Group 1: New Energy Vehicle Industry - The China Securities New Energy Vehicle Industry Index (930997) increased by 0.39%, with key stocks like Defu Technology (301511) rising by 3.57% and Huayou Cobalt (603799) by 2.92% [1] - The National Development and Reform Commission and other departments announced plans to establish over 100,000 high-power charging facilities by the end of 2027, aiming for improved service quality and technology upgrades [1] - CITIC Securities forecasts that domestic electric vehicle sales will reach 16.52 million units in 2025, with a year-on-year growth rate of 15-22% expected in 2026 [2] Group 2: Photovoltaic Industry - The China Securities Photovoltaic Industry Index (931151) rose by 0.15%, with major stocks like Sungrow Power (300274) increasing by 1.62% [4] - The top ten weighted stocks in the photovoltaic index account for 55.39% of the total index, indicating a concentrated market [9] Group 3: Automotive Parts Industry - The China Securities Automotive Parts Theme Index (931230) increased by 0.29%, with stocks like Zhengmei Machinery (601717) rising by 2.51% [4] - The top ten weighted stocks in the automotive parts index represent 41.05% of the total index, highlighting key players in the sector [9] Group 4: New Materials Industry - The China Securities New Materials Theme Index (H30597) rose by 0.50%, with stocks like Yake Technology (002409) increasing by 4.58% [6] - The top ten weighted stocks in the new materials index account for 51.27% of the total index, showcasing significant contributors to the industry [10]

Investment Rating - The report maintains an "Overweight" (OW) rating on Naura, AMEC, and ACMR, with revised target prices reflecting positive outlooks for these companies [6][37][55]. Core Insights - The outlook for China's wafer fab equipment (WFE) market remains strong, driven by better-than-expected demand from logic foundries and ongoing localization efforts [1][2]. - The total addressable market (TAM) forecast for China WFE has been raised from $36.6 billion (down 12% year-over-year) to $40.3 billion (down 3% year-over-year) for 2025, and from $35.1 billion (down 4% year-over-year) to $36.2 billion (down 10% year-over-year) for 2026 [3][9]. - China is expected to continue gaining market share in WFE, with approximately 25% of foundry capital expenditures allocated to domestic WFE in 2025, up from 20% in 2024 [4]. Market Demand and Supply Dynamics - Strong demand for logic foundries in China is anticipated in the second half of 2025, with expectations of increased spending related to AI applications [2][9]. - Despite concerns regarding oversupply in mature nodes, the report suggests that government initiatives may prioritize localization over economic rationale in the second half of 2025 [5]. - The report indicates that imports of semiconductor equipment into China may recover starting in July 2025, following a decline in early 2025 [21]. Company-Specific Developments - Naura has expanded its product portfolio, launching new ion implant equipment, and is expected to benefit from the increasing localization of semiconductor manufacturing in China [4][37]. - The report highlights that leading Chinese WFE players are likely to capture larger shares of the market due to their expanding product pipelines and advanced R&D capabilities [6][37]. - Naura's revenue growth is projected to be supported by increased capital expenditures from logic foundry and memory customers in 2025 [37][51]. Financial Projections - The report revises Naura's earnings estimates upward for 2025-2027, reflecting strong demand and market share gains [51][52]. - Naura's net sales are projected to increase from Rmb 41.88 billion in 2025 to Rmb 61.42 billion by 2027, with corresponding net income growth [63][66].

北京金诚同达律师事务所 关于 北方华创科技集团股份有限公司 股票期权激励计划 行权期行权条件成就及注销部分期权、调整行权价 格相关事项的 法律意见书 金证法意2025字 0707 第 0628 号 中国北京市建国门外大街1号国贸大厦A座十层 100004 电话：010-5706 8585 传真：010-8515 0267 金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 关于北方华创科技集团股份有限公司 股票期权激励计划 行权期行权条件成就及注销部分期权、调整行权价格相关事项 的法律意见书 金证法意2025字 0707 第 0628 号 致：北方华创科技集团股份有限公司 北京金诚同达律师事务所（以下简称"本所"）接受北方华创科技集团股份 有限公司（以下简称"北方华创"或"公司"）的委托，担任北方华创 2022 年股 票期权激励计划（以下简称"2022 年激励计划"）与 2024 年股票期权激励计划 （以下简称"2024 年激励计划"）的特聘专项法律顾问，就公司 2024 年激励计 划股票期权调整行权价格及数量，并就 2022 年激励计划第二个行权期行权（以 下简称"本次行权"）及注销部分期权（以下简称" ...

Core Viewpoint - The announcement details the achievement of the exercise conditions for the second exercise period of the 2022 stock option incentive plan, allowing 789 participants to exercise a total of 3,325,725 stock options, which represents 0.46% of the company's total share capital [1][10][12]. Summary by Sections 1. Overview of the 2022 Stock Option Incentive Plan - The plan was approved in July 2022, allowing for a structured exercise schedule over four periods, with each period permitting 25% of the options to be exercised [1][2]. - The first exercise period was set to begin 24 months after the grant date, with subsequent periods following at 12-month intervals [1]. 2. Adjustments to Stock Options - Due to the departure of two incentive participants, the total number of stock options granted was adjusted from 10.5 million to 10.476 million, affecting the number of participants from 840 to 838 [2]. - The exercise price for the first grant was adjusted from 160.22 CNY to 159.78 CNY, and for the reserved grant from 157.49 CNY to 157.05 CNY [4][6]. 3. Conditions for Exercise - The conditions for the second exercise period were confirmed as met, including no adverse audit opinions and compliance with legal regulations [12][13]. - The performance assessment for the participants was also deemed satisfactory, allowing for the exercise of options [10][18]. 4. Financial Implications - If all options are exercised, the total share capital will increase from 721,603,463 shares to 724,929,188 shares, with minimal impact on earnings per share and return on equity [16]. - The funds raised from the exercise will be used to supplement the company's working capital [14]. 5. Legal and Compliance - The board, supervisory committee, and independent financial advisors have all confirmed that the exercise conditions have been met and that the necessary approvals have been obtained [18][19]. - The company is required to fulfill its information disclosure obligations regarding the exercise and adjustments made [19].

Core Viewpoint - The company has announced adjustments to its stock option incentive plan, including changes to the exercise prices and quantities of stock options due to the implementation of its profit distribution plan for 2024. Group 1: Stock Option Incentive Plan Adjustments - The company approved adjustments to the stock option exercise prices and quantities for the 2022 and 2024 stock option incentive plans during its board meetings [1][11][14] - The exercise price for the first grant of the 2022 stock option plan was adjusted from 159.00 yuan to 116.99 yuan, and the quantity of unexercised options was adjusted from 10,090,125 to 9,915,375 [11][14] - The exercise price for the reserved grant of the 2022 stock option plan was adjusted from 156.27 yuan to 114.97 yuan, with the quantity of unexercised options adjusted accordingly [11][14] - The exercise price for the 2024 stock option plan was adjusted from 190.59 yuan to 140.39 yuan, with the quantity of unexercised options increased from 9,137,300 to 12,335,355 [11][14] Group 2: Approval and Compliance - The adjustments were made in compliance with the relevant regulations and received necessary approvals from the company's board and supervisory committee [14][15] - The adjustments were based on the company's profit distribution plan, which included a cash dividend of 10.60 yuan per 10 shares and a capital reserve conversion of 3.5 shares for every 10 shares [14][15] - The company has fulfilled its disclosure obligations regarding these adjustments as per legal requirements [15]

Group 1 - The company announced the cancellation of 174,750 stock options from the 2022 stock option incentive plan due to 16 employees leaving and 3 failing to meet performance criteria [1][2] - After the cancellation, the number of incentive recipients in the 2022 stock option plan will be adjusted from 805 to 789, and the total number of stock options granted will decrease from 10,090,125 to 9,915,375 [1][2] - The board approved adjustments to the exercise prices and quantities of stock options in both the 2022 and 2024 incentive plans, with significant reductions in exercise prices [2][3] Group 2 - The exercise price for the first grant of the 2022 stock option plan was adjusted from 159.00 CNY to 116.99 CNY, and the number of unexercised options increased from 7,399,500 to 9,989,325 [2] - The exercise price for the reserved portion of the 2022 stock option plan was adjusted from 156.27 CNY to 114.97 CNY, with unexercised options increasing from 2,021,325 to 2,728,788 [2] - The exercise price for the 2024 stock option plan was adjusted from 190.59 CNY to 140.39 CNY, with unexercised options increasing from 9,137,300 to 12,335,355 [2]

（3）上表中获授股票期权数量不含离职人员已行权数量，包含以前年度个人绩效考核为 C 激励 对象获授期权数量。 北方华创科技集团股份有限公司 2022 年股票期权激励计划首次授予部分第二个行权期可行权 激励对象名单 根据北方华创科技集团股份有限公司（以下简称"公司"）第八届董事会第二十 五次会议、第八届监事会第十五次会议审议通过的《关于 2022 年股票期权激励计划 首次授予部分第二个行权期行权条件成就的议案》，公司 2022 年股票期权激励计划 首次授予部分第二个行权期可行权激励对象名单如下： 注：（1）公司 2024 年度利润分配方案为向全体股东每 10 股派发现金红利 10.6 元，资本公积转 增股本 3.5 股。根据股权激励计划，若在激励计划草案公告当日至激励对象完成股票期权行权期间公 司有资本公积转增股本、派发股票红利股票拆细、配股或缩股等事项，应对股票期权数量进行相应的 调整。 （2）获授股票期权数量—调整后=已行权股票期权数量+已获授未行权股票期权数量*（1+0.35） （实际调整后数量以中国证券登记结算有限责任公司确认为准） 2025 年 7 月 8 日 （4）本激励计划中任何一名激励对象全部在 ...

北方华创科技集团股份有限公司 证券代码：002371 证券简称：北方华创 公告编号：2025-045 1．2022 年 6 月 12 日，公司召开第七届董事会第十九次会议、第七届监事会 第十五次会议，审议通过了《关于〈北方华创科技集团股份有限公司 2022 年股票 期权激励计划（草案）〉及其摘要的议案》《关于〈北方华创科技集团股份有限 公司 2022 年股票期权激励计划实施考核管理办法〉的议案》，具体内容详见 2022 年 6 月 13 日披露于巨潮资讯网（www.cninfo.com.cn）的《第七届董事会第十九 次会议决议公告》等相关披露文件。 2．2022 年 6 月 22 日，公司收到实际控制人北京电控下发的《关于北方华创 科技集团股份有限公司实施 2022 年股票期权激励计划的批复》（京电控绩效字 [2022]134 号），同意公司实施 2022 年股票期权激励计划，具体内容详见 2022 年 6 月 23 日披露于巨潮资讯网（www.cninfo.com.cn）的《关于 2022 年股票期权激 励计划获得批复的公告》。 3．2022 年 6 月 28 日，公司公告了监事会出具的 2022 年股权激 ...

证券代码：002371 证券简称：北方华创 公告编号：2025-046 北方华创科技集团股份有限公司 关于 2022 年股票期权激励计划首次授予部分第二个行权期行 权条件成就的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或者重大遗漏。 重要内容提示： 1．2022 年股权激励计划首次授予部分第二个行权期符合行权条件的激励对象人 数为 789 人，可行权的股票期权数量为 3,325,725 份，占目前公司总股本 721,603,463 股的 0.46%；第二个行权期可行权股票期权若全部行权，公司股份仍具备上市条件； 本次股票期权行权采用自主行权模式。 2．本次行权事宜需在有关机构的手续办理结束后方可行权，届时将另行公告， 敬请投资者注意。 北方华创科技集团股份有限公司（以下简称"公司"）第八届董事会第二十五次 会议、第八届监事会第十五次会议于 2025 年 7 月 7 日审议通过了《关于 2022 年股 票期权激励计划首次授予部分第二个行权期行权条件成就的议案》，现将相关事项公 告如下： 一、2022 年股权激励计划简述及决策程序和批准情况 （一）2022 年股权激 ...

证券代码：002371 证券简称：北方华创 公告编号：2025-044 北方华创科技集团股份有限公司 关于注销 2022 年股票期权激励计划首次授予部分股票期权 的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 北方华创科技集团股份有限公司（以下简称"公司"）于 2025 年 7 月 7 日 召开第八届董事会第二十五次会议及第八届监事会第十五次会议，审议通过了 《关于注销 2022 年股票期权激励计划首次授予部分股票期权的议案》。现将有 关事项公告如下： 一、股权激励计划的决策程序和批准情况 1．2022 年 6 月 12 日，公司召开第七届董事会第十九次会议、第七届监事 会第十五次会议，审议通过了《关于<北方华创科技集团股份有限公司 2022 年股 票期权激励计划（草案）>及其摘要的议案》《关于<北方华创科技集团股份有限 公司 2022 年股票期权激励计划实施考核管理办法>的议案》《关于提请股东大会 授权董事会办理股权激励相关事宜的议案》《关于召开 2022 年第一次临时股东 大会的议案》，具体内容详见 2022 年 6 月 13 日披露于巨潮资讯网 ...