Corporate Announcements - Helen Piano's actual controllers are planning a change in control, leading to a suspension of trading starting July 18, 2025, for up to 2 trading days [3] - Tiger Med is selling 95.09% of its stake in Lixin Pharmaceutical to Charoen Pokphand Group for approximately $34.11 million [4] - Stik's wholly-owned subsidiary plans to invest about 509 million yuan in expanding high-end functional film production [5] - Oriental Yuhong's wholly-owned subsidiaries intend to acquire 100% of Chile's Construmart for approximately $123 million, which operates around 31 building material supermarkets [6] Performance Reports - Hangzhou Bank reported a net profit of 11.662 billion yuan for the first half of 2025, a year-on-year increase of 16.67% [8] - Tuojing Technology expects a net profit increase of 101% to 108% for Q2 2025, with revenue projected between 1.21 billion to 1.26 billion yuan [9] - Microchip Biotech anticipates a net profit of 30.06 million yuan for H1 2025, reversing a loss from the previous year, driven by increased sales of specific products [10] - Zhongwei Company expects a net profit increase of 31.61% to 41.28% for H1 2025, with revenue around 4.961 billion yuan [12] - Qianyuan Power reported a net profit of 12.7 million yuan for H1 2025, a decrease of 4.54% year-on-year [13] - Xiamen Tungsten's net profit for H1 2025 was 972 million yuan, down 4.41% year-on-year, attributed to the absence of significant investment gains from the previous year [14] Major Contracts - State Grid Information Technology announced winning contracts totaling 966 million yuan from the State Grid Corporation for equipment procurement [16] - Beizhi Technology signed a contract worth 164 million yuan with Jushi Group for equipment procurement [17] - Mould Technology received a project letter for exterior parts from a luxury car client, with expected total sales of 2.044 billion yuan over five years [18] Shareholder Actions - Huasheng Lithium Battery's shareholder plans to reduce holdings by up to 2.24% of the company's total shares [20] - Hongta Securities intends to repurchase shares worth 100 million to 200 million yuan at a price not exceeding 12.76 yuan per share [22]

Core Viewpoint - Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd. continues to experience rapid revenue growth, with a projected revenue of approximately 2.787 billion yuan for Q2 2025, representing a year-on-year increase of about 51.26% [1] Financial Performance - The company expects a total revenue of approximately 4.961 billion yuan for the first half of 2025, reflecting a year-on-year growth of about 43.88% [1] - The projected net profit attributable to the parent company for the first half of 2025 is between 680 million yuan and 730 million yuan, an increase of 31.61% to 41.28% year-on-year [1] - The net profit excluding non-recurring gains and losses is expected to be between 510 million yuan and 560 million yuan, showing a year-on-year increase of 5.54% to 15.89% [2] Research and Development - The company has accelerated its R&D efforts, with R&D expenditures for the first half of 2025 estimated at approximately 1.492 billion yuan, an increase of about 53.70% year-on-year [1] - R&D spending accounts for approximately 30.07% of the company's revenue, significantly higher than the average R&D investment level of 10% to 15% for companies listed on the Sci-Tech Innovation Board [1] - The company is currently developing over twenty new equipment models across six major categories, with a notable reduction in the time required to develop competitive new equipment from three to five years to two years or less [1] Revenue Growth Drivers - The revenue from etching equipment is expected to grow by approximately 40.12%, reaching 3.781 billion yuan, driven by significant increases in the shipment of new products and the large-scale production of various key etching processes in advanced logic and memory devices [1] - The company emphasizes innovation, product differentiation, and intellectual property protection, aligning its development with leading semiconductor clients [1]

[Performance Forecast Overview](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts significant H1 2025 performance growth, with revenue increasing by approximately **43.88%** to **4.961 billion CNY**, and net profit attributable to shareholders growing **31.61% to 41.28%** to **680-730 million CNY** Key Performance Indicators Forecast for H1 2025 | Indicator | Estimated Amount/Range (CNY) | YoY Growth Rate | | :--- | :--- | :--- | | **Operating Revenue** | Approx. 4.961 billion | Approx. 43.88% | | **Net Profit Attributable to Shareholders** | 680 million - 730 million | 31.61% - 41.28% | | **Non-GAAP Net Profit Attributable to Shareholders** | 510 million - 560 million | 5.54% - 15.89% | H1 2024 Performance Review | Indicator | Amount (CNY) | | :--- | :--- | | **Operating Revenue** | 3.448 billion | | **Net Profit Attributable to Shareholders** | 517 million | | **Non-GAAP Net Profit Attributable to Shareholders** | 483 million | - This performance forecast represents preliminary estimates by the finance department and has not been audited by a certified public accountant[6](index=6&type=chunk) [Analysis of Performance Changes](index=2&type=section&id=III.%20Key%20Reasons%20for%20Performance%20Changes%20in%20Current%20Period) Performance growth is primarily driven by strong core business, especially significant revenue increases from etching and LPCVD thin-film equipment, alongside substantial R&D investment and positive fair value changes [Revenue Growth Drivers](index=2&type=section&id=3.1%20Revenue%20Growth%20Drivers) H1 2025 Revenue Growth by Business Segment | Business Segment | Revenue (CNY) | YoY Growth Rate | | :--- | :--- | :--- | | **Total Operating Revenue** | Approx. 4.961 billion | Approx. 43.88% | | **Etching Equipment** | Approx. 3.781 billion | Approx. 40.12% | | **LPCVD Thin-Film Equipment** | Approx. 199 million | Approx. 608.19% | - Revenue growth is primarily due to a significant increase in shipments of high-end products for advanced logic and memory device manufacturing, achieving large-scale mass production in various critical etching processes[8](index=8&type=chunk) [Profit Change Drivers](index=3&type=section&id=3.2%20Profit%20Change%20Drivers) - A **43.88%** increase in operating revenue led to a gross profit increase of approximately **552 million CNY**, serving as the primary source of profit growth[9](index=9&type=chunk)[10](index=10&type=chunk) - Fair value change gains and investment income from external equity investments totaled approximately **172 million CNY**, an increase of about **180 million CNY** compared to a **8 million CNY** loss in the same period last year, significantly boosting profit[9](index=9&type=chunk) - The growth rate of non-GAAP net profit attributable to shareholders (**5.54%-15.89%**) is significantly lower than that of net profit attributable to shareholders (**31.61%-41.28%**), primarily because a substantial increase in R&D expenses (**+549 million CNY**) eroded part of the operating gross profit growth (**+552 million CNY**)[10](index=10&type=chunk) [R&D Investment and Product Innovation](index=1&type=section&id=3.3%20R%26D%20Investment%20and%20Product%20Innovation) H1 2025 R&D Investment Overview | Indicator | Amount (CNY) | YoY Growth | % of Revenue | | :--- | :--- | :--- | :--- | | **R&D Investment** | Approx. 1.492 billion | Approx. 53.70% | Approx. 30.07% | | **R&D Expenses** | 1.116 billion | Approx. 96.65% | - | - The company's R&D investment as a percentage of revenue (**approx. 30.07%**) is significantly higher than the average of **10%-15%** for STAR Market listed companies[2](index=2&type=chunk)[9](index=9&type=chunk) - The company's R&D projects cover six major categories and over twenty new equipment models, with new product development cycles significantly accelerated from three to five years to two years or less[2](index=2&type=chunk)[8](index=8&type=chunk) [Risk Warning and Other Disclosures](index=3&type=section&id=IV.%20Risk%20Warning) The company states there are no significant uncertainties affecting the accuracy of this performance forecast, reminding investors that disclosed data are preliminary and final financial figures will be based on the official H1 2025 report - The company confirms no significant uncertainties exist that would affect the accuracy of this performance forecast[11](index=11&type=chunk) - The final accurate financial data will be based on the company's officially disclosed H1 2025 semi-annual report, advising investors to be aware of investment risks[12](index=12&type=chunk)

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 3.1% during trading, with a transaction volume of 9.55 billion yuan [3] - As of July 15, the Sci-Tech Chip ETF's latest scale reached 30.492 billion yuan, marking a six-month high and ranking first among comparable funds [3] - The ETF's latest share count reached 20.104 billion shares, also a six-month high, ranking first among comparable funds [3] - Over the past six days, the ETF has seen continuous net inflows, with a maximum single-day net inflow of 761 million yuan, totaling 2.273 billion yuan [3] - The leveraged funds continue to invest, with a net financing amount of 30.2579 million yuan this month and a latest financing balance of 1.844 billion yuan [3] - The ETF's net value has increased by 57.25% over the past year, ranking first among comparable funds, and it is in the top 5.33% of index stock funds [3] - Since its inception, the ETF's highest monthly return was 25.18%, with the longest consecutive monthly gains being four months and a maximum increase of 36.01% [3] Group 2: Semiconductor Industry Outlook - Tianfeng Securities predicts a continued optimistic growth trajectory for the global semiconductor industry in 2025, driven by AI and downstream growth [4] - Policy support is expected to enhance the domestic semiconductor industry chain through horizontal category expansion and vertical technological complementarity, accelerating industry concentration and competitiveness [4] - The top ten weighted stocks in the Sci-Tech Board Chip Index as of June 30, 2025, include SMIC, Haiguang Information, Cambricon, and others, collectively accounting for 57.76% of the index [4] Group 3: Stock Performance - The top ten stocks in the Sci-Tech Chip Index show varying performance, with SMIC at -0.11% and Cambricon at +6.24%, indicating a diverse range of stock movements [6] - Investors without stock accounts can access investment opportunities in domestic chips through the Sci-Tech Chip ETF linked fund (017470) [6]

Investment Rating - The report maintains a "Buy" rating for AMEC, indicating a positive outlook for the company's performance in the semiconductor industry [1][7][10]. Core Insights - AMEC is experiencing solid order growth driven by clients' capacity expansion and increasing adoption of domestic equipment in China. The company is actively expanding its product offerings, which include deposition, etch, and metrology & inspection tools [1][6]. - Management projects a revenue growth of over 30% year-on-year, supported by strong bookings from both memory and logic customers. The local supply ratio for advanced technologies is expected to grow significantly [6][7]. - The company is accelerating its R&D cycle for new products, reducing the development time from 2-3 years to 1.5-2 years, which is attributed to improved design processes and increased client collaboration [6][7]. Revenue and Orders Outlook - AMEC's management is optimistic about achieving over 30% year-on-year revenue growth, with a strong operational performance in the first half of the year and a solid outlook for the second half [6]. - The company anticipates continued growth from the increasing adoption of local equipment by Chinese customers, with significant room for growth in the local supply ratio, especially in advanced technologies [6]. Product Expansion - AMEC plans to enhance its product coverage in deposition tools to approximately 80% by 2026, up from around 30% currently. The company has begun generating revenues from its WU series deposition products in 2024 [6][7]. - The company is also developing next-generation etching tools and expanding into metrology and inspection tools, including the launch of a Critical Dimension Scanning Electron Microscope (CDSEM) [6][7]. R&D Process Acceleration - The new product development cycle has been shortened to 1.5-2 years, compared to the previous 2-3 years. This improvement is due to platform product design, increased client trust, and the integration of AI technology in simulations [6][7]. Valuation and Price Target - The 12-month target price for AMEC is set at Rmb275, based on a P/E ratio of 29x for 2029 estimates, reflecting an attractive valuation as the company trades below its historical average [8][10]. - The report indicates a potential upside of 52.3% from the current price of Rmb180.58 [10]. Financial Projections - Revenue projections for AMEC are as follows: Rmb9,065.2 million for 2024, Rmb12,590.1 million for 2025, Rmb16,330.5 million for 2026, and Rmb20,477.2 million for 2027 [10]. - EBITDA is projected to grow from Rmb1,560.9 million in 2024 to Rmb6,244.6 million by 2027 [10]. Conclusion - AMEC is positioned to benefit from the ongoing expansion of the semiconductor industry in China, with a strong focus on product development and local market penetration, making it a compelling investment opportunity [1][7][10].

Group 1 - The average stock price of the Sci-Tech Innovation Board is 30.90 yuan, with 41 stocks priced over 100 yuan, and the highest priced stock is Cambrian Technology at 553.98 yuan, which increased by 5.82% [1][2] - Among the stocks priced over 100 yuan, 402 stocks rose today while 175 stocks fell, with an average increase of 1.81% for the hundred-yuan stocks [1][2] - The average premium of the hundred-yuan stocks relative to their issue price is 328.22%, with notable premiums from companies like Anji Technology (1073.59%), Baile Tianheng (1038.66%), and Hotgen Biotech (897.09%) [1][2] Group 2 - The net inflow of main funds for hundred-yuan stocks today totaled 834 million yuan, with significant inflows into Cambrian Technology (436.09 million yuan), Haiguang Information (162.74 million yuan), and Zhongwei Company (81.32 million yuan) [2] - The total margin financing balance for hundred-yuan stocks is 26.065 billion yuan, with leading balances from Haiguang Information (3.579 billion yuan), Cambrian Technology (3.497 billion yuan), and Zhongwei Company (2.706 billion yuan) [2] - The stocks with the highest trading volume and price changes include Cambrian Technology, Huatai Medical, and Maolai Optics, with respective closing prices of 553.98 yuan, 295.00 yuan, and 281.59 yuan [2][3]

Core Viewpoint - Dr. Yin Zhiyao, Chairman and General Manager of Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd., has been recognized as one of the "50 Best CEOs in China" by Forbes China for the third time, highlighting his leadership and contributions to the semiconductor industry [1][2][4]. Company Overview - Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd. (stock code: 688012) focuses on providing advanced processing equipment and technology solutions for global integrated circuit and LED chip manufacturers [6]. - The company has developed a range of plasma etching equipment, including CCP high-energy plasma and ICP low-energy plasma etching technologies, covering most etching applications from 65nm to 5nm and beyond [6]. - In the past decade, Zhongwei has made significant advancements in various conductor and semiconductor chemical film equipment, such as MOCVD, LPCVD, ALD, and EPI devices [6]. - The MOCVD equipment developed for LED and power device epitaxial wafer production has been mass-produced and holds a leading position in the global GaN-based LED MOCVD equipment market [6]. - Zhongwei is also expanding into optical and electron beam measurement equipment, developing various semiconductor micro-processing devices essential for manufacturing micro and nano-scale components [6]. Leadership and Achievements - Dr. Yin Zhiyao has received numerous prestigious awards, including the "Baiyulan Memorial Award" and "Global Semiconductor Industry Star," reflecting his exceptional leadership and industry contributions [4]. - Under Dr. Yin's leadership since the company's establishment in 2004, Zhongwei has aimed at the forefront of global technology, achieving international leading levels in technical capabilities through continuous innovation and operational excellence [3].

Core Viewpoint - The MOCVD (Metal-Organic Chemical Vapor Deposition) technology is crucial for the production of LED epitaxial wafers, with significant implications for the recovery of valuable metals like gallium and indium from production waste, which are essential for the electronics industry [1][5][7]. MOCVD Equipment Industry Definition - MOCVD is a new type of vapor deposition technology developed from vapor phase epitaxy, utilizing organic compounds and hydrides as growth materials to produce various III-V and II-VI compound semiconductors [2][3]. MOCVD Equipment Industry Development Status - The global MOCVD equipment market is projected to grow, with an estimated 5,150 units in 2024 and a market size of approximately $686 million, increasing to 5,650 units and $709 million in 2025 [5][7]. - In China, the MOCVD equipment market is expected to reach a scale of approximately 2.806 billion yuan in 2024, with a forecasted increase to 2.835 billion yuan in 2025 [7][19]. MOCVD Equipment Industry Chain - The LED industry chain includes substrate processing, LED epitaxial wafer production, chip manufacturing, and device packaging, with MOCVD equipment being a key component in the production of LED epitaxial wafers [9]. MOCVD Equipment Industry Competitive Landscape - The MOCVD equipment industry is characterized by a highly monopolized market, primarily dominated by foreign companies like Veeco and Aixtron, which has limited the healthy development of the industry [13][16]. - Domestic companies such as Zhongwei Semiconductor and Zhongsheng Optoelectronics are emerging as key players, with Zhongwei being recognized as the largest supplier of MOCVD equipment for GaN-based LEDs since 2017 [19][20]. MOCVD Equipment Industry Development Trends - The demand for MOCVD equipment is expected to grow due to advancements in LED technology and its applications in optoelectronic materials and devices, indicating a positive market outlook [24][25].

Group 1: Engineering Machinery - The engineering machinery industry is experiencing a cyclical recovery, with domestic demand showing signs of improvement and export growth driven by emerging markets such as Southeast Asia, Africa, and the Middle East [4][6] - Domestic engineering machinery demand is expected to continue its upward trend, supported by a peak in equipment replacement and increased investment in infrastructure projects, with local government bond issuance rising by 84% year-on-year in the first four months of 2025 [6] - The export value of engineering machinery reached USD 5.152 billion in April 2025, marking a year-on-year increase of 12.7%, with total exports from January to April amounting to USD 18.07 billion, up 9.01% year-on-year [6][8] Group 2: Semiconductor Equipment - The domestic semiconductor equipment industry is poised for expansion, with significant capital expenditure expected for 300mm wafer fabs in China, projected to exceed USD 100 billion from 2025 to 2027 [10][13] - The trend towards self-sufficiency in semiconductor equipment is accelerating, with low domestic localization rates in critical equipment categories, indicating substantial room for import substitution [11][13] - Investment opportunities are highlighted in companies such as Zhongwei Company, Northern Huachuang, and Quick Intelligent [13][25] Group 3: Industrial Mother Machines - The machine tool industry is on an upward cycle due to ongoing domestic substitution and increasing demand for high-end machine tools, with government policies supporting tax incentives and talent development [14][16] - Short-term performance improvements are anticipated as the industry enters a renewal phase [16] Group 4: Traditional Energy Equipment - The traditional energy equipment sector is benefiting from low oil inventories in the U.S. and the upcoming peak consumption season, which is expected to support rising oil prices [17][19] - Geopolitical factors, including U.S.-Iran negotiations and the Russia-Ukraine conflict, are influencing market dynamics [19] - Companies such as Nuwei Co., Xizhuang Co., and Jerry Co. are recommended for investment [19][25] Group 5: New Energy Equipment - The controlled nuclear fusion sector is witnessing increased capital expenditure and technological advancements, with a growing number of startups and active financing in the past five years [20][24] - Significant progress in nuclear fusion technology has been made, with multiple records achieved in plasma operation [24] - Investment opportunities include companies like Hezhuan Intelligent, Xizhuang Co., and Jingda Co. [24][25]

Group 1 - The A-share market's three major indices closed mixed, with the STAR Market 50 Index (STAR 50) down by 0.89% to 983.11 points, with a trading volume of 20.414 billion yuan [1] - The STAR 50 Index has seen a slight increase of 0.03% over the past month, a rise of 5.52% over the past three months, and a year-to-date increase of 0.30% [1] - The STAR 50 Index consists of 50 securities from the STAR Market with high market capitalization and liquidity, reflecting the overall performance of representative STAR enterprises [1] Group 2 - The top ten weighted stocks in the STAR 50 Index include: SMIC (10.33%), Haiguang Information (8.51%), Cambricon (7.57%), Lattice Semiconductor (6.34%), Zhongwei Company (5.39%), United Imaging (4.23%), Kingsoft Office (4.22%), Transsion Holdings (2.35%), Ninebot (2.26%), and Chipone (2.19%) [1] - The STAR 50 Index is entirely composed of stocks listed on the Shanghai Stock Exchange, with a sector breakdown showing 68.83% in Information Technology, 11.80% in Healthcare, 11.66% in Industrials, 4.39% in Consumer Discretionary, 2.66% in Materials, and 0.66% in Consumer Staples [2] - The STAR 50 Index undergoes quarterly adjustments, with changes implemented on the next trading day following the second Friday of March, June, September, and December, with a maximum adjustment of 10% [2]