Core Insights - The article provides an overview of the latest fund net asset values, highlighting the top-performing and bottom-performing funds in the market [1] Fund Performance Summary Top 10 Funds by Net Value Growth - The top-performing fund is "永赢高端装备智选混合发起C" with a net value of 1.4234 and a growth rate of 6.53% [2] - Other notable funds include "永赢高端装备智选混合发起A" with a net value of 1.4431 and a growth rate of 6.52%, and "方正富邦信泓混合C" with a net value of 1.1266 and a growth rate of 6.45% [2] Bottom 10 Funds by Net Value Decline - The worst-performing fund is "国融融盛龙头严选混合C" with a net value of 1.8454 and a decline of 3.76% [3] - Other underperformers include "永赢先锋半导体混合C" with a net value of 1.3315 and a decline of 3.10%, and "长城久祥混合C" with a net value of 1.6224 and a decline of 2.97% [3] Market Overview - The Shanghai Composite Index showed narrow fluctuations, closing flat, while the ChiNext Index opened lower but rebounded before closing with a slight decline [5] - The total trading volume reached 2.06 trillion, with a market breadth of 2474 gainers to 2776 losers [5] - Leading sectors included hotels and restaurants, aviation, and telecommunications, all showing gains of over 2% [5] Fund Strategy Analysis High Growth Fund Characteristics - "永赢高端装备智选混合发起C" has a concentrated holding of 46.25% in its top ten stocks, with significant gains in stocks like "中科星图" and "中国卫通" [7] - The fund's style is aligned with the military industry, and it has outperformed the market [7] Low Growth Fund Characteristics - "国融融盛龙头严选混合C" has a higher concentration of 52.40% in its top ten holdings, with notable declines in stocks like "长川科技" and "北京君正" [7] - The fund's focus is on the artificial intelligence sector, but recent performance suggests a shift in strategy [7]

证券代码：300604 证券简称：长川科技 公告编号：2025-094 杭州长川科技股份有限公司 2025 年第三次临时股东大会决议的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无增加、变更、否决提案的情况； 2、本次股东大会以现场投票和网络投票相结合的方式召开。 一、会议召开情况 杭州长川科技股份有限公司（以下简称"公司"）2025 年第三次临时股东 大会于 2025 年 12 月 31 日下午 14:30 在浙江省杭州市滨江区创智街 500 号杭州 长川科技股份有限公司召开，本次会议采取现场投票与网络投票结合的表决方式。 其中： 本次股东大会采取现场表决与网络投票相结合的方式 （1）现场会议召开时间：2025 年 12 月 31 日（星期三）下午 14:30； （2）网络投票时间：2025 年 12 月 31 日（星期三）； 其中，通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 12 月 31 日（星期三）9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所 互联网投票系统投 ...

杭州长川科技股份有限公司 关于选举职工代表董事的公告 特此公告！ 证券代码：300604 证券简称：长川科技 公告编号：2025-096 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 根据《中华人民共和国公司法》（以下简称《公司法》）《深圳证券交易所创 业板股票上市规则》（以下简称《股票上市规则》）《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》（以下简称《规范运作》）等法 律、法规和规范性文件及《杭州长川科技股份有限公司章程》（以下简称《公司 章程》）等有关规定，杭州长川科技股份有限公司（以下简称"公司"）于 2025 年 12 月 31 日召开职工代表大会，经与会职工代表审议，同意选举陈江华先生（简 历详见附件）为公司第四届董事会职工代表董事，任期自本次职工代表大会通过 之日起至第四届董事会任期届满之日止。 陈江华先生原为公司第四届董事会非职工代表董事，在本次选举完成后变更 为公司第四届董事会职工代表董事，公司第四届董事会构成人员不变。陈江华先 生符合《公司法》《股票上市规则》《规范运作》等法律、法规和规范性文件及《公 司章程》等有 ...

证券代码：300604 证券简称：长川科技 公告编号：2025-095 杭州长川科技股份有限公司 关于募投项目募集资金使用完毕及注销募集资金账户的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、募集资金基本情况 | 序号 | 项目 | 拟投入募集资金额 | | --- | --- | --- | | 2 | 补充流动资金 | 10,219.34 | | 3 | 长川科技集成电路高端智能制造基地项目 | 5,000.00 | | | 合计 | 36,245.84 | 二、募集资金存放和管理情况 根据中国证券监督管理委员会《关于同意杭州长川科技股份有限公司向特定对 象发行股票注册的批复》（证监许可〔2021〕516 号），公司向特定对象发行人民 币普通股（A 股）股票 8,126,775 股，共计募集资金 37,180.00 万元，扣除各项发行 费用人民币 934.16 万元，实际募集资金净额为 36,245.84 万元。公司已与保荐机构、 存放募集资金的商业银行签署了《募集资金三方监管协议》，设置了募集资金专项 账户，对募集资金实行专户存储。 经公司第二届董 ...

2025 年第三次临时股东大会之 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 国浩律师（杭州）事务所 关 于 杭州长川科技股份有限公司 Grandall Building, No.2 ＆ No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年十二月 国浩律师（杭州）事务所 长川科技 2025 年第三次临时股东大会法律意见书 国浩律师（杭州）事务所 关 于 杭州长川科技股份有限公司 2025 年第三次临时股东大会之 法律意见书 致：杭州长川科技股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受杭州长川科技股份有限 公司（以下简称"公司"）委托，指派律师出席公司 2025 ...

12月31日，长川科技跌1.09%，截至发稿，报104.55元/股，成交5.46亿元，换手率1.04%，总市值663.27 亿元。 东财时代优选混合发起式A（017857）成立日期2023年2月24日，最新规模1427.86万。今年以来收益 42.07%，同类排名1880/8085；近一年收益36.99%，同类排名2128/8085；成立以来收益33.39%。 东财时代优选混合发起式A（017857）基金经理为冯杰波。 截至发稿，冯杰波累计任职时间1年49天，现任基金资产总规模3.7亿元，任职期间最佳基金回报 97.9%， 任职期间最差基金回报-7%。 资料显示，杭州长川科技股份有限公司位于浙江省杭州市滨江区创智街500号，成立日期2008年4月10 日，上市日期2017年4月17日，公司主营业务涉及集成电路专用设备的研发、生产和销售。主营业务收 入构成为：测试机57.68%，分选机32.73%，其他9.59%。 从基金十大重仓股角度 数据显示，东财基金旗下1只基金重仓长川科技。东财时代优选混合发起式A（017857）三季度持有股 数7000股，占基金净值比例为3.68%，位居第九大重仓股。根据测算，今日浮亏 ...

Group 1: Semiconductor Equipment Market Trends - The semiconductor equipment sales continue to grow, driven by AI demand, particularly in the backend equipment market [1] - AI chip advancements in stacking design, heterogeneous integration, and thermal management are raising new requirements for testing equipment precision, efficiency, and compatibility [1] - The semiconductor testing equipment market is expected to reach $11.2 billion by 2025, a 48.1% year-on-year increase, while packaging and assembly equipment sales are projected to reach $6.4 billion, growing by 19.6% [1] Group 2: Advantest Performance - Advantest, a leading Japanese testing company, reported revenue of 263 billion yen for Q3 2025, a 38% increase year-on-year, with a net profit of 79.6 billion yen, up 75% [1] - The core testing systems business of Advantest saw a 42% sales growth to 237.4 billion yen, with SoC testing equipment sales reaching 173.7 billion yen [1] - Advantest raised its revenue forecast for FY2025 from 835 billion yen to 950 billion yen, and profit target from 221.5 billion yen to 275 billion yen [1] Group 3: Company Financial Performance - The company achieved revenue of 3.779 billion yuan in the first three quarters of 2025, a 49.05% year-on-year increase, and a net profit of 865 million yuan, up 142.14% [2] - The gross margin for the first three quarters of 2025 was 54.48%, a decline of 1.58 percentage points, while the net margin increased by 8.05 percentage points to 22.96% [2] - The company optimized expense management, with sales, management, and R&D expense ratios decreasing by 1.16, 0.92, and 7.72 percentage points respectively [2] Group 4: Market Position and Growth Potential - The company is focusing on high-end applications in digital testing equipment, with products achieving domestic leadership and nearing foreign advanced levels, thus facilitating import substitution [3] - The company is expected to see order growth as it continues to expand into the mid-to-high-end market and launches new high-end digital testing machines [3] - Profit forecasts for the company have been raised for 2025-2026 to 1.068 billion yuan and 1.418 billion yuan, with a new forecast for 2027 set at 1.722 billion yuan [3]

Group 1 - A total of 88 stocks in the A-share market experienced block trading today, with a total transaction value of 2.359 billion yuan [1] - The top three stocks by transaction value were Giant Network at 302 million yuan, Muyuan Foods at 187 million yuan, and New Asia Electronics at 130 million yuan [1] - Among the stocks, 4 were traded at par, 4 at a premium, and 80 at a discount; the highest premium rates were for Shenghua Biotech at 8.2%, Vanke A at 2.6%, and Jinko Power at 1.07% [1] Group 2 - The top buying amounts from institutional special seats were led by Giant Network at 302 million yuan, followed by Changchuan Technology at 105 million yuan and Tuojing Technology at 103 million yuan [2] - The top selling amounts from institutional special seats were led by Jinko Power at 99.4 million yuan and Zhongji Xuchuang at 16.36 million yuan [2]

Group 1 - The semiconductor industry is entering a new upcycle driven by AI, with global semiconductor revenue expected to reach approximately $975.46 billion in 2026, a 26.3% increase from 2025 [12][16] - Memory chips, particularly DRAM and NAND, are projected to be the core drivers of this cycle, with memory chip sales expected to grow by 27.8% in 2025 and 39.4% in 2026 [14][18] - The demand structure for memory chips is shifting from consumer electronics to dual drivers of "smart cars and data centers," with the automotive storage market expected to grow at a compound annual growth rate (CAGR) of about 21% from 2024 to 2030 [21][24] Group 2 - China's semiconductor equipment spending is expected to lead globally, with a projected $94 billion in spending from 2026 to 2028, accounting for 25% of global spending [50][54] - The demand for etching and thin film deposition equipment is expected to rise significantly as the industry transitions to 3D NAND technology, which reduces reliance on photolithography [61][66] - Lam Research indicates that the serviceable market for equipment per wafer for 3D DRAM and NAND will increase to 1.7 times and 1.8 times, respectively, compared to previous technologies [66]

Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Insights - The semiconductor equipment sales continue to grow, driven by AI demand, leading to a recovery in the backend equipment market. The market for semiconductor testing equipment is expected to reach $11.2 billion by 2025, with a year-on-year growth of 48.1% [1]. - The company achieved revenue of 3.779 billion yuan in the first three quarters of 2025, a year-on-year increase of 49.05%, and a net profit of 865 million yuan, up 142.14% year-on-year [2]. - The company is focusing on high-end applications and has made significant progress in domestic product performance, which is expected to drive market share growth through import substitution [3]. Financial Performance - For the first half of 2025, the company reported revenue of 1.250 billion yuan from testing machines and 709 million yuan from sorting machines, representing year-on-year growth of 34.30% and 50.36%, respectively [2]. - The gross margin for the first three quarters of 2025 was 54.48%, a decrease of 1.58 percentage points year-on-year, while the net profit margin increased by 8.05 percentage points to 22.96% [2]. - The company has optimized its expense management, with sales, management, and R&D expense ratios decreasing by 1.16, 0.92, and 7.72 percentage points, respectively [2]. Profit Forecast and Valuation - The company is expected to continue expanding in the high-end market, with revised net profit forecasts for 2025 and 2026 at 1.068 billion yuan and 1.418 billion yuan, respectively, reflecting increases of 46% and 43% [3]. - The report also introduces a new net profit forecast for 2027 at 1.722 billion yuan [3].