Core Viewpoint - The demand for advanced packaging continues to grow, driven primarily by AI-related applications [3][30]. Group 1: Advanced Packaging Demand - The advanced packaging market is expected to grow from $39 billion in 2023 to $80 billion by 2029, with a compound annual growth rate (CAGR) of 12.7% [12]. - The 2.5D/3D packaging segment is projected to grow at a CAGR of 20.9% over the next five years, becoming a key driver for market expansion [12]. - Advanced packaging shipments are anticipated to rise from 70.9 billion units in 2023 to 97.6 billion units by 2029, with a CAGR of 5.5% [15]. Group 2: Technology and Equipment - Four main advanced packaging technologies—FC, WLP, 2.5D, and 3D—are facilitating the evolution of packaging technology [5][7]. - The global advanced packaging equipment market is expected to reach $3.1 billion in 2024, marking a historical high [5]. - The demand for etching, thin film deposition, and plating equipment is rapidly increasing due to advancements in packaging technology [5]. Group 3: Market Dynamics - The semiconductor industry is experiencing a downturn in 2023, impacting the advanced packaging market, which saw a year-on-year decline of 3.5% [12]. - The recovery in specific end markets and the ongoing application of advanced packaging technology are expected to sustain healthy growth in the coming years [15]. - AI applications are driving long-term growth in semiconductor revenues, with the AI-related semiconductor market projected to grow at a CAGR of 28.9% from 2024 to 2033 [27]. Group 4: Investment Opportunities - Companies such as ASMPT, North Huachuang, and Zhongwei Company are recommended for investment due to their breakthroughs in niche areas of the domestic equipment market [5]. - Major packaging projects are underway or planned, with total investments amounting to approximately $100 billion [29].

截至2025年6月20日11:04，中证半导体材料设备主题指数（931743）强势上涨1.33%，成分股中光刻胶板块大涨，晶瑞电材上涨13.95%，三佳科技上涨 5.39%，上海新阳上涨4.36%，富创精密，江化微等个股跟涨。半导体材料ETF（562590）上涨1.05%，冲击3连涨。 数据显示，截至2025年5月30日，中证半导体材料设备主题指数前十大权重股分别为北方华创、中微公司、沪硅产业、南大光电、华海清科、拓荆科技、长 川科技、鼎龙股份、TCL科技、安集科技，前十大权重股合计占比61.33%。 半导体材料ETF（562590），场外联接（华夏中证半导体材料设备主题ETF发起式联接A：020356；华夏中证半导体材料设备主题ETF发起式联接C： 020357）。 每日经济新闻 长江证券表示，当前，半导体设备与材料的国产化率仍然处于较低水平，2024年半导体设备上市公司营收占中国大陆半导体设备销售额（不含进口光刻机） 的比重为22.4%，材料则为30.7%，后续随着研发的大力投入，国产替代仍将稳步推进。展望后续行情，估值进一步下行的可能性有限，且随着本土晶圆制 造综合能力的不断提升，业绩的兑现和订单的落地 ...

Core Viewpoint - The semiconductor materials ETF (562590) is showing positive performance, with a notable increase in key component stocks, indicating a potential growth cycle in the semiconductor industry driven by AI demand and domestic substitution trends [3][4]. Group 1: Market Performance - As of June 20, 2025, the semiconductor materials theme index rose by 0.77%, with significant gains in component stocks such as Sanjia Technology (+4.80%), Jingrui Electric Materials (+4.10%), and Huahai Chengke (+2.09%) [3]. - The semiconductor materials ETF (562590) increased by 0.67%, marking its third consecutive rise, with the latest price at 1.06 yuan [3]. - The tracking error for the semiconductor materials ETF over the past three months is 0.014%, indicating high tracking accuracy compared to comparable funds [3]. Group 2: Industry Events - The 2025 World Semiconductor Expo is scheduled to take place from June 20 to 22, 2025, at the Nanjing International Expo Center, focusing on cutting-edge technologies and products in IC design, wafer manufacturing, packaging testing, and semiconductor applications [3]. - Key topics at the expo will include EDA, advanced processes, computing power chips, semiconductor materials, and supply chain security [3]. Group 3: Industry Insights - Minsheng Securities highlights that the demand for computing power driven by artificial intelligence, combined with the acceleration of domestic substitution due to U.S. tariff policies, is propelling the rapid development of several leading semiconductor companies [3]. - The Chinese semiconductor industry is expected to enter a new growth cycle, with promising investment prospects [3]. Group 4: ETF Composition - The semiconductor materials ETF closely tracks the China Securities Semiconductor Materials and Equipment Theme Index, which includes 40 listed companies deeply involved in the semiconductor materials and equipment sectors [4]. - The index features leading companies that have made significant breakthroughs in domestic substitution, such as North Huachuang and Zhongwei Company in etching equipment, and Hushi Silicon Industry and Nanda Optoelectronics in key materials [4].

Core Viewpoint - The semiconductor industry is experiencing growth driven by the demand for edge AI computing in low-power devices, leading to new market opportunities for SoC chips as smart terminal devices become more prevalent [3][4]. Group 1: Market Performance - As of June 20, 2025, the CSI Semiconductor Industry Index (931865) increased by 0.85%, with notable gains in constituent stocks such as Jingrui Electric Materials (300655) up by 5.63% and Huahai Chengke (688535) up by 5.07% [3]. - The semiconductor industry ETF (159582) rose by 0.73%, marking its third consecutive increase, with the latest price at 1.38 yuan [3]. - The ETF's net asset value increased by 24.89% over the past year, with a maximum monthly return of 20.82% since inception [4]. Group 2: Fund Performance Metrics - The semiconductor industry ETF has achieved a historical holding period profit probability of 100% over one year, with an average monthly return of 9.32% during up months [4]. - The ETF's Sharpe ratio since inception is 1.05, indicating a favorable risk-adjusted return [4]. - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [4]. Group 3: Index Composition - As of May 30, 2025, the top ten weighted stocks in the CSI Semiconductor Industry Index accounted for 75.47% of the index, with North Huachuang (002371) holding the highest weight at 15.51% [5][7]. - Other significant constituents include Zhongwei Company (688012) at 12.80% and SMIC (688981) at 11.67% [7].

证券代码：688120 证券简称：华海清科 公告编号：2025-043 华海清科股份有限公司 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： ? 股东大会召开日期：2025年7月8日 （三） 投票方式：本次股东大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 至2025 年 7 月 8 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 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所科创板上市公司自律监管指引第 1 号 — 规范运作》 等有关规定执行。 （七） 涉及公开征集股东投票权 不涉及 二、 会议审议事项 本次股东大会审议议案及投票股东类型 投票股东类型 序号 议案名称 A 股股东 非累积投票 ...

国泰海通证券股份有限公司 关于华海清科股份有限公司 使用部分超募资金永久补充流动资金的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 华海清科股份有限公司（以下简称"华海清科"或"公司"）首次公开发行股票 并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证 券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引 第 1 号——规范运作》《上市公司募集资金监管规则》等有关规定履行持续督导 职责，对华海清科本次拟使用部分超募资金永久补充流动资金事项进行了审慎核 查，具体核查情况如下： 一、募集资金基本情况 中国证券监督管理委员会（以下简称"中国证监会"）于 2022 年 4 月 27 日 出具《关于同意华海清科股份有限公司首次公开发行股票注册的批复》（证监许 可[2022]890 号），公司获准向社会公开发行人民币普通股 2,666.67 万股，发行价 格为人民币 136.66 元/股，募集资金总额为 364,427.12 万元，扣除发行费用 15,436.59 万元（不含增值税）后，募集资金净额为 348,990.53 万元。 上述募集资金到位情 ...

华海清科股份有限公司 关于使用部分超募资金永久补充流动资金的公告 证券代码：688120 证券简称：华海清科 公告编号：2025-042 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： 华海清科股份有限公司（以下简称"公司"）使用超募资金 74,000 万元 （含部分利息收入）永久补充流动资金，占超募资金总额的比例为 29.72%。 公司承诺每十二个月内累计使用超募资金永久补充流动资金的金额将不 超过超募资金总额的 30%，本次使用部分超募资金永久补充流动资金不会影响募 投项目建设的资金需求，在永久补充流动资金后的十二个月内不进行高风险投资 以及为公司控股子公司以外的对象提供财务资助。 本事项尚需提交公司股东大会审议。 公司于 2025 年 6 月 19 日召开了公司第二届董事会第十五次会议、第二届监 事会第八次会议，审议通过了《关于使用部分超募资金永久补充流动资金的议案》， 同意公司使用超募资金 74,000 万元（含部分利息收入）永久补充流动资金，占 超募资金总额的比例为 29.72%。现将具体情况公告 ...

证券代码：688120 证券简称：华海清科 公告编号：2025-043 华海清科股份有限公司 关于召开2025年第二次临时股东大会的通知 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） 股东大会类型和届次 2025年第二次临时股东大会 召开日期时间：2025 年 7 月 8 日 14 点 30 分 召开地点：天津市津南区咸水沽镇聚兴道 11 号 2 号楼 2102 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大会网络投票系统 网络投票起止时间：自2025 年 7 月 8 日 至2025 年 7 月 8 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 股东大会召开日期：2025年7月8日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大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 东大 ...

Core Viewpoint - The article discusses the evolving policy environment surrounding state-owned enterprises (SOEs) and their investment strategies, particularly focusing on the "early, small, and hard" investment approach promoted by the State-owned Assets Supervision and Administration Commission (SASAC) [1][2][4]. Group 1: Policy Changes and Investment Strategies - The SASAC has emphasized the need for SOEs to focus on new industries and technologies, guiding them to engage in angel investing, venture capital, and equity investments [4][11]. - Various regions, including Zhejiang, Jiangsu, Shanghai, Guangdong, and Hubei, have begun exploring the "early, small, and hard" investment model since 2025 [7][8]. - The Zhejiang Science and Technology Innovation Fund is highlighted as an early adopter of this investment model, aiming to support technological innovation and emerging industries in the province [6][16]. Group 2: Challenges Faced by State-owned Investment Institutions - Despite the policy shifts, state-owned investment institutions face challenges, such as insufficient risk tolerance for state capital, which affects investment enthusiasm [9][49]. - The SASAC is working on defining the next steps for state-owned investments, focusing on promoting innovation and integrating industry and technology [47][48]. - There is a need for improved cross-departmental collaboration to effectively implement the "early, small, and hard" investment strategy [49]. Group 3: Successful Case Studies - Zhejiang Chuangtou's investment in Huahai Qingshi is cited as a successful example, yielding a return of 4.7 billion yuan with a return on investment of 15.6 times [32][30]. - The Shanghai International Group has established a hard technology fund, targeting investments in semiconductor, artificial intelligence, and biomedicine sectors, leveraging local government support [36][39]. - The fund has developed a comprehensive project evaluation mechanism and offers post-investment management services to enhance the competitiveness of invested companies [42].

Core Viewpoint - The new phase of state-owned enterprise (SOE) reform emphasizes guiding SOE funds to "invest early, invest small, and invest in hard technology" [2][4][30]. Group 1: Policy and Implementation - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting on June 17, 2023, to outline the reform work, focusing on new industries and technological value [2]. - Various regions, including Zhejiang, Jiangsu, Shanghai, Guangdong, and Hubei, have begun exploring the "invest early, invest small, and invest in hard technology" model since 2025 [3]. - SASAC plans to promote reforms in the mechanisms for technological and industrial innovation, guiding SOE funds to adopt the new investment strategy [4][30]. Group 2: Case Studies and Successes - The Zhejiang Science and Technology Innovation Fund is an early adopter of the "invest early, invest small, and invest in hard technology" model, aiming to support technological innovation in the province [3][7]. - Zhejiang's fund evaluation mechanism has been reformed to extend the investment cycle from 8-10 years to 15 years, encouraging patience in capital investment [8]. - Zhejiang's investment in Huahai Qingshi, a semiconductor equipment company, yielded a financial return of 470 million yuan, with an investment return rate of 15.6 times [19]. Group 3: Challenges and Recommendations - SOE venture capital faces challenges, including insufficient risk tolerance for state capital, which affects investment enthusiasm [4][32]. - The SASAC is working on defining the next steps for state capital investment, focusing on avoiding blind competition and ensuring strategic alignment with national industrial development [31]. - Experts suggest enhancing the investment environment by increasing funding, improving exit mechanisms for early-stage projects, and establishing a comprehensive evaluation and incentive mechanism for early-stage investments [32][33].