证券代码：688072 证券简称：拓荆科技 公告编号：2026-003 拓荆科技股份有限公司 关于召开2026年第一次临时股东会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东会类型和届次 2026年第一次临时股东会 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2026 年 1 月 26 日 14 点 00 分 召开地点：辽宁省沈阳市浑南区水家 900 号拓荆科技股份有限公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 1 月 26 日 至2026 年 1 月 26 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东会召开日期：2026年1月26日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 东会召开当日的交易时 ...

Group 1 - The core viewpoint of the articles highlights the significant growth in the semiconductor industry driven by AI demand and supply constraints, with Samsung Electronics reporting a record operating profit for Q4 2025 [1] - The Shanghai Stock Exchange STAR Market Chip Index saw a slight increase of 0.06% as of January 9, 2026, with notable gains from companies such as Fudan Microelectronics (up 5.22%) and Chipone Technology (up 5.08%) [1] - The AI chip sector is experiencing rapid development, with domestic manufacturers accelerating the localization of AI chips, which are essential for AI large models, presenting new growth opportunities [1] Group 2 - The top ten weighted stocks in the STAR Market Chip Index as of December 31, 2025, include SMIC, Haiguang Information, and Cambrian, collectively accounting for 57.76% of the index [1] - The STAR Chip ETF (588200) serves as a convenient tool for investors to gain exposure to the STAR Market chip sector, with an option for those without stock accounts to invest through the STAR Chip ETF linked fund (017470) [2]

Core Viewpoint - The semiconductor industry, particularly the AI chip market in China, is projected to experience significant growth, with the market size expected to surge from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, driven by government support and technological advancements in the domestic AI industry chain [1][2]. Group 1: Market Growth and Opportunities - The AI chip market in China is forecasted to grow from 1,425.37 billion yuan in 2024 to 13,367.92 billion yuan by 2029, indicating a substantial increase in market size [1][2]. - The growth is attributed to strong government policies and the maturation of key technological segments within the domestic AI industry chain, presenting critical development opportunities for local AI chip manufacturers [1][2]. Group 2: Policy Environment - In October 2022, the U.S. implemented export bans on high-end AI chips such as A100 and H100, which has led to ongoing restrictions on China's AI chip manufacturing capabilities [2]. - The Chinese government has raised concerns regarding security risks associated with NVIDIA's H20 computing chip, emphasizing the necessity for self-sufficiency in AI chip technology [2]. Group 3: Domestic AI Industry Chain Structure - The domestic AI industry chain is categorized into three stages: 1. **First Stage**: Focus on self-sufficiency in AI computing, storage, operational, and power chips, with key players including Huawei, Cambricon, and Haiguang Information [3]. 2. **Second Stage**: Emphasis on self-sufficiency in chip manufacturing processes, including wafer fabrication and packaging, which are critical for supporting AI chip demand [5]. 3. **Third Stage**: Development of foundational technologies such as equipment materials, EDA, and IP, with expectations for rapid increases in domestic production rates in the coming years [6]. Group 4: Beneficiary Companies - Companies expected to benefit from the growth in the AI chip market include Haiguang Information, Cambricon, Lanke Technology, Chipone, SMIC, Hua Hong Semiconductor, Northern Huachuang, Zhongwei Company, and Tongfu Microelectronics [6].

Group 1: AI Chip Industry - The AI chip market in China is projected to grow from CNY 142.54 billion in 2024 to CNY 1,336.79 billion by 2029, driven by government support and technological advancements in the domestic AI industry [5][6]. - The domestic AI industry is categorized into three stages: the first focuses on self-sufficient AI computing, storage, and power chips; the second on chip manufacturing processes like wafer fabrication and packaging; and the third on foundational technologies such as materials and EDA [6][8]. - Key players in the AI chip market include Huawei, Cambricon, and Haiguang Information, with significant growth expected in AI storage and computing chips [6][7]. Group 2: Banking Sector - The banking sector is expected to see a steady growth of CNY 3.8 trillion in wealth management products by 2026, with a year-on-year increase of 11.46% [11]. - The demand for short-term wealth management products is rising, particularly non-current management products with a duration of less than one month, which are expected to yield annualized returns close to 3-year fixed deposit rates [12]. - Major banks like Citic Bank and Everbright Bank are recommended for their diversified product lines and strong research capabilities, while other banks such as SPDB and Bank of Beijing are also seen as beneficiaries [15]. Group 3: High-end Membrane Materials - The Chinese high-end membrane materials industry is poised for rapid growth due to geopolitical tensions and the shift of the global optoelectronic industry towards China, with a focus on breaking Japan's technological monopoly [19][20]. - Key domestic companies in this sector include Dongcai Technology and Jiemai Technology, which are expanding their production capacities and entering supply chains of major clients [20]. - The market for optical films and release films is characterized by high technical barriers, with significant opportunities for domestic manufacturers to capture market share from established foreign competitors [20][21]. Group 4: Semiconductor Equipment and Materials - The semiconductor materials and equipment sector is expected to accelerate its domestic capabilities due to increased geopolitical risks and supply chain security concerns, with a focus on self-sufficiency [29][30]. - Key areas for growth include photoresists and coating equipment, where domestic companies are beginning to establish a foothold in high-end markets [31][32]. - Beneficiaries in this sector include companies like Tongcheng New Materials and Changchuan Technology, which are positioned to capitalize on the growing demand for domestic semiconductor solutions [33]. Group 5: Animal Health Industry - The company is a leading player in the animal health sector, with a strong pipeline of vaccines, including the upcoming launch of a novel African swine fever vaccine, which is expected to significantly enhance profitability [34][36]. - The company has a robust R&D framework, with a focus on innovation and a diverse range of vaccine products, which positions it well for future growth [35]. - The anticipated market for the African swine fever vaccine could reach CNY 8.4 billion annually, providing a substantial growth opportunity for the company [36].

Group 1 - The major shareholder and chairman of Zhongwei Company, Yin Zhiyao, announced a plan to reduce shareholding by up to 2% and 0.046% respectively [1] - Xunxin (Shanghai) Investment Co., Ltd. holds 10.94% of Zhongwei's total share capital and plans to reduce its holdings by up to 2% within the next three months through centralized bidding or block trading [1] - In a recent reduction, Xunxin sold 2% of its shares between September 22 and November 13, 2025, at prices ranging from 236.22 to 289.22 yuan per share, cashing out nearly 3.3 billion yuan [1] Group 2 - Zhongwei Company plans to reduce its holdings in Tuojing Technology by up to 365.51 million shares, representing no more than 1.3% of Tuojing's total share capital, within three months from the announcement date [2] - The maximum estimated transaction amount for this reduction is 1.393 billion yuan, based on the closing price prior to the announcement [2] - The shares being sold were acquired before the IPO and are currently recorded as long-term equity investments, with a book value of 457 million yuan [2] Group 3 - Since the market opened on January 5, Zhongwei Company's stock price has risen significantly, with a cumulative increase of nearly 27% at the beginning of the year, although it experienced a 1.83% pullback on January 8 [2]

Group 1 - The semiconductor industry is expected to experience significant growth, with the domestic semiconductor index outperforming the CSI 300 index, showing a cumulative increase of 54.51% as of October 28, 2025, driven by factors such as national subsidies, AI computing demand, and domestic substitution [16][21]. - The AI chip market in China is projected to grow from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, with a compound annual growth rate (CAGR) of 53.7% from 2025 to 2029, indicating a critical development opportunity for domestic AI chip manufacturers [42][44]. - The global GPU market is expected to grow from $77.39 billion in 2024 to $472.45 billion by 2030, with a CAGR of 35.19%, reflecting strong demand for AI computing [37][40]. Group 2 - The domestic AI chip industry is categorized into three stages: the first stage focuses on the self-sufficiency of computing, storage, and power chips; the second stage emphasizes the self-sufficiency of chip manufacturing processes; and the third stage targets the self-sufficiency of foundational hard technologies such as equipment materials and EDA [5][6]. - The demand for AI computing chips is driven by the rapid growth of generative AI applications, with NVIDIA's data center revenue increasing by 69% year-on-year to $44.1 billion in the first quarter of fiscal 2026, highlighting the accelerating demand for AI computing power [37][44]. - The semiconductor equipment sector is experiencing a significant increase in domestic production capacity, with the domestic semiconductor equipment localization rate expected to rise rapidly, particularly in dry etching and thin film deposition processes [6][15]. Group 3 - The report indicates that the advanced packaging technology, such as CoWoS, is expected to play a crucial role in the evolution of AI computing power, with domestic companies making significant advancements in this area [7][11]. - The semiconductor industry is witnessing a recovery in profitability, with the average gross margin and net profit margin for the semiconductor sector showing improvements in the first half of 2025 [36][34]. - The report highlights the importance of advanced wafer manufacturing as the physical foundation for AI chips, with a long-term demand for advanced foundry services expected to drive growth in this segment [7][11].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as the first coverage [4]. Core Insights - The company is a leading domestic ALD equipment manufacturer with a strategic focus on semiconductor business development, which is expected to accelerate [6][10]. - The semiconductor business is experiencing rapid growth, with a significant increase in orders, particularly from NAND and DRAM sectors, indicating a strong market position [6][27]. - The photovoltaic business is positioned to benefit from a recovery in market conditions, with the company maintaining a leading market share in ALD products for solar cells [6][10]. Summary by Sections Company Overview - The company was established in 2015 and has developed a product system centered on ALD technology, expanding into semiconductor equipment since 2018 [6][10]. - It has become a leader in the domestic market for ALD technology applied in photovoltaic cell production, continuously leading in market share and technological advancements [6][12]. Semiconductor Business - The semiconductor equipment market is projected to grow significantly, with the company focusing on ALD and CVD technologies to meet increasing demand [6][36]. - The company has successfully developed and industrialized key ALD and CVD equipment, establishing partnerships with major domestic manufacturers [12][19]. - In the first three quarters of 2025, the company signed semiconductor orders worth 1.483 billion yuan, a year-on-year increase of 97% [6][27]. Photovoltaic Business - The company has maintained its position as the top domestic supplier of ALD products in the photovoltaic sector, with expectations for market recovery driven by declining costs and increasing demand [6][10]. - The company is actively developing new battery technologies, including TOPCon and perovskite cells, which are expected to lead the next generation of solar technology [6][12]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 26.19 billion yuan, 26.92 billion yuan, and 37.21 billion yuan, with corresponding growth rates of -3%, 3%, and 38% [6][10]. - The net profit attributable to shareholders is expected to reach 3.12 billion yuan, 4.25 billion yuan, and 7.36 billion yuan for the same period, reflecting significant growth [6][10]. Investment Recommendation - The report suggests that the company is well-positioned to benefit from the expansion of its semiconductor business and the recovery of the photovoltaic market, leading to a favorable investment outlook [6][10].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688072 | 拓荆科技 | 360.69 | -5.33% | 7.82万 | 28.60亿 | | 688167 | 炬光科技 | 184.70 | -4.55% | 5.80万 | 10.78亿 | | 688110 | 东心股份 | 128.75 | -4.15% | 32.05万 | 42.79亿 | | 001309 | 德明利 | 239.81 | -4.08% | 14.36万 | 35.03亿 | | 688605 | 先锋精科 | 70.55 | -4.01% | 10.47万 | 7.41亿 | | 300456 | 塞微电子 | 52.75 | -3.78% | 65.32万 | 34.98亿 | | 688396 | 华润微 | 58.40 | -3.49% | 19.26万 | 11.37亿 | | 688052 | 纳芯微 | 177.50 | -3.46% | 3.31万 | 5.90亿 | | 301308 | ...

Core Viewpoint - Venture capital institutions are playing an irreplaceable role in empowering capital for technological innovation and industrial development, with Ningbo Dongyuan Venture Capital Co., Ltd. being a key player in this space since its establishment in 2005 [1][2]. Group 1: Company Overview - Ningbo Dongyuan Venture Capital Co., Ltd. is the first venture capital institution in Ningbo, having supported over 30 local enterprises and nurtured 8 companies to go public [1]. - The company has strategically invested in emerging industries such as advanced manufacturing, new energy, new materials, and semiconductors, becoming a hidden driver of Ningbo's new productivity [1][2]. Group 2: Investment Philosophy - The company emphasizes the concept of "patient capital," which includes not only financial investment but also value-added services such as supply chain integration and governance optimization [2]. - Dongyuan Venture Capital's investment strategy focuses on early-stage, small-scale, and technology-driven investments to provide comprehensive support during critical growth phases [2]. Group 3: Sector-Specific Investments - In the new energy sector, Dongyuan Venture Capital has successfully supported Jinlang Technology, which has become a global leader in photovoltaic string inverters, through multiple rounds of investment from 2007 to 2023 [1]. - The company has also enabled traditional home appliance firms like Deye and Biyi to pivot into new energy and smart manufacturing sectors, showcasing the advantages of Ningbo's manufacturing base [2]. Group 4: Future Outlook - Dongyuan Venture Capital plans to continue expanding its long-term capital supply and deepen its ties with Ningbo's industries, focusing on key segments of strategic emerging industries [3]. - The company aims to facilitate the transition from "manufacturing" to "intelligent manufacturing" by leveraging capital to integrate resources and support technological upgrades [2][3].

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index rose by 1.24% as of January 8, 2026, with notable increases in stocks such as Chipone Technology (up 13.21%), Haiguang Information (up 8.96%), and Zhongke Lanyun (up 7.70%) [1] - Unisoc announced that the Shaanxi Securities Regulatory Bureau accepted its application for public offering of stocks to unspecified qualified investors and for listing on the Beijing Stock Exchange, entering the counseling period on January 5, 2026 [1] - Changxin Technology's IPO has made significant progress, completing two rounds of preliminary review, with the Shanghai Stock Exchange officially accepting its IPO application on December 30, 2025; the company reported revenue of 32.084 billion yuan for the first three quarters of 2025 [1] - According to Founder Securities, the 14th Five-Year Plan for semiconductor self-sufficiency is accelerating, and the advanced manufacturing industry chain is expected to enter a rapid development phase, with domestic semiconductor equipment and storage clients collaborating to enhance localization rates [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index include SMIC, Haiguang Information, Cambricon, and others, collectively accounting for 57.76% of the index [2] Group 3 - The Sci-Tech Chip ETF (588200) tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index, serving as a convenient tool for investing in the chip sector [3] Group 4 - Investors without stock accounts can access investment opportunities in domestic chips through the Sci-Tech Chip ETF linked fund (017470) [4]