Core Viewpoint - The article highlights the significant advancements made by domestic semiconductor equipment manufacturers, particularly in the field of thin film deposition equipment, which has reached international leading levels, while acknowledging the existing gap in lithography technology compared to global leaders like ASML [1][4]. Group 1: Breakthrough Direction and Market Dynamics - In 2010, the domestic semiconductor equipment market was dominated by international giants, with over 90% market share, prompting companies like拓荆科技 to focus on PECVD equipment as a breakthrough point due to its large market scale [3][4]. - The push for domestic substitution policies has led to unprecedented support for local semiconductor equipment suppliers, with expectations for domestic wafer production capacity to double by 2027 [4][5]. - The ongoing geopolitical tensions have accelerated the push for domestic semiconductor equipment localization, benefiting the equipment sector in the medium to long term [5][6]. Group 2: Technological Advancements and Milestones - In 2011,拓荆科技 produced its first 12-inch PECVD equipment, marking a significant milestone in China's semiconductor equipment development [6][8]. - By 2015, the PF-300T PECVD equipment had achieved over 10,000 wafers processed at中芯国际, validating the reliability of domestic equipment for large-scale production [8][9]. - The company has successfully developed a comprehensive technology system covering PECVD, ALD, and SACVD, with a strong focus on R&D, resulting in over 1,200 patents filed [12][13]. Group 3: Industry Ecosystem and Collaboration - The collaboration between various entities, including national research institutions and leading semiconductor manufacturers, has been crucial for the success of domestic equipment suppliers like拓荆科技 [27][28]. - The domestic semiconductor equipment industry has seen a significant increase in localization rates, projected to reach 50% by 2025-2026, compared to less than 5% in 2010 [28][29]. - The competitive landscape among domestic manufacturers is robust, with companies like北方华创 and中微公司 also making strides in different technology routes [29][30]. Group 4: Market Trends and Future Outlook - The global semiconductor equipment market is expected to grow significantly, with the thin film deposition equipment market projected to reach $34 billion by 2025, driven by advancements in storage chips and packaging technologies [30][31]. - The rise of three-dimensional integration technologies is anticipated to create new revenue streams for companies like拓荆科技, with a projected market size of nearly 30 billion yuan in the next five years [31].

Group 1 - The average stock price of the Sci-Tech Innovation Board is 30.66 yuan, with 38 stocks priced over 100 yuan, and the highest priced stock is Cambricon at 547.47 yuan [1][2] - Among the stocks priced over 100 yuan, 126 stocks increased in price today, while 456 stocks decreased, with an average increase of 0.47% for the hundred-yuan stocks [1][2] - The average premium of the hundred-yuan stocks relative to their issue price is 342.63%, with the highest premiums from Baili Tianheng, Anji Technology, and Hotgen Biotech at 1143.52%, 1134.82%, and 938.74% respectively [1][2] Group 2 - The net outflow of main funds from the hundred-yuan stocks today totaled 3.56 billion yuan, with the highest net inflows from Hotgen Biotech, Zhongwei Company, and Chip Source at 7962.57 million yuan, 6166.17 million yuan, and 4054.76 million yuan respectively [2] - The total margin balance for the hundred-yuan stocks is 262.17 billion yuan, with the highest margin balances held by Cambricon, Haiguang Information, and Zhongwei Company at 43.37 billion yuan, 36.53 billion yuan, and 27.35 billion yuan respectively [2] - The hundred-yuan stocks are concentrated in the electronics, pharmaceutical biology, and computer industries, with 20, 8, and 5 stocks respectively [1][2]

Core Insights - The semiconductor CVD equipment is a critical component in the semiconductor industry, directly influencing chip performance, yield, and manufacturing costs [1][17] - The market for semiconductor CVD equipment in China is projected to grow from 4.532 billion yuan in 2015 to 52.456 billion yuan by 2024, with a compound annual growth rate (CAGR) of 31.27% [1][17] - The demand for chips is surging due to the rapid rise of technologies such as 5G, IoT, and AI, driving the growth of the semiconductor CVD equipment industry in China [1][17] Industry Overview - Semiconductor equipment is essential for manufacturing semiconductor devices and is a cornerstone of the semiconductor industry [4] - The semiconductor CVD equipment market is categorized into various types, including APCVD, LPCVD, PECVD, ALD, VPE, MOCVD, and HDPCVD, each with distinct characteristics and applications [6][7] - The semiconductor CVD equipment industry is part of a broader supply chain that includes raw materials, manufacturing, and application in semiconductor production [8] Market Dynamics - The global semiconductor equipment sales are expected to reach $117.1 billion in 2024, with a year-on-year growth of 10.16% [11] - The semiconductor CVD equipment market is expected to account for approximately 75% of the overall thin film deposition equipment market, with PECVD being the largest segment [14][12] - China is projected to become the largest semiconductor equipment market globally, with sales expected to reach 353.236 billion yuan in 2024, reflecting a year-on-year growth of 36.96% [16] Competitive Landscape - The global semiconductor CVD equipment market is dominated by major players such as AMAT, LAM, and TEL, which collectively hold over 80% market share [20] - Domestic companies like Tuojing Technology, North Huachuang, and Micro Nano are emerging as key competitors in the CVD equipment market, focusing on innovation and market expansion [22][20] - The competition in the semiconductor CVD equipment industry is characterized by both international and local players, with a trend towards diversification and localized production [22] Future Trends - The semiconductor CVD equipment industry is expected to accelerate technological upgrades to meet advanced process requirements, particularly as chip manufacturing moves towards 3nm nodes [30] - There is a growing demand for CVD equipment across diverse applications, including third-generation semiconductors and advanced packaging technologies [31] - Domestic manufacturers are likely to increase their market share through localized production and collaboration with wafer fabs and material suppliers, enhancing the overall competitiveness of the industry [32]

Core Viewpoint - The article highlights the transformation of Shenyang, a city in Liaoning Province, from a traditional industrial base to a hub for semiconductor equipment manufacturing, showcasing the growth of local companies in this sector and their contributions to China's semiconductor industry [1]. Group 1: Industry Development - Shenyang has evolved from a steel manufacturing center to a significant player in the semiconductor equipment industry, with local companies like TuoJing Technology, XinYuan Micro, and FuChuang Precision leading the way [1][12]. - By May 2025, Liaoning Province had 84 listed companies, with over half being high-tech enterprises, indicating a strong focus on technological advancement [1]. - The semiconductor equipment industry in Liaoning has seen the emergence of a cluster of companies that have broken overseas monopolies in various fields, including film deposition and precision components [1][12]. Group 2: Key Companies and Technologies - Key companies in the semiconductor equipment sector include XinYuan Micro, which became the first listed company on the Sci-Tech Innovation Board in Liaoning, and TuoJing Technology, which has developed advanced equipment that meets international standards [14][16]. - The "6+N" industrial development system has been established, with six leading companies supported by numerous ancillary firms, enhancing the overall ecosystem [16]. - The article emphasizes the technological advancements made by these companies, such as XinYuan Micro's unique position as the sole domestic supplier of high-end coating and developing machines [16][22]. Group 3: Policy and Financial Support - The development of the semiconductor industry in Liaoning has been supported by national policies and financial initiatives, including the National Integrated Circuit Industry Investment Fund, which has invested heavily in the sector [22][23]. - The establishment of the Sci-Tech Innovation Board has provided crucial funding and resources for semiconductor companies, enabling them to expand and innovate [23][24]. - Local government initiatives have improved the business environment, facilitating the growth of semiconductor companies through supportive policies and services [28][29]. Group 4: Future Prospects - The article outlines plans for further development in the semiconductor sector, aiming to position Shenyang as a globally competitive integrated circuit equipment manufacturing base [34]. - There is a focus on enhancing the investment ecosystem and attracting more venture capital to support local semiconductor companies [32][33]. - The long-term goal is to replicate the success of the semiconductor industry across other sectors in Liaoning, fostering a broader economic transformation [34].

Core Viewpoint - The emergence of Tuojing Technology marks a significant step towards domestic production in the high-end semiconductor manufacturing sector, particularly in the film deposition equipment market, which has been dominated by international giants [2]. Group 1: Market Overview - The film deposition equipment sector accounts for over 20% of the wafer manufacturing equipment market, with Tuojing Technology capturing approximately 12% of the market share, translating to a revenue of 4.1 billion yuan in a market projected to reach 9.7 billion USD in 2024 [2]. - Tuojing Technology focuses on PECVD, ALD, and Gap Fill technologies, supporting over 100 types of medium film materials required for logic and memory chips [2]. Group 2: Technological Advancements - Chinese companies, represented by Tuojing Technology, are rapidly catching up in terms of process coverage and production equipment performance, achieving levels comparable to international counterparts [3]. - Tuojing Technology has undertaken 11 national major projects and has filed 1,640 patents, with 507 granted, showcasing its commitment to innovation and technology breakthroughs in the semiconductor film deposition field [3]. Group 3: Future Prospects - The company is preparing for future product generations, with 70% of its products being new or advanced process technologies, indicating a strong focus on innovation [4]. - The demand for semiconductor equipment in the three-dimensional integration field is expected to drive Tuojing Technology's growth, with existing orders for wafer-to-wafer hybrid bonding equipment and successful industrial applications of developed detection equipment [3].

Core Viewpoint - The emergence of Tuojing Technology represents a significant step towards domestic production in the monopolized thin film deposition equipment market, which is crucial for high-end semiconductor manufacturing [2][3]. Market Overview - The thin film deposition equipment accounts for over 20% of the wafer manufacturing equipment market, with the Chinese market for this equipment projected to reach approximately $9.7 billion in 2024 [2]. - Tuojing Technology's product market size is estimated at $4.85 billion, with the company generating revenue of 4.1 billion yuan, capturing about 12% market share [2]. Technological Advancements - Tuojing Technology focuses on the research and industrial application of PECVD, ALD, and Gap Fill technologies, supporting over 100 types of medium film materials required for logic and memory chips [2]. - The company has made significant technological breakthroughs, evidenced by its 1,640 patent applications (including PCT) and 507 authorized patents [3]. Future Prospects - The demand for semiconductor equipment in the three-dimensional integration field is expected to drive Tuojing Technology's future growth, with existing orders for wafer-to-wafer hybrid bonding equipment and successful industrial applications of developed detection equipment [3]. - The company is proactively developing technologies for the next two to three generations of products, with 70% of its products being required for new and advanced processes [4].

Core Points - The announcement details the release of share pledges by several shareholders of Tuojing Technology Co., Ltd. on June 20, 2025 [1] - The total number of shares released from pledge amounts to 11,691,407 shares, which represents 55.25% of the shares held by the pledging shareholders and 4.18% of the company's total share capital [1][3] - The shareholders involved in the pledge release are employee stock ownership platforms, indicating a strategic financial maneuver to manage funding [1][3] Shareholder Details - Shareholder "芯鑫和" released 900,000 shares, which is 29.75% of its holdings, leaving 2,025,843 shares pledged [1] - Shareholder "芯鑫全" released 1,292,547 shares, representing 42.74% of its holdings, with 1,632,339 shares remaining pledged [1] - Shareholder "芯鑫龙" released 1,462,306 shares, accounting for 48.36% of its holdings, with the same amount remaining pledged [1] Pledge Status - The total remaining pledged shares by the employee stock ownership platforms is 8,774,711 shares, which is 34.89% of their total holdings and 3.14% of the company's total share capital [3] - The unpledged shares amount to 16,374,805 shares, representing 65.11% of the total shares held by these shareholders and 5.85% of the company's total share capital [3] - The announcement emphasizes that any significant changes in the pledge status will be disclosed in a timely manner [3]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a favorable investment outlook with potential upside [5][10]. Core Insights - The company is positioned to benefit from the structural opportunities arising in the semiconductor industry due to increasing demand for advanced computing chips and HBM (High Bandwidth Memory) in China, especially following the escalation of US-China trade tensions [5][10]. - The company's current stock price reflects a price-to-earnings (P/E) ratio of 42x for 2025, 33x for 2026, and 24x for 2027, suggesting a certain margin of safety in its valuation [5][10]. - The management's confidence in rapid growth is demonstrated through an ambitious stock incentive plan, targeting significant revenue and profit growth over the next few years [10]. Company Overview - The company operates in the electronics industry, specifically focusing on semiconductor equipment, with a significant market share in thin-film deposition equipment and hybrid bonding technology [5][10]. - As of June 23, 2025, the company's stock price is 151.70, with a market capitalization of 424.35 billion RMB [2]. Financial Performance - The company is projected to achieve net profits of 1,003 million RMB in 2025, 1,306 million RMB in 2026, and 1,736 million RMB in 2027, reflecting year-on-year growth rates of 45.8%, 30.2%, and 32.9% respectively [7][10]. - The earnings per share (EPS) are expected to rise from 2.37 RMB in 2023 to 6.21 RMB in 2027, indicating strong growth potential [7][10]. Market Position - The company is recognized as a leading player in hybrid bonding technology, having successfully passed certification with major domestic manufacturers, which positions it well to capitalize on the growing demand for domestic HBM production [10]. - The company’s revenue for 2024 is forecasted to reach 41 billion RMB, representing a 52% increase year-on-year, with continued strong growth expected into 2025 [10].

证券代码：688072 证券简称：拓荆科技 公告编号：2025-034 拓荆科技股份有限公司 关于公司股东部分股权解除质押的公告 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。 拓荆科技股份有限公司（以下简称"公司"）于 2025 年 6 月 23 日获悉，公 司股东共青城芯鑫和投资合伙企业（有限合伙）（以下简称"芯鑫和"）、共 青城芯鑫全投资合伙企业（有限合伙）（以下简称"芯鑫全"）、共青城芯鑫 龙投资合伙企业（有限合伙）（以下简称"芯鑫龙"）、共青城芯鑫成投资合 伙企业（有限合伙）（以下简称"芯鑫成"）、共青城芯鑫旺投资合伙企业 （有限合伙）（以下简称"芯鑫旺"）、共青城芯鑫盛投资合伙企业（有限合 伙）（以下简称"芯鑫盛"）、共青城芯鑫阳投资合伙企业（有限合伙）（以 下简称"芯鑫阳"）所持有的公司股份在中国证券登记结算有限责任公司上海 分公司办理了解除质押或部分解除质押登记手续，具体情况如下： 1 注 2：上表中数值若出现总数与各分项数值之和尾数不符，系四舍五入的原因造成。 2 截至本公告披露日，公司股东芯 ...

Core Viewpoint - The semiconductor industry in China is experiencing significant growth, driven by increasing domestic demand for self-sufficiency amid escalating external restrictions, particularly from the U.S. [2] Group 1: Market Performance - As of June 23, 2025, the China Securities Semiconductor Industry Index (931865) rose by 1.41%, with notable increases in stocks such as Tuojing Technology (688072) up 3.75% and Zhongke Feicai (688361) up 3.09% [2] - The Semiconductor Industry ETF (159582) has seen a 1.32% increase, marking its fourth consecutive rise, with the latest price at 1.38 yuan [2] - The ETF's scale reached 195 million yuan, a new high in nearly three months, with a significant increase of 6 million shares over the past two weeks [2] Group 2: Investment Returns - The Semiconductor Industry ETF has achieved a net value increase of 25.30% over the past year, with a maximum single-month return of 20.82% since its inception [3] - The ETF has a historical one-year profit probability of 100%, with an average monthly return of 9.32% during rising months [3] Group 3: Risk and Fees - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [4] - The tracking error for the ETF over the past two months is 0.023%, indicating the highest tracking precision among similar funds [4] Group 4: Index Composition - The top ten weighted stocks in the China Securities Semiconductor Industry Index account for 75.47% of the index, with North China Innovation (002371) holding the highest weight at 15.51% [4][7] - The index includes a maximum of 40 companies involved in semiconductor materials, equipment, and applications, reflecting the overall performance of the semiconductor sector [4]