Market Performance - The Shanghai Composite Index rose by 0.83% to close at 3853.64 points, while the Shenzhen Component Index increased by 1.80% to 13356.14 points, and the ChiNext Index gained 2.28% to 3185.57 points [1] - The Kweichow Moutai ETF (588170) surged by 8.25%, and the semiconductor materials ETF (562590) rose by 8.65% [1] - In the overnight U.S. market, the Dow Jones Industrial Average fell by 0.37%, the Nasdaq Composite dropped by 0.33%, and the S&P 500 decreased by 0.28% [1] Industry Insights - At the 2025 Cloud Summit, Alibaba Cloud's CTO announced seven new large model technology products covering various fields, and a new global infrastructure expansion plan was revealed [2] - The collaboration between Alibaba Cloud and NVIDIA in the Physical AI domain aims to promote the application of embodied intelligence [2] - The company Yingshi Innovation announced a stock incentive plan to grant 1.387146 million restricted shares, representing 0.35% of the company's total share capital [2] Company Developments - Jingzhida announced the delivery of its first high-speed testing machine for semiconductor memory testing, enhancing its competitive position in the semiconductor storage testing equipment market [3] - The company has completed a comprehensive layout of its main products in semiconductor memory testing equipment, which is expected to positively impact future operating performance [3] - CICC believes that the PCB industry has entered a capital expenditure expansion cycle driven by global AI server demand, with a focus on innovative equipment and consumables [3] ETF Information - The Kweichow Moutai ETF (588170) tracks the Shanghai Stock Exchange's semiconductor materials and equipment theme index, focusing on semiconductor equipment (59%) and materials (25%) [4] - The semiconductor materials ETF (562590) also emphasizes semiconductor equipment (59%) and materials (24%), benefiting from the expansion of semiconductor demand driven by the AI revolution [4]

Group 1: Monetary Policy and Economic Measures - The People's Bank of China will conduct a 600 billion MLF operation on September 25 to maintain ample liquidity in the banking system [4] - The Ministry of Commerce, in collaboration with several departments, has issued policies to promote service exports, including optimizing cross-border capital flow management [4] - The Ministry of Industry and Information Technology, along with other departments, has released a work plan for the construction materials industry aimed at stabilizing growth from 2025 to 2026 [5] Group 2: Company News - Huatian Technology, a leading semiconductor packaging and testing company, is planning a significant acquisition and will suspend trading starting September 25 [8] - Dalong Real Estate announced a preliminary intention to acquire a 60% stake in Beijing Chengzhu Real Estate Development Co., with the transaction still in the planning stage [8] - Jingzhida has delivered its first high-speed testing machine to a key domestic client, enhancing its competitive position in the semiconductor storage testing equipment market [9] - Xiangshi Innovation has proposed a restricted stock incentive plan, aiming to grant a total of 1.387 million shares [9] - Shanghai Zhiyuan Hengyue Technology Partnership plans to acquire 149 million shares of a company at a price of 7.78 yuan per share, totaling approximately 1.161 billion [10]

Group 1 - President Xi Jinping announced China's new round of Nationally Determined Contributions at the UN Climate Change Summit, aiming for a 7%-10% reduction in greenhouse gas emissions by 2035, with non-fossil energy consumption exceeding 30% of total energy consumption [3] - The total installed capacity of wind and solar power is targeted to reach over 360 million kilowatts, six times that of 2020, and forest stock is expected to exceed 24 billion cubic meters [3] - The national carbon emissions trading market will cover major high-emission industries, and a climate-adaptive society is to be fundamentally established [3] Group 2 - Premier Li Qiang emphasized China's commitment to maintaining an open trade and investment market during a meeting with the President of the European Commission, urging fair competition and adherence to WTO rules [5] - The Chinese government will not seek new special and differential treatment in current and future WTO negotiations, reinforcing its role as a responsible developing country [5] - The People's Bank of China announced a 600 billion yuan MLF operation on September 25, marking a net injection of 300 billion yuan for the month, continuing a trend of high liquidity [5][6] Group 3 - Alibaba announced a collaboration with NVIDIA on Physical AI, with plans to invest 380 billion yuan in AI infrastructure and the launch of seven large model products, including Qwen3-Max, the largest and most capable model to date [4] - The Chinese Ministry of Commerce introduced 14 measures to promote digital consumption, including trials for smart connected vehicles and drone delivery services [6] Group 4 - The A-share market saw significant gains, with the Shanghai Composite Index rising 0.83% to 3853.64 points, and the ChiNext Index increasing by 2.28% [8] - The Hong Kong Hang Seng Index rose 1.37%, with notable gains in tech stocks like Alibaba and SMIC, while medical stocks faced declines [8] - Chery Automobile announced its H-share final offering price at 30.75 HKD per share, set to officially list on September 25 [8] Group 5 - The State Administration for Market Regulation is seeking public opinion on new standards for food delivery platforms, addressing issues like competition and delivery personnel rights [11] - The National Press and Publication Administration approved 145 domestic games and 11 imported games in September, indicating a positive trend in the gaming industry [12] Group 6 - The global crude steel production in August was 145.3 million tons, a year-on-year increase of 0.3%, while the cumulative production from January to August saw a decline of 1.7% [23] - The UK government faced challenges in issuing new bonds, with the latest five-year bond auction seeing the lowest oversubscription rate in nearly two years [20]

Core Viewpoint - The company, Jingzhida (688627.SH), has delivered its first high-speed testing machine to a key domestic customer, enhancing its competitive position in the semiconductor memory testing equipment market [1] Group 1: Product Development - The high-speed testing machine is primarily used in the semiconductor memory testing segment, addressing the demand for high-speed testing [1] - The company has completed the comprehensive layout of its main products in semiconductor memory testing equipment, enabling it to provide systematic solutions to customers [1] Group 2: Market Position and Strategy - The delivery of the first high-speed testing machine is expected to strengthen the company's competitive position in the semiconductor memory testing equipment market [1] - The ongoing demand for semiconductor memory testing is anticipated to create favorable conditions for the company to secure bulk orders and expand its market presence [1] - The company's systematic full-site layout supports downstream customers' needs for autonomous and controllable production processes, providing a solid foundation for the implementation of its medium to long-term development strategy [1] Group 3: Future Outlook - The company aims to continue building its full-site service capability while deepening technological innovation and market expansion in the semiconductor testing and inspection field [1]

证券日报网讯 9月24日晚间，精智达发布公告称，公司近日向国内重点客户交付首台高速测试机。该设 备主要应用于半导体存储器测试环节，解决高速测试需求。公司目前已基本完成半导体存储器件测试设 备主要产品的全面布局，可为客户提供系统化解决方案，初步形成全站点服务能力，展现出较强的综合 竞争优势。 （编辑 任世碧） ...

Key Points - Huatian Technology is planning to acquire semiconductor power device company Huayi Microelectronics, leading to a stock suspension starting September 25, 2025, with a transaction proposal expected within 10 trading days [1] - Shanghai Zhiyuan Hengyue plans to make a tender offer to acquire 37% of the shares of Shangwei New Materials at a price of 7.78 yuan per share, requiring a maximum total funding of 1.161 billion yuan [2] - Jingzhida has delivered its first high-speed testing machine to a key domestic customer, enhancing its competitive position in the semiconductor storage testing equipment market [2] - Changchuan Technology has reduced its total shareholding by 1.78% due to stock price fluctuations, with no significant changes in its business operations [3] - Heng Rui Pharmaceutical has signed a licensing agreement for its innovative drug SHR-A1811, potentially earning up to $1.093 billion in milestone payments [4] - Guoxin Technology's shareholders plan to collectively reduce their holdings by up to 4.5% due to fund exits [5] - Huasoft Technology's existing light-initiated agent products are expected to contribute less than 2% to its 2024 revenue [5] - Lin Yang Energy has won a procurement project from the State Grid worth approximately 142 million yuan, expected to positively impact its future performance [8] - Wanhui High-tech anticipates a net profit increase of 69.81%-109.77% year-on-year for the first three quarters of 2025, driven by improved sales strategies and reduced raw material costs [13]

场的竞争地位。随着半导体存储器件测试需求的持续释放，本次设备交付为公司后续获取批量订单、拓 展市场创造有利条件，预计将对公司未来经营业绩产生积极影响。以本次交付的高速测试机为代表，公 司的系统化全站点布局能够有效支撑下游客户在关键生产环节的自主可控需求，为公司中长期发展战略 的实施提供坚实保障。公司将持续围绕全站点服务能力建设目标，深化在半导体测试检测领域的技术创 新及市场拓展。 格隆汇9月24日丨精智达(688627.SH)公布，公司近日向国内重点客户交付首台高速测试机。该设备主要 应用于半导体存储器测试环节，解决高速测试需求。公司目前已基本完成半导体存储器件测试设备主要 产品的全面布局，可为客户提供系统化解决方案，初步形成全站点服务能力，展现出较强的综合竞争优 势。 ...

Core Viewpoint - The delivery of the first high-speed testing machine by the company to key domestic clients enhances its competitive position in the semiconductor storage testing equipment market [1] Group 1: Product Delivery and Market Position - The company has recently delivered its first high-speed testing machine, which is primarily used for semiconductor memory testing, addressing high-speed testing demands [1] - This delivery is expected to solidify the company's competitive position in the semiconductor storage testing equipment market [1] - The ongoing demand for semiconductor memory testing is anticipated to create favorable conditions for the company to secure bulk orders and expand its market presence [1] Group 2: Strategic Development and Innovation - The company's comprehensive layout of semiconductor memory testing equipment allows it to provide systematic solutions and demonstrates strong competitive advantages [1] - The high-speed testing machine delivery supports downstream clients' needs for autonomous and controllable production processes, providing a solid foundation for the company's long-term development strategy [1] - The company aims to continue enhancing its full-site service capabilities while deepening technological innovation and market expansion in the semiconductor testing field [1]

Core Viewpoint - The company Jingzhida (688627) has delivered its first high-speed testing machine to a key domestic customer, addressing the demand for high-speed testing in the semiconductor memory testing segment [1] Group 1: Product Development - The high-speed testing machine is primarily used in the semiconductor memory testing phase, fulfilling the need for high-speed testing solutions [1] - The company has completed the comprehensive layout of its main products in semiconductor memory testing equipment, indicating a strong product development strategy [1] Group 2: Market Position - The delivery of the high-speed testing machine is expected to strengthen the company's competitive position in the semiconductor memory testing equipment market [1] - The company aims to provide systematic solutions to its customers, which is part of its strategy to establish full-site service capabilities [1] Group 3: Future Outlook - The recent delivery is anticipated to have a positive impact on the company's future operating performance [1]

深圳精智达技术股份有限公司 关于交付首台高速测试机的自愿性披露公告 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。 重要内容提示： 一、本次高速测试机交付情况 二、高速测试机交付对公司的影响 证券代码：688627 证券简称：精智达 公告编号：2025-077 公司近日向国内重点客户交付首台高速测试机。该设备主要应用于半导体存 储器测试环节，解决高速测试需求。公司目前已基本完成半导体存储器件测试设 备主要产品的全面布局，可为客户提供系统化解决方案，初步形成全站点服务能 力，展现出较强的综合竞争优势。 本次交付系向重点客户进行交付的首台高速测试机，未来仍需进一步开展市 场推广及产品技术升级。该设备从调试运行到达产达标尚需一定时间，若未来市 场推广进度、产品技术升级不及预期或者行业及客户需求发生变化，可能对该类 产品的规模化销售产生影响。敬请广大投资者注意投资风险。 特此公告。 深圳精智达技术股份有限公司董事会 2025 年 9 月 25 日 本次首台高速测试机的交付有助于进一步巩固公司在半导体存储测试设备 市场的竞争地位。随 ...