深圳中科飞测科技股份有限公司 关于签订募集资金专户存储三方、四方监管协议 证券代码：688361 证券简称：中科飞测 公告编号：2025-062 的公告 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、准确性和完整性依法承担法律责任。 一、 募集资金基本情况 根据中国证券监督管理委员会于 2025 年 8 月 4 日出具的《关于同意深圳中 科飞测科技股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕 1640 号），深圳中科飞测科技股份有限公司（以下简称"公司"）2024 年度向 特定对象发行 A 股股票 28,571,428 股，发行价格 87.50 元/股，募集资金总额为 人民币 250,000.00 万元，扣除各项发行费用（不含增值税）人民币 1,923.26 万元 后，实际募集资金净额为人民币 248,076.74 万元。 上述募集资金到位情况已经容诚会计师事务所（特殊普通合伙）审验，并出 具容诚验字[2025]518Z0128 号《验资报告》。 二、 《募集资金专户存储三方监管协议》《募集资金专户存储四方监管 协议》的签订情况和募集 ...

Core Insights - Zhongke Feimeasure experienced a decline of 5.24% on November 11, with a stock price of 129.23 yuan per share and a trading volume of 611 million yuan, resulting in a total market capitalization of 45.252 billion yuan [1] Company Overview - Shenzhen Zhongke Feimeasure Technology Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on December 31, 2014. The company went public on May 19, 2023 [1] - The main business involves the research, development, production, and sales of integrated circuit-specific equipment, categorized into two main segments: testing equipment (60.72% of revenue) and measurement equipment (36.40% of revenue), with services and others contributing 2.88% [1] Fund Holdings - Tianhong Fund has a significant position in Zhongke Feimeasure, with its Tianhong CSI Semiconductor Materials and Equipment Theme Index Fund A (021532) increasing its holdings by 176,300 shares in the third quarter, totaling 194,100 shares, which represents 3.14% of the fund's net value, ranking as the ninth largest holding [2] - The fund was established on June 4, 2024, with a current size of 420.519 million yuan. Year-to-date returns stand at 47.28%, ranking 702 out of 4,216 in its category, while the one-year return is 28.54%, ranking 1,330 out of 3,922 [2] - The fund manager, Qi Shichao, has a tenure of 294 days, managing assets totaling 32.53 billion yuan, with the best return during this period being 50.8% and the worst at 6.54%. Co-manager Hong Minghua has been in position for 116 days, overseeing 32.97 billion yuan in assets, with a best return of 42.67% and a worst return of -8.19% [2]

Group 1: Xinhua Insurance (601336.SH) - The core conclusion indicates that Xinhua Insurance's high equity investment ratio is expected to continue contributing to earnings elasticity as the capital market trends upward [6][7] - The liability side is undergoing a transformation towards dividend insurance, with accelerated growth in bancassurance channels and reforms in individual insurance channels, positioning the company for sustained business leadership [6] - The report anticipates significant profit improvement driven by dual efforts on both asset and liability sides, initiating coverage with a "Buy" rating [6] Group 2: Jinhua New Materials (920015.BJ) - Jinhua New Materials is positioned as a leading player in silane crosslinking agents, with stable growth expected in its core business and a second growth curve anticipated from hydroxylamine aqueous solution, which is set to break existing monopolies [9][10] - The company is projected to achieve total revenue of 1.04 billion, 1.31 billion, and 1.66 billion yuan from 2025 to 2027, with corresponding net profits of 200 million, 250 million, and 320 million yuan [9][10] - The current stock price corresponds to a PE ratio of 45.4, 35.8, and 28.0 for the years 2025 to 2027, with an initial coverage rating of "Add" [9][10] Group 3: Zhongke Feimeasure (688361.SH) - Zhongke Feimeasure is recognized as a leading provider of semiconductor quality control equipment, with a revenue of 702 million yuan in the first half of 2025, reflecting a year-on-year growth of approximately 51.39% [12][13] - The company is expected to achieve revenues of 2.061 billion, 3.128 billion, and 4.413 billion yuan from 2025 to 2027, with net profits projected at 184 million, 411 million, and 718 million yuan [12][13] - The current stock price corresponds to a PS ratio of 23.17, 15.27, and 10.82 for the years 2025 to 2027, with an initial coverage rating of "Add" [12][13] Group 4: Changan Automobile (000625.SZ) - Changan Automobile's sales in October 2025 reached 278,000 units, marking an 11% year-on-year increase, with cumulative sales from January to October totaling 2.374 million units, up 10% [15][17] - The company is expected to achieve revenues of 187 billion, 209.6 billion, and 229.7 billion yuan from 2025 to 2027, with year-on-year growth rates of 17.1%, 12.1%, and 9.6% [17] - The current stock price corresponds to an EPS of 0.64, 0.85, and 1.06 yuan for the years 2025 to 2027, maintaining a "Buy" rating [17] Group 5: Xingye Co., Ltd. (601799.SH) - Xingye Co., Ltd. reported a revenue of 10.71 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 16.09%, with a net profit of 1.141 billion yuan, also up 16.76% [30][31] - The company is expected to achieve net profits of 1.719 billion, 2.115 billion, and 2.682 billion yuan from 2025 to 2027, maintaining a "Buy" rating [31][32] - The company is expanding into the robotics sector, indicating a strategic move towards new growth areas [31]

Core Insights - The front-end measurement and inspection equipment is a crucial segment of the semiconductor equipment market, accounting for approximately 13% of the total market size [1][5][11] - The global semiconductor measurement and inspection equipment market is projected to reach $15.22 billion in 2024, reflecting a year-on-year growth of 18.7% [1][7] - The market for front-end measurement and inspection equipment in mainland China is experiencing rapid growth, with an average annual compound growth rate of 30% from 2020 to 2024, reaching a market size of 43.8 billion yuan in 2024 [1][9] Group 1: Industry Overview - Front-end measurement is essential for quality control in semiconductor manufacturing, involving the measurement of parameters such as film thickness and surface defects [2][4] - The global semiconductor equipment market is expected to rebound in 2024, achieving a historical sales high of $117 billion, with significant contributions from China, South Korea, and Taiwan [4][5] Group 2: Market Dynamics - The front-end measurement equipment market is dominated by a few international leaders, with KLA holding over 50% market share, indicating a highly concentrated supply market [1][11] - Domestic companies like Zhongke Feimeasure and Shanghai Precision Measurement are emerging as suppliers of front-end measurement equipment, driven by the rapid development of China's semiconductor industry [1][12] Group 3: Future Trends - The domestic market share of front-end measurement equipment is expected to increase as local companies enhance their understanding of technology and manufacturing processes [1][13] - There is a growing demand for improved performance in measurement and inspection equipment, focusing on sensitivity, accuracy, stability, and throughput to ensure high yield rates in semiconductor production [1][14]

Market Overview - The semiconductor sector experienced a decline of 1.13% on November 7, with Daway Technology leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Top Gainers in Semiconductor Sector - Kangqiang Electronics (002119) saw a significant increase of 10.02%, closing at 21.08 with a trading volume of 745,900 shares [1] - Wentai Technology (600745) rose by 9.70%, closing at 45.00 with a trading volume of 902,200 shares [1] - Changguang Huaxin (688048) increased by 9.01%, closing at 87.50 with a trading volume of 268,200 shares [1] Top Losers in Semiconductor Sector - Daway Technology (002213) fell by 5.66%, closing at 26.48 with a trading volume of 604,100 shares [2] - Canxin Technology (688691) decreased by 5.28%, closing at 115.73 with a trading volume of 67,900 shares [2] - Fudan Microelectronics (688385) dropped by 4.85%, closing at 57.90 with a trading volume of 136,600 shares [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 4.338 billion yuan from institutional investors, while retail investors saw a net inflow of 2.454 billion yuan [2][3] - Notable net inflows from retail investors were observed in Kangqiang Electronics and New Clean Energy, with net inflows of 1.41 billion yuan and 1.15 billion yuan respectively [3] Summary of Trading Data - The trading data indicates a mixed performance among semiconductor stocks, with significant volatility in both gains and losses across various companies [1][2][3]

Core Viewpoint - The article discusses the upcoming "2025 Heterogeneous Integration Frontier Forum" organized by the Yongjiang Laboratory in collaboration with TrendBank and the Ningbo Electronic Industry Association, focusing on advancements and challenges in heterogeneous integration technology within the semiconductor industry [2][31]. Group 1: Event Details - The forum will take place from November 17-19, 2025, at the Pan Pacific Hotel in Ningbo, with an expected attendance of 300-500 participants [31]. - The event aims to facilitate discussions among industry experts, academic institutions, and investment organizations regarding the current state and future trends of advanced packaging technologies [2][31]. Group 2: Participants and Speakers - Notable companies and professionals from various sectors, including Huawei, Longxin Storage, and the Chinese Academy of Sciences, are expected to participate, showcasing a diverse range of expertise [2][3]. - The forum will feature keynote speeches and panel discussions led by industry leaders and researchers, addressing critical topics such as micro-nano manufacturing technologies and advanced packaging integration [16][18]. Group 3: Forum Agenda - The agenda includes specialized forums on topics like heterogeneous integration, advanced packaging, and micro LED technology, with sessions dedicated to discussing the latest innovations and challenges in these fields [19][28]. - Specific sessions will cover advancements in chiplet technology, high-performance sensors, and the application of polymer materials in semiconductor packaging [16][18][29]. Group 4: Registration and Fees - Registration for the forum is available, with ticket prices set at RMB 2500 per person, offering various benefits such as access to conference materials and meals [32]. - Early bird discounts are available for those who register before October 31, with student discounts also offered [32].

Group 1 - Zhongke Feimiao's stock price increased by 5.07%, reaching 121.88 CNY per share, with a trading volume of 919 million CNY and a turnover rate of 3.11%, resulting in a total market capitalization of 42.678 billion CNY [1] - The company, established on December 31, 2014, and listed on May 19, 2023, specializes in the research, production, and sales of integrated circuit testing and measurement equipment, with revenue composition of 60.72% from testing equipment, 36.40% from measurement equipment, and 2.88% from services and others [1] Group 2 - Huashang Fund holds a significant position in Zhongke Feimiao, with its Huashang Innovation Growth Mixed Fund A (000541) owning 545,500 shares, accounting for 3.61% of the fund's net value, making it the third-largest holding [2] - The fund has achieved a return of 62.02% year-to-date, ranking 454 out of 8,150 in its category, and a one-year return of 58.14%, ranking 650 out of 8,043 [2] Group 3 - The fund manager of Huashang Innovation Growth Mixed Fund A is Li Qian, who has been in the position for 5 years and 317 days, managing a total asset size of 18.087 billion CNY, with the best fund return during his tenure being 183.93% and the worst being -26.69% [3]

Group 1 - Zhongke Feimeasure's stock increased by 5.07%, reaching 121.88 CNY per share, with a trading volume of 920 million CNY and a turnover rate of 3.11%, resulting in a total market capitalization of 42.678 billion CNY [1] - The company, established on December 31, 2014, and listed on May 19, 2023, specializes in the research, production, and sales of integrated circuit testing and measurement equipment, with revenue composition of 60.72% from testing equipment, 36.40% from measurement equipment, and 2.88% from services and others [1] Group 2 - The fund "Chuangjin Hexin Specialized and New Stock Initiation A" (014736) holds Zhongke Feimeasure as its eighth largest position, having reduced its holdings by 32,100 shares to 136,200 shares, which constitutes 4.99% of the fund's net value [2] - The fund has achieved a return of 50.04% year-to-date, ranking 594 out of 4,216 in its category, and a one-year return of 53.35%, ranking 563 out of 3,896 [2] Group 3 - The fund manager of "Chuangjin Hexin Specialized and New Stock Initiation A" is Wang Xianwei, who has been in the position for 4 years and 253 days, managing a total asset size of 419 million CNY, with the best return during his tenure being 68.34% and the worst being 49.24% [3]

Group 1 - The semiconductor industry index has shown a strong increase of 1.85%, with notable gains from companies such as Zhongwei Company (up 5.09%) and Huahai Qingke (up 3.48%) [3] - The semiconductor industry ETF (159582) has risen by 1.57%, reaching a latest price of 2.13 yuan, and has accumulated a 2.14% increase over the past two weeks [3] - The trading volume for the semiconductor industry ETF was 20.08 million yuan, with a turnover rate of 4.6% [3] Group 2 - Domestic semiconductor equipment replacement is accelerating, with Zhongke Feice achieving a revenue of 1.202 billion yuan in the first three quarters of 2025, a year-on-year increase of 47.92% [4] - The gross profit margin for Zhongke Feice has improved to 51.97%, driven by breakthroughs in core technology and an expanded customer base [4] - The company’s self-developed DRAGONBLOOD-800 measurement equipment has been applied in mass production lines, with nearly 100 units shipped [4] Group 3 - The semiconductor industry is experiencing a recovery, supported by the explosive growth of AI applications and increasing demand from sectors like smart vehicles [4] - Tianfeng Securities predicts a continued optimistic growth trajectory for the global semiconductor market in 2025, driven by AI [4] - The semiconductor industry ETF has reached a new high in scale at 431 million yuan and a new high in shares at 206 million [5] Group 4 - The semiconductor industry ETF has seen continuous net inflows over the past four days, with a maximum single-day net inflow of 32.31 million yuan [5] - The top ten weighted stocks in the semiconductor industry index account for 78.04% of the index, including companies like Zhongwei Company and North Huachuang [5]

Macro Overview - 2025 is characterized as a turning point for China's macroeconomic landscape, with expectations for a brighter macroeconomic outlook in 2026 [2] - The U.S. economy is experiencing a dual-speed growth pattern, with rapid expansion in AI-related investments and slightly below-trend growth in traditional sectors [2][3] Investment Strategy - The profit cycle is expected to rebound due to approaching turning points in capacity and inventory cycles, with positive signals from the real estate cycle and overseas expansion [3] - Relative valuations in the Chinese market still have room for improvement, making Chinese assets attractive [3] - The market style is anticipated to rebalance rather than switch, focusing on seven key investment themes including policy, technology, real estate, and capital market reforms [3][4] Fixed Income Market - The global investment landscape is expected to see a shift with a focus on domestic demand and technology, leading to a potential recovery in nominal GDP growth [6] - The bond market is likely to exhibit characteristics of low interest rates and high volatility, with a projected yield range for ten-year government bonds between 2.0% and 2.1% [6] Equity Market Insights - The insurance sector is shifting towards dividend insurance products, with positive sales trends expected to continue into 2026 [8] - The securities market is undergoing a transformation, with low interest rates enhancing the attractiveness of equity assets and sustainable inflows of new capital [9] Company-Specific Analysis - Xinquan Co., Ltd. reported Q3 revenue of 3.954 billion yuan, a year-on-year increase of 14.91%, but net profit decreased by 27.10% due to competitive pressures [10] - Jifeng Co., Ltd. achieved Q3 revenue of 5.608 billion yuan, with a net profit increase of 116.62% year-on-year, indicating strong order backlog and production ramp-up [11] - Guobo Electronics reported Q3 revenue of 498 million yuan, with a focus on mobile terminal expansion and military product recovery [12] - Icewheel Environment's Q3 revenue grew by 6.88% year-on-year, supported by recovery in commercial cold chain and new applications in data centers [13] - Changfei Optical Fiber's Q3 revenue increased by 16.27% year-on-year, driven by AI data communication demand [14] Sector Performance - The traditional energy sector, represented by Gansu Energy, showed a revenue increase of 1.33% year-on-year in Q3, benefiting from strong profitability in hydropower [26] - The pump manufacturing sector, led by Southern Pump, is expanding into new applications such as liquid cooling and data centers, with Q3 revenue showing a slight decline but net profit growth [27]