Group 1 - The core point of the article is that TuoJing Technology announced a significant share reduction by the National Integrated Circuit Fund, which sold 8,434,917 shares, representing 2.99% of the total share capital [1] - The reduction occurred through block trading between December 17, 2025, and January 27, 2026, with a total reduction amounting to approximately 3,017,640,442.32 yuan [1] - After the reduction, the National Integrated Circuit Fund holds 46,591,776 shares, which accounts for 16.50% of the total shares [1]

证券代码：688072 证券简称：拓荆科技 公告编号：2026-008 股东持股的基本情况 本次减持计划实施前，拓荆科技股份有限公司（以下简称"公司"）股东国 家集成电路产业投资基金股份有限公司（以下简称"国家集成电路基金"）持有 公司股份 55,026,693 股，占公司当前总股本 282,344,902 股的 19.49%，其所持股 份全部为公司首次公开发行前股份，均为无限售流通股。 减持计划的实施结果情况 拓荆科技股份有限公司 股东大宗交易减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 股东名称 国家集成电路产业投资基金股份有限公司 1 | 股东身份 | 控股股东、实控人及一致行动人 | | □是 | √否 | | --- | --- | --- | --- | --- | | | 直接持股 | 5%以上股东 | √是 | □否 | | | 董事、监事和高级管理人员 | | □是 | √否 | | | 其他：无 | | | | | 持股数量 | 55,026,693股 | ...

Core Viewpoint - The article reports that TuoJing Technology (688072.SH) has completed a share reduction plan, with the National Integrated Circuit Fund reducing its stake by 8.4349 million shares, representing approximately 2.99% of the company's total share capital [1] Group 1 - TuoJing Technology announced the completion of its share reduction plan as of January 27, 2026 [1] - The National Integrated Circuit Fund executed the share reduction through block trading [1] - The share reduction complies with relevant laws and regulations, indicating no violations occurred during the process [1]

Core Viewpoint - The announcement from Tuojing Technology indicates that the National Integrated Circuit Fund has completed its share reduction plan, selling a total of 8,434,917 shares, which represents 2.99% of the company's total share capital [1] Group 1: Share Reduction Details - The share reduction was executed through block trading, with the selling price ranging from 324.55 to 382.64 yuan per share [1] - The total amount raised from the share reduction is approximately 3.018 billion yuan [1] - Prior to the reduction, the shareholder held 55,026,693 shares, accounting for 19.49% of the total shares; after the reduction, the holding decreased to 46,591,776 shares, representing 16.50% [1] Group 2: Compliance and Regulations - The share reduction complies with relevant regulations and does not involve any violations [1]

3. 海关：1 月 26 日，海关总署署长孙梅君在署会见哈萨克斯坦总统办公 厅副主任扎纳索娃。双方就落实中哈两国元首战略共识，加强智慧海关合作、 跨境贸易便利化、检验检疫、口岸保通保畅等议题交换意见，达成积极意向。 （资料来源：同花顺） 4. 人力资源保障部：我国将制定《新就业形态劳动者基本权益保障办法》， 进一步明确新就业形态劳动基准和企业劳动保护责任；出台《超龄劳动者基 本权益保障暂行规定》；推动修订《职工带薪年休假条例》，促进用人单位落 实职工带薪年休假制度。（资料来源：同花顺） 5. 香港：香港和上海签订合作协议，成立香港贵金属中央结算系统有限公 司(港金结算公司)。担任主席的财经事务及库务局局长许正宇表示，有逾 10 间本地及海内外银行参与，短期内会召开董事会。为配合黄金市场发展，当 局已将商品交易人才纳入人才清单，相关海外专业人士可透过加分制度申请 来港，同时鼓励企业透过旧人带新人及专业培训，以支持市场长远发展。（资 料来源：同花顺） 6. 财政部：为整治政府采购领域"内卷式"竞争，形成优质优价、良性竞 争的市场秩序，日前，财政部印发《关于推动解决政府采购异常低价问题的 通知》（以下简称"通知"） ...

Group 1 - The core viewpoint of the article is that Donghai Securities has given a "buy" rating to Tuojing Technology (688072.SH) based on its leading position in the domestic semiconductor thin film deposition equipment industry and its rapid performance growth [1] - The company is capitalizing on advanced processes and three-dimensional integration trends, leading to sustained high growth in its thin film deposition business [1] - The company has strategically positioned itself in advanced bonding and supporting measurement equipment, opening new growth opportunities for the future [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][7]. Core Insights - The company is a leading domestic semiconductor thin film deposition equipment manufacturer, demonstrating rapid revenue growth that confirms its industry-leading position. The company has established a dual-platform driven structure centered on thin film deposition equipment and advanced bonding and supporting measurement equipment. From 2020 to 2024, revenue is projected to grow from 440 million to 4.1 billion yuan, with a compound annual growth rate (CAGR) of 75% [6][7]. - The company is well-positioned to capitalize on the trends of advanced processes and three-dimensional integration, with its thin film deposition business continuing to grow significantly. The global thin film deposition equipment market is expected to reach approximately $24.4 billion by 2025, with the domestic market estimated at around $10.2 billion, indicating substantial room for domestic substitution [6][7]. - The company is strategically expanding into advanced bonding and supporting measurement equipment, which is crucial for achieving high-density, high-performance, and low-power chips, particularly driven by AI applications. The advanced packaging market is projected to grow from $4.3 billion in 2023 to $28 billion by 2029, with a CAGR of about 37% [6][7]. Summary by Sections 1. Company Overview - The company has focused on high-end semiconductor equipment since its establishment in 2010, developing a comprehensive product matrix in thin film deposition and three-dimensional integration equipment [13][15]. - The company has a balanced shareholding structure without a controlling shareholder, with the largest shareholder holding 19.57% [18][21]. 2. Market Opportunities - Thin film deposition is a core process in integrated circuit manufacturing, essential for constructing multi-layer circuit structures and enhancing device performance. The company’s products cover a wide range of applications in logic and memory chip manufacturing [45][46]. - The company’s thin film deposition equipment has shown excellent stability in client production lines, with an average uptime exceeding 90%, matching international standards [6][7]. 3. Financial Performance - The company’s revenue has maintained a high growth trajectory, with a CAGR of 75.19% from 2020 to 2024. In the first three quarters of 2025, revenue reached 4.22 billion yuan, a year-on-year increase of 85.27% [23][27]. - The company’s net profit has been on a continuous rise since turning profitable in 2021, with a net profit of 557 million yuan in the first three quarters of 2025, reflecting a significant year-on-year growth of 105.14% [27][30]. 4. Future Growth Potential - The company has a robust order backlog, with approximately 9.4 billion yuan in orders as of 2024, representing a year-on-year increase of about 46%. This strong demand underlines the company’s market position and customer recognition [27][41]. - The company is continuously optimizing its cost structure, enhancing operational and R&D efficiency, which is expected to improve profit margins as new products enter mass production [27][30].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][7]. Core Insights - The company is a leading domestic semiconductor thin film deposition equipment manufacturer, demonstrating rapid revenue growth that confirms its industry-leading position. The revenue is projected to grow from 440 million yuan in 2020 to 4.1 billion yuan in 2024, with a compound annual growth rate (CAGR) of 75% [6][7]. - The company has established a dual-platform strategy focusing on thin film deposition equipment and advanced bonding and supporting measurement equipment, which enhances its technological capabilities and market position [6][7]. - The global thin film deposition equipment market is expected to reach approximately $24.4 billion by 2025, with the domestic market estimated at around $10.2 billion, indicating significant room for domestic substitution as the current localization rate is below 20% [6][7]. Summary by Sections 1. Company Overview - The company has been focusing on high-end semiconductor equipment since its establishment in 2010, developing a comprehensive product matrix that includes PECVD, ALD, SACVD, HDPCVD, and Flowable CVD technologies [13][15]. - The company has successfully launched its first wafer-to-wafer (W2W) hybrid bonding equipment, expanding its product offerings in the three-dimensional integration equipment sector [13][15]. 2. Market Opportunities - The thin film deposition process is critical in semiconductor manufacturing, responsible for constructing multi-layer circuit structures and enhancing device performance [45]. - The advanced packaging market is projected to grow from $4.3 billion in 2023 to $28 billion by 2029, with a CAGR of approximately 37%, highlighting the increasing demand for hybrid bonding equipment [6][7]. 3. Financial Performance - The company’s revenue is expected to reach 6.38 billion yuan in 2025, with a year-on-year growth rate of 55.52%, and net profit is projected to be 1.04 billion yuan, reflecting a growth rate of 51.32% [8][7]. - The company has a robust order backlog of approximately 9.4 billion yuan as of the end of 2024, indicating strong market demand and customer recognition [6][7]. 4. Product Development and R&D - The company has invested significantly in R&D, with a total of 1,783 patent applications filed, of which 581 have been granted, demonstrating its commitment to innovation [33][27]. - The company’s thin film deposition equipment has achieved a stable operational uptime of over 90%, matching international standards, which enhances its competitive edge [6][7]. 5. Management and Corporate Structure - The company has a balanced shareholding structure with no controlling shareholder, which promotes efficient and collaborative operations [18][21]. - The management team possesses extensive industry experience and a strong technical background, supporting the company’s ongoing innovation and business expansion [21][22].

Core Viewpoint - In 2025, 97% of nearly 4,370 actively managed equity funds achieved positive returns, with the highest return exceeding 230%, although 129 funds experienced a decline in net value, including six funds managed by Wang Mingxu, who significantly underperformed benchmarks [2][4][5]. Group 1: Fund Performance - Wang Mingxu managed eight funds, with six established before 2025 recording negative returns in that year, specifically: -16.31% for Guangfa Domestic Demand Growth A, -15.47% for Guangfa Value Advantage, -14.55% for Guangfa Value Selection A, -13.34% for Guangfa Ruiming Two-Year Holding A, -12.60% for Guangfa Steady Selection Six-Month Holding A, and -12.50% for Guangfa Balanced Selection A [4][7]. - The three-year performance of these six funds significantly lagged behind their benchmarks, with net value growth rates of -15.10% to -16.76%, underperforming benchmarks by 31.68 to 37.91 percentage points [5][7]. Group 2: Investment Strategy and Holdings - The six funds managed by Wang Mingxu exhibited similar investment strategies, primarily focusing on sectors such as real estate, brokerage, high-end liquor, and city commercial banks, with attempts to invest in the internet data center industry [8][9]. - Despite a strategy that included reducing exposure to real estate and increasing stakes in city commercial banks and high-end liquor, the overall performance of these sectors was disappointing, with the liquor index declining by 6.67% in the first three quarters of 2025 [8]. Group 3: Management Scale and Response - Wang Mingxu's management scale has significantly decreased, dropping from 306.52 billion yuan in mid-2021 to 72.65 billion yuan by the end of 2025 [9]. - An inquiry was sent to Guangfa Fund regarding Wang Mingxu's performance and management issues, but no response was received by the time of reporting [10].

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