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]

Core Viewpoint - The semiconductor manufacturing industry is characterized by heavy assets and long cycles, and the company aims to build competitive barriers in MEMS chip manufacturing while expanding its product categories to drive order growth and achieve stable long-term development [1] Group 1 - The company emphasizes a grounded approach to its operations, focusing on deepening and refining its capabilities in the semiconductor sector [1] - The company plans to continue enriching and expanding its product categories to enhance order growth [1] - The company is committed to achieving stable long-term development through these strategies [1]