Core Viewpoint - The stock price of Jing Sheng Mechanical & Electrical (300316) surged over 15% on September 26, reaching a new high for the year, following the announcement of the successful commissioning of its first 12-inch silicon carbide substrate processing pilot line at its subsidiary, Zhejiang Jing Rui SuperSiC, marking a significant advancement in domestic technology [1][2]. Group 1: Company Developments - On September 26, Jing Sheng Mechanical & Electrical announced the successful commissioning of its first 12-inch silicon carbide substrate processing pilot line, achieving 100% domestic production and marking a transition from following to leading in global SiC substrate technology [2]. - The successful commissioning of the pilot line signifies a new phase of efficient intelligent manufacturing for the company [2]. Group 2: Industry Context - The development of AI technology has led to increased performance of GPU chips used in AI servers, resulting in higher power consumption and necessitating advanced packaging techniques to manage heat dissipation [4]. - Traditional ceramic substrates have thermal conductivity of approximately 200 W/mK to 230 W/mK, which is insufficient for the growing heat dissipation demands [4]. - Silicon carbide materials exhibit superior thermal conductivity, reaching up to 400 W/mK and nearly 500 W/mK, making them ideal for packaging in data centers and high-performance AI chips [4].

Core Viewpoint - The stock of Jing Sheng Mechanical & Electrical Co., Ltd. increased by 5.09% on September 26, reaching a price of 41.88 CNY per share, with a trading volume of 1.353 billion CNY and a turnover rate of 2.72%, resulting in a total market capitalization of 54.843 billion CNY [1] Company Overview - Jing Sheng Mechanical & Electrical Co., Ltd. is located in Linping District, Hangzhou, Zhejiang Province, and was established on December 14, 2006. The company was listed on May 11, 2012. Its main business involves the research, development, manufacturing, and sales of crystal growth equipment and control systems [1] - The revenue composition of the company is as follows: 70.48% from equipment and services, 21.18% from materials, and 8.34% from other sources [1] Shareholder Information - Among the top ten circulating shareholders of Jing Sheng Mechanical & Electrical, a fund under E Fund Management holds a significant position. The E Fund ChiNext ETF (159915) reduced its holdings by 389,600 shares in the second quarter, now holding 15.3161 million shares, which accounts for 1.24% of the circulating shares. The estimated floating profit today is approximately 31.0917 million CNY [2] - The E Fund ChiNext ETF (159915) was established on September 20, 2011, with a current scale of 85.537 billion CNY. Year-to-date returns are 52.86%, ranking 567 out of 4220 in its category; the one-year return is 99.22%, ranking 530 out of 3824; and since inception, the return is 267.89% [2]

Core Viewpoint - The stock of Jing Sheng Mechanical & Electrical Co., Ltd. has shown significant growth in recent months, with a year-to-date increase of 29.04% and a 50.83% rise over the past 60 days, indicating strong market performance and investor interest [1]. Financial Performance - For the first half of 2025, Jing Sheng Mechanical reported a revenue of 5.799 billion yuan, a year-on-year decrease of 42.85%, and a net profit attributable to shareholders of 639 million yuan, down 69.52% compared to the previous year [2]. - Cumulatively, the company has distributed 3.241 billion yuan in dividends since its A-share listing, with 2.027 billion yuan distributed over the last three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Jing Sheng Mechanical decreased by 1.41% to 68,900, while the average number of circulating shares per person increased by 1.43% to 17,861 shares [2]. - The top circulating shareholders include Hong Kong Central Clearing Limited, which holds 43.0251 million shares, and E Fund's ChiNext ETF, which has reduced its holdings by 389,600 shares [3].

晶盛机电在互动平台表示，公司的控股股东绍兴上虞晶盛投资管理咨询有限公司通过投资的股权投资基 金间接持股摩尔线程。 ...

公司紧抓碳化硅产业链向8英寸转移的行业发展趋势，充分发挥在碳化硅产业链装备的核心技术优势， 加强8英寸碳化硅外延设备以及6-8英寸碳化硅减薄设备的市场推广，积极推进碳化硅氧化炉、激活炉以 及离子注入等设备的客户验证，相关设备的市场工作进展顺利，为规模化量产奠定坚实基础。另外，受 益于半导体行业持续发展及国产化进程加快，公司半导体业务持续发展，截至2025年6月30日，公司未 完成集成电路及化合物半导体装备合同超37亿元（含税）。维持"买入"评级。 在碳化硅产业链装备领域，公司开发了碳化硅长晶及加工设备（研磨、切割、减薄、倒角、抛光、清洗 及检测），满足公司碳化硅衬底规模化产能建设需求的同时，在技术、工艺以及成本方面构筑壁垒，强 化公司在碳化硅衬底领域的核心竞争力。公司碳化硅设备客户包括瀚天天成、东莞天域、芯联集成、士 兰微等行业头部企业。 格隆汇9月25日｜中邮证券研报指出，晶盛机电基于自主研发的碳化硅单晶生长炉以及持续迭代升级的 8-12英寸长晶工艺，经过多年的技术攻关，创新晶体生长温场设计及气相原料分布工艺，攻克12英寸碳 化硅晶体生长中的温场不均、晶体开裂等核心难题，实现了12英寸超大尺寸晶体生长的技术 ...

Market Performance - On September 25, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.14% during the session [1] - The sectors that performed well included comprehensive, communication equipment, and computer hardware, while gas and engineering machinery sectors faced declines [1] Chip Sector Developments - The chip technology stocks continued to strengthen, with the Chip ETF (159995) rising by 0.81% as of 10:53 AM [1] - Notable individual stock performances included: - Jinghe Integrated rising by 13.17% - Jing Sheng Machinery increasing by 5.59% - Tongfu Microelectronics up by 4.85% - Changdian Technology rising by 3.71% - Haiguang Information increasing by 3.63% [1] Huawei's Chip Roadmap - At the 2025 Full Connection Conference, Huawei announced its Ascend chip roadmap for the next three years, including: - Launching the 950PR and 950DT in 2026 - Doubling specifications for the 960 in 2027, including a self-developed 4-bit solution - Upgrading the 970 in 2028 in terms of computing power and memory bandwidth, aiming to catch up with NVIDIA's Blackwell [1] Domestic AI Chip Advancements - Dongfang Securities reported that domestic AI chips are achieving breakthroughs, with the scale of super nodes continuously improving [1] - The performance of domestic AI chips and switching chips is on the rise, and the commercialization process is advancing [1] - Investor confidence in China's AI computing power development is expected to continue to grow [1] Chip ETF Overview - The Chip ETF (159995) tracks the National Chip Index, comprising 30 constituent stocks from the A-share chip industry, including leading companies in materials, equipment, design, manufacturing, packaging, and testing [1] - Notable constituent companies include SMIC, Cambricon, Changdian Technology, and Northern Huachuang [1] - The off-market linked funds for the ETF are A class: 008887 and C class: 008888 [1]

Group 1 - On September 24, a total of 26 companies were investigated by institutions, with 18 companies being surveyed by funds, indicating a strong interest in these firms [1] - Among the companies surveyed, Mintai Aluminum (601677) received the most attention, with 12 funds participating in the investigation, followed by Antai Technology (000969) and Dongsheng Technology (300073), each with 9 funds [1] - The surveyed companies are distributed across various sectors, with the most represented industries being electric equipment, automotive, and non-ferrous metals, each having three companies listed [1] Group 2 - In terms of market performance, 7 out of the surveyed stocks increased in value over the past five days, with Jin Tai Yang (300606) leading with a rise of 12.67%, followed by New Coordinates (603040) at 10.47% and Honghua Digital Science (9.68%) [2] - Conversely, 11 stocks experienced declines, with Yun Aluminum (000807) dropping by 7.46%, followed by Jingjin Electric and Shuangjie Electric (300444) with declines of 6.91% and 3.66% respectively [2] - Notably, Dongsheng Technology saw a net inflow of funds amounting to 291 million yuan over the past five days, indicating strong institutional interest [2]

Group 1 - The A-share market showed mixed performance on September 25, 2025, with the new energy sector leading gains, particularly the ChiNext New Energy ETF Huaxia (159368) which rose by 1.28% [1] - The ETF's holdings include stocks such as Dongsheng Technology, which increased by over 7%, and Jing Sheng Mechanical & Electrical and Maiwei Co., which both rose by over 4% [1] - In the first half of 2025, Chinese companies secured 160 GWh of overseas energy storage orders, representing a year-on-year increase of 220%, with the Middle East, Australia, and Europe being the main markets [1] Group 2 - CITIC Securities believes that the recovery in overseas demand and prices signals a turning point, with the new energy storage "doubling plan" providing support for installations [1] - The acceleration of electricity reform is expected to transform energy storage from a cost item to a profit item, with improved capacity compensation mechanisms providing a profit "safety net" [1] - Long-term, the construction of capacity market mechanisms may become a key focus of electricity reform, effectively planning installations and clarifying revenue expectations [1] Group 3 - The ChiNext New Energy ETF Huaxia (159368) is the largest ETF tracking the ChiNext New Energy Index, covering various sectors including batteries and photovoltaics [2] - It has the highest flexibility with a maximum increase of 20%, and the lowest fees, with a total management and custody fee of only 0.2% [2] - As of September 24, 2025, the ETF's scale reached 879 million yuan, with an average daily trading volume of 61.17 million yuan over the past month, and it contains 51% energy storage and 23.6% solid-state battery [2]

Core Insights - The Zhongzheng Photovoltaic Industry Index (931151) has shown a strong increase of 1.69% as of September 25, 2025, with notable gains in constituent stocks such as TCL Zhonghuan (10.06%) and Jingsheng Mechanical Electrical (5.20%) [1] - The Photovoltaic ETF Fund (516180) has also risen by 1.86%, with a latest price of 0.77 yuan, reflecting a 0.27% increase over the past week [1] - The index comprises up to 50 representative listed companies involved in the photovoltaic industry chain, aiming to reflect the overall performance of these securities [1] Company Performance - The top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index as of August 29, 2025, include Yangguang Electric (10.51%), Longi Green Energy (9.97%), and TCL Technology (9.42%), collectively accounting for 56.14% of the index [2] - The performance of individual stocks shows varied results, with TCL Zhonghuan leading with a 10.06% increase, while TBEA (−0.43%) and Zhengtai Electric (−0.46%) experienced declines [4]

Core Viewpoint - The company, Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., is experiencing robust growth in its semiconductor equipment business, driven by the ongoing development of the semiconductor industry and the acceleration of domestic production processes. Group 1: Semiconductor Equipment Orders - The company has a substantial backlog of semiconductor equipment contracts, with over 3.7 billion yuan (including tax) in unfulfilled contracts as of June 30, 2025 [1]. Group 2: Semiconductor Equipment Sector - The company has achieved domestic production of 8-12 inch large silicon wafer equipment and is expanding into chip manufacturing and advanced packaging sectors. It holds a leading market share in the silicon wafer manufacturing segment, with clients including top semiconductor material manufacturers like Zhonghuan [1]. - In the compound semiconductor equipment sector, the company focuses on the research and development of third-generation silicon carbide equipment, successfully overcoming several core technological challenges in crystal growth, processing, and epitaxy [1]. - In the renewable energy photovoltaic equipment sector, the company has established a closed industrial chain for core equipment in silicon wafers, battery cells, and modules, positioning itself as a leading supplier in both technology and scale [1]. Group 3: Silicon Carbide Substrate Material - Silicon carbide, as a core representative of third-generation semiconductor materials, has significant application potential in high-voltage and high-temperature environments, particularly in electric vehicle drive systems and emerging fields like AR devices [1]. - The company has achieved large-scale production and sales of 6-8 inch silicon carbide substrates, with core parameters reaching industry-leading levels. It is actively expanding its global customer validation and has received bulk orders from some international clients [1]. - The company has made breakthroughs in 12-inch conductive silicon carbide single crystal growth technology, with product specifications meeting advanced industry standards. It is also developing optical-grade silicon carbide materials and advancing the industrialization of 12-inch substrates [1]. - The company is establishing production capacity with projects including an annual output of 300,000 silicon carbide substrates in Shangyu, an 8-inch silicon carbide substrate industrialization project in Penang, Malaysia, and a project in Yinchuan for an annual output of 600,000 8-inch silicon carbide substrates [1]. Group 4: Silicon Carbide Equipment Sector - The company is developing silicon carbide crystal growth and processing equipment to meet its own production capacity needs, creating technological, process, and cost barriers. It has achieved domestic substitution for 6-8 inch silicon carbide epitaxy equipment, leading the market share with clients including industry leaders like Hantian Tiancheng [1].