Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. has been accepted for IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 1.954 billion yuan, positioning itself as a leading high-end testing instrument manufacturer in China [1]. Company Overview - Lianxun Instrument specializes in the R&D, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment, catering to high-speed communication and semiconductor sectors [1][2]. - The company plays a crucial role in the domestic production of core testing instruments, supporting advancements in AI, new energy, and semiconductor industries [1]. Product Offerings - The company’s electronic measurement instruments include communication testing instruments and electrical performance testing instruments, with a focus on high-precision electrical testing [1][3]. - In the semiconductor testing equipment sector, Lianxun offers a range of products including optical device testing systems and power device testing equipment, covering critical testing needs across the optical communication industry [2][4]. Market Position - Lianxun is one of the few manufacturers in China capable of providing comprehensive testing solutions for the optical communication industry, holding a 9.9% market share in the Chinese optical communication testing instrument market, ranking third overall [3]. - The company leads the market in optical device testing equipment with the highest market share in China, and it ranks first in the silicon carbide power device wafer-level aging system market [4]. Financial Performance - The company reported revenues of approximately 214 million yuan, 276 million yuan, 789 million yuan, and 201 million yuan for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [6]. - Net profits for the same periods were approximately -37.89 million yuan, -56.70 million yuan, 141 million yuan, and 19.28 million yuan [6]. Investment Plans - The funds raised from the IPO will be directed towards projects that align with the company's core business and technological innovation [5].

Core Viewpoint - The semiconductor industry is experiencing growth driven by AI demand and domestic production, with significant investments in data centers and advanced manufacturing processes [1][2]. Group 1: Market Performance - Chip ETFs (512760) rose over 2.3%, while integrated circuit ETFs (159546) increased by more than 2.2%, highlighting a positive market trend in the semiconductor sector [1]. - Global smartphone shipments have seen consecutive growth for two quarters, indicating a recovery in upstream sectors such as passive components, digital SoC, RF, storage, and packaging testing [1]. Group 2: Industry Trends - The integration of 3D printing in consumer electronics is accelerating, with applications in foldable devices and wearables expected to mark a new era in consumer electronics [1]. - The reduction in AI training and inference costs is fostering application proliferation, with over a hundred AI-enabled devices like smartphones, computers, and glasses emerging as new economic growth points [1]. - Meta's investment of several hundred billion dollars in data centers to support AI development is expected to drive a surge in computing power demand, enhancing the value across servers, AI chips, optical chips, storage, and PCB sectors [1]. Group 3: Company Insights - TSMC is projected to maintain stable performance in Q2 2025, with advanced process expansion aligning with the trend of self-sufficiency, emphasizing the importance of advanced packaging technologies like CoWoS and HBM in the AI landscape [1]. - The semiconductor index (990001) tracked by chip ETF (512760) focuses on the semiconductor industry chain in the Chinese market, covering materials, equipment, design, manufacturing, and packaging testing, serving as a key indicator of the industry's development [1].

Group 1 - The domestic semiconductor backend testing equipment market has significant room for domestic production improvement, with the localization rate for storage testing machines expected to be only 8% by 2025 and around 9% for SOC testing machines by 2027 [1] - The complex structure design of AI chips and HBM introduces new testing requirements, as AI chips typically use advanced processes and have complex functions, leading to longer testing times and higher precision demands; HBM requires new testing phases such as KGSD testing due to its multi-layer DRAM stacking structure [1] - Driven by strong downstream demand, the domestic testing equipment market is expected to grow steadily, reaching a scale of 26.74 billion yuan by 2027, with testing machines accounting for 61.9% of the core equipment [1] Group 2 - The consumption electronics ETF (561310) tracks the consumption electronics index (931494), which selects listed companies involved in the manufacturing of consumer electronics such as smartphones and wearable devices from the A-share market to reflect the overall performance of related listed companies [1] - The consumption electronics index exhibits high growth and volatility characteristics [1] - Investors without stock accounts can consider the Guotai Zhongzheng Consumption Electronics Theme ETF Initiated Link A (014906) and Guotai Zhongzheng Consumption Electronics Theme ETF Initiated Link C (014907) [1]

Group 1 - The domestic semiconductor backend testing equipment market has significant room for domestic production improvement, with the localization rate for storage testers expected to be only 8% by 2025 and around 9% for SOC testers by 2027 [1] - The rapid development of AI chips and HBM imposes higher requirements on testing processes, as AI chips utilize advanced processes and complex structures, leading to longer testing times and increased precision requirements [1] - The domestic testing equipment market size is projected to grow from 11.62 billion yuan in 2022 to 26.74 billion yuan by 2027, with a CAGR of 12.6%, where testing machines account for 61.9% of the market, with SOC and storage testers being the main segments [1] Group 2 - The Integrated Circuit ETF (159546) tracks the Integrated Circuit Index (932087), which selects listed companies involved in IC design, manufacturing, and packaging testing from the A-share market to reflect the overall performance of the Chinese integrated circuit industry [1] - The Chip ETF (512760) tracks the China Semiconductor Chip Index (990001), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in key segments of the semiconductor industry chain to reflect the overall performance of the semiconductor chip industry [2] - Investors without stock accounts can consider various fund options related to integrated circuits and semiconductor industries, including the Guotai Zhongzheng All Index Integrated Circuit ETF and the Guotai CES Semiconductor Chip Industry ETF [2]