Core Insights - The 2025 Bay Area Semiconductor Industry Ecosystem Expo showcased a differentiated layout focusing on "core areas + specialty tracks," achieving full coverage of key links in the industry chain [2][3] - The event attracted over 112,300 visitors and featured approximately 2,500 new product launches from participating companies [2] - Major companies such as SMIC, Samsung, and BYD participated, facilitating precise connections between professional buyers and exhibitors [3][4] Event Highlights - The expo transformed from a technology showcase to an industry trend "weather vane," emphasizing "technological breakthroughs" [3] - Notable product launches included advanced semiconductor equipment and solutions from companies like Hangzhou Zhongxin and Alibaba DAMO Academy [3] - The event successfully connected domestic and international industry resources, fostering a collaborative ecosystem [4] Market Impact - The expo demonstrated significant market engagement, with over 5,000 professional buyers from leading companies attending [4] - The 2026 expo has already seen high demand, with over 600 companies reserving exhibition space, achieving 95% pre-sale occupancy in three core pavilions [4][5] - The event highlighted the growing importance of semiconductor and integrated circuit industries in the region, with a focus on creating a robust ecosystem [5] Regional Developments - The establishment of the Shenzhen Longgang District Semiconductor and Integrated Circuit Ecosystem Promotion Center aims to enhance the region's technological capabilities [5][6] - Longgang's semiconductor industry is projected to reach a value of 113.1 billion yuan in 2024, accounting for 40% of Shenzhen's total output [5] - The region is also focusing on operating systems, with initiatives to create an "industrial software and cloud innovation center" [6] Local Industry Contributions - The Bao'an District showcased 32 enterprises at the expo, representing a comprehensive matrix covering critical semiconductor industry segments [7] - Companies like Hengyun Chang demonstrated advancements in semiconductor equipment, showcasing products capable of supporting advanced manufacturing processes [7] - The Shenzhen Advanced Electronic Materials International Innovation Research Institute is addressing the challenge of converting research outcomes into industry applications [8][9]

Core Viewpoint - The market experienced a correction last week, but certain stocks within the brand index showed resilience, indicating potential investment opportunities in sectors like electronics, new energy, new consumption, and real estate as uncertainties ease [1][4]. Market Performance - The market indices saw declines: Shanghai Composite Index down 1.47%, Shenzhen Component down 4.99%, ChiNext down 5.71%, and CSI 300 down 2.22%. The brand index fell 3.58% to 1956.62 points [2]. - Notable gainers in the brand index included Shanghai Jahwa up 9.42%, Changbai Mountain up 7.19%, and Darentang up 5.34%. Other stocks like Luzhou Laojiao and Yiling Pharmaceutical also saw gains exceeding 4% [2]. Stock Performance Since H2 - Since the beginning of the second half of the year, Zhongji Xuchuang has surged 156.40%, leading the gains, followed by Sunshine Power at 114.27%. Other significant performers include Lanke Technology and Yiwei Lithium Energy, both up over 60% [3]. Market Outlook - Looking ahead, the market is expected to maintain upward momentum as uncertainties gradually diminish. Liquidity is anticipated to remain supportive, with domestic interest rates low and overseas liquidity remaining loose, encouraging investment in Chinese equity assets [4][5]. - The current market environment is characterized by a shift in investment styles, with a focus on sectors that offer higher investment certainty, particularly in electronics, new energy, new consumption, and real estate [5].

Group 1 - Institutional investors have shown interest in 46 stocks this week, with 12 stocks receiving target prices [1] - SMIC has been rated "Buy" by Western Securities with a target price of 146.45 CNY, while its latest closing price was 121.98 CNY [1] - Tianyouwei received a "Buy" rating from Tianfeng Securities with a target price of 145.2 CNY [1] Group 2 - Other stocks mentioned include Beifang Huachuang, Shenxinfu, and Yanjinpuzi, which are also under institutional focus [1]

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The 2025 Bay Area Semiconductor Expo marks a critical transition from "single-point breakthroughs" to "ecological collaboration" in China's semiconductor localization efforts, leveraging the advantages of the Guangdong-Hong Kong-Macao Greater Bay Area to create an ecological closed loop [1][14] - Shenzhen is driving semiconductor localization through a "finance + ecology" dual engine, focusing on capital empowerment, ecological collaboration, and policy support to strengthen the semiconductor industry [2][15] - Domestic software breakthroughs in databases and operating systems are addressing critical bottlenecks, with products like SUNDB and the n-TOS+CTOS system achieving significant milestones in localization [3][6][52][53] Summary by Sections 1. Bay Area Leadership and Full-Chain Efforts - The Bay Area Semiconductor Expo 2025 showcases over 600 semiconductor companies and emphasizes core technology breakthroughs, including the introduction of a 90GHz oscilloscope and EDA software that fills high-end gaps [1][19][20] - The expo facilitates supply-demand connections across the "R&D - mass production" chain, enhancing China's global influence in semiconductor standards [1][27] 2. Shenzhen's Dual-Engine Approach - Shenzhen's semiconductor industry is evolving through a multi-dimensional collaboration model, with a focus on a 5 billion yuan fund targeting weak links in the industry chain [2][15][28] - The "six ones" mechanism integrates resources and forms an industry alliance of over a thousand companies, enhancing collaboration and reducing R&D costs for SMEs [2][15][32] 3. Software Autonomy - The tightening of U.S. software controls has inadvertently created opportunities for domestic software companies, with SUNDB achieving a 98.31% self-research rate and the n-TOS+CTOS system achieving full localization [6][52][53] - These developments signify a shift from pilot replacements to substantial performance improvements in domestic software, ensuring safety and controllability [6][52] 4. Investment Recommendations - Beneficial stocks in the semiconductor sector include Northern Huachuang, Zhongwei Company, SMIC, and Huahong Semiconductor [7][17] - In the chip sector, recommended companies include Cambricon, Haiguang Information, and Longxin Zhongke [7][17] - Storage companies such as Demingli and Kaipu Cloud are also highlighted as potential investment opportunities [7][17]

Core Points - The company approved the use of idle raised funds amounting to 1.3 billion yuan to temporarily supplement working capital through its wholly-owned subsidiary, Beijing North Huachuang Microelectronics Equipment Co., Ltd [1][2] - The duration for using these funds is set for a maximum of 12 months, from October 30, 2024, to October 29, 2025 [1] - The company ensured that the funds will only be used for activities related to its main business operations and will not affect the normal progress of investment projects [2] Fund Usage Details - The total amount of idle raised funds used for temporary working capital is 1.3 billion yuan [2] - The funds were fully returned to the dedicated raised funds account by October 17, 2025, within the stipulated 12-month period [2] - The company informed its sponsor institution and the representative of the sponsor about the return of the funds [2]

Core Insights - The 2025 Bay Area Semiconductor Industry Expo successfully concluded in Shenzhen, attracting over 600 exhibitors and more than 112,300 attendees over three days, showcasing approximately 2,500 new products [1][4][17] - The event emphasized a dual-track approach focusing on core and specialty sectors, providing a comprehensive view of the entire semiconductor industry chain [2][3] Exhibition Highlights - The expo featured major global players from over 20 countries, including top companies like AMAT, Lam Research, and KLA, alongside prominent domestic firms such as North Huachuang and Shanghai Microelectronics [3] - A differentiated layout was implemented, covering key areas such as chip design, wafer manufacturing, and advanced packaging, while also highlighting emerging sectors like AI chips and RISC-V ecosystems [3][4] New Product Launches - The event served as a platform for significant product launches, with Shenzhen Wanliyan Technology unveiling the world's first 90GHz real-time oscilloscope, marking a 500% performance improvement over previous domestic models [5][6] - Other notable launches included EDA design software by Qiyunfang Technology and various semiconductor components from companies like Hangzhou Zhongxin and Ningxia Dunyuan [6] Industry Forums and Discussions - The expo hosted over 30 specialized forums, including the 2025 Chip Conference, featuring discussions led by industry experts on topics such as core technology breakthroughs and ecosystem collaboration [9][12] - Forums addressed the entire semiconductor value chain, linking technology supply with market demand, and included sessions on advanced lithography and AI chip development [12] Market Engagement and Collaboration - The event facilitated significant market interactions, with around 5,000 professional buyers from leading companies like Samsung and BYD participating, enhancing connections between domestic and international resources [14] - The establishment of the Shenzhen Advanced Manufacturing Supply Chain Innovation Service Platform and a semiconductor fund aimed to inject momentum into the Bay Area's semiconductor industry [12][14] Awards and Recognition - The 2025 "Bay Chip Award" recognized over 100 companies based on votes from 3.7828 million professionals, highlighting excellence in various categories including technology innovation and customer service [15] Future Outlook - The success of the expo has led to high demand for the 2026 event, with over 600 companies already reserving exhibition space, indicating a growing interest in the semiconductor sector [17] - The Bay Area semiconductor industry is positioned for rapid development, driven by innovation and collaboration, contributing to global semiconductor advancements [17]

Core Insights - The 2025 Bay Area Semiconductor Industry Ecosystem Expo concluded in Shenzhen, attracting over 11.23 million attendees and featuring around 2,500 new product launches from top global semiconductor companies [1][3] Group 1: Event Overview - The expo was themed "Chips Empowering the Future, Intelligent Innovation Ecosystem" and included participation from over 20 countries and regions, showcasing the top 30 global semiconductor companies [1] - The event adopted a differentiated layout focusing on "core areas + specialty tracks," covering key segments of the industry chain [1] - Major industry players such as SMIC, Samsung, SK Hynix, and BYD engaged in precise matchmaking with exhibitors [1][3] Group 2: Technological Breakthroughs - Shenzhen Wanliyan Technology Co., Ltd. launched the world's first ultra-high-speed intelligent oscilloscope at 90GHz, marking a 500% performance improvement over previous domestic models [2] - New products from various companies, including advanced semiconductor equipment and 5G IoT chips, were showcased, indicating significant progress in breaking foreign monopolies [2] Group 3: Market Engagement and Future Prospects - The expo facilitated effective market matching, with around 5,000 professional buyers from leading companies attending, enhancing domestic and international resource connections [3] - The 2026 expo has already seen high demand, with over 600 companies reserving exhibition space, indicating a strong future interest in the event [3]

北方华创科技集团股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开的第八届董事会第十七次会议及第八届监事会第十二次会议，审议通过了 《关于全资子公司使用部分闲置募集资金暂时补充流动资金的议案》，同意公司 全资子公司北京北方华创微电子装备有限公司（以下简称"北方华创微电子"） 使用闲置募集资金 130,000 万元暂时补充流动资金，使用期限为自董事会审议通 过之日起不超过 12 个月，即自 2024 年 10 月 30 日至 2025 年 10 月 29 日止。具 体内容详见 2024 年 10 月 30 日刊登于《中国证券报》《证券时报》《上海证券报》 及巨潮资讯网（www.cninfo.com.cn）上的《关于全资子公司使用部分闲置募集资 金暂时补充流动资金的公告》（2024-074）。 在上述授权金额及期限内，公司实际用于暂时补充流动资金的闲置募集资金 总额为 130,000 万元。公司对该部分资金进行了合理的安排使用，仅用于与公司 主营业务相关的生产经营活动，没有变相改变募集资金用途，未影响募集资金投 资项目的正常进行，不存在使用闲置募集资金直接或者间接进行证券投资、衍生 品交易等 ...

Core Viewpoint - The digital economy theme index has experienced a decline, with significant movements in constituent stocks, while the government is promoting the cultivation of innovative enterprises in the digital economy sector [1][2]. Group 1: Market Performance - As of October 17, 2025, the CSI Digital Economy Theme Index (931582) fell by 2.39%, with major declines in stocks such as Desay SV Automotive (002920) and others [1]. - The digital economy ETF (560800) saw a trading volume of 16.07 million yuan, with a turnover rate of 2.36% [1]. - Over the past month, the average daily trading volume of the digital economy ETF was 31.11 million yuan [1]. Group 2: Share Growth - The digital economy ETF has seen a significant increase in shares, growing by 12 million shares over the past two weeks [1]. Group 3: Government Initiatives - On October 4, the National Development and Reform Commission and other departments issued measures to strengthen the cultivation of innovative enterprises in the digital economy, aiming to foster more "unicorn" and "gazelle" companies [1]. Group 4: Industry Outlook - Securities firms are optimistic about the continued stabilization and improvement of the fundamentals in advanced manufacturing and digital economy sectors, suggesting potential investment opportunities in technology growth companies and dividend assets [1][2]. - Financial analysts emphasize the importance of domestic opportunities in key areas such as advanced processes, AI computing chips, and semiconductor equipment, highlighting the potential for growth in domestic enterprises benefiting from localization [2]. Group 5: Index Composition - As of September 30, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 54.31% of the index, with companies like Eastmoney (300059) and SMIC (688981) among the leaders [2].

Summary of the Conference Call on China Semiconductors Industry Overview - The conference focused on the semiconductor industry in China, specifically the developments and trends observed at the SEMiBAY 2025 event held on October 15, 2023, which included visits to 36 companies across five sub-segments: SPE, SPE components, semiconductor materials, EDA/IP/RISC-V, and Foundry/IDM [1][2][3] Key Insights - **Product Launches**: Notable new product launches included EDA design tools, 12-inch silicon wafers, advanced metrology tools, high-speed oscilloscopes (90GHz), and RISC-V chips. The focus of product expansion is on advanced node solutions and local ecosystem development to support China's semiconductor growth [2][3] - **Capex Growth**: China's semiconductor capital expenditure (capex) is projected to increase to approximately US$43 billion to US$46 billion from 2025 to 2030. This growth is expected to be driven by improvements in the domestic supply chain and the generative AI trend [3][11] - **Market Share Gains**: Local suppliers in the SPE sector are anticipated to gain market share in wafer fabrication equipment, supported by increasing capex and product coverage [3] Company Recommendations - The report recommends buying shares in several companies, including: - Naura - AMEC - ACMR - SICC - SMIC - Hua Hong - AccoTest - OmniVision - VeriSilicon - Kematek - Cambricon [4][26] Additional Observations - **Technological Trends**: The development of generative AI is expected to significantly influence technology advancements within the semiconductor sector, reinforcing a positive outlook for the industry [2][3] - **Subsector Preferences**: There is a preference for investing in SPE and subsectors with higher exposure to advanced nodes, which are likely to benefit from the ongoing trends in generative AI [3] Conclusion - The overall sentiment regarding the Chinese semiconductor industry is optimistic, with expectations of substantial growth in capital expenditure and local supplier market share, driven by technological advancements and a supportive domestic ecosystem [3][11]