Core Viewpoint - The announcement details the share reduction plan executed by the actual controller and certain directors and senior management of Shenzhen Zhongke Feicai Technology Co., Ltd, indicating a minor decrease in their shareholding percentage due to personal financial needs [2][3][4]. Shareholding Information - The actual controller, Ms. Ha Chengshu, held 16,768,853 shares, representing 4.7889% of the total share capital before the reduction, with 16,643,853 shares acquired before the IPO and 125,000 shares obtained through the equity incentive plan [2]. - Mr. Chen Lu, the actual controller and chairman, held 250,000 shares, accounting for 0.0714% of the total share capital, all obtained through the equity incentive plan [2]. - Mr. Gu Kainan, a director and board secretary, held 37,500 shares, which is 0.0107% of the total share capital, also acquired through the equity incentive plan [2]. Reduction Plan Implementation Results - The reduction plan was disclosed on November 22, 2025, with Ms. Ha Chengshu and Mr. Chen Lu planning to reduce their holdings by up to 125,000 shares and 62,500 shares, respectively, while Mr. Gu Kainan planned to reduce by up to 9,375 shares [3]. - As of January 16, 2026, the actual reductions were completed, with Ms. Ha Chengshu and Mr. Chen Lu reducing their holdings by 125,000 shares and 62,500 shares, respectively, and Mr. Gu Kainan reducing by 9,375 shares [3][4]. Shareholding Change - Following the reductions from January 6 to January 15, 2026, the combined shareholding percentage of Ms. Ha Chengshu and Mr. Chen Lu decreased from 21.04% to 20.99%, indicating a change that touched the 1% threshold [4][5]. - The reduction was executed in compliance with relevant laws and regulations, and it did not trigger a mandatory tender offer [6][8]. Conclusion of Reduction Plan - The reduction plan has been fully implemented, and it does not lead to any changes in the controlling shareholder or the actual controller, nor does it significantly impact the company's governance structure or ongoing operations [8].

证券代码：688361 证券简称：中科飞测 公告编号：2026-003 1 中竞价交易方式减持数量不超过 9,375 股股份，减持股份占公司总股本的比例不 超过 0.0027%。上述减持计划自该公告披露之日起 15 个交易日后的 3 个月内实 施，减持价格按照市场价格确定。 截至 2026 年 1 月 16 日，哈承姝女士和陈鲁先生通过集中竞价交易方式分别 减持了公司股份125,000股、62,500股，占公司当前总股本的比例分别为0.0357%、 0.0178%；古凯男先生通过集中竞价交易累计减持公司股份 9,375 股，占公司当 前总股本的 0.0027%，本次减持计划已实施完毕。 深圳中科飞测科技股份有限公司 实际控制人、部分董事及高级管理人员 权益变动触及 1%刻度暨减持股份结果公告 本公司董事会、全体董事及相关股东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： 实际控制人、部分董事及高级管理人员持有的基本情况 本次减持计划实施前，深圳中科飞测科技股份有限公司（以下简称"公司"） 实际控制人、董事哈承姝女士直接持有公司 ...

Core Viewpoint - The actual controllers of the company, Ha Chengshu and Chen Lu, along with their concerted actors, have reduced their combined shareholding from 21.04% to 20.99% following a share reduction plan, which does not affect the control of the company or its governance structure [1] Shareholding Changes - Ha Chengshu reduced his shareholding by selling 125,000 shares, which represents 0.0357% of the total share capital, bringing his current holding to 4.7532% [1] - Chen Lu sold 62,500 shares, accounting for 0.0178% of the total share capital, resulting in a current holding of 0.0535% [1] Impact on Company Structure - The share reduction plan has been fully implemented without leading to any changes in the company's controlling shareholder or actual controllers, and it does not trigger a mandatory tender offer [1] - The reduction in shareholding is not expected to have a significant impact on the company's governance structure or ongoing operations [1]

Core Viewpoint - The demand for high bandwidth memory (HBM) driven by artificial intelligence and high-performance computing continues to rise, leading to active performance in the HBM sector on the secondary market. Company Summaries - **Unisoc (紫光国微)**: Latest stock price is 86.69 CNY with a daily increase of +10.00%. The company's HBM products are in the sample system integration verification stage [1] - **Chipone (芯源微)**: Latest stock price is 209.09 CNY with a daily increase of +10.63%. The company has received high recognition from downstream customers in the HBM and 2.5D/3D packaging fields, with multiple products in mass production [2] - **Zhongke Feimeng (中科飞测)**: Latest stock price is 196.98 CNY with a daily increase of +9.20%. The company's graphic wafer defect detection equipment and 3D morphology measurement equipment have passed verification from multiple domestic HBM customers, achieving mass shipments [3] - **Yake Technology (雅克科技)**: Latest stock price is 92.68 CNY with a daily increase of +6.63%. The company's subsidiary UP Chemical is a core supplier of precursors for SK Hynix, supplying materials needed for HBM [4] - **JCET (长电科技)**: Latest stock price is 43.99 CNY with a daily increase of +4.79%. The company has launched the XDFOI high-performance packaging technology platform, which supports advanced packaging requirements for HBM [5] - **Shannon Microelectronics (香农芯创)**: Latest stock price is 170.53 CNY with a daily increase of +4.29%. The company is one of the distributors for SK Hynix and holds agency qualifications for HBM products, positioned in the core supply chain of the industry [6] - **Semei Shanghai (盛美上海)**: Latest stock price is 204.77 CNY with a daily increase of +5.23%. The company’s wet processing equipment and copper plating equipment can be used in HBM manufacturing processes, and related packaging equipment can be used for its 2.5D packaging technology [7] - **Lianrui New Materials (联瑞新材)**: Latest stock price is 64.65 CNY with a daily increase of +6.74%. The company supplies packaging materials for HBM, including ball silicon and Lowα ball aluminum used in GMC (granular epoxy molding compound) [8] - **Feikai Materials (飞凯材料)**: Latest stock price is 26.19 CNY with a daily increase of +6.94%. The company produces and sells epoxy molding compounds (EMC), which are key materials required for HBM storage chip manufacturing [9]

Core Viewpoint - The semiconductor equipment sector is experiencing significant growth, driven by domestic substitution and self-sufficiency trends, particularly in light of recent U.S. tariffs on semiconductor imports [1][2]. Group 1: Market Performance - The semiconductor equipment ETF (561980) saw a 2.89% increase, with a trading volume exceeding 200 million yuan, and a net inflow of over 137 million yuan in the last five trading days [1]. - Key stocks such as Shanghai Xinyang and Sanjia Technology hit the daily limit, with Shanghai Xinyang rising over 13%, and other significant gains from companies like Zhongwei and Nanda Optoelectronics [1]. Group 2: Impact of Tariffs - The U.S. announced a 25% import tariff on certain semiconductor products starting January 15, 2026, which is expected to create a stronger "acceleration substitution" window for domestic semiconductor equipment [1]. - The direct impact of these tariffs on domestic semiconductor equipment is considered limited, but they may increase supply chain uncertainties [1]. Group 3: Industry Trends - The rise of domestic storage chip manufacturers is reshaping the global pricing cycle, reducing import dependency, and enhancing supply chain security [2]. - The storage chip segment accounts for approximately 30% of the integrated circuit market, indicating significant growth potential for upstream semiconductor equipment [2]. Group 4: Future Outlook - The global storage industry is entering a new upcycle driven by AI demand for high-performance storage products, with significant growth expected in etching and thin-film deposition equipment due to the shift towards 3D architectures [3]. - Domestic semiconductor equipment companies like North Huachuang and Zhongwei are anticipated to strengthen their market positions as demand increases [3]. Group 5: ETF Composition - The semiconductor equipment ETF focuses on the "selling shovels" segment of the chip industry, with over 90% of its composition in semiconductor equipment, materials, and design [4]. - The index has shown a maximum increase of over 640% since the last semiconductor upcycle, outperforming similar indices [4].

Core Viewpoint - The global semiconductor industry is expected to strengthen in 2026, driven by AI demand and domestic substitution, with a notable increase in semiconductor equipment and materials [1] Group 1: Semiconductor Equipment and ETF Performance - The semiconductor equipment ETF (561980) opened up 1.15% on January 12, with a net inflow of nearly 100 million yuan over the past two trading days [1] - The index tracked by the semiconductor equipment ETF has risen over 15% this year, outperforming mainstream semiconductor indices [2] - Key stocks such as Zhongwei Company and Cambrian have seen significant gains, with Zhongwei up nearly 4% and Jianghua Micro up over 5% [2] Group 2: Market Trends and Pricing - A significant increase in trading volume in A-shares indicates the start of a spring market, with semiconductor equipment leading the upward trend [4] - NVIDIA's new AI chip architecture, Vera Rubin, showcases a fivefold increase in inference performance compared to the previous generation, indicating a surge in storage demand [5] - Major international storage companies plan to raise server DRAM prices by 60% to 70% in Q1 2026 compared to Q4 2025 [5] Group 3: Domestic Substitution and Material Demand - The domestic substitution process for semiconductor materials is advancing, with a recent anti-dumping investigation into dichlorodihydrosilane from Japan, a key material for chip manufacturing [5] - The demand for semiconductor materials and electronic chemicals is expected to rise due to the upgrade of storage driven by AI data centers [6] - The global semiconductor materials market is projected to reach approximately $70 billion by 2025, with a year-on-year growth of 6% [6] Group 4: Industry Outlook and Key Players - The trend of "supply security + domestic substitution" for key semiconductor materials is strengthening, driven by AI computing and data center demands [7] - Leading companies with technological accumulation and production capacity in high-end materials are expected to gain market share and profitability amid advanced process promotion and domestic substitution trends [7] - The semiconductor equipment ETF focuses on leading companies in the sector, with over 90% of its holdings in the upper and mid-stream areas of the semiconductor industry, which have the highest technical barriers and value concentration [7]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The strong demand for AI is expected to drive price increases for TSMC's advanced process technology from 2026 to 2029, indicating a trend of continuous supply shortages globally [3][4] - Domestic demand for advanced logic chips is anticipated to rise rapidly, with significant growth in both demand and supply expected during the 14th Five-Year Plan period [5] - Recent capital market activities by SMIC and Hua Hong Semiconductor suggest improvements in profitability and advancements in advanced logic processes [6] Summary by Sections Industry Trends - TSMC's N2 node is set to begin mass production in Q4 2025, with initial monthly capacity of approximately 35,000 wafers, expected to increase to 140,000 wafers by the end of 2026, surpassing previous market estimates [4] - The demand for advanced processes remains tight despite the early ramp-up of U.S. wafer fabs and the unexpected capacity of 2nm technology [4] Demand and Supply Dynamics - The import scale of core semiconductor equipment in Shanghai reached approximately 55.8 billion yuan from January to November 2025, a 41% increase compared to 2024, indicating a favorable expansion pace [5] - The trend of "China for China" in advanced process foundries is expected to gain momentum as domestic technology matures [5] Capital Market Activities - SMIC's acquisition of the remaining 49% stake in SMIC North is expected to enhance profit margins, with a projected 19% increase in net profit for the first eight months of 2025 [6] - Hua Hong's acquisition of Hua Li Micro is anticipated to improve revenue by 30% and net profit by 269% for the same period [6] Investment Recommendations - The semiconductor equipment and foundry sectors are expected to benefit from the growth in advanced process demand, with recommended stocks including SMIC, Hua Hong Semiconductor, and others [7]

Core Viewpoint - Zhongke Feimeasure has shown significant stock price growth and financial performance improvements, indicating strong market interest and operational growth in the semiconductor equipment sector [1][2]. Financial Performance - As of September 30, Zhongke Feimeasure reported a revenue of 1.202 billion yuan, representing a year-on-year increase of 47.92% [2]. - The company experienced a net profit loss of 14.6985 million yuan, but this still reflects a year-on-year improvement of 71.67% [2]. - Since its A-share listing, Zhongke Feimeasure has distributed a total of 44.8 million yuan in dividends [3]. Stock Market Activity - On January 8, Zhongke Feimeasure's stock price increased by 2.04%, reaching 182.66 yuan per share, with a trading volume of 421 million yuan and a turnover rate of 0.94% [1]. - The stock has appreciated by 19.39% year-to-date, with a 20.27% increase over the last five trading days and a 41.98% increase over the last 20 days [1]. Shareholder Information - As of September 30, the number of shareholders increased to 13,700, a rise of 40.11%, while the average number of circulating shares per person decreased by 28.63% to 18,131 shares [2]. - Notable institutional shareholders include Nuoan Growth Mixed A and Yongying Semiconductor Industry Selected Mixed A, with the latter being a new entrant among the top ten shareholders [3].

Group 1 - The company has established a temporary special account for the use of raised funds and signed a tripartite supervision agreement for the storage of these funds [2][4] - The total amount raised from the issuance of A-shares is RMB 250 million, with a net amount of RMB 248.08 million after deducting issuance costs [2][3] - The company plans to use up to RMB 30 million of idle raised funds to temporarily supplement working capital, ensuring it does not affect the implementation of investment projects [3][4] Group 2 - The tripartite supervision agreement involves the company, Industrial and Commercial Bank of China, and Guotai Junan Securities, outlining the management and usage of the raised funds [5][6] - The agreement stipulates that the special account can only be used for temporary working capital and must comply with relevant laws and regulations [5][6] - The supervising institution (Guotai Junan Securities) is responsible for monitoring the usage of the raised funds and must conduct at least biannual inspections [6][7]

Group 1 - The company Zhongke Feice announced a change in its auditing team for the 2025 fiscal year [2] - The original auditors from Rongcheng Accounting Firm included Wang Yan, Li Xianjun, and Hu Xia, but Hu Xia will no longer provide services due to internal adjustments [2] - Wang Yan, Li Xianjun, and the newly added auditor Wang Ling will now be responsible for the 2025 audit [2]