Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The report highlights significant developments in the wind and solar sectors, including the commencement of China's first large-capacity floating wind turbine project and the termination of a major solar component procurement by China Power Construction [6][7]. - The Australian government's plan to subsidize home energy storage systems is expected to reduce initial costs for consumers and drive installation growth [7]. Summary by Sections Wind Power - The commencement of the 16MW floating wind turbine project by Three Gorges marks a significant milestone in China's offshore wind technology, addressing high costs through larger turbine capacities [11]. - The wind power index fell by 6.67%, underperforming the CSI 300 index by 3.80 percentage points, with a current PE_TTM valuation of approximately 18.89 times [12]. - Key companies to watch include Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain, as the domestic offshore wind market shows upward momentum [7][16]. Solar Power - China Power Construction's termination of a 51GW solar component procurement reflects the impact of recent adjustments in renewable energy pricing policies, leading to uncertainty in project investment returns [6][7]. - The solar equipment index decreased by 9.56%, with the current PE_TTM valuation around 29.99 times [4]. - Companies of interest include Longi Green Energy and Tongwei Co., as the solar sector faces potential short-term demand weakness post-May 31 [7][16]. Energy Storage & Hydrogen - The Australian Labor Party's proposed AUD 2.3 billion subsidy for home energy storage systems aims to lower costs by 30%, potentially facilitating the installation of over 1 million new batteries by 2030 [7]. - The energy storage index dropped by 9.04%, with a current PE_TTM of 23.9 times, indicating a strong growth outlook for the sector [4]. - Key players in the energy storage market include Sungrow Power Supply and Shuneng Electric, while the hydrogen sector sees interest in companies like Huagong Huaneng and Yihua Tong [7][16].

Core Viewpoint - The domestic semiconductor equipment market is experiencing significant growth, driven by technological advancements and increasing demand for localized production, as highlighted by the recent developments from the leading domestic ALD equipment manufacturer, MicroGuide Nano [1][2]. Group 1: Company Developments - MicroGuide Nano launched four new thin film products and advanced packaging solutions at SEMICONChina 2025, marking a breakthrough in key technology areas for domestic thin film deposition equipment [1]. - The company's semiconductor equipment revenue reached 152 million yuan in the first half of 2024, representing a year-on-year increase of 812.94%, accounting for 19.34% of total revenue [1]. - The proportion of new semiconductor orders increased significantly, with 30.50% in the first three quarters of 2024 compared to 11.94% in 2023 [1]. Group 2: Industry Trends - The semiconductor industry is recovering from a downturn, with a clear upward trend in demand for upstream equipment due to domestic production needs and technological advancements [1][2]. - The domestic semiconductor industry is poised for historic growth, supported by national policies and the acceleration of wafer fabrication expansion [2]. - The continuous evolution of manufacturing processes and the need for higher precision in semiconductor production are driving demand for advanced deposition equipment [4]. Group 3: Future Outlook - The semiconductor equipment market is expected to maintain strong growth in 2025, driven by advancements in technology nodes, deepening localization of equipment, and the emergence of new equipment demands [3]. - MicroGuide Nano is committed to diversifying its applications beyond semiconductor integrated circuits, maintaining a strategy of multi-track collaborative development [5]. - The company is focusing on increasing its R&D investment in semiconductor technology, with over 60% of its R&D budget allocated to this sector in 2024 [5]. Group 4: Challenges and Innovations - The domestic semiconductor equipment industry is in a phase of rapid progress, but there remains a need for continuous innovation to compete with international standards [8]. - The company emphasizes the importance of production methods in the solar industry, advocating for a modular production approach to enhance technological iteration [7]. - The recent approval of the company's convertible bond issuance aims to accelerate product upgrades and expand market share, particularly in semiconductor equipment [9][10].

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]

证券代码：688147 证券简称：微导纳米 公告编号：2025-012 江苏微导纳米科技股份有限公司 关于 2024 年第二期以集中竞价方式回购股份进展公告 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。 重要内容提示： 回购方案首次披露日 2024/11/15，由实际控制人、董事长王磊提议 回购方案实施期限 待董事会审议通过后 12 个月 回购用途 □用于转换公司可转债 □为维护公司价值及股东权益 预计回购金额 4,000 万元~8,000 万元 □减少注册资本 √用于员工持股计划或股权激励 根据《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，公司在回购期间，应当在每个月的前 3 个交易日 内公告截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： 截至 2025 年 3 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累计回购股份 2,845,194 股，占公司总股本 457,678,129 股的比例为 0.62%，购 买的最高价为 30.70 元/股 ...

证券代码：688147 证券简称：微导纳米 公告编号：2025-012 江苏微导纳米科技股份有限公司 关于 2024 年第二期以集中竞价方式回购股份进展公告 三、 其他事项 一、 回购股份的基本情况 2024 年 11 月 14 日，公司召开第二届董事会第十九次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金和/或自 筹资金（包括但不限于中国民生银行股份有限公司无锡分行股票回购专项贷款） 通过集中竞价交易方式回购公司发行的人民币普通股（A 股），在未来适宜时机用 于实施股权激励计划及/或员工持股计划，回购资金总额不低于人民币 4,000 万元 （含），不超过人民币 8,000 万元（含），回购价格为不超过人民币 42.76 元/股（含）， 回购期限为自公司董事会审议通过本次回购方案之日起 12 个月内。 具体内容详见公司 2024 年 11 月 15 日和 2024 年 11 月 21 日披露于上海证券交 易所网站（www.sse.com.cn）的《关于 2024 年第二期以集中竞价方式回购股份方 案的公告》（公告编号：2024-070）、《关于 2024 年第二期以集 ...

江苏微导纳米科技股份有限公司 2025 年第二次临时股东大会决议公告 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： 证券代码：688147 证券简称：微导纳米 公告编号：2025-011 本次股东大会由公司董事会召集，董事 LI XIANG 先生主持本次股东大会。 会议采取现场及网络相结合的投票方式，会议的召集、召开程序、表决方式和表 决程序均符合《中华人民共和国公司法》《江苏微导纳米科技股份有限公司章程》 及《江苏微导纳米科技股份有限公司股东大会议事规则》的规定。 （五） 公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 3 月 14 日 （二） 股东大会召开的地点：江苏省无锡市新吴区长江南路 27 号公司会议室 （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 | 145 | | --- | --- | | 普通股股 ...

德恒上海律师事务所 关于江苏微导纳米科技股份有限公司 2025 年第二次临时股东大会 之 见证法律意见 上海市虹口区东大名路 501 号上海白玉兰广场办公楼 23 楼 电话：021-55989888 传真：021-55989898 德恒上海律师事务所 关于江苏微导纳米科技股份有限公司 2025 年第二次临时股东大会之见证法律意见 德恒上海律师事务所 关于江苏微导纳米科技股份有限公司 2025 年第二次临时股东大会之 见证法律意见 德恒 02G20240040-00004 号 致：江苏微导纳米科技股份有限公司 德恒上海律师事务所（以下简称"本所"）接受江苏微导纳米科技股份有限 公司（以下简称"公司"）委托，指派王金波律师、顾晗律师（以下合称"本所 承办律师"）出席公司于2025年3月14日下午14点00分在江苏省无锡市新吴区长 江南路27号公司会议室召开的2025年第二次临时股东大会（以下简称"本次股东 大会"），就本次股东大会召开的召集和召开程序、召集人及出席会议人员的资 格、会议议案、表决方式和表决程序、表决结果和会议决议等进行见证并出具本 法律意见书。 本所承办律师依据本法律意见书出具日前已经发生或存在的 ...

江苏微导纳米科技股份有限公司 2025 年第二次临时股东大会会议资料 江苏微导纳米科技股份有限公司 2025 年第二次临时股东大会会议资料 江苏·无锡 2025 年 3 月 | 2025 | 年第二次临时股东大会会议议程 2 | | --- | --- | | 2025 | 年第二次临时股东大会会议须知 3 | | 2025 | 年第二次临时股东大会会议议案 5 | | | 议案一 关于续聘 2024 年度审计机构的议案 5 | 江苏微导纳米科技股份有限公司 2025 年第二次临时股东大会会议资料 2025 年第二次临时股东大会会议议程 一、召开时间 现场会议召开时间：2025 年 3 月 14 日下午 14:00； 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平台 的投票时间为股东大会召开当日的交易时间段，即 2025 年 3 月 14 日 9:15-9:25， 9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为 2025 年 3 月 14 日 的 9:15-15:00。 二、现场会议地点 江苏省无锡市新吴区长江南路 27 号公司会议室。 三、会议召开方式 本次会 ...

证券代码：688147 证券简称：微导纳米 公告编号：2025-010 江苏微导纳米科技股份有限公司 关于 2024 年第二期以集中竞价方式回购股份进展公告 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。 2024 年 11 月 14 日，公司召开第二届董事会第十九次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金和/或自 筹资金（包括但不限于中国民生银行股份有限公司无锡分行股票回购专项贷款） 通过集中竞价交易方式回购公司发行的人民币普通股（A 股），在未来适宜时机用 于实施股权激励计划及/或员工持股计划，回购资金总额不低于人民币 4,000 万元 （含），不超过人民币 8,000 万元（含），回购价格为不超过人民币 42.76 元/股（含）， 回购期限为自公司董事会审议通过本次回购方案之日起 12 个月内。 具体内容详见公司 2024 年 11 月 15 日和 2024 年 11 月 21 日披露于上海证券交 易所网站（www.sse.com.cn）的《关于 2024 年第二期以集中竞 ...