Core Viewpoint - The semiconductor materials and equipment theme index on the STAR Market has shown strong performance, with significant increases in constituent stocks and a notable rise in the STAR Semiconductor ETF, indicating robust investor interest and capital inflow in the sector [1] Group 1: Market Performance - As of September 30, the STAR Market semiconductor materials and equipment theme index rose by 1.46%, with key stocks such as ShenGong Co. up 13.63%, JingSheng Co. up 10.12%, and ChipSource Microelectronics up 5.68% [1] - The STAR Semiconductor ETF (588170) increased by 1.39%, with active buying leading to frequent premiums during trading [1] - Over the past week, the STAR Semiconductor ETF has accumulated a total increase of 15.52% [1] Group 2: Fund Size and Inflows - The latest size of the STAR Semiconductor ETF reached 2.604 billion yuan, marking a new high since its inception [1] - The ETF has seen continuous net inflows over the past nine days, with a peak single-day net inflow of 632 million yuan, totaling 1.721 billion yuan in net inflows, averaging 191 million yuan per day [1] Group 3: Sector Composition and Trends - The STAR Semiconductor ETF and its linked funds track the STAR Market semiconductor materials and equipment theme index, which includes 59% semiconductor equipment and 25% semiconductor materials companies [1] - The semiconductor equipment and materials industry is a crucial area for domestic substitution, characterized by low domestic replacement rates and high potential for domestic substitution, benefiting from the expansion of semiconductor demand driven by the AI revolution, technology restructuring, and advancements in lithography technology [1]

Group 1 - The core viewpoint of the news highlights the positive performance of the semiconductor sector, particularly the rise of the Sci-Tech Innovation Board Semiconductor Materials and Equipment Index and related ETFs, indicating strong investor interest and market momentum [1][3] - The Sci-Tech Semiconductor ETF (588170) has seen a significant increase of 15.52% over the past week, reaching a new high in both scale at 2.604 billion yuan and shares at 1.725 billion [1] - Continuous net inflows into the Sci-Tech Semiconductor ETF over the past nine days, with a peak single-day inflow of 632 million yuan, totaling 1.721 billion yuan, demonstrate robust investor confidence [1] Group 2 - The adaptation of the DeepSeek V3.2 model by Cambrian and Huawei Ascend signifies advancements in domestic computing power, enhancing the efficiency of domestic chips and reducing training costs in long-sequence scenarios [2] - Analysts from Shengan Securities predict that ongoing investments in computing infrastructure will lead to sustained breakthroughs in domestic computing power, potentially outpacing overseas growth [2] - The semiconductor equipment and materials sector is identified as a key area for domestic substitution, benefiting from low domestic replacement rates and high ceilings for domestic alternatives, driven by the AI revolution and technological advancements [3]

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - The market opportunity window is open, and the company's performance elasticity is expected to be realized due to the rapid development of Chinese local memory chip manufacturers, the urgent demand for supply - chain security, and the technology and capacity restrictions from certain countries [25][26] - The company's performance shows "growth" characteristics, with the gross margin of the main business remaining stable, the proportion of the growing silicon component business in total revenue exceeding that of large - diameter silicon materials, and the integration advantage of "from silicon materials to silicon components" gradually emerging [27] 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Shenggong Co., Ltd., belonging to the semiconductor industry. The reception time was September 26, 2025, and the listed company's reception personnel were the board secretary and the chief financial officer, Chang Liang [16] 3.2 Detailed Research Institutions - The research institutions include fund management companies such as HSBC Jintrust Fund, E Fund Management Co., Ltd., etc.; other financial companies like Nanyin Wealth Management; investment companies such as Fenghuo Investment and Chongyang Investment; securities companies like Guotai Haitong Securities and Guoxin Securities; and asset management companies such as Guotai Haitong Asset Management and Origin Asset [17][18] 3.3 Research Institutions Proportion - No relevant content found 3.4 Main Content Information - **Relationship between Company Performance and Memory Chip Industry**: The company's silicon component products are made from large - diameter silicon materials and are core consumables in the plasma etching process of memory chip manufacturers. The replacement frequency is related to the production line's operating rate and etching intensity. With the rapid development of Chinese local memory chip manufacturers, the progress of domestic chip manufacturing, and the restrictions from certain countries, the company's performance elasticity is expected to be realized [25][26] - **Trend Changes in Company Performance**: In the first half of 2025, the gross margin of the company's main business, large - diameter silicon materials, remained stable. The silicon component business, a growing business, accounted for more than large - diameter silicon materials in total revenue, with a stable and rising gross margin. The integration advantage of "from silicon materials to silicon components" is emerging, highlighting the company's "growth" characteristics [27] - **Industry Changes**: Japanese manufacturers with global competitive advantages in the 8 - inch lightly doped polished silicon wafer field are shifting more production capacity to 12 - inch lightly doped polished silicon wafers. Considering the potential market demand for 8 - inch lightly doped silicon wafers in China, the company, with relevant technology and production capacity, is expected to optimize variable costs and improve its competitive position [28][29] - **Expansion Progress of Silicon Component Business**: The company will expand production based on downstream customer orders, maintain the yield rate and gross margin, and keep a high - end product sales structure. In the first half of the year, the expansion policy of "stability" achieved good results [31][32][33]

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 1.24%, closing at 1474.49 points, with a total trading volume of 5.328 billion shares and a turnover of 269.68 billion yuan, resulting in an average turnover rate of 2.84% [1] - Among the tradable stocks on the STAR Market, 237 stocks closed higher, with 5 stocks rising over 10%, including Pinming Technology and Shangwei New Materials, which hit the daily limit [1] - The distribution of turnover rates shows that 4 stocks had turnover rates exceeding 20%, 25 stocks had rates between 10% and 20%, and 93 stocks had rates between 5% and 10% [1] Stock Highlights - The stock with the highest turnover rate was Xingfu Electronics, which closed down by 2.70% with a turnover rate of 32.05% and a transaction amount of 0.923 billion yuan [1] - Zhongrun Optics closed up by 6.78% with a turnover rate of 23.69% and a transaction amount of 0.579 billion yuan [1] - Other notable stocks with high turnover rates include Canxin Co., Zhongke Lanyun, and Shenkong Co., with turnover rates of 21.01%, 20.20%, and 19.28% respectively [1] Sector Analysis - In terms of sector performance, the electronics sector had the most stocks with a turnover rate exceeding 5%, totaling 56 stocks, followed by the computer and machinery equipment sectors with 20 and 15 stocks respectively [2] - Among the stocks with high turnover rates, 61 stocks increased in price today, with the largest gains seen in Pinming Technology (20.01%), Canxin Co. (10.93%), and Canqian Technology (10.82%) [2] Fund Flow - In terms of fund flow, 48 stocks with high turnover rates experienced net inflows from main funds, with the largest inflows seen in Aters (0.225 billion yuan), Huafeng Technology (0.209 billion yuan), and Jucheng Co. (0.173 billion yuan) [2] - Conversely, the stocks with the largest net outflows included SMIC (1.11 billion yuan), Dongxin Co. (0.42 billion yuan), and Jinhui Integration (0.371 billion yuan) [2] Leverage Fund Movements - A total of 77 stocks with high turnover rates received net purchases from leveraged funds, with notable increases in financing balances for SMIC (1.944 billion yuan), Tengjing Technology (0.320 billion yuan), and Baiwei Storage (0.299 billion yuan) [2] - Stocks with significant decreases in financing balances included Jiayuan Technology (0.109 billion yuan), Aters (0.098 billion yuan), and Yuntian Lefe (0.087 billion yuan) [2]

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index fell by 1.62% as of September 25, 2025, with mixed performance among constituent stocks [1] - The Sci-Tech Semiconductor ETF (588170) decreased by 1.75%, with the latest price at 1.46 yuan, while its trading volume was active with a turnover of 18.85% and a total transaction value of 267 million yuan [1] - The latest scale of the Sci-Tech Semiconductor ETF reached a new high of 1.43 billion yuan, with the number of shares also hitting a record of 967 million [1] Group 2 - According to data from SEMI, global silicon wafer shipments in Q2 2025 reached 3.327 billion square inches, marking four consecutive quarters of year-on-year growth and the highest level since Q3 2023 [2] - The semiconductor equipment and materials industry is a key area for domestic substitution, benefiting from the expansion of semiconductor demand driven by the AI revolution and advancements in lithography technology [2] - The Sci-Tech Semiconductor ETF (588170) and its linked funds focus on semiconductor equipment (59%) and materials (25%), indicating a strong emphasis on the upstream semiconductor sector [2]

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index surged by 9.80% as of September 24, 2025, with notable increases in constituent stocks such as ShenGong Co. (up 20.01%), Shengmei Shanghai (up 15.90%), and Jingyi Equipment (up 15.03%) [1] - The Sci-Tech Semiconductor ETF (588170) rose by 9.50%, reaching a peak increase of 10% during trading, marking its third consecutive day of gains [1] - Over the past five days, the Sci-Tech Semiconductor ETF has seen continuous net inflows, with a maximum single-day net inflow of 136 million yuan, totaling 374 million yuan, averaging 7.49 million yuan in daily net inflows [1] Group 2 - The Sci-Tech Semiconductor ETF (588170) and its linked funds (Class A: 024417; Class C: 024418) track the Shanghai Stock Exchange's semiconductor materials and equipment index, encompassing hard-tech companies in semiconductor equipment (59%) and semiconductor materials (25%) [1] - The semiconductor equipment and materials industry is a significant area for domestic substitution, characterized by low domestic substitution rates and high potential for domestic replacement, benefiting from the expansion of semiconductor demand driven by the AI revolution, waves of technology restructuring and mergers, and advancements in lithography technology [1]

Core Points - ShenGong Co., Ltd. (688233) closed at 44.51 CNY on September 24, reaching the daily limit with a trading volume of 8.99 billion CNY and a turnover rate of 12.40% [2] - The stock was listed on the trading board due to a price increase of 15% at the close [2] - The net inflow of main funds for the stock was 1.54 billion CNY throughout the day [3] Trading Activity - The top five buying and selling trading departments had a total transaction amount of 1.81 billion CNY, with a net buying amount of 649.64 million CNY [2][3] - The largest buying department was Guotai Junan Securities Co., Ltd. Chengdu North First Ring Road Securities Department, with a purchase amount of 30.11 million CNY [3] - The largest selling department was UBS Securities Co., Ltd. Shanghai Garden Shiqiao Road Securities Department, with a selling amount of 15.65 million CNY [3]

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 3.49%, closing at 1456.47 points, with a total trading volume of 6.19 billion shares and a turnover of 314.57 billion yuan, resulting in an average turnover rate of 3.29% [1] - Among the tradable stocks on the STAR Market, 530 stocks closed higher, with 23 stocks experiencing a rise of over 10%, including ShenGong Co., Ltd., Shangwei New Materials, and Xingfu Electronics, which hit the daily limit [1] - The turnover rate distribution shows that 6 stocks had a turnover rate exceeding 20%, 36 stocks had a turnover rate between 10% and 20%, and 120 stocks had a turnover rate between 5% and 10% [1] High Turnover Stocks - Xingfu Electronics had the highest turnover rate at 34.29%, closing up by 19.99% with a trading volume of 929 million yuan [1][3] - Other notable stocks with high turnover rates include Weidao Nano (28.97% turnover rate, up 15.54%) and Pioneer Precision (25.83% turnover rate, up 5.41%) [1][3] - A total of 134 stocks with a turnover rate exceeding 5% saw an increase, with ShenGong Co., Ltd. and Xingfu Electronics leading the gains at 20.01% and 19.99%, respectively [2] Sector Analysis - The electronics sector had the highest representation among stocks with a turnover rate exceeding 5%, with 91 stocks listed, followed by machinery equipment and power equipment sectors with 19 and 18 stocks, respectively [2] - In terms of capital flow, 100 stocks experienced net inflows from main funds, with the highest net inflows recorded for SMIC (1.14 billion yuan), Lanke Technology (771 million yuan), and Baiwei Storage (466 million yuan) [2] Leverage Fund Movements - A total of 88 stocks with high turnover rates received net purchases from leveraged funds, with notable increases in financing balances for SMIC (1.949 billion yuan), Zhongwei Company (808 million yuan), and Dekeli (355 million yuan) [2]

Group 1 - The semiconductor sector in China's A-shares has shown strong performance, with a daily increase of 4.39% and a cumulative weekly rise of over 8%, outperforming the Shanghai Composite Index [1] - Several stocks, including ShenGong Co., Jiangfeng Electronics, and Changchuan Technology, reached their daily price limits, with some recording approximately 20% gains [1] - The positive performance of the semiconductor sector is attributed to multiple favorable factors, including supportive government policies and increased demand and capital investment in the industry [1] Group 2 - Alibaba's CEO announced a three-year plan to invest 380 billion yuan in artificial intelligence infrastructure, indicating significant capital commitment to the AI sector [1] - The overall performance of major A-share indices was positive, with the Shanghai Composite Index rising by 0.83%, the Shenzhen Component Index by 1.8%, and the ChiNext Index by 2.28% [2] - The total trading volume in the Shanghai and Shenzhen markets was approximately 23.268 billion yuan, a decrease of about 1.676 billion yuan compared to the previous trading day [2]

Market Overview - The three major stock indices collectively rose, with the Shanghai Composite Index closing at 3853.64 points, up 0.83% [1][2] - The Shenzhen Component Index closed at 13356.14 points, up 1.8%, and the ChiNext Index closed at 3185.57 points, up 2.28% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 2.33 trillion yuan, a decrease of 167.6 billion yuan compared to the previous trading day [1] Sector Performance - The semiconductor industry chain, photovoltaic equipment, gaming, and BC battery concepts saw significant gains, while the tourism sector weakened slightly [6][7] - Notable sector performances included: - Semiconductor: +4.60% with a net inflow of 156.7 billion yuan [7] - BC Battery: +4.30% with a net inflow of 11.57 billion yuan [7] - Tourism and hotels: -0.71% with a net outflow of 5.08 billion yuan [7] Individual Stock Highlights - Key stocks in the semiconductor sector, such as ShenGong Co., Jiangfeng Electronics, and Changchuan Technology, hit the 20% limit up [8] - Lixun Precision saw a price increase of over 6%, reaching a historical high with a trading volume of nearly 30 billion yuan [8] - Major net inflows were observed in stocks like Sunshine Power, SMIC, and Tongfu Microelectronics, with net inflows of 1.342 billion yuan, 1.155 billion yuan, and 1.152 billion yuan respectively [9] Institutional Insights - Dexun Securities noted strong support for the Shanghai Index around 3800 points, with the semiconductor sector continuing to show activity, indicating bullish market sentiment [11] - Dongfang Securities highlighted potential volatility in global assets due to changes in overseas interest rates, while domestic liquidity remains loose, suggesting a focus on technology sectors for potential gains [11]