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]

Core Viewpoint - Northern Huachuang's stock performance shows a decline of 0.41% on October 16, with a trading volume of 2.769 billion yuan, indicating a mixed sentiment among investors [1] Financing Summary - On October 16, Northern Huachuang had a financing buy-in amount of 147 million yuan and a financing repayment of 168 million yuan, resulting in a net financing outflow of 20.52 million yuan [1] - As of October 16, the total balance of margin trading for Northern Huachuang is 2.874 billion yuan, with a financing balance of 2.855 billion yuan, accounting for 0.96% of the circulating market value, which is above the 60th percentile over the past year [1] - In terms of securities lending, on October 16, Northern Huachuang repaid 4,400 shares and sold 5,830 shares, with a selling amount of approximately 2.3943 million yuan, and the remaining securities lending balance is 44,400 shares, totaling 18.2367 million yuan, which is above the 90th percentile over the past year [1] Company Performance - As of October 10, Northern Huachuang has 84,400 shareholders, a decrease of 0.83% from the previous period, with an average of 8,574 circulating shares per person, an increase of 0.83% [2] - For the first half of 2025, Northern Huachuang achieved operating revenue of 16.142 billion yuan, a year-on-year increase of 30.86%, and a net profit attributable to shareholders of 3.208 billion yuan, a year-on-year increase of 15.37% [2] - Since its A-share listing, Northern Huachuang has distributed a total of 1.535 billion yuan in dividends, with 1.217 billion yuan distributed in the last three years [2] Shareholding Structure - As of June 30, 2025, the second-largest circulating shareholder of Northern Huachuang is Hong Kong Central Clearing Limited, holding 54.4537 million shares, an increase of 6.7889 million shares from the previous period [2] - The sixth-largest circulating shareholder is Huatai-PB CSI 300 ETF, holding 5.6380 million shares, an increase of 429,300 shares [2] - The seventh-largest circulating shareholder is Huaxia National Index Semiconductor Chip ETF, holding 4.9389 million shares, an increase of 133,800 shares, while the ninth-largest is E Fund CSI 300 ETF, which is a new shareholder with 4.0581 million shares [2]

Core Insights - The semiconductor industry is experiencing rapid development, significantly influenced by AI technology, with China poised to play a more critical role in the global semiconductor landscape [2] - Integrated circuits are the cornerstone of the semiconductor industry, essential for the performance of all electronic devices [2] - Investment in integrated circuits faces challenges such as long return cycles, high technical risks, and significant market volatility [2] Investment and M&A Landscape - Venture capital has been pivotal in the prosperity of the integrated circuit industry, facilitating technological advancements and rapid expansion through investments and mergers [2] - The success rate of mergers and acquisitions (M&A) is low, with studies indicating that 60%-80% of M&A transactions fail to meet their expected goals [3] - Key statistics reveal that 60% of acquisitions do not achieve strategic objectives, 70% fail to realize anticipated synergies, and 50% of projects experience productivity declines within the first 4 to 8 months [3] Challenges in M&A - The semiconductor industry's M&A activities face issues such as information asymmetry, overvaluation, integration failures, legal risks, and funding chain disruptions [3] - Successful M&A requires a combination of favorable timing, location, and human factors, with strategic vision and clear objectives being crucial for success [3] Industry Collaboration and Strategy - The industry must respond proactively to policy guidance, enhance communication and cooperation among companies in design, manufacturing, and equipment sectors, and seek M&A opportunities to optimize resource allocation and enhance core competitiveness [3] - Internally, companies should establish clear strategies, define M&A objectives, build investment and M&A systems, and focus on team development [3] Market Outlook - Increasing interest from investment institutions in semiconductor M&A opportunities is driven by both policy support and technological advancements within companies [4] - M&A can enable companies to achieve scale expansion, integrate core elements, and enhance bargaining power and risk resilience within the industry chain [4]

Group 1 - The report highlights that foreign capital has shown a consensus in increasing allocations to Chinese technology assets, particularly in the context of rising demand for computing power and strengthened AI narratives, which have enhanced expectations for application recovery [1][7] - In Q3, foreign capital experienced a net outflow of approximately 841 billion HKD from Hong Kong stocks, although this was an improvement compared to Q2. The primary inflows were observed in software services (172 billion HKD from stable foreign capital and 47 billion HKD from flexible foreign capital) and hardware equipment (36 billion HKD and 105 billion HKD) [5][7] - For A-shares, the Northbound capital saw an overall outflow of 158.2 billion CNY in Q3, with a smaller net outflow of about 20.3 billion CNY when excluding Chinese custodial funds. Stable long-term foreign capital accounted for a significant portion of this outflow, while short-term flexible foreign capital saw an inflow of approximately 99.9 billion CNY [8][21] Group 2 - The report indicates that foreign capital has increased its allocation to various technology sectors in both Hong Kong and A-shares, including new energy, electronics, and machinery, while reducing exposure to banks and consumer sectors [5][8] - Specific sectors such as electric power equipment and electronics saw notable increases in foreign capital allocation, with stable foreign capital's overweight in electric power equipment rising by 3.7 percentage points compared to Q2 [21][22] - The report lists individual stocks that attracted significant foreign inflows, including BYD (138.4 billion CNY) and CATL (133.8 billion CNY) in the automotive and electric power equipment sectors, respectively, while companies like Kweichow Moutai and China Ping An experienced substantial outflows [22]

Core Insights - The 2025 Bay Area Semiconductor Industry Ecosystem Expo (Bay Chip Expo) commenced in Shenzhen amidst threats from the U.S. to tighten high-tech exports to China, showcasing top global semiconductor companies and highlighting domestic leaders like North Huachuang and Shanghai Microelectronics [1][2] - Shenzhen's semiconductor industry has achieved significant growth, with the industry scale projected to reach 256.4 billion yuan in 2024, a year-on-year increase of 26.8%, and 142.4 billion yuan in the first half of 2025, up 16.9% year-on-year [2][3] Industry Developments - EDA tools are essential for chip and electronic design, with Shenzhen's new EDA software achieving world-class standards in key design metrics [2] - The release of a new generation of high-speed oscilloscopes by Shenzhen Wanlian Technology marks a significant advancement, breaking the Western monopoly in the high-end oscilloscope market [2] Government Support and Policies - Shenzhen has implemented several action plans to support the semiconductor industry, including financial incentives for chip design and core equipment development, significantly reducing the cost burden on R&D units [3][4] - The establishment of the Shenzhen Semiconductor and Integrated Circuit Industry Investment Fund, with an initial scale of 5 billion yuan, aims to invest in semiconductor equipment, components, and chip design [4] Talent and Collaboration - Shenzhen is actively building a multi-level talent pool for the integrated circuit industry, enhancing recruitment mechanisms and supporting universities to establish relevant programs [4][5] - The city has created a comprehensive service platform for the semiconductor industry, including industry alliances and professional exhibitions, to stimulate innovation and match supply and demand effectively [5]

Core Insights - The report from Industrial Securities indicates that the market value held by the Stock Connect increased from 2.27 trillion yuan in Q2 2025 to 2.59 trillion yuan in Q3 2025, while the proportion of the A-share circulating market value decreased from 2.79% to 2.69% [1][2] Group 1: Allocation Proportions - In Q3 2025, the allocation proportions for the Stock Connect increased significantly in the sectors of electronics, power equipment, non-ferrous metals, machinery, and communications, with increases of 4.96, 4.88, 1.21, 1.14, and 0.65 percentage points respectively [1][2] - The top sectors for allocation in Q3 2025 were power equipment, electronics, pharmaceuticals, banking, and food and beverage [1] Group 2: Net Inflows and Outflows - In Q3 2025, the Stock Connect saw significant net inflows in the sectors of electronics, power equipment, machinery, agriculture, and building materials, while experiencing net outflows in banking, non-banking financials, food and beverage, public utilities, and transportation [2][3] - Notable net inflows were observed in battery, optical electronics, photovoltaic equipment, general equipment, components, consumer electronics, and communication devices, whereas net outflows were seen in state-owned large banks, liquor, joint-stock banks, electricity, securities, insurance, passenger vehicles, white goods, and communication services [2][3] Group 3: Major Holdings - The top five holdings in Q3 2025 for the Stock Connect were Ningde Times, Kweichow Moutai, Midea Group, China Merchants Bank, and Northern Huachuang [2][3] - Compared to Q2 2025, new additions to the top 20 holdings included Luxshare Precision, Sungrow Power Supply, Industrial Fulian, Zhongji Xuchuang, and Lanke Technology, while Guodian Nari, OmniVision Technologies, Industrial and Commercial Bank of China, Yili Group, and Agricultural Bank of China exited the top 20 [2][3] Group 4: Individual Stock Performance - In Q3 2025, significant net inflows were recorded for Ningde Times, Sungrow Power Supply, Northern Huachuang, Zhongji Xuchuang, and Luxshare Precision, while notable net outflows were seen for Kweichow Moutai, Changjiang Power, China Merchants Bank, and Agricultural Bank of China [2][3]

ab 13 October 2025 Global Research China Semiconductors China's AI development driving upside We reiterate our positive view on Chinese AI-related WFE/OSAT names We raise our 2026-27E earnings and price targets for our covered Chinese wafer fab equipment (WFE) and outsourced assembly and test (OSAT) companies (see Figure 1Figure 1), mainly to factor in China's latest AI ecosystem development, which may drive sustained 28nm and below logic and memory investment (among which, a growing portion of 14nm and bel ...

Group 1 - The A-share market experienced fluctuations with the semiconductor sector showing strength, particularly in storage chips, with companies like Shannon Semiconductor hitting a historical high and a market cap of 49.5 billion yuan, reflecting a price increase of over 216% since August [2] - Tempus Holdings faced a limit down after confirming no investment plans from its major shareholder, leading to a significant annual price increase of 794.5% prior to its resumption of trading [2] - As of October 16, the Shanghai Composite Index rose by 0.1%, while the Shenzhen Component Index increased by 0.15%, with a total of 1,267 stocks rising and 4,036 stocks falling [2] Group 2 - The global storage chip market is experiencing a super cycle, with significant price increases expected, including over 10% for enterprise SSDs and 10-15% for DDR5 RDIMMs in Q4 2025 [3] - Domestic manufacturers are accelerating the validation and procurement of NAND and DRAM chips from Yangtze Memory Technologies and Changxin Memory Technologies, which is expected to drive a reevaluation of the entire domestic storage industry chain [5] - Investment logic in the storage chip sector is expanding from individual manufacturers to the entire supply chain, with companies like Zhaoyi Innovation and domestic equipment leaders such as Northern Huachuang and Zhongwei benefiting from this trend [5] Group 3 - A list of key listed companies in the storage chip industry includes Northern Huachuang, Zhongwei, and Zhaoyi Innovation, with market caps ranging from 8.852 billion to 327.867 billion yuan and notable annual price increases [6] - Northern Huachuang and Zhongwei are recognized as leading domestic etching machine manufacturers, while Zhaoyi Innovation holds a significant market share in NOR Flash [6] - The domestic packaging and testing industry features major players like Tongfu Microelectronics and Huatian Technology, both of which are positioned to benefit from the ongoing market dynamics [6]