Group 1 - The company has been a leading player in the domestic mask plate market since its establishment in 1997, focusing on research, production, and sales of mask plates, achieving a revenue of 260 million yuan in Q1 2025, representing a year-on-year growth of 47.09% [1] - The company is the first in China and the fourth globally to produce G11 mask plates, and it is the only domestic company capable of supporting various generations of panel production lines from G2.5 to G11, also mastering G6 and below AMOLED mask plate manufacturing technology [1] - The company is advancing in semiconductor mask plate technology, optimizing mature processes and breaking through advanced manufacturing techniques, which lays a solid foundation for entering more advanced mask plate manufacturing [1] Group 2 - The domestic mask plate market is expected to reach approximately 18.7 billion yuan by 2025, with a current localization rate of about 10% for semiconductor mask plates and only 3% for high-end mask plates, indicating significant growth potential for the company [2] - The company plans to issue convertible bonds totaling 615 million yuan in June 2025 to expand production capacity for semiconductor and high-precision flat panel display mask plates, highlighting its growth opportunities [2] - Revenue projections for the company are 1.138 billion yuan, 1.585 billion yuan, and 2.256 billion yuan for 2025-2027, with corresponding net profits of 222 million yuan, 345 million yuan, and 500 million yuan, suggesting a favorable growth outlook [2]

证券研究报告 2025年7月3日 行业：电子 增持 （维持） 半导体技术加速突破，AI赋能消费电子升级 分析师：颜枫 SAC编号：S0870525030001 分析师：李心语 SAC编号：S0870525040001 ——科技中期策略 1. 主要观点 2. 建议关注 目录 SECTION C o n t e n t 一、投资摘要 二、自主可控：半导体技术加速突破，市场需求驱动国产替代 三、AIDC：AI推动服务器功率提升，带动主要设备需求增长 四、消费电子：AI赋能SoC广泛应用，助力重点产品智能化升级 四、消费电子：CIS市场需求快速回暖，有望优先实现国产替代 五、风险提示 一、投资摘要 风险提示：人工智能技术落地和商业化不及预期；产业政策转变；宏观经济不及预期。 3 • "硬科技"在AI驱动下表现突出：A股上市公司中，以国产算力芯片，AIDC配套设施，AI端侧Soc芯片设计和部分消费 电子企业为代表的板块在2024年业绩表现出较快增速，并在2025年一季度保持两位数的高增长。 • 大国博弈下科技行业的估值体系有望重构：随着4-5月份中美两国在科技/贸易等领域持续博弈，以电子行业为代表的 科技板块的估值中枢 ...

今日（7月3日），A股三大指数集体上涨，沪指再创年内新高。截至收盘，沪指涨0.18%，收报3461.15点；深证成指涨1.17%，收报10534.58点；创业板指 涨1.90%，收报2164.09点。 沪深两市成交额为13098亿元，较昨日缩量672亿元。 个股方面，超过3200只股票上涨，逾60只股票涨停。消费电子、生物制品、电子元件、化学制药、电池、中药板块涨幅居前，船舶制造、采掘行业跌幅居 前。 今日A股依然活跃，沪指盘中创出年内新高，深证成指创3个月来新高，创业板大涨约2%。但细观盘面，有两点说明，目前点位红红火火之下，市场心态 其实还非常纠结。 一是成交量继续萎缩，沪深两市成交额较昨日缩量672亿元，总体而言仍是处于存量博弈中。 二是万得全A平均股价（8841719）修复滞后于指数涨幅。今日万得全A平均股价收于21.93元，距离3月高点22.84元还有约4%的距离。这说明有相当多股 票仍未能修复前期的"坑"，指数新高过程中个股冷热不均。"赚指数不赚钱"的感受可能较为普遍。 | 分时 多日 1分 5分 15分 30分 60分 日 周 月 更多 F9 不复权 超级叠加 画线 工具 砂 | | 全A平均股 ...

基金分析报告 迎接科技新周期：博时上证科创板 100ETF 投资价值分析 2025 年 07 月 03 日 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 ➢ 政策利好、宏观经济回暖、权重行业景气度增强，科创板资产配置优势凸显： ➢ 科创 100 指数投资价值分析： ➢ 博时上证科创板 100ETF 投资价值分析： ➢ 风险提示：1）基金历史业绩不代表未来业绩。本报告仅对基金产品进行定 量不定性分析，不做任何推荐建议。2）量化统计未来有失效风险。 [Table_Author] | 分析师 叶尔乐 | | --- | | 执业证书： S0100522110002 | | 邮箱： yeerle@mszq.com | | 分析师 关舒丹 | | 执业证书： S0100524060004 | | 邮箱： guanshudan@mszq.com | 相关研究 1.量化分析报告：2025 年 6 月社融预测：42 157 亿元-2025/07/01 2.量化周报：维持震荡偏乐观判断-2025/06/ 29 3.量化专题报告：把握爆品脉搏：新消费量化 洞察与选股-2025/06/29 4.金融 ...

Core Viewpoint - The strategic partnership between China Resources Pharmaceutical and Haohai Biological Technology marks a significant move into the medical aesthetics sector, leveraging each company's strengths to enhance market presence and product offerings [1][2][4]. Group 1: Partnership Details - The collaboration aims to establish a comprehensive "R&D-Production-Channel" cooperation system, integrating China Resources' extensive OTC network across 28 provincial regions with Haohai's industrial base advantages [1][2]. - Haohai Biological, recognized as one of the "three giants" in medical aesthetics, reported a gross margin of 77.47% for its medical aesthetic products last year, highlighting the profitability of this sector [1][4]. - The partnership is expected to facilitate Haohai's expansion into second- and third-tier markets, utilizing China Resources' established distribution channels [2][4]. Group 2: Market Context - The Chinese medical aesthetics market is projected to grow from 189.2 billion yuan in 2021 to 410.8 billion yuan by 2025, with a compound annual growth rate (CAGR) exceeding 17% [6][8]. - Non-surgical aesthetic procedures are anticipated to grow at a rate of over 15% annually, indicating a robust demand for these services [1][6]. - The entry of traditional pharmaceutical giants into the medical aesthetics space is accelerating, with companies like Sinopharm and Shanghai Pharmaceuticals expanding their presence through various strategies [6][8]. Group 3: Financial Implications - Haohai's revenue from medical aesthetics and wound care products is expected to reach 1.195 billion yuan in 2024, accounting for 44.38% of its total revenue, with hyaluronic acid products contributing 742 million yuan [3][4]. - The collaboration is anticipated to optimize cost structures, allowing Haohai to reduce its R&D expenses by 25.40% in the first quarter of 2025, as it will no longer need to invest heavily in building its own sales team [4][6]. Group 4: Industry Trends - The medical aesthetics industry is witnessing a shift towards brand consolidation and standardization, driven by stricter regulations and evolving consumer preferences [7][8]. - The consumer demographic is diversifying, with an increasing proportion of male and older consumers, leading to a broader range of aesthetic service offerings [7][8]. - The partnership between China Resources and Haohai is seen as a new model for upstream and downstream collaboration in the medical aesthetics industry, potentially driving the sector towards a more clustered and standardized future [7][8].

Core Viewpoint - The recent supply disruption of CMP slurry, specifically DST slurry produced by AGC in Taiwan, has accelerated the pace of domestic alternatives in the semiconductor industry, highlighting the urgency for local manufacturers to innovate and adapt [1][2]. Group 1: Importance of CMP Slurry - CMP slurry is essential for the chemical mechanical polishing process in semiconductor manufacturing, akin to smoothing and leveling surfaces in construction [2]. - The slurry consists of ultra-fine abrasives, chemical agents, and water, and is crucial for achieving the required surface smoothness in logic and memory chip production [2]. Group 2: Market Dynamics - The CMP slurry market is predominantly controlled by American and Japanese companies, with Cabot Microelectronics holding 33% of the global market share, while Japanese firms account for an additional 23% [3]. - Domestic manufacturers currently hold a market share of 25-30%, which is even lower in high-end processes (e.g., below 28nm) [3]. - The global CMP slurry market was valued at $1.89 billion in 2021 and is projected to exceed $2.6 billion by 2026, with a compound annual growth rate (CAGR) of approximately 6% [3]. - In China, the CMP slurry market is expected to grow from approximately 2.3 billion yuan in 2023 to 4.6 billion yuan by 2028, reflecting a CAGR of 15% [3]. Group 3: Demand Surge Factors - The demand for CMP slurry is increasing due to the growing complexity of high-end processes, with the number of CMP steps for 14nm logic chips doubling, requiring more types of slurry [3]. - The rise of 3D NAND memory chips, with increasing stacking layers, necessitates more intricate polishing processes, leading to a significant increase in CMP slurry usage [3]. Group 4: Domestic Players - Anji Technology has been a leader in CMP slurry since 2006, achieving a market share of over 5% globally and increasing its share in China from 20.9% in 2020 to 30.8% in 2021 [4]. - Sanhe New Materials focuses on diamond polishing liquids for hard materials and is gradually increasing its market share by supplying to companies like SMIC [4]. - Dinglong Co. is a key player in the domestic polishing pad market, offering a comprehensive solution that includes polishing liquids, cleaning liquids, and polishing pads, enhancing its competitive edge [5].

Core Viewpoint - The A-share market is experiencing a rebound, particularly in the semiconductor sector, with significant capital inflow into the Sci-Tech Chip 50 ETF, indicating a bullish sentiment among investors [1][5]. Group 1: Market Performance - The Sci-Tech Chip 50 ETF (588750) has seen a capital inflow exceeding 64 million yuan over the past two days, despite a slight decline of 0.1% [1]. - The performance of constituent stocks within the ETF is mixed, with notable movements including a 2.32% increase in Lanke Technology and a 4.63% decrease in Chip Origin Technology [6]. Group 2: EDA Market Developments - Major EDA software companies, including Synopsys, Cadence, and Siemens, have resumed services to China, which is crucial for the semiconductor design process [3]. - The global EDA market is dominated by these three companies, holding a combined market share of over 70% [3]. Group 3: Domestic EDA Industry Growth - The domestic EDA industry is expected to accelerate its development, with companies like Huada Jiutian and Gai Lun Electronics making significant advancements [4]. - The Chinese EDA market is projected to reach 4.22 billion yuan by 2028, with a compound annual growth rate of 21.2% from 2024 to 2028 [4]. Group 4: Semiconductor Industry Outlook - The semiconductor sector is entering an upward cycle, with a projected global sales growth rate of 17% in 2024 [5]. - The net profit of the semiconductor sector is expected to increase by 15.1% year-on-year in Q1 2025, with the Sci-Tech Chip 50 ETF's constituent companies projected to see a net profit growth of 70% in Q1 2025 [5]. Group 5: AI and Semiconductor Demand - The rapid growth of AI is anticipated to create a second growth curve for the semiconductor industry, with major internet companies increasing their capital expenditures on AI-related chips [7]. - The global AI chip market is expected to grow significantly, reaching over $400 billion by 2027 [7]. Group 6: Domestic Equipment Replacement - The trend of domestic equipment replacement in the semiconductor industry is gaining momentum, with local equipment manufacturers increasing their market share from 7% in 2020 to an estimated 19% in 2024 [4]. - The average validation cycle for domestic semiconductor equipment is expected to decrease from 24 months to 14 months by 2024 [4].

1、工业机器人：减速器最大的下游应用场景。据睿工业，2024年我国市场用于工业机器人的精密减速 器出货量约为109.7万台。从长期来看，工业机器人向智能化与柔性化方向升级，以及国产技术在高端 应用场景(如汽车制造等)中的不断突破，将持续推动精密减速器市场实现稳步增长。 华创证券发布研报称，精密减速器应用空间广阔，核心技术壁垒高筑，下游产业驱动其市场高速增长。 国内厂商有望通过多年产业、技术积累和高性价比，加速导入核心客户，实现国产替代。给予减速器行 业"推荐"评级。重点关注三大类布局厂商。 华创证券主要观点如下： 精密减速器：匹配转速、传递转矩的核心传动元件 精密减速器种类较多，包括谐波减速器、RV减速器、精密行星减速器等。谐波、RV、行星减速器具有 不同的特点，适用于不同的应用场景。谐波减速器具有单级传动比大、体积小、质量小、运动精度高并 能在密闭空间和介质辐射的工况下正常工作的优点，使其在机器人小臂、腕部、手部等部件具有较强优 势。行星减速器结构相对简单，体积相对较小，单级传动比范围相对有限，适用于机器人的下肢。RV 减速器传动比范围大、精度较为稳定、疲劳强度较高，并具有更高的刚性和扭矩承载能力，在机器人 ...

行业研究 证 券 研 究 报 告 "人形机器人的 Optimus 时刻"系列（十一） 推荐（维持） 精密减速器：群雄逐鹿，新的篇章 三大行业共振，减速器迎来全新机遇。 1、工业机器人：减速器最大的下游应用场景。据睿工业，2024年我国市场用 于工业机器人的精密减速器出货量约为109.7万台。从长期来看，工业机器人 向智能化与柔性化方向升级，以及国产技术在高端应用场景（如汽车制造等） 中的不断突破，将持续推动精密减速器市场实现稳步增长。 2、工业母机：减速器最核心的下游应用场景。当前我国高端机床的核心零部 件主要依赖日本及德国品牌，国产零部件使用率较低。从长远看，实现中高端 机床零部件的国产化率提升是实现自主可控关键。我们拆解各类型机床对应减 速器配置数量，测算 2024 年我国机床领域减速器总需求量为 59.8 万台。 3、人形机器人：减速器最潜力的下游应用场景。目前人形机器人领域主流的 减速器配置方案为"谐波减速器+行星减速器"的组合。特斯拉方案单Optimus 需要 16个谐波减速器，对应价值量在 2万元左右；国产全旋转模组方案，单 台机器人减速器价值量约为 3 万元左右。 三大类别看目前国产减速器厂商布 ...

今日早盘，A股整体小幅震荡上扬，上证指数创出年内新高，深证成指创3个月来新高，创业板指、科创 50、沪深300等也微幅飘红，北证50则微幅飘绿，市场成交继续呈现萎缩的趋势。 盘面上，消费电子、航天装备、纺织制造、创新药等板块涨幅居前，渔业、地面兵装、工程机械、可控 核聚变等板块跌幅居前。 元器件、AI手机、PC、苹果概念、无线耳机等消费电子细分领域也放量上攻，博敏电子（603936）、大 为股份（002213）、金安国纪（002636）等强势涨停。 据供应链消息，苹果的折叠iPhone已于6月进入P1（Prototype 1）原型开发阶段，后续会有P2和P3阶段， 预计2025年底有机会走完Prototype的开发流程。 消费电子放量上攻 消费电子概念早间放量高开高走，板块指数涨逾4%，创3个月来新高，半日成交超昨日全天成交。朝阳科 技（002981）、新亚电子（605277）均直线拉涨停，硕贝德（300322）、工业富联（601138）、创益通 （300991）、蓝思科技（300433）等涨幅居前。 在P1到P3阶段，供应链会进行小量试产，再交由iPhone主力组装厂鸿海、和硕进行组装，并检查生产与 产品良 ...