Xin Lang Cai Jing·2025-12-04 06:13Group 1 - The leading storage chip company Changxin Technology has completed its IPO guidance and will soon submit its prospectus [1] - Recent high stock prices of semiconductor equipment companies in the US reflect the market's renewed pricing of the semiconductor equipment industry driven by the AI wave, particularly in front-end process equipment [1] - Despite losing market share in mainland China, the super cycle of AI capital expenditure still possesses sufficient growth momentum [1] Group 2 - The demand for equipment in mainland China remains strong, creating a historic breakthrough window for two storage companies due to structural shortages in storage chips [1] - The core variable of China's semiconductor competitiveness is equipment, and the speed of breakthroughs in equipment will determine the ceiling for China's semiconductor manufacturing industry over the next 5-10 years [1] - As of December 4, 2025, the STAR Market semiconductor materials and equipment theme index (950125) rose by 2.74%, with significant gains in constituent stocks such as Tuojing Technology (up 6.41%) and Jingyi Equipment (up 4.86%) [1] Group 3 - The STAR Market semiconductor materials and equipment theme index closely tracks the performance of listed companies in the semiconductor materials and equipment sectors [2] - As of November 28, 2025, the top ten weighted stocks in the index accounted for 74.68% of the total index, including Tuojing Technology, Zhongwei Company, and Huahai Qingke [2]