证券代码：000920 证券简称：沃顿科技 沃顿科技股份有限公司投资者关系活动记录表 编号：202512 该均价变化主要源于产品结构优化。公司销售了更多高附加值的工业 膜产品，此类产品单价较高，从而拉高了计算出的平均单价。 6、2023 年膜元件销售支数为何出现较大幅度减少？ 主要原因是产品结构变化，工业膜占比提升。 7、公司销售市场的主要区域分布如何？国内外销售比例是多少？ 国内市场方面，业务重点集中于水资源相对紧缺及重工业集中区域， 如华北、华中、长三角、珠三角等地区。从全球市场看，出口业务占 比约 30%，国内销售占比约 70%。 8、海外销售具体集中于哪些地区？美国关税政策变化对公司是否有 显著影响？ 公司海外市场主要分布于亚洲、东南亚、中东、北非、中欧、东欧、 南美等地区。由于对美国市场依赖度低，中美贸易环境变化对公司影 响较小。 9、产品价格长期呈现下降趋势，未来是否存在提价可能性？ | 投资者关 | 特定对象调研 ☑ | □分析师会议 | | --- | --- | --- | | 系活动类 | □媒体采访 | □业绩说明会 | | 别 | □新闻发布会 | □路演活动 | | | □现场参观 ...

Group 1 - The integrated circuit ETF has seen a turnover of 6.11% during trading, with a transaction volume of 7.787 million yuan, and has attracted a total of 29.8883 million yuan over the past 16 trading days [2] - As of October 23, the integrated circuit ETF has achieved a net value increase of 54.14% over the past year, ranking 173 out of 3078 index equity funds, placing it in the top 5.62% [2] - The highest monthly return since the inception of the integrated circuit ETF was 31.86%, with the longest consecutive monthly increase being 4 months and the longest increase percentage being 58.99%, averaging a monthly return of 9.89% during rising months [2] Group 2 - The top ten weighted stocks in the CSI All-Share Integrated Circuit Total Return Index as of September 30, 2025, include SMIC, Cambricon, Haiguang Information, Lanke Technology, Zhaoyi Innovation, OmniVision, Chipone, Changdian Technology, Unisoc, and Tongfu Microelectronics, collectively accounting for 55.71% of the index [2] - The stock performance of key companies includes SMIC with a 2.34% increase and a weight of 9.96%, Haiguang Information with a 2.33% increase and a weight of 7.45%, and Cambricon with a 1.78% increase and a weight of 7.13% [4] - The AI-driven "super cycle" is characterized by structural features that drive rapid growth in data center storage demand, alongside increased penetration of smart terminals, fostering innovation in storage technology and market expansion [4] Group 3 - The domestic advanced production lines are expected to have continuous expansion needs in the context of the AI wave and domestic substitution, with semiconductor equipment being a cornerstone for wafer foundry expansion and an important aspect of achieving self-controllable industrial chains [5] - Domestic semiconductor equipment manufacturers are poised for development opportunities as their R&D and technology improve, allowing them to gradually penetrate the high-end equipment sector [5] - Investors without stock accounts can still access investment opportunities in the sector through the integrated circuit ETF linked fund (022350) [5]

Core Insights - CPI film, or transparent polyimide film, is a new type of functional film with excellent properties such as chemical stability, heat resistance, flame retardancy, and good ductility, making it suitable for applications in flexible displays, aerospace, and other industries [1][2][5] Industry Overview - The CPI film market in China is experiencing steady growth, with demand expected to reach nearly 4 million square meters by 2024, driven by rapid developments in downstream industries like electronics and aerospace [5][8] - The production of CPI films involves a complex supply chain, including upstream raw materials, midstream processing, and downstream applications [8] Market Dynamics - The CPI film market is characterized by high technical barriers, with few manufacturers primarily located in Japan and South Korea, such as KOLON and Sumitomo Chemical [5][8] - Chinese manufacturers, including Ruihua Tai and Changyang Technology, are relatively new entrants but have significant potential for domestic market replacement [5][8] Application Areas - The primary application of CPI films is in foldable smartphones, where the shift from LCD to OLED displays is driving demand for flexible display technologies [8][9] - In the solar energy sector, CPI films are used as substrate materials for solar cells, benefiting from their excellent heat and weather resistance [10] Industry Trends - Performance enhancement through molecular structure design and hybrid modifications is a key focus for future CPI film development [11] - Cost reduction strategies, including optimizing production processes and increasing local sourcing of raw materials, are essential for the industry's growth [11] - Expansion into new application areas such as 5G communication, IoT devices, and medical technology is anticipated, highlighting the versatility of CPI films [12]

Core Viewpoint - The laser welding monitoring system is an intelligent device designed for real-time detection and control of laser welding quality, utilizing multi-sensor fusion and AI algorithms to ensure high precision and consistency in welding processes [2][3]. Market Development - The market for laser welding monitoring systems is experiencing rapid growth, driven by the demand for high precision and consistency in industries such as automotive, aerospace, power batteries, and medical devices [3][4]. - The future of this market is expected to follow three major trends: "intelligentization" through AI integration, "integration" of monitoring systems into laser equipment, and "domestic substitution" as local companies in China advance in sensor and industrial software technologies [3][4]. Driving Factors - The demand for electric vehicles and power batteries is a significant driver, as laser welding is favored for its high precision and speed in manufacturing battery components [4]. - The need to reduce costs and improve efficiency is pushing traditional manual inspection methods out of favor, with laser welding monitoring systems providing 100% real-time, objective inspections [4]. - The system's ability to detect minor trends, such as laser power decline or lens contamination, helps prevent defects and production downtime [4]. Market Size and Growth - According to QYResearch, the global market for laser welding monitoring systems is projected to reach USD 320 million by 2031, with a compound annual growth rate (CAGR) of 12.73% over the coming years [7]. Key Manufacturers - Major manufacturers in the global laser welding monitoring system market include Coherent, IPG Photonics, Trumpf, and others, with the top five companies holding approximately 52.8% of the market share [8][19]. Value Chain - The value chain of laser welding monitoring systems is complex, encompassing upstream components like optical elements and sensors, midstream system integration, and downstream applications in various industries [9][10][13][14]. Competitive Landscape - The competitive landscape is characterized by international leaders with advanced technology, local manufacturers rapidly catching up, and specialized companies focusing on niche technologies [19][20]. - The focus of competition is expected to shift towards AI integration, system integration levels, and breakthroughs in domestic core components [21].

Core Viewpoint - The company is focusing on the development of various hardware products and aims to achieve breakthroughs in domestic chip technology for ultrasonic fluid measurement applications [1] Group 1: Product Development - The company is developing a range of hardware products, including smart POS systems, IoT terminals, and smart sensors, utilizing a wide variety of chips [1] - The performance of the chips used in these products shows significant variation, with a primary focus on procuring mature and general chip solutions for application development [1] Group 2: Technological Innovation - The company possesses proprietary core algorithms for ultrasonic fluid measurement, emphasizing a commitment to independent domestic technology paths [1] - The company is actively engaging with several capable domestic chip teams to evaluate the feasibility of joint research and development for custom ultrasonic measurement chips [1]

Core Insights - The company has achieved a significant breakthrough in the core light source field of semiconductor precision equipment with its self-developed excimer laser core module, which has received client recognition and is set for batch verification [1][3] - The excimer laser is a crucial component in semiconductor lithography and display inspection equipment, requiring high precision, energy stability, and longevity [3] - The company has received multiple repeat orders for its semiconductor core components and is currently in the machine integration verification phase, with expected applications in downstream wafer and panel factories [3] Company Strategy - The company has been increasing its investment in the research and development of high-end testing equipment and key core modules, covering three major business sectors: semiconductor testing, display testing, and new energy testing [3] - The continuous improvement of the layout from core components to complete systems is aimed at promoting the process of domestic substitution [3] - Successful client verification of the excimer laser core module is seen as a milestone for the company to expand its presence in the high-end semiconductor equipment market, potentially enhancing its competitive advantage in the domestic light source equipment sector [3]

Core Viewpoint - The successful application of domestically produced fluoropolymer-based composite additives in the production of long-chain branched metallocene polyethylene resin by Daqing Petrochemical has significantly reduced production costs and enhanced the self-sufficiency of the polyethylene industry supply chain [5]. Group 1: Domestic Production and Cost Reduction - Daqing Petrochemical has achieved full domestic production of 15 commonly used composite additives for polyethylene resin, which has notably lowered production costs [5]. - The company’s polyethylene production capacity is approximately 1.2 million tons annually, requiring nearly 10,000 tons of chemical "three agents" each year [5]. Group 2: Technological Advancements - The successful application of the domestic fluoropolymer-based composite additives is a result of extensive efforts by Daqing Petrochemical's technical team, which involved multiple rounds of research and development [5]. - The production process was optimized by establishing detailed production plans based on the characteristics of the domestic additives, including key parameters such as temperature and pressure [5]. Group 3: Training and Monitoring - Specialized training was provided to operational staff to ensure effective use of the new additives, with technical experts monitoring the production process to dynamically optimize parameters [5]. - The final product quality achieved stability and performance comparable to that of imported additives, demonstrating the effectiveness of the domestic alternatives [5].

Core Insights - The China Securities 500 ETF Ping An primarily covers the components of the CSI 500 Index, which focuses on small and medium-sized enterprises across various industries, including industrials, information technology, and materials [1] Group 1: Market Trends - The storage chip market is experiencing a price surge, leading to improved profit expectations and rising stock prices for related companies, indicating the arrival of a "super cycle" driven by AI [1] - The demand for large-capacity storage in data centers is growing rapidly, alongside increased penetration of smart devices such as smartphones and smart cars, driving innovation and market expansion in storage technology [1] - Analysts expect the price surge for AI server storage products to continue until 2026, benefiting domestic storage companies from both price recovery and domestic substitution [1] Group 2: Performance Metrics - As of October 21, 2025, the CSI 500 ETF Ping An has seen a net value increase of 25.45% over the past five years [4] - The fund's highest monthly return since inception was 22.89%, with an average monthly return of 5.04% and a year-to-date profit percentage of 66.67% [4] - The fund has achieved a Sharpe ratio of 1.41 over the past year, indicating strong risk-adjusted returns [4] Group 3: Fund Flow and Liquidity - The CSI 500 ETF Ping An has experienced continuous net inflows over the past six days, with a peak single-day net inflow of 154 million yuan, totaling 331 million yuan in net inflows [3] - The fund's latest scale reached 850 million yuan, marking a one-year high, and the number of shares reached 112 million, also a six-month high [3] Group 4: Top Holdings - As of September 30, 2025, the top ten weighted stocks in the CSI 500 Index include Shenghong Technology, Huagong Technology, and Xian Dao Intelligent, with these ten stocks accounting for 7.8% of the index [5][6]

Group 1: Business Overview - The company operates in the bearing and abrasive tools industries, focusing on five main business segments: new materials, basic components, machine tools, high-end equipment, and supply chain management [1] - Special bearings and superhard material tools are the primary sources of profit, with wind power bearings being the fastest-growing segment [1] Group 2: Bearing Business - The bearing business includes special bearings, wind power bearings, and precision machine tool bearings [2] - Special bearings are used in aerospace, military, and nuclear industries, with a leading domestic technology level [2] - Wind power bearings have achieved significant milestones, including the development of the first domestic 8 MW and 18 MW series main shaft bearings [2] - Precision machine tool bearings have shown stable development, primarily consisting of main shaft bearings and ball screw bearings [2] Group 3: Abrasive Tools Business - The abrasive tools segment includes superhard material tools, composite superhard materials, and diamond functional application products [2] - Superhard material tools have a strong market competitive advantage, serving sectors like semiconductors and automotive [2] - Composite superhard materials focus on specialized fields such as oil and gas drilling [2] - Diamond functional application products are expected to open new market spaces, with the first phase of single crystal diamond products already commercialized [2] Group 4: Financial Performance - The revenue from superhard tools is projected to be around 580 million yuan in 2024, with significant growth in the semiconductor sector [3] - Sales from diamond functional applications are expected to exceed 10 million yuan this year, primarily from non-civilian sectors [3] Group 5: Market Position and Future Plans - The company holds over 90% market share in domestic aerospace bearings, with products used in critical aerospace applications [3] - The domestic substitution of wind power bearings is progressing, with increasing market share year by year [3]

Core Viewpoint - The semiconductor industry in China is experiencing significant growth driven by government support, evolving global trade dynamics, and increasing domestic demand for AI and consumer electronics [4][5]. Group 1: Market Performance - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index rose by 2.76%, with notable increases in stocks such as SourceJect Technology (up 17.04%) and Baiwei Storage (up 6.30%) [1]. - The Sci-Tech Chip ETF (588200) increased by 2.64%, with a trading volume of 2.128 billion yuan and a turnover rate of 5.42% [3]. - Over the past three months, the Sci-Tech Chip ETF's scale grew by 7.184 billion yuan, ranking first among comparable funds [3]. Group 2: Fund Performance - The Sci-Tech Chip ETF saw a significant increase in shares, with a growth of 1.005 billion shares over the past two weeks, also ranking first among comparable funds [3]. - The ETF recorded a net inflow of 91.1468 million yuan, with a total of 2.602 billion yuan net inflow over the last eight trading days [3]. - As of October 20, 2025, the ETF's net value increased by 132.31% over the past three years, placing it in the top 1% of index equity funds [3]. Group 3: Industry Trends - The semiconductor industry is entering a new upward cycle, supported by government policies and the AI innovation cycle, which enhances expectations for self-sufficiency in chip production [4]. - The domestic semiconductor sector is witnessing a wave of mergers and acquisitions across various fields, including materials, equipment, EDA, packaging, and chip design [5]. - Companies are engaging in horizontal and vertical mergers to expand their scale and improve the supply chain, reshaping the landscape of the domestic semiconductor industry [5]. Group 4: Key Stocks - The top ten weighted stocks in the Sci-Tech Chip Index account for 59.69% of the index, with notable performers including SMIC (up 3.32%) and Haiguang Information (up 2.61%) [3][7]. - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [7].