Group 1: AI and Storage Demand - The demand for high bandwidth and high-density memory is increasing due to the preprocessing of massive data and loading of large model parameters in the AI era. An AI server requires 8 times more DRAM and 3 times more NAND compared to a regular server, leading to a surge in demand for high-performance storage products like HBM and DDR5 [1] Group 2: 3D NAND Technology - The 3D NAND technology is a key trend in the semiconductor industry, significantly enhancing storage performance and capacity by vertically stacking memory cells. This method allows for increased density without relying solely on smaller process nodes, which face reliability issues below 15nm [2] Group 3: Non-Destructive Testing Methods - Non-destructive testing methods such as ultrasound and X-ray are crucial for ensuring the quality of advanced packaging in semiconductor manufacturing. These methods help in detecting internal structures and interface integrity, which are vital for maintaining yield stability in 3D stacking processes [2] Group 4: Recommended Companies - Companies like Jiao Cheng Ultrasound and Ri Lian Technology are highlighted for their innovative solutions in the semiconductor field. Jiao Cheng Ultrasound has developed a wafer-level ultrasonic scanning microscope for defect detection in semiconductor packaging, while Ri Lian Technology's open-ray source technology aids in identifying deep internal defects in chips [3]

证券研究报告 聚四海星火，淬国之重器——全面为国产算力生产配套 -2026年机械行业年度投资策略 西部证券研发中心 2025年12月8日 张恒晅 | 分析师 S0800525020001 zhanghengxuan@research.xbmail.com.cn 核心结论 AI驱动全球半导体大周期，中国大陆半导体产业同样受惠于此，叠加政策引导，国内集成电路有望实现全产 业链自主可控。 AI发展方兴未艾，IDC预计全球生成式AI市场五年复合增长率或达56.3%，而芯片是AI产业链的核心上游环 节之一，SEMI预测AI驱动下2030年全球半导体市场规模将突破1万亿美元，其中，服务器、数据中心和存储 领域的市场规模复合增速达到18%，领先下游其他领域。而半导体设备作为芯片产业链上游同步受益，LAM 预计未来5年全球数据中心累计2.5万亿美元的资本开支将催生2000亿美元的半导体设备需求。 国内AI产业链投资同样旺盛，同时，算力、存储芯片仍然面临较高的海外依赖度，进口受限叠加国内政策引 导，国内芯片产业链有望实现从上游设备到下游设计环节的全链条自主可控。 先进逻辑方面，国产算力突破，带动国内先进逻辑代工需求。与非网指出 ...

Group 1 - The fourth quarter is a critical period for private equity funds to realize performance and capture investment opportunities for the coming year, with research becoming a primary method for exploring new opportunities [1] - As of December 4, a total of 2,280 private equity institutions conducted 13,000 research sessions in the fourth quarter, with sectors like electronic components, medical devices, and integrated circuits being the most popular [1] - Private equity firms are optimistic about the A-share market in 2026 and are actively adjusting their portfolios through research to ensure more rational asset allocation and maximize product returns [2][3] Group 2 - Leading private equity firms are actively conducting research, with several top firms ranking high in the number of sessions, including Guangdong Zhengyuan, Hongyun, and Shanghai Gao Yi, among others [2] - The active research by private equity firms signals a positive outlook on the A-share market and a focus on understanding industry developments and verifying company operations to achieve higher returns [2] - The demand for deep research and precise stock selection is increasing as the market shifts towards performance realization, particularly in the technology sector [3] Group 3 - Technology stocks, particularly in sectors like electronic components, medical devices, and integrated circuits, are favored by private equity firms, with companies like Luxshare Precision and Aibo Medical being researched over 100 times [3][4] - The electronic components sector has seen strong upward momentum this year, benefiting from multiple favorable factors such as AI hardware, semiconductor domestic substitution, and automotive electronics [4] - The focus on sectors with growth potential and profit certainty is expected to help private equity funds achieve excess returns, aligning with their criteria for asset selection [4]

Core Insights - The battery sector experienced a rise of 1.11% on the previous trading day, with Wanrun New Energy leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Battery Sector Performance - Wanrun New Energy (688275) saw a significant increase of 16.88%, closing at 91.55, with a trading volume of 159,900 shares and a transaction value of 1.412 billion yuan [1] - Hunan Youneng (301358) rose by 11.01% to close at 76.51, with a trading volume of 349,700 shares and a transaction value of 2.589 billion yuan [1] - Fengyuan Co., Ltd. (002805) increased by 10.01%, closing at 20.34, with a trading volume of 364,900 shares and a transaction value of 709 million yuan [1] - Other notable performers included Binhai Energy (000695) up 10.00%, Honggong Technology (301662) up 8.81%, and Jiao Cheng Ultrasonic (688392) up 7.66% [1] Capital Flow Analysis - The battery sector saw a net inflow of 1.23 billion yuan from main funds, while retail investors experienced a net outflow of 1.441 billion yuan [2] - The overall capital flow indicates a strong interest from institutional investors despite the outflow from retail investors [2]

Group 1 - Recent significant price increases in battery electrolyte, with 6F reaching 165,000 yuan, VC at 170,000 yuan/ton, and EC at 5,900 yuan/ton, leading to active performance of related companies like Wanrun New Energy [1] - Current electrolyte "three heroes" are experiencing continuous price increase catalysts, with 6F prices expected to exceed profit expectations in the future, and it remains the most critical segment by 2026 [2] - VC additive production recovery by Shandong Genyuan is limited, with a monthly output of only 2,000 tons, and industry inventory is at its lowest this year, indicating a supply-demand imbalance [2] - EC solvent prices have risen by 25% this month, with factory inventory at its lowest level this year, allowing for upward price movement in the market [2] Group 2 - As of November 28, 2025, the Shanghai Stock Exchange's Sci-Tech Innovation Board New Energy Index (000692) rose by 1.20%, with component stocks like Wanrun New Energy up by 12.88% and Micro导纳米 up by 11.15% [3] - The Sci-Tech Innovation New Energy ETF (588830) increased by 0.96%, with the latest price at 1.48 yuan [3] Group 3 - Related products include Sci-Tech Innovation New Energy ETF (588830), ChiNext New Energy ETF (159261), and Photovoltaic ETF Fund (159863) [4] - Related stocks include companies such as Aters (688472), Trina Solar (688599), Jinko Solar (688223), Daqo New Energy (688303), and others [4]

Group 1 - The core point of the news is that Jiao Cheng Ultrasonic has seen a stock price increase of 5.08%, reaching 101.40 CNY per share, with a total market capitalization of 11.735 billion CNY [1] - Jiao Cheng Ultrasonic, established on February 13, 2007, specializes in the research, design, production, and sales of ultrasonic welding and cutting equipment, as well as providing automation solutions for the new energy battery manufacturing sector [1] - The company's main business revenue composition includes: 31.42% from parts, 25.86% from ultrasonic equipment for new energy batteries, 18.51% from services and others, 13.92% from ultrasonic equipment for wire harness connectors, 8.03% from semiconductor ultrasonic equipment, 2.09% from non-metal ultrasonic equipment, and 0.18% from other supplementary sources [1] Group 2 - Huatai Baoxing Fund has a significant holding in Jiao Cheng Ultrasonic, with its Huatai Baoxing Industrial Upgrade Mixed Fund A (021792) holding 20,000 shares, accounting for 5.66% of the fund's net value, making it the eighth largest holding [2] - The fund has achieved a year-to-date return of 42.68%, ranking 1161 out of 8127 in its category, and a one-year return of 38.64%, ranking 1353 out of 8059 [2] - The fund manager, Shang Shuo Hui, has been in position for 8 years and 252 days, with the fund's total asset size at 1.006 billion CNY and a best return of 129.42% during his tenure [3]

Core Insights - The article discusses the recent research conducted by QuanGuo Fund on the listed company JiaoCheng Ultrasonic, highlighting the fund's performance and the company's competitive advantages in the ultrasonic technology sector. Group 1: Fund Performance - QuanGuo Fund was established on February 8, 2022, and currently manages assets totaling 23.787 billion yuan across six funds with five fund managers [1] - The best-performing fund in the past year is QuanGuo XuYuan Three-Year Holding Mixed A (016709), achieving a return of 31.08% [1] - Other notable fund performances include: - QuanGuo XuYuan Three-Year Holding Mixed C (30.56%) - QuanGuo Consumer Opportunity Mixed Initiation A (25.79%) - QuanGuo SiYuan Three-Year Holding Mixed A (24.23%) - QuanGuo JiaYuan Three-Year Holding Mixed A (20.47%) [1] Group 2: Company Product Applications - The company’s ultrasonic technology encompasses both power ultrasound and detection ultrasound, with applications in new energy batteries, wiring connectors, and semiconductors [1] - The ultrasonic equipment varies significantly in frequency, power, and precision, indicating a wide range of technical challenges [1] Group 3: R&D Advantages - The company possesses the capability to independently produce core components of ultrasonic systems, giving it a competitive edge in technology innovation and talent resources [2] - Close collaboration with well-known clients allows the company to anticipate market demands and focus on developing new technologies and products [2] Group 4: Semiconductor Sector Competition - The company offers a full range of ultrasonic solutions, including ultrasonic terminal welding machines and ultrasonic scanning microscopes, and has established partnerships with major enterprises [3] - The domestic market for core ultrasonic equipment in semiconductor packaging remains underdeveloped, with a high market share held by imported equipment [3] - The company is gradually increasing its market share by leveraging its technological expertise to challenge foreign competitors [3] Group 5: Profitability Metrics - For the fiscal year 2024, the gross profit margin for the company's semiconductor ultrasonic equipment is projected to be 56.65% [4] - Continuous optimization of product structure and operational efficiency is aimed at enhancing overall competitiveness [4] Group 6: Technical Barriers - The application of ultrasonic technology involves multiple disciplines, creating significant technical barriers due to the complexity of maintaining ideal resonance states and minimizing operational losses [5] Group 7: Academic Collaborations - The company has signed an agreement with Shanghai Jiao Tong University to establish a joint laboratory focused on advanced semiconductor packaging and intelligent robotics [6] - This collaboration aims to advance research in ultrasonic precision detection technology and promote talent development and technology transfer [6]

Group 1 - The core viewpoint of the news is that Shanghai Jiao Cheng Ultrasonic Technology Co., Ltd. has seen a stock price increase of 5.01%, reaching 101.79 CNY per share, with a total market capitalization of 11.78 billion CNY [1] - The company specializes in the research, design, production, and sales of ultrasonic welding and cutting equipment, as well as providing automation solutions for the new energy battery manufacturing sector [1] - The revenue composition of the company includes: 31.42% from parts, 25.86% from ultrasonic equipment for new energy batteries, 18.51% from services and others, 13.92% from ultrasonic equipment for wire harness connectors, 8.03% from semiconductor ultrasonic equipment, 2.09% from non-metal ultrasonic equipment, and 0.18% from other sources [1] Group 2 - According to data, Jiao Cheng Ultrasonic is a top ten heavy stock for the fund managed by Jiao Yin Schroder, with the fund increasing its holdings by 147,200 shares in the third quarter [2] - The fund, Jiao Yin Rong Xin Flexible Allocation Mixed A, has a current holding of 277,300 shares, representing 3.55% of the fund's net value, with an estimated floating profit of approximately 1.35 million CNY [2] - The fund has achieved a return of 78.07% year-to-date and ranks 79th out of 8,136 in its category, with a total asset size of 451 million CNY [2]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the last 30 days include United Imaging Healthcare, Lens Technology, Aibo Medical, Sanhua Intelligent Control, and Zhaoyi Innovation [2][13] - In the last 5 days, the most popular companies for institutional research include Ninebot Company-WD, Rongbai Technology, Lens Technology, Yintong Intelligent Control, and Yinglian Co., Ltd [2][15] - Among the top twenty companies in the last 30 days, 19 companies had 10 or more rating agencies involved, with significant profit growth expected for Jiao Cheng Ultrasound, Lanke Technology, and United Imaging Healthcare in Q1-Q3 of 2025 compared to the same period in 2024 [2][13][16] Group 2: Major Shareholder Increase in A-Share Listed Companies - From November 17 to November 21, 2025, five listed companies announced significant shareholder increases, with Changshu Bank increasing its shareholding by more than 1% of total equity, while Huangtai Liquor, Longlide, Fuguang Co., and Feiwo Technology planned to increase their holdings with an average of more than 1% of the market value on the announcement date [3][20] - From January 1 to November 21, 2025, a total of 295 companies announced significant shareholder increases, with 90 of them having 10 or more rating agencies involved. Among these, 23 companies had an average planned increase amount exceeding 1% of the market value on the announcement date, including Xianhe Co., Hubei Yihua, Xinji Energy, and Zhongju Gaoxin [5][22] Group 3: Share Buyback Situation in A-Share Listed Companies - From November 17 to November 21, 2025, 65 companies announced their buyback progress, with 16 companies having 10 or more rating agencies involved. Five companies had an average planned buyback amount exceeding 1% of the market value on the announcement date, with a focus on Jian Sheng Group, Trina Solar, and Prologis Pharmaceuticals [4][25] - From January 1 to November 21, 2025, a total of 1,805 companies announced their buyback progress, with 344 of them having 10 or more rating agencies involved. Among these, 88 companies had a significant buyback ratio, with two companies, Huaming Equipment and Prologis Pharmaceuticals, still in the board proposal stage [6][27]

Group 1 - The "Lingguang" App, launched by Ant Group, has surpassed 1 million downloads within 4 days of its release, featuring three core functions: "Lingguang Dialogue," "Lingguang Flash Applications," and "Lingguang Open Eye" [2] - AMD CEO Lisa Su expressed confidence in the growing AI market, viewing it as a significant opportunity and stating that insufficient investment in AI could be more dangerous than a potential bubble [2] - The demand for computing power in AI is described as "endless," with companies providing reliable AI infrastructure expected to thrive as the market grows [2] Group 2 - In the past month, 17 listed companies, including Ninebot, Lens Technology, and others, have received over 200 institutional visits, indicating strong interest in robotics-related stocks [3] - Specific companies like Ninebot and Lens Technology had high institutional visit counts, with 365 and 348 visits respectively, highlighting their prominence in the robotics sector [3] - Meta has launched WorldGen, a system that generates interactive 3D worlds from a single text prompt, enhancing user immersion and exploration capabilities [3] Group 3 - Foxconn and NVIDIA are collaborating to build a supercomputing center with an investment of $14 billion, expected to be completed in the first half of 2026 [4] - The new department, Visonbay.ai, established by Foxconn for AI supercomputing and cloud operations, will utilize NVIDIA's Blackwell GB300 chips, marking the center as Asia's first GB300 AI data center [5]