12月4日，A股科技板块反弹！科创芯片50ETF（588750）一度涨超2%，成交额大幅放量，盘中成交额超1.18亿元，已赶超昨日全天成交额，交投 显著活跃！ 科创芯片50ETF（588750）标的指数成分股多数冲高，光模块（CPO）、光芯片大涨，源杰科技涨超6%，拓荆科技涨超5%，华虹公司等涨超 4%，中微公司涨近4%%，海光信息、中芯国际等涨超1%，寒武纪、芯原股份等微涨。 | 序号 | 代码 | 名称 | 申万―级行业 | 涨跌幅 | 估算权重 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 688041 | 海光信息 | 曲子 | 1.55% | 10.45% | | 2 | 688556 | 寒武纪-U | 电子 | 0.61% | 9.03% | | 3 | 688981 | 中本国际 | 电子 | 1.76% | 8.83% | | 4 | 688008 | 澜起科技 | 曲子 | 0.85% | 8.81% | | 5 | 688012 | 中微公司 | 电子 | 4.06% | 7.62% | | 6 | 688521 | 芯原股份 | 电子 ...

科创半导体ETF鹏华紧密跟踪上证科创板半导体材料设备主题指数，上证科创板半导体材料设备主题指 数选取科创板内业务涉及半导体材料和半导体设备等领域的上市公司证券作为指数样本，以反映科创板 半导体材料和设备上市公司证券的整体表现。 数据显示，截至2025年11月28日，上证科创板半导体材料设备主题指数(950125)前十大权重股分别为拓 荆科技(688072)、中微公司(688012)、华海清科(688120)、沪硅产业(688126)、中科飞测(688361)、安集 科技(688019)、芯源微(688037)、天岳先进(688234)、盛美上海(688082)、华峰测控(688200)，前十大权 重股合计占比74.68%。 截至2025年12月4日 13:14，上证科创板半导体材料设备主题指数(950125)强势上涨2.74%，成分股拓荆 科技(688072)上涨6.41%，京仪装备(688652)上涨4.86%，芯源微(688037)上涨4.75%，中微公司 (688012)，中科飞测(688361)等个股跟涨。科创半导体ETF鹏华(589020)上涨3.00%，最新价报1.13元。 消息面上，存储芯片龙头 ...

国金证券指出，现阶段全球半导体市场已结束去库周期，步入强劲复苏周期，设备市场维持高景气。DIGITIMES最新表示，2026年全球半导体市场规模或 将增长18.3%，达8800亿美元；晶圆代工产值则有望达到2331亿美元，增幅17%。 12月4日午后，热门半导体设备ETF（561980）涨幅进一步扩大、拉涨3.53%，成交额破1.5亿元。成份股金海通大涨8.58%，长川科技涨超7%，拓荆科技、 芯源微、京仪装备涨超6%，中科飞测、中微公司、北方华创等多股涨超4%。 数据显示，截至最新，半导体设备ETF（561980）标的指数中证半导年内涨幅高达54%，对比中证全指半导体、中华半导体芯片、国证芯片、芯片产业等主 流半导体指数年内表现位居第一。 据SEMI最新数据显示，2025年第三季度全球半导体设备销售额同比增长11%，达到336.6亿美元，环比增长2%。销售额增长主要得益于先进技术领域的强劲 投资，特别是面向人工智能计算的高端逻辑芯片、DRAM及先进封装解决方案。 风险提示：基金有风险，投资需谨慎。 ...

半导体设备材料概念股走强，长川科技涨超6%，拓荆科技涨超5%，中微公司、中科飞测、芯源微涨超4%。 受盘面影响，半导体设备材料相关ETF涨超2%。 世界半导体贸易统计组织表示，将对2025年全球半导体市场规模的估计上调约450亿美元至7720亿美元，同比增幅扩 大至22%，2026年的半导体市场规模将来到9750亿美元，实现25%以上的同比增长，逼近1万亿美元大关。 有券商表示，支撑半导体板块长期发展的逻辑并未改变，供应链安全与自主可控是长期趋势，设备与材料在国产化 顶层设计下逻辑最硬，数字芯片是算力自主的核心载体，先进封测受益于技术升级。 每日经济新闻 | 代码 | 名称 | 现价 | | 涨跌 涨跌幅 | | --- | --- | --- | --- | --- | | 159327 | 半导体设备ETF基金 | 1.716 | 0.042 | 2.51% | | 562590 | 半导体材料ETF | 1.518 | 0.037 | 2.50% | | 159558 | 半导体设备ETF易方达 1.693 | | 0.040 | 2.42% | | 159516 | 半导体设备ETF | 1.448 ...

截至2025年12月4日 10点53分，上证科创板100指数上涨0.90%，成分股绿的谐波上涨7.08%，奕瑞 科技上涨4.23%，奥比中光上涨4.17%，荣昌生物上涨4.01%，芯源微上涨3.90%。科创100ETF华夏 （588800）上涨0.89%，最新报价1.25元。 流动性方面，科创100ETF华夏（588800）盘中换手8.34%，成交2.10亿元。拉长时间看，截至12月 3日，科创100ETF华夏（588800）近1周日均成交2.47亿元，领先同类。 公开信息显示，科创半导体ETF（588170）及其联接基金（A类：024417；C类：024418）跟踪上 证科创板半导体材料设备主题指数，囊括科创板中 半导体设备（61%）和半导体材料（23%）细分领域 的硬科技公司。 半导体设备和材料行业是重要的国产替代领域，具备国产化率较低、国产替代天花板 较高属性，受益于人工智能革命下的半导体需求，扩张、科技重组并购浪潮、光刻机技术进展。 每日经济新闻 （责任编辑：董萍萍 ） 截至2025年12月4日 10点55分，上证科创板半导体材料设备主题指数强势上涨1.55%，成分股中科 飞测上涨4.39%，芯源微上 ...

Core Viewpoint - The company,拓荆科技, is focused on high-end semiconductor equipment, particularly in the development and industrial application of thin film deposition equipment, which has seen significant demand in the semiconductor manufacturing sector [1][4]. Group 1: Company Performance and Product Development - The company held a performance briefing on December 4, 2025, discussing its operational results and financial metrics for Q3 2025 [1]. - The company has established industrial bases in Shenyang and Shanghai, with a production capacity exceeding 700 sets per year, and is expanding its capacity with a new factory in Shenyang [1]. - The thin film deposition product series, including PECVD, ALD, SACVD, HDPCVD, and Flowable CVD, has achieved industrial application in the storage chip manufacturing sector, with a full order book indicating strong future demand [1][4]. Group 2: Technological Advancements and Market Trends - The company is continuously expanding its thin film deposition product series and increasing production scale, with new equipment platforms and advanced processes entering mass production [2]. - The semiconductor industry is transitioning into a post-Moore era, with rapid technological iterations and the emergence of new structures and materials, driving demand for advanced semiconductor equipment [3]. - The rise in storage prices reflects strong demand in the storage chip market, which may lead to increased production capacity among manufacturers, further driving the need for advanced thin film equipment [4]. Group 3: Future Outlook - The company plans to maintain its core competitiveness through high-intensity R&D investments, focusing on thin film deposition and three-dimensional integration equipment, while expanding into new products and processes required for advanced manufacturing [3]. - The ongoing complexity in storage chip processes and structures is expected to significantly boost the demand for thin film equipment, as manufacturers seek to enhance performance with advanced materials [4].

Core Insights - The Shanghai and Shenzhen 300 Index increased by 1.64% during the week of November 24-28, 2025, with the machinery equipment sector rising by 3.91%, ranking 7th out of 31 in the Shenwan primary industry classification [2][5] - The printing and packaging machinery sub-sector performed the best, with a growth of 9.01% [2][5] - The PE-TTM valuation for the machinery equipment industry increased by 0.33% [2][5] Machinery Equipment Sector - The top three sub-sectors with the highest PE-TTM increases were: engineering components (+13.92%), printing and packaging machinery (+3.61%), and building equipment (+3.42%) [2][5] - The three sub-sectors with the largest declines were: refrigeration and air conditioning equipment (-4.21%), machine tools (-2.5%), and rail transportation III (-2.06%) [2][5] Industry Developments - In the humanoid robot segment, automotive manufacturers are leveraging their technological advancements in intelligent driving to accelerate the development of humanoid robots [2] - Dongfeng Motor plans to launch two self-developed humanoid robots by 2026, targeting 4S stores and smart factories [2] - Changan Automobile intends to invest 225 million yuan to establish a new company focused on the robotics industry, promoting synergy between the automotive and robotics sectors [2] Semiconductor Equipment - Thin film deposition equipment accounts for approximately 22% of global semiconductor equipment sales and is crucial for wafer expansion [3] - Global investment in 300mm wafer fabs is expected to grow by 20% to $116.5 billion in 2025 and by another 12% to $130.5 billion in 2026 [3] - Chinese manufacturers are accelerating capacity and technology development, with companies like Tuojing Technology and Weidao Nano making significant investments in high-end semiconductor equipment [3] Controlled Nuclear Fusion - Private investment in global nuclear fusion has surged from 9.9 billion euros to 13 billion euros in three months, marking an eightfold increase since 2020 [4] - The Chinese Academy of Sciences has initiated an international scientific program for plasma combustion, with global collaboration being emphasized [4] - The fusion technology sector is expected to transition from demonstration to initial scale applications during the 14th Five-Year Plan period, expanding the industry chain [4] Investment Recommendations - Focus on leading robot manufacturers that are enhancing product cost efficiency and expanding distribution channels [4] - Pay attention to domestic equipment suppliers in the thin film deposition and storage testing sectors [4] - Monitor the controlled nuclear fusion supply chain, particularly in tungsten materials and temperature control systems, as they are likely to benefit from ongoing reactor projects [4]

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

高端 半导体 专用设备 公司 拓荆科技 （688072.SH）继续加码主业。 11月27日， 拓荆科技 发布公告，披露2025年度向特定对象发行A股股票相关方案（修订稿），公司拟 通过定增募资不超过46亿元，聚焦高端 半导体设备 产业化、前沿技术研发及补充流动资金三大核心方 向。此举旨在抓住半导体行业发展机遇，强化公司在薄膜沉积设备领域的核心竞争力。 长江商报记者注意到， 拓荆科技 是一家专注于半导体专用设备研发、生产、销售与 技术服务 的国家高 新技术企业。公司业绩持续增长为此次募资提供了坚实支撑。2025年前三季度， 拓荆科技 实现营收 42.2亿元，同比增长85.27%；归母净利润5.57亿元，同比增长105.14%，营收与利润双双倍增，显示出 公司业务发展的强劲动力。 同时，资本市场对公司的发展前景高度认可，截至11月28日， 拓荆科技 股价报收303.3元/股，2025年以 来累计涨幅达97.72%，总市值攀升至852.8亿元。 拟定增募资不超46亿投向三大领域 根据公告， 拓荆科技 本次定增发行对象不超过35名，拟募资不超过46亿元，发行数量不超过发行前公 司总股本的30%，即不超过8434.92 ...

Summary of Key Points from the Conference Call on Global Semiconductor Capital Equipment Industry Overview - The focus is on the **Wafer Fabrication Equipment (WFE)** market, particularly imports to **China**. - The data indicates a **year-to-date (YTD)** increase of **7%** in WFE imports to China as of October 2025, reflecting strong demand in the region [2][34]. Import Data Highlights - **October 2025** WFE imports to China totaled **USD 3.23 billion**, showing a **month-over-month (MoM)** decrease of **35%** but a **year-over-year (YoY)** increase of **11%** [2][23]. - The **YTD total** for WFE imports reached **USD 32.2 billion**, maintaining a **YoY growth of 7%** [24]. - The largest segment of imports in October was **Lithography**, accounting for **USD 1.03 billion** (32% of total imports), with a **YoY increase of 90%** [24][57]. Equipment Type Performance - **Lithography**: MoM decrease of **25%**, YTD YoY decrease of **10%** [3][24]. - **Deposition**: MoM decrease of **42%**, YTD YoY increase of **13%** [3][24]. - **Dry Etch**: MoM decrease of **27%**, YTD YoY increase of **58%** [3][24]. - **Process Control**: MoM decrease of **66%**, YTD YoY increase of **11%** [3][24]. Regional Insights - The share of imports from **US, Malaysia, and Singapore** increased to **38%** YTD, up from **33%** last year, while Japan's share decreased to **23%** from **26%** [3][42]. - **Shanghai** and **Guangdong** accounted for **58%** of total imports YTD [3]. Company-Specific Insights - **ASML**: Expected to see **China sales** reach **EUR 2.55 billion** in Q4, up **9% sequentially** and **33% YoY**, driven by strong lithography imports [4][68]. - **LRCX**: Anticipated **China revenues** to decrease by **28% QoQ** in December, with China exposure at **32%** of total revenues [5][87]. - **AMAT**: Reported a **23% QoQ decline** in China revenues, with actual exposure at **29%**, lower than regression estimates [6][90]. - **TEL**: Projected a **17% YoY decline** in China revenue [8]. - **Screen**: Expected a significant **84% YoY decline** in China revenue [9]. Investment Implications - **NAURA**: Rated **Outperform** with a target price of **CNY 480.00**, benefiting from domestic WFE substitution in China [12]. - **AMEC**: Rated **Outperform** with a target price of **CNY 380.00**, recognized for its technology and market share gains [13]. - **Piotech**: Rated **Outperform** with a target price of **CNY 375.00**, noted for product innovation [14]. - **Tokyo Electron**: Rated **Outperform** with a target price of **¥39,400**, expected to gain market share [15]. - **Advantest**: Rated **Market-Perform** with a target price of **¥20,400**, benefiting from increased testing intensity [16]. Conclusion - The WFE market in China shows robust demand despite some month-over-month declines, with significant implications for major players in the semiconductor equipment sector. The data suggests a complex landscape with varying performance across different equipment types and companies, highlighting both opportunities and challenges in the market.