Core Viewpoint - The company, Saiwei Electronics, emphasizes its position as a third-party independent foundry in the semiconductor industry, focusing on MEMS (Micro-Electro-Mechanical Systems) while differentiating itself from larger competitors like SMIC (Semiconductor Manufacturing International Corporation) [1] Group 1 - The company operates in the semiconductor wafer foundry manufacturing service sector, catering to customer demands [1] - SMIC is recognized as a major player in the integrated circuit industry, whereas Saiwei Electronics is still in its early development stage and has a relatively smaller scale [1]

Core Viewpoint - The company emphasizes the potential of MEMS-OCS technology in enhancing the performance and stability of optical systems while reducing costs and power consumption, particularly in data center networks and supercomputing clusters [1] Group 1: Technology Application - MEMS-OCS can precisely adjust the refraction direction of optical links, enabling signal switching and bidirectional transmission [1] - The technology is expected to be widely applicable in various scenarios, including data centers and supercomputing systems [1] Group 2: Relationship with Other Technologies - MEMS-OCS and LCoS are not merely substitutes; they can coexist and complement each other in applications [1] Group 3: R&D Focus - The company places a high priority on research and development, particularly in emerging industries, to mitigate innovation risks [1]

证券日报网讯赛微电子（300456）11月18日在互动平台回答投资者提问时表示，公司是一家业界领先、 自主可控、采用"Pure-Foundry"模式、国际化运营的MEMS芯片专业制造厂商，一直致力于为通信计 算、生物医疗、工业汽车、消费电子等各领域客户(包括知名巨头厂商及新兴中小厂商)提供一流的 MEMS工艺开发及晶圆制造服务。 ...

Core Viewpoint - The company is advancing the development of silicon photonics chips and wafer manufacturing, aiming to provide services for various applications in optical communication and computing [1] Group 1: Company Developments - The domestic production line is capable of offering silicon photonics process development and small-scale trial production services for clients in optical communication, optical interconnect, and optical computing [1] - The MEMS-OCS product has achieved small-batch trial production, with ongoing optimization of related technical indicators as planned [1] - The company plans to steadily advance the mass production process of related wafer products based on market and customer demand [1] Group 2: Industry Context - Silicon photonic devices are considered a crucial foundation for next-generation optical communication and computing networks, applicable in various scenarios such as optical network protection, optical path monitoring, optical testing, optical transmission, optical switching, and optical multiplexing [1]

Core Viewpoint - The stock of Saiwei Electronics has experienced fluctuations, with a recent decline of 2.03% and a total market value of 19.48 billion yuan, despite a year-to-date increase of 54.89% [1] Group 1: Stock Performance - As of November 18, the stock price of Saiwei Electronics is 26.61 yuan per share, with a trading volume of 715 million yuan and a turnover rate of 4.44% [1] - The stock has seen a decline of 5.57% over the last five trading days, but has increased by 16.66% over the past 20 days and 13.91% over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Saiwei Electronics reported a revenue of 682 million yuan, a year-on-year decrease of 17.37%, while the net profit attributable to shareholders reached 1.576 billion yuan, reflecting a significant year-on-year increase of 1438.05% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders of Saiwei Electronics has increased to 76,200, marking a rise of 15.65%, while the average number of circulating shares per person has decreased by 13.54% to 7,843 shares [2] - The company has distributed a total of 155 million yuan in dividends since its A-share listing, with 25.63 million yuan distributed over the past three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 21.03 million shares, an increase of 10.76 million shares from the previous period [3]

Investment Rating - The report maintains a positive outlook on the defense and military industry, indicating an "Overweight" rating for the sector, suggesting it will outperform the overall market [23]. Core Insights - The military industry is entering an upward cycle as per the "14th Five-Year Plan" recommendations, with expectations of performance recovery in Q4 2025, driven by increased military trade and order fulfillment [3][4]. - The report highlights that the military trade landscape is evolving due to rising global geopolitical uncertainties, leading to increased demand for military products, particularly in the Middle East and Asia [3]. - Key investment opportunities are identified in next-generation equipment, unmanned/anti-unmanned weapons, and information/intelligent systems, with a focus on companies that are expected to benefit from these trends [3]. Market Review - Last week, the Shenwan Defense and Military Index fell by 2.15%, while the CSI Military Leaders Index decreased by 1.53%. In comparison, the Shanghai Composite Index dropped by 0.18% and the CSI 300 by 1.08% [4][11]. - The report notes that the defense and military sector's performance ranked 27th among 31 Shenwan primary industries, indicating a relatively poor performance compared to other sectors [4]. - The report lists the top five gainers in the defense sector: Tian'ao Electronics (up 12.63%), Aerospace Development (up 8.54%), *ST Dali (up 7.1%), Aerospace Intelligence Equipment (up 5.72%), and 712 (up 4.21%) [11][12]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 76.94, placing it in the upper range historically, with a valuation percentile of 65.32% since January 2014 and 91.95% since January 2019 [12][13]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [12][13].

Group 1 - The core viewpoint of the article is that Sai Microelectronics (300456) clarified its position regarding the use of photoresist, stating that it is a user of photoresist and does not engage in any business related to the manufacturing of photoresist [1] Group 2 - The company responded to investor inquiries on November 12 through an interactive platform [1] - The clarification emphasizes the company's focus on utilizing photoresist rather than producing it [1]

Core Viewpoint - The company has successfully achieved mass production of MEMS-OCS through its subsidiary Silex, while its other subsidiary Beijing Fab3 has completed risk trial production of MEMS-OCS, indicating significant advancements in optical switching technology [1] Group 1: Company Developments - The company’s subsidiary Silex has achieved mass production of MEMS-OCS, a technology that enhances signal switching and bidirectional transmission in optical networks [1] - Beijing Fab3, another subsidiary, has completed risk trial production of MEMS-OCS, showcasing the company's commitment to advancing this technology [1] Group 2: Technology Overview - MEMS-OCS consists of an array of micro-mirrors that precisely adjust the refraction direction of light, improving overall system performance and stability while reducing costs and power consumption [1] - The technology involves high technical barriers and complex structures, relying on advanced microfabrication techniques such as photolithography, ion beam etching, chemical etching, and wafer bonding [1] - Development of MEMS-OCS requires expertise across multiple fields, including optics, mechanics, electronics, and thermodynamics, necessitating a balance between optical loss, switching speed, and mechanical stability [1] Group 3: Manufacturing Challenges - The design and control of large-scale NxN arrays demand high signal synchronization, ensuring reliability over millions of mechanical operations [1] - Precision in wafer processing, surface coating, and micro-mechanical structure release is critical, as any minor defect can lead to significant yield loss [1] - The complexity and precision required in MEMS-OCS manufacturing contribute to its high technological barriers [1]

Core Viewpoint - The demand for AI computing power is expected to increase significantly as artificial intelligence continues to develop, leading to a broader market outlook for MEMS optical devices, particularly MEMS-OCS high-performance optical switching devices [2]. Group 1: Company Developments - The company has a stake in its subsidiary Silex in Sweden, which has achieved mass production of MEMS-OCS [2]. - The company's controlling subsidiary, Beijing Fab3, has completed risk trial production of MEMS-OCS [2]. Group 2: Technology and Market Insights - The structure of MEMS-OCS is complex and precise, indicating that there are high technical barriers to entry in this field [2]. - The company is aware of the competitive landscape in China regarding MEMS-OCS technology [2].

Core Viewpoint - The company, Saiwei Electronics, clarified on November 12 that it is a user of photoresist and is not involved in the manufacturing of photoresist [1] Group 1 - Saiwei Electronics confirmed its role as a user of photoresist materials [1] - The company does not engage in any business related to the manufacturing of photoresist [1]