热点板块： 10 月科技方向依然值得关注，反内卷出现成果的板块有补涨机会。科技板块在经历了 8-9 月的持续上涨后，板块内部出现有序轮动和高 低切换。预计 10 月科技板块内部将继续维持有序轮动的格局，滞涨的机器人、军工、智能汽车等板块有望迎来补涨。而领涨板块如算力硬件、国产半导 体、新能源等一旦出现明显调整，也将形成较好的逢低布局机会。反内卷出现阶段性成果的板块，如光伏、水泥建材、煤炭、快递等板块如得到三季报验 证，也将迎来补涨的机会。关注：1）机器人国产化和走进老百姓生活依然是 2025 年比较确定的趋势，机器人产品将从人形机器人向四足机器人、功能型 机器人扩展。以此带来的传感器、控制器、灵巧手等板块的阶段性机会将会反复出现。市场预期特斯拉人形机器人版本有可能更新，或将成为机器人板块 新催化剂。2）半导体国产化仍是大势所趋，关注其中的半导体设备、晶圆制造、半导体材料、IC 设计等。3）军工板块 2025 年存在订单回升的预期，大 部分军工子板块如地面装备、航空装备、军工电子等中报业绩降幅继续收窄，基本面已经出现触底迹象。4）创新药经历了近 4 年的调整后逐步迎来收获 期，自 2024 年三季度以来已经连续 ...

策 略 研 究 新股分析 2025 年 10 月 09 日 西安奕材：我国 12 英寸硅片头部厂 商 ——注册制新股纵览 20251009 本期投资提示： 证 券 研 究 报 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 申 购 策 略 告 相关研究 - ⚫ AHP 得分：剔除、考虑流动性溢价因素后，测算西安奕材 AHP 得分为 2.49 分、2.58 分， 分别位于科创体系 AHP 模型总分 40.9%分位、44.0%分位，处于中游偏下、中游偏上水平。 ⚫ 本次网下发行采取约定限售方式：A₁类限售期 9 个月、限售比例 60%，A₂类、A₃类及 B 类 限售期均为 6 个月，限售比例分别为 45%、25%、25%，对应配售比例要求为 A₁类≥2.25×A₂ ...

在第三代半导体领域，公司同样提前布局，储备"快速CVD-SiC技术""CVD-SiC晶粒控制技术"等核心技 术，前者实现碳化硅快速均匀沉积，后者通过调控工艺参数提升涂层抗疲劳性能，为完善半导体国产化 供应链奠定坚实基础。 作为国内少有的"材料—部件—应用"全链条体系刻蚀用零部件一体化工厂，公司技术布局贯穿产业链关 键环节。"硅电极微深孔内壁加工技术"实现近千个微小深孔无毛刺、高洁净加工，"硅部件精密刻蚀洗 净技术"通过多段位移清洗与特制工艺，彻底清除微小气孔杂质，凭借多项核心技术，公司8英寸和12英 寸刻蚀机用硅部件批量供应北方华创（002371）、台积电等国内外行业巨头。 人民财讯10月2日电，神工股份刻蚀用大直径硅材料产品稳居全球领先梯队，自主研发的"无磁场大直径 单晶硅制造技术"，无需依赖强磁场即可抑制硅熔液对流，实现高纯大直径单晶硅高质量生产，大幅降 低单位成本；"固液共存界面控制技术"则精准适配晶体生长不同阶段需求，保障产品良品率与参数一致 性，两项技术均处于国际行业领先水平。依托核心技术优势，公司半导体材料年产能达500吨，规模位 居全球首位。 ...

@ 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]

今年3月，BAW滤波器明星企业武汉光钜微电子有限公司（下称"武汉光钜"）宣布完成上亿元B+轮融 资。按照规划，这笔资金将用于扩大公司的主营业务和日常经营，补充公司经营性资金，进一步巩固其 在高端射频前端芯片领域的领先地位。 公司称，在光刻胶与高纯度电子气体领域，国产供应商现阶段仅能满足成熟制程需求，先进制程材料仍 需通过技术验证与工艺适配双重考核，需要数年的持续的磨合和工艺优化。其关键生产设备全面国产化 仍存在技术壁垒和较长的迭代周期，需通过持续的技术验证与工艺优化逐步推进。 时隔半年，上述融资突然宣布终止。 经协商，各方拟终止武汉光钜B+轮交易。 A股公司武汉凡谷（002194）9月26日晚间披露，公司于近日收到武汉光钜发来的《关于B+轮融资协议 调整的说明》，受近期境外政策的波动及国内行业竞争加剧等因素的综合影响，武汉光钜所处经营环境 发生变化，中长期发展不确定性加剧。武汉光钜与自愿退出的相关方就B+轮融资协议进行了磋商调 整。 据公开资料，武汉光钜从2017年起步，是一家深耕体声波BAW滤波器芯片设计和晶圆制造，以及封装 测试全流程为一体的IDM公司。滤波器按技术主要分为SAW和BAW两种。 武汉光钜及 ...

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].