Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company has seen a year-on-year increase in the number of completed chip tape-out verification projects, establishing a foundation for mass production business, supported by a robust order backlog for future growth [4]. - In the first half of 2025, the company achieved operating revenue of 282 million yuan, although it experienced a year-on-year decline due to fluctuations in customer demand. However, the revenue from chip design business showed a growth trend [4]. - The company reported a comprehensive gross margin of 18.49% in the first half of 2025, a decrease attributed to a lower proportion of custom service revenue, which typically has a higher gross margin [4]. - The company has a total order backlog of 861 million yuan as of June 30, 2025, with 307 million yuan from chip design business and 554 million yuan from mass production business, indicating strong future growth potential [4]. Financial Summary - The latest closing price of the company's stock is 75.80 yuan, with a total market capitalization of 9.1 billion yuan and a circulating market value of 5.4 billion yuan [3]. - The company’s earnings per share (EPS) for 2025 is projected to be -0.90 yuan, with expected revenues of 652 million yuan, a significant decline of 40.14% compared to the previous year [10]. - The company is expected to achieve revenues of 1 billion yuan in 2026 and 1.3 billion yuan in 2027, with a return to profitability projected in 2026 with a net profit of 37.24 million yuan [8][10].

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index rose by 1.05%, with notable increases in stocks such as SMIC (up 4.48%) and Shengmei Shanghai (up 2.82%) [1] - The Sci-Tech Semiconductor ETF (588170) increased by 0.7%, reaching a latest price of 1.3 yuan, and has seen a cumulative increase of 7.83% over the past week [1] - The ETF experienced significant net inflows, with a peak single-day net inflow of 136 million yuan and a total of 368 million yuan over the past five days [1] Group 2 - Huatai Securities is optimistic about structural opportunities in AI-related demand and the expansion of advanced logic in China by 2026, with overseas AI-related advanced logic and storage being major drivers of capital expenditure [2] - Domestic companies like SMIC and Huahong have recently raised funds, and Changxin has initiated listing guidance, indicating a positive outlook for continued investment in advanced logic and storage in China by 2026 [2] - It is expected that the market share of domestic equipment enterprises in China will increase by 6% year-on-year to 29% by 2026 [2]

Company Overview - Zhongke Feimeasure Technology Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on December 31, 2014. The company went public on May 19, 2023. Its main business involves the research, production, and sales of integrated circuit-specific equipment in two categories: testing and measurement [1][2]. Financial Performance - As of June 30, 2025, Zhongke Feimeasure reported a revenue of 702 million yuan, representing a year-on-year growth of 51.39%. However, the net profit attributable to shareholders was -18.35 million yuan, which is a 73.01% increase in losses compared to the previous period [2]. - The company has distributed a total of 44.8 million yuan in dividends since its A-share listing [3]. Stock Market Activity - On September 22, Zhongke Feimeasure's stock price decreased by 2.00%, closing at 97.84 yuan per share, with a trading volume of 642 million yuan and a turnover rate of 2.59%. The total market capitalization is 31.465 billion yuan [1]. - Year-to-date, the stock price has increased by 11.75%, with a 7.81% rise over the last five trading days, a 1.04% decline over the last 20 days, and a 16.21% increase over the last 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 11.83% to 9,774, while the average circulating shares per person increased by 15.34% to 25,403 shares [2]. - Notable shareholders include Noan Growth Mixed A, holding 13.4533 million shares, and Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, which is a new shareholder with 5.3131 million shares [3].

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index rose by 0.83%, with notable increases in constituent stocks such as Huahai Chengke (+5.27%) and Linweina (+3.43%) [1] - The IPO of Moer Thread, a leading domestic GPU company, is set to be reviewed on September 26, 2025, focusing on high-performance computing fields such as AI and digital twins [1] - Advanced packaging is identified as a crucial direction for domestic computing chip performance breakthroughs, with companies like Huawei and Cambricon accelerating chip iterations [1] Group 2 - Huatai Securities is optimistic about structural opportunities in AI-related demand and advanced logic expansion in China by 2026, with domestic companies like SMIC and Huahong recently raising funds [2] - The Sci-Tech Innovation Board semiconductor ETF tracks the semiconductor materials and equipment index, which includes 59% semiconductor equipment and 25% semiconductor materials companies [2] - The semiconductor equipment and materials industry is a key area for domestic substitution, benefiting from the expansion of semiconductor demand driven by the AI revolution and technological advancements [2]

Group 1 - A-shares saw significant market activity with 54 stocks hitting the daily limit up and 4 stocks hitting the limit down on September 22 [1] - The smart speaker concept was notably active, with Guoguang Electric reaching the limit up [1] - The advanced packaging concept strengthened, exemplified by Shanzi Gaoke achieving 6 consecutive limit ups in 7 days [1] - The computing power chip concept experienced an increase, highlighted by Tianpu Co. achieving 14 consecutive limit ups, and Heertai achieving 2 limit ups in 3 days [1] - Among the stocks with consecutive limit ups, *ST Zhengping had 11 limit ups in 14 days, and *ST Yatai had 10 limit ups in 11 days [1] Group 2 - *ST Gaohong faced a continuous decline with 7 consecutive limit downs [2] - *ST Nanzhi and Jinyi Film also experienced declines, each with 2 consecutive limit downs [2]

Core Viewpoint - Northern Huachuang's stock price has shown significant growth this year, with a notable increase in trading activity and institutional holdings, indicating strong investor interest and confidence in the company's performance [2][3]. Group 1: Stock Performance - As of September 22, Northern Huachuang's stock price increased by 2.05%, reaching 410.25 CNY per share, with a trading volume of 1.721 billion CNY and a turnover rate of 0.59% [1]. - The stock has risen by 42.03% year-to-date, with a 7.96% increase over the last five trading days, 7.94% over the last 20 days, and 25.54% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Northern Huachuang reported revenue of 16.142 billion CNY, a year-on-year increase of 30.86%, and a net profit attributable to shareholders of 3.208 billion CNY, up 15.37% year-on-year [2]. Group 3: Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders increased by 29.48% to 97,700, while the average number of circulating shares per person decreased by 22.77% to 7,383 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, increasing its holdings by 6.789 million shares [3].

Market Overview - The Shanghai Composite Index fell by 1.3% to 3820.09 points, with a weekly high of 3899.96 points [1] - The Shenzhen Component Index rose by 1.14% to 13070.86 points, reaching a high of 13328.1 points [1] - The ChiNext Index increased by 2.34% to 3091.0 points, with a peak of 3168.68 points [1] - Global markets saw major indices rise, with the Nasdaq Composite up by 2.21%, the Dow Jones Industrial Average up by 1.05%, and the S&P 500 up by 1.22% [1] - In the Asia-Pacific region, the Hang Seng Index rose by 0.59% and the Nikkei 225 Index increased by 0.62% [1] ETF Market Performance - The median weekly return for stock ETFs was 0.08% [2] - The highest weekly return among scale index ETFs was 2.92% for the Jiashi ChiNext 50 ETF [2] - The highest weekly return among industry index ETFs was 4.28% for the China Tai Zhongzheng 800 Automotive and Parts ETF [2] - The highest weekly return among thematic index ETFs was 7.83% for the Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials Equipment Theme ETF [2] ETF Liquidity and Fund Flow - Average daily trading volume for stock ETFs increased by 26.0%, while average daily turnover remained unchanged [6] - The top five stock ETFs with the highest fund inflows included the Southern Zhongzheng 500 ETF with an inflow of 728 million yuan [8] - The top five stock ETFs with the highest fund outflows included the E Fund ChiNext ETF with an outflow of 658 million yuan [9] ETF Financing and Margin Trading - The financing balance for stock ETFs decreased from 45.329 billion yuan to 43.734 billion yuan [10] - The highest financing buy amount was 764 million yuan for the Huaxia Shanghai Stock Exchange ChiNext 50 Component ETF [10] ETF Market Size - The total market size for ETFs reached 5267.037 billion yuan, an increase of 23.954 billion yuan from the previous week [14] - Stock ETFs accounted for 66.9% of the total ETF market size, with a total size of 3526.187 billion yuan [16] New ETF Issuance - No new ETFs were issued last week, but 19 new ETFs were established, including various thematic and bond ETFs [17] Industry Insights - The advanced packaging industry is expected to see significant growth opportunities due to the slowdown of Moore's Law and limitations in advanced process technology [17] - The semiconductor industry is projected to experience a bottom reversal in its economic cycle, with Q2 2025 revenues reaching 1700.23 billion yuan, a year-on-year increase of 15.2% [19]

本周（09.15-09.21）国际油价小幅下跌，WTI原油期货价格收于62.68美元/桶，收盘价周跌幅0.02%布伦 特原油期货价格收于66.68美元/桶，收盘价周跌幅0.46%。宏观方面，美国总统特朗普近日加码施压俄 罗斯，呼吁北约停止购买俄罗斯石油；美国计划敦促七国集团盟友就印度购买俄罗斯石油问题，对印度 征收高达100%的关税。供应方面，根据EIA数据，截至9月12日当周，美国原油日均产量1,348.2万桶， 较前一周日均产量减少1.3万桶，较去年同期日均产量增加28.2万桶。需求方面，EIA数据显示，截至9 月12日当周，美国石油需求总量日均2,063.7万桶，较前一周增加85.6万桶，其中美国汽油日均需求量 881.0万桶，较前一周增加30.2万桶。库存方面，EIA数据显示，截至9月12日当周，包括战略储备在内 的美国原油库存总量82,110万桶，较前一周减少880万桶。展望后市，短期内国际油价面临关税政策与 OPEC+增产的压力，但地缘风险溢价、OPEC+的干预能力以及全球需求韧性有望支撑油价底部；另一 方面，宏观层面的不确定性或将加大油价的波动水平。本周NYMEX天然气期货收于2.92美元/mm ...

Core Viewpoint - The chemical industry is experiencing mixed price movements, with 33 products increasing in price, 31 decreasing, and 36 remaining stable during the week of September 15-21. The report highlights the impact of various macroeconomic factors on the industry, including oil prices and supply-demand dynamics [1][3][4]. Chemical Industry Overview - During the week of September 15-21, 40% of tracked chemical products saw a month-on-month price increase, while 47% experienced a decrease, and 13% remained stable [1][3]. - The top gainers in average weekly prices included acetic acid (East China), NYMEX natural gas, sulfur (CFR China spot price), calcium carbide (East China), and trichloroethylene (East China) [3]. - The top losers in average weekly prices were vitamin E, nitric acid (East China), epoxy chloropropane (East China), dichloromethane (East China), and polyester FDY (East China) [3]. Oil Market Dynamics - International oil prices saw a slight decline, with WTI crude oil futures closing at $62.68 per barrel (down 0.02%) and Brent crude oil futures at $66.68 per barrel (down 0.46%) [4]. - U.S. crude oil production averaged 13.482 million barrels per day, a decrease of 13,000 barrels from the previous week but an increase of 282,000 barrels year-on-year [4]. - U.S. oil demand totaled 20.637 million barrels per day, an increase of 856,000 barrels from the previous week, with gasoline demand at 8.810 million barrels per day, up 302,000 barrels [4]. Fertilizer Market Insights - Urea prices decreased, with the average market price on September 19 at 1,675 yuan per ton, down 0.95% week-on-week and 11.70% year-on-year [6]. - The average daily production of urea was 193,300 tons, an increase of approximately 5,700 tons week-on-week [6]. - The average operating load of compound fertilizer was 40.78%, showing a slight increase of 1.42 percentage points from the previous week [6]. Investment Recommendations - The SW basic chemical sector's price-to-earnings ratio (TTM) is at 25.29 times, in the 75.31% historical percentile, while the price-to-book ratio is at 2.21 times, in the 52.99% historical percentile [8]. - The SW oil and petrochemical sector's price-to-earnings ratio (TTM) is at 11.50 times, in the 23.70% historical percentile, and the price-to-book ratio is at 1.14 times, in the 19.28% historical percentile [8]. - Key investment themes include the resilience of oil prices, the growth potential in new materials, and the recovery of demand supported by policy measures [9].

Summary of Key Points from the Conference Call Industry and Company Overview - The discussion centers around the semiconductor industry, particularly focusing on advanced packaging technologies and the role of Silicon Carbide (SiC) in AI chip design and manufacturing. Key players mentioned include TSMC, NVIDIA, AMD, Google, and AWS, with a specific emphasis on TSMC's strategies and innovations in packaging solutions [1][2][3]. Core Insights and Arguments 1. **Challenges in AI Chip Design**: The increasing complexity and power demands of AI chips have led to significant challenges in power delivery networks (PDNs) and thermal management. Traditional methods are becoming inadequate, with single GPUs now requiring over 1000A of current [5][19]. 2. **Innovative Solutions**: Companies like Marvell and ASE are proposing solutions such as Package-Integrated Voltage Regulators (PIVR) and optimized PDN platforms to address these challenges. TSMC is also innovating with its CoWoS-L platform, which integrates embedded voltage regulators and advanced thermal management techniques [7][10][11]. 3. **Emergence of SiC**: SiC is highlighted as a critical material for AI chip and system design due to its superior properties, including high thermal conductivity and mechanical strength. It is increasingly being viewed as essential for advanced packaging and heterogeneous integration [13][14][16]. 4. **Market Demand**: The demand for ultra-large-scale GPUs and ASICs is driven by generative AI and large-scale model training, with power consumption often exceeding 1 kW. This has exposed bottlenecks in thermal management and power delivery [19][20]. 5. **Bottlenecks Identified**: The exponential growth in AI computing has revealed three critical bottlenecks: thermal challenges, power delivery bottlenecks, and electro-optical integration demands. TSMC is actively addressing these through its 3DFabric strategy and various packaging solutions [22][28][30][32]. Additional Important Content 1. **SiC's Role in Advanced Packaging**: SiC is positioned as a hybrid integration enabler, linking power delivery, thermal dissipation, and optical interconnects. Its unique properties make it suitable for high-voltage integrated circuits (HVICs) and optical interposers [40][44]. 2. **Competitive Landscape**: TSMC's exploration of SiC as an interposer material could provide a competitive edge in thermal management and electro-optical integration, especially compared to Intel and Samsung, who are also advancing their own technologies [45][46]. 3. **Challenges Ahead**: The successful commercialization of SiC in advanced packaging faces challenges such as defect density control in large-size wafers, process compatibility, and cost structure improvements [53][54]. 4. **Future Directions**: The integration of SiC into TSMC's platforms like COUPE and CoWoS-Next could reshape the AI semiconductor supply chain, establishing new industrial advantages in the AI and high-performance computing (HPC) era [44][97]. This summary encapsulates the critical insights and developments discussed in the conference call, emphasizing the strategic importance of SiC in the evolving semiconductor landscape.