Core Viewpoint - The A-share market has seen active institutional research activities since December, with a focus on technology sectors, particularly semiconductor and storage chip companies, as brokers conduct extensive field visits and discussions to identify investment opportunities for the year-end [1][2][3]. Group 1: Institutional Research Activities - Over 200 A-share listed companies have been surveyed by brokers this month, with high interest in the electronics and machinery equipment sectors [2][3]. - The technology sector, especially the semiconductor and storage chip segments, is viewed as a key investment focus for 2026, according to multiple broker reports [2][8]. Group 2: Popular Industries and Companies - The electronics and machinery equipment industries have the highest number of surveyed companies, with 31 companies in each sector receiving attention from brokers [3]. - Notable companies in the electronics sector include Weicai Technology (688372.SH) and Canxin Technology (688691.SH), both of which have attracted significant broker interest [4][6]. - In the machinery equipment sector, Jie Rui Co. (002353.SZ) has been the most researched company, receiving visits from 47 brokers, focusing on its overseas business and natural gas equipment orders [4][5]. Group 3: Storage Chip Focus - Storage chip companies, such as Weicai Technology and Jiangbolong (301308.SZ), have been under intense scrutiny, with discussions centered on storage price trends and technological advantages [6][7]. - East Core Co. has also gained attention for its strong performance in the storage chip market, with a nearly 400% increase in stock price this year [7]. Group 4: 2026 Market Outlook - Brokers, including Guojin Securities and Zhongtai Securities, predict that the technology sector will remain a strong investment theme in 2026, focusing on AI and key manufacturing sectors [8][9]. - Analysts emphasize the importance of aligning with national policies and trends, particularly in AI and technology innovation, as well as the potential for structural market shifts in the coming year [9].

（文/罗叶馨梅）近日，伟测科技（688372.SH）在披露的《2025年12月投资者关系活动记录表》中，围绕半导体封测格局、业务结构、高端设备与产能布局 等问题回答了机构投资者提问。公司指出，受AI、智能驾驶、大数据中心等需求拉动，本土封测业务迎来增量，叠加外部管制和"China for China"策略驱 动，越来越多本土芯片设计公司及海外IDM在中国大陆进行测试，测试订单正加速回流。 公司回顾了从IDM一体化模式到"设计—制造—封测"专业分工的发展路径，认为封测环节的专业化和第三方化仍是长期方向。尽管出于国家战略与安全考 虑，部分企业存在再整合趋势，但从效率与成本角度看，仍需要由专业第三方测试企业通过规模效应和技术积累来定义标准、做大市场、引领生态。公司表 示，希望在中国大陆第三方测试领域发挥引领作用。 在产品结构方面，伟测科技表示，目前存储类测试以Nor Flash为主，原因在于其他类型存储芯片多采用IDM自测模式，客户高度集中且专用设备投资巨大， 而Nor Flash客户分散、设备通用性更强，更适合第三方测试切入。公司重点聚焦高算力CPU/GPU/AI芯片和汽车电子等高可靠性芯片测试，判断随着全球AI ...

近5日机构合计调研192家公司，安克创新、伟测科技、灿芯股份等被多家机构扎堆调研。 证券时报·数据宝统计，近5个交易日（12月3日至12月9日）约192家公司被机构调研，调研机构类型显 示，证券公司共对170家公司进行调研，即88.54%的上市公司调研活动有证券公司参与；基金公司调研 126家，位列其后；阳光私募机构调研68家，排名第三。 机构调研榜单中，共有27家公司获20家以上机构扎堆调研。安克创新最受关注，参与调研的机构达到 209家；伟测科技被73家机构调研，榜单中排名第二；灿芯股份、汇川技术等分别被62家、56家机构调 研。 机构调研次数来看，有3家公司被机构调研4次，分别是精进电动、博盈特焊、威力传动等，机构调研最 为密集。 | 证券代码 | 证券简称 | 机构调研次数 | 机构家数 | 最新收盘价（元） | 其间涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 300866 | 安克创新 | 1 | 209 | 107.71 | -0.20 | 电子 | | 688372 | 伟测科技 | 1 | 73 | 102.73 | ...

伟测科技股价创出历史新高，截至10:01，该股上涨5.43%，股价报106.99元，成交量285.76万股，成交 金额2.98亿元，换手率1.92%，该股最新A股总市值达159.47亿元，该股A股流通市值159.47亿元。 公司发布的三季报数据显示，前三季度公司共实现营业收入10.83亿元，同比增长46.22%，实现净利润 2.02亿元，同比增长226.41%，基本每股收益为1.3700元，加权平均净资产收益率7.41%。（数据宝） （文章来源：证券时报网） 证券时报·数据宝统计显示，伟测科技所属的电子行业，目前整体涨幅为1.61%，行业内，目前股价上涨 的有302只，涨幅居前的有普冉股份、致尚科技、信音电子等，涨幅分别为15.11%、10.71%、9.16%。 股价下跌的有175只，跌幅居前的有睿能科技、中富电路、科森科技等，跌幅分别为7.19%、5.58%、 5.48%。 两融数据显示，该股最新（12月8日）两融余额为6.45亿元，其中，融资余额为6.44亿元，近10日增加 4092.81万元，环比增长6.79%。 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [3] Core Viewpoints - The report highlights that AI is driving advanced packaging demand, with significant growth in storage-related businesses [2][4] - The semiconductor packaging sector experienced a slight decline in gross margin in Q3 2025, but year-on-year comparisons show growth [11][12] - The report emphasizes the importance of advanced packaging technologies in enhancing chip performance and integration, particularly with the ongoing development of Chiplet packaging concepts [4][5] Summary by Sections Overview - In Q3 2025, the semiconductor packaging sector's gross margin slightly decreased, with a gross margin of 21.09%, which is higher than the average of 15.79% for leading packaging companies [11][12] OSAT (Outsourced Semiconductor Assembly and Test) - AI is significantly boosting demand for advanced packaging, with notable growth in the storage sector [17] - Major companies like ASE achieved revenues of 22.63 billion RMB in Q3 2025, reflecting an 8.34% quarter-on-quarter increase and a 16.90% year-on-year increase [18][19] - Advanced packaging services are expected to continue driving growth, particularly in AI-related applications [19][20] Testing - AI-related business growth is notable, with companies like Jingyuan Electronics reporting a revenue increase of 31.99% year-on-year in Q3 2025 [5][41] - Wei Ce Technology's revenue for the first three quarters of 2025 reached 10.83 billion RMB, a 46.22% year-on-year increase, driven by strong demand in computing and automotive electronics [5][41] Equipment - The report indicates that AI growth is leading to a continuous increase in orders, with companies like Besi reporting a 36.5% quarter-on-quarter increase in new orders [5][41] - ASMPT's revenue in Q3 2025 was 33.13 billion RMB, a 7.6% quarter-on-quarter increase, driven by growth in SMT business [5][41] Investment Recommendations - The report suggests focusing on companies benefiting from AI-driven demand, including packaging companies like ASE, Tongfu Microelectronics, and Changdian Technology, as well as testing companies like Jingyuan Electronics and Wei Ce Technology [5][41]

| 证券代码：688372 | 证券简称：伟测科技 | 公告编号：2025-095 | | --- | --- | --- | | 转债代码：118055 | 转债简称：伟测转债 | | 上海伟测半导体科技股份有限公司 关于向不特定对象发行可转换公司债券募投项目结项 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。 上海伟测半导体科技股份有限公司（以下简称"公司"）向不特定对象发行 可转换公司债券募集资金投资项目"伟测半导体无锡集成电路测试基地项目"、 "伟测集成电路芯片晶圆级及成品测试基地项目"和"偿还银行贷款及补充流动 资金"均已完成投入或达到预定可使用状态，公司决定将全部募投项目结项并注 销相应募集资金专户。根据《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》等相关规定，本次募投项目结项无需董事会审议，亦无需保荐 机构发表意见。现将相关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意上海伟测半导体科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕 ...

Core Points - Weicai Technology's stock increased by 5.32%, reaching 95.50 CNY per share, with a trading volume of 249 million CNY and a turnover rate of 1.78%, resulting in a total market capitalization of 14.235 billion CNY [1] - The company, established on May 6, 2016, and listed on October 26, 2022, specializes in wafer testing, chip finished product testing, and related integrated circuit testing services [1] - The revenue composition of Weicai Technology includes wafer testing at 55.40%, chip finished product testing at 40.09%, and other services at 4.51% [1] Fund Holdings - Guotou Ruijin Fund holds a significant position in Weicai Technology, with its fund "Guotou Ruijin Specialized and New Quantitative Stock Mixed A" (015842) owning 16,700 shares, accounting for 1.41% of the fund's net value, making it the third-largest holding [2] - The fund, established on December 5, 2022, has a latest scale of 58.1859 million CNY and has achieved a year-to-date return of 43.63%, ranking 1094 out of 8130 in its category [2] - The fund manager, Zhao Jian, has a tenure of 12 years and 66 days, with the fund's total asset scale at 7.612 billion CNY, achieving a best return of 172.91% and a worst return of -88.73% during his management [2]

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、可转债配售情况 经中国证券监督管理委员会《关于同意上海伟测半导体科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕158 号）同意， 上海伟测半导体科技股份有限公司（以下简称"公司"）向不特定对象发行 117,500.00 万元的可转换公司债券，期限 6 年，每张面值为人民币 100 元，发行 数量为 1,175,000 手（11,750,000 张）。 经上海证券交易所自律监管决定书〔2025〕97 号文同意，公司本次可转换 公司债券已于 2025 年 4 月 30 日起在上海证券交易所上市交易，债券简称"伟测 转债"，债券代码"118055"。 公司控股股东上海蕊测半导体科技有限公司（以下简称"蕊测半导体"）配 售"伟测转债" 3,627,080 张，约占可转债发行总量的 30.87%。 二、可转债持有变动情况 | 证券代码：688372 | 证券简称：伟测科技 | 公告编号：2025-094 | | --- | --- | --- | ...

Core Viewpoint - The announcement from Weicet Technology indicates a significant reduction in the holdings of its convertible bonds by its controlling shareholder, which may impact investor sentiment and the company's market position [2] Summary by Relevant Sections - **Shareholder Activity** - The controlling shareholder, Shanghai Ruicet Semiconductor Technology Co., Ltd., has reduced its holdings of "Weicet Convertible Bonds" by 1,402,870 units, which represents 11.94% of the total issuance [2]

Group 1 - The core point of the article is that Shanghai Weicai Semiconductor Technology Co., Ltd. announced a significant reduction in its convertible bonds by its controlling shareholder, Shanghai Ruicai Semiconductor Technology Co., Ltd. [1] - The reduction occurred through block trading, with a total of 1,402,870 convertible bonds sold, which represents 11.94% of the total issuance [1]