Core Viewpoint - The A-share market saw a significant surge in photolithography machine concept stocks, driven by the record high of ASML, a leading company in the sector in the US stock market [1] Group 1: Stock Performance - Gaomeng New Materials approached a 20% limit up with a rise of 19.79%, reaching a market capitalization of 6.262 billion [2] - Xinyuan Microelectronics increased by nearly 18% with a market cap of 37.8 billion [2] - Jiaxian Co. rose over 15% with a market value of 2.602 billion [2] - Anji Technology saw an increase of over 12% with a market cap of 44.5 billion [2] - Nanda Optoelectronics rose by over 11% with a market capitalization of 35.5 billion [2] - Dinglong Co. increased by over 10% with a market cap of 42.1 billion [2] - Other notable stocks include Pulit, Tongcheng New Materials, Guofeng New Materials, and Changqing Technology, all hitting the 10% limit up [1] Group 2: Year-to-Date Performance - Gaomeng New Materials has a year-to-date increase of 24.08% [2] - Xinyuan Microelectronics has risen 26.23% year-to-date [2] - Jiaxian Co. has a year-to-date increase of 5.94% [2] - Anji Technology has seen a 21.09% increase year-to-date [2] - Nanda Optoelectronics has a year-to-date rise of 19.65% [2] - Dinglong Co. has increased by 18.22% year-to-date [2] - Pulit has a year-to-date increase of 33.15% [2] - Other companies like Tongcheng New Materials and Guofeng New Materials have also shown significant year-to-date performance [2]

证券之星消息，1月6日半导体板块较上一交易日上涨1.9%，珂玛科技领涨。当日上证指数报收于 4083.67，上涨1.5%。深证成指报收于14022.55，上涨1.4%。半导体板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688709 | 成都华微 | 49.40 | -3.29% | 20.74万 | 10.28亿 | | 688498 | 源杰科技 | 646.00 | -2.71% | 4.80万 | 30.57亿 | | 6898889 | 银河微电 | 28.64 | -2.55% | 3.13万 | 8995.73万 | | 688048 | 长光华芯 | 125.70 | -1.99% | 11.01万 | 13.85亿 | | 688802 | 沐曦股份 | 594.21 | -1.91% | 2.44万 | 14.62 乙 | | 688110 | 东芯股份 | 128.50 | -1.52% | 19.39万 | 25.12亿 | | 688727 | ...

Group 1 - The semiconductor sector is experiencing a strong performance, with notable stocks such as Lian Micro and Jinhaitong reaching their daily limit up, and Kema Technology increasing by over 10% [1] - Key stocks in the semiconductor sector include Kema Technology (+10.06%), Lian Micro (+10.00%), and Jinhaitong (+10.00%), with their respective market values and current prices highlighted [2] - The Hong Kong semiconductor market is also showing strength, with stocks like Naxin Micro and Tianyue Advanced increasing by over 6% and 4% respectively [2][3] Group 2 - Specific stock performance includes Naxin Micro at 128.000 (+6.14%), Tianyue Advanced at 61.250 (+4.17%), and ASMPT at 85.300 (+3.77%), indicating a positive trend in the market [3] - Other notable performers in the Hong Kong market include Zhongxin International (+1.76%) and Hongguang Semiconductor (+1.04%), contributing to the overall positive sentiment in the semiconductor sector [3]

31 December 2025 | 11:47AM HKT Equity Research Kematek (301611.SZ): Ceramic components ramp up on capacity expansion and local SPE clients penetration; Buy We view Kematek as one of key beneficiaries of China semis capacity expansion and growing advanced nodes by offering structural ceramic components and ceramic devices. Kematek has wide product coverage across lithography/ deposition/ etching/ Ion implantation tools, and we see the company continuing to penetrate local SPE clients through deep cooperation ...

Core Insights - Kema Technology's stock increased by 1.77% on December 30, with a trading volume of 1.732 billion yuan [1] - The company reported a financing net buy of -166 million yuan on the same day, indicating a higher level of financing repayment compared to new purchases [1] - As of December 30, the total margin balance for Kema Technology was 861 million yuan, which is 6.73% of its circulating market value, placing it in the 90th percentile over the past year [1] Financing and Margin Data - On December 30, Kema Technology had a financing purchase of 108 million yuan and a financing repayment of 274 million yuan [1] - The company’s margin balance exceeded the 90th percentile level for the past year, indicating a high level of trading activity [1] - The short selling data showed a repayment of 13,600 shares and a sale of 1,300 shares, with a total selling amount of 113,100 yuan [1] Company Overview - Kema Technology, established on April 27, 2009, is located in Suzhou, Jiangsu Province, and specializes in the research, manufacturing, and sales of advanced ceramic materials and surface treatment services for semiconductor equipment [1] - The company's revenue composition includes 91.74% from sales of advanced ceramic components, 7.20% from surface treatment services, 0.57% from other sources, and 0.49% from sales of metal structural components [1] Financial Performance - As of November 20, Kema Technology had 26,700 shareholders, a decrease of 3.55% from the previous period, with an average of 5,484 circulating shares per person, an increase of 3.69% [2] - For the period from January to September 2025, Kema Technology achieved a revenue of 794 million yuan, representing a year-on-year growth of 28.86%, and a net profit attributable to shareholders of 245 million yuan, up by 8.29% [2] - The company has distributed a total of 87.2 million yuan in dividends since its A-share listing [2] Institutional Holdings - As of September 30, 2025, several institutional investors exited the top ten circulating shareholders list, including various ETFs and mutual funds [2]

本届活动以"破局·致远"为主题，"破局"致敬探索勇气，"致远"彰显发展信念，发掘那些在2025年以行动 践行信念、以创新引领发展的企业与人物标杆。在"破局"中夯实根基，在"致远"中明确方向，让更多人 看见行业生生不息的奋斗力量。 乐居财经 12月30日，由乐居财经主办的"破局·致远：2025年美好生活荣誉盛典"举行。珂玛科技荣 获"2025年最具成长性创业板上市公司"。 该奖项围绕研发投入、业绩增速、市场潜力等维度，表彰成长性科技企业，树立创新发展标杆。 ...

Group 1 - The new stock and newly listed sector continues to exhibit a speculative trend, with localized highlights becoming more pronounced. The current adjustment cycle has lasted nearly four months, and the negative impact from the failure to reach a bottom in early December is expected to have been digested over the past few weeks. A turning point for this adjustment cycle may be approaching [1][2][13] - The average increase in the new stock sector since the beginning of 2024 is approximately 1.2%, with about 60.1% of stocks achieving positive returns, indicating a recovery from the previous week’s average decline of -2.0% [1][13][28] - External catalysts are increasing, including the central bank's encouragement to raise long-term capital investment in A-shares, which may boost overall market risk appetite. Additionally, the Shanghai Stock Exchange's new listing standards for commercial aerospace companies may enhance trading enthusiasm in current popular themes [2][13] Group 2 - The focus remains on technology sectors, particularly in areas such as AI computing power, robotics, and commercial aerospace, which have significant long-term growth potential. Continuous attention and active search for emerging hotspots within these sectors are recommended [3][13] - For sectors that are currently popular, it is advised to manage the rhythm of adjustments and consider rotational investments, including innovative pharmaceuticals, new energy, new consumption, and non-ferrous chemicals [3][13] Group 3 - Upcoming new stocks include Qiangyi Co., Yufan Technology, Shuangxin Environmental Protection, and Hengdong Light [4][33] - Last week, three new stocks were available for online subscription, with an average issuance price-earnings ratio of 18.7X and an average subscription success rate of 0.0210% [5][21] - The average first-day increase for newly listed stocks last week was approximately 265%, indicating sustained high trading enthusiasm, although this was a slight decrease from the previous week’s average of 343% [5][25][26]

为保证公司持续督导工作的有序进行，中信证券委派齐玉祥先生（简历详见附 件）接替汤鲁阳先生担任公司持续督导保荐代表人，继续履行相关职责。本次保荐 代表人变更后，公司持续督导期保荐代表人为曲娱女士和齐玉祥先生，持续督导期 至 2027 年 12 月 31 日止。 公司董事会对汤鲁阳先生在公司首次公开发行股票项目保荐发行及持续督导期 间所做的贡献表示衷心的感谢 特此公告。 苏州珂玛材料科技股份有限公司董事会 证券代码：301611 证券简称：珂玛科技 公告编号：2025-064 苏州珂玛材料科技股份有限公司 关于变更保荐代表人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 苏州珂玛材料科技股份有限公司（以下简称"公司"）于近日收到公司首次公开 发行股票并在创业板上市的保荐机构中信证券股份有限公司（以下简称"中信证券"） 出具的《关于更换持续督导保荐代表人的函》。中信证券作为公司首次公开发行股票 并在创业板上市的保荐机构，原指定曲娱女士和汤鲁阳先生担任公司持续督导的保 荐代表人，持续督导期至 2027 年 12 月 31 日，现汤鲁阳先生因工作调整原因，不再 ...

Summary of Kematek (301611.SZ) Conference Call Company Overview - **Company**: Kematek (301611.SZ) - **Industry**: Semiconductor manufacturing components, specifically ceramic heaters and electrostatic chucks Key Points Expansion Plans - Kematek plans to raise **Rmb750 million** through issuing convertible bonds to fund capacity expansion for ceramic heaters, electrostatic chucks, and ultra-high-purity SiC components [1][2] - Management intends to invest **Rmb603 million** to expand a new production line for electrostatic chucks and increase capacity for ceramic heaters, aiming for annual sales of **Rmb578 million** from the new production lines [2] - The construction of the new production line is expected to be completed in **3 years**, with a capacity ramp-up over the same period [2] Product Demand and Market Trends - There is a rising demand for SiC components driven by localization trends and growth in SPE end-markets, prompting Kematek to invest **Rmb65 million** to expand its SiC component capacity [3] - The company has existing SiC component plants in Suzhou and Anhui, with plans to enhance the Anhui plant's capacity to better respond to customer needs [3] Financial Projections - Revenue estimates for 2026-2030 have been revised upwards by **1-2%**, reflecting positive expectations for local customer penetration [4][7] - Gross margins (GMs) are expected to increase by **0.2 to 0.3 percentage points** due to a product mix upgrade towards more ceramic modules [7] - The updated earnings estimates lead to a **1-2%** increase in net income projections for 2026-2030 [7] Earnings Revision - The target price for Kematek has been raised to **Rmb87.7**, based on a target P/E multiple of **77.1x** for 2026E [8][14] - The earnings revision table shows projected revenues increasing from **Rmb1,072 million** in 2025 to **Rmb2,619 million** by 2030, with net income expected to rise from **Rmb327 million** to **Rmb1,129 million** over the same period [11] Risks - Key risks include slower-than-expected semiconductor capital expenditure expansion in China, delays in product line expansion, and challenges in supply chain diversification [14] Conclusion - Kematek is positioned to benefit from the expansion of its product lines and increasing demand in the semiconductor industry, with a positive outlook reflected in revised financial projections and target price [1][4][14]

Core Insights - The total margin balance in the market has reached 25,315.63 billion yuan, marking an increase of 149.23 billion yuan from the previous trading day, with a total increase of 321.98 billion yuan over three consecutive trading days [1][2] Industry Summary - Among the 31 industries categorized by Shenwan, 22 industries saw an increase in margin balance, with the communication industry leading with an increase of 5.37 billion yuan, followed by electronics and electric equipment [1][2] - The communication industry recorded the highest percentage increase in margin balance at 4.56%, followed by mechanical equipment and non-ferrous metals with increases of 2.56% and 2.55% respectively [1][2] Individual Stock Performance - During the period of increasing margin balances, 53.63% of the stocks saw growth in their margin balances, with 16 stocks experiencing an increase of over 50% [4] - The stock with the highest increase in margin balance was Kema Technology, which saw a growth of 103.96% to reach a margin balance of 933 million yuan [5] - Other notable stocks with significant increases include Runpu Food and Baolijie, with increases of 97.69% and 95.80% respectively [4][5] Margin Balance Increase Rankings - The top three stocks with the highest increase in margin balance were Zhongji Xuchuang, with an increase of 2.014 billion yuan (10.39% growth), followed by Hanwujing-U and Yangguang Power with increases of 973 million yuan and 926 million yuan respectively [7]