后，将恢复为采用当日收盘价格进行估值，届时不再另行 公告。 特此公告。 建信基金管理有限责任公司 2025年12月24日 ...