Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index (000698) increased by 0.28%, with notable gains in constituent stocks such as Gotion High-Tech (688390) up 10.44%, and ZK Measurement (688361) up 7.59% [1] - The China Passenger Car Association projected a 25% growth in the sales of new energy passenger vehicles in China for 2025, with December 2022 showing a 4% year-on-year increase in wholesale figures [1] - Prices for memory chips are on the rise, with Samsung and SK Hynix announcing price increases of 60%-70% for DRAM products in Q1 2023 compared to Q4 2022 [1] Group 2 - The Huaxia Sci-Tech 100 ETF (588800) is the first and only mid-cap index tracking the Sci-Tech 100 Index, focusing on high-growth sectors including semiconductors, pharmaceuticals, and new energy [2] - The semiconductor equipment sector is expected to experience a significant expansion cycle starting in 2026, with industry-wide order growth potentially exceeding 30% and possibly reaching over 50% [1]

证券研究报告 AI驱动新成长，自主可控大时代 ——2026年半导体设备行业策略报告 行业评级：看好 2026年1月4日 | 分析师 | 邱世梁 | 王华君 | 王一帆 | | --- | --- | --- | --- | | 邮箱 | qiushiliang@stocke.com.cn | wanghuajun@stocke.com.cn | wangyifan01@stocke.com.cn | | 证书编号 | S1230520050001 | S1230520080005 | S1230523120007 | 半导体设备：AI驱动新成长，自主可控大时代 ◼ 2025行业复盘：跑赢大盘，持续增长 2025年至今，半导体设备指数显著跑赢大盘，当前估值处于28%分位点。 2025年前道设备营收持续高增长，利润增速结构性放缓；后道设备迎来爆发式增长，净利率显著提升，行业呈现高景气态势。 ◼ 2026行业展望：半导体行业景气度高，先进逻辑存储扩产共振 半导体行业景气度高：AI驱动下，2025年全球半导体市场创历史新高，预计2026年将继续增长9%至7607亿美元。 中国半导体设备市场：国内晶圆厂产能利用率回升扩 ...

Group 1 - The A-share market shows strong performance in the Changxin Storage concept, with stocks like Jingce Electronics rising nearly 13%, Hefei Urban Construction hitting a 10% limit up, and Shenzhen Technology increasing by nearly 8% [1] - Changxin Technology, the first in China and the fourth globally in DRAM manufacturing, has submitted its IPO application to the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan [1] - The prospectus reveals that the company's profits are expected to exceed expectations by the fourth quarter of 2025 [1]

Group 1 - The core focus of the news is the IPO progress of Changxin Technology, which has sparked significant market interest, leading to a rise in multiple semiconductor stocks [1][2] - Changxin Technology's IPO application has been accepted, with plans to issue up to 10.622 billion new shares and raise 29.5 billion yuan, potentially making it the second-largest IPO by fundraising scale since the launch of the Sci-Tech Innovation Board [2][3] - The semiconductor equipment ETF has seen a net inflow of over 100 million yuan over four consecutive trading days, indicating strong investor interest in the sector [1][2] Group 2 - Key stocks in the semiconductor sector, such as Chipone Technology and Yake Technology, opened with gains exceeding 4%, while others like Aisen Co. and Tuojing Technology saw increases over 3% [2] - The semiconductor equipment ETF tracks the CSI Semiconductor Industry Index, which has a high concentration of equipment-related stocks, accounting for nearly 60% of the index [3][7] - The CSI Semiconductor Index has shown a year-to-date increase of 63.92%, with a maximum rise exceeding 80%, outperforming other mainstream semiconductor indices [7]

Core Viewpoint - The company, ChipSource Microelectronics, has shown a significant increase in stock price over the year, despite a recent slight decline in the last five trading days, indicating potential volatility in the semiconductor equipment sector [1][2]. Financial Performance - For the period from January to September 2025, ChipSource reported a revenue of 990 million yuan, reflecting a year-on-year decrease of 10.35% [2]. - The net profit attributable to shareholders was -10.05 million yuan, a significant decline of 109.34% compared to the previous year [2]. Stock Performance - As of December 31, the stock price increased by 79.59% year-to-date, with a recent drop of 0.27% over the last five trading days [1]. - The stock was trading at 149.99 yuan per share, with a market capitalization of 30.242 billion yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 15.37% to 16,000, while the average number of circulating shares per person decreased by 13.17% to 12,633 shares [2]. - The company has distributed a total of 139 million yuan in dividends since its A-share listing, with 86.8945 million yuan distributed over the last three years [3]. Institutional Holdings - Notable changes in institutional holdings include a decrease in shares held by several major funds, such as the Noan Growth Mixed Fund and the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF [3]. - A new shareholder, Yongying Semiconductor Industry Selected Mixed Fund, entered the top ten list of circulating shareholders [3].

Group 1 - A total of 16 stocks received buy ratings from brokerages on December 30, with one stock announcing a target price [1] - Among the stocks with buy ratings, the highest target price indicates a potential increase of 15.3% for Chip Source Microelectronics [1] - In terms of rating adjustments, 9 stocks maintained their ratings while 7 stocks received ratings for the first time [1] Group 2 - The sectors with the highest number of stocks receiving buy ratings include semiconductors and semiconductor production equipment, automotive and automotive parts, and capital goods, each with 3 stocks [1]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 167.18 RMB based on a projected PS of 13 times for 2026 [4]. Core Insights - The company specializes in photoresist coating and developing equipment, with a strong presence in advanced packaging, compound semiconductors, and MEMS industries. It is actively expanding into front-end fields. The company's performance in the first three quarters of 2025 is under pressure due to delays in order acceptance, but a significant backlog of orders is expected to drive a return to high growth [2][3]. - The semiconductor equipment industry remains robust, with substantial domestic substitution opportunities for coating and developing equipment. In 2024, global semiconductor equipment sales reached 117.1 billion USD, with China accounting for 49.5 billion USD, reflecting a 35% year-over-year increase [2][3]. - The company has successfully broken the monopoly of foreign manufacturers in the domestic market for coating and developing equipment, launching multiple product models and securing orders from leading domestic clients [2][3]. Summary by Sections Section 1: Domestic Leader in Coating and Developing Equipment - The company has over 20 years of experience in semiconductor equipment, focusing on the development, production, and sales of specialized equipment, including photoresist coating and developing machines. Its product range has expanded to cover various sectors, including front-end wafer processing and advanced packaging [14][16]. Section 2: Accelerating Domestic Substitution and Market Demand Recovery - The semiconductor market is experiencing rapid growth, driven by high demand for advanced technologies. The company's products are essential in the photolithography process, and the demand for photolithography machines is expected to boost the development of coating and developing equipment [33][34]. - The domestic semiconductor equipment market is growing significantly, with a notable increase in market share from 13% in 2015 to 42% in 2024. This growth is attributed to the rise of domestic wafer fabrication plants and the demand for domestic substitution of various semiconductor equipment [60][61]. Section 3: Product Platform Development and Competitive Advantage - The company is actively enriching its product lines, including physical/chemical cleaning, temporary bonding machines, and advanced packaging products, to create new growth opportunities. The acquisition by Northern Huachuang is expected to enhance the company's R&D capabilities and optimize supply chain management [3][67]. - The company has a strong focus on R&D, with a research expense ratio that exceeds industry averages, indicating a commitment to innovation and product development [75]. Section 4: Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 0.5 million RMB, 2.3 million RMB, and 5.1 million RMB for the years 2025 to 2027, respectively. The current PS valuations are 16, 11, and 8 times for the respective years, with a target PS of 13 times for 2026 [4].

芯源微围绕前道涂胶显影、前道单片清洗、后道先进封装三大主赛道。新一代架构涂胶显影机26 年可 在客户端看到整体表现；化学清洗瞄准超临界和高温硫酸两款高端机台实现卡位；高端封装设备聚焦热 压键合技术。 在控股股东北方华创的赋能下，公司有望实现业绩高速增长。 涂胶显影：公司目前系国内唯一可提供量产型前道涂胶显影机的厂商，产品涵盖offline、I-line、KrF、 ArF 浸没式等多种工艺类型。新一代超高产能涂胶显影机架构FT Alkaid 具有高产能、高稳定性、高可 靠性、高度集成化和智能化等多项核心优势，机台采用六层对称架构，中间布局高效的晶圆传输模组作 为连接枢纽，并设计高效冷盘塔连接模块，在调度上应用多层并行进片回片模式，可匹配未来更先进的 光刻机产能提升需求。该机型有望明年在客户端看到整体表现。 单片清洗：前道物理清洗设备已达到国际先进水平，成功实现国产替代。 前道化学清洗设备聚焦先进制程，持续推进高温硫酸、超临界等高端机台的验证及产业化，前三季度签 单同比数倍增长。芯源微已成为国内首个通过高温硫酸清洗工艺验证并获得重复订单的企业，超临界机 台已陆续向多家客户发出样机开展工艺验证。战略性新产品前道化学 ...

圣晖集成、创元科技均3连板，德明利、北京君正、芯源微、汇成股份、华虹公司等涨幅居前。 (本文来自第一财经) ...

Group 1 - The core point of the news highlights the strong performance of semiconductor-related stocks, driven by ByteDance's planned capital expenditure of 160 billion RMB (approximately 23 billion USD) for 2026, with half allocated for advanced semiconductor procurement to develop AI models and applications [1] - NVIDIA, SK Hynix, and Phison Electronics are collaborating to develop AI-specific solid-state drives (SSDs), which are expected to outperform current AI server SSDs by a factor of ten [1] - The liquid cooling market is projected to reach 21.8 billion USD by 2027, driven by increased efficiency and lower power usage effectiveness (PUE) in data centers, with Taiwanese manufacturers currently dominating the supply chain [1] Group 2 - The Semiconductor Equipment and Materials International (SEMI) report forecasts global semiconductor manufacturing equipment sales to reach 133 billion USD in 2025, a 13.7% increase year-over-year, with further growth expected in 2026 and 2027 [2] - Domestic GPU companies are entering a capital expenditure acceleration phase, with companies like Muxi Technology and Moer Thread achieving significant milestones in GPU sales and technology breakthroughs [2] - The domestic supply chain for semiconductor upstream equipment and materials is expected to accelerate, providing opportunities for local suppliers as wafer fabrication plants expand [2] Group 3 - As of December 23, 2025, the semiconductor materials and equipment theme index rose by 1.79%, with the chip equipment ETF (560780) increasing by 1.70% [3] - The top ten weighted stocks in the ETF account for 64.75% of the index, with notable increases in stocks such as Kema Technology and Aisen Co., Ltd. [3] - The chip equipment ETF has seen a significant growth of 1.01 billion RMB in the past three months, indicating strong investor interest [3]