特此公告。 金信基金管理有限公司 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（以下简称"本公司"）与托管银行协商一致，决定于2025年12月23日起对本公 司旗下基金所持有"中微公司"（股票代码688012 SH）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。 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，届时不再另行公 告。敬请投资者予以关注。 MACD金叉信号形成，这些股涨势不错！ 2025年12月24日 ...

Core Viewpoint - Torrens Precision Manufacturing (Jiangsu) Co., Ltd. has received acceptance for its IPO on the Shenzhen Stock Exchange's ChiNext board, aiming to raise approximately 1.156 billion yuan [1] Group 1: Company Overview - The company is a leading provider of precision metal components in China, focusing on R&D, production, and sales for semiconductor equipment [1] - Torrens specializes in high-performance key process components, structural components, gas pipelines, and system assembly products for semiconductor devices, as well as components for high-power laser equipment [1] Group 2: Technical Capabilities - The company ranks among the top tier of domestic manufacturers in terms of overall technical capabilities, covering high-precision mechanical manufacturing, welding, and surface treatment [2] - It has developed advanced welding techniques, particularly vacuum brazing, and excels in producing complex precision components that meet stringent requirements for accuracy and reliability [2] Group 3: Client Base - Torrens serves major domestic semiconductor equipment manufacturers, with products integrated into the supply chains of companies like Northern Huachuang and Zhongwei, covering various core equipment [3] - The company has also successfully entered the supply chain of international laser equipment firm Lumentum, demonstrating its competitive edge in technology [3] Group 4: Financial Overview - The company projects revenues of approximately 283 million yuan, 291 million yuan, 610 million yuan, and 373 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - Net profits are expected to be around 33.95 million yuan, 15.30 million yuan, 106 million yuan, and 60.85 million yuan for the same periods [3] - Total assets are projected to grow from 400.29 million yuan in 2022 to 1.365 billion yuan by June 30, 2025, with a significant reduction in asset-liability ratio from 78.64% in 2022 to 38.16% in 2025 [4]

Core Viewpoint - The semiconductor equipment leader, Zhongwei Company, is planning to acquire a controlling stake in Hangzhou Zhonggui Electronics Technology Co., marking a strategic move towards becoming a platform company in the semiconductor equipment sector within five years [1][3]. Group 1: Mergers and Acquisitions Activity - Since the release of the "Science and Technology Innovation Board Eight Articles," over 150 merger and acquisition transactions have been disclosed, with more than 70% successfully completed [2][6]. - The semiconductor sector is experiencing a wave of mergers driven by policy incentives and industrial upgrade demands, reflecting a shift from "quantitative accumulation" to "qualitative leap" in China's semiconductor industry [2][6]. - Major semiconductor companies like Zhongwei, Huahai Qingshi, and SMIC are steadily advancing significant transactions, indicating a trend towards industry consolidation [1][6]. Group 2: Strategic Goals and Industry Trends - Zhongwei's acquisition of Hangzhou Zhonggui aims to enhance its core technology portfolio and provide more competitive integrated solutions for customers, marking a key step towards becoming a global leader in semiconductor equipment [3][4]. - The industry is witnessing a trend where leading semiconductor equipment companies are expanding their product offerings and integrating vertically and horizontally within the supply chain [4][5]. - The concentration of semiconductor companies on the Science and Technology Innovation Board has reached 125, accounting for over 60% of similar companies in the A-share market, indicating a robust ecosystem covering various core and supporting segments [6]. Group 3: Market Dynamics and Rationalization - The increase in disclosed merger cases has also led to a rise in terminated transactions, which is seen as a natural outcome of market rationalization rather than a cooling of industry consolidation [7][8]. - Analysts suggest that the challenges in negotiations and the complexity of shareholder structures in the semiconductor sector contribute to the termination of some deals, reflecting a more cautious approach to mergers [7][8]. - The current state of mergers and acquisitions in the semiconductor industry is characterized as "rational prosperity," which is expected to optimize the competitive landscape and foster the emergence of leading platform companies [8].

Core Viewpoint - The A-share market experienced fluctuations with the hard technology sector showing resilience, particularly the Kexin Chip 50 ETF (588750), which rose by 1.38% as of 11:23 AM, indicating strong investor interest in this segment [1]. Group 1: Kexin Chip 50 ETF Performance - The Kexin Chip 50 ETF (588750) is showing a positive trend with a trading volume exceeding 79 million yuan, marking a slight increase in activity [1]. - The index's top ten constituent stocks include notable companies such as SMIC and Haiguang Information, with Haiguang Information and Cambrian both rising over 3% [2][4]. Group 2: AI and Chip Demand - The AI wave is driving strong demand for chips and related hardware, with expectations for the AI supply chain to achieve significant revenue growth and profit margin expansion by 2025 [3]. - Global AI computing chip market size is projected to exceed $370 billion by 2026 and $460 billion by 2027, driven by substantial capital expenditures from major tech companies [6]. Group 3: Semiconductor Industry Trends - The trend towards semiconductor self-sufficiency in China is expected to provide long-term structural growth drivers, supported by government policies and strong domestic demand [5]. - The semiconductor supply chain is undergoing a transformation due to geopolitical factors, with major economies prioritizing local manufacturing to mitigate supply chain risks [5]. Group 4: Investment Opportunities - The Kexin Chip 50 ETF (588750) is highlighted as a strong investment vehicle due to its focus on high-quality semiconductor companies, with a projected net profit growth rate of 97% for the year 2025 [17]. - The index has shown a maximum increase of 173% since its inception, indicating strong upward elasticity compared to other indices in the sector [18][19].

Group 1 - The core point of the news highlights the strong performance of semiconductor-related stocks, driven by ByteDance's planned capital expenditure of 160 billion RMB (approximately 23 billion USD) for 2026, with half allocated for advanced semiconductor procurement to develop AI models and applications [1] - NVIDIA, SK Hynix, and Phison Electronics are collaborating to develop AI-specific solid-state drives (SSDs), which are expected to outperform current AI server SSDs by a factor of ten [1] - The liquid cooling market is projected to reach 21.8 billion USD by 2027, driven by increased efficiency and lower power usage effectiveness (PUE) in data centers, with Taiwanese manufacturers currently dominating the supply chain [1] Group 2 - The Semiconductor Equipment and Materials International (SEMI) report forecasts global semiconductor manufacturing equipment sales to reach 133 billion USD in 2025, a 13.7% increase year-over-year, with further growth expected in 2026 and 2027 [2] - Domestic GPU companies are entering a capital expenditure acceleration phase, with companies like Muxi Technology and Moer Thread achieving significant milestones in GPU sales and technology breakthroughs [2] - The domestic supply chain for semiconductor upstream equipment and materials is expected to accelerate, providing opportunities for local suppliers as wafer fabrication plants expand [2] Group 3 - As of December 23, 2025, the semiconductor materials and equipment theme index rose by 1.79%, with the chip equipment ETF (560780) increasing by 1.70% [3] - The top ten weighted stocks in the ETF account for 64.75% of the index, with notable increases in stocks such as Kema Technology and Aisen Co., Ltd. [3] - The chip equipment ETF has seen a significant growth of 1.01 billion RMB in the past three months, indicating strong investor interest [3]

周一三大指数震荡上扬，通信设备、半导体设备、以及航天航空等行业表现较好。半导体设备ETF （561980）全天收涨4.22%，最新规模24.54亿元，成份股拓荆科技等多股新高。 消息面上，上海交通大学科研人员近日在新一代光计算芯片领域取得突破，首次实现了支持大规模语义 媒体生成模型的"Light"芯片，标志着中国在光芯片领域进入全球领先水平。 此外，国际半导体产业协会（SEMI）发布报告显示，2025年全球半导体制造设备总销售额预计达1330 亿美元，同比增长13.7%，创历史新高。预计未来两年半导体制造设备销售额将继续增长，2026年和 2027年分别达到1450亿美元和1560亿美元。这一增长主要得益于人工智能相关投资的推动，尤其是在尖 端逻辑电路、存储器以及先进封装技术的应用方面。 集微网预计，受人工智能部署和持续技术迁移对HBM需求增长的推动，预计到2027年，与存储器相关 的资本支出将显著增长。据CFM闪存市场，四季度嵌入式NAND和DRAM合约价预计将分别上涨30%和 45%，且一季度还将出现大幅上涨。 从产业链传导路径来看，AI需求高增 → 存储/先进逻辑芯片需求旺盛 → 国内晶圆厂代工扩产需求 ...

Core Viewpoint - The semiconductor industry is experiencing significant growth driven by advancements in AI technology, leading to increased demand for semiconductor manufacturing equipment and storage solutions. This growth is expected to continue into 2026 and 2027, with substantial capital expenditures and a rise in domestic production capabilities in China [1][2][12]. Industry Developments - The Shanghai Jiao Tong University has achieved a breakthrough in optical computing chips, marking China's entry into a leading position in the global optical chip sector [6]. - The International Semiconductor Equipment Manufacturers Association (SEMI) forecasts that global semiconductor manufacturing equipment sales will reach $133 billion in 2025, a 13.7% increase year-over-year, with further growth expected in 2026 and 2027 [1][13]. Market Trends - The semiconductor equipment ETF (561980) has seen a daily increase of 4.22%, with significant contributions from stocks like Tuojing Technology reaching new highs [1]. - The demand for storage chips is rising, with embedded NAND and DRAM contract prices expected to increase by 30% and 45% respectively in Q4, with further price hikes anticipated in Q1 [8]. Investment Insights - The semiconductor equipment sector is positioned as a cornerstone of the semiconductor industry, with a broad space for domestic substitution and growth opportunities driven by AI-related investments [2][3]. - The domestic semiconductor equipment market is expected to benefit from the expansion of storage and advanced logic chip production, with a significant increase in domestic production capabilities anticipated [2][24]. Financial Performance - The China Securities Index for the semiconductor sector reported a 32.12% year-over-year revenue growth in Q3, continuing a trend of growth over the past ten quarters, driven by AI applications and domestic substitution efforts [17].

Core Viewpoint - The semiconductor industry is experiencing significant demand growth, particularly for AI chips and automotive-grade semiconductors, supported by national policies and continuous investments from the National Fund [3]. Group 1: Performance Metrics - The招商中证半导体产业ETF联接C (020465) has achieved a performance of 49.34% over the past year and a total return of 112.44% since its inception, ranking in the top 3% among peers [9]. - The fund's total assets grew from 359 million to 762 million from Q2 to Q3 this year, indicating strong market recognition [11]. Group 2: Investment Strategy - The fund primarily invests in the招商中证半导体产业ETF (561980), which focuses on leading companies across the semiconductor supply chain, with approximately 75% of its investments in semiconductor equipment and materials [14]. - The top ten holdings include industry leaders such as 中微公司, 北方华创, and 中芯国际, with the largest single stock holding at about 19%, effectively diversifying investments across around 40 core semiconductor companies [14][15]. Group 3: Market Activity - The semiconductor equipment ETF (561980) tracked by the fund is noted as the largest product in terms of market size, reflecting active trading and strong investor interest [13].

Group 1 - The announcement date for the fund-related updates is December 23, 2025 [1][10] - The fund will suspend subscription and redemption services on December 25, 2025, but secondary market trading will still be available [1][10] - Normal subscription and redemption services will resume on December 26, 2025, without further announcements [1][10] Group 2 - The company has implemented a limit on subscription amounts for the fund, capping individual investors at 10 million yuan per day [5] - The fund management will refuse subscriptions exceeding this limit and will treat applications made outside specified dates as requests for the next open day [5][6] Group 3 - The company has adjusted the valuation method for certain stocks held in its funds, specifically using the "index yield method" for "Zhongwei Company" since December 22, 2025 [7] - The valuation will revert to using the closing price once the stock resumes trading and shows active market characteristics [7]

公告送出日期：2025年12月23日 3.1收益发放办法 3）招商基金管理有限公司直销网点及本基金各代销机构的相关网点（详见本公司官网）。 招商基金管理有限公司 1）选择现金分红方式的投资者的红利款将于2025年12月25日自基金托管账户划出。 2）选择红利再投资分红方式的投资者所转换的基金份额于2025年12月25日直接计入其基金账户，并自 2025年12月25日起计算持有天数。2025年12月26日起投资者可以查询。 3）权益登记日之前办理了转托管转出尚未办理转托管转入的投资者，其分红方式一律按照红利再投资 处理，所转出的基金份额待转托管转入确认后与红利再投资所得份额一并划转。 3.2提示 1）权益登记日以后（含权益登记日）申请申购、转换转入的基金份额不享有本次分红权益，权益登记 日申请赎回、转换转出的基金份额享有本次分红权益。 2）本次分红确认的方式按照投资者在权益登记日之前最后一次选择的分红方式为准。投资者如需修改 分红方式，请务必在权益登记日前一日的交易时间结束前（即2025年12月23日15:00前）到销售网点办 理变更手续，投资者在权益登记日前一个工作日超过交易时间提交的修改分红方式的申请对本次 ...