Core Viewpoint - The China Securities 500 Growth ETF (Hua Xia, 159620) has shown a positive performance with a 2.30% increase, reaching a price of 1.291 yuan, and a trading volume of 582,000 yuan as of the midday close on January 14 [1] Group 1: ETF Performance - The China Securities 500 Growth ETF (Hua Xia, 159620) has a year-to-date return of 26.34% since its inception on July 19, 2022 [1] - The ETF has achieved a return of 9.61% over the past month [1] Group 2: Top Holdings Performance - Among the top holdings, Changchuan Technology increased by 6.39%, Ecovacs by 1.92%, and BeiGene by 1.20% [1] - Other notable performances include Guanghe Technology rising by 1.90%, Amlogic increasing by 3.40%, and Rockchip gaining 2.73% [1] - Hengxuan Technology saw a significant increase of 4.54%, while Ninebot Company experienced a slight decline of 0.18% [1]

Core Viewpoint - The actual controller's concerted action party, Hangzhou Changchuan Investment Management Partnership, has completed its share reduction plan, selling a total of 11,968,400 shares, which represents 1.8866% of the company's total share capital [1][2][3]. Group 1: Share Reduction Details - The share reduction was executed between December 22, 2025, and January 12, 2026, with an average selling price ranging from 93.29 to 112.48 yuan per share, resulting in a total cash-out of approximately 1.218 billion yuan [2][3]. - Prior to the reduction, Changchuan Investment held 17,038,457 shares (2.6857% of total shares), which decreased to 14,370,188 shares (2.2652% of total shares) post-reduction [3][4]. Group 2: Impact on Company Control - The reduction in shares will not lead to a change in the company's control or governance structure, nor will it affect the company's ongoing operations [4]. - The combined shareholding of the controlling shareholder Zhao Yi and Changchuan Investment decreased from 158,600,654 shares (25.0000%) to 155,932,385 shares (24.5794%) [3][4]. Group 3: Historical Context - Changchuan Investment initially held 24,709,500 shares (7.87% of total shares) and has been reducing its stake since December 23, 2020, with cumulative reductions amounting to 16,161,900 shares and total cash-out of approximately 925.36 million yuan [4][5].

Group 1 - The core viewpoint of the news is that Changchuan Technology's stock has increased by 5.5%, reaching a price of 129.56 yuan per share, with a trading volume of 1.261 billion yuan and a turnover rate of 2.05%, resulting in a total market capitalization of 82.193 billion yuan [1] - Changchuan Technology, established on April 10, 2008, and listed on April 17, 2017, is located in Hangzhou, Zhejiang Province, and specializes in the research, production, and sales of integrated circuit equipment [1] - The company's main business revenue composition includes testing machines at 57.68%, sorting machines at 32.73%, and other products at 9.59% [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Ruida holds a significant position in Changchuan Technology, with 13,300 shares, accounting for 3.91% of the fund's net value, making it the sixth-largest heavy stock [2] - The Ruida Advanced Manufacturing Mixed Fund A (018226), established on April 14, 2023, has a latest scale of 15.1825 million yuan, with a year-to-date return of 1.87% and a one-year return of 56.23% [2] - The fund manager, Zhang Xiying, has a cumulative tenure of 1 year and 247 days, with the fund's total asset scale at 108 million yuan, achieving a best return of 103.01% and a worst return of 3.16% during the tenure [2]

杭州长川科技股份有限公司 简式权益变动报告书 上市公司名称：杭州长川科技股份有限公司 股票上市地点：深圳证券交易所 股 票 简 称： 长川科技 股 票 代 码： 300604.SZ 信息披露义务人：钟锋浩 住所：浙江省杭州市西湖区****** 通讯地址：浙江省杭州市滨江区****** 股份变动性质：股份数量减少（股权比例下降至 5%以下） 签署日期：2026 年 1 月 12 日 1 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》（以下简称《证券法》） 《上市公司收购管理办法》（以下简称《收购办法》）《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》及相关的法律法规编制本 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《证券法》《收购办法》规定，本报告书已全面披露了信息披露义 务人在杭州长川科技股份有限公司（以下简称"长川科技"或"本公司"）拥有 权益的股份变动情况。截至本报告书签署之日，除本报告书披露的信息外，信息 披露义务人没有通过任何其他方式增加或减少其在长川科技拥有权益的股份。 四、本次权益变动是根据本报告书所载明的资料进行的。 ...

证券代码： 300604 证券简称：长川科技 公告编号：2026-004 杭州长川科技股份有限公司 关于持股5%以上股东、部分董事权益变动触及1%整数倍 且持股比例降至5%以下、减持计划实施完成 暨披露简式权益变动报告书的提示性公告 1、本次权益变动后，股东钟锋浩先生持有的公司股份由32,691,608股减少 至31,720,030股，占公司总股本的比例由5.15313%减少至4.99998%，持股比例降 到5%以下，不再是公司持股5%以上股东，并触及1%的整数倍。 2、本次权益变动属于股份减持，不触及要约收购，不会导致公司控股股东、 实际控制人发生变化。 3、截至本公告披露日，钟锋浩先生的减持计划已实施完毕。 杭州长川科技股份有限公司于2025年11月28日披露了《关于公司实际控制人 之一致行动人及持股5%以上股东、部分董事减持股份计划的预披露公告》（公告 编号：2025-078），公司持股5%以上股东、部分董事钟锋浩先生计划自公司发布 减持预披露公告之日起十五个交易日后3个月内通过集中竞价及大宗交易减持不 超过1,000,000股（占本公司总股本比例0.1576%）。 近日，公司收到钟锋浩先生出具的《关于 ...

证券代码：300604 证券简称：长川科技 公告编号：2026-003 杭州长川科技股份有限公司 关于公司实际控制人之一致行动人 减持计划实施完毕的公告 公司实际控制人之一致行动人杭州长川投资管理合伙企业（有限合伙） 保证信息披露的内容真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏。 本公司及董事会全体成员保证信息披露内容与信息披露义务人提供的 信息一致。 特别提示： 1、本次权益变动后，公司控股股东、实际控制人赵轶先生及其一致行动人杭 州长川投资管理合伙企业（有限合伙）合计持有公司股份数量从158,600,654股减 少至155,932,385股，占公司总股本的比例从25.0000%减少至24.5794%。 2、本次权益变动属于股份减持，不触及要约收购，不会导致公司控股股东、 实际控制人发生变化。 3、截至本公告披露日，杭州长川投资管理合伙企业（有限合伙）本次减持计 划已实施完毕。 杭州长川科技股份有限公司（以下简称"公司"）于2025年11月28日披露了《关 于公司实际控制人之一致行动人及持股5%以上股东、部分董事减持股份计划的预 披露公告》（公告编号：2025-078）（以下简称"本次减持计划 ...

Market Overview - The Shanghai Composite Index rose by 1.09% on January 12, with 28 out of the 31 sectors experiencing gains, led by the media and computer sectors, which increased by 7.80% and 7.26% respectively [1] - The electronic sector saw a modest increase of 1.46% [1] - The sectors that faced declines included oil and petrochemicals, coal, and real estate, with decreases of 1.00%, 0.47%, and 0.29% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets was 27.468 billion yuan, with 11 sectors experiencing net inflows [1] - The computer sector had the highest net inflow of capital, amounting to 15.774 billion yuan, coinciding with its 7.26% increase [1] - The media sector followed with a net inflow of 5.391 billion yuan and a daily increase of 7.80% [1] - The power equipment sector experienced the largest net outflow, totaling 14.093 billion yuan, followed by the electronic sector with a net outflow of 11.193 billion yuan [1] Electronic Sector Performance - Within the electronic sector, 345 out of 476 stocks rose, with 6 hitting the daily limit up [2] - The leading stock in terms of net capital inflow was Lingyi Technology, which saw an inflow of 1.696 billion yuan, followed by Zhaoyi Innovation and Changchuan Technology with inflows of 668 million yuan and 322 million yuan respectively [2] - Conversely, the stocks with the highest net outflows included Industrial Fulian, Qianzhao Optoelectronics, and Shenghong Technology, with outflows of 1.429 billion yuan, 1.373 billion yuan, and 1.303 billion yuan respectively [3] Electronic Sector Capital Inflow and Outflow - The top gainers in the electronic sector included Lingyi Technology (10.02%), Zhaoyi Innovation (4.71%), and Changchuan Technology (4.09%) [2] - The stocks with the highest capital outflows were Industrial Fulian (-0.89%), Qianzhao Optoelectronics (3.90%), and Shenghong Technology (-3.32%) [3]

Core Viewpoint - The semiconductor testing equipment sector is entering a period of simultaneous volume and price increases driven by AI computing power, advanced packaging, and automotive electronics, with a focus on domestic manufacturers capable of breakthroughs in key testing platforms and equipment [1][2]. Group 1: Semiconductor Testing Equipment Market Dynamics - Semiconductor testing equipment is a core component of the integrated circuit supply chain, crucial for capacity efficiency and product yield, with testing equipment expected to account for 63.6% of back-end line investments by 2025, significantly higher than packaging equipment [1]. - The testing system consists of three core components: ATE (Automatic Test Equipment), Prober, and Handler, which together ensure a fully automated testing loop, impacting testing coverage and yield control [1]. Group 2: Drivers of Growth - AI computing power is driving demand for testing equipment as chip complexity increases, leading to a significant rise in testing time and equipment value due to the need for active thermal management and signal integrity [2]. - Advanced packaging, particularly the Chiplet architecture, necessitates KGD (Known Good Die) testing, shifting testing needs from packaging to wafer stages, while system-level testing demand is increasing due to rising complexity [2]. - The automotive electronics sector is experiencing a doubling in the number of smart vehicle chips, with stringent AEC-Q100 standards amplifying the demand for specialized testing equipment [2]. Group 3: Competitive Landscape - The testing machine market is dominated by a duopoly of Teradyne and Advantest, which together hold over 90% market share, while the prober market is primarily led by Japanese manufacturers, and the handler market has lower concentration, providing opportunities for challengers [3]. - Advantest's acquisition history illustrates a strategy of platform integration and vertical consolidation, enhancing its competitive barriers and expanding its market reach beyond mere equipment [3]. Group 4: Domestic Market Opportunities - The domestic market for testing equipment shows a clear structural replacement opportunity, with the localization rate for analog and discrete device testers at approximately 80%, while SoC and memory testing remain low at 10% and 8% respectively [4]. - Domestic companies like Silan Microelectronics and Changchuan Technology are making significant strides in testing equipment capabilities, positioning themselves for growth as supply and demand dynamics align [4].

Investment Rating - The report maintains a "Buy" rating for the semiconductor testing equipment industry, indicating a favorable outlook for investment opportunities in this sector [1]. Core Insights - The semiconductor testing equipment industry is experiencing a critical phase characterized by "value reassessment, demand surge, and accelerated domestic substitution," which presents significant investment opportunities [5][6]. - The testing equipment is essential throughout the semiconductor manufacturing process, with ATE (Automatic Test Equipment) leading in value contribution, while probe stations and handlers work in synergy to enhance testing efficiency [11][20]. - The demand for testing equipment is driven by three main factors: AI computing power, advanced packaging, and automotive electronics, which collectively create a favorable environment for growth [5][6]. Summary by Sections 1. Testing Equipment's Role in Manufacturing - Semiconductor testing equipment is a core component of the integrated circuit industry, covering wafer testing, packaging testing, and functional verification [11]. - Testing occurs in two main phases: Circuit Probing (CP) and Final Test (FT), which are crucial for ensuring product quality and cost efficiency [11][15]. 2. Demand Drivers - The complexity of AI computing chips is increasing, leading to longer testing cycles and higher equipment demand [6]. - Advanced packaging techniques are creating new testing requirements, such as KGD (Known Good Die) and SLT (System Level Test), which further drive the need for testing equipment [6]. - The automotive sector is also contributing to demand growth, with a significant increase in the number of chips required for smart vehicles, necessitating rigorous testing standards [5][6]. 3. Global Market Dynamics - The testing equipment market is dominated by a few key players, particularly in the ATE segment, where companies like Advantest and Teradyne hold over 90% market share [5][6]. - The report highlights the importance of platform integration and vertical consolidation as strategies for leading companies to maintain competitive advantages [5][6]. 4. Domestic Substitution Opportunities - The report identifies a clear path for domestic manufacturers to increase their market share, particularly in the SoC and storage testing segments, where current domestic production rates are low [5][6]. - Companies such as Changchuan Technology, Huafeng Measurement Control, and Xidian Co. are highlighted as key players with potential for growth in the domestic market [5][6].

Core Viewpoint - The global semiconductor industry is expected to strengthen in 2026, driven by AI demand and domestic substitution, with a notable increase in semiconductor equipment and materials [1] Group 1: Semiconductor Equipment and ETF Performance - The semiconductor equipment ETF (561980) opened up 1.15% on January 12, with a net inflow of nearly 100 million yuan over the past two trading days [1] - The index tracked by the semiconductor equipment ETF has risen over 15% this year, outperforming mainstream semiconductor indices [2] - Key stocks such as Zhongwei Company and Cambrian have seen significant gains, with Zhongwei up nearly 4% and Jianghua Micro up over 5% [2] Group 2: Market Trends and Pricing - A significant increase in trading volume in A-shares indicates the start of a spring market, with semiconductor equipment leading the upward trend [4] - NVIDIA's new AI chip architecture, Vera Rubin, showcases a fivefold increase in inference performance compared to the previous generation, indicating a surge in storage demand [5] - Major international storage companies plan to raise server DRAM prices by 60% to 70% in Q1 2026 compared to Q4 2025 [5] Group 3: Domestic Substitution and Material Demand - The domestic substitution process for semiconductor materials is advancing, with a recent anti-dumping investigation into dichlorodihydrosilane from Japan, a key material for chip manufacturing [5] - The demand for semiconductor materials and electronic chemicals is expected to rise due to the upgrade of storage driven by AI data centers [6] - The global semiconductor materials market is projected to reach approximately $70 billion by 2025, with a year-on-year growth of 6% [6] Group 4: Industry Outlook and Key Players - The trend of "supply security + domestic substitution" for key semiconductor materials is strengthening, driven by AI computing and data center demands [7] - Leading companies with technological accumulation and production capacity in high-end materials are expected to gain market share and profitability amid advanced process promotion and domestic substitution trends [7] - The semiconductor equipment ETF focuses on leading companies in the sector, with over 90% of its holdings in the upper and mid-stream areas of the semiconductor industry, which have the highest technical barriers and value concentration [7]