Group 1 - The core point of the article is that拓荆科技 experienced significant trading activity on December 17, with a total of 300,000 shares traded through block transactions, amounting to 100 million yuan at a price of 333.74 yuan, which represents a discount of 0.97% compared to the closing price of the day [2] - The stock's closing price on December 17 was 337.00 yuan, with a turnover rate of 1.74% and a total trading volume of 1.636 billion yuan, indicating a net outflow of 142 million yuan in main funds for the day [2] - Over the past five days, the stock has increased by 7.15%, but there has been a cumulative net outflow of 158 million yuan in funds [2] Group 2 - The latest margin financing balance for the stock is 1.062 billion yuan, with an increase of 6.8936 million yuan over the past five days, reflecting a growth rate of 0.65% [2] - In the last three months, the stock has recorded three block transactions with a total transaction amount of 103 million yuan [2] - The block transactions on December 17 involved two trades, both executed at the same price and conducted by institutional special seats, with a total transaction amount of 100 million yuan [2]

Core Insights - A total of 19 stocks on the Sci-Tech Innovation Board (STAR Market) experienced block trading on December 17, with a cumulative transaction value of 401 million yuan [1][2]. Trading Overview - The highest transaction value was recorded for Tuojing Technology, with 2 block trades totaling 300,000 shares and a transaction amount of 100 million yuan. Other notable transactions included Huahai Qingshi and Xinghuan Technology, with transaction amounts of 63.68 million yuan and 48.36 million yuan respectively [1][2]. - The average discount rate for block trades relative to the closing price was highest for Kangxi Communication, Aisen Co., and Anbotong, with discount rates of 19.93%, 18.61%, and 15.00% respectively. The only stock with a premium was Haosen Intelligent, with a premium rate of 0.57% [1][2]. Market Performance - The STAR 50 Index rose by 2.47% on the same day, with 459 stocks (76.88%) on the STAR Market experiencing price increases. The average increase for stocks involved in block trading was 0.85%, with the largest gains seen in Xinghuan Technology, Dekeli, and Lankai Technology, which rose by 5.71%, 4.28%, and 3.28% respectively. Conversely, Guobo Electronics, Aisen Co., and Ao Precision Medical saw declines of 2.45%, 1.68%, and 1.16% respectively [1][2]. Institutional Participation - Among the block trades, 12 transactions involved institutional buyers or sellers, covering 8 stocks. The leading stocks for institutional purchases were Tuojing Technology, Xinghuan Technology, and Aojie Technology, with purchase amounts of 100 million yuan, 48.36 million yuan, and 39.77 million yuan respectively. The primary stock sold by institutions was Guobo Electronics, with a selling amount of 5.02 million yuan [2][3]. Fund Flow Analysis - Of the stocks involved in block trading, 6 experienced net inflows of funds, with the highest net inflows recorded for Lankai Technology, Dekeli, and Xinghuan Technology, amounting to 116 million yuan, 91.76 million yuan, and 48.10 million yuan respectively. In contrast, Tuojing Technology, Huahai Qingshi, and Aisen Co. faced net outflows of 142 million yuan, 70.34 million yuan, and 47.92 million yuan respectively [2][3].

Group 1: Market Overview - The global storage chip market is experiencing significant structural changes due to a shortage and price surge, leading major PC manufacturers to raise product prices, with Dell increasing prices across its commercial computer range [1] - The driving force behind this price increase is the shift in AI development from training to application, resulting in a surge in demand for storage chips as they become strategic components in AI infrastructure [1] - Omdia forecasts that semiconductor industry revenue will reach a record high of $216.3 billion by Q3 2025, with a quarter-over-quarter growth of 14.5%, driven by storage chips and AI accelerators [1] Group 2: Industry Insights - Northeast Securities reports that the storage industry has passed its cyclical bottom, benefiting from the real demand explosion driven by AI infrastructure, leading to continuous chip price increases [2] - The demand for materials is expected to rise due to the expansion of domestic storage chip manufacturers [2] - The report from Zhongyou Securities highlights the increasing demand for plating solutions and photoresists in the storage chip sector, driven by advancements in HBM and 3D NAND technologies [2] Group 3: Key Companies in Storage Chip Sector - Zhaoyi Innovation (兆易创新) is a leading storage chip designer with a market share of 18.5% in global NOR Flash and has begun mass production of DDR4 DRAM in collaboration with Hefei Changxin [2] - Lanke Technology (澜起科技) holds over 40% market share in DDR5 memory interface chips and benefits from the increasing penetration of AI servers [2] - Baiwei Storage (佰维存储) specializes in embedded storage and PCIe SSDs, with products suitable for AI PCs and cloud service providers [3] Group 4: Storage Modules and Controllers - Jiangbolong (江波龙) is a leading domestic storage module company with over 100 million self-developed controller chips deployed [4] - Shannon Chip (香农芯创) is a core agent for SK Hynix, entering the Alibaba Cloud supply chain with its enterprise SSDs [4] - Demingli (德明利) focuses on self-developed storage controller chips and has accelerated the domestic replacement of its products [4] Group 5: Packaging and Manufacturing - Changdian Technology (长电科技) is the third-largest packaging and testing company globally, with a 25% market share in storage packaging [6] - SMIC (中芯国际) is a key player in domestic storage chip manufacturing, providing foundry services for NOR Flash and embedded storage chips [6] - Huahong (华虹公司) specializes in unique process storage chip foundry services, supporting production for IoT and automotive electronics [6] Group 6: Upstream Equipment and Materials - Northern Huachuang (北方华创) supplies core equipment for storage chip manufacturing, with growing orders for etching and deposition equipment [7] - Tuojing Technology (拓荆科技) leads in PECVD equipment, facilitating the expansion of storage capacity for major manufacturers [7] - Yake Technology (雅克科技) is a leading supplier of storage chip materials, breaking overseas monopolies and entering the supply chains of major global storage manufacturers [7] Group 7: Supporting Chips and Ecosystem - Jucheng Co. (聚辰股份) holds over 30% market share in DDR5 SPD chips, supporting platforms like NVIDIA H100 [8] - Guoxin Technology (国芯科技) is a leader in RAID storage chips, enhancing data security and performance for enterprise storage systems [8]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [6]. Core Insights - The company is a leading manufacturer of front-end thin film deposition equipment in China, with core products including PECVD, ALD, SACVD, and HDPCVD, which are widely used in integrated circuit manufacturing and advanced packaging [9][14]. - The global thin film deposition equipment market is expected to reach $34 billion by 2025, with a CAGR of 13.3% from 2020 to 2025, driven by the continuous evolution of advanced logic processes and the increasing complexity of storage devices [6][43]. - The company has a clear layout in three-dimensional integration and is transitioning from a single deposition equipment focus to a dual-engine platform that includes both deposition and bonding technologies [6][9]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 2,705 million yuan in 2023 to 10,817 million yuan in 2027, with a CAGR of 54.4% [5]. - The net profit attributable to the parent company is expected to increase from 663 million yuan in 2023 to 2,522 million yuan in 2027, reflecting a growth rate of 40.4% [5]. - The gross margin is forecasted to stabilize around 41.1% by 2027, after experiencing fluctuations due to new product introductions and validation costs [29]. Company and Industry Situation - The company has established a strong competitive position in the PECVD segment, which accounts for approximately 33% of the thin film deposition market value, and is the only domestic manufacturer to achieve stable mass production of PECVD equipment [47][59]. - The thin film deposition equipment is a core component of the semiconductor front-end equipment system, with a stable market share of about 22% in wafer manufacturing equipment [47]. - The company is well-positioned to benefit from the ongoing expansion of domestic wafer fabs and the trend towards domestic substitution in semiconductor equipment [6][43]. Product and Technology Development - The company’s product lineup includes advanced bonding equipment and supporting measurement devices, which have already achieved mass production in fields such as advanced storage and image sensors [19][21]. - The PECVD series products have maintained a competitive advantage, with significant production scale expansion, while ALD products have also begun to receive repeat orders due to their leading domestic process coverage [19][20]. - The company’s new product introductions, including ALD and SACVD, are expected to enhance profitability as they transition from validation to mass production [21][25].

格隆汇12月17日丨拓荆科技(688072.SH)公布，截至2025年12月17日，本次减持计划时间区间届满， CHANGHSIAO-YUNG(张孝勇)先生通过集中竞价交易方式合计减持股份2.5万股，占公司当前总股本的 比例约为0.0089%；刘静女士通过集中竞价交易方式合计减持股份3万股，占公司当前总股本的比例约 为0.0107%；陈新益先生通过集中竞价交易方式合计减持股份1.02万股，占公司当前总股本的比例约为 0.0036%；宁建平女士通过集中竞价交易方式合计减持股份9580股，占公司当前总股本的比例约为 0.0034%；牛新平先生通过集中竞价交易方式合计减持股份8000股，占公司当前总股本的比例约为 0.0028%；许龙旭先生通过集中竞价交易方式合计减持股份9856股，占公司当前总股本的比例约为 0.0035%；赵曦女士通过集中竞价交易方式合计减持股份1.6万股，占公司当前总股本的比例约为 0.0057%；杨小强先生通过集中竞价交易方式合计减持股份2880股，占公司当前总股本的比例约为 0.0010%。本次减持符合相关法律法规的规定，不存在违规减持的情况。 ...

每经AI快讯，拓荆科技（SH 688072，收盘价：337元）12月17日晚间发布公告称，截至2025年12月17 日，本次减持计划时间区间届满，CHANG HSIAO-YUNG（张孝勇）先生通过集中竞价交易方式合计 减持股份约2.5万股，占公司当前总股本的比例约为0.0089%；刘静女士通过集中竞价交易方式合计减持 股份3万股，占公司当前总股本的比例约为0.0107%；陈新益先生通过集中竞价交易方式合计减持股份 约1.02万股，占公司当前总股本的比例约为0.0036%；宁建平女士通过集中竞价交易方式合计减持股份 9580股，占公司当前总股本的比例约为0.0034%；牛新平先生通过集中竞价交易方式合计减持股份8000 股，占公司当前总股本的比例约为0.0028%；许龙旭先生通过集中竞价交易方式合计减持股份9856股， 占公司当前总股本的比例约为0.0035%；赵曦女士通过集中竞价交易方式合计减持股份约1.6万股，占公 司当前总股本的比例约为0.0057%；杨小强先生通过集中竞价交易方式合计减持股份2880股，占公司当 前总股本的比例约为0.001%。本次减持计划实施完毕。 每经头条（nbdtoutiao）—— ...

证券代码：688072 证券简称：拓荆科技 公告编号：2025-088 重要内容提示： 股东及董事、高级管理人员持股的基本情况 本次减持计划实施前，拓荆科技股份有限公司（以下简称"公司"）股东 CHANG HSIAO-YUNG（张孝勇）先生直接持有公司股份 388,796 股，占公司当 前总股本的 0.1383%，其中持有公司首次公开发行前股份 328,560 股，持有公司 股权激励计划获得股份 60,236 股，均为无限售流通股； 本次减持计划实施前，公司董事、总经理刘静女士直接持有公司股份 120,472 股，占公司当前总股本的 0.0428%；公司副总经理陈新益先生直接持有公司股份 40,808 股，占公司当前总股本的 0.0145%；公司副总经理宁建平女士直接持有公 司股份 38,332 股，占公司当前总股本的 0.0136%；公司副总经理牛新平先生直接 持有公司股份 32,856 股，占公司当前总股本的 0.0117%；公司副总经理许龙旭先 生直接持有公司股份 39,427 股，占公司当前总股本的 0.0140%；公司副总经理、 董事会秘书赵曦女士直接持有公司股份 64,290 股，占公司当前总股本 ...

拓荆科技公告，截至2025年12月17日，公司股东及董监高减持计划时间区间届满。张孝勇通过集中竞价 减持25000股，占总股本的0.0089%；刘静减持30000股，占总股本的0.0107%；陈新益减持10200股，占 总股本的0.0036%；宁建平减持9580股，占总股本的0.0034%；牛新平减持8000股，占总股本的 0.0028%；许龙旭减持9856股，占总股本的0.0035%；赵曦减持16000股，占总股本的0.0057%；杨小强 减持2880股，占总股本的0.0010%。本次减持符合相关法律法规的规定，不存在违规减持的情况。 ...

摘要 存储需求预计 2026 年超供，2025 年 9 月现货价已大幅上涨，四季度 合约价涨幅预期上修，行业维持供不应求状态，2026 年 Q1 合约价预计 持续超预期，CSP 服务器存储器需求增速预计至少 30%。 存储行业大缺货背景下，长鑫存储和长江存储等国内企业扩产有望超预 期，逻辑先进制程扩产亦将受益，设备厂商如拓荆科技将受益于扩产带 来的额外订单，国产化率提升带来相应收益。 半导体设备指数今年以来增长显著，拓荆科技和微导纳米涨幅居前。9 月初以来，存储涨价催化及产品上市预期强化，相关公司股价进一步上 涨，预计长鑫和长江 2026 年扩产量约为 10-11 万片。 存储设备板块未来几年有望保持较高增速，订单确定性较高，对营收和 利润预测准确性提升。北方华创等公司 PE 较低，有望通过 EPS 增长推 动市值上升，年初设备板块胜率较高。 晶合集成主业稳健，各领域处于满载状态。CBA 和 CFA 技术发展有望 推动 DRAM 阵列与 CMOS 外围电路分离制造，产生外包需求，为晶合 集成等公司带来巨大机会，如 28 纳米节点代工可带来显著营收增量。 Q&A 2025 年存储行业的市场表现和未来预期如何？ ...

拓荆科技股份有限公司 2025 年第五次临时股东会会议资料 证券代码：688072 证券简称：拓荆科技 拓荆科技股份有限公司 2025 年第五次临时股东会会议资料 2025 年 12 月 拓荆科技股份有限公司 2025 年第五次临时股东会会议资料 拓荆科技股份有限公司 拓荆科技股份有限公司 2025 年第五次临时股东会会议资料 2025 年第五次临时股东会会议须知 目 录 为维护全体股东的合法权利，确保股东会的正常秩序和议事效率，保证股东 会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东会规则》以及《拓荆科技股份有限公司章程》《拓荆科技股份有限公 司股东会议事规则》等相关规定，拓荆科技股份有限公司（以下简称"公司"）特 制定 2025 年第五次临时股东会会议须知： | 拓荆科技股份有限公司 | 年第五次临时股东会会议须知 1 2025 | | --- | --- | | 拓荆科技股份有限公司 | 2025 年第五次临时股东会会议议程 3 | | 拓荆科技股份有限公司 | 2025 年第五次临时股东会会议议案 5 | | 议案一：关于公司与关联方共同投资暨关联交易的议案 5 | ...