智通财经APP讯，中微公司(688012.SH)发布公告，公司收到上海创投出具的《关于股份减持计划的告 知函》，上海创投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1%，即626.15万股。 ...

证券代码：688012 证券简称：中微公司 公告编号：2025-068 中微半导体设备（上海）股份有限公司 大股东大宗交易减持股份计划公告 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： 1 上述减持主体无一致行动人。 上述减持为大宗交易减持。 预披露期间，若公司股票发生停牌情形，实际开始减持的时间根据停牌时间相应顺延 （一）相关股东是否有其他安排 □是 √否 大股东持有的基本情况 截至本公告披露日， 上海创业投资有限公司（以下简称"上海创投"）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 93,483,533 股，占公司总股本的 14.93%。 减持计划的主要内容 公司收到上海创投出具的《关于股份减持计划的告知函》，上海创投计划自 本公告披露之日起 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 1%，即 6,261,453 股。 | 股东名称 | 上海创业投资有限公司 | | | | --- | ...

每经AI快讯，11月30日，中微公司公告，公司持股14.93%的股东上海创投计划通过大宗交易方式减持 公司股票不超过总股本的1%，即626.15万股。 ...

人民财讯11月30日电，中微公司(688012)11月30日公告，公司持股14.93%的股东上海创投计划通过大宗 交易方式减持公司股票不超过总股本的1%，即626.15万股。 ...

Investment Focus - Alphabet (GOOGL US) is expected to maintain good visibility in its advertising business due to the gradual release of its valuation under pressure from AI search, with a projected 30%+ growth in cloud business for the year and margin improvement driven by scale effects [1] - Alibaba (BABA US) is anticipated to see a cloud business growth rate of 28%-30%, benefiting from strong momentum in instant retail, with Taobao expected to achieve a 20-30% MAU growth driven by flash purchase [1] - NVIDIA (NVDA US) is projected to achieve strong revenue growth in FY2027, with GB300 series products expected to account for two-thirds of Blackwell series products, and a revenue target of $500 billion over the next five quarters [1] - Tencent (700 HK) is recommended as a top pick, with a target price of 700, driven by steady growth in core gaming and advertising businesses, and a projected near 20% growth rate in advertising [3] - New Oxygen (SY US) is focusing on the light medical beauty sector with a rapid expansion plan, aiming to open 50 self-operated stores by 2025, supported by a strong marketing capability and low customer acquisition costs [3] - Ctrip (TCOM US) is expected to benefit from steady growth in domestic leisure travel and the recovery of outbound travel, with a projected revenue growth of 14% to 71.1 billion yuan in 2026 [3] - Huazhu (HTHT US) is transitioning to a high-margin franchise model, with a target price of $52, supported by a strong recovery in industry RevPar [4] - Futu (FUTU US) is positioned for long-term growth in the virtual asset business, with a user base of 3.1 million and a current valuation offering a safety margin [4] - AIA (1299 HK) is expected to see steady growth in new business value and operational indicators, with a forward PEV of 1.46x [4] - Dongfang Electric (1072 HK) is actively involved in global power station project contracting, with significant opportunities in the U.S. market due to the demand for power supply capabilities [9]

Market Overview - The three major A-share indices collectively rose, with the Shanghai Composite Index up 0.34% to 3888 points, the Shenzhen Component Index up 0.85%, and the ChiNext Index up 0.7% [1] - The total market turnover was 1.6 trillion yuan, a decrease of 125.4 billion yuan compared to the previous trading day, with over 4100 stocks rising [1] Semiconductor Sector Performance - The semiconductor sector continued to rise, with several ETFs related to semiconductor materials and equipment increasing by over 3% [1] - Specific ETFs such as the Sci-Tech Semiconductor ETF and the Sci-Tech Semiconductor Equipment ETF saw gains of 3.36% and 3.11% respectively [2] Investment Opportunities in Semiconductor Equipment - The Sci-Tech Semiconductor ETF tracks the Sci-Tech Board Semiconductor Materials and Equipment Index, focusing on hard-tech companies in the semiconductor equipment and materials sectors, which are crucial for domestic substitution [5] - The semiconductor equipment ETF closely follows the China Securities Semiconductor Materials and Equipment Index, with 61% in semiconductor equipment and 22% in semiconductor materials, covering key areas like photolithography and etching equipment [5] Growth Projections - A report from DIGITIMES forecasts that global wafer foundry revenue could reach $199.4 billion by 2025, with a year-on-year growth of over 25% and a compound annual growth rate (CAGR) of 14.3% from 2025 to 2030 [6] - Domestic semiconductor equipment demand is strong, with companies like North Huachuang reporting Q3 revenue exceeding 10 billion yuan, a year-on-year growth of 38.31% [7] Capital Expenditure Trends - It is expected that domestic storage manufacturers will contribute significantly to capital expenditures for wafer fabs, driving demand for semiconductor equipment [7] - The capital expenditure forecast for leading internet companies in China and the U.S. is expected to grow rapidly, reaching $430.6 billion in 2025 and $602 billion in 2026, supporting future demand for computing chips [8]

有时甚至会出现"泛半导体全线抬头"的局面，而这些公司的产品表面看起来并不相似。 市场仿佛在借着某一次IPO，对一整条"技术路线"重新定价。我们这项研究做的事情，就是把这个直觉 量化了：没有从"你们是不是同行"入手，而是把目光投向商业逻辑更底层的那一层——专利和技术。 当你的同行——特别是那些在技术底层与你高度相似的同行——成功IPO时，市场给你带来的不仅仅是 压力，可能是一份意想不到的"大礼包"。这就好比你邻居家装修得金碧辉煌，不仅没遮挡你的采光，反 而让你家房子的估值也跟着涨了。 科创板专利大比拼 曾经被问到过："教授，我的死对头公司马上要上市了，融资几个亿，我们公司要被'卷'死了吗？"在传 统的商业逻辑里，这确实是个坏消息。在那个"零和博弈"的旧世界，竞争对手的IPO往往意味着他们有 了更多的弹药来打价格战、抢夺市场份额，你的生存空间会被挤压，股价自然承压，这就是我们在教科 书里讲了几十年的"竞争效应"或"替代效应"。理由很简单：同一个行业里多了一只新股，资金要重新分 配，竞争要重新定价，投资者往往会给老股一点折价。不少实证研究也验证了这一点——只要你和新股 属于同一行业、产品高度相似，股价在对方上市前后 ...

Group 1 - The semiconductor sector showed strength on November 28, 2025, with the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index rising by 1.22% [1] - Key stocks such as Jinghe Integrated rose by 11.32%, Tuojing Technology by 6.55%, and Tianyue Advanced by 6.13% [1] - The Chinese semiconductor industry is expected to see the chip design sector exceed 1 trillion yuan by 2030, indicating strong long-term growth potential [1] Group 2 - Dongguan Securities forecasts that artificial intelligence will remain the main innovation line in the technology sector through 2026, benefiting multiple segments including computing power, storage, equipment, and advanced packaging [1] - The top ten weighted stocks in the Sci-Tech Innovation Board Chip Index account for 60.55% of the index, with major companies including Haiguang Information, Cambricon, and SMIC [1] Group 3 - The Sci-Tech Chip ETF (588200) tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index, providing a convenient tool for investing in the chip sector [2] - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF Linked Fund (017470) [3]

Core Viewpoint - The leading chip ETF (159801) opened with a gain of 0.74%, indicating positive market sentiment towards semiconductor stocks [1] Group 1: ETF Performance - The chip ETF (159801) opened at 0.818 yuan, reflecting a 0.74% increase [1] - Since its establishment on January 20, 2020, the fund has achieved a return of 62.42% [1] - The fund has experienced a decline of 11.45% over the past month [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - Cambrian (寒武纪) up 3.45% - SMIC (中芯国际) up 0.97% - Haiguang Information (海光信息) up 1.57% - Northern Huachuang (北方华创) up 0.28% - Lattice Semiconductor (澜起科技) up 0.93% - Zhaoyi Innovation (兆易创新) up 1.21% - Zhongwei Company (中微公司) up 0.53% - OmniVision (豪威集团) up 0.30% - Changdian Technology (长电科技) up 0.14% - Unisoc (紫光国微) down 0.26% [1]

Group 1 - The semiconductor equipment ETF (561980) opened high on November 27, with a mid-day increase of over 3%, and several component stocks such as Haiguang Information rising over 8% [1] - The domestic GPU "unicorn" Muxi Co., Ltd. is set to launch its IPO on December 5, aiming to raise 3.904 billion yuan for the development and industrialization of new high-performance general-purpose GPUs [1] - The IPO process for Muxi took 117 days from acceptance to approval, only 29 days longer than that of Moer Thread, which opened for subscription on November 24, attracting 4.8266 million retail investors [1] Group 2 - Guotai Junan pointed out that the listing of Muxi on the Sci-Tech Innovation Board marks a significant step for domestic high-end chips in terms of capital and marketization [1] - The current iteration of advanced process technology in China is expected to lead to a gradual shift of AI chips towards domestic wafer foundries, with full domestic production in packaging and testing [1] - Core assets like SMIC, which are positioned in advanced processes, are anticipated to benefit from the vast domestic market opportunities in the AI era [1] Group 3 - The semiconductor equipment ETF (561980) tracks the CSI Semiconductor Index, with the top five holdings being Zhongwei Company (15.49%), Northern Huachuang (13.57%), Cambricon (11.09%), SMIC (9.06%), and Haiguang Information (8.03%), indicating a concentration of over 57% in these leading firms [2] - The index's component stocks are primarily leaders in semiconductor equipment, materials, and integrated circuit design, with over 90% of the index representing critical segments of domestic innovation [3]