半导体集体回调，科创半导体指数显韧性

Core Viewpoint - The semiconductor sector is experiencing a collective pullback, with mixed internal performance, as highlighted by the recent financial report from leading semiconductor equipment company, Tuojing Technology [1] Company Summary - Tuojing Technology reported a revenue of 1.954 billion yuan for the first half of 2025, marking a year-on-year increase of 54.25% [1] - The company's net profit attributable to shareholders was 94 million yuan, reflecting a year-on-year decline of 26.96% [1] - The net profit after deducting non-recurring items was 38 million yuan, showing a year-on-year growth of 91.35% [1] - Tuojing Technology attributed the revenue growth to enhanced product competitiveness and successful customer certification of advanced process verification machines, which are now entering large-scale production [1] - As of the end of the reporting period, Tuojing Technology's contract liabilities reached 4.536 billion yuan, an increase of 52.07% compared to the end of 2024, primarily due to an increase in orders on hand, laying a foundation for sustained revenue growth [1] Industry Summary - The semiconductor equipment and materials sector is a crucial area for domestic substitution, characterized by low domestic substitution rates and high ceilings for domestic replacement [1] - The sector is expected to benefit from the expansion of semiconductor demand driven by the artificial intelligence revolution, waves of technological restructuring and mergers, and advancements in lithography technology [1] - The Sci-Tech Innovation Semiconductor ETF (588170) and its linked funds track the Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index, which includes 59% semiconductor equipment and 25% semiconductor materials companies [1]