Core Viewpoint - The company, Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., is experiencing robust growth in its semiconductor equipment business, driven by the ongoing development of the semiconductor industry and the acceleration of domestic production processes. Group 1: Semiconductor Equipment Orders - The company has a substantial backlog of semiconductor equipment contracts, with over 3.7 billion yuan (including tax) in unfulfilled contracts as of June 30, 2025 [1]. Group 2: Semiconductor Equipment Sector - The company has achieved domestic production of 8-12 inch large silicon wafer equipment and is expanding into chip manufacturing and advanced packaging sectors. It holds a leading market share in the silicon wafer manufacturing segment, with clients including top semiconductor material manufacturers like Zhonghuan [1]. - In the compound semiconductor equipment sector, the company focuses on the research and development of third-generation silicon carbide equipment, successfully overcoming several core technological challenges in crystal growth, processing, and epitaxy [1]. - In the renewable energy photovoltaic equipment sector, the company has established a closed industrial chain for core equipment in silicon wafers, battery cells, and modules, positioning itself as a leading supplier in both technology and scale [1]. Group 3: Silicon Carbide Substrate Material - Silicon carbide, as a core representative of third-generation semiconductor materials, has significant application potential in high-voltage and high-temperature environments, particularly in electric vehicle drive systems and emerging fields like AR devices [1]. - The company has achieved large-scale production and sales of 6-8 inch silicon carbide substrates, with core parameters reaching industry-leading levels. It is actively expanding its global customer validation and has received bulk orders from some international clients [1]. - The company has made breakthroughs in 12-inch conductive silicon carbide single crystal growth technology, with product specifications meeting advanced industry standards. It is also developing optical-grade silicon carbide materials and advancing the industrialization of 12-inch substrates [1]. - The company is establishing production capacity with projects including an annual output of 300,000 silicon carbide substrates in Shangyu, an 8-inch silicon carbide substrate industrialization project in Penang, Malaysia, and a project in Yinchuan for an annual output of 600,000 8-inch silicon carbide substrates [1]. Group 4: Silicon Carbide Equipment Sector - The company is developing silicon carbide crystal growth and processing equipment to meet its own production capacity needs, creating technological, process, and cost barriers. It has achieved domestic substitution for 6-8 inch silicon carbide epitaxy equipment, leading the market share with clients including industry leaders like Hantian Tiancheng [1].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is focusing on the industrialization of silicon carbide (SiC substrate materials) to enhance its international supply capabilities. The company has made significant technological advancements in growing 12-inch conductive silicon carbide crystals and is actively expanding its production capacity [4][5] - The company is also promoting its silicon carbide equipment, which includes various processing devices, to strengthen its core competitiveness in the silicon carbide substrate field. The company has achieved a leading market share in 6-8 inch silicon carbide epitaxy equipment [5] - The financial projections indicate that the company is expected to achieve revenues of 120.31 billion yuan, 129.77 billion yuan, and 140 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 10.41 billion yuan, 12.65 billion yuan, and 15.46 billion yuan for the same years [8] Company Overview - The latest closing price of the company's stock is 38.09 yuan, with a total market capitalization of 499 billion yuan and a circulating market value of 469 billion yuan. The company has a total share capital of 1.31 billion shares, with a debt-to-asset ratio of 43.2% and a price-to-earnings ratio of 19.84 [3]

英伟达与阿布扎比技术创新研究所（TII）联手，在阿联酋设立了中东地区首个英伟达AI技术中心，旨在共同开发下一代人工智能模型和机器人平 台，标志着这家芯片巨头在中东地区的布局迈出关键一步。该联合研究中心将结合TII的多学科研究能力与英伟达强大的AI模型及算力，利用英伟 达专用的"Thor"芯片，以推进其在人形机器人、四足机器人和机械臂等领域的研发。 甲骨文换帅！两位联席CEO上任 （全球TMT2025年9月23日讯）今日要点：英伟达将向OpenAI投资1000亿美元；甲骨文换帅！两位联席CEO上任；谷歌被判向竞争对手交出搜索 数据；三星电子加入全球6G商用化联盟；DeepSeek线上模型升级；联发科天玑9500AI智能体芯片发布。 英伟达将向OpenAI投资1000亿美元 英伟达(NVIDIA)周一表示，该公司将向OpenAI投资1000亿美元，这家人工智能实验室正着手以该芯片制造商的人工智能处理器为基础，建设数千 亿美元的数据中心。两家公司周一表示，OpenAI计划建造和部署需要10千兆瓦电力的英伟达系统。千兆瓦是一种功率度量，越来越多地被用来描 述最大的人工智能芯片集群。英伟达股价周一上涨近4%，公司市值4 ...

日前，中国领先的碳化硅(SiC)功率器件和芯片方案商——上海瞻芯电子科技股份有限公司(简称"瞻芯电 子")宣布完成全部C轮融资，融资总金额超过10亿元人民币，近日完成工商变更手续。 北京市绿色能源和低碳产业基金认为，碳化硅功率器件作为基础的新一代能源电子器件，在新能源汽 车、电网、光伏、储能等诸多领域应用，未来发展潜力巨大。瞻芯电子团队长期专注SiC芯片领域，具 备深厚的技术积累，在前瞻产品布局、量产工艺迭代、重点行业客户验证等方面处于行业领先地位。此 次投资是基金在完善区域绿色能源产业链生态方面的重点布局，基金看好公司在碳化硅领域的领先优势 和长期发展潜力，并将充分发挥自身优势，为公司的技术创新和商业化应用带来战略协同资源。 海望资本则表示，碳化硅是目前半导体领域最炙手可热的宽禁带半导体材料之一，被誉为"第三代半导 体"的核心代表。在目前国内优秀厂商不断研发再创新的努力下，我国在该环节正逐渐实现对国外头部 厂商的赶超和突围。 除了在新能源汽车、储能等诸多领域应用，近期有中国台湾媒体报道，英伟达正计划在新一代GPU芯片 的先进封装环节中采用12英寸碳化硅(SiC)衬底，旨在解决AI芯片愈发突出的散热难题并提升 ...

Core Viewpoint - The performance of power semiconductor companies is recovering, with clear growth trends in the automotive and data center sectors [3][5]. Group 1: Power Semiconductor Performance Review - The power semiconductor industry has seen revenue and profitability gradually improve, with automotive and data center applications being the main growth areas [3][11]. - In July 2025, China's new energy vehicle sales reached 1.26 million units, a year-on-year increase of 27.4%, with a penetration rate of 48.7% [21][23]. - The market share of domestic manufacturers in the main drive IGBT module segment is increasing, with leading companies like Chipone, Times Electric, Silan Micro, and StarPower establishing competitive advantages [3][25]. Group 2: New Energy Vehicle Insights - The proportion of new energy vehicles with a main drive power of over 200kW increased from 9% in 2022 to 25% in the first seven months of 2025, indicating a trend towards higher power models [25][28]. - The peak power of electric drives has risen from 255kW in 2022 to 580kW in July 2025, reflecting advancements in technology and increasing demand for high-performance vehicles [25][28]. - The market for SiC MOSFETs in new energy vehicles is growing, with their share in the main drive modules reaching 17.9% in the first seven months of 2025 [28][39]. Group 3: Data Center and Power Demand - The global server market is expected to grow at a compound annual growth rate of 18.5% over the next five years, driven by increasing demand for servers and data centers [47]. - The expansion of data centers in China is anticipated to mirror the growth patterns seen in North America, leading to a significant increase in power device demand [47][48]. - The demand for power devices is expected to rise in tandem with the expansion of data centers, particularly as cloud service providers increase their capital expenditures [47][48]. Group 4: Market Trends and Pricing - The prices of photovoltaic inverters remained stable in July and August 2025, with a notable increase in export volumes and values [50][51]. - The domestic energy storage market is transitioning from mandatory to market-driven, with significant growth in overseas demand for large-scale storage solutions [50]. - The demand for power devices is likely to benefit from the robust growth in energy storage and photovoltaic sectors [50].

Group 1: Company Overview - The main business of the company is chip design, and it does not involve military applications [2] - The company aims to become a leading industry player with sustainable and healthy development [3] Group 2: Market Performance and Challenges - The company's stock price is influenced by macroeconomic factors and market trends, and it is actively working to enhance its market value [2][3] - The company is aware of the competitive landscape, particularly with other chip stocks reaching new highs [2] Group 3: Technology and Product Development - The company has developed high-performance products, including the A733 chip, and is focused on continuous iteration based on customer needs [4] - The company has achieved mass production of 12nm chips and is advancing its process technology [5][6] Group 4: Collaborations and Industry Trends - The company is monitoring industry developments, including potential collaborations with major players like Huawei and Nvidia [3][4] - The company has developed multiple chip products based on the RISC-V architecture and has achieved large-scale production [6] Group 5: Future Directions - The company is exploring opportunities in the humanoid robot sector and has applications in products like robotic vacuum cleaners and quadruped robots [5] - The company plans to choose downstream target markets and product development based on operational needs [6]

证券代码:300700 证券简称:岱勒新材 公告编号：2025-03 长沙岱勒新材料科技股份有限公司 投资者关系活动记录表 编号：2025-03 7、子公司翌上新能源的先进碳基复合材料散热效果如何？ 答：您好，翌上新能源已被其全资子公司耕驰新能源吸收合并。目前耕驰新 能源的主要产品为石墨复合双极板，主要用于氢燃料电池以及液流储能电池极 板。感谢您的关注！ | 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 其他: | | 参与单位 | 投资者网上提问 | | 名称 | | | 时间 | 2025 年 9 月 19 日 (周五) 下午 14:30~17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | 上市公司 接待人员 | 董事会秘书、财务总监：周家华先生 | | 姓名 | | | | Q&A | | | 1、贵公司与上海新微科技集团有限公司成立了深圳泰诺协同创业投资基金，该 | | | 公司持有上海国浮领航股权，是上海 ...

Core Viewpoint - Hunan Yujing Machinery Co., Ltd. has made significant advancements in its semiconductor, consumer electronics, and magnetic materials businesses, as discussed during the online investor reception event held on September 19, 2025 [1]. Semiconductor Business - The company has achieved notable success in the processing equipment for silicon carbide substrates, with its 6-8 inch high-precision CNC cutting, grinding, and polishing equipment now in mass production, positioning it as a major supplier in this sector [1]. - Silicon carbide, a core material for third-generation semiconductors, is widely used in RF fields such as 5G communications, national defense, aerospace, and power applications in electric vehicles [1]. - The company is also making progress in the development of high-precision multi-wire cutting equipment for 12-inch silicon wafers, aligning its equipment layout with the industry's trend towards larger sizes [1]. Consumer Electronics Business - The high-precision multi-wire cutting machines, grinding and polishing machines, and associated diamond wire products developed by the company have gained recognition from industry-leading firms, being deeply applied in processing hard and brittle materials like glass, sapphire, and ceramics for smartphones and wearable devices [2]. - Although the impact of the iPhone 17 launch on the company's business was not directly stated, the new technologies and processes in the consumer electronics sector present new opportunities for the company [2]. - According to IDC data, global smartphone shipments are expected to grow by 1.0% in Q2 2025, reaching 295.2 million units, marking the eighth consecutive quarter of growth, which also creates opportunities for the company [2]. Magnetic Materials Business - Magnetic materials are fundamental to industrial and information technology development, with applications across various sectors including wind power, electronics, computers, communications, medical, home appliances, and military [3]. - The demand for magnetic materials is increasing in emerging fields such as electric vehicles, photovoltaic power generation, communication base stations, and robotics [3]. - In 2024, China's production and sales of electric vehicles are projected to reach 12.888 million and 12.866 million units, respectively, reflecting growth rates of 34.4% and 35.5%, while the production of industrial robots is expected to reach 556,000 units, growing by 14.2% [3]. - The company has a deep understanding of the magnetic materials equipment industry, and its cutting machines and associated diamond wire products have received high recognition from customers, indicating potential growth opportunities as industry conditions improve [3].

Group 1: E-commerce and Food Delivery - Taobao Flash Sale and Ele.me are launching group buying services, focusing on restaurant group purchases, starting in Shanghai, Shenzhen, and Jiaxing on September 20, with plans to expand to major cities nationwide [1] - Meituan has upgraded its online restaurant listings to include a "freshly made" information display, currently in a pilot phase, to enhance consumer awareness and help restaurants showcase their offerings [1] Group 2: Investment and Corporate Developments - Fujin Precision experienced a nearly 8% stock price increase after announcing a prepayment agreement with CATL for high-density lithium iron phosphate materials, indicating strong demand from high-end clients [2] - Zhiwei Technology announced over 100 million yuan in overseas pre-orders for its first smartphone, Dreame Space, before its official launch [3] - Shenzhen Car Cool Technology has received approval for IPO guidance, aiming to list on the A-share market, focusing on automotive emergency power supplies and energy storage [5] Group 3: Market Trends and Economic Indicators - South Korea's overseas direct investment fell by 13.4% year-on-year in Q2, totaling $14.15 billion, attributed to increased global economic uncertainty [2] - The four major corporate groups in South Korea employed nearly 750,000 people in 2024, marking a 6.9% increase from 2020 [2] Group 4: Technology and Innovation - Tencent launched a professional-grade AI 3D workspace, Mix Yuan 3D Studio, aimed at 3D designers and game developers, enhancing model control features [9] - Laser radar companies are focusing on developing a second growth curve, as the automotive industry shifts its emphasis from high-level autonomous driving to safety features [8] Group 5: Environmental Initiatives - China's Ministry of Ecology and Environment announced the establishment of the world's largest carbon emissions trading market, covering over 60% of the country's emissions [13]

Group 1 - The core viewpoint of the report highlights the significant growth in the power semiconductor industry, particularly in the automotive and data center sectors, driven by the increasing demand for electric vehicles and advanced power solutions [2][3]. - In the new energy vehicle sector, the proportion of main drives with power over 200kW increased from 9% in 2022 to 25% in the first seven months of 2025, with peak power rising from 255kW to 580kW [2][3]. - In July, China's new energy vehicle sales reached 1.26 million units, a year-on-year increase of 27.4%, while production was 1.24 million units, up 26.3% year-on-year, resulting in a penetration rate of 48.7% for the month [1][2]. Group 2 - The main drive IGBT power module market is dominated by key players such as Chipone, Times Electric, Silan Microelectronics, and Starpower, with a gradual decline in the market share of overseas manufacturers [2][3]. - The penetration of silicon carbide (SiC) in new energy vehicles is notable, with SiC MOSFETs accounting for 18% of the main drive modules in the first seven months of 2025, and 76% penetration in 800V models [2][3]. - The industry is entering a recovery phase, with overall profits reaching a new high in nearly eight quarters, driven by accelerating growth in data centers and new energy vehicles [3][4]. Group 3 - The demand for power devices is expected to increase due to the growth in automotive intelligence and power segment enhancements, with significant opportunities for domestic replacements in low and medium voltage power devices [3][4]. - The transition from single power semiconductors to product solutions is underway, with a focus on expanding market coverage from domestic to international [3][4]. - Companies such as Yangjie Technology, New Energy, China Resources Microelectronics, Silan Microelectronics, and others are recommended for their advancements in new devices, processes, and market expansion [4].