Core Insights - The global semiconductor equipment market is projected to exceed $64 billion in revenue for the top 10 companies in the first half of 2025, representing a year-on-year growth of approximately 24% [1] - The top five companies in the semiconductor equipment sector remain unchanged from 2024, with ASML leading at approximately $17 billion in revenue for 1H25 [1][5] - North Huachuang is the only Chinese company in the top 10, ranking seventh with approximately $2.2 billion in revenue for 1H25, down from sixth in 2024 [1][11] Summary by Company - **ASML (Netherlands)**: The leading photolithography equipment manufacturer, with 1H25 semiconductor revenue growing by 38% [5] - **Applied Materials (AMAT, USA)**: The largest semiconductor equipment supplier, with a 7% year-on-year revenue increase in 1H25 [6] - **Lam Research (LAM, USA)**: Specializes in semiconductor manufacturing equipment, achieving a 29% revenue growth in 1H25 [7] - **Tokyo Electron (TEL, Japan)**: Japan's largest semiconductor equipment company, with a 10% revenue increase in 1H25 [8] - **KLA (USA)**: A leader in semiconductor process control and measurement equipment, with a 27% revenue growth in 1H25 [9] - **Advantest (Japan)**: Focuses on semiconductor testing equipment, with a remarkable 124% revenue growth in 1H25 [10] - **North Huachuang (NAURA, China)**: The leading semiconductor equipment manufacturer in mainland China, with a 31% revenue growth in 1H25 [12] - **ASM International (ASMI, Netherlands)**: Engaged in semiconductor deposition equipment, with a 28% revenue increase in 1H25 [13] - **Screen Holdings (Japan)**: Involved in semiconductor and PCB manufacturing equipment, with a 2% revenue growth in 1H25 [14] - **Disco (Japan)**: A leading manufacturer of wafer cutting equipment, achieving a 13% revenue growth in 1H25 [15]

Investment Rating - The report maintains an "Outperform" rating for the semiconductor industry [1] Core Insights - The semiconductor sector is experiencing a recovery, with Q2 2025 net profit increasing by 58.8% quarter-on-quarter, driven by AI demand and domestic substitution trends [2][8] - The digital and analog chip design segments are leading the growth, with net profits increasing by 152.8% and 44.6% respectively [25][26] - The overall revenue for the semiconductor sector reached a historical high of 1700.23 billion yuan in Q2 2025, marking a 15.2% year-on-year and 14.4% quarter-on-quarter increase [4][8] Summary by Sections Q2 2025 Sector Review - The semiconductor sector shows signs of recovery with a significant increase in revenue and net profit, achieving a record high in Q2 2025 [7][8] - The revenue growth is attributed to a rebound in downstream demand and AI terminal requirements [8][12] - The sector's gross margin and net profit margin have improved, with gross margin at 27.12% and net profit margin at 8.72% [12][16] Subsector Performance - The digital chip design sector leads in revenue growth, with a quarter-on-quarter increase of 35.1% and a year-on-year increase of 30.8% [26][35] - The semiconductor equipment sector also shows strong performance, with a revenue increase of 17.4% quarter-on-quarter and 29.0% year-on-year [39] - The semiconductor packaging and testing sector saw a remarkable net profit increase of 157.9% quarter-on-quarter [25][26] Investment Strategy - The report emphasizes the clear trend of domestic substitution and the potential for AI-driven growth, recommending a focus on companies within the AI supply chain and undervalued leaders [6][20] - The semiconductor sector's current price-to-earnings ratio (PE) is approximately 145.7, indicating a significant increase compared to previous quarters [16][19] Market Positioning - The A-share electronic sector maintains the highest allocation in the market at 18.67%, with a slight decrease from the previous quarter [19][23] - Public fund holdings in the semiconductor sector have generally increased, reflecting positive sentiment towards leading companies [23][24]

格隆汇9月16日丨北方华创(002371.SZ)公布，公司于近日收到国家集成电路基金出具的《关于股东减持 至5%以下的告知函》和《简式权益变动报告书》，获悉国家集成电路基金于2025年7月28日至2025年9 月15日期间通过集中竞价交易方式减持公司股份2,591,853股，占公司目前总股本724,088,670的 0.357947%，因2023年11月22日至2025年9月15日期间公司股权激励行权总股本增加导致被动稀释 0.062843%。本次权益变动后，国家集成电路基金持有公司股份36,203,942股，占公司总股本的 4.999932%，不再是公司持股5%以上的股东。 ...

智通财经APP讯，北方华创(002371.SZ)公告，公司股东国家集成电路产业投资基金股份有限公司(简 称"国家集成电路基金")于2025年7月28日至2025年9月15日期间通过集中竞价交易方式减持公司股份 259.19万股，占公司目前总股本的0.357947%，因2023年11月22日至2025年9月15日期间公司股权激励行 权总股本增加导致被动稀释0.062843%。本次权益变动后，国家集成电路基金持有公司股份3620.39万 股，占公司总股本的4.999932%，不再是公司持股5%以上的股东。 ...

Key Points - The National Integrated Circuit Industry Investment Fund Co., Ltd. reduced its holdings in Northern Huachuang shares from July 28, 2025, to September 15, 2025, by selling 2.5919 million shares, accounting for 0.36% of the total share capital, at a price range of 334.26 to 387.71 CNY per share [1][1][1] - Before the reduction, the fund held 38.7958 million shares, representing 5.42% of the total shares, which decreased to 36.2039 million shares, or 5.00% after the reduction, falling below the 5% threshold and no longer being a major shareholder [1][1][1] - Due to the company's stock incentive plan, the total share capital increased by 8.3945 million shares, resulting in a passive dilution of 0.06% in the fund's shareholding [1][1][1] - The shares sold were sourced from the asset purchase project in 2016 and the non-public issuance project in 2019, with the relevant shares being released from restrictions in August 2019 and December 2022, respectively [1][1][1] - This reduction does not involve a tender offer and will not lead to a change in the company's actual control, nor will it have a significant impact on the company's governance structure and ongoing operations [1][1][1]

北方华创（002371）(002371.SZ)公告，公司股东国家集成电路产业投资基金股份有限公司(简称"国家集 成电路基金")于2025年7月28日至2025年9月15日期间通过集中竞价交易方式减持公司股份259.19万股， 占公司目前总股本的0.357947%，因2023年11月22日至2025年9月15日期间公司股权激励行权总股本增 加导致被动稀释0.062843%。本次权益变动后，国家集成电路基金持有公司股份3620.39万股，占公司总 股本的4.999932%，不再是公司持股5%以上的股东。 ...

北方华创科技集团股份有限公司 关于持股 5%以上股东股份减持至 5%以下并触及 1%整数 证券代码：002371 证券简称：北方华创 公告编号：2025-056 倍暨权益变动的提示性公告 公司股东国家集成电路产业投资基金股份有限公司保证向本公司提供的信 息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1. 本次权益变动属于北方华创科技集团股份有限公司（以下简称"公司"） 股东国家集成电路产业投资基金股份有限公司（以下简称"国家集成电路基金"） 因减持公司股份、股票期权行权被动稀释等原因导致国家集成电路基金持股比例 下降的权益变动行为。 2. 本次权益变动不涉及要约收购，不会影响公司的治理结构和持续经营。 公司于近日收到国家集成电路基金出具的《关于股东减持至 5%以下的告知 函》和《简式权益变动报告书》，获悉国家集成电路基金于 2025 年 7 月 28 日至 2025 年 9 月 15 日期间通过集中竞价交易方式减持公司股份 2,591,853 股，占公 司目前总股本 724,088,670 的 0.357947%， ...

北方华创科技集团股份有限公司简式权益变动报告书 北方华创科技集团股份有限公司 简式权益变动报告书 | 上市公司名称： | 北方华创科技集团股份有限公司 | | --- | --- | | 股票简称： | 北方华创 | | 股票代码： | 002371 | | 股票上市地点： | 深圳证券交易所 | | 住所： | 北京市朝阳区酒仙桥东路 1 号 | 信息披露义务人： 国家集成电路产业投资基金股份有限公司 注册地址： 北京市北京经济技术开发区景园北街 2 号 52 幢 7 层 718 室 北京市西城区真武庙 1 号职工之家 C 座 住所/通讯地址： 21-23 层 股份变动性质： 股份减少（因集中竞价减持/实施股权激励 计划致持股比例被动稀释） 签署日期：二〇二五年九月 1 北方华创科技集团股份有限公司简式权益变动报告书 信息披露义务人声明 （一）信息披露义务人依据《中华人民共和国证券法》《上市公司收购管理 办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报 告书》等相关的法律、法规和规范性文件编写本报告书。 （二）信息披露义务人签署本报告书已获得必要的授权和批准。 （三）依据《中华人民 ...

Core Viewpoint - The global semiconductor equipment industry is projected to see significant growth, with the top 10 companies expected to generate over $64 billion in revenue in the first half of 2025, marking a year-on-year increase of approximately 24% [5][6]. Summary by Sections Global Semiconductor Equipment Market Overview - The top 10 semiconductor equipment manufacturers will maintain the same rankings in 1H'25 as in 2024, with the first five positions unchanged [6]. - The combined revenue of the top five companies is nearly $54 billion, accounting for about 85% of the total revenue of the top 10 [6]. Top 10 Semiconductor Equipment Manufacturers 1. **ASML (Netherlands)**: - Revenue of approximately $17 billion in 1H'25, with a year-on-year growth of 38% [10]. 2. **Applied Materials (USA)**: - Revenue of about $13.7 billion in 1H'25, with a year-on-year growth of 7% [11]. 3. **Lam Research (USA)**: - Revenue growth of 29% in 1H'25 [12]. 4. **Tokyo Electron (Japan)**: - Revenue growth of 10% in 1H'25 [13]. 5. **KLA (USA)**: - Revenue growth of 27% in 1H'25 [14]. 6. **Advantest (Japan)**: - Revenue growth of 124% in 1H'25 [15]. 7. **Naura (China)**: - Revenue of approximately $2.2 billion in 1H'25, with a growth of 31% [16]. 8. **ASM International (Netherlands)**: - Revenue growth of 28% in 1H'25 [17]. 9. **Screen (Japan)**: - Revenue growth of 2% in 1H'25 [18]. 10. **Disco (Japan)**: - Revenue growth of 13% in 1H'25 [19]. Notable Trends - Naura is the only Chinese semiconductor equipment manufacturer to enter the global top 10, moving from eighth to sixth place in 2024, and then dropping to seventh in 1H'25 [6].

Core Insights - The report from Zhongyou Securities indicates that Northern Huachuang achieved a revenue of 16.142 billion yuan in H1 2025, representing a year-on-year increase of 29.51% [1] - Revenue from electronic process equipment reached 15.258 billion yuan, with a year-on-year growth of 33.89% [1] Revenue Breakdown - In the integrated circuit equipment sector, multiple high-end equipment have achieved client mass production, enhancing process coverage and market share [1] - Revenue from etching, film deposition, thermal treatment, and wet processing equipment exceeded 5 billion, 6.5 billion, 1 billion, and 500 million yuan respectively [1] Strategic Developments - The company is advancing its ion implantation and electroplating ECP equipment, strengthening its platform-based layout [1] - The acquisition of Chip Source Micro has further improved the product line in the semiconductor equipment sector, particularly in photolithography supporting equipment, creating strong synergies with existing semiconductor equipment business [1] Market Position - As a leading platform manufacturer of semiconductor equipment in China, the company covers multiple core process links including etching, film deposition, thermal treatment, cleaning, coating, and developing, with a comprehensive process coverage [1] - The domestic market share continues to increase, and the company is expected to benefit from downstream capacity expansion and the domestic substitution process [1]