| 证券代码：688019 | 证券简称：安集科技 | 公告编号：2025-038 | | --- | --- | --- | | 转债代码：118054 | 转债简称：安集转债 | | 安集微电子科技（上海）股份有限公司 第三届董事会第二十一次会议决议公告 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。 安集微电子科技（上海）股份有限公司（以下简称 "公司"）第三届董事会 第二十一次会议于 2025 年 7 月 1 日以通讯方式召开。公司于 2025 年 6 月 25 日 以邮件等方式向全体董事发出召开本次会议的通知，与会的各位董事已知悉与所 议事项相关的必要信息。本次会议由董事长 Shumin Wang 女士召集并主持，会 议应到董事 8 名，实到董事 8 名，会议的召集和召开程序符合《中华人民共和国 公司法》（以下简称"《公司法》"）等法律、法规、部门规章以及《安集微电子科 技（上海）股份有限公司章程》（以下简称"《公司章程》"）的有关规定，作出的 决议合法、有效。 会议以通讯表决方式审议通过了以下议案： 一、审议并 ...

证券研究报告——晨会聚焦 2025 年 7 月 2 日 中银晨会聚焦-20250702 资料来源：万得，中银证券 中银国际证券股份有限公司 具备证券投资咨询业务资格 产品组 证券分析师：王军 ■重点关注 【策略研究】2025 年中期策略报告*王君 徐沛东 郭晓希 徐亚 高天然。在科 技重估、关税冲击、政策储备等多维度下，怎么配 A 股才能成功突围？ 【宏观经济】一季度对外经济部门体检报告*管涛 刘立品 。2025 年一季度， 我国国际收支延续经常项目顺差、资本项目逆差的自主平衡格局，交易引起 的外汇储备资产减少但外汇储备余额增加，民间部门首次转为对外净资产。 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3457.75 | 0.39 | | 深证成指 | 10476.29 | 0.11 | | 沪深 300 | 3942.76 | 0.17 | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 综合 | 2.60 | 计算机 | (1.18) | ...

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **semiconductor industry** and the **domestic manufacturing chain** in China, focusing on investment opportunities and challenges related to self-sufficiency and technological advancements in semiconductor equipment and materials [1][2][20]. Key Points and Arguments 1. **Impact of Semiconductor Equipment Ban**: The semiconductor equipment ban's impact is expected to be limited due to prior sanctions on SMIC, and WFE (Wafer Fab Equipment) growth may not meet expectations [1][2]. 2. **Material Export Controls**: While there are risks associated with material export controls, alternative sourcing options are available, with domestic companies like Dinglong and Anji making progress in polishing pads and liquids [1][2]. 3. **AI Market Demand**: The AI market demand in Q1 did not meet expectations, with no significant transfer of orders for computing cards despite the H20 ban [6][11]. 4. **Growth in Chip Design**: Q2 saw high growth in chip design companies, particularly in the automotive sector, while SMIC faced challenges affecting its guidance [1][11]. 5. **New Product Launches**: Upcoming new product launches from terminal manufacturers in H2 are expected to boost sales, particularly in the analog and power platforms [14]. 6. **Domestic Foundry Profitability**: Domestic foundries are expected to improve profitability and return on equity (ROE) as they adapt to market conditions [1][14]. 7. **Technological Advancements**: TSMC and Samsung are advancing to 2nm production, while SMIC lags by about four years in technology nodes [1][15]. 8. **Investment Opportunities**: The self-sufficiency theme is driving investment opportunities in companies like SMIC, Huahong, and Northern Huachuang, which are well-positioned to benefit from domestic demand [32]. Additional Important Content 1. **Challenges in Domestic Semiconductor Equipment**: Domestic semiconductor equipment faces challenges in achieving high localization rates, particularly in critical areas like photolithography [23][30]. 2. **Future of AI Edge Devices**: AI edge devices, such as AI glasses, are expected to be launched in Q4 2026, potentially creating a market beta effect [10]. 3. **Market Size and Growth**: The global semiconductor equipment market was approximately $110 billion, with China accounting for nearly $50 billion, but the localization rate remains low [21]. 4. **Long-term Outlook**: The long-term outlook for the semiconductor equipment sector remains positive, with expectations of steady performance despite potential slowdowns in growth rates [26]. 5. **Material Localization Progress**: The localization rate for materials like polishing pads and liquids is improving, with companies like Anji and Dinglong making significant strides [28][29]. This summary encapsulates the key insights and developments discussed in the conference call, highlighting the semiconductor industry's current state and future prospects.

Core Viewpoint - The article discusses the supply chain issues and investment opportunities in the semiconductor chemical mechanical polishing (CMP) materials market, particularly focusing on the impact of Taiwan's export controls on the supply of DSTl slurry and the growth potential of CMP materials in the semiconductor industry. Group 1: CMP Slurry Supply Issues - DSTl slurry supply has been suspended due to Taiwan's export control restrictions, with only five months of inventory remaining (267 barrels) [2] - DSTl slurry is critical for the CMP process in semiconductor manufacturing, enhancing wafer flatness and surface quality [2] Group 2: Investment Logic in CMP Materials - The demand for CMP materials is expected to grow rapidly due to advancements in process nodes, increased wiring density, and the transition from 2D NAND to 3D NAND technology [4] - CMP materials account for 7% of the semiconductor manufacturing material costs, with CMP slurry and pads making up 49% and 33% of CMP material costs, respectively [4] - The global CMP materials market is projected to grow from $3.3 billion in 2023 to over $4.2 billion by 2027 [4] Group 3: CMP Pad Market Overview - The global CMP pad market grew from $650 million in 2016 to $1.13 billion in 2021, with a CAGR of 11.69% [5] - In China, the CMP pad market increased from 810 million yuan in 2016 to 1.31 billion yuan in 2021, with a CAGR of 10.09% [5] - Dow DuPont dominates the global CMP pad market with a 79% share, while domestic company Dinglong has become a key player in China [6] Group 4: CMP Slurry Market Overview - The global CMP slurry market expanded from $1.1 billion in 2016 to $1.43 billion in 2021, with a CAGR of 5.39% [7] - The Chinese CMP slurry market grew significantly, from 1.23 billion yuan in 2016 to 2.2 billion yuan in 2021, with a CAGR of 12.28% [7] - Major global players in the CMP slurry market include Cabot, Versum Materials, and Dow, with China being the largest demand region [7] Group 5: Domestic Companies in CMP Materials - Dinglong has established itself as the only domestic supplier mastering the entire CMP pad production process, achieving significant breakthroughs in the field [6][12] - Anji Technology, a leading domestic CMP slurry company, reported revenues of 1.075 billion yuan in 2023, capturing a significant market share [22][23] - Shanghai Xinyang and Jiangfeng Electronics are also notable players in the CMP materials sector, focusing on various CMP products [36][37] Group 6: Future Trends and Opportunities - The future of CMP materials is expected to trend towards specialization and customization, providing opportunities for new entrants in the market [8] - Companies focusing on new technologies for polishing liquids, such as those related to SiC, and those mastering upstream particle development are recommended for investment [8]

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 27.907 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 999 million yuan [1] - A total of 255 stocks saw net inflows, while 332 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 284 stocks rose, with two stocks, Frontier Bio and Kaiweite, hitting the daily limit, while 293 stocks fell [1] - Among the stocks with net inflows, Longxin Zhongke led with a net inflow of 155 million yuan, followed by Baijie Shenzhou and Anji Technology with net inflows of 111 million yuan and 102 million yuan, respectively [1] Continuous Fund Flow Analysis - There are 53 stocks that have seen continuous net inflows for more than three trading days, with Zhengfan Technology leading at 12 consecutive days of inflow [2] - Conversely, 100 stocks have experienced continuous net outflows, with Puyuan Information leading at 13 consecutive days of outflow [2] Top Fund Inflows - The top stocks by net inflow include: - Longxin Zhongke: 155.47 million yuan, 8.92% inflow rate, 6.43% increase [2] - Baijie Shenzhou: 111.34 million yuan, 13.10% inflow rate, 3.65% increase [2] - Anji Technology: 101.90 million yuan, 11.29% inflow rate, 5.01% increase [2] Notable Outflows - The stock with the highest net outflow is Hanwujing, with a net outflow of 692 million yuan and a 6.40% decrease [1] - Other significant outflows include Haiguang Information and Hengxuan Technology, with net outflows of 220 million yuan and 163 million yuan, respectively [1]

Group 1 - The core index, the CSI Semiconductor Materials and Equipment Theme Index, rose by 0.78% as of July 1, 2025, with notable increases in constituent stocks such as LianTong Technology (up 5.79%) and ZhongChuan Special Gas (up 5.19%) [1] - The Semiconductor Materials ETF (562590) also saw a rise of 0.72%, with the latest price reported at 1.12 yuan, and a cumulative increase of 2.69% over the past week [1] - Moer Thread Intelligent Technology's IPO on the Sci-Tech Innovation Board has been accepted, aiming to raise approximately 8 billion yuan, marking the largest IPO of the year [1] Group 2 - The Semiconductor Materials ETF closely tracks the CSI Semiconductor Materials and Equipment Theme Index, which includes 40 listed companies deeply involved in the semiconductor materials and equipment sectors [2] - The index features leading companies that have made significant breakthroughs in domestic substitution processes, such as North Huachuang and Zhongwei Company in etching equipment, and Hu Silicon Industry and Nanda Optoelectronics in key materials [2] - The ETF reflects the overall performance of listed companies in the semiconductor materials and equipment sectors, highlighting the trend of self-sufficiency and upgrading within the semiconductor industry [2]

Core Viewpoint - The A-share market is experiencing narrow fluctuations, with the banking sector leading gains, and there is a strong demand for High Bandwidth Memory (HBM) driven by the rapid development of AI [1][2] Group 1: Market Performance - The A-share market showed a narrow range of fluctuations on July 1, with the banking sector again leading the gains [1] - The semiconductor ETF (588170) rose nearly 1% in early trading, with key stocks like Naiko Equipment and Zhongchuan Special Gas showing significant gains [1] Group 2: HBM Industry Insights - The demand for HBM is strong due to the rapid development of AI, with the market currently dominated by three overseas giants and almost no domestic production [1] - The manufacturing process of HBM is identified as a core barrier, emphasizing the importance of developing the entire industry chain [1] - The upstream of the HBM industry includes semiconductor raw materials and equipment suppliers, while the downstream applications are in AI, data centers, and high-performance computing [1] Group 3: Domestic HBM Production - The production of domestic HBM is deemed essential, with current production still in its early stages, presenting opportunities for upstream equipment and materials expansion [2] - Recommended companies for HBM equipment include Jingzhida, Huahai Qingke, and Chipsource, while material companies include Dinglong Co. and Yake Technology [2] - The semiconductor equipment and materials industry is a key area for domestic substitution, benefiting from low domestic production rates and high potential for replacement [2]

Core Insights - The report highlights a decline in the total profit of industrial enterprises in China, with a year-on-year decrease of 1.1% for the first five months of 2025, indicating a slowdown in industrial profitability [6][8] - High-tech manufacturing continues to support the profitability of industrial enterprises, suggesting a potential area for investment [6][7] - The report notes that while operating income for industrial enterprises grew by 2.7%, the growth rate has narrowed, indicating cost pressures that may affect profitability [6][7] Macroeconomic Overview - The total profit of industrial enterprises reached 27,204.3 billion yuan in the first five months, with a significant drop in May, where profits fell by 9.1% year-on-year [6][7] - The operating income for industrial enterprises showed a slight increase, with a profit margin of 5.0%, which is a marginal improvement from the previous month [6][7] - The report emphasizes the need for demand-side policies to stimulate growth, particularly in the real estate sector, which remains a significant shortfall in domestic demand [7][8] Industry Performance - The report provides a snapshot of various industry performances, with the non-ferrous metals sector showing a positive growth of 2.17%, while the banking sector experienced a decline of 2.95% [5] - The overall industrial production activity remains active, with an industrial added value growth of 6.3% year-on-year, although price pressures persist due to weak demand [7][8] - The report indicates that the prices of key commodities such as crude oil and iron ore have decreased, impacting the profitability of domestic industrial enterprises [8]

| 证券代码：688019 | 证券简称：安集科技 | 公告编号：2025-037 | | --- | --- | --- | | 转债代码：118054 | 转债简称：安集转债 | | 根据《上市公司证券发行注册管理办法》《上海证券交易所科创板股票上市 规则》等有关规定，安集微电子科技（上海）股份有限公司（以下简称"公司"） 委托信用评级机构联合资信评估股份有限公司（以下简称"联合资信"）对公司 主体及公司向不特定对象发行的可转换公司债券（以下简称"安集转债"）进行 了跟踪信用评级。 公司前次主体长期信用评级结果为 AA-，"安集转债"前次债券信用评级结 果为 AA-，评级展望为稳定，评级机构为联合资信，评级时间为 2024 年 9 月 3 日。 安集微电子科技（上海）股份有限公司 关于"安集转债"跟踪信用评级结果的公告 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： 前次债券评级：公司主体信用等级为 AA-，"安集转债"的信用等级为 AA-，评级展望为稳定。 本次债券评级：公司主体信用等级为 AA-，" ...

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 2025 年跟踪评级报告 | www.lhratings.com | | --- | | 1 | 联合〔2025〕5900 号 联合资信评估股份有限公司通过对安集微电子科技（上海）股 份有限公司主体及其相关债券的信用状况进行跟踪分析和评估，确 定维持安集微电子科技（上海）股份有限公司主体长期信用等级为 AA-，维持"安集转债"信用等级为 AA-，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月三十日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受安集微电子科技（上海）股份有限公司（以 下简称"该公司"）委托所 ...