Core Insights - The stock price of Shengmei Shanghai increased by 2.10% on November 25, reaching 159.43 CNY per share, with a total market capitalization of 76.55 billion CNY [1] - The company has seen a year-to-date stock price increase of 60.48%, but has experienced a decline of 2.56% over the last five trading days and 14.61% over the last twenty days [1] - Shengmei Shanghai reported a revenue of 5.146 billion CNY for the first nine months of 2025, representing a year-on-year growth of 29.42%, and a net profit of 1.266 billion CNY, which is a 66.99% increase year-on-year [2] Financial Performance - The company has distributed a total of 0.723 billion CNY in dividends since its A-share listing [3] - As of September 30, 2025, the number of shareholders increased to 21,700, a rise of 85.89%, while the average number of circulating shares per person decreased by 46.20% to 20,098 shares [2] Shareholder Composition - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 5.0576 million shares, a decrease of 978,700 shares from the previous period [3] - Other notable shareholders include Huaxia SSE STAR 50 ETF, which is the fourth-largest shareholder with 3.1201 million shares, and several other ETFs that have also seen reductions in their holdings [3]

来源：钛媒体 近期，江苏芯德半导体科技股份有限公司（下称"芯德半导体"）提交了招股说明书，拟港股IPO上市。 笔者注意到，芯德半导体自2020年成立以来5年累计"烧掉"14亿元，近三年半合计亏损超13.14亿元，持续未实现盈利，扭亏为盈成为亟待破解的核心难题。 特别要说明的是，芯德半导体99%以上收入依赖的封装产品及测试服务，而该业务却始终陷入"亏本卖"的困境。 债务方面，报告期内流动资产长期低于流动负债，流动比率从0.8逐年下滑至0.5，短期偿债压力极为显著；现金及现金等价物最高仅1.86亿元，却需覆盖高 达5.66亿元的计息借款，资金缺口持续扩大。 持续亏损 芯德半导体是一家半导体封测技术解决方案提供商，主要从事开发封装设计、提供定制封装产品以及封装产品测试服务。 2022年-2024年和2025年1-6月（下称"报告期"），芯德半导体分别实现营业收入26939.9万元、50907.7万元、82737.4万元、47497.5万元，年内亏损分别为 36026.8万元、35889.2万元、37657.8万元、21858.8万元，公司持续在亏损，近三年半合计亏损了近13.14亿元。 | | | 截至12月31日 ...

截至9月30日，晶盛机电股东户数8.68万，较上期增加25.88%；人均流通股14189股，较上期减少 20.56%。2025年1月-9月，晶盛机电实现营业收入82.73亿元，同比减少42.86%；归母净利润9.01亿元， 同比减少69.56%。 分红方面，晶盛机电A股上市后累计派现32.41亿元。近三年，累计派现20.27亿元。 11月24日，晶盛机电盘中上涨2.05%，截至14:07，报34.79元/股，成交3.62亿元，换手率0.86%，总市值 455.59亿元。 资金流向方面，主力资金净流入924.42万元，特大单买入1185.89万元，占比3.27%，卖出1403.85万元， 占比3.88%；大单买入5648.78万元，占比15.59%，卖出4506.39万元，占比12.44%。 晶盛机电今年以来股价涨10.44%，近5个交易日跌9.28%，近20日跌13.35%，近60日涨14.18%。 资料显示，浙江晶盛机电股份有限公司位于浙江省杭州市临平区顺达路500号，成立日期2006年12月14 日，上市日期2012年5月11日，公司主营业务涉及晶体生长设备及其控制系统的研发、制造和销售。主 营业务收入构 ...

来源：新浪证券-红岸工作室 存储芯片+先进封装+OLED+芯片概念+人民币贬值受益 1、2025年10月14日公司，合肥新汇成微电子股份有限公司举办特定对象调研活动，向舟资本、兴全基 金、平安资管等多家机构投资者披露重磅布局：公司通过直接与间接投资相结合，拿下合肥鑫丰科技有 限公司（简称 "鑫丰科技"）27.5445% 股权，并与鑫丰科技股东华东科技（苏州）有限公司（简称 "华 东科技"）达成战略合作，共同拓展 3D DRAM 等存储芯片封测业务，瞄准 AI 基建时代下存储芯片的爆 发式需求。 2、据2023年2月投资者关系活动记录表： Chiplet先进封装技术是凸块制造、Fan-out、3D、SiP等高端先 进封装技术的集合，公司掌握的凸块制造技术是Chiplet的基础之一。在研发端，公司将以客户需求为导 向，基于凸块制造技术，纵向拓展技术边界，积极布局Fan-out、2.5D/3D、SiP等高端先进封装技术。 3、2024年7月3日公司投资者关系活动记录表：公司目前OLED客户主要包括联咏、瑞鼎、奕力、云英 谷、集创北方、芯颖、傲显、昇显微、晟合微等。 4、合肥新汇成微电子股份有限公司的主营业务是集成电 ...

今年以来盛美上海已经2次登上龙虎榜，最近一次登上龙虎榜为8月26日。 资料显示，盛美半导体设备(上海)股份有限公司位于中国(上海)自由贸易试验区丹桂路999弄5、6、7、8 号全幢，成立日期2005年5月17日，上市日期2021年11月18日，公司主营业务涉及半导体专用设备的研 发、生产和销售。主营业务收入构成为：销售商品99.72%，提供服务0.28%。 盛美上海所属申万行业为：电子-半导体-半导体设备。所属概念板块包括：集成电路、先进封装、第三 代半导体、半导体、芯片概念等。 11月21日，盛美上海盘中下跌2.11%，截至09:54，报157.51元/股，成交8676.99万元，换手率0.13%，总 市值756.31亿元。 资金流向方面，主力资金净流出756.59万元，特大单买入351.30万元，占比4.05%，卖出670.92万元，占 比7.73%；大单买入1037.52万元，占比11.96%，卖出1474.49万元，占比16.99%。 盛美上海今年以来股价涨58.55%，近5个交易日跌5.15%，近20日跌18.09%，近60日涨32.91%。 分红方面，盛美上海A股上市后累计派现7.23亿元。 机构 ...

Core Viewpoint - The stock of Shenzhen Technology Co., Ltd. (深科技) has experienced fluctuations, with a recent decline of 2.03% and a total market capitalization of 36.34 billion yuan, despite a year-to-date increase of 22.52% [1] Group 1: Stock Performance - As of November 21, the stock price is 23.12 yuan per share, with a trading volume of 1.59 billion yuan and a turnover rate of 0.44% [1] - The stock has seen a net outflow of 14.54 million yuan from main funds, with significant buying and selling activity from large orders [1] - Over the past five trading days, the stock has decreased by 6.55%, and over the past 20 days, it has dropped by 22.00% [1] Group 2: Company Overview - Shenzhen Technology Co., Ltd. was established on July 4, 1985, and listed on February 2, 1994, focusing on advanced manufacturing of hard disk heads, electronic products, and other technology [2] - The company's revenue composition includes high-end manufacturing (50.52%), storage semiconductor business (27.13%), and intelligent metering terminals (21.70%) [2] - The company operates within the electronic industry, specifically in consumer electronics and components, and is involved in various concept sectors such as advanced packaging and automotive electronics [2] Group 3: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 11.28 billion yuan, reflecting a year-on-year growth of 3.93%, and a net profit of 756 million yuan, up 14.27% [2] - The company has distributed a total of 3.96 billion yuan in dividends since its A-share listing, with 702 million yuan distributed in the last three years [3] - As of September 30, 2025, the top ten circulating shareholders include significant institutional investors, with notable changes in holdings [3]

Core Viewpoint - The article discusses the significance of semiconductor packaging and testing (封测) in the semiconductor industry, highlighting its processes, roles, and market potential, especially in the context of China's growing semiconductor sector. Group 1: Definition, Role, and Process of Packaging - Packaging refers to the process of placing, fixing, and sealing chips using specific materials and techniques, which protects chip performance and extends internal functions to the external environment [7][8]. - The four main roles of packaging are protection, support, connection, and heat dissipation [6][8]. - The basic packaging process includes wafer thinning, wafer cutting, chip attachment, wire bonding, encapsulation, curing, testing, marking, packaging, inspection, and shipping [7][8]. Group 2: Semiconductor Packaging Industry Chain - The semiconductor packaging industry is positioned in the midstream of the semiconductor industry chain, which includes design, manufacturing, and packaging/testing [17]. - The packaging segment accounts for a significant portion of the value in the packaging and testing process, with estimates indicating that packaging contributes 80-85% of the total value [22]. Group 3: Market Overview and Growth Potential - In 2022, China's semiconductor industry sales reached 12,006 billion yuan, with packaging accounting for 2,995 billion yuan, representing 24.9% of the total [22]. - The packaging industry is expected to grow, with projections indicating a sales increase to 3,060 billion yuan in 2023, reflecting an 8.4% year-on-year growth [22]. - The article emphasizes that the advanced packaging and high-end packaging materials sectors are likely to benefit from the ongoing AI wave and supportive policies [22]. Group 4: Equipment and Technology in Packaging - The semiconductor packaging process involves various equipment, including thinning machines, cutting machines, die bonders, and encapsulation machines, each playing a critical role in ensuring quality and efficiency [32][37]. - The market for packaging equipment is dominated by a few key players, with significant market shares held by companies like TOWA and ASM Pacific [45]. Group 5: Testing Process and Equipment - Testing is crucial for ensuring the functionality and performance of semiconductor devices, with processes divided into wafer testing and final product testing [16][54]. - The global market for testing equipment is led by companies such as Advantest and Teradyne, which together hold a significant market share [48]. Group 6: Raw Materials in Packaging - The raw materials used in semiconductor packaging include cutting materials, adhesive materials, bonding wires, packaging substrates, and encapsulation materials, with the packaging substrate accounting for 40% of the market share [63][64]. - The article notes that the barriers to entry for packaging materials are lower compared to wafer materials, and China has achieved a level of import substitution in this area [63].

Core Viewpoint - The news highlights that NVIDIA plans to adopt 12-inch silicon carbide substrates in the advanced packaging of its next-generation GPU chips, expected to be implemented by 2027. This development is significant for the industry as it may enhance thermal efficiency, increase integration density, reduce package size, and lower costs [1]. Group 1 - NVIDIA's intention to use 12-inch silicon carbide substrates is a major industry development [1]. - The adoption of these substrates is expected to significantly improve thermal efficiency and integration density [1]. - The company has already launched a full series of 12-inch substrates, including semi-insulating, conductive P-type, and conductive N-type [1].

Core Viewpoint - Bowei Alloy's stock price has experienced fluctuations, with a year-to-date increase of 7.58% but a recent decline in the last five, twenty, and sixty trading days [1][2]. Company Overview - Bowei Alloy, established on January 22, 1994, and listed on January 27, 2011, is located in Ningbo, Zhejiang Province. The company specializes in the research, production, and sales of high-performance and high-precision non-ferrous alloy materials, solar cell components, and precision cutting wires [1][2]. - The revenue composition of Bowei Alloy includes 77.63% from new materials, 21.23% from new energy products, and 1.14% from other sources [1]. Financial Performance - For the period from January to September 2025, Bowei Alloy achieved an operating income of 15.474 billion yuan, representing a year-on-year growth of 6.07%. However, the net profit attributable to shareholders decreased by 19.76% to 881 million yuan [2]. - Since its A-share listing, Bowei Alloy has distributed a total of 1.694 billion yuan in dividends, with 923 million yuan distributed over the past three years [3]. Shareholder Information - As of November 10, 2025, Bowei Alloy had 45,200 shareholders, a decrease of 3.99% from the previous period. The average number of circulating shares per shareholder increased by 4.16% to 18,146 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 10.8419 million shares, an increase of 5.9259 million shares from the previous period. The Noan Pioneer Mixed A fund is a new entrant among the top shareholders with 8.3159 million shares [3].

Core Viewpoint - The stock of ChipSource Microelectronics has experienced fluctuations, with a recent decline of 2.00% and a year-to-date increase of 51.33%, indicating volatility in the semiconductor equipment sector [1][2]. Financial Performance - For the period from January to September 2025, ChipSource reported a revenue of 990 million yuan, a year-on-year decrease of 10.35%, and a net profit attributable to shareholders of -10.05 million yuan, a significant decline of 109.34% [2]. - Cumulative cash dividends since the company's A-share listing amount to 139 million yuan, with 86.89 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 15.37% to 16,000, while the average circulating shares per person decreased by 13.17% to 12,633 shares [2]. - The top ten circulating shareholders include notable funds such as Nuoan Growth Mixed A and Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, with some funds reducing their holdings significantly [3]. Market Activity - As of November 20, 2025, ChipSource's stock price was 126.39 yuan per share, with a trading volume of 238 million yuan and a turnover rate of 0.92% [1]. - The stock has seen a net outflow of 17.95 million yuan from major funds, indicating a cautious sentiment among institutional investors [1]. Business Overview - ChipSource Microelectronics, established on December 17, 2002, specializes in the research, production, and sales of semiconductor equipment, with a significant revenue contribution from photolithography equipment [1]. - The company operates within the semiconductor equipment sector and is associated with advanced packaging, photoresist, and major players like Huawei and SMIC [1].