Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry [1] Core Viewpoints - The increase in import tariffs on semiconductor equipment from the US is beneficial for the domestic replacement of both mature and advanced process equipment, supporting the trend of self-sufficiency [5][6] - The import value of semiconductor equipment from the US in 2024 is estimated to be approximately 33.7 billion yuan, accounting for about 20% of total imports [6][8] - The newly imposed 34% tariff on US imports is expected to increase the cost of imported equipment by over 50%, giving a significant price advantage to domestic equipment [5][6] - The report highlights that the major imported equipment from the US includes ion implantation and metrology equipment, with the largest import value for metrology equipment at approximately 12.25 billion yuan [7][8] - Major US equipment manufacturers have production bases in Singapore and Malaysia, which affects the reported import values [11] Summary by Sections Section 1: Impact of Tariffs - The increase in tariffs is expected to accelerate the domestic production of semiconductor equipment, particularly benefiting the mature process segment due to its price sensitivity [5][6] Section 2: Equipment Import Breakdown - In 2024, the largest import value from the US is for metrology equipment at 12.25 billion yuan, followed by ion implantation equipment at approximately 10.15 billion yuan [7][8] Section 3: Revenue from US Equipment Manufacturers - The combined revenue of four major US equipment manufacturers in China is estimated at around 120 billion yuan, indicating a significant market presence [11][15] Section 4: Investment Recommendations - The report recommends focusing on front-end and back-end semiconductor equipment manufacturers, highlighting specific companies such as North Huachuang and Zhongwei Company for front-end platform equipment, and others for various segments [18]

Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry [1] Core Viewpoints - The increase in import tariffs on semiconductor equipment from the US is beneficial for the domestic replacement of both mature and advanced process equipment, supporting the trend of self-sufficiency [5][6] - The import value of semiconductor equipment from the US in 2024 is estimated to be approximately 33.7 billion yuan, accounting for about 20% of total imports [6][8] - The newly imposed 34% tariff on US imports is expected to increase the cost of imported key equipment by over 50%, giving a significant price advantage to domestic equipment [5][6] - The report highlights that the major imported equipment from the US includes ion implantation and metrology equipment, with the largest import value for metrology equipment at approximately 12.25 billion yuan [7][8] - Major US equipment manufacturers have production bases in Singapore and Malaysia, which affects the reported import values [11] Summary by Sections Section 1: Impact of Tariffs - The increase in tariffs is expected to accelerate the domestic replacement of semiconductor equipment, particularly benefiting mature process chips due to their price sensitivity [5][6] Section 2: Equipment Import Breakdown - In 2024, the largest import value from the US is for metrology equipment at 12.25 billion yuan, followed by ion implantation equipment at approximately 10.15 billion yuan [7][8] Section 3: Revenue from US Equipment Manufacturers - The combined revenue of four major US equipment manufacturers in China is estimated at around 120 billion yuan, indicating a significant presence in the market [11][12] Section 4: Investment Recommendations - The report recommends focusing on front-end and back-end semiconductor equipment and component manufacturers, highlighting specific companies such as North Huachuang and Zhongwei Company [18]

Investment Rating - The report maintains a "Recommended" rating for key companies in the semiconductor industry, indicating a potential stock price increase of over 15% relative to the benchmark index within the next 12 months [4]. Core Viewpoints - The recent U.S. tariff policy is seen as a unilateral action that could accelerate the domestic replacement of semiconductor products in China. The report emphasizes the importance of increasing exposure to self-sufficient sectors within the semiconductor industry, particularly in areas with low domestic production rates [1][3]. - The semiconductor industry in China has made significant progress since the trade disputes began in 2018, and the new tariff measures are expected to further enhance the development of domestic alternatives [1][3]. Summary by Sections Semiconductor Industry Overview - The U.S. government announced a 34% tariff on all imports from the U.S. to China, effective April 10, 2025, which is viewed as a significant escalation in trade tensions [1]. - The report suggests that this situation is different from previous trade disputes, as it represents a broader attempt by the U.S. to isolate China economically [1]. Investment Opportunities - **Analog Chips**: The report highlights that the domestic supply rate for analog chips in China is below 15%, with even lower rates in automotive and high-end industrial markets. Companies like Siwei Pu, Naxin Micro, and Shengbang Co. are recommended due to their exposure to these sectors [2]. - **Semiconductor Equipment**: In 2024, China's total semiconductor equipment imports are projected to be $47.1 billion, with $4.5 billion from the U.S. The report suggests that the tariff response may accelerate the domestic replacement of semiconductor equipment, recommending companies like Northern Huachuang and Tuo Jing Technology [2]. - **Domestic Computing Power**: The report identifies SMIC as a key player in domestic computing power, with a focus on ASIC and CPU development. Companies such as Chipone Technology and Haiguang Information are highlighted for their potential growth in this area [3]. Key Company Forecasts and Valuations - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, with all listed companies receiving a "Recommended" rating. For example, SMIC is projected to have an EPS of 0.49 yuan in 2024 with a PE ratio of 180 [4].

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also noting the limited impact of tariffs on exports [3]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report highlights that major engineering machinery companies have minimal exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies like SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report notes that domestic forklift manufacturers have limited exposure to the U.S. market, and the impact of tariffs is manageable due to pre-stocked inventory [3]. - It suggests that the domestic forklift market will see growth driven by the electric vehicle transition and government policies supporting domestic demand [3]. Semiconductor Equipment - The report indicates that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, highlighting firms like North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the general automation market [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their potential for growth in the current market environment [1][16].

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also highlighting the importance of overseas factory layouts to mitigate tariff risks [3][4]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report notes that major engineering machinery companies have limited exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies such as SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report indicates that domestic forklift exports to the U.S. will face a 79% tariff, but the impact is manageable due to low exposure and pre-stocked inventory [3]. - It highlights the potential for growth in the domestic market driven by policies supporting electric vehicle adoption and logistics industry upgrades [3]. Semiconductor Equipment - The report suggests that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, such as North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the automation industry [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their strategic positions to capitalize on current market conditions [1][16].

| | | 获授限制性 | 占授予限制 | 占授予时公 | | --- | --- | --- | --- | --- | | 姓名 | 职务 | 股票数量 | 性股票总数 | 司股本总额 | | | | (股) | 比例 | 比例 | | 一、董事、高级管理人员、核心技术人员 | | | | | | 吕光泉 | 董事长 | 25,000 | 1.9718% | 0.0089% | | 刘静 | 董事、总经理 | 15,000 | 1.1831% | 0.0054% | | 陈新益 | 副总经理、核心技术人员 | 10,000 | 0.7887% | 0.0036% | | 宁建平 | 副总经理、核心技术人员 | 11,000 | 0.8676% | 0.0039% | | 牛新平 | 副总经理、核心技术人员 | 11,000 | 0.8676% | 0.0039% | | 赵曦 | 副总经理、董事会秘书 | 11,000 | 0.8676% | 0.0039% | | 许龙旭 | 副总经理 | 10,000 | 0.7887% | 0.0036% | | 杨小强 | 财务负责人 | 10,000 | 0.7 ...

证券代码：688072 证券简称：拓荆科技 公告编号：2025-017 拓荆科技股份有限公司 关于向 2025 年限制性股票激励计划激励对象 授予限制性股票的公告 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： 限制性股票授予日：2025 年 3 月 31 日 限制性股票授予数量：126.7894 万股，约占拓荆科技股份有限公司（以 下简称"公司"）2025 年限制性股票激励计划（以下简称"本激励计划"）授予 日公司股本总额 27,972.9118 万股的 0.45%。 股权激励方式：第二类限制性股票 公司《2025 年限制性股票激励计划（草案）》（以下简称"《激励计划》"） 规定的限制性股票授予条件已经成就，根据公司 2025 年第二次临时股东大会授 权，公司于 2025 年 3 月 31 日召开第二届董事会第十四次会议及第二届监事会第 十三次会议，审议通过了《关于公司向 2025 年限制性股票激励计划激励对象授 予限制性股票的议案》，确定 2025 年 3 月 31 日为授予日，以人民币 90 元/股的 ...

拓荆科技股份有限公司（以下简称"公司"）于 2025 年 3 月 31 日召开了第 二届董事会第十四次会议及第二届监事会第十三次会议，审议通过了《关于调整 公司 2025 年限制性股票激励计划中激励对象相关事项的议案》。现将有关事项说 明如下： 一、本次股权激励计划已履行的相关审批程序 （一）2025 年 3 月 4 日，公司召开第二届董事会第十三次会议，会议审议 通过了《关于公司<2025 年限制性股票激励计划（草案）>及其摘要的议案》《关 于公司<2025 年限制性股票激励计划实施考核管理办法>的议案》以及《关于提 请公司股东大会授权董事会办理股权激励相关事宜的议案》等议案。 同日，公司召开第二届监事会第十二次会议，审议通过了《关于公司<2025 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2025 年限制性股 票激励计划实施考核管理办法>的议案》《关于核实公司<2025 年限制性股票激励 计划激励对象名单>的议案》等议案，公司监事会对本激励计划的相关事项进行 核实并出具了相关核查意见。 （二）2025 年 3 月 6 日，公司在上海证券交易所网站（www.sse.com.cn）披 露了《关 ...

法律意见书 二〇二五年三月 北京市中伦律师事务所 关于拓荆科技股份有限公司 2025 年限制性股票激励计划调整和授予相关事项的 北京市中伦律师事务所 关于拓荆科技股份有限公司 2025 年限制性股票激励计划调整和授予相关事项的 法律意见书 | 一、本次调整及本次授予的批准与授权 - | 3 | - | | --- | --- | --- | | 二、本次调整的相关情况 - | 4 | - | | 三、本次授予的相关情况 - | 4 | - | | 四、结论意见 - | 7 | - | 法律意见书 实，根据可适用的中国法律、法规和规范性文件而出具。 （2）本所及本所律师对本法律意见书所涉及的有关事实的了解，最终依赖 于公司向本所及本所律师提供的文件、资料及所作陈述，且公司已向本所及本所 律师作出如下保证：其已向本所律师提供的有关本激励计划以及出具本法律意见 书所需的所有法律文件和资料（包括但不限于原始书面材料、副本材料、复印件 或口头证言等）均是完整的、真实的、有效的，且已将全部事实向本所律师披露， 无任何隐瞒、遗漏、虚假或误导之处，其所提供的文件资料的副本或复印件与正 本或原件一致，且该等文件资料的签字与印章 ...

证券简称：拓荆科技 证券代码：688072 上海荣正企业咨询服务（集团）股份有限公司 关于 拓荆科技股份有限公司 调整及授予事项 之 独立财务顾问报告 2025 年 3 月 2025 年限制性股票激励计划 | 一、释义 2 | | --- | | 二、声明 3 | | 三、基本假设 4 | | 四、独立财务顾问意见 5 | | 五、备查文件及咨询方式 11 | 一、释义 （四）本独立财务顾问提请上市公司全体股东认真阅读上市公司公开披露 的关于本次限制性股票激励计划的相关信息。 （五）本独立财务顾问本着勤勉、审慎、对上市公司全体股东尽责的态度， 依据客观公正的原则，对本次限制性股票激励计划调整及授予涉及的事项进行 了深入调查并认真审阅了相关资料，调查的范围包括上市公司章程、相关董事 会、股东大会决议、相关期间公司财务报告等，并和上市公司相关人员进行了 有效的沟通，在此基础上出具了本独立财务顾问报告，并对报告的真实性、准 确性和完整性承担责任。 本独立财务顾问报告系按照《公司法》《证券法》《管理办法》等法律、 法规和规范性文件的要求，根据上市公司提供的有关资料制作。 3 2 1. 上市公司、公司、拓荆科技：指拓荆 ...