申万宏源证券承销保荐有限责任公司 关于安集微电子科技（上海）股份有限公司 2026年度日常关联交易预计的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"保荐机构"）作为安集 微电子科技（上海）股份有限公司（以下简称"公司"、"安集科技"） 以简 易程序向特定对象发行股票项目和向不特定对象发行可转换公司债券项目的保 荐机构，根据《中华人民共和国公司法》《中华人民共和国证券法》《证券发行 上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》等有关规定， 对安集科技2026年度日常关联交易预计的情况进行了核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司于 2025 年 12 月 23 日召开了 2025 年第三次独立董事专门会议，审议通 过《关于 2026 年度日常关联交易预计的议案》。独立董事专门会议认为：公司 本次预计 2026 年将要发生的关联交易为公司正常经营业务所需，属于正常商业 行为，遵守了自愿、等价、有偿的原则，定价公平合理，所发生的关联交易符合 公司的利益，不存在损害公司和其他股东利益的情况。公司独立董事专门会议同 意将《关于 2026 年度日常关联 ...

知名机构近一周 上周共计12只个股获知名机ｵ 行业紧随其后; 个股上，领益 倍的溢价取得一家热管理公司 (66家) 和骄成超声（44家 股票名称 机构名称 记 博众精工 12 | 高教资产 | 昌红科技 | 12 | | --- | --- | --- | | | 亚太科技 | 12 | | 重阻 | 爱朋医疗 | 12 | | | 罗博特科 | 12 | | 星石投资 | 盐湖股份 | 12 | | 盘京投资 | 光庭信息 | 12 | | | 安集科技 | 12 | | | 骄成超声 | 12 | | 火 -レ 白 | | | *风险提示：股市有风险，入市需谨慎 *免责声明：文章内容仅供参考，不构成投资建议 ...

Group 1 - The core viewpoint of the news is that the recent performance of the Sci-Tech Innovation Board 100 Index and its ETF indicates a positive trend, driven by strong policy support and improving market conditions [1][2] - As of December 29, 2025, the Sci-Tech Innovation Board 100 Index rose by 0.19%, with notable individual stock performances, including Fushen Eagle up by 6.81% and Yuntian Lifi up by 6.28% [1] - The Sci-Tech 100 Index ETF has seen a significant increase in trading volume and liquidity, with a recent turnover of 0.59% and a total transaction value of 36.25 million yuan [1][3] Group 2 - The latest size of the Sci-Tech 100 Index ETF reached 6.18 billion yuan, marking a one-month high, with a notable increase of 18 million shares in the past week [3] - The net inflow of funds into the Sci-Tech 100 Index ETF was 16.54 million yuan, with a total of 149 million yuan accumulated over the last ten trading days [3] - The top ten weighted stocks in the Sci-Tech 100 Index account for 26.72% of the index, including companies like Huahong Semiconductor and East China Semiconductor [3]

Investment Rating - The report maintains a "Positive" rating for the chemical industry [2][3] Core Insights - The macroeconomic outlook for the chemical industry indicates a stable increase in oil demand due to global economic recovery and tariff adjustments, with Brent crude oil expected to trade between $55-70 per barrel [2][3] - The first quarter of 2026 is expected to see a continued rise in long-term contracts for refrigerants, with organic silicon prices likely to increase again, driven by demand from commercial aerospace and storage sectors [2][3] - The report highlights several key investment opportunities in the chemical sector, particularly in the textile, agricultural chemicals, export-related products, and beneficiaries of "anti-involution" policies [2][3] Summary by Sections Industry Dynamics - Current oil supply is constrained due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with an improving global economy [3] - Coal prices are expected to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, potentially lowering import costs [3] Chemical Sector Configuration - The report suggests a diversified investment approach across various chains, including textiles, agricultural chemicals, and export chains, with specific companies recommended for each segment [2][3] - Key companies to watch include: - Textile Chain: Lu Xi Chemical, Tongkun Co., and others [2] - Agricultural Chain: Hualu Hengsheng, Baofeng Energy, and others [2] - Export-related Chemicals: Juhua Co., Sanmei Co., and others [2] Growth Focus on Key Materials - Emphasis on self-sufficiency in critical materials, particularly in semiconductor and panel materials, with specific companies highlighted for investment [2][3]

Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The report suggests focusing on undervalued leading companies in the industry, the impact of "anti-involution" on supply in related sub-industries, and the increasing importance of self-sufficiency in electronic materials companies and certain new energy materials companies amid price increases [1][9] Industry Dynamics - As of December 22-28, 2025, among 100 tracked chemical products, 34 saw price increases, 32 saw declines, and 34 remained stable. 55% of products had month-on-month average prices rising, while 35% fell, and 10% remained unchanged [8][27] - International oil prices remained stable, with WTI crude futures closing at $56.74 per barrel (up 0.14%) and Brent crude at $60.64 per barrel (up 0.28%) [28] - MDI prices slightly decreased, with pure MDI averaging 18,100 CNY/ton (down 4.23% week-on-week) and polymer MDI at 14,300 CNY/ton (down 2.39%) [29] - Acetic acid prices increased to 2,496 CNY/ton (up 2.93% week-on-week) [30] Investment Recommendations - As of December 27, 2025, the SW basic chemical industry P/E ratio (TTM excluding negative values) is 25.60, at the 76.58% historical percentile, while the P/B ratio is 2.33, at the 61.10% historical percentile. The SW oil and petrochemical industry P/E ratio is 13.17, at the 37.56% historical percentile, and the P/B ratio is 1.28, at the 36.98% historical percentile [9] - Recommendations include focusing on undervalued leading companies, the impact of "anti-involution" on supply, and the importance of self-sufficiency in electronic materials and certain new energy materials companies [9] - Long-term investment themes include expected demand recovery supported by policies, continuous optimization of supply, and the potential for performance and valuation improvements for leading companies [9] - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, Satellite Chemical, and others [9]

Core Viewpoint - The U.S. announcement of tariffs on chips may not harm China but instead clarify strategies and accelerate progress in the Chinese semiconductor industry [1][3] Group 1: U.S. Tariff Strategy - The U.S. plans to impose tariffs on chips starting in June 2027, which appears to be a "preemptive pressure" tactic rather than an immediate action [5] - The focus on 28nm and above "mature process" chips indicates a shift from targeting cutting-edge technologies, revealing concerns about China's established advantages in this area [5][8] Group 2: China's Semiconductor Industry Position - China accounts for 42.3% of global semiconductor equipment spending in 2024, with over one-third of chips sold to China [3] - Chinese companies have achieved large-scale production of 28nm chips, dominating the market with competitive pricing and efficient supply chains [7][10] - The U.S. semiconductor giants rely heavily on revenue from the Chinese market, indicating that a complete supply chain disruption would hurt them more than China [3][10] Group 3: Technological Advancements and Self-Sufficiency - China has made significant strides in semiconductor manufacturing, including breakthroughs in lithography equipment, with the first domestically produced ArF lithography machine set to be mass-produced in 2024 [10][13] - The self-sufficiency rate of semiconductor equipment and materials in China has increased from less than 7% in 2020 to a projected 32% by 2025 [13] - China's chip self-sufficiency has risen from approximately 15% in 2018 to 26% in 2023, with integrated circuit exports exceeding 1 trillion RMB in the first eleven months of 2024 [17] Group 4: Strategic Responses and Future Outlook - Chinese companies are exploring new avenues such as RISC-V architecture and Chiplet technology to circumvent U.S. export controls and enhance competitiveness [15] - The pressure from U.S. tariffs has inadvertently catalyzed the strengthening of China's semiconductor industry, fostering collaboration and accelerating the resolution of key weaknesses [19] - The evolving landscape suggests that while competition in advanced fields continues, China is solidifying its position in the mature process market, leveraging its manufacturing capabilities and ecosystem [19]

Group 1 - The core viewpoint of the news highlights the performance and growth of the Sci-Tech Innovation 100 Index and its ETF, indicating a positive trend in the market with a recent increase in both index and ETF values [1][3] - The Sci-Tech Innovation 100 Index ETF has seen a significant increase in its scale, reaching 6.158 billion yuan, marking a new high in the past month [3] - The ETF has experienced a notable inflow of funds, with a net inflow of 8.1815 million yuan recently, and a total of 140 million yuan over the last ten trading days [3] Group 2 - The National Venture Capital Guidance Fund has been launched, focusing on early-stage investments in hard technology sectors such as artificial intelligence, biopharmaceuticals, quantum technology, and 6G, with a long-term investment horizon of 15 to 20 years [1] - A strategic emerging industry development fund of 51 billion yuan has been initiated, targeting sectors like artificial intelligence, aerospace, high-end equipment, and future energy, which are expected to receive dual support from policies and funding [2] - The top ten weighted stocks in the Sci-Tech Innovation 100 Index account for 26.72% of the index, indicating a concentration in key companies such as Huahong Semiconductor and East China Semiconductor [3]

Group 1 - A total of 26 companies were investigated by institutions on December 25, with 18 of them being attended by funds [1] - Anji Technology received the most attention, with 7 funds participating in its investigation [1] - Aerospace Intelligence and Robot Technology were also notable, with 4 and 3 funds respectively conducting investigations [1] Group 2 - Among the companies investigated, 5 are from the Shenzhen Main Board, 9 from the ChiNext, 1 from the Shanghai Main Board, and 3 from the Sci-Tech Innovation Board [1] - The companies span 13 different industries, with the most represented sectors being power equipment, electronics, machinery, construction decoration, and automotive, each having 2 stocks listed [1] Group 3 - Of the companies investigated, 9 have a total market capitalization of less than 10 billion, including Huablu Group, Zhang Xiaoqin, and Changlan Technology [1] - In terms of market performance, 16 stocks among the investigated companies increased in value over the past 5 days, with notable gains from Xinke Mobile, Robot Technology, and Aerospace Intelligence, showing increases of 22.90%, 18.97%, and 16.79% respectively [1] - Conversely, 2 stocks experienced declines, with Shengda Resources and Yanjing Beer dropping by 4.72% and 2.06% respectively [1] Group 4 - In terms of net capital inflow over the past 5 days, 7 stocks saw positive inflows, with Robot Technology leading at 607 million, followed by Aerospace Intelligence and Xinke Mobile with inflows of 231 million and 110 million respectively [2] - A detailed list of companies investigated includes Anji Technology, Aerospace Intelligence, Shengda Resources, and others, along with their respective fund participation, latest closing prices, and 5-day price changes [2]

Core Viewpoint - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index has shown positive performance, with significant gains in several constituent stocks, indicating a favorable market environment for technology-focused investments [1][2]. Group 1: Index Performance - As of December 26, 2025, the Sci-Tech Innovation Board 100 Index increased by 0.65%, with notable gains from stocks such as Fushen Eagle (up 12.34%) and Rongbai Technology (up 8.32%) [1]. - The Huaxia Sci-Tech 100 ETF (588800) rose by 0.59%, marking its sixth consecutive increase, with a latest price of 1.36 yuan [1]. - Over the past week, the Huaxia Sci-Tech 100 ETF has accumulated a rise of 5.65% [1]. Group 2: Liquidity and Fund Flow - The Huaxia Sci-Tech 100 ETF recorded a turnover rate of 6.87% during the trading session, with a transaction volume of 181 million yuan, leading its peers [1]. - The average daily trading volume for the Huaxia Sci-Tech 100 ETF over the past month was 291 million yuan [1]. - The latest scale of the Huaxia Sci-Tech 100 ETF reached 2.623 billion yuan, with a financing buy-in amount of 8.6512 million yuan and a financing balance of 41.5552 million yuan [2]. Group 3: Market Outlook - According to a report from China International Capital Corporation (CICC), Chinese stocks continue to benefit from the AI technology wave and ample liquidity, with reasonable valuations and no signs of a market peak [2]. - The report maintains a positive outlook on the revaluation of Chinese assets, recommending an overweight position in Chinese stocks [2]. - The market style is expected to remain growth-oriented in the short term due to moderate growth policies, with a potential shift to cyclical and value styles awaiting clearer economic or policy signals [2]. Group 4: Top Constituents - As of November 28, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board 100 Index accounted for 26.72% of the index, including Huahong Semiconductor and East China Semiconductor [3]. - The performance of the top ten stocks varied, with some experiencing declines, such as Huahong Company (down 1.23%) and Baijie Shenzhou (down 0.24%) [4].

Group 1 - The core viewpoint of the news is that the Sci-Tech Innovation Board 100 Index is showing positive performance, with significant gains in individual stocks and a notable increase in the ETF tracking this index [1][3] - The Sci-Tech Innovation Board 100 Index ETF has reached a new high in scale at 6.158 billion yuan, with a recent increase of 10.5 million shares over the past two weeks [3] - Samsung Electronics plans to launch an application processor with its self-developed GPU by 2027, marking a significant step in building an end-to-end AI ecosystem [1] Group 2 - Huolong Securities believes that the humanoid robot industry is transitioning from concept validation to commercial realization, with key events indicating that mass production is approaching [1] - CICC reports that Chinese stocks continue to benefit from the AI technology wave and ample liquidity, maintaining a positive outlook on the revaluation of Chinese assets [2] - The top ten weighted stocks in the Sci-Tech Innovation Board 100 Index account for 26.72% of the index, indicating a concentration of investment in these companies [3]