光刻机巨头借壳上市！国资重仓8.19亿+17元，三大真龙接力实达、特发

Core Viewpoint - Shanghai Microelectronics, the only domestic company capable of mass-producing front-end lithography machines, is expected to achieve a listing through a backdoor approach, potentially triggering a significant market rally in 2025 [1] Group 1: Company Overview - Shanghai Microelectronics' IPO plan was previously shelved due to management changes, but the transfer of 45.36% of its shares to Shanghai Guotou has made it the absolute controlling shareholder [2] - The capital market is highly focused on Shanghai Microelectronics' capitalization process, with the backdoor listing becoming a viable option due to its state-owned background and market valuation expectations [2] Group 2: Key Partner Companies - Haili: A core supplier of cooling systems to Shanghai Microelectronics, with a market value of 24.4 billion yuan. Its main business in air conditioning compressors is currently experiencing low demand, fitting the "moderate market value + hollow main business" criteria [5] - Zhangjiang: The largest shareholder of Shanghai Microelectronics, Shanghai Guotou, and Zhangjiang High-Tech are both part of the Shanghai state-owned system. They have collaborated on projects like "Oriental Chip Port" and the National Integrated Circuit Innovation Center [6] - Shanghai Electric: The only "Shanghai state-owned shell" listed on the Sci-Tech Innovation Board, with a market value of 23.4 billion yuan. It has stable cash flow and is closely linked to Shanghai Microelectronics through shared ownership and management [6]