Investment Rating - The industry investment rating is "Outperform the Market" [5][8] Core Viewpoints - The semiconductor industry in China is expected to accelerate its domestic production process due to the ongoing tariff disputes, which may enhance the competitive landscape for mature process chips [2][4] - The introduction of new rules regarding the origin of semiconductor products is likely to weaken the competitiveness of American wafer products in the Chinese market, allowing domestic manufacturers to capture market share more rapidly [2][3] - Domestic equipment and materials are anticipated to be integrated into the semiconductor supply chain, fostering innovation and enhancing the resilience of companies against trade friction [3][4] Summary by Sections Investment Highlights - The tariff disputes are expected to optimize the competitive landscape for domestic mature process chips, with potential anti-dumping investigations against U.S. mature process chips [2] - The new origin recognition rules for semiconductor products will classify the origin based on the wafer fabrication plant's location, which may reduce trade friction costs and enhance domestic chip manufacturers' market share [2] Domestic Supply Chain Development - Initiatives to prioritize the procurement of domestic advanced equipment and core materials are being implemented to ensure supply chain stability and independence [3] - Measures include simplifying qualification processes for domestic companies and promoting collaboration between procurement and innovation chains [3] Investment Recommendations - The semiconductor industry's domestic production process is expected to accelerate, with a focus on the growth of domestic mature process manufacturers and breakthroughs in advanced processes [4] - Investors are encouraged to pay attention to the potential for increased market share among domestic manufacturers and leading companies in various segments of the semiconductor industry [4]

| 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01347 | 华虹半导体 | 35.950 | 19.04% | | 02203 | 脑洞科技 | 0.200 | 14.94% | | 02577 | 英诺赛科 | 43.100 | 13.72% | | 02149 | 贝克微 | 47.500 | 12.43% | | 06908 | 宏光半导体 | 0.520 | 10.64% | | 02878 | 晶门半导体 | 0.430 | 10.26% | | 00981 | 中芯国际 | 48.100 | 9.07% | | 01385 | 上海复日 | 29.150 | 7.56% | | 01912 | 康特隆 | 0.083 | 6.41% | | 00085 | 中电华大科技 | 1.420 | 5.19% | | 00400 | 硬蛋创新 | 1.240 | 国语修汇 | 金价新高不断，招金矿业4连升，再创历史新高。消息面上，美国对全球的关税战继续上演，避险情绪不断升温，全球资金逃离美元资产，涌向避险资产黄 金，现货黄金今日盘中一度涨1. ...

开源证券指出，商务部于2025年1月宣布将针对国内产业的诉求依法启动调查，或打破美企"低价换份 额"策略，推动国内消费、汽车及工业等终端需求加速转向本土。叠加国内关税反制政策落地，国产化 进程有望进一步提升。模拟芯片是以成熟制程的产品为主，国内供应链相对成熟。同时，国内模拟芯片 市场目前由国际大厂主导，国产化速度相对缓慢。随着中国开始对成熟制程芯片展开反倾销调查，我国 模拟芯片国产化进程有望加速。 科创芯片ETF（588200）跟踪科创芯片指数，该指数从科创板上市公司中选取业务涉及半导体材料和设 备、芯片设计、芯片制造、芯片封装和测试相关的证券作为指数样本。此外，科创芯片ETF（588200） 还配备了场外联接基金（A类：017469；C类：017470）。 消息面上，据央视新闻，由中国移动承建的全国首个"四算合一"算力网络调度平台日前正式投入使 用。"四算合一"是指将通用算力、智能算力、超级算力和量子算力四种计算能力融合的算力体系。据了 解，该算力调度平台可以支持每天上亿次的算力调用，能调度全国1/6的算力规模，算网一体化效率提 升20%。平台自有智算中心的芯片国产化率超过90%，兼容8种国产AI芯片，对保 ...

智通财经APP获悉，港股今日低开高走，三大指数午后强势拉红，恒科指数一度涨超3%。南向资金持 续加码托举大市，全日净买额超355亿港元，创历史最高单日净买入纪录。截止收盘，恒生指数涨 0.68%或136.81点，报20264.49点，全日成交额4123.85亿港元；恒生国企指数涨1.41%，报7535.68点； 恒生科技指数涨2.64%，报4689.19点。 银河证券指出，中长期来看，港股市场配置价值较高的三大主线分别是：第一，在国内扩内需、稳消费 等政策刺激下，消费行业业绩有望继续改善，从而促进当前估值水平处于历史中低水平的消费股上涨。 第二，科技政策支持与产业趋势将迎来共振，相关公司业绩改善预期较强，科技板块有望持续上涨。第 三，港股高股息策略仍具备吸引力，尤其是积极进行市值管理的央企高股息标的。 蓝筹股表现 小米集团-W(01810)表现亮眼。截至收盘，涨7.71%，报41.9港元，成交额274.28亿港元，贡献恒指87.55 点。汇丰研究报告指出，小米受美国关税政策的影响小于苹果的供应商，因为其对美国市场的依赖极 低，而且其产品定位对于不确定的经济前景更具防御性。大和认为，近期小米集团的股价在车祸和配 ...

Group 1: Impact of Tariffs on Agricultural Products - The Chinese government announced a 34% tariff on all imported goods from the US, effective from April 10, 2025, following previous tariffs on specific agricultural products [7] - In 2024, China imported approximately $249 billion worth of agricultural products from the US, accounting for about 15% of total imports from the US and 12% of China's total agricultural imports [8] - The reliance on US imports is significant for certain products, with soybeans making up 48% of agricultural imports from the US, while cotton and sorghum have high dependency rates of 35% and 67% respectively [8][9] Group 2: Yangjie Technology (300373) Overview - Yangjie Technology reported a revenue of 6.033 billion yuan in 2024, an increase of 11.53% year-on-year, with a net profit of 1.002 billion yuan, up 8.50% year-on-year [12] - The company experienced a strong Q4 in 2024, achieving a revenue of 1.610 billion yuan, a year-on-year increase of 17.57%, and a net profit of 333 million yuan, reflecting a 36.47% quarter-on-quarter growth [13] - The demand for automotive electronics is robust, with a significant increase in orders, leading to a projected revenue growth of over 60% in this segment for 2024 [13][14] Group 3: Semiconductor Industry Insights - The US has imposed unexpected tariffs on Chinese imports, which may increase procurement costs for semiconductor components in the short term, but could accelerate domestic production in the long term [20] - The semiconductor industry is currently experiencing a mild recovery, with a focus on AIOT, AI-driven technologies, and consumer electronics as key investment themes [22] - The overall electronic sector has underperformed the market, with the semiconductor sub-sector showing a decline of 0.59% [21]

Core Viewpoint - The issuance of three-year holding period funds has significantly decreased, with only 14 products established in 2023 and 2024, contrasting sharply with previous years when many high-value funds were launched [1][3]. Group 1: Fund Issuance Trends - The number of three-year holding period funds has sharply declined, with only 11 products established in 2023 and 3 in 2024, indicating a cautious approach from public funds due to market volatility [2][3]. - In the years 2020 to 2022, the issuance of three-year funds peaked, with 21, 38, and 17 products launched respectively, including several large-scale funds exceeding 10 billion [3]. Group 2: Performance of Newly Established Funds - Most of the newly established three-year funds have achieved positive returns, with notable performances such as Dachen Zhi Xin's nearly 30% increase and Yinhua's over 23% rise since inception [4]. - The funds that were launched during market lows have benefited from better timing, contrasting with the poor performance of funds issued at market highs [4][6]. Group 3: Investment Strategies and Market Conditions - Fund managers emphasize the importance of timing in investment, suggesting that funds should be launched during market lows to capitalize on valuation advantages [4][6]. - Despite the overall positive performance of newly established funds, many have missed out on trending sectors like artificial intelligence, focusing instead on stable, long-term investments [5][6].

Core Viewpoint - The article discusses the strategic shift of the United States towards enhancing domestic semiconductor production, particularly in advanced logic semiconductors, by attracting investments from Taiwanese and South Korean companies. This shift is driven by economic security concerns and aims to reduce reliance on Asian imports, especially in the context of AI and communication technologies. Group 1: U.S. Semiconductor Market Dynamics - The U.S. share of global semiconductor production has declined from 37% in 1990 to 10% in 2022, but is expected to reverse starting in 2025 [2] - By 2030, the U.S. is projected to capture 22% of the global advanced logic semiconductor capacity, doubling its 2021 share, while Taiwan's share will decrease from 71% to 58% [2][3] - The U.S. is focusing on domestic production of logic semiconductors, particularly for data centers, communications, and military applications, to enhance economic security [2] Group 2: Investments and Developments - TSMC plans to invest $100 billion to establish three advanced logic semiconductor factories in the U.S., along with two advanced packaging facilities and a research base [3] - SK Hynix will invest $4 billion to build an HBM production facility and R&D center in Indiana, USA [3] - The U.S. aims to create a complete production system for AI semiconductors domestically, integrating design, production, and packaging processes [3] Group 3: Geopolitical Context - The geopolitical risks from U.S.-China tensions and the Ukraine conflict have prompted countries to strengthen semiconductor domestic production [4] - Japan is also increasing its support for the semiconductor industry, proposing over 10 trillion yen in public support to enhance AI and semiconductor capabilities by 2030 [3]

证券研究报告 胜科纳米 国内半导体第三方检测分析稀缺标的 2025 年 2 月 27 日│中国内地 深耕半导体第三方检测分析，已成长为国内"芯片全科医院"龙头企业 胜科纳米专注于为半导体产业链提供第三方检测分析实验，在新加坡、苏州 等境内外地区布局 6 个实验室。公司在半导体检测领域积累深厚，客户覆盖 半导体产业链各环节的全球顶尖企业。我们看好：1）先进工艺持续迭代带 动第三方检测分析市场持续扩容；2）在自身分析能力持续提升、产能和服 务半径不断拓展推动下，公司市场份额有望保持增长。我们预计公司 24/25/26 年归母净利有望达 0.82/1.09/1.36 亿元。采用相对、绝对估值法， 我们认为公司上市后 6-12 个月远期公允价值区间 30.62-33.01 亿元。 看点#1：第三方检测分析多维度壁垒高筑，公司凭借竞争优势脱颖而出 半导体产业专业化分工催生"Labless"模式，根据 QY Research，全球半 导体第三方实验室检测分析市场规模 2021 年已突破 30 亿美元，预计在 2028 年达到 75 亿美元，2022~2028 CAGR 达 14%。行业具有技术、人才、 客户与认证等多维度 ...

Core Viewpoint - The semiconductor materials industry in China is experiencing significant growth driven by increased fab investments and domestic production opportunities, with 75 new 300mm wafer fabs expected to be operational from 2024 to 2027 [2] Group 1: Company Insights - Yake Technology focuses on electronic materials, LNG insulation materials, and flame retardants, expecting revenue and profit growth in 2024, with strong orders in LNG insulation and accelerating photolithography business [3] - Dinglong Co. is a leading supplier of CMP polishing pads in China, with a diversified portfolio in semiconductor manufacturing materials, including CMP materials, photolithography resins, and advanced packaging materials [4] - Tongcheng New Materials is a global leader in new materials, with a strong focus on semiconductor photolithography resins, expecting rapid growth in ArF photolithography resin and increased sales of KrF photolithography resin [5] - Shanghai Xinyang is developing key process materials for integrated circuits and advanced packaging, providing products to over 120 packaging companies and 70 chip manufacturers [6] - Anji Technology is a leading company in CMP polishing liquids, with a strong demand for its products and improving profit margins in the semiconductor materials sector [7] - Nanda Optoelectronics is engaged in advanced electronic materials, with steady revenue growth and expertise in core semiconductor material technologies across various applications [9]

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 reached $75 million, exceeding guidance, with tools revenue of $12 million and combined ATS and Wafer Services revenue of $64 million [11][38] - Full year revenues totaled a record $342 million, up 19% from fiscal 2023 [12] - Reported gross margin for Q4 was nearly 27%, contributing to a positive EPS of $0.04 for the quarter and $0.06 for the full year [12][45] - Full year gross margin was 21%, compared to 22% in 2023, with combined ATS and Wafer Services gross margin increasing from 22.5% in 2023 to 25.8% in 2024 [42][43] Business Line Data and Key Metrics Changes - ATS business experienced a strong 13% revenue growth compared to 2023, while Wafer Services revenue declined significantly due to weakness in automotive and industrial segments [13] - Advanced compute was the second largest end market, with over 90% of revenues related to quantum computing technologies [14] - Tools revenue reached a record $77 million in 2024, reflecting unprecedented customer-funded CapEx investments [15] Market Data and Key Metrics Changes - The aerospace and defense sector showed significant strength in 2024, driving the majority of ATS revenue growth [13] - The automotive market saw a decline in revenue, while the BioHealth sector experienced growth [14] Company Strategy and Development Direction - The acquisition of Infineon's Fab 25 in Austin is a strategic move to expand domestic manufacturing capabilities and become a leading pure-play domestic foundry service provider for foundational semiconductors [8][9] - The acquisition is expected to contribute approximately $300 million in annual Wafer Services revenue and balance the revenue mix between ATS and Wafer Services [29][32] - The company aims to transition Fab 25 to a customer-driven foundry model, enhancing service offerings and expanding the total addressable market by over $3 billion [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed a conservative outlook for 2025 due to ongoing budget negotiations and expected timing of program allocations, forecasting combined ATS and Wafer Services revenue growth of approximately 5% [25][101] - The company anticipates a significant rebound in ATS revenues in Q2 2025, with continued growth expected in the second half of the year [26][49] - Management highlighted the importance of the CHIPS Act funding as an accelerant for growth plans [16] Other Important Information - The company plans to hold a Capital Markets Day post-acquisition to provide more details on the financial benefits and long-term strategic vision for Fab 25 [37] - The acquisition structure is capital efficient, with an $80 million purchase price and a strong adjusted EBITDA expected from the transaction [30][31] Q&A Session Summary Question: Clarification on Fab 25's gross profit contribution - Management confirmed that the initial supply agreement with Infineon is to provide products at current output levels, with plans to diversify over time [62][63] Question: Customer revenue profile post-acquisition - Infineon is expected to become the largest customer, enhancing the strategic partnership [64][65] Question: Back-end processing for Fab 25 - Currently done with traditional OSATs, but opportunities exist for future capabilities in Florida [66][68] Question: Quantum computing revenue percentage - Quantum computing accounted for about 10% of revenues in Q4 2024 [70] Question: Mix between ATS and Wafer Services in the future - Management expects a more balanced mix, with wafer services likely to increase due to the Fab 25 acquisition [78][82] Question: Supply agreement details and capacity fungibility - The supply agreement includes take-or-pay contracts, and there is potential to backfill capacity if needed [88][90] Question: Gross margin sustainability - The strong gross margin in Q4 was driven by a combination of ATS business mix and cost deferrals, but not expected to repeat at the same levels [92][93] Question: Yearly outlook adjustments based on defense budgets - Management is taking a conservative approach due to uncertainties in budget allocations, but remains confident in the critical programs [101] Question: Efficiencies and excess capacity from Fab 25 - Transitioning from IDM to foundry is expected to drive efficiencies and allow for new customer engagements [105]