中微公司公告，公司正在筹划通过发行股份的方式购买杭州众硅电子科技有限公司控股权并募集配套资 金。截至本公告披露日，公司及有关各方正在积极推进本次交易的相关工作。鉴于本次交易尚存在不确 定性，为维护投资者利益，避免公司股价异常波动，根据上海证券交易所相关规定，公司股票将继续停 牌。待相关事项确定后，公司将及时发布相关公告并申请公司股票复牌。 ...

因本次交易尚存在不确定性，为了保证公平信息披露、维护投资者利益，避 免对公司股价造成重大影响，根据上海证券交易所的相关规定，经公司申请，公 司股票（证券简称：中微公司，证券代码：688012）于 2025 年 12 月 19 日（星 期五）开市起开始停牌，预计停牌时间不超过 10 个交易日。具体情况详见公司 于 2025 年 12 月 19 日在上海证券交易所网站（www.sse.com.cn）公告的《关于 筹划发行股份购买资产并募集配套资金事项的停牌公告》（公告编号：2025-070）。 截至本公告披露日，公司及有关各方正在积极推进本次交易的相关工作。鉴 于本次交易尚存在不确定性，为维护投资者利益，避免公司股价异常波动，根据 上海证券交易所相关规定，公司股票将继续停牌。 股票停牌期间，公司将根据相关事项进展情况，严格按照有关法律法规的规 定和要求履行信息披露义务。待相关事项确定后，公司将及时发布相关公告并申 请公司股票复牌。敬请广大投资者关注后续公告，并注意投资风险。 本次交易的具体方案以各方进一步签署的交易文件为准。本次交易尚需履行 必要的内部决策程序，经有权监管机构批准后方可正式实施，能否实施尚存在不 ...

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.

Group 1 - The core point of the announcement is that the trading prices of certain funds managed by CITIC Prudential Fund Management Company are significantly higher than their net asset values, indicating a substantial premium in the secondary market [1][8] - As of December 24, 2025, the closing price of CITIC Prudential Global Commodity Theme Securities Investment Fund (LOF) A shares is 1.254 yuan, while the closing price of CITIC Prudential Shuangying Bond Securities Investment Fund (LOF) A shares is 1.225 yuan, both reflecting a notable premium [1][8] - Investors are advised to be cautious of the premium risk when buying at high prices, as it may lead to significant losses [1][8] Group 2 - The funds are open-ended and can be traded in the secondary market, with investors also having the option to subscribe or redeem based on the net asset value calculated after the market closes on the application day [2][9] - The trading prices are subject to risks beyond just net asset value changes, including systemic and liquidity risks, which could impact investors negatively if they buy at current premium levels [2][9] - As of the announcement date, the funds are operating normally, and the management will continue to adhere to legal regulations and fund contracts [2][9] Group 3 - The company has adjusted the valuation method for the suspended stock "Zhongwei Company" to the "index income method" effective from December 24, 2025, in accordance with regulatory guidelines [5] - The valuation method will revert to using the closing price once the stock resumes trading and exhibits active market characteristics [5]

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]

Group 1 - The core viewpoint of the articles indicates that the semiconductor industry is still in an upward cycle, driven by unprecedented demand for AI computing capabilities and strong inventory adjustments in traditional chips [3][4] - Morgan Stanley's report highlights that the long-term bull market logic for chip stocks remains intact, supported by the rapid expansion of AI infrastructure and advanced chip manufacturing processes [4] - Omdia forecasts that the semiconductor market will reach a record revenue of $216.3 billion by Q3 2025, with a quarter-on-quarter growth of 14.5%, and the annual revenue for 2025 is expected to exceed $800 billion [5] Group 2 - The growth in the semiconductor sector is primarily driven by investments related to artificial intelligence, particularly in advanced logic, storage, and packaging technologies [6] - The semiconductor foundry market is projected to reach $171 billion by 2025, reflecting a year-on-year growth of 26%, indicating a shift from cyclical growth to AI-driven structural growth [9] - The semiconductor equipment sector is expected to see a total sales revenue of $133 billion by 2025, marking a 13.7% increase year-on-year, with further growth anticipated in 2026 and 2027 [5] Group 3 - The semiconductor equipment market is characterized by strong certainty and resilience, driven by domestic production trends and the expansion of advanced manufacturing capacities [10] - The semiconductor equipment ETF (561980) has shown a year-to-date increase of over 55%, indicating high elasticity and strong performance compared to other semiconductor indices [13] - The ETF tracks a diverse range of semiconductor equipment companies, with a concentration of nearly 80% in its top ten holdings, including major players like Zhongwei Company and North Huachuang [12]

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]