点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 没有它，就没有芯片。 而它的国产化，才刚刚开始。 半导体掩模版是技术要求最高的掩模版品类，同时也是最大的掩模版应用市场， IC制造生产占据掩模 版下游60%的份额 ，而 高端半导体掩模版主要被美国和日韩厂商垄断 ，因此其国产化突破对国产半导 体产业链具备重要战略意义。 2、全球掩模版市场空间广阔，增长动力强劲 半导体掩模版作为核心半导体材料之一，2021年占全球半导体材料市场的12%，仅次于硅片和电子特 气。 根据SEMI、CEMIA数据， 全球半导体掩模版市场规模有望在2025年达到60.79亿美元，同比增长7% 。 中国大陆半导体掩模版市场规模快速增长，从2017年的9.12亿美元增至 2022年的15.56亿美元 ，2017- 2022年复合增速达到11.3%。随着中国大陆在先进制程领域不断突破，掩模版市场规模有望进一步扩 大，为国产厂商带来巨大机遇。 3、 空白掩模版是半导体掩模版的核心部件 。 空白掩模版和光掩模版可以类比为拍照前后的胶片。 空白掩模版的基本结构是在玻璃面板上镀一层光 学薄膜 ，材料包 ...

Investment Rating - The investment rating for the company is "Hold" [2] Core Insights - The financial performance of the company shows an overall upward trend, with revenue reaching $2,381.82 million, a year-on-year increase of 9.7%, and a net profit of $191.76 million, which is up 28.87% year-on-year and 44.74% quarter-on-quarter [5][12] - The gross margin has slightly increased to 22%, exceeding the management's guidance of 18-20%, and the capacity utilization rate has risen to 95.8%, a quarter-on-quarter increase of 3% [5][12] - The growth in revenue is primarily driven by strong domestic demand, particularly in the automotive and industrial sectors, which saw a year-on-year revenue increase of 65% [6][14] Financial Performance - In Q3 2025, the company reported a revenue of $2,381.82 million, reflecting a 9.7% year-on-year growth, and a net profit of $191.76 million, which is a 28.87% increase year-on-year and a 44.74% increase quarter-on-quarter [5][12] - The gross margin for the quarter was 22%, surpassing the management's guidance, and the capacity utilization rate improved to 95.8% [5][12] Business Development - Revenue from the smartphone market declined by 5.3% year-on-year, while revenue from tablets and PCs grew by 1.7%. Consumer electronics revenue increased by 11.8%, and automotive and industrial revenue surged by 65%, which is the main driver of revenue growth [6][14] - The Chinese market remains the primary revenue source, accounting for 86.2% of total revenue, highlighting strong domestic demand [14][15] Profit Forecast - The company forecasts revenue growth from $8,029.92 million in 2024 to $11,376.79 million in 2027, with a compound annual growth rate (CAGR) of approximately 10% [9] - The net profit is expected to increase from $492.75 million in 2024 to $823.51 million in 2027, with a significant year-on-year growth of 48.65% in 2025 [9] Capital Expenditure and R&D Investment - In Q3, the company reported R&D expenses of approximately $14.47 billion, a year-on-year increase of 13.6%, and capital expenditures of $170.65 billion, a quarter-on-quarter increase of 25.98% [16] - The company is focusing on expanding its production capacity and advancing its technology platforms to meet the growing demand in various sectors [16][18]

（原标题：摩尔线程明日上市，半导体设备ETF、半导体产业ETF、科创半导体ETF涨超2%） 半导体芯片领涨，半导体设备ETF、科创半导体ETF鹏华、科创半导体设备ETF、半导体产业ETF、科创半导体ETF、半导体材料ETF、半导体设 备ETF基金、半导体设备ETF易方达、半导体设备ETF、芯片设备ETF涨超2%。 半导体设备ETF易方达、芯片设备ETF紧密跟踪中证半导体材料设备主题指数，半导体设备占比62%，半导体材料占比22%，覆盖光刻机、蚀刻 机、薄膜沉积设备及硅片、光刻胶等关键环节龙头企业，前两大重仓股是中微公司和北方华创合计占比超30%，高度契合国产替代主线。 芯片股上涨，消息面上，摩尔线程12月5日在科创板上市。摩尔线程公告，经上海证券交易所审核同意，摩尔线程智能科技(北京)股份有限公司发 行的人民币普通股股票将于2025年12月5日在上海证券交易所科创板上市。 公告显示，公司股票简称"摩尔线程"，代码688795。本次公开发行 7000万股新股，发行后总股本为4.7亿股，发行价格114.28元/股。 公开资料显示，摩尔线程成立于2020年，以全功能GPU为核心，致力于向全球提 供加速计算的基础设施 ...

Core Viewpoint - Beijng Huachuang is a leading semiconductor equipment manufacturer in China, ranked first in the domestic market and sixth globally according to CINNOResearch, with a comprehensive product portfolio covering essential front-end equipment [1] Industry Summary - The global semiconductor equipment market is expected to recover from 2024 to 2027, with market size projected to grow from $125.5 billion in 2024 to $150.5 billion in 2027, reflecting a CAGR of 11.3% [1] - The mainland China market is anticipated to expand from $49.1 billion in 2024 to $66.2 billion in 2027, driven by wafer fab expansions and domestic substitution [1] Company Summary - Beijing Huachuang is recognized as one of the most platform-capable manufacturers in the domestic wafer manufacturing segment, with increasing market share due to rising domestic equipment penetration and ongoing expansions of wafer fabs [1] - The current valuation of Beijing Huachuang is below the average of comparable companies, indicating a higher growth potential and long-term investment value amid the ongoing expansion of domestic wafer fabs and the push for domestic equipment substitution [1] - The company has been given a "Buy" rating in its initial coverage [1]

股价表现的催化剂：公司先进制程设备国产替代验证；中国主流晶圆厂资本开支上修；AI 驱动算力存 力投资上行；公司加码产业整合与外延并购。 关键假设点：1）在地缘关系复杂化背景下，中国预计将在"十五五"开局阶段加大半导体自主可控投 入，各地专项基金有望持续落地，有望为公司提供关键工艺设备国产替代所需政策、资金支持与客户验 证环境。2）我们假设2025–2027 年大陆市场设备价值量结构为刻蚀26%、薄膜沉积27%、清洗6%、氧 化/扩散6%、外延7%、热处理5%、去胶4%、其他辅助2%。 刻蚀与薄膜沉积环节价值量占比提升，主要受先进制程与新型封装需求双驱动：①FinFET、GAA 及3D NAND 层数增加、结构复杂度提升，带动刻蚀工序增多；②AI 芯片与HBM 封装对薄膜精度和均匀性要 求提高，叠加2.5D/3D 封装与多重图案化普及，共同推升刻蚀与沉积设备的工艺密度与价值量。 有别于市场的认识：市场普遍认为晶圆厂扩产节奏趋缓，短期设备招标进入平缓期，同时认为公司"多 点开花"的平台化战略可能分散资源、削弱在先进制程上的突破力。我们认为，公司通过横向扩展设备 品类、纵向贯通工艺流程，持续向系统集成平台商转型，在 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][31]. Core Insights - The company is positioned as a leading platform-type semiconductor equipment manufacturer in China, benefiting significantly from the domestic semiconductor self-sufficiency trend [6][31]. - The company is expected to see substantial revenue growth, with projected revenues of CNY 39.38 billion, CNY 48.75 billion, and CNY 59.96 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 32.0%, 23.8%, and 23.0% [4][31]. - The global semiconductor equipment market is anticipated to grow from USD 125.5 billion in 2024 to USD 150.5 billion in 2027, with a CAGR of 11.3% [6][20]. Financial Data and Profit Forecast - The company’s total revenue is projected to increase from CNY 22.08 billion in 2023 to CNY 29.84 billion in 2024, with a year-on-year growth rate of 50.3% [4]. - The net profit attributable to the parent company is expected to rise from CNY 3.90 billion in 2023 to CNY 5.62 billion in 2024, representing a year-on-year growth of 65.7% [4]. - The company’s gross margin is forecasted to remain stable, with values of 41.1%, 42.9%, and 42.8% for 2023, 2024, and 2025 respectively [4][16]. Industry and Company Situation - The company ranks first in the Chinese market and sixth globally in terms of market share, with a comprehensive product portfolio covering key semiconductor manufacturing processes [6][31]. - The report highlights the company's strategic acquisitions, including the purchase of Akrion in 2018 and Beijing Danpu in 2023, which have strengthened its capabilities in cleaning and coating equipment [7][31]. - The semiconductor equipment market in China is projected to grow from USD 49.1 billion in 2024 to USD 66.2 billion in 2027, driven by domestic wafer fab expansions and localization efforts [20][25]. Key Assumptions - The report assumes that the domestic semiconductor market will see increased investment in self-sufficiency initiatives, supported by local funds and government policies [6][31]. - It is expected that the value structure of semiconductor equipment in the domestic market will shift, with etching and deposition equipment gaining a larger share due to advanced process requirements [20][24]. Catalysts for Stock Performance - Key catalysts for the company's stock performance include successful validation of advanced process equipment, increased capital expenditures from major domestic wafer fabs, and strategic industry consolidation efforts [6][31].

12月首个交易日，A股迎来开门红。沪指重返3900点上方，创业板指等涨超1%；港股震荡整理，两大股指 盘中均涨超1%。 | 14 | | | | --- | --- | --- | | | 10 51 | 1 | 半导体板块拉升 半导体板块午后强势拉升，光刻机、存储芯片概念亮眼，北京君正尾盘20%涨停。此外，容大感光涨近18%， 航宇微涨超14%，博通集成涨停，国科微、南大光电、乐鑫科技等涨超8%。 | 代码 名称 | | | 涨幅% | 现价 | 涨跌 | 买价 | 卖价 | 总量 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 300223 北京君正 | | | R 20.00 | 85.28 | 15.88 | 95.28 | | 709227 | | 300053 航导微 | | R | 14.75 | 17.43 | 2.24 | 17.42 | | 17.43 197.8万 | | 300102 乾照光电 | | 1 | 10.12 | 21.00 | 1.93 | 66'02 | | 21.00 261.6万 | | 603 ...

"芯片产业发展任重道远" 在郑晓曦看来，以英伟达为代表的国际芯片巨头，已构建起"硬件+软件+生态"三位一体护城河。其核 心优势体现在三方面：硬件上，GPU架构持续迭代，并优先获得台积电先进制程、CoWoS先进封装等 关键技术产能；软件上，通过CUDA等软件平台构建开发生态，形成极高的用户黏性；生态系统上，提 供从芯片到系统的全栈解决方案，凭借规模优势巩固市场地位。 南方基金郑晓曦：芯片产业成长逻辑有望逐步兑现 ◎记者 何漪 今年以来，半导体板块表现亮眼，存储芯片等细分领域涨幅明显。南方基金基金经理郑晓曦深耕科技赛 道，在芯片投资方面形成了系统的投资框架，其管理的基金净值表现亮眼。Wind数据显示，截至11月 18日，郑晓曦管理的南方半导体产业A、南方信息创新A、南方科创板3年定开年内收益达53.5%、 48.29%和38.73%。 "我管理的产品组合布局半导体自主可控领域已有3年，深切地感受到技术持续迭代、产业日新月 异。"郑晓曦表示，展望未来3年，依然对国内半导体自主可控产业的发展有信心，国产化率提升带来半 导体产业持续成长的投资逻辑有望逐步兑现。 二是成长性与市场空间，市场空间决定了企业高成长的持续性，尤 ...

细水长流行更远 ◎农银汇理投资部副总经理、基金经理 谷超 近半年来，资本市场迎来了稳步上行的结构性行情，外需贡献占比较高的相关企业股价表现突出。 从短期视角看，4月以来制造业景气度有所回落，主要是受外部环境波动与国内房地产市场调整的阶段 性影响。但从中长期维度审视，经济长期向好的核心趋势未发生改变。当前我国经济已具备庞大体量与 深厚韧性，内需正逐步成为拉动经济增长的主动力与稳定锚，在经济基本面稳步向好的支撑下，内需复 苏的长期逻辑清晰。坚定看好资本市场的长期发展潜力，尽管前期外需导向的结构性市场风格难以持 续，但"细水长流"的稳健型市场格局，更有利于投资者分享长期价值增长红利。 "十五五"规划建议提出，"高质量发展取得显著成效。经济增长保持在合理区间，全要素生产率稳步提 升，居民消费率明显提高，内需拉动经济增长主动力作用持续增强，经济增长潜力得到充分释放，全国 统一大市场建设纵深推进，超大规模市场优势持续显现，新型工业化、信息化、城镇化、农业现代化取 得重大进展，发展新质生产力、构建新发展格局、建设现代化经济体系取得重大突破"。 这一部署充分凸显我国超大规模市场的独特优势与内需驱动的战略重要性，我们长期看好内 ...

Market Overview - The Hong Kong stock market experienced fluctuations today, with the Hang Seng Index closing up 0.07% at 25,945.93 points and a total trading volume of HKD 2,047.28 million [1] - The Hang Seng Tech Index fell by 0.36% to 5,598.05 points, indicating mixed performance among technology stocks [1] Blue-Chip Performance - Pop Mart (09992) led blue-chip stocks, rising 6.84% to HKD 218.6, contributing 16.32 points to the Hang Seng Index [2] - Other notable blue-chip movements included Sands China (01928) up 3.4% and Zhongsheng Group (00881) up 2.5%, while Alibaba Health (00241) fell 5.57% [2] Sector Highlights - The technology sector showed mixed results, with Xiaomi repurchasing over HKD 1.2 billion this month, leading to a price increase of over 2% [3] - The new consumption sector saw significant gains, with Pop Mart and other related stocks rising sharply due to government initiatives to boost consumption [3][4] - The cryptocurrency market rebounded strongly, with Bitcoin surpassing USD 91,323, reflecting a 4% increase in 24 hours [5] Company-Specific Developments - Lai Kai Pharmaceutical (02105) surged 16.07% following the announcement of a significant licensing deal worth HKD 2.045 billion for a breast cancer drug [5] - Alibaba Health reported a revenue increase of 17% to RMB 16.697 billion for the six months ending September 30, 2025, with a net profit growth of 64.7% [10] Emerging Trends - The Ministry of Industry and Information Technology outlined plans to enhance consumer goods supply and demand adaptability, targeting three trillion-level consumption fields by 2027 [4] - The semiconductor industry is expected to maintain an upward trend through 2025, driven by increasing demand for AI computing power and self-sufficiency in technology [6]