盛美上海 (688082) 30% 1 0% -10% 9/25 3/25 6/25 -30% 沪深300 分析师:陈耀波 执业证书号：S0010523060001 邮箱:chenyaobo@hazq.com 相关报告 1）盛美上海:设备国产化需求旺盛, Q3 收入创历史新高 20241113 2) 盛美上海: 2024 年业绩稳健成长, 研发持续投入,力争成为平台型设备 公司 20250406 公司点评 上海：2025年上半年业绩持续成长, 为半导体设备平台型公司 公司评级:买入(维持) 报告日期:2025-09-24 | 收盘价（元） | 164.80 | | --- | --- | | 近 12 个月最高/最低（元） 170.6/72.56 | | | 总股本(百万股) | 441.3 | | 流通股本(百万股) | 436.1 | | 流通股比例 (%) | 98.8 | | 总市值 (亿元) | 727.2 | | 流通市值(亿元) | 718.2 | 公司价格与沪深 300 走势比较 主要观点: ● 事件: 盛美上海公布 2025 年半年报 2025 年 1-6 月公司营业收入为 32.65 亿元 ...

Core Viewpoint - The semiconductor equipment sector is experiencing significant growth, driven by strong demand and technological advancements, particularly highlighted by the performance of companies like Changchuan Technology and Shengmei Shanghai [5][6][9]. Group 1: Market Performance - On September 24, the STAR 50 Index surged by 3.5%, with constituent stocks such as Shengmei Shanghai and Huahai Qingke rising over 10% [5]. - Semiconductor-related ETFs also saw approximately 5% increases, with Changchuan Technology hitting a 20% limit up [5]. Group 2: Company Highlights - Changchuan Technology reported an expected net profit of 827 million to 877 million yuan for the first three quarters of 2025, marking a year-on-year growth of 131.39% to 145.38% [6]. - Shengmei Shanghai delivered its first KrF process front-end coating and developing equipment, showcasing its technological advancements [7][8]. Group 3: Investment Trends - The National Integrated Circuit Industry Investment Fund (Big Fund) Phase III is expected to invest in Tuojing Technology, which could stimulate further market interest [9]. - The semiconductor equipment sector's domestic substitution rate is low, indicating substantial room for growth and investment opportunities [10][11]. Group 4: Industry Insights - The domestic substitution rates for semiconductor equipment vary significantly, with ion implanters below 5% and cleaning equipment between 30%-50% [10][11]. - The semiconductor industry has shown high elasticity, with the China Securities Chip Industry Index increasing by 208% since 2016, outperforming other indices [13].

9月24日，A股市场低开高走，创业板指再创3年多新高。从板块来看，半导体板块强势拉升，领涨市 场。长川科技连续两天"20cm"涨停，神工股份、江丰电子、北方华创、至正股份涨停，汇成股份、盛 美上海、华海清科等多股涨超10%。 中信证券研报称，长期看，半导体设备国产化方向明确：一方面，国内晶圆厂在全球市占率从目前的约 10%若提升到自给自足情形下30%，有3倍扩产空间；另一方面，设备国产化率从当前约20%若提升至未 来60%至100%，有3至5倍空间，发展趋势明确。短期来看，随着国内头部存储厂商新一期项目有望启 动，且先进逻辑厂商加大扩产力度，半导体设备有望进入新一轮快速增长期。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） （文章来源：21世纪经济报道） ...

Market Overview - The Hang Seng Index rose by 0.91%, gaining 238 points to reach 26,397 points, while the Hang Seng Tech Index increased by 2.19% [1] - The trading volume in Hong Kong's stock market reached 150.9 billion HKD in the morning session [1] Key Company Performances - Alibaba-W (09988) surged over 6% as CEO Wu Yongming announced active progress on a 380 billion HKD AI infrastructure project [1] - Kingdee International (00268) increased nearly 6% following the re-integration of Yunzhijia, aligning with the company's strategic direction [2] - China Foods (00506) rose over 4%, accumulating a total increase of over 20% since its inclusion in the stock index, being well-positioned within COFCO Group for food business [3] - Jinfo Pharmaceutical-B (02595) saw a rise of 6.77% as the company presented research data at the AACR annual meeting, establishing a RAS-targeted therapy matrix [4] - Hong Kong Broadband (01310) increased by over 5% as China Mobile sold shares to comply with regulatory requirements, which is expected to improve the company's financial situation [5] - Zhongchu Innovation (03931) rose over 7% due to the strong domestic energy storage market, benefiting from a trend towards centralized orders [6] - Hisense Home Appliances (00921) surged by 9.69% after forming a strategic partnership with Dow, with management expressing optimism about overseas appliance business [7] - ASMPT (00522) increased by over 8% as the direction for semiconductor equipment localization became clear, with a 50% increase in TCB equipment orders in the first half of the year [8] - Xixiang Group (02473) saw a peak increase of over 9%, with a morning rise of 5.86% after reaching a strategic cooperation intention with Smart Donkey to accelerate smart logistics deployment [9]

中信证券指出，长期看，半导体设备国产化方向明确：一方面，国内晶圆厂在全球市占率从目前的约 10%，若提升到自给自足情形下30%（中国半导体市场约占全球30%，SEMI数据），有3倍扩产空间； 另一方面，设备国产化率从当前约20%，若提升至未来60%～100%（分别考虑替代美国设备对应的约 40%份额，以及全国产化情形），有3～5倍空间，发展趋势明确。短期来看， 2025年国内半导体晶圆 厂投资表现相对平淡，但国内头部存储厂商新一期项目有望启动，且先进逻辑厂商加大扩产力度，半导 体设备有望进入新一轮快速增长期。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 值得注意的是，该ETF近10个交易日（9月10-23日）累计涨18.93%。 科创半导体设备ETF（588710）跟踪上证科创板半导体材料设备主题指数，该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。 9月24日，指数走强，创业板指拉升涨逾1%，沪指涨0.24%，深成指涨0.52%。半导体芯片涨幅居前。相 关ETF方 ...

Group 1 - The Hang Seng Technology Index opened lower but rose over 1% during the trading session, with semiconductor stocks showing strong performance, including a more than 4% increase in SMIC and over 2% in Hua Hong Semiconductor and Shanghai Fudan [1] - The largest ETF tracking the Hang Seng Technology Index (513180) followed the index's upward trend, with top holdings like ASMPT, Alibaba, SMIC, Kingdee International, NIO, Kuaishou, and Hua Hong Semiconductor seeing significant gains [1] - CITIC Securities believes that the long-term direction for semiconductor equipment is clear, with domestic wafer fabs potentially increasing their global market share from about 10% to 30%, indicating a threefold expansion opportunity [1] Group 2 - Alibaba and Baidu are competing to develop their own chips, fueled by a bullish sentiment around AI, which may lead to another upward breakthrough for the Hang Seng Technology Index [2] - With the potential for the Federal Reserve to lower interest rates, southbound capital is expected to continue flowing in, suggesting a reconstruction of valuations for the Hang Seng Technology Index due to the combined effects of domestic and foreign capital [2] - Alibaba currently holds the position of the largest weighted stock in the Hang Seng Technology Index, with a weight of 8.79%, providing an opportunity for investors without a Hong Kong Stock Connect account to access core Chinese AI assets through the Hang Seng Technology Index ETF (513180) [2]

Market Overview - The Shanghai Composite Index fell by 0.18% to close at 3821.83 points, with a high of 3838.61 points during the day [1] - The Shenzhen Component Index decreased by 0.29% to 13119.82 points, reaching a peak of 13267.9 points [1] - The ChiNext Index rose by 0.21% to 3114.55 points, with a maximum of 3157.02 points [1] ETF Market Performance - The median return of stock ETFs was -0.29% [2] - The highest performing scale index ETF was ICBC Credit Suisse's ChiNext 50 ETF with a return of 1.18% [2] - The highest performing industry index ETF was E Fund's CSI Bank ETF with a return of 1.63% [2] - The highest performing strategy index ETF was Taikang's CSI Dividend Low Volatility ETF with a return of 0.7% [2] - The highest performing style index ETF was Yinhua's CSI 500 Value ETF with a return of 3.32% [2] - The highest performing theme index ETF was GF's CSI Semiconductor Materials and Equipment Theme ETF with a return of 7.72% [2] ETF Performance Rankings - The top three ETFs by return were: - GF's CSI Semiconductor Materials and Equipment Theme ETF (7.72%) [4] - Huaxia's CSI Semiconductor Materials and Equipment Theme ETF (6.04%) [4] - E Fund's CSI Semiconductor Materials and Equipment Theme ETF (5.76%) [4] - The top three ETFs by decline were: - GF's National 2000 ETF (-9.46%) [4] - Fuguo's CSI Tourism Theme ETF (-3.61%) [4] - Guotai's Shanghai Stock Exchange Sci-Tech Innovation Board Innovative Drug ETF (-3.42%) [4] ETF Fund Flows - The top three ETFs by fund inflow were: - Harvest's Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF (1.186 billion) [6] - Guotai's CSI All-Index Securities Company ETF (1.067 billion) [6] - Huaxia's CSI Robot ETF (538 million) [6] - The top three ETFs by fund outflow were: - E Fund's ChiNext ETF (581 million) [6] - Southern's CSI 500 ETF (443 million) [6] - E Fund's Shanghai and Shenzhen 300 ETF (363 million) [6] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia's Shanghai Stock Exchange ChiNext 50 Component ETF (847 million) [8] - E Fund's ChiNext ETF (767 million) [8] - Guotai's CSI All-Index Securities Company ETF (591 million) [8] - The top three ETFs by margin selling were: - Southern's CSI 500 ETF (77.15 million) [9] - Southern's CSI 1000 ETF (39.24 million) [9] - Huatai's Shanghai and Shenzhen 300 ETF (27.78 million) [9] Institutional Insights - Dongwu Securities suggests investors focus on domestic AI chip-driven investment opportunities in testing and packaging equipment [10] - CITIC Securities indicates that semiconductor equipment is expected to enter a new rapid growth phase, with domestic wafer fabs having significant expansion potential [11]

Group 1 - ASMPT's stock price increased over 8% in early trading, currently up 5.13% at 83.2 HKD with a trading volume of 164 million HKD [1] - China's self-developed EUV lithography machine utilizing laser-induced discharge plasma (LDP) technology is expected to enter trial production in Q3 2025 and achieve mass production in 2026 [1] - The new lithography machine "Xinkailai" has received orders exceeding 10 billion, with clients including SMIC, Hua Hong Group, and Yangtze Memory Technologies [1] Group 2 - ASMPT's mid-term performance shows strong growth in advanced packaging business driven by AI, with revenue contribution rising to approximately 39%, equivalent to 326 million USD [1] - The demand for TCB equipment continues to grow, with a 50% year-on-year increase in TCB equipment orders and over 500 units installed globally [1]

Group 1 - ASMPT's stock price increased by over 8% in early trading, currently up 5.13% at HKD 83.2, with a trading volume of HKD 164 million [1] - China's self-developed EUV lithography machine utilizing laser-induced discharge plasma (LDP) technology is expected to enter trial production in Q3 2025 and achieve mass production in 2026 [1] - The new lithography machine "Xinkailai" has received orders exceeding RMB 10 billion, with clients including SMIC, Hua Hong Group, and Yangtze Memory Technologies [1] Group 2 - ASMPT's mid-term performance shows strong growth in advanced packaging business driven by AI, with revenue contribution rising to approximately 39%, equivalent to USD 326 million [1] - The demand for TCB equipment continues to grow, with a 50% year-on-year increase in TCB equipment orders for H1 2025, and global TCB equipment installations surpassing 500 units [1]

半导体赛道强势爆发，多只个股尾盘异动。 A股今日（9月23日）先抑后扬，沪指尾盘重返3800点上方，创业板指翻红；港股走势疲弱，恒生指数盘中跌逾1%， 恒生科技指数一度跌超2%。 具体来看，两市股指盘中震荡下探，沪指一度跌超1%失守3800点，尾盘企稳回升，创业板指盘中亦跌超1%，尾盘翻 红。截至收盘，沪指跌0.18%报3812.83点，深证成指跌0.29%报13119.82点，创业板指涨0.21%报3114.55点，北证50指 数跌2.63%，沪深北三市合计成交25188亿元，较此前一日增加超3700亿元。 场内超4200股飘绿，旅游出行、地产、医药、券商等板块走低，云南旅游、西藏旅游、华天酒店等跌停；银行板块逆 市拉升，建设银行、工商银行、农业银行、中国银行等集体走高；半导体板块延续强势，长川科技、矽电股份、德明 利涨停续创新高；光刻机概念尾盘上扬，波长光电、张江高科等涨停；港口股崛起，南京港、宁波海运涨停；值得注 意的是，多只强势股仍受到追捧，天普股份斩获15连板；早盘跌停的首开股份午后快速拉升，一度涨超7%，尾盘震荡 回落转跌；泰慕士再度涨停，近7日斩获6板。 港股方面，云智汇科技涨超100%，两日暴 ...