Industry Overview - The semiconductor industry is a core foundation of modern information technology and electronic products, becoming a major battleground for technological competition [1] - The 2025 World Semiconductor Conference showcased nearly 200 exhibitors, highlighting advancements in EDA tools, high-performance computing chips, advanced packaging solutions, and key semiconductor materials [1][3] - Emerging "chip" forces are presenting innovations that make chips smaller, thinner, and faster [1] Company Innovations - Jiangsu Xinkang Microelectronics Technology Co., Ltd. introduced a gallium nitride fast-charging chip that reduces heat generation while increasing power and efficiency, achieving a size reduction of one-third and lowering costs [2] - Jiangsu Superchip Semiconductor Co., Ltd. focuses on silicon carbide, a core material for third-generation semiconductors, which is suitable for high-speed, high-power applications in sectors like high-speed rail and new energy vehicles [2] - The company has developed a proprietary silicon carbide crystal growth technology, winning a gold medal at the 50th Geneva International Invention Exhibition [2] Market Dynamics - The World Semiconductor Conference has attracted over 160,000 professional visitors from 23 countries and regions over six years, showcasing over 1,300 top exhibitors [3] - Nanjing is recognized as a national innovation center for third-generation semiconductor technology, fostering a conducive environment for the semiconductor industry to grow from weak to strong [3][4] - The establishment of national-level technology innovation centers in Nanjing promotes deep integration of innovation chains, industry chains, funding chains, and talent chains [4]

内容概况：作为半导体封装环节的核心设备，塑封机的技术升级与产业布局深刻影响着中国半导体产业 链的自主化进程。2025年1-4月，中国半导体塑封机进口金额为3144.82万美元，同比增长29.46%；出口 金额为1605.21万美元，同比下降28.05%。进口增长方面，一是国内先进封装产能扩张，尤其是第三代 半导体（SiC、GaN）封装线建设，对日本东和半导体、荷兰ASMPT等企业的超高压塑封机需求激增。 二是高端设备国产替代率不足，500MPa级超高压成型机、激光辅助成型设备等仍依赖进口，单台设备 价格超50万美元，推高进口总额。出口下降则反映全球市场压力。一方面，东南亚、印度等新兴市场本 土封装厂崛起，以价格优势挤压中国设备出口；另一方面，美国《芯片与科学法案》限制中国设备进入 高端市场，叠加欧盟碳关税（CBAM）政策，导致出口成本上升。此外，国产设备在稳定性、精度 （±1μm以下）等指标上仍落后于国际巨头，难以满足台积电、三星等大客户要求。 相关上市企业：耐科装备（688419）、三佳科技（600520）、长电科技（600584） 相关企业：衡所华威电子有限公司、北京科化新材料科技有限公司、宁波博威合金材 ...

市场估值普跌，金融、周期居前。上周宽基指数估值普跌，金融表现 最优，科创 50 表现最弱。从 PE、PB 偏离度的角度看，食品饮料、农林 牧渔、公用事业等行业估值较为便宜。向前看，本周市场 ERP 小幅上升， 处于一倍标准差附近。 市场表现：金融、周期、创业板指表现最好；科创 50、消费、国证 2000 表现最弱。 2025 年 06 月 16 日 投资策略 估值与盈利周观察——6 月第 2 期：金融、周期领涨 ◼ 上证综合指数走势（近三年） (20%) (10%) 0% 10% 20% 30% 24/6/17 24/8/28 24/11/8 25/1/19 25/4/1 25/6/12 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 行业表现：有色金属、石油石化、农林牧渔涨幅前三，家用电器、食 品饮料、建筑材料表现最弱。 相对估值：创业板指/沪深 300 相对 PE 下降，创业板值/沪深 300 相 对 PB 下降。 全 A ERP ...

Core Viewpoint - The event "I am a shareholder" organized by the Shanghai Stock Exchange aims to enhance communication between listed companies and investors, promoting rational investment awareness and understanding of investment value in the Shanghai market [1] Company Overview - Jiangsu Hongwei Technology Co., Ltd. (Hongwei Technology) is a leading enterprise in the domestic power semiconductor sector, listed on the Shanghai Stock Exchange since September 1, 2021 [3] - The company focuses on the design, research and development, production, and sales of power semiconductor chips, with a strong emphasis on IGBT and FRD technologies [3] - Hongwei Technology has established unique technological barriers through innovations in third-generation semiconductor materials and processes, achieving key performance indicators that match international advanced levels with its self-developed seventh-generation power chips [3] Product Applications - The company's products cover various fields including new energy vehicles (electric control systems, charging piles, and OBC power supplies), renewable energy generation (photovoltaic inverters, wind energy converters, and power quality management), energy storage, industrial control (inverters, servo motors, UPS, and various switch power supplies), and consumer appliances [3] Strategic Development - The company plans to enhance product competitiveness through technological iteration and production line optimization, focusing on the industrialization of third-generation semiconductor devices [5] - Hongwei Technology aims to diversify its technology system with a core focus on SiC and GaN, while also exploring applications in robotics and mechanical arms [5] Industry Collaboration - The company has deepened cooperation with industry chain partners like Huahong Hongli, achieving breakthroughs in 12-inch wafer mass production processes [6] - Hongwei Technology's seventh-generation IGBT module products have entered the supply chain of leading automotive manufacturers, demonstrating its competitive edge in the automotive-grade sector [6] Investor Engagement - The event allowed investors to gain insights into the company's operational status and strategic direction, enhancing their confidence in Hongwei Technology [7] - The interactive session provided a platform for discussions on market space, product competitive barriers, and technological iterations, further deepening investors' understanding of the company [6]

Group 1: Industry Overview - Yangzhou has a rich historical background and has experienced significant industrial growth, particularly in the 1990s with its manufacturing sector achieving prominence through eight key industries [1] - The city has developed a "613" industrial system that combines traditional industries with emerging sectors such as aerospace, smart grids, integrated circuits, and artificial intelligence [1] Group 2: Company Spotlight - Yangjie Technology is a leading player in China's semiconductor power device sector and is a core component of the integrated circuit industry chain within the "613" industrial system [2] - The company has established a full-chain R&D and production system for third-generation semiconductors, including chip design, packaging testing, and module integration [2] - Yangjie Technology has received significant accolades, including the Huawei Best Partner Award and recognition from CATL as a key supplier for industry breakthroughs [2] Group 3: Collaborative Efforts - Yangzhou has launched a shared experimental platform for the integrated circuit industry chain to enhance collaboration and innovation among upstream and downstream enterprises [2] - The establishment of the Jiangsu Province Key Laboratory for Third-Generation Semiconductor Power Chips and Module Integration Technology, co-founded by Yangjie Technology and Southeast University, aims to tackle critical technology challenges in the semiconductor field [2]

| | □特定对象调研□分析师会议 | | --- | --- | | | □媒体采访□业绩说明会 | | 投资者关系 | □新闻发布会□路演活动 | | 活动类别 | | | | □现场参观□电话会议 | | | √其他湖北辖区上市公司 2025 年投资者集体接待日 | | 参与单位名称及人 | 投资者网上提问 | | 员姓名 | | | 时间 | 年 月 日（周四）下午 2025 6 12 14:30~16:50 | | | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | 地点 | 采用网络远程的方式参加湖北辖区上市公司 2025 年投资者集体接 | | | 待日 | | 上市公司 | 董事兼财务总监：吴建林 | | 接待人员姓名 | 董事会秘书兼副总经理：康进 | | | 公司于 年 月 日采用网络远程方式参加湖北辖区上市 2025 6 12 | | | 公司 2025 年投资者集体接待日，公司与投资者进行了互动交流与 | | | 沟通。公司与投资者交流的主要内容如下： | | | 1、说说近期的展望，有没有什么新的计划。有没有并购重组的计 | | | 划。 | | ...

银烧结芯片贴装机是一种用于半导体芯片封装制造过程的专用设备，负责将芯片（ Die ）通过银烧结材料贴装到底座（如引线框架、 DPC 陶 瓷、 DBC 陶瓷基板等）上，以实现高导热、高可靠性连接。 据 QYResearch 调研团队最新报告"全球银烧结芯片贴装机市场报告 2025-2031 "显示，预计 2031 年全球银烧结芯片贴装机市场规模将达到 2 亿 美元，未来几年年复合增长率 CAGR 为 6.7% 。银烧结芯片贴装机技术正处于快速演进阶段，为满足功率半导体器件日益提升的性能要求和多 样化应用场景，设备制造商在精度、效率、智能化和工艺兼容性等方面持续创新。从当前研发动态和产业实践来看，该领域的技术发展呈现出 若干明显趋势，将深刻影响未来市场竞争格局。 银烧结芯片贴装机 ，全球市场总体规模 全球 银烧结芯片贴装机 市场前 11 强生产商排名及市场占有率（基于 2 02 5 年调研数据；目前最新数据以本公司最新调研数据为准） 来源： QYResearch 电子及半导体研究中心。行业处于不断变动之中，最新数据请联系 QYResearch 咨询。 根据 QYResearch 头部企业研究中心调研，全球范围内银 ...

银烧结芯片贴装机是一种用于半导体芯片封装制造过程的专用设备，负责将芯片（ Die ）通过银烧结材料贴装到底座（如引线框架、 DPC 陶 瓷、 DBC 陶瓷基板等）上，以实现高导热、高可靠性连接。 据 QYResearch 调研团队最新报告"全球银烧结芯片贴装机市场报告 2025-2031 "显示，预计 2031 年全球银烧结芯片贴装机市场规模将达到 2 亿 美元，未来几年年复合增长率 CAGR 为 6.7% 。银烧结芯片贴装机技术正处于快速演进阶段，为满足功率半导体器件日益提升的性能要求和多 样化应用场景，设备制造商在精度、效率、智能化和工艺兼容性等方面持续创新。从当前研发动态和产业实践来看，该领域的技术发展呈现出 若干明显趋势，将深刻影响未来市场竞争格局。 银烧结芯片贴装机 ，全球市场总体规模 全球 银烧结芯片贴装机 市场前 11 强生产商排名及市场占有率（基于 2 02 5 年调研数据；目前最新数据以本公司最新调研数据为准） 来源： QYResearch 电子及半导体研究中心。行业处于不断变动之中，最新数据请联系 QYResearch 咨询。 根据 QYResearch 头部企业研究中心调研，全球范围内银 ...

Group 1 - The Jiangsu Province Strategic Emerging Industry Special Fund, initiated by Changzhou Investment Group, has a total scale of 8.5 billion and has officially entered the investment phase [1] - The Changzhou Future Industry Angel Fund, as a key component of the provincial strategic emerging fund cluster, has selected Suzhou Yuanhe Holdings as the fund management institution [1] - The fund focuses on key future industry sectors such as synthetic biology, third-generation semiconductors, artificial intelligence, low-altitude economy, and aerospace development, aligning with the "51010" strategic emerging industry cluster and "1650" industrial system [1]

Group 1 - The overall market showed a broad increase, with micro-cap and growth stocks leading the performance, while dividend, stable, and consumer sectors lagged behind [7][9][21] - The performance of various industries was mixed, with non-ferrous metals, communication, and electronics showing the highest gains, while household appliances, food and beverage, and transportation performed the weakest [9][30] - The relative valuation of the ChiNext Index to the CSI 300 increased, indicating a rise in the relative PE and PB ratios [13][21] Group 2 - The overall valuation of broad market indices increased, with major indices exceeding the 50% historical percentile level over the past year, while the ChiNext Index is at a low valuation compared to the past year [21][30] - The valuation of various sectors is differentiated, with non-bank financials, non-ferrous metals, communication, electronics, agriculture, and household appliances at near one-year lows [30][33] - From the perspective of PE and PB deviation, industries such as food and beverage, agriculture, public utilities, and household appliances are currently considered relatively cheap [33][39] Group 3 - The earnings expectations across industries were generally revised downwards, with the computer sector seeing the largest upward adjustment and the defense industry experiencing the most significant downward revision [42]