Core Viewpoint - The A-share market opened lower due to trade friction news, but the Sci-Tech Innovation Chip sector rebounded strongly, with significant capital inflows into the Sci-Tech Innovation Chip 50 ETF (588750) [1][5]. Market Performance - As of 10:24, the Sci-Tech Innovation Chip 50 ETF (588750) surged by 2%, with cumulative net inflows exceeding 1.5 billion yuan over the past eight days [1]. - Major component stocks of the index saw significant gains, with Huahong Semiconductor rising over 9% and SMIC increasing over 5% [3]. Component Stocks - The top ten component stocks of the Sci-Tech Innovation Chip 50 ETF include: - Haiguang Information: 11.25% weight, 1.42% decline - Taoqi Technology: 10.03% weight, 0.93% decline - SMIC: 9.07% weight, 5.47% increase - Other notable stocks include Cambrian, Xinyuan, and others with varying performance [4]. Industry Trends - The domestic demand for chip localization is expected to increase, benefiting from reduced reliance on U.S. exports and the ongoing domestic industrial chain autonomy [5]. - The recent U.S. semiconductor export controls are anticipated to enhance the market share of domestic semiconductor equipment, with rapid increases in localization rates for critical manufacturing processes [5]. AI and Chip Development - The domestic AI ecosystem is increasingly capable, with local chip manufacturers benefiting from the AI wave, as demonstrated by the synchronization of new AI models with domestic chips [6][7]. - The release of the DeepSeek-V3.2 model has led to significant cost reductions for users, enhancing the adaptability of domestic chips [7]. Index Characteristics - The Sci-Tech Innovation Chip Index focuses on high-tech segments of the semiconductor industry, with 95% of its components in upstream and midstream sectors, indicating higher growth potential compared to other indices [8][10]. - The index has shown strong performance metrics, with a projected net profit growth rate of 71% for H1 2025 and 100% for the entire year, significantly outpacing peers [11]. Investment Opportunities - The Sci-Tech Innovation Chip 50 ETF (588750) is highlighted as a high-elasticity investment option, with a maximum increase of 186.5% since September, making it an attractive choice for investors looking to capitalize on the semiconductor sector's growth [11].

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The wafer foundry industry is the final point for chips from design to application, benefiting from the surge in domestic computing infrastructure and the demand for advanced foundry services, highlighting the importance of self-sufficiency in the industry [1] - AI computing power and the "China for China" strategy are driving the expansion and demand in the wafer foundry market, particularly for advanced processes below 14nm, which remain a bottleneck for domestic foundries [2] - Domestic equipment breakthroughs and the weakening impact of overseas restrictions are expected to accelerate the expansion of local wafer foundries, with a focus on achieving full localization across the entire supply chain [3] - The wafer foundry sector is critical for semiconductor localization, with urgent needs for domestic replacements due to U.S. semiconductor policies that have significantly impacted domestic advanced process expansion [4] - Companies to watch include SMIC, Hua Hong Semiconductor, Jingxin Integrated Circuit, Yandong Microelectronics, and Xilinx Integrated [5] Summary by Sections - **Investment Rating**: The industry is rated as "Positive" [6] - **Market Drivers**: The growth in AI computing and local strategies are key drivers for demand in advanced wafer foundry services [2] - **Domestic Equipment and Localization**: Progress in domestic semiconductor equipment and reduced impact from overseas restrictions are facilitating faster expansion of local foundries [3] - **Policy Impact**: U.S. semiconductor policies have created a pressing need for domestic alternatives in the wafer foundry sector [4] - **Companies of Interest**: Notable companies in the sector include SMIC and others [5]

Core Insights - The semiconductor mask blank is a critical component in semiconductor manufacturing, with significant implications for domestic production capabilities and supply chain independence [2][4]. Market Overview - The global semiconductor mask blank market is projected to reach $6.079 billion by 2025, with a year-on-year growth of 7% [1][2]. - The market size for semiconductor mask blanks in mainland China grew from $912 million in 2017 to $1.556 billion in 2022, reflecting a compound annual growth rate (CAGR) of 11.3% during this period [1][2]. Industry Dynamics - Mask blanks are essential for creating high-resolution patterns in semiconductor production, with IC manufacturing accounting for 60% of the downstream market [2]. - The market for blank masks is currently dominated by Japanese manufacturers, including HOYA, Shin-Etsu, and AGC, particularly in the EUV and DUV segments [3][4]. Domestic Opportunities - The push for domestic production of semiconductor mask blanks is crucial for reducing reliance on foreign suppliers and enhancing the stability of the semiconductor supply chain [4]. - Companies like Juhe Materials are looking to enter the blank mask market through acquisitions, indicating a strategic move towards achieving self-sufficiency in high-end mask production [3][4].

Core Viewpoint - The A-share market shows a clear upward trend in October, with the Shanghai Composite Index successfully breaking through the 3900-point mark, indicating a potential for further gains in the near term [1]. Market Overview - The Shanghai Composite Index maintained a fluctuating upward trend on the first trading day of October, closing with a significant gain and breaking the 3900-point resistance level after nearly a month of consolidation [1]. - The market is expected to continue its upward trajectory, with a focus on the 14th Five-Year Plan, third-quarter report disclosures, and event-driven developments in the technology sector [1]. Sector Highlights - The technology sector remains a focal point in October, with orderly rotation and high-low switching expected within the sector. Underperforming areas such as robotics, military industry, and smart vehicles are anticipated to see a rebound [2]. - The semiconductor industry is projected to continue its domestic growth trend, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2]. - The military sector is expected to see a recovery in orders by 2025, with many sub-sectors showing signs of bottoming out in their mid-year performance [2]. - The innovative drug sector is entering a recovery phase after four years of adjustment, with positive net profit growth expected to continue into 2025 [2]. - The banking sector is witnessing a rebound in mid-year performance growth after the impact of loan rate re-pricing, making it attractive to long-term institutional investors due to its dividend yield [2]. Trading Day Recap - On the first trading day of October, the A-share market experienced a broad-based rally, with over 3100 stocks rising and trading volume significantly increasing compared to the last trading day of September [3]. - Leading sectors included non-ferrous metals, steel, coal, public utilities, and electronics, while sectors such as media, real estate, social services, automotive, and food and beverage lagged behind [3].

策 略 研 究 新股分析 2025 年 10 月 09 日 西安奕材：我国 12 英寸硅片头部厂 商 ——注册制新股纵览 20251009 本期投资提示： 证 券 研 究 报 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 申 购 策 略 告 相关研究 - ⚫ AHP 得分：剔除、考虑流动性溢价因素后，测算西安奕材 AHP 得分为 2.49 分、2.58 分， 分别位于科创体系 AHP 模型总分 40.9%分位、44.0%分位，处于中游偏下、中游偏上水平。 ⚫ 本次网下发行采取约定限售方式：A₁类限售期 9 个月、限售比例 60%，A₂类、A₃类及 B 类 限售期均为 6 个月，限售比例分别为 45%、25%、25%，对应配售比例要求为 A₁类≥2.25×A₂ ...

Core Viewpoint - The company, ShenGong Co., Ltd., is a global leader in the production of large-diameter silicon materials for etching, leveraging proprietary technologies to enhance production quality and reduce costs [1] Group 1: Technology and Production Capabilities - The company has developed a "non-magnetic large-diameter single crystal silicon manufacturing technology" that suppresses silicon melt convection without relying on strong magnetic fields, enabling high-quality production of high-purity large-diameter single crystal silicon and significantly lowering unit costs [1] - The "solid-liquid coexistence interface control technology" is designed to meet the varying needs of crystal growth stages, ensuring product yield and parameter consistency, with both technologies being at the forefront of the international industry [1] - The annual production capacity of semiconductor materials has reached 500 tons, making the company the largest in the world in this sector [1] Group 2: Integrated Supply Chain and Key Technologies - As one of the few companies with a complete "materials-components-applications" integrated factory for etching components, the company’s technology spans critical links in the industry chain [1] - The "silicon electrode micro-deep hole processing technology" achieves burr-free, high-cleanliness processing of nearly a thousand micro-deep holes, while the "silicon component precision etching and cleaning technology" utilizes multi-stage displacement cleaning and specialized processes to thoroughly remove micro-pore impurities [1] - The company supplies silicon components for 8-inch and 12-inch etching machines in bulk to major industry players such as North Huachuang and TSMC [1] Group 3: Advancements in Third-Generation Semiconductors - The company has proactively positioned itself in the third-generation semiconductor field, reserving core technologies such as "rapid CVD-SiC technology" and "CVD-SiC grain control technology" [1] - The rapid CVD-SiC technology enables fast and uniform deposition of silicon carbide, while the grain control technology enhances coating fatigue resistance by adjusting process parameters [1] - These advancements lay a solid foundation for improving the domestic semiconductor supply chain [1]

Core Insights - The article discusses the evolving landscape of technology investment in 2025, particularly focusing on AI and its implications for investment strategies and opportunities [7][10]. Group 1: Investment Logic in AI - The current investment logic in the AI industry chain revolves around three main lines: the effectiveness of scaling laws under large model architectures, the identification of companies with viable business models, and focusing on end-user demand rather than marginal changes in the supply chain [8][9]. - The AI industry is driven by the interplay between model paradigms, application forms, and computing efficiency, with a shift towards downstream applications and terminal demands expected in the future [9][10]. Group 2: Valuation of AI Sector - The overall valuation of the A-share AI sector is considered reasonable or even low, supported by the high certainty of future investments from internet giants [10]. - There is significant valuation differentiation within the AI sector, with overseas computing power showing a price-to-earnings ratio between 15 to 25 times based on 2026 profit forecasts, indicating no signs of a bubble [10][11]. Group 3: Future Trends and Opportunities - The future trajectory of the AI industry will depend on the successful implementation of business models, with early success in specific verticals potentially boosting market confidence [11]. - The AI sector is expected to enter a phase of scenario realization, with significant opportunities in areas like intelligent driving and humanoid robots, which are seen as having strong market potential [14][15]. Group 4: Other Technology Investment Directions - Other noteworthy technology investment directions include semiconductor localization, storage cycles, robotics, and autonomous driving, which are all considered valuable areas for investment [15].

Group 1: Financial Performance - In the first half of 2025, the company's operating revenue was 1.489 billion yuan, a year-on-year decrease of 18.86% [2] - The net profit for the same period was 257 million yuan, down 42.90% year-on-year [2] - Basic earnings per share were 0.4813 yuan, reflecting a 42.90% decline compared to the previous year [2] - The weighted average return on net assets was 5.99%, a decrease of 5.63% year-on-year [2] Group 2: Product Overview Refrigeration Products - The company offers a diverse range of refrigeration products, including commercial central air conditioning compressors, refrigeration compressors, and heat pump compressors [3] - The performance of screw and magnetic levitation centrifugal compressors used in data centers has shown growth in the first half of the year [3] - Taiwan Dongyuan is a key partner and customer for the company's refrigeration compressors [3] Air Compression Products - The air compressors serve as core equipment in various industries, including engineering machinery, pharmaceuticals, chemicals, electronics, and more [4] - The company is expanding into oil-free air compressor markets, which have significant potential in industries requiring high air quality [4] Vacuum Products - The vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium batteries, pharmaceuticals, and other sectors [5] - The company has begun small-scale supply to domestic chip manufacturers, indicating a growing market presence [5] - Although current contributions from vacuum products in the semiconductor sector are limited, future growth is anticipated as the industry expands [5] Group 3: Investor Relations Activity - The investor relations activity took place from September 22 to September 26, 2025, involving various investment firms and stakeholders [2] - The company confirmed that no undisclosed significant information was shared during the activity [6]

Core Viewpoint - Wuhan Guangju Microelectronics, a leading company in the high-end RF front-end chip sector, has faced significant operational challenges leading to the termination of its B+ round financing, initially planned to enhance its business and operational capabilities [1][2]. Group 1: Financing and Investment - In March, Wuhan Guangju announced the completion of over 100 million yuan in B+ round financing aimed at expanding its core business and reinforcing its market position [1]. - The B+ round financing was abruptly terminated due to changes in the operating environment, including foreign policy fluctuations and intensified domestic competition [2]. - The company had previously completed a B round financing in December 2023, with a post-investment valuation of 1.4 billion yuan [6]. Group 2: Operational Challenges - Wuhan Guangju is facing multiple operational difficulties, including rising prices of imported raw materials such as 8-inch high-resistivity silicon wafers and photoresists, exacerbated by geopolitical factors [3]. - The company relies heavily on imported key production equipment, leading to uncertainties in procurement costs and delivery timelines [3]. - Increased price competition from domestic competitors has resulted in a significant drop in target prices for bidding clients, impacting the company's profitability [3]. Group 3: Industry Context - The semiconductor industry is experiencing challenges in the localization of materials and equipment, with domestic suppliers currently only able to meet mature process demands, while advanced process materials require extensive validation and adaptation [4]. - Wuhan Guangju operates as an IDM company, focusing on the design and manufacturing of BAW filters, which are predominantly controlled by foreign firms like Broadcom and Qualcomm [5]. - The company has successfully entered the supply chains of major international clients, including major ODMs and smartphone manufacturers [5].

Investment Strategy - The first phase of the National Integrated Circuit Industry Investment Fund (大基金一期) was established in 2014 with a registered capital of 98.7 billion, and actual funds received were approximately 120 billion [3] - The second phase (大基金二期) was established in 2019 with a registered capital of 204.2 billion, and actual funds received were around 220 billion [3] - Significant investments from both phases were directed towards wafer manufacturing, including companies like SMIC, Hua Hong Semiconductor, and Changjiang Storage [3] - Investments also extended to the packaging segment, targeting companies such as Tongfu Microelectronics and Jiangsu Changjiang Electronics Technology [5] - The strategy focused on addressing the largest shortfall in the semiconductor industry, which is manufacturing, while also investing in the relatively stronger area of chip design [7] Management - The management of both phases is handled by Huaxin Investment Management Co., Ltd. (华芯), established in 2014 specifically for managing the fund [9] - The largest shareholder of Huaxin is the National Development Bank, which is also a significant contributor to the fund [9] - In the first phase, the Ministry of Finance was the largest contributor (36%), followed by the National Development Bank (22%) [10] - By the second phase, the Ministry of Finance remained the largest contributor (11.02%), with the National Development Bank as the second largest (10.78%) [10] - The first phase also involved Huaxin managing several market-oriented semiconductor funds to mitigate risks and enhance investment strategies [10] - By the second phase, Huaxin's investment capabilities had matured, managing 220 billion solely without additional fund managers [11]