Core Viewpoint - The financing balance of the Sci-Tech Innovation Board increased by 455 million yuan compared to the previous day, with significant net purchases in stocks such as Cambricon, Chipone, and Wanrun New Energy [1][2]. Financing Balance Summary - As of November 13, the total margin financing balance of the Sci-Tech Innovation Board reached 258.733 billion yuan, an increase of 471 million yuan from the previous trading day [1]. - Among the stocks, 486 had a financing balance exceeding 100 million yuan, with 43 stocks having balances over 1 billion yuan [1]. - A total of 282 stocks saw an increase in financing balance, while 62 stocks experienced a decrease of over 10 million yuan [1]. Net Purchase Summary - Cambricon led in net purchases with a financing balance of 14.951 billion yuan, increasing by 307 million yuan, and its stock rose by 1.40% [2]. - Other notable net purchases included Chipone and Wanrun New Energy, with net purchases of 104 million yuan and 92.87 million yuan, respectively [2]. - Stocks with net purchases exceeding 10 million yuan averaged a rise of 2.45%, with top gainers including Kangpeng Technology and Huasheng Lithium Battery, which rose by 20.02% and 20.00% respectively [2]. Industry Preference Summary - Investors showed a preference for stocks in the electronics, power equipment, and pharmaceutical industries, with 30, 13, and 10 stocks respectively making the list of significant net purchases [2]. - The average financing balance as a percentage of market capitalization for the stocks with significant net purchases was 4.49%, with the highest being Suocheng Technology at 13.41% [2].

Core Viewpoint - The semiconductor ETF from Southern (159325) opened with a decline of 1.62%, indicating a bearish trend in the semiconductor sector [1] Group 1: ETF Performance - The Southern Semiconductor ETF (159325) opened at 1.456 yuan, reflecting a decrease of 1.62% [1] - Since its establishment on October 31, 2024, the fund has achieved a return of 47.93%, while its return over the past month has been -6.60% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC: down 0.08% - Cambricon: down 2.52% - Haiguang Information: down 2.13% - Northern Huachuang: down 1.13% - Lanke Technology: down 2.97% - Zhaoyi Innovation: down 5.05% - Zhongwei Company: down 2.48% - OmniVision: down 1.18% - Changdian Technology: down 1.15% - Unisoc: down 1.81% [1]

Core Insights - The thin film deposition equipment is a critical device in micro-nano manufacturing and precision processing, widely used in strategic emerging industries such as semiconductors, photovoltaics, and display panels [1][2] - China has become the largest market for semiconductor equipment globally for five consecutive years, with sales expected to reach $49.55 billion in 2024, accounting for 42% of the global total [1][6] - The global thin film deposition equipment market is projected to reach $23.186 billion in 2024, representing 22% of the wafer manufacturing equipment market [1][6] - The Chinese market for thin film deposition equipment is expected to grow to approximately 77.31 billion yuan in 2024, a year-on-year increase of 38.75% [1][7] - The industry is expected to accelerate the research and application of advanced processes such as ALD, promote collaboration across the entire supply chain, and expand applications into photovoltaics and new displays [1][7] Industry Overview - Thin film deposition equipment is essential for depositing functional films on substrate materials through physical or chemical methods, impacting surface properties and widely applied in various fields [2][5] - The main types of thin film deposition technologies include Physical Vapor Deposition (PVD), Chemical Vapor Deposition (CVD), and Atomic Layer Deposition (ALD), each with distinct advantages [3][4] Market Dynamics - The global semiconductor equipment market is expected to reach $117.1 billion in 2024, with a 10% year-on-year growth, driven by the demand for advanced processes and packaging [5][6] - The Chinese semiconductor equipment market is projected to grow by 35% year-on-year, reaching $49.55 billion in 2024, solidifying its position as the largest market globally [5][6] Competitive Landscape - The competitive structure of the thin film deposition equipment industry in China is tiered, with international giants dominating high-end markets, while domestic leaders focus on replacing imports and niche markets [8][9] - Key domestic players include North Huachuang, Tuojing Technology, and Zhongwei Company, which are making significant strides in various segments of the market [8][9] Company Performance - Major companies in the thin film deposition equipment sector are experiencing strong revenue growth, with Tuojing Technology leading with over 54% growth, while North Huachuang maintains a stable profit margin of around 42% [9][10] - The overall domestic market still has a low localization rate of under 25%, but companies are progressively building a more robust domestic ecosystem [8][9] Future Trends - The industry is expected to focus on technological advancements, ecological improvements, and expanding application scenarios, particularly in semiconductor manufacturing and emerging high-end manufacturing fields [10][11][12] - The shift towards a comprehensive ecosystem involving equipment, materials, and components is anticipated, supported by government policies and market demands [11][12]

Core Insights - The overall performance of companies listed on the Sci-Tech Innovation Board (STAR Market) has shown a strong rebound in the first three quarters, with a significant year-on-year net profit growth of 75% in Q3 [2] - The focus on "hard technology" has led to increased R&D investments, particularly in key industries such as integrated circuits, artificial intelligence, and biomedicine, contributing to the foundation for high-level technological self-reliance [2] Performance Overview - In the first three quarters, STAR Market companies achieved a total revenue of 1.11 trillion yuan, a year-on-year increase of 7.9%, and a net profit of 49.268 billion yuan, up 8.9% [2] - Excluding four leading photovoltaic companies, overall revenue and net profit growth rates were 14.6% and 30.6%, respectively, indicating an amplified growth momentum [2] - Over 70% of companies reported revenue growth, and nearly 60% saw net profit increases, with 158 companies experiencing net profit growth exceeding 50% [2] Industry Highlights - The STAR Market's top enterprises and growth-oriented companies complement each other well, with the Sci-Tech 50 Index companies accounting for 46% of revenue and 50% of net profit [3] - The Sci-Tech 100 Index companies demonstrated high growth elasticity, with revenue and net profit increasing by 12% and 134%, respectively, becoming the "vanguard" of performance growth [3] R&D Investment - Total R&D investment by STAR Market companies reached 119.745 billion yuan, 2.4 times the net profit, with a median R&D intensity of 12.4%, leading A-share sectors [4] - The biomedicine sector saw revenue growth of 11% and net profit growth of 48%, driven by the rapid commercialization of innovative drugs [4] - Nine first-class new drugs were approved for market entry during the reporting period, with significant international business development transactions totaling over 13 billion USD [4] Growth of Emerging Companies - 35 unprofitable companies in the Sci-Tech Growth Layer reported a revenue increase of 39% and a significant reduction in net losses by 65% [5] - These companies are focusing on R&D with a median R&D intensity of 44.3%, indicating a promising development trend [5] Competitive Advantages in Key Industries - The integrated circuit industry, crucial for technological self-reliance, saw 121 related companies achieve a revenue growth of 25% and a net profit growth of 67% [6] - Major players like SMIC and Huahong Semiconductor maintained high capacity utilization rates, with record sales revenue [6] - The AI industry has emerged as a new growth pillar, with significant revenue increases across the supply chain, particularly in computing and data transmission sectors [7] Renewable Energy Sector - In the photovoltaic sector, 17 related companies significantly reduced their net losses by 28% [7] - The lithium battery industry experienced a revenue growth of 7% and a net profit of 1.02 billion yuan, marking a return to profitability [7]

20只科创板股大宗交易平台今日发生交易，合计成交8.33亿元。 证券时报·数据宝统计显示，11月13日共有20只科创板股发生大宗交易，合计成交52笔，累计成交量 1158.09万股，成交额合计8.33亿元。 科创板股11月13日大宗交易概况 | 代码 | 简称 | 成交笔 | 大宗交易数量 | 平均成交价格 | | 相对收盘价折溢价 | 大宗交易金额 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 数 | （万股） | （元） | | （%） | （万元） | | 688012 | 中微公 | 6 | 158.56 | 278.52 | -8.24 | | 44162.41 | | | 司 | | | | | | | | 688220 | 翱捷科 | 11 | 163.47 | 75.82 | -12.00 | | 12394.29 | | | 技 | | | | | | | | 688525 | 佰维存 | 2 | 36.66 | 126.34 | -11.48 | | 4631.62 | | | 储 | | | | | | | | 688 ...

| 成交量 | 成交金 | 成交价 | 相对当日收 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 盘折溢价 | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | （%） | | | | | | | | 摩根大通证券（中国）有限 | 中国国际金融股份有限公司 | | 110.00 | 30638.30 | 278.53 | -8.23 | 公司上海银城中路证券营业 | 北京建国门外大街证券营业 | | | | | | 部 | 部 | | | | | | | 中国国际金融股份有限公司 | | 25.16 | 7006.51 | 278.53 | -8.23 | 机构专用 | 北京建国门外大街证券营业 | | | | | | | 部 | | | | | | | 中国国际金融股份有限公司 | | 20.00 | 5570.60 | 278.53 | -8.23 | 机构专用 | 北京建国门外大街证券营业 | | | | | | | 部 | | | | | | 中国国际金融股份有限公司 | 中国国际金融股份有限公司 | | 1 ...

Core Insights - The overall performance of the Sci-Tech Innovation Board (STAR Market) has shown a significant recovery, with a 75% year-on-year increase in net profit for the third quarter, indicating strong resilience and growth quality among "hard tech" companies [1][3]. Financial Performance - In the first three quarters of 2025, STAR Market companies achieved operating revenue of 1,105.01 billion yuan, a year-on-year increase of 7.9%, and net profit of 49.27 billion yuan, up 8.9% [2]. - Excluding four leading photovoltaic companies, the overall revenue and net profit growth rates for the STAR Market were 14.6% and 30.6%, respectively, indicating an amplified growth momentum [2]. Growth Characteristics - Over 70% of companies on the STAR Market reported revenue growth, and nearly 60% saw net profit increases, with 158 companies experiencing net profit growth exceeding 50% [3]. - The STAR 50 Index companies accounted for 46% of the board's revenue and 50% of net profit, while the STAR 100 Index companies demonstrated high growth elasticity, with revenue and net profit increasing by 12% and 134%, respectively [3]. R&D Investment - The total R&D investment of STAR Market companies reached 119.75 billion yuan, which is 2.4 times the net profit, with a median R&D intensity of 12.4%, leading A-shares in R&D efforts [3]. Sector Performance - The integrated circuit industry saw a 25% year-on-year revenue increase and a 67% net profit increase among 121 related companies, with major players like SMIC and Hua Hong maintaining high capacity utilization [5]. - The artificial intelligence (AI) sector emerged as a new growth pillar, with significant revenue increases in various segments, including a nearly 24-fold increase for Cambrian and a 55% increase for Haiguang Information [6]. - The biopharmaceutical sector reported an 11% revenue increase and a 48% net profit increase, driven by the approval of new drugs and accelerated commercialization [7]. Policy Impact - The ongoing "1+6" reform and the establishment of the Sci-Tech Growth Layer have provided targeted support for unprofitable tech companies, with 35 companies in this layer reporting a 39% revenue increase and a significant reduction in net losses [3].

11月13日，中微公司大宗交易成交158.56万股，成交额4.42亿元，占当日总成交额的12.95%，成交价 278.53元，较市场收盘价303.52元折价8.23%。 ...

Core Insights - Huayuan Securities report highlights that Zhongwei Company has strong technical barriers and leads in domestic substitution of core products [1] - The etching equipment sector is projected to have over 4,500 installed CCP etching platforms and nearly 1,200 installed ICP etching platforms by H1 2025 [1] - The global semiconductor equipment market is expected to exceed $100 billion, reaching $109 billion in 2024, with etching equipment accounting for 22% of the market in 2022 [1] Industry Overview - The global semiconductor etching equipment market is forecasted to reach $25.61 billion in 2024, with a CAGR of 7.6% from 2024 to 2029, driven by AI, 5G, and 3D NAND technologies [1] - The domestic market in China is witnessing a rapid increase in the localization rate of semiconductor equipment [1] Comparative Analysis - Comparable companies in the industry, such as ChipSource Micro and Tuojing Technology, have an average valuation of 102.36 times for 2025 [1] - Given Zhongwei Company's leading position in etching equipment, a "buy" rating is maintained [1]

Investment Rating - The report maintains a "Buy" rating for the company, citing its leading technology in core equipment and solid growth foundation through R&D and team development [5][12]. Core Insights - The company is a leader in high-end semiconductor equipment in China, with its core products including plasma etching equipment, MOCVD equipment, and thin film deposition equipment, showcasing strong technical capabilities [6][14]. - The company has a highly educated and international core team, with significant R&D investment, which is expected to drive future growth [7][24]. - The global semiconductor equipment market is projected to exceed $100 billion, with significant growth opportunities in the etching equipment segment driven by advancements in AI, 5G, and 3D NAND technologies [8][60]. Summary by Sections Company Overview - The company focuses on the independent R&D and industrialization of high-end semiconductor equipment, having established a comprehensive equipment system covering integrated circuits and the broader semiconductor industry [18][41]. Market Performance - As of November 2025, the company's stock price is 306.10 yuan, with a total market capitalization of approximately 191.66 billion yuan [3][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 4.961 billion yuan, a year-on-year increase of 43.88%, with net profit attributable to shareholders reaching 706 million yuan, up 36.62% [31][38]. - The company’s R&D expenses reached 1.116 billion yuan in the first half of 2025, reflecting a significant increase of 96.65% year-on-year [31][35]. Growth Projections - The company is expected to achieve net profits of 2.325 billion yuan, 3.144 billion yuan, and 4.221 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 43.90%, 35.23%, and 34.27% [9][12]. Competitive Position - The company has established a strong competitive position in the etching equipment market, with over 4,500 installed units of CCP etching equipment and nearly 1,200 units of ICP etching equipment as of mid-2025 [6][44]. - The company is also a leading supplier of MOCVD equipment for GaN-based applications, with significant market share in the high-end Mini-LED display epitaxial wafer market [6][52]. Industry Outlook - The global semiconductor equipment market is expected to reach $123.1 billion by 2025, with the etching equipment segment projected to grow at a CAGR of 7.6% from 2024 to 2029 [60][67]. - The domestic market in China is rapidly increasing its localization rate for semiconductor equipment, providing substantial growth opportunities for the company [8][67].