证券代码：603061 证券简称：金海通 公告编号：2025-039 天津金海通半导体设备股份有限公司 2025 年员工持股计划第一次持有人会议决议公告 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。 天津金海通半导体设备股份有限公司（以下简称"公司"）2025 年员工持股计划 第一次持有人会议于 2025 年 8 月 15 日以现场结合通讯表决的方式召开。会议由公 司董事会秘书刘海龙先生召集和主持，出席本次会议的持有人 152 人，代表 2025 年员工持股计划份额 59,114,299.10 份，占公司 2025 年员工持股计划首次受让份额 的 89.06%（占公司 2025 年员工持股计划总份额的 69.00%）。会议的召集、召开和 表决程序符合公司 2025 年员工持股计划的有关规定。会议以记名投票表决方式，审 议通过了以下议案： 根据公司《员工持股计划》及《员工持股计划管理办法》的有关规定，持有人 大会授权 2025 年员工持股计划管理委员会办理与本持股计划相关事项，具体如下： （一） 审议通过《关于设立公司 2 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of mergers and acquisitions (M&A) as a tool to enhance the investment value of listed companies, with a focus on implementing the "Six Guidelines for Mergers and Acquisitions" and major asset restructuring management measures [1]. Group 1: M&A Market Overview - As of July 25, 2025, there have been 3,531 disclosed M&A-related announcements in the A-share market, with a total value exceeding 8.76 trillion CNY [2]. - Among these, 219 cases constitute significant restructuring events, compared to only 104 such events in the first half of the year [2]. Group 2: Regional Policies and Trends - Various regions, including Shanghai, Anhui, Shenzhen, Henan, and Tianjin, have introduced supportive policies for M&A, reflecting distinct industrial characteristics and regional features [3][4]. - Shanghai's M&A support plan focuses on key industries such as integrated circuits, artificial intelligence, and biomedicine, aiming to enhance industrial concentration through mergers and acquisitions [3]. - Henan's policy encourages listed companies to utilize M&A for transformation and innovation, particularly in sectors like artificial intelligence and high-end equipment [4]. Group 3: Industry Characteristics and Trends - The current wave of restructuring is characterized by a focus on capability enhancement rather than mere scale expansion, with an emphasis on acquiring key technologies within the industrial chain [5]. - The restructuring trend is facilitating the integration of industries across different regions, promoting a balanced economic development throughout the country [5].

证券代码：603061 证券简称：金海通 公告编号：2025-038 天津金海通半导体设备股份有限公司 关于 2024 年员工持股计划出售完毕暨终止的公告 根据《天津金海通半导体设备股份有限公司 2024 年员工持股计划》的相关 规定，本持股计划的存续期为 24 个月，本持股计划所获标的股票的锁定期为 12 个月，自本持股计划草案经公司股东大会审议通过且公司公告最后一笔标的股票 过户至本持股计划名下之日起计算。锁定期满后，在满足相关考核条件的前提下， 一次性解锁本持股计划相应标的股票。本员工持股计划锁定期届满之后，持股计 划所持有的股票届时在上海证券交易所和中国证券登记结算有限责任公司上海 分公司系统支持的前提下全部过户至持有人个人证券账户或持股计划所持有的 资产均为货币资金时，本员工持股计划可提前终止。 公司于 2025 年 6 月 20 日召开第二届董事会薪酬与考核委员会第七次会议决 议，审议通过了《关于 2024 年员工持股计划解锁条件成就的议案》，本持股计 划锁定期届满且解锁条件已成就。具体内容详见公司于 2025 年 6 月 21 日在上海 证券交易所网站（www.sse.com.cn）披露的相关公 ...

近期随着市场成交热度、情绪提升，市场焦点再度回归"硬科技"主线。7月23日半导体板块顺势爆发，半导体设备ETF（561980）单日收涨2.44%。从资 金面上看该ETF连续2日获近3200万元资金净申购买入。 事实上，进入7月反内卷、大基建成为市场关注焦点，中下旬以来随着科技产业叙事持续强化、以及反内卷热度回落，AI、半导体等科技产业有望承接 反内卷、大基建流出资金。 半导体作为其中的代表板块有望迎来补涨。从价格上看，半导体设备ETF（561980）标的指数仍处于年内相对低位，短期存在补涨可能。另一方面国产 GPU企业摩尔线程和沐曦股份获IPO受理，长江存储在推动"全国产化"制造设备方面取得了重大突破，政府采购预期同样有利于相关品种行情走强。 业绩端看，目前中证半导指数有10只成份披露了中报业绩预告，其中包括有研新材、中晶科技、金海通、中微公司在内的7只成份净利润同比预增，最 高的有研新材预增值在240%。显示板块周期复苏仍在持续。 | 证券代码 | 证券简称 | 预告净利润下限(亿元) | 预告净利润上限(亿元) 预告净利润变动幅度(%) | | | --- | --- | --- | --- | --- ...

Investment Rating - The report maintains an "Outperform" rating for the semiconductor testing equipment industry [1]. Core Insights - The rapid development of AI chips and HBM (High Bandwidth Memory) is driving new testing demands in the semiconductor industry, highlighting the need for improved domestic production capabilities in testing equipment [1][4]. - The domestic semiconductor testing equipment market is expected to grow significantly, with projections indicating a market size of 26.74 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.6% [16]. - The report emphasizes the importance of post-manufacturing testing to ensure that chips meet design specifications, with a focus on the core testing equipment: testing machines, sorting machines, and probe stations [8][14]. Summary by Sections 1. Semiconductor Post-Manufacturing Testing - Semiconductor testing is crucial across design, manufacturing, and packaging stages to ensure chip functionality meets design specifications [6][8]. - The testing equipment market is stable, with testing machines accounting for over 61.9% of the market share in 2022 [16]. 2. New Requirements from AI Chips and HBM - AI chips are experiencing rapid growth, with the global AI chip market expected to reach approximately $92 billion by 2025, growing at a CAGR of 27.7% [22]. - The complexity of AI chip designs and advanced manufacturing processes increases testing challenges, necessitating more efficient testing systems [29]. 3. Domestic Semiconductor Testing Equipment Market - The domestic market for semiconductor testing equipment is primarily dominated by foreign companies, with a significant opportunity for domestic manufacturers to increase their market share [40]. - Current projections indicate that the domestic localization rate for storage testing machines will only be 8% by 2025, and for SOC testing machines, it will be 9% by 2027 [44]. 4. Investment Recommendations - The report suggests focusing on domestic companies such as Changchuan Technology, Huafeng Measurement and Control, Jinhaitong, Jingzhida, and Helin Micro-Nano, which are expected to benefit from the growing demand for semiconductor testing equipment [4].

Investment Rating - The industry rating is maintained as "Outperform the Market" [8] Core Views - The semiconductor industry is expected to continue its optimistic growth trajectory in 2025, driven by AI and domestic substitution [18][19] - The second quarter performance of various companies in the semiconductor sector has been impressive, with expectations for a strong third quarter during the peak season [19] - The storage segment is projected to see significant price increases, with contract prices for DRAM expected to rise by 15%-20% and NAND by 5%-10% in Q3 [14][16] Summary by Sections 1. Half-Year Performance Forecast Summary - The design sector has shown comprehensive growth, with companies like Rockchip and Espressif benefiting from AI demand and domestic substitution [14][21] - The analog chip sector, led by Chipone, has also seen significant profit growth due to industry recovery and technological breakthroughs [14] - Equipment and materials companies are experiencing accelerated growth, with domestic suppliers like Changchuan Technology and Jinhai Tong benefiting from successful customer expansion [14][22] - The storage segment has shown high revenue growth, with companies like Lanqi Technology and Demingli confirming demand recovery [14][25] 2. Foundry and Wafer Manufacturing - TSMC reported a 60.7% increase in net profit for Q2, with a revenue forecast of NT$ 933.79 billion (approximately RMB 228.03 billion) [15] - Advanced process technologies account for 74% of wafer sales, with high-performance computing contributing 60% of revenue [15] 3. Q3 Outlook - The outlook for Q3 indicates rising lead times for most categories, with significant price increases expected in the storage segment [16] - DRAM prices are anticipated to rise significantly, with Consumer DDR4 expected to increase by 40%-45% [16] 4. Recommended Stocks in the Storage Sector - Jiangbolong is highlighted as a key stock due to its dual logic of "cycle + growth," benefiting from storage price increases and domestic substitution [17] - The company is expected to see a revenue increase of 200% year-on-year in enterprise storage by Q1 2025 [17] 5. Overall Industry Trends - The design sector is driven by AIoT and automotive electronics, with companies like Rockchip and Espressif leading the charge [20] - The equipment and materials sector is benefiting from increased domestic production rates, with companies like Changchuan Technology and Dinglong making significant strides [20][22] - The storage cycle is showing signs of recovery, with companies like Demingli and Lanqi Technology experiencing substantial revenue growth [20][25]

Quantitative Models and Construction Methods - **Model Name**: CSI 500 Enhanced Portfolio **Model Construction Idea**: The model aims to enhance the performance of the CSI 500 index by leveraging quantitative strategies to generate excess returns over the benchmark[2][59] **Model Construction Process**: The portfolio is constructed based on a strategy model that selects stocks with specific characteristics and allocates weights accordingly. The detailed holdings include stocks like Guolian Minsheng (4.40%), Changjiang Securities (3.92%), and others, with varying weights[61][64] **Model Evaluation**: The model has demonstrated consistent excess returns over the benchmark since 2020, with a maximum drawdown of -4.99%[59][63] - **Model Name**: CSI 300 Enhanced Portfolio **Model Construction Idea**: Similar to the CSI 500 Enhanced Portfolio, this model seeks to outperform the CSI 300 index by employing quantitative strategies[2][65] **Model Construction Process**: The portfolio is constructed using a strategy model, with holdings such as COSCO Shipping (7.92%), China Railway Rolling Stock Corporation (6.51%), and others, each assigned specific weights[68] **Model Evaluation**: The model has achieved an excess return of 33.69% relative to the CSI 300 index since 2020, with a maximum drawdown of -5.86%[65][68] Model Backtesting Results - **CSI 500 Enhanced Portfolio**: Weekly return of 1.24%, outperforming the benchmark by 0.04%; cumulative excess return since 2020 is 48.71%; maximum drawdown is -4.99%[59][63] - **CSI 300 Enhanced Portfolio**: Weekly return of 2.29%, outperforming the benchmark by 1.20%; cumulative excess return since 2020 is 33.69%; maximum drawdown is -5.86%[65][68] Quantitative Factors and Construction Methods - **Factor Name**: Beta Factor **Factor Construction Idea**: Measures the sensitivity of a stock's returns to market returns, capturing the systematic risk exposure of the stock[2][70] **Factor Construction Process**: Calculated as the slope of the regression line between the stock's returns and the market's returns over a specific period. The formula is: $ \beta = \frac{\text{Cov}(R_i, R_m)}{\text{Var}(R_m)} $ where $R_i$ is the stock return, $R_m$ is the market return, Cov is the covariance, and Var is the variance[70] **Factor Evaluation**: High Beta stocks have shown superior performance recently, while low Beta stocks underperformed[2][71] - **Factor Name**: Liquidity Factor **Factor Construction Idea**: Captures the ease of trading a stock without significantly impacting its price[70] **Factor Construction Process**: Typically measured using metrics like turnover rate or bid-ask spread. The specific formula or metric used in this report is not detailed[70] **Factor Evaluation**: Liquidity factor exhibited significant negative excess returns during the week, indicating underperformance of highly liquid stocks[71] - **Factor Name**: Non-linear Size Factor (NLSIZE) **Factor Construction Idea**: Accounts for the non-linear relationship between stock size and returns, complementing the traditional size factor[70] **Factor Construction Process**: Constructed by introducing higher-order terms of size (e.g., squared or cubed size) into the regression model. The exact formula is not provided in the report[70] **Factor Evaluation**: The factor showed significant negative excess returns during the week, indicating underperformance of stocks with extreme size characteristics[71] Factor Backtesting Results - **Beta Factor**: Demonstrated high positive excess returns during the week, outperforming other style factors[71][75] - **Liquidity Factor**: Showed significant negative excess returns, underperforming during the week[71][75] - **Non-linear Size Factor (NLSIZE)**: Also exhibited significant negative excess returns, indicating poor performance[71][75]

Core Viewpoint - The company is experiencing significant profit growth due to a recovery in the downstream testing and packaging industry, with strong demand for high-end temperature sorting machines [2][3]. Financial Performance - The company expects a net profit attributable to shareholders of 0.44-0.58 billion yuan for Q2 2025, representing a year-on-year increase of 79%-135.4% and a quarter-on-quarter increase of 72.8%-127.4% [2]. - For the first half of 2025, the expected net profit is 0.7-0.84 billion yuan, a year-on-year increase of 76.43%-111.7%, with a non-recurring net profit of 0.67-0.8 billion yuan, up 94%-131.7% [2]. - The company anticipates a significant improvement in profits for Q2 2025 compared to both year-on-year and quarter-on-quarter metrics [2]. Market Demand and Product Development - There is a strong demand for the company's EXCEED-9000 series temperature sorting machines, which are essential for high-end testing scenarios such as automotive chips [3]. - The company is expanding its product matrix in various fields, including IGBT and advanced packaging, and has made strategic investments in four equipment companies to ensure long-term growth [3]. Investment Outlook - The company is well-positioned for future growth due to the recovery in the testing and packaging industry and the increasing demand for high-end temperature sorting machines [3]. - The investment outlook remains positive, with expectations for revenue and net profit growth in the coming years [3].

卫星化学：上半年净利润预增31.32%-53.20% 7月15日晚，卫星化学（002648）发布2025年半年度业绩预告，公司预计上半年实现归属于上市公司股 东的净利润27亿元至31.5亿元，同比增长31.32%-53.20%；预计实现扣除非经常性损益后的净利润28.52 亿元至33.02亿元，同比增长27.65%-47.79%。 资料显示，卫星化学成立于2005年8月，主营业务是(聚)丙烯、丙烯酸及酯、乙二醇、环氧乙烷、环氧 丙烷和聚乙烯等产品的生产和销售。 所属行业：基础化工–化学原料–其他化学原料 中国核建：累计新签合同871.49亿元 7月15日晚，中国核建（601611）发布公告称，截至2025年6月，公司累计实现新签合同871.49亿元，累 计实现营业收入531.84亿元。 资料显示，中国核建成立于2010年12月，主营业务是核电工程建设及工业与民用工程建设。 所属行业：建筑装饰–基础建设–基建市政工程 资料显示，怡球资源成立于2001年3月，主营业务是利用所回收的各种废旧铝资源，进行分选、加工、 熔炼等工序，生产出再生铝合金产品。 所属行业：有色金属–工业金属–铝 光库科技：上半年净利润预增60 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][7]. Core Views - The company's Q2 2025 profit is expected to show significant improvement, with a projected net profit of 0.44-0.58 billion yuan, representing a year-on-year increase of 79%-135.4% and a quarter-on-quarter increase of 72.8%-127.4% [1][7]. - The demand for high-end tri-temperature sorting machines continues to grow, benefiting from the marginal recovery in the downstream packaging and testing industry [7]. - The company is expected to achieve revenues of 6.77 billion yuan in 2025, with a net profit of 1.94 billion yuan, corresponding to a PE ratio of 27.2 [7]. Financial Data and Valuation - Total revenue is projected to increase from 347 million yuan in 2023 to 1.172 billion yuan in 2027, with a compound annual growth rate (CAGR) of 29% [2][9]. - The company's net profit is expected to grow from 85 million yuan in 2023 to 402 million yuan in 2027, reflecting a CAGR of 41% [2][9]. - The PE ratio is forecasted to decrease from 62.1 in 2023 to 13.1 in 2027, indicating improving valuation metrics over time [2][10]. Performance Metrics - The company's return on equity (ROE) is projected to improve from 6.6% in the most recent period to 20.5% by 2027 [3][10]. - The asset-liability ratio is expected to remain stable, increasing slightly from 19.0% in 2023 to 20.0% in 2026 and 2027 [3][10]. - The gross profit margin is anticipated to stabilize around 49% to 51% over the forecast period [10]. Market Position and Growth Drivers - The company has successfully expanded its product matrix, focusing on IGBT and advanced packaging, while also investing in four equipment companies to ensure long-term growth [7]. - The EXCEED-9000 series tri-temperature sorting machine is expected to account for over 25% of revenue in 2024, indicating strong market demand [7]. - The report highlights the company's strategic positioning in high-end testing environments, particularly for automotive-grade chips [7].