半导体行业深度跟踪 TMT 及中小盘/电子 进入 25Q2 以来，海外对国内半导体先进制程代工、算力芯片等出口管制仍趋 严，但在此背景下国内先进制程产能和良率持续提升，国内沐曦和摩尔线程招 股书均强调国内先进代工、HBM 和 2.5D 封装等供应链自主可控提速，部分半 导体设备/材料等厂商 25Q2 签单和业绩增长趋势向好。同时，国内半导体其他 环节如存储/模拟/MCU 等细分领域景气度持续回暖，部分 SoC 厂商指引下游需 求依然旺盛。建议关注国内自主可控提速的半导体代工/设备/材料/零部件/算力 芯片等领域、景气周期边际复苏叠加创新加速的存储/SoC/模拟/材料等板块， 同时建议关注各科创指数和半导体指数核心成分股。 2、库存端：手机链相对稳定 PC 链环比仍有提升，功率类库存望达周期峰值。 全球手机链芯片大厂 25Q1 库存环比微降/库存周转天数环比提升，PC 链芯片 厂商 25Q1 库存环比微增/库存周转天数环比下降，英特尔表示整个行业都采 取了更为保守的库存策略，AMD 表示游戏厂商启动库存补货周期。全球模拟 芯片厂商库存 25Q1 环比仍有增长，TI 表示所有终端客户库存处于低位。功 率类芯片公司 ...

[Table_Reportdate] 2025年07月07日 标配 行 业 周 报 [Table_Authors] 证券分析师 [Table_NewTitle] 国产GPU新秀IPO获受理，EDA对华禁 令解封 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn ——电子行业周报2025/6/30-2025/7/6 [table_main] 投资要点： 电 子 [table_stockTrend] [table_product] 相关研究 1.博通2025Q2 AI营收大幅增 长，存储市场持续回暖——电 子行业周报2025/6/2-2025/6/8 1. 小米发布首款AI眼镜，端侧AI创 新热潮持续——电子行业周报 （2025/6/23-2025/6/29） 2. DDR4价格大涨，Marvell释放 ASIC市场乐观预期——电子行业周 报（2025/6/16-2025/6/22） 3. 英伟达拟在欧洲新建多座AI工 厂，华为发布Pura 80系列——电子 行业周报（2025/6/9-2025/6/15） 件(+6.82%) ...

招商通知： 第三届全球手术机器人大会 2025 年 7 月 3 日， 财政部 发布《财政部关于在政府采购活动中对自欧盟进口的医疗器械采取相关措施的通知》（财库〔2025〕19 号）。 该通知自 2025 年 7 月 6 日 起正式施行。 本次通知针对部分自欧盟进口的医疗器械，在政府采购中作出限制，文件明确涉及采购预算金额、产品范围、以及在华欧资企业等多个关键要素。 # 政策核心内容 根据《通知》内容，核心要求包括以下几方面： 通知随文发布了《具体品目清单》，列明受影响的产品范围。 通知明确， 此次限制措施不适用于在中国境内生产的欧资企业产品。 即在华欧资企业，其在中国境内生产并获得相应注册和生产资质的医疗器械产品，不在此次 限制之列，仍可正常参与政府采购项目。 这一条款保证了在华欧资企业正常的本土化经营，也避免了对中国现有医疗供应链的过度冲击。 # 政策背景：对 等回 应与贸易环 境 近年来，欧盟针对中国医疗器械产品采取了多项市场准入、合规及供应链监管措施。例如： 预算门槛 ：针对采购预算在 4500 万元人民币 及以上的医疗器械政府采购项目。 排除欧盟企业 ：若采购人确需采购进口产品，履行法定程序后，应当排 ...

Core Viewpoint - Shanghai Chipmi Technology Co., Ltd. has entered the inquiry stage for its IPO on the Sci-Tech Innovation Board, aiming to raise approximately 785 million yuan for the development and industrialization of semiconductor-grade perfluoroether rubber sealing components and the construction of a research and development center [1][3]. Company Overview - Chipmi Technology was established in January 2020 in Shanghai Lingang and focuses on the technological research and application innovation of perfluoroether rubber, positioning itself as a leading enterprise in semiconductor-grade perfluoroether rubber sealing components in China [3]. - In 2024, Chipmi Technology was recognized as a "National Potential Unicorn Enterprise" and a "National Specialized and Innovative 'Little Giant' Enterprise" [3]. - The company ranked third in sales of semiconductor-grade perfluoroether rubber sealing rings in the Chinese market for two consecutive years (2023 and 2024), and first among domestic companies [3]. Market Context - The company aims to achieve a self-controllable full industry chain through its IPO, accelerating the process of domestic substitution and ensuring the security of supply for key components in semiconductor equipment [3]. - In the semiconductor manufacturing process, many critical steps require completion in a vacuum reaction chamber, where semiconductor-grade perfluoroether rubber sealing rings are essential for creating the vacuum environment [3]. - The technology barrier for perfluoroether rubber sealing rings is high, with foreign companies holding a dominant and monopolistic position in the domestic market. According to Frost & Sullivan, the domestic production rate of semiconductor-grade perfluoroether rubber sealing rings is expected to be less than 10% in 2024 [3]. Production Capacity - Chipmi Technology achieved mass production just seven months after its establishment, becoming the first high-tech enterprise in China to realize the domestic production of semiconductor-grade perfluoroether sealing products [3]. - On June 28, 2023, the third phase of Chipmi Technology's project was put into production in the Lingang Industrial Zone, increasing its capacity by approximately 60% to produce 1 million sealing rings of various sizes, meeting about 70% of the domestic semiconductor industry's demand for perfluoro sealing components [3].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The recent trade agreement between the US and Vietnam, which imposes a 20% tariff on Vietnamese goods and a 40% tariff on goods transshipped through Vietnam, is expected to improve export chain sentiment [12][6] - The manufacturing PMI in China showed a slight recovery in June 2025, indicating improved new orders and production indices, which may contribute to a positive outlook for the industry [12][24] Company Summaries 1) Jiao Cheng Ultrasonic - The company focuses on ultrasonic equipment and solutions, achieving a revenue of 148 million yuan in Q1 2025, a year-on-year increase of 22.35%. The net profit attributable to shareholders reached 23.63 million yuan, up 2152.47% [3][13] - The business recovery in the new energy sector, particularly in lithium battery expansion, is expected to bring performance elasticity [13] 2) Zhenghe Industrial - Engaged in the research, manufacturing, and sales of various chain transmission systems, the company reported a revenue of 395 million yuan in Q1 2025, a 6.32% year-on-year increase, with a net profit of 53.84 million yuan, up 100.09% [4][14] - The company is developing a micro-chain system project, focusing on robotic dexterous hand transmission technology, which may benefit from the mass production of humanoid robots [14] 3) Lvtian Machinery - The main products include general power machinery and high-pressure cleaning machines, with energy storage products entering mass production. Revenue growth rates for Q3 2024, Q4 2024, and Q1 2025 are projected at 47.9%, 72.5%, and 50.1%, respectively [5][15] - The company is expected to experience a performance turning point, indicating a positive outlook for valuation recovery [15] Industry Overview - The mechanical index (CITIC) increased by 0.41% last week, while the overall market indices also showed positive growth [16][19] - The manufacturing sector's fixed asset investment in China grew by 8.5% year-on-year from January to May 2025, indicating a recovery trend [24]

Core Viewpoint - The article highlights the significant advancements made by domestic semiconductor equipment manufacturers, particularly in the field of thin film deposition equipment, which has reached international leading levels, while acknowledging the existing gap in lithography technology compared to global leaders like ASML [1][4]. Group 1: Breakthrough Direction and Market Dynamics - In 2010, the domestic semiconductor equipment market was dominated by international giants, with over 90% market share, prompting companies like拓荆科技 to focus on PECVD equipment as a breakthrough point due to its large market scale [3][4]. - The push for domestic substitution policies has led to unprecedented support for local semiconductor equipment suppliers, with expectations for domestic wafer production capacity to double by 2027 [4][5]. - The ongoing geopolitical tensions have accelerated the push for domestic semiconductor equipment localization, benefiting the equipment sector in the medium to long term [5][6]. Group 2: Technological Advancements and Milestones - In 2011,拓荆科技 produced its first 12-inch PECVD equipment, marking a significant milestone in China's semiconductor equipment development [6][8]. - By 2015, the PF-300T PECVD equipment had achieved over 10,000 wafers processed at中芯国际, validating the reliability of domestic equipment for large-scale production [8][9]. - The company has successfully developed a comprehensive technology system covering PECVD, ALD, and SACVD, with a strong focus on R&D, resulting in over 1,200 patents filed [12][13]. Group 3: Industry Ecosystem and Collaboration - The collaboration between various entities, including national research institutions and leading semiconductor manufacturers, has been crucial for the success of domestic equipment suppliers like拓荆科技 [27][28]. - The domestic semiconductor equipment industry has seen a significant increase in localization rates, projected to reach 50% by 2025-2026, compared to less than 5% in 2010 [28][29]. - The competitive landscape among domestic manufacturers is robust, with companies like北方华创 and中微公司 also making strides in different technology routes [29][30]. Group 4: Market Trends and Future Outlook - The global semiconductor equipment market is expected to grow significantly, with the thin film deposition equipment market projected to reach $34 billion by 2025, driven by advancements in storage chips and packaging technologies [30][31]. - The rise of three-dimensional integration technologies is anticipated to create new revenue streams for companies like拓荆科技, with a projected market size of nearly 30 billion yuan in the next five years [31].

Core Viewpoint - In the first half of the year, 52 A-share companies reported their performance forecasts, with over 60% showing positive results, particularly in the electronics sector where companies like TaiLing Micro, XinDong LianKe, XinPeng Wei, and ChangChuan Technology saw median net profit growth exceeding 80%, with the highest reaching 267% [1] Group 1: TaiLing Micro (688591) - TaiLing Micro's performance surge is attributed to its innovative applications in AIoT, such as low-power Bluetooth chips for smart glasses, enhancing battery life from one charge per day to three [2] - The company secured significant orders from major retail chains by integrating multi-mode chips into electronic price tags, enabling seamless Bluetooth and Wi-Fi switching [2] - With local foundries prioritizing its production, TaiLing Micro's cost has decreased, and its gross margin has soared to 60% [2] Group 2: XinDong LianKe (688582) - XinDong LianKe has successfully penetrated the MEMS sensor market, traditionally dominated by foreign giants, by focusing on high-end applications like attitude sensors for commercial satellites and dynamic measurement for autonomous vehicles [4] - The company has received over 400 million yuan in orders for commercial aerospace and smart driving sectors in the first half of 2025, surpassing its total revenue for the previous year [4] - XinDong LianKe manages the entire process from chip design to packaging, ensuring production stability despite supply chain disruptions, achieving a gross margin of 85% [4] Group 3: XinPeng Wei (688508) - XinPeng Wei excels in the analog chip market, with its products integrated into various applications, including electric vehicle chargers and photovoltaic inverters [5][6] - The company reported a 70% revenue increase in industrial automation and automotive electronics sectors for the first half of 2025, driven by its versatile product strategy [6] - XinPeng Wei benefits from domestic chip policies, leading to a surge in orders for imported alternatives [6] Group 4: ChangChuan Technology (300604) - ChangChuan Technology has capitalized on the booming semiconductor testing equipment market, driven by the global demand for AI chips and HBM storage chips [8] - The company offers competitive pricing, with its testing machines being 30% cheaper than international counterparts while maintaining similar performance [8] - Following a successful fundraising of 3.1 billion yuan, ChangChuan Technology plans to double its production capacity for high-end testing machines, positioning itself strongly in the AI chip testing market [8] Group 5: Industry Insights - The success of these companies stems from their focus on niche markets like AIoT chips and MEMS sensors, allowing them to excel without directly competing with industry giants [9] - Many domestic firms are achieving performance levels comparable to international leaders while offering more attractive pricing [9] - Emerging sectors such as low-altitude economy, AI terminals, and electric vehicles are creating new growth opportunities in the semiconductor industry, benefiting early movers [9]

Core Viewpoint - The recent changes at Hubei Jiutongfang Microelectronics, a key player in the domestic EDA industry, highlight significant shifts in ownership and strategic direction, particularly with Huawei's increased involvement as the largest shareholder [1][2][4]. Group 1: Shareholding Restructuring - Jiutongfang's shareholding changes reflect a broader trend in the EDA sector, with Huawei's stake increasing from 15% in 2020 to 11.1157%, making it the largest shareholder [2]. - The founders have shifted from direct ownership to holding shares through a partnership, which allows for control retention while potentially facilitating future financing [2]. - The freezing of founder Wan Bo's shares, amounting to 9.4685%, raises concerns about legal disputes or pledging issues, which could impact the company's management and stability [2]. Group 2: Relocation to Shanghai - The decision to move the headquarters from Wuhan to Shanghai is seen as a strategic move to integrate more closely with the semiconductor ecosystem, which includes major players like SMIC and Huawei [3]. - Shanghai's supportive policies for the EDA industry, including subsidies for R&D, enhance Jiutongfang's ability to attract talent and innovate [3]. - The relocation aims to improve customer engagement and accelerate the conversion of technological achievements into marketable products [3]. Group 3: Huawei's Support - Huawei's investment underscores Jiutongfang's strategic importance within Huawei's supply chain, particularly for RF EDA tools needed for 5G and mobile chip development [4]. - Jiutongfang's products, such as eWave/ePCD, are positioned to meet the growing demand from Huawei, indicating a strong alignment between their technological capabilities and market needs [4]. - Huawei's investments in multiple EDA firms create a closed loop of "investment + technical collaboration," which benefits both parties and supports the development of a self-sufficient EDA toolchain [4]. Group 4: Industry Perspective - The global EDA market is dominated by three major players, accounting for 77% of the market, while over 95% of China's EDA needs are met through imports [5]. - The push for domestic EDA solutions has become a national strategy amid the US-China tech rivalry, with Jiutongfang positioned as a leader in RF EDA [5]. - Despite advancements in RF EDA, Jiutongfang still needs to improve in digital design and verification areas to fully capitalize on market opportunities [5].

6月21日夏至当天，香港天文台录得的最高温度追平了1980年的"最热夏至"。而共享这"热浪"的，还有港交所。 三年河东，三年河西。赴港IPO热浪袭来。截至上半年，已有43家顺利登陆港股，而去年同期仅为30家。与此同时，上半年港股IPO募集资金达到1067.14亿 港元，超过去年全年的876.77亿港元，募资规模位居全球榜首。 以新消费、硬科技等企业为代表，闯关港交所早已超越单纯融资行为，成为观察港股生态变迁的窗口。从2023年的冰点到2024年的拐点，再到2025年的沸 点，天时、地利、人和氤氲在一起，促成这场IPO盛宴的到来。 何以至此？钱从哪来，走向何方？千军万马赴港上市的热潮之下，是昙花一现，还是繁花再现。 | 最新發佈 > 日期 | 申請人 | | --- | --- | | 04/07/2025 | 濰柴雷沃智慧農業科技股份有限公司 | | | 04/07/2025 整體協調人公告 - 委任（經修訂） 四 | | | 20/06/2025 申請版本（第一次呈交） 全文檔案 [四] 多檔案 | | | 前提交文件: | | | 20/06/2025 整體協調人公告 - 委任 吧 | | 03/07/2 ...

Group 1: Characteristics of US Tariff Policy - The US tariff policy since 2025 has shown a broad coverage and significant expansion, imposing a 10% basic tariff on nearly all imported goods, impacting various industries including electronics, machinery, chemicals, and textiles [2][3] - The tariff rates are differentiated based on trade deficit and competitive relationships, with complex exemption processes for even "friendly" countries, indicating a strategic use of tariffs for economic and political goals [3] - The policy exhibits high uncertainty, with frequent adjustments causing confusion among global trade participants, complicating long-term business planning [3] Group 2: Impact on the US Economy - The tariff policy aims to protect domestic industries and reduce trade deficits, but it has led to rising inflation pressures, with the Federal Reserve adjusting GDP growth forecasts down by 0.3 percentage points to 1.4% for 2025 [4] - US companies, including local and foreign firms, face increased import costs disrupting supply chains, with small furniture manufacturers and farmers in the Midwest experiencing severe financial difficulties due to tariff impacts [5] - The US's international credibility is damaged due to erratic policy changes, leading to decreased confidence among global investors and trade partners, reflected in the reduced attractiveness of US Treasury bonds [6] Group 3: Global Economic and Financial Impact - The US tariff policy disrupts global trade and capital flows, raising import prices and suppressing trade activity, with the World Bank predicting a decline in global trade growth rates for 2025 and 2026 [7][8] - The policy negatively affects global economic growth, with rising import prices reducing consumer purchasing power and investment uncertainty leading to cautious business decisions [8] - The tariffs challenge existing international trade rules, prompting a shift towards new regional trade agreements and increasing the influence of emerging economies in global trade rule-making [8] Group 4: Challenges and Opportunities for China - China's export costs rise due to US tariffs, particularly in the automotive sector, where exports to the US reached $17.15 billion in 2024, leading to profit compression and increased logistics costs [9][10] - The demand for Chinese exports in machinery, textiles, and apparel declines as US tariffs diminish price competitiveness, with a potential 20-30% drop in textile exports anticipated with a 10% tariff increase [10] - The pressure to relocate supply chains increases as multinational companies consider moving production to regions with lower tariffs, impacting China's position in global supply chains [11] Group 5: China's Response to US Tariff Policy - China has taken a firm stance against US tariffs, implementing reciprocal measures and engaging in trade talks to maintain economic relations [13] - The country is enhancing trade ties with other economies through initiatives like the Belt and Road, reducing reliance on the US market and expanding its global trade footprint [13][14] - China is advocating for multilateral mechanisms to address US violations of trade rules, strengthening its position in global trade discussions and enhancing its economic resilience [14]