科创半导体ETF（588170）及其联接基金（A类：024417；C类：024418）：跟踪指数是科创板唯一的 半导体设备主题指数，其中先进封装含量在全市场中最高（约50%），聚焦于科技创新前沿的硬核设备 公司。 招商证券也指出，在价格与需求共振情况下，今年海内外存储将迎来业绩释放大年，后续市场价格趋势 和各环节公司业绩增长持续性是核心关注点，建议关注存储+设备+产业链三大核心环节相关公司。 相关ETF：半导体设备ETF华夏（562590）及其联接基金（A类：020356；C类：020357），跟踪中证半 导体材料设备主题指数，其中半导体设备的含量在全市场指数中最高（约63%），直接受益于全球芯片 涨价潮对"卖铲人"（设备商）的确定性需求。 截至11点02分，高"设备"含量的科创半导体ETF（588170）涨4.09%，半导体设备ETF华夏（562590）涨 3.50%。个股方面，有研硅上涨15.20%，富创精密上涨12.27%，拓荆科技上涨10.87%，中巨芯、中船特 气等个股跟涨。 银河证券认为，AI算力需求不减、存储芯片周期上行以及先进封装技术渗透，共同推动半导体设备需 求提振，2026年半导体设备市场 ...

Market Overview - The A-share market experienced a turbulent morning session with all three major indices declining, led by the ChiNext Index which fell by 0.96% [1][2] - The Shanghai Composite Index decreased by 0.7%, and the Shenzhen Component Index dropped by 0.67% [1][2] - Trading volume significantly shrank, with the total turnover in the Shanghai and Shenzhen markets reaching 1.2 trillion yuan, a decrease of 125.6 billion yuan compared to the previous trading day [1][2] Sector Performance - The semiconductor sector showed strong performance, with concepts related to photolithography machines and photolithography adhesives rapidly rising [1][2] - Guofeng New Materials achieved a notable performance with two consecutive trading limits in four days [1][2] - The semiconductor equipment concept continued to strengthen, with Shenghui Integration hitting the daily limit and setting a new historical high [1][2] - The paper-making sector also demonstrated resilience, with Wuzhou Special Paper reaching the daily limit [1][2] Declining Sectors - The port and shipping sector faced a collective downturn, with significant declines in stocks such as COSCO Shipping Energy and China Merchants Energy [1][2]

消息面上，2月10日晚间，上交所官网显示，盛合晶微半导体有限公司科创板IPO将于2月24日上会迎 考。 机构指出，重视盛合晶微上市带来的半导体设备催化。先进封装涉及光刻、刻蚀、薄膜沉积、电镀、键 合、测试等多个环节，与前道晶圆制造有诸多工艺重叠。随着盛合晶微募资扩产，将直接拉动相关设备 的需求，有望带动整个国产半导体设备及材料供应链的价值重估和订单释放，为相关供应商带来确定性 的发展机遇。 科创半导体设备ETF鹏华紧密跟踪上证科创板半导体材料设备主题指数，上证科创板半导体材料设备主 题指数选取科创板内业务涉及半导体材料和半导体设备等领域的上市公司证券作为指数样本，以反映科 创板半导体材料和设备上市公司证券的整体表现。 数据显示，截至2026年1月30日，上证科创板半导体材料设备主题指数(950125)前十大权重股分别为华 海清科、中微公司、拓荆科技、中科飞测、沪硅产业、芯源微、安集科技、华峰测控、天岳先进、盛美 上海，前十大权重股合计占比73.89%。 截至2026年2月11日 11:22，上证科创板半导体材料设备主题指数(950125)成分股方面涨跌互现，有研硅 领涨4.75%，华峰测控上涨2.15%，沪硅 ...

Summary of Conference Call on Japan Technology: Semiconductors Industry Overview - The focus of the conference call was on the semiconductor industry, particularly front-end and back-end equipment manufacturers, as well as NAND memory producers [1][2]. Key Points Discussed Front-End Equipment - Investor sentiment is bullish on front-end semiconductor equipment (SPE) makers, with expectations for double-digit growth (over 10%) in the wafer fabrication equipment (WFE) market for both calendar years 2026 and 2027 [2]. - The outlook for the WFE market has improved significantly, with previous expectations for CY26 growth being in the mid-single-digit range [2]. - Investors are showing considerable interest in small- and mid-cap stocks like Ulvac and JEOL, which are currently lagging behind larger companies [2]. Back-End Equipment - Demand for AI-related equipment remains strong, particularly for Advantest, but investor expectations for FY3/27 are already high, aligning closely with estimates [3]. - For Disco, there is skepticism regarding significant increases in shipment levels from the current quarterly level of approximately ¥110 billion, leading to lower expectations for FY3/27 earnings [3]. - Interest in Tokyo Seimitsu is noted, but many investors believe that substantial margin improvements are necessary for the share price to rise further [3]. NAND Market - Many investors are optimistic about Kioxia Holdings, despite the Neutral rating, with expectations for a sharp price increase in Q4 FY3/26 due to rising server demand amid limited supply [4]. Investment Ratings and Price Targets - **Tokyo Electron**: Buy, with a target price of ¥43,000, driven by growth prospects in DRAM investment [8]. - **Disco**: Buy, target price of ¥64,000, based on multiple growth drivers [9]. - **Ebara**: Buy, target price of ¥5,200, expecting CMP-led earnings growth [9]. - **Ulvac**: Buy, target price of ¥8,400, with expectations for orders to exceed forecasts [9]. - **Advantest**: Neutral, with a target price of ¥22,800, facing high investor expectations [9]. - **Kioxia Holdings**: Neutral, target price of ¥11,400, with volatile capacity utilization trends [9]. - **Tokyo Seimitsu**: Sell, target price of ¥8,700, requiring significant semiconductor order growth for price improvement [9]. Risks and Considerations - Risks for companies include potential slowdowns in AI-related demand, tightening of export controls, and fluctuations in customer capital expenditure appetite [9]. - The semiconductor industry faces challenges such as prolonged inventory adjustments and competitive pressures from Chinese manufacturers [9]. Conclusion - The semiconductor industry is experiencing a positive shift in investor sentiment, particularly for front-end equipment manufacturers, while caution remains regarding valuations and potential risks in the back-end and NAND markets [1][2][4].

Group 1 - The semiconductor equipment sector experienced a significant surge on January 7, with stocks such as ChipSource rising over 18%, Anji Technology over 12%, and Nanda Optoelectronics over 11% [1] - The CSI Semiconductor Materials and Equipment Theme Index increased by 5.0%, while the CSI Chip Industry Index rose by 1.5% [1] - The E Fund Semiconductor Equipment ETF (159558) saw a net subscription exceeding 40 million units during the trading session [1] Group 2 - Zheshang Securities predicts that the semiconductor equipment sector will significantly outperform the market by 2025, with front-end equipment revenue continuing to grow while profit growth slows structurally [1] - Back-end equipment is expected to experience explosive growth, leading to a significant increase in net profit margins, indicating a high prosperity trend in the industry [1] - The CSI Semiconductor Materials and Equipment Theme Index consists of 40 stocks related to semiconductor materials and equipment, with semiconductor equipment and materials accounting for 60% and 20% respectively [1]

Market Overview - The market experienced a morning rally with the ChiNext Index rising nearly 1% and significant differentiation between sectors [1][3] - By the end of the morning session, the Shanghai Composite Index increased by 0.34%, the Shenzhen Component Index by 0.65%, and the ChiNext Index by 0.78% [1][3] - The total trading volume in the Shanghai and Shenzhen markets reached 1.24 trillion yuan, an increase of 52.3 billion yuan compared to the previous trading day [1][3] Sector Performance - The lithium battery industry chain showed strong performance, with stocks like Tianji Co. and Tianci Materials hitting the daily limit [1][3] - The non-ferrous tungsten sector was also active, with Xianglu Tungsten and Zhangyuan Tungsten both reaching the daily limit [1][3] - The semiconductor equipment sector continued its strong trend, with Shenghui Integration achieving a historical high after two consecutive trading days of gains [1][3] - Conversely, the commercial aerospace sector saw a pullback, with Aerospace Machinery hitting the daily limit down [1][3] - The film and theater sector experienced declines, with Bona Film Group facing two consecutive limit downs [1][3] Notable Stocks - Key stocks mentioned include Tianji Co., Tianci Materials, Xianglu Tungsten, Bona Film Group, Shenghui Integration, Aerospace Machinery, and Zhangyuan Tungsten [5]

Summary of NAURA Technology Group Co Ltd 3Q25 Earnings Call Company Overview - **Company**: NAURA Technology Group Co Ltd - **Ticker**: 002371.CH - **Industry**: Semiconductors Key Financial Highlights - **3Q25 Revenue**: RMB 11,160 million, a record high, representing a year-over-year increase of 38.3% and a quarter-over-quarter increase of 41% [2][10] - **Gross Profit Margin (GPM)**: 40.3%, which is lower than expected and has been declining for four consecutive quarters [3][10] - **Operating Profit Margin (OPM)**: 17.5%, missing consensus estimates by 427 basis points [10] - **Net Profit Margin (NPM)**: 17.2%, also missing consensus by 307 basis points [10] - **Earnings Per Share (EPS)**: Reported at CNY 2.66, which is a 17.9% increase year-over-year but missed estimates by 7.3% [10] Revenue Drivers - The revenue increase was partly attributed to the consolidation of Beijing Seven Star Flight Electronics, contributing tens of millions of RMB [2][10] - Organic revenue, excluding the acquisition, would have been around RMB 11,100 million [2] Margin Analysis - Management guided GPM to be between 40% and 43%, but the market expected the higher end of this range [3] - The decline in GPM is attributed to higher verification costs for new equipment, similar to trends seen in peers like AMEC and Piotech [3] - Concerns exist regarding the potential for further margin compression as new equipment ramps up for advanced logic [3] Employee Stock Ownership Plan (ESOP) - A new ESOP will be established from 2025 to 2027, with shares sourced from the public market and unlocked in three batches over 12, 24, and 36 months [4] Market Performance - **Current Price**: CNY 415.50 - **Price Target**: CNY 450.00, indicating an upside of 8% [5] - **Market Capitalization**: CNY 300,859 million [5] Risks and Concerns - Potential downside risks include prolonged down cycles in the LED and photovoltaic industries, slower-than-expected domestic equipment localization, and capital expenditure for fabs in China not meeting targets [32] Conclusion - NAURA Technology Group Co Ltd reported strong revenue growth but faced challenges with declining margins. The company maintains an outperform rating, but market sentiment may be affected by its GPM performance and ongoing risks in the semiconductor industry [1][3][10]

Group 1 - The core viewpoint of the article highlights the strong performance of semiconductor equipment stocks in the A-share market, with notable increases in stock prices for several companies [1] - Specifically,拓荆科技 saw a 10% increase, reaching a historical high, while金海通 rose over 8%,富创精密 increased by over 6%,中微公司 gained over 5%, and中科飞测 went up by over 4% [1] - Additionally, SEMI announced in its "Global Semiconductor Equipment Market Report" that the global semiconductor equipment shipment value is expected to reach $33.07 billion in the second quarter of 2025, representing a year-on-year growth of 24% [1]

Group 1 - The core viewpoint of the article highlights a significant increase in semiconductor equipment stocks, with notable gains from companies such as Tuojing Technology, which rose over 10% to reach a historical high [1] - The Semiconductor Equipment and Materials International (SEMI) reported that the global semiconductor equipment shipment value is projected to reach $33.07 billion in the second quarter of 2025, representing a year-on-year growth of 24% [1] Group 2 - Several companies in the semiconductor equipment sector, including Jingzhida, Jinhaitong, Fuchuang Precision, and Saiteng Co., also experienced stock price increases following the positive market outlook [1]

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - It focuses on uncovering the investment value of significant events, analyzing industry chain companies, and interpreting key policies [1] - The product aims to provide users with quick information on market impacts, presenting the value of information through a professional lens and simple language [1]