| 证券代码：688019 | 证券简称：安集科技 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：118054 | 债券简称：安集转债 | | 安集微电子科技（上海）股份有限公司 关于可转债投资者适当性要求的风险提示性公告 本公司董事会及全体董事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： 根据相关法律法规规定及《安集微电子科技（上海）股份有限公司向不 特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的约定， 安集微电子科技（上海）股份有限公司本次发行的"安集转债"自 2025 年 10 月 13 日起可转换为公司股份。 公司现就本次向不特定对象发行可转换公司债券，对不符合上海证券交 易所科创板股票投资者适当性要求的投资者所持"安集转债"不能转股的风险， 提示如下： 一、可转债发行上市概况 二、不符合科创板股票投资者适当性要求的公司可转债投资者所持本次可 转债不能转股的风险 公司为科创板上市公司，本次向不特定对象发行可转换公司债券，参与可转 债转股的投资者，应当符 ...

数据显示，银华基金旗下1只基金重仓安集科技。科创100（588190）二季度持有股数41.59万股，占基 金净值比例为2%，位居第七大重仓股。根据测算，今日浮盈赚取约464.11万元。 9月29日，安集科技涨5%，截至发稿，报234.28元/股，成交13.27亿元，换手率3.51%，总市值394.89亿 元。 资料显示，安集微电子科技(上海)股份有限公司位于上海市浦东新区华东路5001号金桥综合保税区T6-5 幢，成立日期2006年2月7日，上市日期2019年7月22日，公司主营业务涉及关键半导体材料的研发和产 业化。 从基金十大重仓股角度 截至发稿，马君累计任职时间13年29天，现任基金资产总规模333.04亿元，任职期间最佳基金回报 144.61%， 任职期间最差基金回报-75.62%。 张亦驰累计任职时间4年129天，现任基金资产总规模77.81亿元，任职期间最佳基金回报53.59%， 任职 期间最差基金回报-35.59%。 责任编辑：小浪快报 科创100（588190）成立日期2023年9月6日，最新规模31.55亿。今年以来收益51.67%，同类排名 511/4221；近一年收益95.04%，同类排 ...

25 September 2025 | 12:59PM HKT Equity Research Anji Micro (688019.SS): CMP Slurry shipment ramp up on new applications and advanced solution; Neutral Anji Micro is expanding CMP slurry and wet chemical products towards advanced nodes, through collaboration with clients to enhance technology and provide customized solution. The company serves leading memory and logic to clients in the China market, with revenues from its top five clients accounting for 75%/ 71% of total revenues in 2024/1H25. With new produ ...

Core Insights - The basic chemical industry experienced a decline of 0.95% during the week of September 22-28, ranking 17th among 31 primary industries in the Shenwan index [1][3] - The oil and petrochemical industry saw a smaller decline of 0.12%, ranking 10th in the same index [1][3] - In terms of product prices, out of 100 tracked chemical products, 25 saw price increases, 43 experienced declines, and 32 remained stable [1][3] Industry Dynamics - The average price of 34% of tracked products increased month-on-month, while 52% decreased, and 14% remained unchanged [1][3] - The top gainers in weekly average prices included liquid ammonia, anhydrous hydrofluoric acid, and aniline, while the largest decliners included sulfuric acid and vitamin E [3] - International oil prices rose, with WTI crude futures closing at $65.72 per barrel (up 4.85%) and Brent crude at $70.13 per barrel (up 5.17%) [4] - U.S. crude oil production averaged 13.50 million barrels per day, an increase of 30,100 barrels compared to the same week last year [4] - Natural gas futures closed at $2.84 per mmbtu, with a weekly decline of 1.73% [5] Price Trends - Vitamin prices have been declining due to weak downstream demand, with vitamin A averaging 60 yuan/kg (down 1.64% week-on-week) and vitamin E at 46 yuan/kg (down 7.07%) [6] - Nylon prices also fell, with PA6 chip prices averaging 9,325 yuan/ton (down 2.36% week-on-week) [7] Investment Recommendations - As of September 28, the price-to-earnings ratio for the basic chemical sector was 25.20, while the oil and petrochemical sector stood at 11.52 [8] - Suggested areas of focus include the impact of "anti-involution" on supply, the importance of self-sufficiency in electronic materials, undervalued industry leaders, and stable dividend policies in energy companies [2][9] - Long-term investment themes include the sustained high prices of crude oil, the growth of new materials, and the recovery of demand supported by policy initiatives [9]

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index has shown a strong upward trend, with significant gains in constituent stocks such as Qizhong Technology and Tiannai Technology [3] - The ETF tracking the Sci-Tech 100 Index has also experienced a notable increase, reflecting positive market sentiment and liquidity [3][6] Group 1: Electronic Sector Developments - The Ministry of Transport and six other departments have issued implementation opinions on "Artificial Intelligence + Transportation," aiming to popularize AI applications in the sector by 2027 [4] - The National Development and Reform Commission and six other departments have released measures to strengthen the cultivation of innovative digital economy enterprises, enhancing computing power resource support [4] - Moore Threads has successfully passed the listing review by the Shanghai Stock Exchange [4] Group 2: Battery and Robotics Innovations - A research team led by a professor from Tsinghua University has made significant progress in polymer electrolytes for lithium batteries, which may provide important technical references for solid-state battery development [4] - Yushu Technology plans to release a humanoid robot in the second half of the year, while Tesla is accelerating the mass production of its Optimus robot [4] Group 3: Investment Opportunities - The demand for AI computing power is driving growth in sectors such as CPO, PCB, and semiconductors, creating a favorable environment for the electronic sector [5] - Solid-state batteries are gaining attention as the next-generation power battery due to their high energy density and safety, accelerating their industrialization process [5] - The robotics sector is rapidly developing, with increasing investment value and potential as a key area for future technology investments [5] Group 4: ETF Performance and Composition - The Sci-Tech 100 Index ETF has seen a significant increase in scale and shares, ranking second among comparable funds in terms of new scale and shares added [6] - The ETF has recorded a net inflow of funds, indicating strong investor interest and confidence in the technology sector [6] - The top three industries represented in the Sci-Tech 100 Index are electronics (37.51%), pharmaceuticals (18.97%), and power equipment (12.8%), highlighting the index's focus on high-growth technology sectors [6][7]

上周市场上涨，上证指数上涨0.21%，深证成指上涨1.06%，创业板指上涨1.96%，沪深300指数上涨 1.07%，品牌工程指数上涨1.10%，报2019.88点。 上周品牌工程指数多只成分股表现强势。具体来说，沪硅产业上涨19.75%，排在涨幅榜首位；安集科 技上涨19.05%，居次席；信立泰上涨15.81%；阳光电源、中微公司涨逾14%；北方华创（002371）涨逾 12%；澜起科技、华润微涨逾10%；中芯国际和亿纬锂能（300014）分别上涨9.01%和8.21%；海信家电 （000921）、芒果超媒（300413）涨逾7%；长电科技、豪威集团（603501）、卓胜微（300782）分别 上涨6.79%、5.99%和4.14%；中航沈飞（600760）、宁德时代（300750）涨逾3%。 下半年以来，中际旭创上涨183.63%，排在涨幅榜首位；阳光电源上涨132.40%，居次席；科沃斯上涨 82.81%；亿纬锂能、芒果超媒、澜起科技涨逾60%；中微公司、宁德时代、兆易创新（603986）、中芯 国际涨逾50%；药明康德、安集科技涨逾40%；北方华创、中兴通讯、我武生物（300357）、达仁堂 （600 ...

Market Performance - The market saw an increase last week, with the China Securities Xinhua National Brand Index rising by 1.10% to 2019.88 points [1] - The Shanghai Composite Index rose by 0.21%, the Shenzhen Component Index by 1.06%, the ChiNext Index by 1.96%, and the CSI 300 Index by 1.07% [1] Strong Performing Stocks - Notable strong performers included Hu Silicon Industry, which increased by 19.75%, and Anji Technology, which rose by 19.05% [1] - Other significant gainers included Xinlitai (up 15.81%), Yangguang Power, and Zhongwei Company (both over 14%) [1] Year-to-Date Performance - Since the beginning of the second half of the year, Zhongji Xuchuang has surged by 183.63%, leading the gains [2] - Yangguang Power and Kewo Si have also shown substantial increases of 132.40% and 82.81%, respectively [2] Market Outlook - Starstone Investment suggests that the market's trading sentiment has declined due to risk aversion ahead of the long holiday, but this may indicate that funds are waiting for clearer policy and fundamental information [2] - The overall market remains strong, with no systemic risks identified, and various sectors are expected to present opportunities [2] Sector Rotation - Source Le Sheng Asset notes a clear rotation pattern this year, with sectors such as new consumption, innovative pharmaceuticals, technology, and high-dividend stocks experiencing alternating rises [3] - The investment strategy has been adjusted to reduce the proportion of technology stocks while increasing exposure to the manufacturing sector, focusing on technology, non-ferrous metals, manufacturing, and innovative pharmaceuticals [3]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the semiconductor industry, focusing on companies such as SMIC (中芯国际), Hua Hong Semiconductor (华虹), Changxin Storage (长鑫存储), and Longsys (长存) [1][2][7]. Key Points and Arguments 1. **Expansion of Advanced Processes**: SMIC and Hua Hong are expanding their production capabilities for advanced processes below 7nm to meet domestic computing power demands. Hua Hong's expansion at its 8th factory is exceeding expectations, with new production lines expected in 2026. However, some equipment orders for SMIC have been delayed [1][3]. 2. **Storage Industry Growth**: Changxin Storage and Longsys are expected to see significant upward changes in 2026. Longsys has established its third-phase project focusing on over 300-layer products, with a 30% increase in investment per wafer compared to previous layers. Changxin Storage is also actively expanding and is expected to accelerate its IPO process in 2026 [1][5][6]. 3. **HBM Industry Development**: The domestic High Bandwidth Memory (HBM) industry is projected to achieve a breakthrough from 0 to 1 in industrialization by 2026. Changxin Storage's Shanghai facility is planning for 3D packaging and HBM production lines, which may create new expansion demands [1][6]. 4. **Capital Expenditure Trends**: The semiconductor industry's capital expenditure is expected to maintain double-digit growth in 2026, driven by increased domestic production rates and structural changes. Equipment companies may see order growth rates of over 30%, potentially reaching 40%-50% [1][9][10]. 5. **Focus on Equipment and Materials**: Recommendations for equipment companies include North Huachuang, Zhongwei Company, and Tuo Jing Technology, among others. In the semiconductor materials sector, Anji Technology and Dinglong Co. are highlighted, with domestic semiconductor material demand expected to grow at a compound annual growth rate of 20%-30% [3][12]. 6. **Investment Recommendations**: For the HBM supply chain, it is suggested to focus on the testing and packaging end, particularly smaller market cap companies like Jingzhida, Xinyuanwei, and Jiaocheng Ultrasonic, which may show significant growth potential [1][8]. Additional Important Insights - The semiconductor industry is showing strong momentum in both logic processes and storage sectors, reflecting increasing market demand and enhancing China's self-sufficiency in semiconductor capabilities [7]. - The investment in equipment for advanced processes is expected to rise significantly, with costs per wafer for 28nm to 7nm processes increasing from approximately 4-5 billion RMB to over 13 billion RMB [4]. - The overall sentiment in the semiconductor sector is positive, with expectations of continued growth and development across various segments [2][7].

Industry Overview - The semiconductor materials sector is becoming a core focus in the capital market, with electronic chemicals playing a crucial role in the semiconductor manufacturing process, accounting for 10%-20% of total chip costs but directly influencing chip performance and yield [1] - The Chinese semiconductor market showed significant growth, reaching a scale of $113.5 billion from January to July 2025, representing an 11.1% year-on-year increase, indicating an expansion phase for upstream materials [1][2] - The global semiconductor materials market is projected to reach $70 billion by 2025, with China's key electronic materials market expected to reach 174.08 billion yuan, a 21.1% year-on-year growth [2] Core Logic - The investment value in the electronic chemicals industry is driven by its unique consumable nature and vast domestic substitution potential, ensuring stable demand as long as wafer fabs are in operation [3] - Major companies in the electronic chemicals sector, such as Anji Technology and Shanghai Xinyang, reported significant revenue growth of 43.17% and 35.67% respectively in the first half of 2025, with net profit growth rates of 60.53% and 126.31% [3] - The domestic substitution potential varies across different segments, with the photolithography sector having the largest substitution space due to long-standing foreign monopolies [3][4] Key Company Analysis - Anji Technology (688019) is a leading player in the CMP polishing liquid market, increasing its market share from 5% in 2021 to 8% in 2023, and holding a 30.8% share in the domestic market [5] - Jianghua Micro (603078) specializes in wet electronic chemicals, with a market share of approximately 4.58% and a total revenue starting at 1.03 billion yuan in 2023, indicating significant growth potential [6] - Nanda Optoelectronics (300346) is a pioneer in the photolithography sector, with over 40% market share in MO source supply and ongoing development of ArF photolithography products [7] - Huate Gas (688268) leads the electronic specialty gases market, achieving over 60% market share in domestic photolithography gases and successfully replacing imports with its products [8] - Yake Technology (002409) has a comprehensive layout in semiconductor materials, particularly in advanced precursor materials, enhancing customer stickiness through a complete product line [9][10]

Core Insights - The semiconductor industry in China is experiencing a significant growth phase, particularly in the electronic chemicals sector, which is crucial for chip manufacturing and performance [1][2][10] - The Chinese government has initiated policies to support the development of key products in the electronic chemicals field, marking the beginning of a "breakthrough battle" in the industry [1][10] Group 1: Market Growth and Demand - The demand for AI computing, data centers, and smart driving is driving the growth of the semiconductor market, with a projected market size of approximately $113.5 billion in China for the first half of 2025, reflecting an 11.1% year-on-year increase [2] - The global semiconductor materials market is expected to reach $70 billion in 2025, with a 6% year-on-year growth, while China's key electronic materials market is projected to grow by 21.1% to approximately 174.08 billion yuan [2][4] Group 2: Production Capacity Expansion - The expansion of wafer manufacturing capacity is accelerating, with a forecasted monthly capacity of 11.1 million 12-inch wafers by 2028, representing a compound annual growth rate (CAGR) of about 7% from 2024 to 2028 [4] - Advanced process nodes of 7nm and below are expected to see monthly production capacity increase from 850,000 wafers in 2024 to 1.4 million in 2028, with a CAGR of 14% [4] Group 3: Key Segments in Electronic Chemicals - The electronic chemicals market is divided into three main segments: photoresists, wet electronic chemicals, and electronic specialty gases, each with unique technological barriers and domestic substitution potential [5] - The photoresist market in China is projected to reach 6.802 billion yuan in 2025, with a growth rate of 4.49%, indicating significant potential for domestic substitution due to historical foreign monopolization [6] Group 4: Consumption Patterns and Business Models - Electronic chemicals are considered core consumables in semiconductor manufacturing, providing a more stable and sustainable business model compared to semiconductor equipment, which is subject to cyclical demand fluctuations [8][9] - Companies like Anji Technology and Shanghai Xinyang are expected to see revenue growth of 43.17% and 35.67% respectively in the first half of 2025, highlighting the resilience of the consumables business [8] Group 5: Policy and Technological Drivers - The rapid development of China's electronic chemicals sector is driven by a combination of policy support and technological advancements, aiming to transition from "catching up" to "leading" in the industry [10][11] - The Ministry of Industry and Information Technology has outlined plans to enhance high-end supply and support key product breakthroughs in electronic chemicals, which is expected to accelerate the transition from laboratory research to large-scale production [10][11] Group 6: Investment Opportunities - Investors are encouraged to focus on companies that have achieved breakthroughs in high-end fields, maintain continuous R&D investment, and have forward-looking capacity planning, as these firms are positioned to benefit from the industry's growth [12]