Core Insights - The photovoltaic equipment sector experienced a decline of 2.34% on September 10, with Shangneng Electric leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - ST Quanwei (300716) saw a significant increase of 9.35%, closing at 13.45 with a trading volume of 90,800 shares and a transaction value of 120 million [1] - Shangneng Electric (300827) led the declines with a drop of 9.93%, closing at 33.30 with a trading volume of 940,000 shares and a transaction value of 319.5 million [2] - Other notable declines included Tongwei Co. (600438) down 6.00% and Jinlang Technology (300763) down 4.43% [2] Capital Flow - The photovoltaic equipment sector saw a net outflow of 3.725 billion in main funds, while retail investors contributed a net inflow of 3.119 billion [2] - The table of capital flow indicates that major funds were predominantly exiting the sector, while retail investors were actively buying [3] Individual Stock Capital Flow - Jing Sheng Mechanical & Electrical (300316) had a net inflow of 1.39 billion from main funds, while retail investors showed a net outflow of 1.23 billion [3] - Haiyou New Materials (688680) experienced a net inflow of 1.615 billion from main funds, but a net outflow of 1.613 billion from retail investors [3]

Summary of Key Points from the Conference Call Company and Industry Involved - **Company**: Jing Sheng Mechanical & Electrical (晶盛机电) - **Industry**: Semiconductor and Carbon Silicon (碳化硅) Industry Core Insights and Arguments 1. **Challenges in Packaging and Heat Dissipation**: The increase in GPU power from manufacturers like NVIDIA poses significant challenges for packaging and heat dissipation, with traditional silicon interposers facing limitations. Carbon silicon (SiC) is highlighted as a potential solution due to its superior thermal conductivity, which is three times that of silicon [2][3][4] 2. **Market Demand for Carbon Silicon Substrates**: By 2027, if 80% of NVIDIA's Ruby series adopts carbon silicon interposers, the demand for 12-inch carbon silicon substrates could exceed 500,000 pieces annually, creating a market space of approximately 7-8 billion RMB [2][5] 3. **Expansion of TSMC's CoWoS Capacity**: TSMC's CoWoS capacity is expected to expand, with NVIDIA holding a significant share. The anticipated demand for carbon silicon substrates is driven by the increasing power requirements of chips [2][5] 4. **Diverse Applications of Carbon Silicon**: Carbon silicon is expected to see growth in various sectors, including interposer materials, electric vehicles (replacing IGBTs), photovoltaic power generation, RF devices, and AR glasses. The demand for carbon silicon in AR glasses is projected to rise significantly by 2027 [2][7] 5. **Projected Market Growth**: The global market for conductive carbon silicon substrates is expected to reach 20-30 billion RMB by 2026, while the semi-insulating substrate market could reach 10-20 billion RMB. The proliferation of AR glasses will notably increase the demand for semi-insulating 12-inch carbon silicon substrates [2][8] Additional Important Content 1. **Technological Advantages of Carbon Silicon**: The 4H type of carbon silicon is favored for its high-temperature stability and is widely used in power semiconductors and advanced packaging. Other types like 6H and 3C are less commonly used [6] 2. **Jing Sheng's Competitive Edge**: Jing Sheng has several advantages in the carbon silicon market, including capacity planning, self-manufactured equipment, cost advantages, and technical expertise. Their annual capacity planning for crystal growth is set at 900,000 pieces [3][9][10] 3. **Domestic Market Dynamics**: Domestic manufacturers like Jing Sheng are gradually gaining market share in the production of 6-inch and larger carbon silicon wafers, with a notable decline in market share for overseas companies like Wolfspeed [8][9] 4. **Strategic Focus on Equipment Manufacturing**: Jing Sheng manufactures all its carbon silicon substrate processing equipment in-house, which allows for lower costs and quicker responses to production feedback [10] 5. **Long-term Growth Potential**: Despite current pressures in the photovoltaic industry, Jing Sheng's carbon silicon and semiconductor equipment businesses are expected to support sustained growth in the long term [17][18]

Core Viewpoint - The company has made significant advancements in its silicon carbide substrate materials and semiconductor equipment businesses, showcasing strong growth potential and competitive advantages in the industry [2][3]. Group 1: Silicon Carbide Substrate Materials - The company has achieved large-scale production and sales of 6-8 inch silicon carbide substrates, with key performance indicators reaching industry-leading levels [2]. - The company has successfully developed 12-inch conductive silicon carbide single crystal growth technology, enhancing its technological capabilities [2]. - The company is expanding its customer validation efforts and has received bulk orders from international clients, indicating strong market demand [2]. - The company is establishing a global supply capacity with projects in various locations, including a 300,000-piece annual production project in Shaoxing and an 8-inch silicon carbide substrate project in Penang, Malaysia [2]. - Silicon carbide is identified as a core material for third-generation semiconductors, with applications in high-power scenarios such as electric vehicles and energy storage [2]. Group 2: Semiconductor Equipment Business - The company has delivered 12-inch atmospheric silicon epitaxy equipment to leading domestic clients, achieving international advanced levels in key indicators [3]. - New products, including the 12-inch dry-in-dry-out edge grinding machine, are undergoing customer validation, showcasing the company's innovation in semiconductor equipment [3]. - The company has developed advanced packaging ultra-fast UV laser grooving equipment, filling a domestic gap in the market [3]. - The company is promoting 8-inch silicon carbide epitaxy and 6-8 inch thinning equipment in response to the industry's shift towards 8-inch technology [3]. Group 3: Other Business Segments - The company is continuously innovating in the new energy photovoltaic equipment sector, enhancing its battery equipment system [4]. - The subsidiary has strengthened its core manufacturing capabilities in semiconductor components and materials, achieving domestic substitution for quartz crucibles and expanding its product range [5]. - The sapphire business has seen growth driven by new applications and downstream demand, with the company leading in both technology and scale [5]. - As of June 30, 2025, the company has over 3.7 billion yuan in unfulfilled contracts for integrated circuits and compound semiconductor equipment, indicating a positive business outlook [5].

Core Viewpoint - The company is benefiting from the continuous development of the semiconductor industry and the acceleration of domestic production processes, leading to sustained growth in its semiconductor business [1] Group 1: Company Performance - As of June 30, 2025, the company has over 3.7 billion yuan (including tax) in unfulfilled contracts for integrated circuit and compound semiconductor equipment [1]

Core Viewpoint - The company has achieved large-scale production and sales of 6-8 inch silicon carbide substrates, with core parameter indicators reaching industry-leading levels, and has made breakthroughs in 12-inch conductive silicon carbide single crystal growth technology [1] Group 1 - The company has successfully scaled up the production of 6-8 inch silicon carbide substrates [1] - The core parameters of the produced silicon carbide substrates have reached top industry standards [1] - The company has achieved a breakthrough in the growth technology of 12-inch conductive silicon carbide single crystals, successfully producing 12-inch silicon carbide crystals [1]

Core Viewpoint - The company has achieved large-scale production and sales of 6-8 inch silicon carbide substrates, with core parameters reaching industry-leading levels, and has made breakthroughs in 12-inch conductive silicon carbide single crystal growth technology [1] Group 1: Production and Technology - The company has successfully scaled up the production of 6-8 inch silicon carbide substrates [1] - The core parameter indicators of the produced silicon carbide substrates have reached industry-leading levels [1] - The company has achieved a breakthrough in the growth technology of 12-inch conductive silicon carbide single crystals, successfully producing 12-inch silicon carbide crystals [1] Group 2: Market Expansion and Customer Validation - The company is actively promoting customer validation of silicon carbide substrates globally, with a significant increase in the range of sample customers [1] - The product validation process is progressing smoothly, and the company has successfully secured bulk orders from some international customers [1]

每经AI快讯，9月9日，晶盛机电（300316）(300316.SZ)发布投资者关系活动记录表公告称，公司碳化 硅衬底材料业务已实现6-8英寸碳化硅衬底规模化量产与销售，量产的碳化硅衬底核心参数指标达到行 业一流水平，并实现12英寸导电型碳化硅单晶生长技术突破，成功长出12英寸碳化硅晶体。同时，公司 积极推进碳化硅衬底在全球的客户验证，送样客户范围大幅提升，产品验证进展顺利，并成功获取部分 国际客户批量订单。 ...

Group 1: Silicon Carbide Substrate Development - The company has achieved mass production and sales of 6-8 inch silicon carbide substrates, with core parameters reaching industry-leading levels [2] - A breakthrough in 12-inch conductive silicon carbide single crystal growth technology has been successfully made, producing 12-inch silicon carbide crystals [2] - The company is actively promoting customer validation of silicon carbide substrates globally, significantly increasing the range of sample customers and successfully obtaining bulk orders from international clients [2] Group 2: Capacity Expansion and Market Position - The company is expanding its silicon carbide production capacity with a project in Shangyu aiming for an annual output of 300,000 pieces of silicon carbide substrates [2] - A silicon carbide substrate industrialization project is being established in Penang, Malaysia, to enhance global supply capabilities [2] - The company is also investing in a project in Yinchuan for 8-inch silicon carbide substrate production, reinforcing its technological and scale advantages in this field [2] Group 3: Applications and Market Trends - Silicon carbide is a core representative of third-generation semiconductor materials, with significant application potential in high-power scenarios such as electric vehicles and high-voltage charging facilities [4] - The transition to 8-inch silicon carbide substrates is accelerating due to advantages in utilization efficiency and defect control, expanding the market space for silicon carbide power devices [5] Group 4: Semiconductor Equipment and Orders - As of June 30, 2025, the company has unfulfilled contracts for integrated circuit and compound semiconductor equipment exceeding 3.7 billion yuan (including tax) [7] - The company has successfully delivered 12-inch atmospheric silicon epitaxy equipment to leading domestic clients, achieving international advanced levels in key performance indicators [7] - The company is actively promoting new products in the semiconductor equipment sector, including 12-inch thinning machines and ultra-fast UV laser grooving equipment [7] Group 5: Semiconductor Components and Materials - The subsidiary, Jinghong Precision, focuses on domestic production of core semiconductor components, enhancing manufacturing capabilities and product quality [9] - The company has achieved leading market share in domestic quartz crucibles for semiconductors, successfully overcoming technical bottlenecks in large-size crucibles [10] - The sapphire materials business has achieved global leadership in technology and scale, with mass production of 750kg and 1000kg crystal ingots and 4-6 inch substrates [11]

Summary of the Conference Call for Jing Sheng Electromechanical Industry Overview - **Industry**: Silicon Carbide Substrate Market - **Company**: Jing Sheng Electromechanical Key Points and Arguments 1. **Production Capacity and Technology Leadership**: Jing Sheng Electromechanical has established a production capacity of 600,000 pieces per year for silicon carbide substrates, with an additional 240,000 pieces planned in Malaysia. The company is actively collaborating with leading manufacturers to validate the application of semi-insulating silicon carbide substrates in packaging [2][3][4] 2. **Market Applications**: Silicon carbide substrates are primarily used in power semiconductors, new energy vehicles, AR glasses, and advanced packaging (COS). The economic benefits of silicon carbide replacing traditional silicon materials are particularly significant in the new energy vehicle and energy storage sectors. A large-scale market launch is expected between late 2026 and early 2027 [2][4][5] 3. **Product Development**: The company has successfully overcome challenges in producing 12-inch silicon carbide substrates and plans to launch packaging-specific products by the end of the year. The core parameters of these products are currently leading in the industry [2][6] 4. **Cost Control and Automation**: Jing Sheng Electromechanical has a high proportion of self-manufactured equipment and a high level of automation, which contributes to effective cost control in silicon carbide substrate production. If the 8-inch scale production expands, the gross margin is expected to lead the industry [2][12] 5. **Market Demand and Competition**: The demand for 8-inch power-type silicon carbide substrates is estimated at approximately 3 million pieces, with the company having secured 900,000 pieces of domestic orders. The domestic market for 8-inch silicon carbide substrates is primarily led by local manufacturers, with significant advantages in technical parameters and cost control over overseas competitors [4][17] 6. **Future Growth in Emerging Applications**: Jing Sheng Electromechanical is well-positioned to capture significant market share in emerging applications such as new energy vehicles and AR glasses, supported by collaborations with leading brands and ongoing R&D efforts [2][7][8] 7. **Challenges in Production**: The production of 12-inch semi-insulating silicon carbide substrates faces challenges related to material suppliers' technical capabilities and capital expenditure requirements. However, the company has a competitive edge due to its self-developed equipment, which allows for smoother progress compared to competitors [6][8] 8. **Pricing Expectations**: The price of semi-insulating silicon carbide substrates is expected to be higher than power-type substrates, but costs may be lower than optical substrates due to stronger bargaining power in the packaging sector. The anticipated price for 12-inch optical substrates is around 10,000 RMB per piece [9] 9. **Market Dynamics for Power Semiconductors**: The 6-inch market is experiencing oversupply and price declines, while the 8-inch market is more stable with limited suppliers, reducing the likelihood of severe price wars [11] 10. **Strategic Partnerships**: The company has signed a strategic agreement with Xreal to provide 8-inch optical substrates for validation and product design, with plans to develop 12-inch crystals by the end of 2025 [15] Additional Important Information - **Global Market Position**: Jing Sheng Electromechanical is the first domestic manufacturer to establish overseas production capacity for silicon carbide substrates, with a factory in Malaysia [16] - **Inventory Management**: The company employs lean production methods, resulting in minimal inventory for photovoltaic equipment, while maintaining some stock for imported raw materials [22] - **Future Outlook**: The company is well-prepared for the upcoming market cycle in silicon carbide, with a strong focus on R&D and production capacity, positioning it for rapid growth in this important segment [23]

9月9日，晶盛机电盘中下跌2.02%，截至09:43，报33.99元/股，成交3.15亿元，换手率0.74%，总市值 445.11亿元。 机构持仓方面，截止2025年6月30日，晶盛机电十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股4302.51万股，相比上期增加277.54万股。易方达创业板ETF（159915）位居第四大流通股 东，持股1531.61万股，相比上期减少38.96万股。华泰柏瑞沪深300ETF（510300）位居第五大流通股 东，持股1175.60万股，相比上期增加100.59万股。华夏国证半导体芯片ETF（159995）位居第六大流通 股东，持股1076.27万股，相比上期增加21.90万股。光伏ETF（515790）退出十大流通股东之列。 资金流向方面，主力资金净流出1883.25万元，特大单买入1801.54万元，占比5.73%，卖出3617.70万 元，占比11.50%；大单买入5729.23万元，占比18.21%，卖出5796.32万元，占比18.42%。 责任编辑：小浪快报 晶盛机电所属申万行业为：电力设备-光伏设备-光伏加工设备。所属概念板块包括：单晶硅、TOP ...