1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints - The return variance of funds has widened, and convertible bond funds have outperformed active products. The scale of public funds' convertible bond holdings decreased by 2.6% to 30.83 billion yuan, less than the overall market scale decline of -7%. Most convertible bond funds achieved positive returns, and there was an obvious trend of funds flowing from passive to active products [1][13]. - In Q4 2025, funds mainly increased positions in bank, military, photovoltaic industry targets and semiconductor new - issue bonds, and reduced positions in battery convertible bonds. Convertible bond funds led active - type funds, and the performance variance of active equity - oriented funds was extremely large [2]. - Among the high - performing products, Fund A, which ranked first in returns, adopted a quantitative strategy with outstanding asset - switching ability. Fund B, which ranked second, had excellent bond - selection ability, heavily invested in securities and technology, and significantly outperformed the index during the rising stage [3]. 3. Summary According to the Directory 3.1 Fund Holding Convertible Bond Scale and Fund Type Distribution - The convertible bond holding scale of first - and second - tier bond funds and flexible allocation funds slightly increased, while that of partial - debt hybrid and convertible bond funds decreased. The total asset value of convertible bond funds decreased from 67.85 billion yuan at the end of Q3 to 65.459 billion yuan [12]. - In Q4 2025, affected by multiple factors, the market mostly oscillated until late December. The scale of the convertible bond market continued to shrink, and the supply - demand contradiction was prominent. The convertible bond holding scale of public funds decreased by 830 million yuan to 30.83 billion yuan, with a decline of 2.6%, less than the overall market scale decline [13]. - The number of funds with a decreased convertible bond position in Q4 2025 was more than those with an increased position, and the ratio of adding - position funds to reducing - position funds was 0.74. The number of funds with a convertible bond position of more than 5% decreased significantly compared with Q2 and Q3 2025 [15][17]. - By fund type, first - tier bond funds, second - tier bond funds, convertible bond funds, partial - debt hybrid funds, and flexible allocation funds were the main forces in convertible bond allocation. More first - tier bond funds began to allocate convertible bonds in Q4 2025, and the scale of second - tier bond funds expanded most significantly [20][25]. - In terms of the price of convertible bonds held by public funds in Q4 2025, the proportion of balanced convertible bonds slightly increased, the position of bank convertible bonds remained stable, and the proportion of high - priced convertible bonds slightly decreased [27]. 3.2 2025 Q4 All Types of Fund Return Statistics - In Q4 2025, convertible bond funds led active - type funds, and the performance variance of active equity - oriented funds was extremely large. The average quarterly returns of ordinary stock funds and partial - equity hybrid funds were - 1.59% and - 1.94% respectively, with performance variances of 6.72% and 7.5% respectively. The average quarterly return of convertible bond funds was 0.86% [2][43]. - Most convertible bond funds achieved positive returns, and the trend of funds flowing from passive to active products was obvious. The median return of 41 convertible bond funds (including convertible bond funds, Xingquan Convertible Bond, and two ETFs) in Q4 was + 1.09%, and the return of convertible bond ETFs was 1.45%. The median return of these 41 products in the past year was 1.21% [46]. - Among the high - performing products, Fund A, which ranked first in returns, adopted a quantitative strategy, with the proportion of convertible bonds in the fund's total assets increasing significantly in Q4. It had outstanding asset - switching ability. Fund B, which ranked second, had excellent bond - selection ability, heavily invested in securities and technology, and significantly outperformed the index during the rising stage [3][51][62].

Group 1 - The core viewpoint of the article highlights the positive market sentiment towards the technology sector, particularly driven by new productivity areas such as brain-computer interfaces, AI applications, and commercial aerospace, with the Sci-Tech Innovation Board 100 ETF (588120) rising over 1.2% [1] - The brain-computer interface sector is stimulated by Neuralink's plan for mass production in 2026, while the commercial aerospace sector remains active as a recent market focus [1] - Continuous favorable policies are being released, including the Ministry of Finance's plan to issue ultra-long-term government bonds to support technological innovation, which is expected to guide trillions of yuan into the market [1] Group 2 - The Sci-Tech Innovation Board 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which includes 100 securities with larger market capitalization and better liquidity from the Sci-Tech Innovation Board, covering high-tech fields such as information technology and healthcare [1] - The index reflects the overall performance of representative technology innovation enterprises in the Sci-Tech Innovation Board, focusing on a growth-oriented investment style [1] - With the domestic monetary policy remaining moderately loose and foreign and long-term funds accelerating their entry into the market, there is an expectation for a spring market rally [1]

Core Insights - The A-share IPO market in 2025 continues to show strong profit potential, with all new stocks experiencing price increases on their first trading day, averaging a rise of approximately 259% [1] - The average success rate for new stock subscriptions is notably low at 0.03%, indicating that only a small fraction of investors are able to secure shares [1] - In 2022, 116 companies raised around 131.8 billion yuan through IPOs, including significant listings such as Huadian New Energy and Moore Threads [1] IPO Market Overview - There are currently over 300 companies under review for IPOs in the A-share market, with notable upcoming IPOs including Changxin Technology aiming to raise 29.5 billion yuan, and China Resources Holdings with a target of 24.5 billion yuan [1][5] - The top ten companies by fundraising amount include Electric Power Construction Energy, Huike Co., and Blue Arrow Aerospace, among others [1] Subscription Strategies - To improve the chances of winning new stock subscriptions, investors are advised to consistently apply for all available shares, open accounts across multiple boards, and aim for maximum subscription amounts [3] - The 2025 A-share market will see 38 new listings on the main boards, with additional listings on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange [3] Beijing Stock Exchange Insights - The average fundraising amount for new listings on the Beijing Stock Exchange is significantly lower at 290 million yuan, reflecting its focus on innovative small and medium-sized enterprises [5] - As of early 2026, there are 214 companies awaiting IPO on the Beijing Stock Exchange, highlighting its popularity [8] Notable IPOs and Performance - The top three performing new stocks on their first trading day in 2025 were all from the Beijing Stock Exchange, with Dapeng Industrial seeing a staggering increase of 1211% [2] - The highest potential profit from a single subscription in 2025 was over 310,000 yuan for Muxi Co., with Moore Threads also offering substantial returns of over 240,000 yuan [2]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index (950125) increased by 0.08%, with notable gains from component stocks such as Jinhong Gas (+10.00%) and China Shipbuilding Gas (+4.99%) [1] - The ChiNext Semiconductor Materials and Equipment Theme Index (931743) decreased by 0.12%, with Jin Haitong leading the gains at +10.00% and Sanjia Technology leading the losses at -3.77% [1] - The liquidity of the Sci-Tech Semiconductor ETF (588170) showed an active trading environment with a turnover rate of 22.38% and a transaction volume of 1.398 billion yuan [1] Group 2 - The Sci-Tech Semiconductor ETF reported a net inflow of 988 million yuan, with a total of 1.237 billion yuan net inflow over the past five trading days, averaging 247 million yuan per day [2] - The Semiconductor Equipment ETF Huaxia experienced continuous net inflows over the past nine days, totaling 1.712 billion yuan, with a peak single-day inflow of 365 million yuan [2] - According to CITIC Securities, the domestic equipment procurement rate was approximately 18% in 2022, expected to rise to about 30% by 2025 and 35% by 2026, with a long-term target of 60%-70% [2] Group 3 - The Semiconductor Equipment ETF Huaxia (562590) and its linked funds focus on semiconductor equipment (63%) and materials (24%), emphasizing the upstream semiconductor sector [3]

Group 1 - A-shares indices collectively rose on January 16, with the Shanghai Composite Index increasing by 0.49%, driven by gains in sectors such as electric equipment, non-ferrous metals, and electronics, while media and social services sectors faced declines [1] - The chip technology sector showed strength, with the chip ETF (159995.SZ) rising by 1.61% as of 9:45 AM, and notable increases in component stocks such as Zhongwei Company (up 5.19%), Jing Sheng Machinery (up 4.20%), Changdian Technology (up 4.18%), Huahai Qingke (up 4.04%), and Northern Huachuang (up 3.60%) [1] Group 2 - The Ministry of Commerce has initiated an anti-dumping investigation into imports of dichlorodihydrosilane from Japan, a key material used in the chip manufacturing process for thin film deposition [3] - Dichlorodihydrosilane is essential for producing various types of chips, including logic, memory, and analog chips, and is also used in synthesizing silicon-based precursors and polysilazane [3] - In the context of ongoing tensions in Sino-Japanese relations, the reliability of Japanese supply chains is declining, leading to an urgent demand for domestic alternatives in equipment and materials, prompting a recommendation to focus on opportunities within the equipment and materials sector [3] - The chip ETF (159995) tracks the Guozheng Chip Index, which includes 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing, featuring firms like SMIC, Cambricon, Changdian Technology, and Northern Huachuang [3]

作者丨欧雪 编辑丨袁斯来 融资轮次：A3、A4轮 投资机构：由北方华创旗下产业基金诺华资本、北京电控产投基金与前海方舟基金投资 融资用途：资金将重点投入于产线与配套体系的升级，以把握市场规模化上量的关键机遇；同时，也将在研发创新与人才建设上持续加码，为长期竞争力 提供坚实支撑。 公司基本信息 成立时间：2022年5月（其前身团队于2016年进入半导体材料领域） 公司总部：北京 硬氪获悉，中国半导体材料企业——北京序轮科技有限公司（简称"序轮科技"）于近日完成总额超亿元的A3、A4轮战略融资。我们总结了最新两轮的融 资信息和该公司几大亮点： 融资金额及领投机构 融资金额：超亿元 市场体量 半导体封装材料，尤其是高端功能性胶膜/胶带，长期被日本企业垄断，国产化率极低。随着产业链对自主可控的重视程度日益提升，叠加国内先进封装 产能的快速扩张，市场对高性能国产材料的替代需求持续升温，行业空间广阔。 公司业绩 随着产品在众多头部客户处完成验证导入，公司业务已进入稳步放量爬升阶段。目前产能可达对应约5亿元销售额的规模。 核心产品：专注于半导体先进封装工艺所需的高分子胶膜/胶带材料，包括UV减粘膜、DAF（芯片贴装胶膜）、 ...

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Core Viewpoint - The domestic semiconductor equipment industry in China is experiencing rapid progress in localization, showcasing strong resilience and momentum, with companies like MicroNano leading the way in innovation and market penetration [1][2]. Group 1: Company Achievements - MicroNano has successfully developed and mass-produced atomic layer deposition (ALD) equipment for 28nm integrated circuit production, breaking the monopoly of international suppliers and filling a domestic gap [2][5]. - The company has also introduced hard mask chemical vapor deposition (CVD) equipment, which has become one of the first domestic devices used in high-end storage chip packaging lines, continuously receiving bulk orders [2][5]. - MicroNano's revenue has grown from 685 million yuan in 2022 to 2.7 billion yuan in 2024, marking a fourfold increase, with semiconductor business revenue increasing over sevenfold [5]. Group 2: Market Trends - The demand for domestic semiconductor equipment is surging, with a reported annual growth rate of 20% to 30% in localization over the past two years, indicating a robust market for domestic suppliers [5][6]. - The company has entered production lines of major domestic logic and storage chip manufacturers, benefiting from the ongoing expansion of domestic storage chip capacity and the acceleration of localization in logic chips and advanced packaging [5][6]. Group 3: Future Directions - MicroNano aims to maintain a higher order growth rate than the overall industry localization process, leveraging its innovative capabilities and deep collaboration with leading domestic chip manufacturers [5][7]. - The company is focusing on transitioning from being a "follower" in technology to a "definer," emphasizing original innovation and the development of new thin film materials and integrated processes for next-generation chip manufacturing [6][7]. - MicroNano is also exploring international markets, with existing equipment exports to Europe and potential for further breakthroughs in overseas business [6].

Group 1 - The semiconductor industry is benefiting from a global upcycle, with significant growth expected through 2026, particularly in semiconductor equipment and materials [1][2] - The Semiconductor Industry Association (SIA) reported that global semiconductor sales reached $75.3 billion in November 2025, marking a 3.5% increase from October and a 29.8% increase year-over-year [1][10] - China's semiconductor sales amounted to $20.23 billion in November 2025, reflecting a year-over-year growth of 22.9% [1][10] Group 2 - The demand for memory products, particularly DRAM and NAND Flash, is on the rise, with contract prices increasing significantly; DRAM contract prices are expected to rise by 55-60% in Q1 2026 [1][7] - Domestic storage testing and packaging factories are experiencing high order volumes, leading to increased capacity utilization and a price hike of approximately 30% [1][2] - The semiconductor materials market is projected to grow to $70 billion globally by 2025, with a 6% year-over-year increase, while China's key materials market is expected to reach 174.1 billion yuan, growing by 21.1% [2][25] Group 3 - The semiconductor equipment ETF (561980) has seen a net inflow of nearly 200 million yuan over the last three trading days, with a one-year index increase of 97.33% [1][3] - The top ten holdings in the semiconductor equipment index focus on leading companies in the sector, with a concentration of nearly 80% [3][19] - The domestic semiconductor industry is expected to accelerate the expansion of production capacity, particularly in storage wafer manufacturing, driven by strong demand from AI applications [2][24]

IPO Review and Registration Progress - Two companies, Chenguang Electric and Banzhe Chuangke, were reviewed for IPO on the North Exchange, with a notable increase in IPO review frequency expected in 2025 [2][3] - Chenguang Electric reported revenue of 687 million yuan and a net profit of 68 million yuan for the first three quarters of 2025, focusing on micro-special motors for cleaning appliances [2][3] - Banzhe Chuangke's revenue for 2022 to 2025 was reported as 1.071 billion yuan, 1.168 billion yuan, 1.51 billion yuan, and 1.354 billion yuan, with net profits of 7.14 million yuan, 108 million yuan, 148 million yuan, and 121 million yuan respectively [3] Upcoming IPOs - Six companies are set to undergo IPO reviews this week, with Tianhai Electronics planning to raise 2.46 billion yuan, the highest among them [5] - Tianhai Electronics reported revenues of 8.215 billion yuan, 11.549 billion yuan, 12.523 billion yuan, and 10.898 billion yuan from 2022 to the first three quarters of 2025, with net profits of 402 million yuan, 652 million yuan, 614 million yuan, and 537 million yuan [5][6] - High-tech Electronics, focusing on new energy battery management systems, reported revenues of 346 million yuan, 779 million yuan, and 919 million yuan from 2022 to 2024, with net profits of 53.75 million yuan, 88.23 million yuan, and 98.42 million yuan [7] New Stock Listings and Subscription Dynamics - Shaanxi Tourism was listed on the Shanghai Main Board, with a first-day increase of 64.1%, closing at 132 yuan per share [9] - The company expects revenues of 951 million yuan to 1.117 billion yuan for 2025, with a projected decline of 24.69% to 11.54% [9] - Two new stocks, Aisheren and Hengyun Chang, are scheduled for subscription, with Aisheren's issue price set at 15.98 yuan per share [10][11]