2026 年 3 月 27 日 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 周 报 资料来源：东莞证券研究所，iFind 证 超配（维持） 半导体行业双周报（2026/03/13-2026/03/26） 行 业 存储价格持续上涨压制消费类电子需求 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 半导体行业 半导体行业指数近两周涨跌幅：截至2026年3月26日，申万半导体行业指 数近两周（2026/03/13-2026/03/26）累计下跌5.51%，跑输沪深300指 数1.03个百分点；2026年以来申万半导体行业指数累计上涨2.17%，跑 赢沪深300指数5.46个百分点。 半导体行业（申万）指数走势 行业新闻与公司动态：（1）多家手机厂商宣布调价；（2）IDC：2025年 中国智能眼镜市场出货量246万台，同比增长87.1%；（3）英伟达CEO黄 仁勋：AGI时代已经到来，"龙虾开公司"不 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating a favorable outlook for the sector [5]. Core Insights - SRAM is expanding its applications in AI inference, with stacking solutions aiding in capacity expansion. This presents significant investment opportunities in related companies [3][8]. - The report highlights the potential of SRAM architecture in AI inference, emphasizing its high access speed and low latency, which are critical for data requiring quick access [7]. - The industry is witnessing a trend towards 3D stacking solutions for SRAM, which can enhance density and overcome traditional capacity limitations [7]. Summary by Sections Investment Recommendations and Targets - Key companies to watch include: - Zhaoyi Innovation (兆易创新) and Beijing Junzheng (北京君正) for customized storage solutions [3][8]. - Hengshuo Co., Ltd. (恒烁股份) for SRAM-based digital computing solutions [3][8]. - Changdian Technology (长电科技) and Tongfu Microelectronics (通富微电) for advanced packaging [3][8]. - Companies like Deep South Circuit (深南电路) and Huitian Technology (沪电股份) are expected to benefit from NVIDIA's new chip solutions [3][8]. - Upstream PCB companies such as Shengyi Technology (生益科技) and Nanya Technology (南亚新材) are also highlighted [3][8]. Industry Developments - NVIDIA is set to unveil new AI inference chip solutions at the GTC 2026 conference, which could drive further SRAM applications [7]. - The report notes that SRAM's architecture is gaining recognition for its potential in AI inference, particularly for small parameter models and intermediate results [7]. - The 3D stacking technology, such as AMD's 3D V-Cache, is noted for its ability to significantly increase SRAM cache capacity [7][15].

证券代码：688120 证券简称：华海清科 公告编号：2026-013 根据《上市公司独立董事管理办法》《上海证券交易所科创板上市公司自律 监管指引第 1 号——规范运作》以及《公司章程》等相关规定，鉴于公司独立董 事金玉丰先生、李全先生、管荣齐先生累计任期即将满 6 年，为保证公司董事会 的正常运作，公司于 2026 年 2 月 13 日召开了第二届董事会第二十二次会议，审 议通过了《关于提名第二届董事会独立董事候选人的议案》，同意提名雷震霖先 生、马德芳先生、王浩先生为公司第二届董事会独立董事候选人。具体内容详见 公司于 2026 年 2 月 14 日披露在上海证券交易所网站（www.sse.com.cn）的相关 公告和文件。 公司于 2026 年 3 月 4 日召开 2026 年第二次临时股东会，审议通过了《关于 提名第二届董事会独立董事候选人的议案》，选举雷震霖先生、马德芳先生、王 浩先生为公司第二届董事会独立董事，任期自本次股东会审议通过之日起至第二 届董事会任期届满之日止。 二、增补董事会各专门委员会委员的情况 为确保董事会各专门委员会正常有序开展工作，根据《公司法》《公司章程》 及公司董事会各专 ...

北京市中伦律师事务所 关于华海清科股份有限公司 2026 年第二次临时股东会的 法律意见书 致：华海清科股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受华海清科股份有限公司（以 下简称"公司"）的委托，就公司 2026 年第二次临时股东会（以下简称"本次 股东会"）召开的有关事宜，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司股东会规则》（以下简称"《股东会规则》"）和上海证券交易所发布的《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等现行有效的 法律、法规、规范性文件及《华海清科股份有限公司章程》（以下简称"《公司 章程》"）、《华海清科股份有限公司股东会议事规则》（以下简称"《股东会 议事规则》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所律师审查了公司本次股东会的有关文件和材料。 本所律师得到公司如下保证，即其已提供了本所律师认为出具本法律意见书所必 需的材料，所提供的原始材料、副本、复印件等材料、口头证言均符合真实、准 确、完整的要求，有关副本、复印件等材料与原始材料一致。 在本法 ...

证券代码：688120 证券简称：华海清科 公告编号：2026-012 华海清科股份有限公司 2026年第二次临时股东会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 298 | | --- | --- | | 普通股股东人数 | 298 | | 2、出席会议的股东所持有的表决权数量 | 190,852,559 | | 普通股股东所持有表决权数量 | 190,852,559 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 54.1122 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 54.1122 | 2、 董事会秘书陈圳寅先生出席了本次会议，其他高级管理人员列席了本次会议。 注：截至本次股东会股权登记日的总股本为 353,651,991 股，其中，公司回购专 ...

重要内容提示： | 回购方案首次披露日 | 2025/8/29 | | --- | --- | | 回购方案实施期限 | 2025 年 9 月 17 日~2026 年 9 月 16 日 | | 预计回购金额 | 5,000万元~10,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 √用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 441,120股 | | 累计已回购股数占总股本比例 | 0.1247% | | 累计已回购金额 | 60,224,451.49元 | | 实际回购价格区间 | 127.30元/股~156.96元/股 | 华海清科股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性承担法律责任。 证券代码：688120 证券简称：华海清科 公告编号：2026-011 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做 ...

Core Viewpoint - The article highlights the significant performance of overseas semiconductor component companies, which have led the semiconductor asset market since 2026, driven by strong demand from AI and increased capital expenditures from major players like TSMC and SK Hynix [3][6]. Group 1: Performance of Semiconductor Component Companies - Since the beginning of 2026, companies like UCT, MKS, and VAT have seen substantial stock price increases of 134%, 62%, and 38% respectively, outperforming major semiconductor manufacturers like SK Hynix and LAM [3][4]. - UCT has outperformed SK Hynix and LAM by 78% and 90% respectively in terms of stock performance since the start of the year [4]. - The capital expenditure for TSMC has been raised to between $52 billion and $56 billion for 2026, indicating a strong demand for AI-related products [6][7]. Group 2: Market Dynamics and Growth Potential - The semiconductor component sector is experiencing a significant upturn due to high-capacity utilization rates and increased capital expenditures, with a notable increase in orders for semiconductor equipment [6][12]. - The global semiconductor wafer fabrication capital expenditure is expected to rise significantly, with TSMC, SK Hynix, and Samsung all increasing their budgets for 2026 [7][20]. - The domestic semiconductor market in China is projected to have a supply-demand gap of 27.6% for storage chips, indicating strong growth potential for local manufacturers [21][22]. Group 3: A-Share Market Valuation - A-share semiconductor component stocks are considered undervalued compared to their overseas counterparts, with a current average PE ratio of 51X compared to 89X for overseas companies [33][36]. - The A-share semiconductor component sector has shown a 120-day stock price increase of 42%, while the overall sector has lagged behind other segments [33][36]. - The expected CAGR for revenue and profit from 2025 to 2027 for A-share semiconductor components is 33% and 214% respectively, indicating strong growth prospects [33][36]. Group 4: Supply Chain and Localization - The article emphasizes the importance of supply chain localization, with a focus on increasing domestic production capabilities in response to export controls from the US and Japan [30][32]. - The domestic semiconductor equipment manufacturers are at historically low inventory levels, suggesting a need for rapid replenishment as demand increases [23][24]. - The article notes that over 100 domestic semiconductor equipment companies have been placed on the entity list, which will impact their access to US technology and components [30][31].

影响经营业绩的主要因素：报告期内，半导体市场需求强劲，公司持续加大研发投入，产品技术水平和 性能持续提升。公司在CMP装备领域持续保持竞争优势，离子注入装备和磨划装备产品验证情况良 好、出货数量快速增加，平台化发展战略进一步加强，满足了客户的多样化需求，市场认可度不断提 高。在新客户拓展和新市场开发方面继续取得显著成效，成功开发了多个新客户并获得客户认可，良好 的市场口碑为收入增长提供了有力支撑，促进公司营收规模快速增长。 格隆汇2月27日丨华海清科(688120.SH)公布2025年度业绩快报，报告期内，公司实现营业总收入46.48亿 元，同比增长36.46%；实现利润总额12.00亿元，同比增长7.27%；实现归属于母公司所有者的净利润 10.86亿元，同比增长6.07%；实现归属于母公司所有者的扣除非经常性损益的净利润9.67亿元，同比增 长12.90%。 ...

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。 华海清科股份有限公司 2025 年度业绩快报公告 证券代码：688120 证券简称：华海清科 公告编号：2026-010 本公告所载 2025 年度主要财务数据为初步核算数据，未经会计师事务所审 计，具体数据以华海清科股份有限公司（以下简称"公司"）2025 年年度报告 为准，敬请投资者注意投资风险。 一、2025 年度主要财务数据和指标 单位：人民币万元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度（％） | | --- | --- | --- | --- | | 营业总收入 | 464,822.77 | 340,622.86 | 36.46 | | 营业利润 | 119,778.50 | 111,802.55 | 7.13 | | 利润总额 | 119,958.21 | 111,828.80 | 7.27 | | 归属于母公司所有者的净利润 | 108,552.74 | 102,340.79 | 6.07 | | 归属于母公司所有者的扣除非 经常性损益的净利润 ...

Investment Thesis - The semiconductor equipment industry is expected to see significant growth driven by AI-related demand, with capital expenditures entering a new upward cycle. The global semiconductor equipment market is projected to reach a record high, supported by advancements in advanced logic and memory production [2][29] - The transition from FinFET to GAA/CFET in advanced logic and the upgrade of DRAM and 3D NAND technologies are leading to substantial increases in capital investment per unit of production capacity [2][29] - The domestic semiconductor equipment market is experiencing a shift towards localization due to external sanctions, with the domestic procurement rate for critical equipment expected to rise significantly [2][29] Industry Performance - The semiconductor equipment companies are showing robust revenue growth, with total revenues for selected companies reaching 732.2 billion yuan in 2024, a year-on-year increase of 33%, and 648.0 billion yuan in the first three quarters of 2025, a 32% increase [12][26] - The net profit attributable to shareholders is projected to be 119.0 billion yuan in 2024, up 15% year-on-year, and 110.4 billion yuan in the first three quarters of 2025, reflecting a 28% increase [12][26] - The industry is maintaining high R&D investment levels, with R&D expenditures reaching 139.88 billion yuan in 2024, a 34.7% increase year-on-year [22][26] Market Dynamics - The global semiconductor equipment market is expected to grow to 133 billion USD in 2025, driven by AI investments, with further growth anticipated in subsequent years [30][32] - China is becoming a crucial market for semiconductor equipment, with its market share expected to reach 42% of global sales by 2024, significantly higher than other regions [33][36] - The domestic wafer manufacturing capacity is projected to increase from 16% in 2021 to 22% in 2024, indicating substantial room for growth in local production capabilities [36][38] Company Insights - Key domestic companies such as North Huachuang and Zhongwei Company are recommended for investment due to their strong market positions and growth potential in the semiconductor equipment sector [2][12] - The upcoming IPOs of major storage manufacturers are expected to provide significant capital for expansion, with Longxin Storage projected to achieve revenues of 550-580 billion yuan in 2025, reflecting a growth rate of 127%-140% [54][58] - The production capacity of leading domestic manufacturers is still significantly lower than that of international leaders, indicating potential for future expansion [50][49]