Core Viewpoint - The company, ShenGong Co., Ltd., is a global leader in the production of large-diameter silicon materials for etching, leveraging proprietary technologies to enhance production quality and reduce costs [1] Group 1: Technology and Production Capabilities - The company has developed a "non-magnetic large-diameter single crystal silicon manufacturing technology" that suppresses silicon melt convection without relying on strong magnetic fields, enabling high-quality production of high-purity large-diameter single crystal silicon and significantly lowering unit costs [1] - The "solid-liquid coexistence interface control technology" is designed to meet the varying needs of crystal growth stages, ensuring product yield and parameter consistency, with both technologies being at the forefront of the international industry [1] - The annual production capacity of semiconductor materials has reached 500 tons, making the company the largest in the world in this sector [1] Group 2: Integrated Supply Chain and Key Technologies - As one of the few companies with a complete "materials-components-applications" integrated factory for etching components, the company’s technology spans critical links in the industry chain [1] - The "silicon electrode micro-deep hole processing technology" achieves burr-free, high-cleanliness processing of nearly a thousand micro-deep holes, while the "silicon component precision etching and cleaning technology" utilizes multi-stage displacement cleaning and specialized processes to thoroughly remove micro-pore impurities [1] - The company supplies silicon components for 8-inch and 12-inch etching machines in bulk to major industry players such as North Huachuang and TSMC [1] Group 3: Advancements in Third-Generation Semiconductors - The company has proactively positioned itself in the third-generation semiconductor field, reserving core technologies such as "rapid CVD-SiC technology" and "CVD-SiC grain control technology" [1] - The rapid CVD-SiC technology enables fast and uniform deposition of silicon carbide, while the grain control technology enhances coating fatigue resistance by adjusting process parameters [1] - These advancements lay a solid foundation for improving the domestic semiconductor supply chain [1]

@ r 武阳 4 ▲ 4 and 110 4 P 江山 (0) 9 e e 0 70 pper 1 The Property the state of d 6 9 TML 董季周 郭晨凯 制图 ◎记者 聂林浩 王彭 朱妍 2025年的科技投资，注定是一场关于"未来"的对话。大模型加速演进，算力价格起伏之间传递博弈的张 力，应用端则在一次次技术突破中蓄势待发。科技产业链的投资逻辑也正面临快速重构，在市场预期与 现实落地之间，投资者需要更细致的判断：哪些公司真正拥有穿越周期的产品力？哪些场景具备足够清 晰的变现路径？当前AI板块估值情况如何？上海证券报记者邀请了三位深耕科技投资的基金经理—— 易方达瑞享混合基金经理武阳、景顺长城混合投资部基金经理江山和泰信中小盘精选混合基金经理董季 周，对上述议题展开探讨。 推进技术革新与材料升级，模型与应用端的进展将不断加速，投资逻辑也将进一步向应用与终端等下游 环节转移。 董季周：在大模型演进趋势上，中国与海外仍呈现"你追我赶"的态势。随着基础模型能力提升，未来有 望与工作流结合，在专业领域不断提升，如"AI+代码""AI+法律"等方向。当前AI发展最迫切的方向， 我认为是等 ...

Group 1: Financial Performance - In the first half of 2025, the company's operating revenue was 1.489 billion yuan, a year-on-year decrease of 18.86% [2] - The net profit for the same period was 257 million yuan, down 42.90% year-on-year [2] - Basic earnings per share were 0.4813 yuan, reflecting a 42.90% decline compared to the previous year [2] - The weighted average return on net assets was 5.99%, a decrease of 5.63% year-on-year [2] Group 2: Product Overview Refrigeration Products - The company offers a diverse range of refrigeration products, including commercial central air conditioning compressors, refrigeration compressors, and heat pump compressors [3] - The performance of screw and magnetic levitation centrifugal compressors used in data centers has shown growth in the first half of the year [3] - Taiwan Dongyuan is a key partner and customer for the company's refrigeration compressors [3] Air Compression Products - The air compressors serve as core equipment in various industries, including engineering machinery, pharmaceuticals, chemicals, electronics, and more [4] - The company is expanding into oil-free air compressor markets, which have significant potential in industries requiring high air quality [4] Vacuum Products - The vacuum products are primarily used in the photovoltaic and semiconductor industries, with plans to expand into lithium batteries, pharmaceuticals, and other sectors [5] - The company has begun small-scale supply to domestic chip manufacturers, indicating a growing market presence [5] - Although current contributions from vacuum products in the semiconductor sector are limited, future growth is anticipated as the industry expands [5] Group 3: Investor Relations Activity - The investor relations activity took place from September 22 to September 26, 2025, involving various investment firms and stakeholders [2] - The company confirmed that no undisclosed significant information was shared during the activity [6]

Core Viewpoint - Wuhan Guangju Microelectronics, a leading company in the high-end RF front-end chip sector, has faced significant operational challenges leading to the termination of its B+ round financing, initially planned to enhance its business and operational capabilities [1][2]. Group 1: Financing and Investment - In March, Wuhan Guangju announced the completion of over 100 million yuan in B+ round financing aimed at expanding its core business and reinforcing its market position [1]. - The B+ round financing was abruptly terminated due to changes in the operating environment, including foreign policy fluctuations and intensified domestic competition [2]. - The company had previously completed a B round financing in December 2023, with a post-investment valuation of 1.4 billion yuan [6]. Group 2: Operational Challenges - Wuhan Guangju is facing multiple operational difficulties, including rising prices of imported raw materials such as 8-inch high-resistivity silicon wafers and photoresists, exacerbated by geopolitical factors [3]. - The company relies heavily on imported key production equipment, leading to uncertainties in procurement costs and delivery timelines [3]. - Increased price competition from domestic competitors has resulted in a significant drop in target prices for bidding clients, impacting the company's profitability [3]. Group 3: Industry Context - The semiconductor industry is experiencing challenges in the localization of materials and equipment, with domestic suppliers currently only able to meet mature process demands, while advanced process materials require extensive validation and adaptation [4]. - Wuhan Guangju operates as an IDM company, focusing on the design and manufacturing of BAW filters, which are predominantly controlled by foreign firms like Broadcom and Qualcomm [5]. - The company has successfully entered the supply chains of major international clients, including major ODMs and smartphone manufacturers [5].

Investment Strategy - The first phase of the National Integrated Circuit Industry Investment Fund (大基金一期) was established in 2014 with a registered capital of 98.7 billion, and actual funds received were approximately 120 billion [3] - The second phase (大基金二期) was established in 2019 with a registered capital of 204.2 billion, and actual funds received were around 220 billion [3] - Significant investments from both phases were directed towards wafer manufacturing, including companies like SMIC, Hua Hong Semiconductor, and Changjiang Storage [3] - Investments also extended to the packaging segment, targeting companies such as Tongfu Microelectronics and Jiangsu Changjiang Electronics Technology [5] - The strategy focused on addressing the largest shortfall in the semiconductor industry, which is manufacturing, while also investing in the relatively stronger area of chip design [7] Management - The management of both phases is handled by Huaxin Investment Management Co., Ltd. (华芯), established in 2014 specifically for managing the fund [9] - The largest shareholder of Huaxin is the National Development Bank, which is also a significant contributor to the fund [9] - In the first phase, the Ministry of Finance was the largest contributor (36%), followed by the National Development Bank (22%) [10] - By the second phase, the Ministry of Finance remained the largest contributor (11.02%), with the National Development Bank as the second largest (10.78%) [10] - The first phase also involved Huaxin managing several market-oriented semiconductor funds to mitigate risks and enhance investment strategies [10] - By the second phase, Huaxin's investment capabilities had matured, managing 220 billion solely without additional fund managers [11]

Core Viewpoint - The acquisition of SKE's Blank Mask business by Juhe Materials represents a strategic move to enhance domestic capabilities in semiconductor core materials, particularly in the context of increasing demand and low domestic production rates [2][12][13]. Group 1: Blank Mask Overview - Blank Mask is a core material in semiconductor photolithography, essential for transferring circuit designs onto substrates or wafers, directly impacting the yield of downstream products [3][4]. - The domestic market for Blank Mask is currently dominated by Japanese and Korean companies, with significant market share held by firms like Hoya and S&S Tech [4][9]. Group 2: Market Potential and Growth - The semiconductor materials market is projected to reach approximately $67.5 billion in 2024, with China accounting for about $13.5 billion, representing around 20% of the total market [7]. - The revenue potential for the domestic photomask market is estimated at around 7.2 billion RMB in 2024, with Blank Mask expected to contribute approximately 1.4 to 1.5 billion RMB [9][11]. Group 3: Strategic Acquisition and Future Plans - Juhe Materials plans to stabilize its technology and operations by retaining key personnel from SKE and enhancing its R&D capabilities through knowledge transfer [14]. - The company aims to expand its production capacity in mainland China to meet growing market demands while also pursuing global market opportunities [14]. Group 4: Competitive Landscape - The global photomask market is highly concentrated, with major players like Photronics, Toppan, and DNP controlling over 80% of the market share [86]. - Domestic photomask manufacturers are in a phase of rapid development, focusing on improving their technological capabilities to catch up with international standards [87][89]. Group 5: Industry Challenges and Opportunities - The semiconductor industry is facing challenges due to trade tensions and supply chain disruptions, which have created opportunities for domestic manufacturers to increase their market share [4][66]. - The shift of semiconductor production capacity to China is expected to further boost the demand for domestic photomasks, as new fabs are established [64].

9月26日，A股指数走弱，创业板指盘中跌超2.5%。 沪深两市成交额2.17万亿元，较上一个交 易日缩量2257亿元，全市场超3400只个股下跌。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3828.11 | 13209.00 | 1528.98 | | -25.20 -0.65% -236.90 -1.76% -28.24 -1.81% | | | | 科创50 | 创业板指 | 万得全A | | 1450.82 | 3151.53 | 6224.91 | | -23.66 -1.60% -84.23 -2.60% -75.74 -1.20% | | | | 沪深300 | 中证500 | 中证A500 | | 4550.05 | 7240.91 | 5497.73 | | -43.44 -0.95% -100.41 -1.37% -63.41 -1.14% | | | | 中证1000 | 深证100 | 中证红利 | | 7397.59 | 5827.23 | 5455.01 | | -108.92 -1.45% -100.18 -1.69% +14.51 ...

Summary of Conference Call Records Company and Industry Focus - The focus is on the **China A500 Index ETF** and the broader **investment landscape in China**, particularly in the technology and advanced manufacturing sectors [1][2][4]. Key Points and Arguments 1. **China A500 Index ETF Characteristics**: - The ETF emphasizes industry balance and includes leading companies in emerging economic sectors, reflecting China's economic transformation [1][2]. - It features a quarterly mandatory dividend mechanism, providing predictable cash flow for investors [2]. 2. **Market Dynamics**: - Current market uptrend is driven by the elimination of uncertainties, leading to a reallocation of social assets [1][6]. - The technology and advanced manufacturing sectors remain robust, with institutional funds shifting from bonds to equity funds [1][7]. 3. **Impact of U.S. Federal Reserve's Rate Cuts**: - The Fed's entry into a rate-cutting cycle may weaken the dollar and reduce recession risks in the U.S., benefiting global manufacturing recovery and export demand [1][8]. - Anticipation of potential policy adjustments in China by 2026, influenced by upcoming political meetings [1][8]. 4. **Investment Strategy of Taikang Fund**: - Taikang Fund aims to be a service-driven ETF provider, offering low-cost, tool-based products and a diversified ETF product line [1][4]. - The Taikang Research Selected Fund focuses on sectors with upward trends and moderate valuations, primarily in technology and cyclical sectors like precious metals and copper [3][10]. 5. **Sector and Stock Selection Methodology**: - A top-down approach is used to assess market style and select industries based on their economic outlook and valuation metrics [5][11]. - The fund manager emphasizes long-term holding over short-term trading, focusing on significant industry trends and macroeconomic factors [12]. 6. **Current Market Style and Institutional Role**: - The market is characterized by ample liquidity but lacks macro momentum, with a preference for growth stocks over value stocks [9]. - Institutional investors dominate the market, leading to a bias towards large-cap growth stocks, although small-cap stocks may present opportunities if fundamental trends materialize [9]. 7. **Focus on Technology and Resource Stocks**: - The current technology market is supported by fundamentals, with a focus on sectors like AI, semiconductor localization, and robotics [10][13]. - Resource stocks, particularly precious metals like gold, are also highlighted due to their potential as safe-haven assets amid geopolitical changes [13][14]. 8. **Outlook on U.S. Economic Conditions**: - The U.S. economy is showing signs of weakness, with inflation pressures persisting, which may lead to a favorable environment for gold prices [14][15]. - Industrial metals like copper may strengthen if the Fed's preventive rate cuts lead to a soft landing for the U.S. economy [15]. Other Important Insights - The Taikang Research Selected Fund is strategically positioned to capture opportunities in technology, advanced manufacturing, and resource sectors, balancing diversification with focused investment [16]. - The fund manager's experience and the robust research platform of Taikang Fund enhance the decision-making process for investment strategies [11].

Summary of the Conference Call for Weida Nano Industry and Company Overview - Weida Nano is positioned in the semiconductor equipment industry, specifically focusing on ALD (Atomic Layer Deposition) and CVD (Chemical Vapor Deposition) technologies. The company has rapidly gained market recognition since entering the CVD product line in 2023, aiming for a significant shift in revenue structure from photovoltaic equipment to semiconductor equipment [2][3][4]. Key Points and Arguments - **Market Position and Growth**: Weida Nano's ALD equipment is now among the top tier in China. The company expects CVD high-temperature mask production to maintain an annual output of 300-400 million yuan from 2024 to 2025. In Q1 2023, ALD titanium nitride products generated over 300 million yuan in orders, fulfilling over 90% of customer demand [2][3][4]. - **Revenue Transition**: The revenue structure is shifting from photovoltaic equipment, which currently accounts for 80%, to semiconductor equipment, with expectations that semiconductor revenue will rise to 30%-40% in the next two years. The company has issued 1.1 billion yuan in convertible bonds and implemented stock incentives to support this transition [2][4][5]. - **Order Growth**: As of August, new semiconductor orders totaled approximately 1.4 billion yuan, with a projected total of 1.7 billion yuan for the year, reflecting a year-on-year growth of about 70%. CVD products accounted for around 400 million yuan of this total [7][8]. - **Client Concentration**: The top few clients account for 70%-80% of total orders, with a significant focus on clients in Wuhan, where the domestic production rate is rapidly increasing [9]. - **Technological Advancements**: The company is expanding its product offerings in ALD materials beyond titanium nitride to include aluminum oxide and silicon oxide, with a focus on high-k materials. The company has a strong foothold in the storage sector, generating annual sales of 400-500 million yuan from Hike products [3][15]. - **Market Drivers**: The demand for semiconductor equipment is expected to exceed market expectations due to the growth in AR computing power, the upgrade of Chinese chip manufacturers to advanced processes, and the acceleration of domestic production. The expansion of storage and logic chip manufacturers is a primary driver of this demand [5][6]. - **Future Projections**: The company anticipates a minimum growth rate of 50% in semiconductor orders over the next two years, with targets of 2 billion yuan for this year and 2.5-3 billion yuan for the next year [3][18]. Additional Important Insights - **CVD and ALD Product Breakdown**: CVD products have signed orders of approximately 400 million yuan, while the remaining orders are primarily for ALD products. The company is also introducing LPCVD equipment, totaling nearly 1 billion yuan in orders [8][11]. - **Supply Chain and Localization**: The company has achieved about 80% localization in its supply chain, with rapid development in domestic suppliers. The remaining components primarily come from Europe [31][32]. - **Profit Margin Expectations**: The company reported a gross margin of 27%-28% last year, below the industry average of 45%-50%. However, it expects margins to improve as products mature and production scales up [33][34]. - **Stock Incentives and Management Confidence**: The recent stock incentive plan reflects the company's confidence in future growth, with a target of increasing semiconductor orders by 35% annually [6][36]. - **Market Conditions in Photovoltaics**: The photovoltaic industry is currently in a phase of adjustment, with no expansion plans for 2024 and 2025. The company is focusing on maintaining core R&D processes and exploring new developments to prepare for future market recovery [24][25].

Group 1 - The semiconductor industry is experiencing a strong upward trend, driven by a combination of recent demand surges, mid-term technological breakthroughs, and long-term ecosystem formation [1] - AI storage demand and favorable developments in the equipment sector are identified as the core drivers of the semiconductor sector's strength [2] - Domestic storage chip and equipment manufacturers are seeing performance improvements due to the urgent demand for storage solutions driven by AI applications [2] Group 2 - Huawei's evolving computing ecosystem is reshaping the semiconductor industry landscape, contributing to significant growth in the sector [3] - The introduction of Huawei's Lingqu optical communication protocol has successfully addressed bottlenecks in large-scale clusters, showcasing superior efficiency compared to international competitors [3] - Huawei aims to achieve a cluster of 500,000 cards by the end of 2026, which could significantly enhance China's AI model iteration speed and expand the semiconductor equipment demand [4] Group 3 - The investment focus of the company includes leading Chinese technology firms with global competitiveness, particularly in the semiconductor sector [4] - The strategy emphasizes breakthroughs in domestic chip production, particularly in advanced processes and related industries such as wafer fabrication, equipment, EDA, photolithography machines, and photoresists [4]