人民财讯9月8日电，半导体设备产业有望迎来发展的黄金期。从A股市场来看，申万三级半导体设备行业公司营 收及净利润均保持增长趋势。据证券时报·数据宝统计，2021年至2024年，半导体设备公司营收同比增速持续超过 25%，净利润增速持续超过20%。结合机构一致预测的营收及净利润中值，半导体设备公司2025年、2026年营收同 比增速有望持续超过25%，2025年有望超过30%，或超过中国大陆半导体设备市场规模的整体增速；半导体设备公 司2025年、2026年净利润同比增速有望持续超过30%。 根据机构一致预测，前瞻市盈率有望持续下降的公司有16家（即2026年度预测PE低于2025年度预测PE，且2025年 度预测PE低于最新滚动市盈率）。这16家公司获机构一致预测2025年、2026年净利润增幅均有望超过10%，且 2026年度预测PE较最新滚动市盈率降幅均有望超过20%，其中晶升股份、中科飞测、富创精密降幅均有望超过 75%。 | | | | | 前瞻PE有望大幅下降的半导体设备潜力股 | | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | ...

然而，正如中国电子专用设备工业协会副理事长王志越所言，半导体装备的突围，从来不是"某一家企 业的长征"，而是全产业链的接力和产业生态的良性发展。 但不容忽视的现实是，随着全球贸易冲突的不断加剧，全球半导体产业链正处于重构中，这给中国半导 体产业、半导体设备产业发展带来严峻挑战。随着制程工艺、存储堆叠、先进封装及先进材料等技术的 持续发展，半导体设备的创新难度不断提升、成本愈加昂贵。 当前，AI成为全球竞争的焦点之一，算力即国力。然而，算力的底层是半导体，更底层是半导体设 备、零部件与材料。 自2014年《国家集成电路产业发展推进纲要》发布以来，中国半导体设备产业取得了长足的进步，在刻 蚀、薄膜沉积、CMP等主流工艺设备领域持续取得突破，北方华创、中微公司、盛美上海、拓荆科 技、微导纳米等一批半导体设备公司进入快速成长期…… 据中国电子专用设备工业协会统计，过去一年，全国规模以上集成电路装备企业销售收入达到1178.71 亿元，同比增幅超32.9%。无锡，也在半导体设备及零部件企业的联动中涌现出一批国产化样本。 "创新始于科技、兴于产业、成于资本。"上海证券报社党委书记、董事长叶国标认为，要实现高水平科 技自立 ...

上半年，半导体行业发展韧性凸显。在国产替代与市场回暖的双重推动下，中芯国际、华虹公司等 头部晶圆制造企业保持满产运行，中微公司等半导体设备企业订单充足，瑞芯微、泰凌微等9家芯片设 计企业盈利同比翻倍，构筑行业增长"压舱石"。 人工智能技术的快速渗透成为集成电路产业升级的关键变量，为行业发展开拓了广阔增量空间。一 批AI算力企业凭借独特技术优势迎来经营质量的快速提升。 浙商证券在近期研报中表示，关键半导体设备研发突破、送样验证，推动半导体设备板块业绩实现 增长。国内半导体设备各细分环节正不断研发突破，快速积累自主IP，并逐步具备"出海"可能性。此 外，随着国内供应链在零部件、材料领域的加强，机台稳定性一致性正快速提升，头部晶圆厂采购设备 国产化有望提速。 设备企业积极扩大产能 同花顺iFinD数据显示，按申万二级行业分类，半导体行业整体营业收入同比增长15.54%，归属于 上市公司股东的净利润同比增长32.41%。在半导体行业的165家上市公司中，有120家上市公司报告期 内实现盈利，100家上市公司归属于上市公司股东的净利润实现同比增长。 今年上半年，寒武纪实现营业收入28.81亿元，同比增长4347.82% ...

8月29日，A股三大指数集体上涨，上证指数盘中上涨0.48%，保险、汽车、电工电网等板块涨幅靠前，半导体、电脑硬件跌幅居前。芯片分化走低，截至10 点29，芯片ETF（159995）下跌3.53%，其成分股北方华创下跌6.53%，盛美上海下跌6.31%，寒武纪-U下跌6.20%。部分个股活跃，通富微电上涨10.01%， 华天科技上涨1.64%。 每日经济新闻 消息方面，CINNO Research 统计数据显示，2025年上半年中国半导体产业总投资额达4550亿元，同比下滑9.8%，但半导体设备投资逆势增长53.4%，凸显了 中国在供应链自主可控方面的战略决心。 资料显示，芯片ETF（159995）跟踪国证芯片指数，30只成分股集合A股芯片产业中材料、设备、设计、制造、封装和测试等龙头企业，其中包括中芯国 际、寒武纪、长电科技、北方华创等。其场外联接基金为，A类：008887；C类：008888。 华泰证券研报指出，DeepSeek官方发布DeepSeek-V3.1版本，采用UE8M0FP8精度参数，能效高、动态范围大、能避免信息损失。该精度参数是针对即将发 布的下一代国产芯片设计，国产软硬件协同成果显著，国 ...

New Stock Offerings - Fushun Special Steel (600399) has a tender offer period from August 12, 2025, to September 10, 2025[1] - Dongxin Co., Ltd. (688110) reported severe abnormal fluctuations on August 16, 2025[1] - Broadcom Integrated (603068) announced abnormal fluctuations on August 29, 2025[1] Market Alerts - ST Guohua (000004) and ST Gohong (000851) both reported abnormal fluctuations on August 29, 2025[1] - ST Huayang (603825) and ST Zhongji (000972) also indicated abnormal fluctuations on August 29, 2025[1] - ST Yanzhen (603389) reported abnormal fluctuations on August 26, 2025[1] Company Announcements - Zhaoxin Technology (603377) announced abnormal fluctuations on August 27, 2025[1] - Longyang Electronics (301396) reported significant fluctuations on August 28, 2025[1] - ST Dongshi (603377) indicated abnormal fluctuations on August 22, 2025[1]

Group 1 - The ChiNext Index rose over 1.5% on August 29, with the lithium battery sector continuing its strong performance, while sectors like GPU, servers, IDC computing leasing, and CPO optical modules faced significant declines [1] - The recent hot topic, the Sci-Tech Innovation 50 ETF (159783), saw a drop of over 0.5%, with mixed performance among its constituent stocks, including significant declines in companies like Cambricon, Shanghai Semei, Loongson Technology, and others, while companies like Siengda Intelligent, CATL, and others saw notable gains [1] - Huatai Securities indicated that A-shares remain relatively undervalued globally, suggesting potential for significant appreciation based on metrics like market capitalization to GDP ratio [1] Group 2 - Huabao Securities reported that current market sentiment remains high, with an influx of new capital continuing, supporting the "deposit migration" logic, and the profit-making effect is expanding [2] - It is expected that A-shares will continue a trend of oscillating upward unless there is policy intervention, with a recommendation to maintain a balanced allocation focusing on mid to large-cap and leading companies [2] - The report emphasizes a positive outlook on technology growth styles amidst increasing economic uncertainty, suggesting attention to sectors like technology, new energy, cyclical (including military and rare earth), pharmaceuticals, and high-dividend stocks for rotation and rebound opportunities [2]

Summary of Key Points Core Viewpoint - A total of 18 companies have raised their share repurchase price limits since July, reflecting an improvement in market conditions and increased investor confidence, with some companies raising their repurchase prices by over 140% [1][6]. Group 1: Companies Adjusting Repurchase Prices - On August 26, companies such as Jinli Permanent Magnet, Jinchun Co., Toukeng Life, and Kesi Technology announced increases in their share repurchase price limits [1]. - Jinli Permanent Magnet raised its repurchase price limit from 31.06 CNY/share to 42.66 CNY/share, an increase of 37.35% [2]. - Jinchun Co. increased its limit from 17.90 CNY/share to 35 CNY/share, marking a 95.53% rise [2]. - Toukeng Life adjusted its limit from 15.85 CNY/share to 29.34 CNY/share, an 85.11% increase [2]. - Kesi Technology raised its limit from 53.86 CNY/share to 102 CNY/share, an increase of 89.38% [2]. Group 2: Market Trends and Implications - The average increase in repurchase prices among the 18 companies is 61.5% [6]. - The rise in repurchase prices is attributed to two main factors: the recovery of the market and the companies' confidence in their future stability and intrinsic value [4][6]. - Companies are utilizing special loans to support their repurchase plans, as seen with Aoshikang, which secured a loan of up to 162 million CNY for its repurchase [8]. Group 3: Regulatory and Market Environment - The Chinese government has encouraged companies to use repurchase and increase strategies to enhance market stability [8]. - Industry experts suggest that companies should carefully evaluate and dynamically adjust their repurchase plans to ensure effective implementation and bolster market confidence [9].

New Stock Offerings - Shenke Co., Ltd. (002633) has an offer period from July 29, 2025, to August 27, 2025[1] - Fushun Special Steel (600399) has an offer period from August 12, 2025, to September 10, 2025[1] - ST Gaohong (000851) has an announcement on August 26, 2025[1] Market Volatility - Great Wall Military Industry (601606) reported severe abnormal fluctuations on August 14, 2025[1] - Dongxin Co., Ltd. (688110) had an announcement on August 16, 2025, regarding market conditions[1] - Changfei Optical Fiber (601869) has an announcement dated August 27, 2025, related to market performance[1] Company Announcements - ST Dehao (002005) has an announcement on August 27, 2025, regarding its market status[1] - China Satellite (600118) announced updates on August 27, 2025[1] - ST Yizhong (603389) has an announcement dated August 26, 2025, regarding its market activities[1]

Core Viewpoint - The stock of Shengmei Semiconductor Equipment (Shanghai) Co., Ltd. has experienced a decline of 5.13%, with a current price of 159.39 CNY per share and a total market capitalization of 70.337 billion CNY [1] Company Overview - Shengmei Semiconductor Equipment (Shanghai) Co., Ltd. was established on May 17, 2005, and went public on November 18, 2021. The company specializes in the research, development, production, and sales of semiconductor equipment [1] - The main revenue composition of the company is 99.72% from product sales and 0.28% from service provision [1] Shareholder Analysis - The top circulating shareholder of Shengmei Shanghai is the Jiashi Fund, which increased its holdings in the Jiashi SSE STAR Market Chip ETF (588200) by 201,800 shares in the second quarter, bringing the total to 2,097,000 shares, representing 0.48% of circulating shares. The estimated floating loss today is approximately 18.0549 million CNY [2] - The Jiashi SSE STAR Market Chip ETF (588200) was established on September 30, 2022, with a current scale of 27.806 billion CNY. Year-to-date returns are 40.87%, ranking 439 out of 4,222 in its category; the one-year return is 130.13%, ranking 26 out of 3,766; and since inception, the return is 106.79% [2] Fund Performance - The fund manager of Jiashi SSE STAR Market Chip ETF (588200) is Tian Guangyuan, who has been in the position for 4 years and 173 days. The total asset scale is 44.323 billion CNY, with the best fund return during his tenure being 110.35% and the worst being -47.27% [3] Top Holdings - Jiashi Fund's Jiashi CSI Semiconductor Index Enhanced Initiation A (014854) holds 706,100 shares of Shengmei Shanghai, accounting for 3.41% of the fund's net value, making it the ninth-largest holding. The estimated floating loss today is approximately 6.0798 million CNY [4] - The Jiashi CSI Semiconductor Index Enhanced Initiation A (014854) was established on April 22, 2022, with a current scale of 212 million CNY. Year-to-date returns are 31.36%, ranking 950 out of 4,222; the one-year return is 83.37%, ranking 510 out of 3,766; and since inception, the return is 60.69% [4] Fund Manager Profile - The fund manager of Jiashi CSI Semiconductor Index Enhanced Initiation A (014854) is Liu Bin, who has been in the position for 15 years and 280 days. The total asset scale is 5.944 billion CNY, with the best fund return during his tenure being 99.85% and the worst being -36.71% [5]

Core Viewpoint - The A-share market is experiencing a significant surge driven by the AI industry chain, with the ChiNext Index rising by 2.4% and various sectors such as semiconductors and CPO witnessing substantial gains, indicating a technological revolution in the capital market [1][3]. Industry Insights - Over 40% of the 1.7 trillion yuan trading volume is directed towards the AI industry chain, with leading companies like NewEase Technology hitting the 20% limit up due to a 42% increase in capital expenditure from North American cloud giants, with orders extending to 2026 [3]. - The ChiNext AI index has surged by 68% since April, reflecting real industrial breakthroughs rather than speculative hype, as evidenced by companies like SMIC investing nearly 15% of their revenue in R&D and ranking among the top three globally in wet etching equipment shipments [3]. - The Ministry of Industry and Information Technology has recently released the "Artificial Intelligence +" policy, which supports AI chip development and intelligent computing infrastructure, effectively boosting the tech industry [3]. - Inspur Information holds over 45% market share in AI servers, with orders from major players like Tencent and Huawei expected to sustain growth for the next three years [3]. - Rare earth materials are becoming shadow stocks in the tech sector, with companies like Northern Rare Earth hitting the limit up due to the essential role of permanent magnet materials in AI robotics [3]. Investment Directions - For medium to long-term investors, three key areas to focus on include: - Semiconductor equipment, with SMIC's Ultra C series cleaning equipment reducing chemical consumption by 75%, showcasing true domestic replacement capabilities [4]. - AI computing infrastructure, exemplified by the low PUE value of 1.04 for the liquid-cooled data center from Zhongke Shuguang, which is 30% more energy-efficient than traditional facilities [4]. - The robotics supply chain, with significant domestic replacement opportunities for core components like reducers and sensors as Tesla's Optimus prepares for mass production [4]. - The investment in tech stocks is characterized as a marathon rather than a sprint, with historical context provided by the 554% rise in the ChiNext during the 2012 bull market driven by the smartphone and mobile internet revolution [4].