Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, specifically focusing on NAND and SSD sectors driven by AI demand [6]. Core Insights - AI applications are expected to drive a rapid increase in SSD usage, leading to a prolonged boom cycle for both SSD and NAND markets [3][10]. - The global data volume is projected to grow significantly, with active data becoming a larger portion due to AI model applications [19][31]. - The demand for SSDs is anticipated to rise sharply as they meet the high throughput requirements for active data in data centers, surpassing traditional HDDs [10][34]. Summary by Sections 1. AI - The application of AI models is expected to significantly increase the proportion of active data, transforming previously dormant data into frequently accessed data [21][22]. - By 2030, it is estimated that 100% of hot data will be stored on SSDs, reflecting a shift in data storage paradigms [22]. 2. SSD - SSDs are favored for their high read/write speeds and ability to handle high workloads, making them suitable for active data storage in data centers [34][40]. - The power efficiency of SSDs is a significant advantage, especially as data center power demands increase [48][51]. - AI training and inference are driving the development of AI SSDs, which require high performance, large capacity, and energy efficiency [54][56]. 3. NAND - The NAND market is expected to experience a prolonged period of supply-demand imbalance, with limited capital expenditure from leading manufacturers [10][11]. - The concentration of the global NAND market is high, with major players like Samsung, Micron, and SK Hynix focusing on high-bandwidth memory (HBM) rather than expanding NAND production [10][11]. 4. Enterprise SSD - The report highlights several key companies in the semiconductor and storage sectors that are well-positioned to benefit from the ongoing trends, including domestic semiconductor equipment manufacturers and storage module companies [3][13].

登录新浪财经APP 搜索【信披】查看更多考评等级 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.股票期权授予登记完成日：2026年1月9日 2.股票期权登记数量：10,403,050份 3.期权简称：北方JLC6 4.期权代码：037949 根据中国证监会《上市公司股权激励管理办法》、深圳证券交易所、中国证券登记结算有限责任公司深 圳分公司有关规定，北方华创科技集团股份有限公司（简称"公司"或"本公司"）完成了2025年股票期权 激励计划（简称"2025年股票期权激励计划"）股票期权授予登记工作。期权简称：北方JLC6，期权代 码：037949 ，现将有关事项公告如下： 一、2025年股票期权激励计划的决策程序和批准情况 1．2025年11月21日，公司第八届董事会第二十九次会议审议通过了《关于〈北方华创科技集团股份有 限公司2025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 2025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》和《关于召开2 ...

证券代码：002371 证券简称：北方华创 公告编号：2026-003 北方华创科技集团股份有限公司 关于 2025 年股票期权激励计划授予登记完成公告 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.股票期权授予登记完成日：2026 年 1 月 9 日 2.股票期权登记数量：10,403,050 份 3.期权简称：北方 JLC6 4.期权代码：037949 根据中国证监会《上市公司股权激励管理办法》、深圳证券交易所、中国证 券登记结算有限责任公司深圳分公司有关规定，北方华创科技集团股份有限公司 （简称"公司"或"本公司"）完成了 2025 年股票期权激励计划（简称"2025 年股票期权激励计划"）股票期权授予登记工作。期权简称：北方 JLC6，期权 代码：037949 ，现将有关事项公告如下： 一、2025 年股票期权激励计划的决策程序和批准情况 1．2025 年 11 月 21 日，公司第八届董事会第二十九次会议审议通过了《关 于<北方华创科技集团股份有限公司 2025 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 ...

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"）2025年员工持股计划第一次持有人会议于2026年1 月7日在公司以现场和通讯相结合方式召开。 本次会议由谢秋实先生主持，出席本次会议的持有人16人，代表公司2025年员工持股计划份额1,435.00 万份，占公司2025年员工持股计划总份额的100%。本次会议的召集、召开符合相关法律法规、规范性 文件及《北方华创科技集团股份有限公司2025-2027年员工持股计划（草案）》《北方华创科技集团股 份有限公司2025年员工持股计划（草案）》《北方华创科技集团股份有限公司2025-2027年员工持股计 划管理办法》（以下简称"《员工持股计划管理办法》"）的有关规定。本次会议审议并通过了如下议 案： 1．审议通过了《关于设立公司2025年员工持股计划管理委员会的议案》 登录新浪财经APP 搜索【信披】查看更多考评等级 （1）负责召集持有人会议； （2）办理员工持股计划份额认购事宜； （3）负责管理员工持股计划账户资产； 为保证员工持股计划的顺利进行，保障持有人的合法权益 ...

Group 1 - The semiconductor industry is expected to experience significant growth, with the domestic semiconductor index outperforming the CSI 300 index, showing a cumulative increase of 54.51% as of October 28, 2025, driven by factors such as national subsidies, AI computing demand, and domestic substitution [16][21]. - The AI chip market in China is projected to grow from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, with a compound annual growth rate (CAGR) of 53.7% from 2025 to 2029, indicating a critical development opportunity for domestic AI chip manufacturers [42][44]. - The global GPU market is expected to grow from $77.39 billion in 2024 to $472.45 billion by 2030, with a CAGR of 35.19%, reflecting strong demand for AI computing [37][40]. Group 2 - The domestic AI chip industry is categorized into three stages: the first stage focuses on the self-sufficiency of computing, storage, and power chips; the second stage emphasizes the self-sufficiency of chip manufacturing processes; and the third stage targets the self-sufficiency of foundational hard technologies such as equipment materials and EDA [5][6]. - The demand for AI computing chips is driven by the rapid growth of generative AI applications, with NVIDIA's data center revenue increasing by 69% year-on-year to $44.1 billion in the first quarter of fiscal 2026, highlighting the accelerating demand for AI computing power [37][44]. - The semiconductor equipment sector is experiencing a significant increase in domestic production capacity, with the domestic semiconductor equipment localization rate expected to rise rapidly, particularly in dry etching and thin film deposition processes [6][15]. Group 3 - The report indicates that the advanced packaging technology, such as CoWoS, is expected to play a crucial role in the evolution of AI computing power, with domestic companies making significant advancements in this area [7][11]. - The semiconductor industry is witnessing a recovery in profitability, with the average gross margin and net profit margin for the semiconductor sector showing improvements in the first half of 2025 [36][34]. - The report highlights the importance of advanced wafer manufacturing as the physical foundation for AI chips, with a long-term demand for advanced foundry services expected to drive growth in this segment [7][11].

Market Overview - The Shanghai Composite Index achieved a 14-day consecutive rise, closing at 4085.77, up 0.05% [1][2] - The Shenzhen Component Index rose 0.06% to 14030.56, while the ChiNext Index increased by 0.31% to 3329.69 [2] - The total market turnover reached 2.88 trillion, with the Shanghai and Shenzhen markets accounting for 2.85 trillion, an increase of nearly 50 billion compared to the previous trading day [2] Semiconductor Industry - The semiconductor sector saw significant activity, particularly in photolithography and memory chip stocks, with companies like Nanda Optoelectronics and Xinyuan Microelectronics hitting the daily limit of 20% increase [14] - Notable stocks included Xinyuan Microelectronics at 190.79, up 20%, and other companies like Anji Technology and Puran Shares also showing strong gains [15][14] - Analysts highlighted that the memory sector is in its early cycle, driven by advancements in AI models, increasing the demand for memory in chips, devices, and data centers [17] Coal Sector - The coal sector experienced a substantial rally, with stocks like Dayou Energy and Shaanxi Black Cat reaching their daily limit of 10% increase [18][19] - Futures for coking coal and coke both hit the daily limit, reflecting strong market demand [20] - Analysts noted that the average temperature in central and eastern China is expected to drop, which may enhance coal consumption, supporting prices in the near term [20] Hong Kong Market - The Hang Seng Index fell by 0.94% to 26458.95, with the Hang Seng Tech Index down 1.49% [6][7] - Technology stocks, including Tencent Music and Alibaba, saw declines of over 3%, while pharmaceutical and chip stocks performed well [7][10] Biotech Sector - The biotech sector in Hong Kong showed strong performance, with the Hang Seng Biotech Index rising over 4%, and companies like Rongchang Biotech and China Antibody seeing increases of over 10% [10][11]

2025年员工持股计划第一次持有人会议决议的公告 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"）2025 年员工持股计 划第一次持有人会议于 2026 年 1 月 7 日在公司以现场和通讯相结合方式召开。 本次会议由谢秋实先生主持，出席本次会议的持有人 16 人，代表公司 2025 年员工持股计划份额1,435.00万份，占公司2025年员工持股计划总份额的100%。 本次会议的召集、召开符合相关法律法规、规范性文件及《北方华创科技集团股 份有限公司 2025-2027 年员工持股计划（草案）》《北方华创科技集团股份有限 公司 2025 年员工持股计划（草案）》《北方华创科技集团股份有限公司 2025-2027 年员工持股计划管理办法》（以下简称"《员工持股计划管理办法》"）的有关 规定。本次会议审议并通过了如下议案： 1．审议通过了《关于设立公司2025年员工持股计划管理委员会的议案》 证券代码：002371 证券简称：北方华创 公告编号：2026-002 北方华创科技集团股份有限公司 为保证员工持股计划的 ...

东北证券研报指出，北方华创前三季度营收延续高增态势，研发投入压制表观利润。公司净利润增速显 著低于营收，主要系研发费用激增48.4%至32.85亿元，研发费用率提升1.2个百分点，且销售与管理费 用呈刚性增长。公司通过控股芯源微切入涂胶显影市场，结合清洗与热处理设备，公司逐步构建除光刻 机外的半导体设备全流程覆盖。精密元器件业务领域，公司已形成覆盖300+型号的模拟信号链产品， 数字存储类方面拥有FLASH、DDR等产品。行业景气上行，SEMI上修全球半导体设备开支。公司作为 国内半导体设备龙头，贯彻"拓品+深耕+平台化"战略，工艺覆盖度及市场占有率持续稳步攀升，结合 下游扩产预期，预计2025-2027年归母净利润72.85/94.02/121.07亿元，对应PE为48/37/29倍。首次覆盖， 给予"买入"评级。 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The strong demand for AI is expected to drive price increases for TSMC's advanced process technology from 2026 to 2029, indicating a trend of continuous supply shortages globally [3][4] - Domestic demand for advanced logic chips is anticipated to rise rapidly, with significant growth in both demand and supply expected during the 14th Five-Year Plan period [5] - Recent capital market activities by SMIC and Hua Hong Semiconductor suggest improvements in profitability and advancements in advanced logic processes [6] Summary by Sections Industry Trends - TSMC's N2 node is set to begin mass production in Q4 2025, with initial monthly capacity of approximately 35,000 wafers, expected to increase to 140,000 wafers by the end of 2026, surpassing previous market estimates [4] - The demand for advanced processes remains tight despite the early ramp-up of U.S. wafer fabs and the unexpected capacity of 2nm technology [4] Demand and Supply Dynamics - The import scale of core semiconductor equipment in Shanghai reached approximately 55.8 billion yuan from January to November 2025, a 41% increase compared to 2024, indicating a favorable expansion pace [5] - The trend of "China for China" in advanced process foundries is expected to gain momentum as domestic technology matures [5] Capital Market Activities - SMIC's acquisition of the remaining 49% stake in SMIC North is expected to enhance profit margins, with a projected 19% increase in net profit for the first eight months of 2025 [6] - Hua Hong's acquisition of Hua Li Micro is anticipated to improve revenue by 30% and net profit by 269% for the same period [6] Investment Recommendations - The semiconductor equipment and foundry sectors are expected to benefit from the growth in advanced process demand, with recommended stocks including SMIC, Hua Hong Semiconductor, and others [7]

Core Viewpoint - The semiconductor equipment sector is experiencing significant growth driven by a global semiconductor "super cycle" and the deepening of domestic chip replacement, leading to record highs for major equipment manufacturers and ETFs tracking this sector [1][2]. Industry Cycle - The semiconductor equipment sales are projected to reach a historical high in 2025, driven by AI-induced price increases in storage and advancements in process technology, which will boost domestic wafer fab utilization rates [2]. - SEMI forecasts that global semiconductor manufacturing equipment sales will reach $156 billion by 2026-2027, indicating a sustained growth trend [2]. Domestic Replacement Acceleration - The domestic semiconductor equipment localization rate is expected to rise to 22% by 2025, with significant breakthroughs in etching, cleaning, and CMP processes [2]. - Recent government and capital support initiatives, including increased investments in leading wafer fabs and mergers in the equipment sector, signal an acceleration in the self-sufficiency of the semiconductor supply chain [2]. Capital and Policy Support - The ongoing capital investment in advanced processes and the rising localization rate of equipment present historic development opportunities for domestic semiconductor equipment, with new order growth expected to exceed 30% and potentially reach over 50% [2]. Semiconductor Equipment ETF Overview - The semiconductor equipment ETF (561980) tracks the CSI semiconductor index, focusing on the upstream segment of the semiconductor industry, which has a nearly 60% equipment content [3]. - The top ten holdings in the ETF account for nearly 80% of its weight, including leading companies like Zhongwei Company (etching equipment) and Northern Huachuang (multi-field equipment) [3]. Performance Metrics - The CSI semiconductor index is projected to increase by 62.33% in 2025, with a maximum drawdown of 15.73%, outperforming other semiconductor indices since 2018 [4]. - The index has shown significant elasticity, indicating a more aggressive stance in the upcoming semiconductor cycle [4].