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。 证券代码：688072 证券简称：拓荆科技 公告编号：2025-062 拓荆科技股份有限公司 关于取消监事会、变更注册资本、修订《公司章程》并办 理工商变更登记暨修订、废止及制定部分公司治理制度的 公告 拓荆科技股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开第 二届董事会第十九次会议，审议通过了《关于公司取消监事会、变更注册资本、 修订<公司章程>并办理工商变更登记的议案》《关于修订、废止及制定公司部 分治理制度的议案》，具体情况公告如下： 一、取消监事会的相关情况 为贯彻落实《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司章程指引》《关于新<公司法>配套制度规则实施相关过渡期安排》 等相关法律法规和规范性文件规定，进一步完善公司法人治理结构、提升公司 规范运作水平，结合公司实际情况，公司不再设置监事会，由公司董事会审计 委员会行使原监事会相关职权，公司将对《拓荆科技股份有限公司章程》（以 下简称"《公司章程》"）中的相关条款进行修订 ...

证券代码：688072 证券简称：拓荆科技 公告编号：2025-064 拓荆科技股份有限公司 关于新增 2025 年度日常关联交易预计额度的公告 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： 是否需要提交股东大会审议：是。 日常关联交易对公司的影响：本次新增 2025 年度日常关联交易预计额度 系拓荆科技股份有限公司（以下简称"公司"）业务发展及生产经营实际需要， 关联交易的价格依据市场定价原则确定，不会对公司及公司财务状况、经营成 果产生不利影响，不存在损害公司及全体股东特别是中小股东利益的行为，公 司不会因上述交易而对关联方形成较大依赖，也不会影响公司的独立性。 一、关于新增 2025 年度日常关联交易预计额度的情况 （一）履行的审议程序 2025 年 10 月 30 日，公司召开第二届董事会第十九次会议及第二届监事会 第十八次会议，审议通过了《关于公司新增 2025 年度日常关联交易预计额度的 议案》，本次增加日常关联交易预计金额合计为人民币 26,300 万元。出席本次 会议的董事对各关联方与公司 ...

Key Highlights - Cambridge Technology currently does not produce chips containing CPO technology [1] - TCL Technology plans to invest 29.5 billion yuan in the construction of an 8.6-generation printed OLED production line [1] - Huakang Clean has won the bid for a "medical service construction project" [1] - Aotewei intends to acquire an 8.99% stake in its subsidiary Songci Electromechanical [1] - Shanghai Yizhong plans to repurchase shares worth 30 million to 35 million yuan [1] - Huaton Co. reported a pig sales revenue of 338 million yuan in August [1] - Tianma Technology has accumulated approximately 11,921.59 tons of eel out of the pool from January to August [1] - Mars Man's controlling shareholder plans to reduce holdings by no more than 2.94% [1] - Zhiwei Intelligent's actual controller plans to reduce holdings by no more than 2.9749% [1] - Donglin Investment plans to reduce holdings in Jin'an Guoji by no more than 2.878% [1] - Zhonglun New Materials intends to issue convertible bonds not exceeding 1.068 billion yuan [1] - Tuojing Technology plans to raise no more than 4.6 billion yuan through a private placement [1] Investment Projects - TCL Technology (000100.SZ) plans to invest 29.5 billion yuan in the construction of an 8.6-generation printed OLED production line [1] - Guangdong Jianke (301632.SZ) intends to invest in the implementation of the second phase of the Guangdong Jianke·Zhongshan Smart Gathering Project [1] - Nanfeng Co. (300004.SZ) plans to invest 50 million yuan in fixed assets for a 3D printing service project [1] Contracts and Acquisitions - Huakang Clean (301235.SZ) has won the bid for a "medical service construction project" [1] - Aotewei (688516.SH) intends to acquire an 8.99% stake in its subsidiary Songci Electromechanical [1] - Tianhua New Energy (300390.SZ) plans to acquire a 75% stake in Suzhou Tianhua Times [1] Share Buybacks - Chuangyuan Co. (300703.SZ) plans to repurchase 1.55% to 2.05% of its shares [2] - Yishitong (688733.SH) intends to repurchase shares worth 30 million to 55 million yuan [2] - Shanghai Yizhong (688091.SH) plans to repurchase shares worth 30 million to 35 million yuan [2] Operational Data - Huaton Co. (002840.SZ) reported a pig sales revenue of 338 million yuan in August [2] - Tianma Technology (603668.SH) has accumulated approximately 11,921.59 tons of eel out of the pool from January to August [2] Shareholding Changes - Sudda Co. (001277.SZ) plans to reduce holdings by no more than 3% [2] - Mars Man (300894.SZ) plans to reduce holdings by no more than 2.94% [2] - Zhiwei Intelligent (001339.SZ) plans to reduce holdings by no more than 2.9749% [2] - Jin'an Guoji (002636.SZ) plans to reduce holdings by no more than 2.878% [2] Other Financial Activities - China Merchants Shekou (001979.SZ) plans to issue preferred shares to raise no more than 8.2 billion yuan for real estate project construction [2] - Zhonglun New Materials (301565.SZ) intends to issue convertible bonds not exceeding 1.068 billion yuan [2] - Keli'er (002892.SZ) plans to raise no more than 1.006 billion yuan through a private placement [2] - Tuojing Technology (688072.SH) plans to raise no more than 4.6 billion yuan through a private placement [2]

国产等离子体射频电源系统供应商深圳市恒运昌真空技术股份有限公司（简称"恒运昌"）冲刺科创板IPO事宜有进展。10月17日，该公司已回复其科创板上 市申请审核问询函，并更新招股书中财务数据等重要内容。 更新后的招股书显示，2025年上半年，恒运昌调整了其占营收比重超六成的第一大客户、持股超3%的拓荆科技（688072.SH）的信用政策，将其从维持多年 的30天延长至60天。 对于这个现象，智通财经记者采访了行业多位人士，大家观点不一。 不容忽视的是，今年上半年，随着大客户拓荆科技的账期拉长，恒运昌的应收账款大幅上涨，应收账款周转率下滑，公司的资金压力有所提升。 恒运昌半导体级等离子体射频电源系统于2018年开始研发、2020年下半年开始批量交付。到2024年，恒运昌的自研产品收入占比超过80%。 不过，恒运昌的竞争对手正在增加。英杰电气（300820.SZ）、北方华创微电子等公司加紧布局射频电源业务。 智通财经了解到，英杰电气重点攻关半导体刻蚀、薄膜沉积（CVD/PECVD）、离子注入等关键制程电源技术，部分型号射频电源已实现量产，覆盖5nm刻 蚀及PECVD等先进制程，已成为中微公司（688012.SH）供应 ...

Core Insights - The Shanghai Composite Index briefly surpassed 4000 points, significantly boosting market sentiment, with notable stock gains in the electronics sector, including increases of over 10 times since August 2015 [1] - The electronic ETF (515260) experienced a volatile trading session, with a peak increase of 0.84% but ultimately closed down 0.56%, despite a substantial increase in trading volume [1][3] - Major electronic stocks showed strong performance, with significant gains in companies like Shenghong Technology and Huaxin Technology, reflecting a positive outlook for the sector [3][4] Market Performance - The electronic sector saw a net inflow of 6.145 billion yuan from major funds, ranking second among 31 primary industries, indicating strong investor interest [3] - Over the past 60 days, the electronic sector attracted a total of 411.6 billion yuan in net inflows, maintaining its leading position among industries [3] Company Performance - Among the 50 constituents of the electronic ETF, 15 companies reported third-quarter earnings, all of which were profitable, with 14 showing double-digit year-on-year growth in net profit [4] - Notable companies like Shenghong Technology and Hanwha Technology reported year-on-year net profit increases of 324% and 321%, respectively, highlighting strong financial performance in the sector [4] Future Outlook - The electronic sector is expected to benefit from the upcoming consumer electronics peak season and the release of AI-related products, with positive capital expenditure guidance from major domestic and international companies [5] - The electronic ETF (515260) is positioned to capitalize on trends in semiconductor and consumer electronics, with a significant portion of its constituents linked to the Apple supply chain [5]

Core Viewpoint - The semiconductor equipment and materials sector is experiencing significant growth, with the Shanghai Composite Index surpassing 4000 points, driven by strong performance in semiconductor-related stocks [1][3]. Group 1: Market Performance - As of 11:15 AM, the semiconductor equipment ETF (561980), which has approximately 70% exposure to semiconductor equipment and materials, increased by 0.38% [3]. - Notable stocks such as Aisen Co. surged over 13%, while Jingrui Electric Materials and Shenkong Co. rose over 6%, and Huafeng Measurement Control increased by over 5% [3]. - The ETF has seen a net inflow of 1.283 billion yuan over the last 20 trading days [3]. Group 2: Technological Advancements - A significant breakthrough in photoresist technology by a Peking University team is expected to accelerate the domestic replacement in the "selling shovels" segment of the chip industry [3]. - This technological advancement has led to a strong performance in material stocks like Jingrui Electric Materials over the past two days [3]. Group 3: Financial Performance - Jingrui Electric Materials reported a net profit attributable to shareholders that increased by over 192 times year-on-year for the first three quarters [3]. - Other companies such as China Shipbuilding Gas, Shanghai HJ, Shenkong Co., and Aisen Co. also reported positive year-on-year growth in revenue and net profit for the same period [3]. Group 4: Industry Insights - According to Founder Securities, the current domestic advanced node wafer production capacity is insufficient to meet the rapidly growing demand for computing power, highlighting the urgent need to enhance the overall capacity and industrial support from equipment and manufacturing perspectives [3]. - The domestic semiconductor industry is focused on increasing the localization rate of computing power chips across the entire supply chain, from upstream equipment and materials to midstream semiconductor manufacturing and downstream advanced packaging [3]. - The current domestic semiconductor equipment localization rate remains low, indicating significant room for replacement and growth [3].

Core Insights - The Sci-Tech Innovation Board (STAR Market) has transformed from an experimental platform for institutional innovation to a hub for "hard tech" companies during the 14th Five-Year Plan period, with significant growth in the number and market capitalization of technology innovation companies [1][2] Group 1: Market Performance - As of October 26, 2025, the number of listed companies on the STAR Market reached 589, with total IPO fundraising of 925.7 billion yuan and refinancing of 186.7 billion yuan, exceeding 1.1 trillion yuan in total [2] - The proportion of technology innovation companies in the Shanghai market increased from 32% to 41%, and their market capitalization share rose from 27% to 32% [1] Group 2: Industry Focus - The STAR Market has seen over 80% of its companies in emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing [2] - Approximately 120 companies in the integrated circuit sector are listed on the STAR Market, covering all aspects of the industry chain, including design, manufacturing, and testing [2] Group 3: R&D Investment - R&D investment by companies in the Shanghai market increased from 640 billion yuan to 1.07 trillion yuan, a growth of 66%, accounting for nearly 40% of the national total [3] - STAR Market companies have accumulated 120,000 patents, with a median R&D intensity of 12.6%, leading all A-share sectors [3] Group 4: Institutional Innovation - The STAR Market has introduced various reforms, including the "STAR Market Eight" and "M&A Six," enhancing inclusivity and providing tailored support for companies at different stages [4][5] - The STAR Market has streamlined refinancing conditions and established a quick financing system, significantly improving financing convenience for companies [5] Group 5: Talent and Investment Dynamics - Over 60% of STAR Market companies have founding teams composed of scientists and engineers, with nearly 30% of actual controllers also serving as core technical personnel [7] - The STAR Market has fostered a culture of early, small, and hard-tech investments, with about 90% of companies receiving venture capital before listing [7] Group 6: Future Outlook - As the 14th Five-Year Plan concludes, the capital market is expected to undergo deeper reforms to enhance the development of new quality productivity [8] - Future initiatives will focus on improving long-term capital arrangements and facilitating the entry of medium to long-term funds into the market [8]

Core Insights - The total margin balance of the STAR Market reached 258.603 billion yuan on October 27, an increase of 4.599 billion yuan from the previous trading day [1] - The financing balance amounted to 257.688 billion yuan, up by 4.573 billion yuan, while the margin short balance was 0.915 billion yuan, increasing by 0.026 billion yuan [1] Individual Stock Performance - On October 27, 371 stocks on the STAR Market experienced net financing inflows, with 14 stocks having net inflows exceeding 100 million yuan [1] - Lanke Technology topped the list with a net financing inflow of 675 million yuan, followed by Huahong Semiconductor, SMIC, Shengyi Technology, Juchen Technology, Ninebot, and Tuojing Technology [1]

Investment Rating - The report maintains a positive investment rating for the semiconductor equipment industry, highlighting growth opportunities driven by AI applications and advanced logic and memory technology upgrades [5]. Core Insights - The global semiconductor equipment market is projected to reach a record $125.5 billion by 2025, driven by capacity expansion for AI applications and technology iterations across various segments [1][11]. - China is expected to lead global spending on 300mm equipment, with an investment of $94 billion from 2026 to 2028, supported by national policies [17]. - AI applications are significantly boosting demand for high-bandwidth memory (HBM) and NAND flash storage, with the overall revenue for AI semiconductors expected to grow from $8.2 billion to $41.3 billion from 2020 to 2030, at a CAGR of 24.4% [22][46]. Summary by Sections 1. Semiconductor Process Upgrades and AI-Driven Capital Expenditure - The semiconductor equipment market is expected to grow, with global spending on 300mm wafer fab equipment projected to exceed $100 billion for the first time in 2025, reaching $107 billion [10]. - AI applications are driving continuous growth in capital expenditure, with data center investments expected to rise from $17 billion in 2020 to $45.3 billion by 2028 [20]. - Advanced logic processes have progressed to the 2nm node, necessitating upgrades in equipment such as etching and deposition tools [26]. 2. AI Applications Driving Storage Demand Growth - The reduction in DDR4 production has led to a continuous increase in storage prices, with DDR4 prices expected to rise significantly due to supply constraints [35][36]. - High-end storage technologies are evolving, with 3D NAND layer counts expected to reach around 1000 layers, enhancing storage density [47]. - The demand for enterprise-grade SSDs is surging as AI models require efficient data storage solutions, with NAND storage demand projected to grow approximately 15% from 2024 to 2029 [46][56]. 3. Supply Chain Security and Self-Sufficiency - The report highlights the challenges in acquiring advanced semiconductor manufacturing equipment from overseas, with the U.S. proposing broader bans on sales to China [57]. - Domestic semiconductor manufacturers are expected to gain market share due to supply constraints faced by international competitors, with companies like Changxin Technology projected to increase production capacity significantly [59]. - The focus on self-sufficiency in semiconductor equipment is emphasized, with companies like North Huachuang expanding their product offerings in etching and deposition equipment [60].

Group 1 - The semiconductor equipment ETF (561980) has seen a significant increase, rising by 3.26% with a trading volume of 252 million as of 13:50 [1] - Notable gains in constituent stocks include a more than 16% increase in the photoresist stock Jingrui Electric Materials, over 7% in Aisen Co. and Jinhaitong, and a 6.06% rise in Nanda Optoelectronics [1] - Equipment manufacturers such as Tuojing Technology rose over 8%, while Zhongke Feicai and Zhongwei Company increased by over 4%, and Beifang Huachuang rose by 3.42% [1] Group 2 - A significant breakthrough has been achieved in China's photoresist field, with a team from Peking University using cryo-electron tomography to analyze the micro three-dimensional structure of photoresist molecules in liquid phase, leading to a new industrialization scheme that significantly reduces photoresist defects [3] - Semiconductor materials are essential in the manufacturing of integrated circuits, discrete devices, sensors, and optoelectronic devices, forming the basis of semiconductor manufacturing processes [3] - According to TECHCET data, the semiconductor manufacturing materials market is expected to grow nearly 8% year-on-year by 2025, with an annual compound growth rate (CAGR) of 5.6% from 2023 to 2028, potentially exceeding 84 billion by 2028 [3] - The semiconductor equipment ETF (561980) tracks the CSI semiconductor index, with approximately 70% weight in "semiconductor equipment + materials," and has reported a net value growth rate of 61.46% over the past six months and 89.26% over the past year [3]