通过天眼查大数据分析，沈阳芯源微电子设备股份有限公司共对外投资了6家企业，参与招投标项目298 次，知识产权方面有商标信息32条，专利信息588条，此外企业还拥有行政许可58个。 来源：金融界 芯源微最新一期业绩显示，截至2024三季报，公司营业总收入11.05亿元、同比减少8.44%，归属净利润 1.08亿元，同比减少51.12%，扣非净利润4004.60万元，同比减少77.97%，流动比率2.690、速动比率 1.379、资产负债率49.59%。 天眼查商业履历信息显示，沈阳芯源微电子设备股份有限公司，成立于2002年，位于沈阳市，是一家以 从事计算机、通信和其他电子设备制造业为主的企业。企业注册资本13782.7011万人民币，实缴资本 6300万人民币。公司法定代表人为宗润福。 芯源微（688037）3月24日主力资金净流入2301.27 万元 金融界消息 截至2025年3月24日收盘，芯源微（688037）报收于103.52元，上涨5.03%，换手率6.05%， 成交量12.17万手，成交金额12.43亿元。 资金流向方面，今日主力资金净流入2301.27万元，占比成交额1.85%。其中，超大单净流 ...

公司代码：688037 公司简称：芯源微 沈阳芯源微电子设备股份有限公司 2025 年第一次临时股东大会会议资料 目 录 | 沈阳芯源微电子设备股份有限公司 2025 | 年第一次临时股东大会会议须知 2 | | --- | --- | | 沈阳芯源微电子设备股份有限公司 2025 | 年第一次临时股东大会会议议程 4 | | 沈阳芯源微电子设备股份有限公司 2025 | 年第一次临时股东大会会议议案 6 | | 一、《关于豁免董事自愿性股份限售承诺的议案》 6 | | | 二、《关于变更注册资本、修订<公司章程>并办理工商变更登记的议案》 8 | | 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、出席会议的股东及股东代理人须在会议召开前 30 分钟到会议现场办理 签到手续，并请按规定出示证券账户卡、身份证明文件或企业营业执照/注册证 书复印件（加盖公章）、授权委托书等，上述登记材料均需提供复印件一份，个 人登记材料复印件须个人签字，法定代表人证明文件复印件须加盖公司公章，经 验证后领取会议资料，方可出席会议。会议开始 ...

Investment Rating - The report suggests a positive outlook for the electronics sector, indicating a moderate recovery in demand and recommending focus on four main investment themes: AIOT, AI-driven innovations, equipment materials, and consumer electronics [5][6]. Core Insights - The upcoming NVIDIA GTC 2025 conference is expected to unveil new AI chip platforms, which could create opportunities in the AI industry chain [5][10]. - North China Huachuang is projected to rank sixth among the top ten global semiconductor equipment suppliers in 2024, with plans to acquire control of ChipSource to enhance its semiconductor equipment capabilities [5][12]. - The electronics industry is currently experiencing a mild recovery, with a recommendation to focus on specific sectors such as AIOT and consumer electronics [5][6]. Summary by Sections Industry News - NVIDIA's GTC conference will feature over 1,000 presentations and is expected to introduce the new AI chip platform "Rubin" [10]. - North China Huachuang plans a two-step acquisition of ChipSource to strengthen its semiconductor equipment supply chain [10][12]. - Intel appointed a new CEO, signaling potential strategic shifts within the company [11]. Market Performance - The report notes that the electronics sector underperformed the broader market, with the Shenwan Electronics Index declining by 0.62% compared to a 1.59% increase in the CSI 300 Index [21][23]. - As of March 14, 2025, various sub-sectors within the electronics industry showed mixed performance, with semiconductor stocks declining by 2.11% [21][23]. Investment Recommendations - The report recommends focusing on the following sectors: 1. AIOT, with specific companies like Lexin Technology and Hengxuan Technology [5][6]. 2. AI-driven innovations, particularly in computing chips and optical devices [5][6]. 3. Upstream supply chain replacements, emphasizing domestic alternatives in semiconductor equipment and materials [5][6]. 4. Consumer electronics, which are expected to rebound [5][6].

Investment Rating - The report suggests a positive outlook for the electronics sector, highlighting a moderate recovery in demand and recommending focus on four main investment themes: AIOT, AI-driven technologies, equipment materials, and consumer electronics [5][6]. Core Insights - The upcoming NVIDIA GTC 2025 conference is expected to unveil new AI chip platforms, which could create opportunities in the AI industry chain [5][10]. - North China Huachuang is projected to rank sixth among the top ten global semiconductor equipment suppliers in 2024, indicating significant growth and strategic acquisitions to enhance its supply capabilities [5][12]. - The electronics industry is currently experiencing a mild recovery, with a recommendation to focus on specific sectors that are expected to rebound [5][6]. Summary by Sections Industry News - NVIDIA's GTC conference will feature over 1,000 presentations and 300 live demonstrations, focusing on advancements in semiconductor chips and AI technologies [10]. - North China Huachuang plans to acquire control of ChipSource through a two-step strategy, enhancing its semiconductor equipment capabilities [10][12]. - TSMC reported a 43.1% year-on-year revenue increase in February 2025, with a strong outlook for its 2nm process technology [12]. Market Performance - The report notes that the electronics sector underperformed the broader market, with the Shenzhen 300 index rising by 1.59% while the Shenwan Electronics Index fell by 0.62% [21][23]. - As of March 14, 2025, various sub-sectors within the electronics industry showed mixed performance, with semiconductor equipment down by 4.29% and electronic components up by 6.68% [23][26]. Investment Recommendations - The report recommends focusing on the following sectors for investment: 1. AIOT sector, with companies like Lexin Technology and Hengxuan Technology [5][6]. 2. AI innovation-driven sector, including computing chips and optical devices [5][6]. 3. Upstream supply chain for semiconductor equipment and materials [5][6]. 4. Consumer electronics, which is expected to rebound [5][6].

Group 1 - A total of 203 companies were investigated by institutions in the past five days, with significant interest in companies like Shenzhen South Circuit, Chip Source Micro, and Zoli Pharmaceutical [1] - Among the companies investigated, 46 received attention from more than 20 institutions, with Shenzhen South Circuit being the most popular, attracting 129 institutions [1] - The types of institutions involved in the investigations included 177 securities companies, 148 fund companies, and 85 private equity firms [1] Group 2 - In terms of market performance, 25 stocks among those investigated saw an increase, with Shenghong Technology, Xingtum Control, and Chaohongji leading with gains of 37.70%, 27.75%, and 18.76% respectively [2] - Nine stocks have reported annual results, with the highest net profit growth seen in Wantong Hydraulic and Xingtum Control, at 37.02% and 35.68% respectively [2] - Fourteen stocks have released preliminary reports for 2024, with significant net profit growth reported by Sitwei and Shenghong Technology, at 2651.81% and 72.94% respectively [2]

证券代码：688037 证券简称：芯源微 公告编号：2025-014 截至本公告披露日，沈阳芯源微电子设备股份有限公司（以下简称"公 司"）持股 5%以上股东沈阳先进制造技术产业有限公司（以下简称"先进制造"） 持有公司股份数量 19,064,915 股，占公司总股本的 9.49%。 公司持股 5%以上股东先进制造本次解除质押股份 6,300,000 股，本次解 除质押后，先进制造累计质押公司股份数量为 0 股。 沈阳芯源微电子设备股份有限公司 关于持股 5%以上股东股份解除质押的公告 本公司董事会及全体董事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： 公司近日接到持股 5%以上股东先进制造告知函，获悉其所持有公司股份解 除质押，具体事项如下： | 股东名称 | 沈阳先进制造技术产业有限公司 | | --- | --- | | 是否为控股股东及其一致行动人 | 否 | | 本次解除质押股份数量（股） | 6,300,000 | | 是否为限售股 | 否 | | 占其所持股份比例 | 33.04% | | 占公司总股本比例 | ...

Summary of NAURA Technology (002371.SZ) Conference Call Company and Industry - **Company**: NAURA Technology (002371.SZ) - **Industry**: Semiconductor Equipment Manufacturing Key Points and Arguments 1. **Acquisition of Kingsemi Shares**: NAURA announced the purchase of 9.5% shares of Kingsemi (688037.SS) at Rmb88.48 per share, matching the closing price before trading was halted. Additionally, NAURA intends to acquire another 8.4% from Shenyang Zhongke Tiansheng Automation Technology Co. through the open market. This indicates NAURA's strategy to expand its semiconductor equipment product range through mergers and acquisitions, aligning with China's SOE reforms [1][2][3] 2. **Expansion of Product Coverage**: By acquiring Kingsemi, NAURA aims to broaden its semi-equipment product offerings from etching, film deposition, and cleaning to include coating technologies, enhancing its competitive position in the semiconductor industry [2][3] 3. **Market Performance and Projections**: As of March 10, 2025, NAURA's stock price was Rmb455.96, with a target price set at Rmb495.00, indicating an expected share price return of 8.6% and a total expected return of 8.8% [3][9] 4. **Valuation Methodology**: The target price is based on a price-to-sales (P/S) ratio of approximately 7x for 2025E, reflecting NAURA's strong revenue and order flow from semiconductor equipment, which constitutes over 70% of its business [9] 5. **Risks Identified**: Key risks that could hinder reaching the target price include: - Slower-than-expected semiconductor import replacement trends - Increasing competition among Chinese semiconductor equipment manufacturers - Potential supply shortages of key components leading to gross profit margin erosion [10] Additional Important Content - **Market Capitalization**: NAURA's market capitalization is reported at Rmb243.407 billion (approximately US$33.644 billion) [3] - **Dividend Yield**: The expected dividend yield is noted at 0.2%, contributing to the overall return expectations [3] - **Competitive Landscape**: NAURA is positioned among leading Chinese semiconductor equipment makers, with a diverse product range that includes CMP, oxidation/diffusion, ALD, and more [5][6] This summary encapsulates the essential insights from the conference call regarding NAURA Technology's strategic moves, market positioning, and financial outlook within the semiconductor equipment industry.

具体交易方面，北方华创以88.48元/股的价格受让沈阳先进制造技术产业有限公司持有的芯源微1906.49 万股股份，对应公司9.49%的股份，交易金额达16.87亿元，资金来源为北方华创自有资金。88.48元/股 为芯源微停牌前的收盘价，也就是说此次交易不存在折价，这似乎也表明了北方华创对此次交易的信 心。另外，芯源微另一股东沈阳中科天盛自动化技术有限公司拟转让8.41%股份，北方华创将积极参与 竞买。 如果北方华创竞买8.41%的股份成功，合计将其对芯源微的持股比例将达到17.9%，超越辽宁科发实业 有限公司成为芯源微第一大股东。 这是否达到了北方华创所描述的"计划通过参与公开竞买进一步增持以取得控制权"的标准？ （原标题：财说 | 北方华创拟收购芯源微，17.9%即可控股？） 2025年3月10日晚间，半导体设备龙头企业北方华创（002371.SZ）发布公告称，拟以协议转让方式受让 芯源微（688037.SH）9.49%股份，并计划通过参与公开竞买进一步增持以取得控制权。在证监会鼓励 并购重组的背景下，这也是A股首次出现半导体设备公司之间的并购。受此消息影响，芯源微次日股价 大涨10.19%，而北方华创的 ...

Investment Rating - The semiconductor equipment industry is rated as "Recommended" [2] Core Insights - The acquisition of a 9.49% stake in ChipSource by North Huachuang for 1.687 billion yuan signifies a major step in industry consolidation [1] - The transaction price of 88.48 yuan per share is attractive, with the estimated valuation significantly lower than other domestic competitors [2] - North Huachuang's acquisition is expected to enhance its platform strategy and improve overall competitiveness in the semiconductor equipment sector [2][3] - The entry of industry leaders into ChipSource is likely to accelerate the domestic replacement of Track equipment, which has been slower than market expectations [3] - The acquisition marks the beginning of a wave of mergers and acquisitions in the semiconductor equipment sector, reflecting the government's emphasis on breakthroughs in core technologies [4] Summary by Sections Event Overview - On March 10, North Huachuang and ChipSource announced the transfer of shares, with North Huachuang aiming to gain control over ChipSource through further acquisitions [1] Business Synergy - North Huachuang's main products include etching, thin film deposition, and other core equipment, while ChipSource specializes in Track and bonding equipment, enhancing the overall product offering [2] Industry Dynamics - The acquisition is seen as a response to the government's focus on domestic production capabilities in the semiconductor sector, with expectations of further consolidation among leading companies [4] Investment Recommendations - Beneficiaries in the front-end equipment segment include ChipSource, North Huachuang, and others, while back-end testing equipment and component manufacturers are also highlighted as potential investment opportunities [5]

Group 1: New Energy Vehicle Market - In February, China's new energy vehicle sales reached 686,000 units, a year-on-year increase of 79.7%, with a cumulative retail of 1.43 million units in the first two months, growing by 35.5% [1] - The overall retail sales of passenger cars in February were 1.386 million units, a year-on-year increase of 26.0%, while production was 1.736 million units, up 38.7% year-on-year [1] - The penetration rate of new energy vehicles approached 50% in February, driven by policies promoting vehicle scrappage and trade-in [1] Group 2: Real Estate Market in Shanghai - The second-hand housing market in Shanghai saw a significant increase in transaction volume, with 1,432 units sold on March 8, marking a new high for 2025 [3] - From March 1 to 8, over 7,572 second-hand homes were sold, averaging about 940 units per day, indicating a strong market recovery [3] - The market is characterized by high demand for smaller, affordable units, while the pressure to reduce inventory remains in non-core areas [4] Group 3: Shenzhen Industrial Space Initiative - Shenzhen's state-owned assets committee released 100,000 square meters of industrial space, offering rent-free options for tech companies for up to two years [5] - This initiative aims to attract talent and support technological innovation, providing a conducive environment for startups [6] Group 4: Suzhou Housing Loan Policy - Suzhou introduced a "three lows and one wide" housing loan policy, allowing for a minimum down payment of 15% and monthly payments as low as 100 yuan for the first five years [7][8] - This policy aims to lower the entry barrier for young people and new residents in the housing market, potentially stimulating demand [8] Group 5: Semiconductor Industry Consolidation - North China Innovation plans to acquire control of Chip Source Micro by purchasing shares from its second-largest shareholder, with a total transaction value of approximately 1.687 billion yuan [9] - The acquisition aligns with national policies supporting semiconductor industry consolidation, and if successful, it will enhance competitive capabilities [10] Group 6: JD.com's Retail Expansion - JD.com plans to add 20 new warehouse stores in Tianjin, aiming to enhance its retail footprint and improve delivery efficiency [11] - The company is focusing on integrating warehouse and retail functions to compete effectively in the fresh food market [12] Group 7: Double Success Pharmaceutical Restructuring - Double Success Pharmaceutical announced the termination of its restructuring plan due to failure to reach an agreement on transaction terms, raising concerns about its financial stability [13][14] - The company has faced continuous losses and is at risk of delisting, highlighting the challenges in the pharmaceutical sector [14][15]