或受此消息影响，截止11月21日收盘，拓荆科技股价下跌5.80%，报收290.00元/股，最新市值为815.4亿 元。若按照这一股价计算，大基金一期此次减持的金额最高将超过20亿元。 11月20日晚，拓荆科技发布公告，公司收到了股东国家集成电路产业投资基金有限公司（大基金一期） 的减持计划告知函。大基金一期计划在2025年12月12日至2026年3月11日，通过大宗交易方式减持拓荆 科技不超过843.5万股，即不超过总股本的3%。 截至三季度末，大基金一期是拓荆科技的第一大股东，持股比例高达19.57%，持股数量达5502.67万 股，且这些股份全部是在IPO前取得的。此次大基金一期的减持计划，无疑给市场对拓荆科技的投资情 绪带来了不小的冲击。 值得关注的是，拓荆科技的主要产品薄膜沉积设备，在芯片制造环节中占据着极为重要的地位。它和光 刻设备、刻蚀设备一同并称为芯片制造的三大核心设备。具体而言，薄膜沉积设备所沉积的薄膜，是芯 片结构内的功能材料层，在芯片制造过程中有着巨大的需求量。 聚焦第三季度，拓荆科技的业绩增长更加亮眼，实现营收22.66亿元，同比增124.15%；取得归母净利润 4.62亿元，同比增22 ...

Core Insights - Japan's semiconductor manufacturing equipment sales continue to thrive, with a significant increase of approximately 15% in September 2025, marking the 18th consecutive month of double-digit growth [2] - The sales figure for September 2025 reached 424.59 billion yen, representing a 14.9% year-on-year increase, and the monthly sales have exceeded 400 billion yen for 11 consecutive months, setting a historical record since 1986 [2][3] - Cumulative sales from January to September 2025 amounted to 3.80047 trillion yen, an 18.7% increase compared to the same period last year, surpassing the previous year's total of 3.20077 trillion yen [3] Market Position - Japan holds a strong position in the semiconductor equipment market, with a global market share of 30%, second only to the United States [3] - Four Japanese companies are ranked among the top ten global semiconductor equipment manufacturers, including Tokyo Electron (TEL), Advantest, Screen, and Hitachi High-Tech [5] Industry Trends - The demand for AI server GPUs and HBM is driving growth, with increased investments in 2nm technology by TSMC and rising investments in DRAM/HBM from South Korea [3] - The forecast for Japan's semiconductor equipment sales for the fiscal year 2025 has been revised upward to 4.8634 trillion yen, indicating a 2% increase from the previous year and marking the second consecutive year of record sales [3] Technological Strengths - Japanese manufacturers excel in specific equipment categories such as coating and developing equipment, thermal processing equipment, and cleaning equipment, while having a lower market share in dry etching and CVD equipment [5][8] - The success of Japanese companies in fluid-related equipment and materials is attributed to their bottom-up R&D approach, allowing for customized equipment solutions [8]

Group 1 - The core viewpoint of the article highlights that Shengmei Shanghai is focusing on expanding its overseas market presence and is confident in increasing its sales share internationally [1] - Shengmei Shanghai has raised its addressable market in China to $7 billion, based on the assumption of a $40 billion semiconductor equipment market size in China by 2030 [1] - The company reported nearly 40% revenue growth in Q2, driven by strong equipment sales and demand [1] - Shengmei Shanghai maintains its full-year performance guidance unchanged, with contract liabilities reflecting prepayments after product debugging acceptance [1] - The discrepancy in financial reports is attributed to different accounting standards, and the existing capacity at the Lingang plant is sufficient to support the annual performance guidance, with plans for additional capacity next year [1] Group 2 - Shanghai Hedao Asset Management Co., Ltd. is registered in Shanghai with a registered capital of 10 million yuan and is located in the Lujiazui financial district [2] - The company was established in August 2015 and has a research team with rich investment experience, led by a founding team with over 15 years of industry experience [2]

Group 1 - The core viewpoint of the news is that Shengmei Shanghai is focusing on expanding its overseas market presence and has confidence in increasing its sales share internationally [1] - Shengmei Shanghai has raised its addressable market in China to $7 billion, based on the assumption of a $40 billion semiconductor equipment market in China by 2030 [1] - The company reported nearly 40% revenue growth in Q2, driven by strong equipment sales and demand [1] - Shengmei Shanghai maintains its full-year performance guidance, with contract liabilities reflecting prepayments after product debugging acceptance [1] - The discrepancy in financial reports is attributed to different accounting standards, and the existing capacity at the Lingang plant is sufficient to support the annual performance guidance, with plans for additional capacity next year [1] Group 2 - Beijing Shennong Investment Management Co., Ltd. was founded in 2009 and focuses on the pharmaceutical, technology, and consumer sectors, investing in outstanding growth enterprises [2] - The company has won multiple awards, including the Golden Bull Award and the Best Private Fund Manager by Forbes, establishing itself as a significant asset management firm with a strong team and long-term performance [2]

Group 1 - The core viewpoint of the article highlights that Shengmei Shanghai is focusing on expanding its overseas market presence and is confident in increasing its sales share in this segment [1] - Shengmei Shanghai has raised its addressable market in China to $7 billion, based on the assumption of a $40 billion semiconductor equipment market size by 2030 [1] - The company reported nearly 40% revenue growth in the second quarter, driven by strong equipment sales and demand [1] - Shengmei Shanghai maintains its full-year performance guidance unchanged, with contract liabilities defined as prepayments after product debugging acceptance [1] - The discrepancy in financial reports is attributed to different accounting standards, and the existing capacity at the Lingang plant is sufficient to support the annual performance guidance, with plans for additional capacity next year [1] Group 2 - Shanghai Chenyun Asset Management Center (Limited Partnership) was established in April 2015 and focuses on investing in leading companies with certain changes in the secondary market [2] - The investment research system of Chenyun Asset is based on high execution capability, integrating various investment strategies and frameworks throughout the research process [2] - The company has a clear asset allocation framework to determine the risk-return ratio between equity and other asset classes, and it excels in identifying suitable investment sectors with favorable risk-return profiles [2]

Group 1 - The core viewpoint of the article highlights that the private equity firm 德若 is optimistic about the growth potential of 盛美上海, particularly in expanding its overseas market share and maintaining a strong performance in the semiconductor equipment sector [1] - 盛美上海 has raised its addressable market in China to $7 billion, based on the assumption that the semiconductor equipment market in China will reach $40 billion by 2030 [1] - The company reported nearly 40% revenue growth in the second quarter, driven by strong equipment sales and demand [1] Group 2 - 盛美上海 maintains its full-year performance guidance, with contract liabilities defined as prepayments after product debugging and acceptance [1] - The discrepancy in financial reports is attributed to different accounting standards, and the existing capacity at the 临港 plant is sufficient to support the annual performance guidance [1] - The company plans to add new capacity next year to further enhance its production capabilities [1]

Group 1 - The core viewpoint of the article highlights that Ningquan Asset has conducted research on a listed company, Shengmei Shanghai, focusing on its overseas market expansion and performance outlook [1] - Shengmei Shanghai emphasizes its commitment to technological differentiation and a global customer strategy, expressing confidence in increasing its overseas market sales share [1] - The company has raised its addressable market in China to $7 billion, based on the assumption of a $40 billion semiconductor equipment market size by 2030 [1] Group 2 - In the second quarter, Shengmei Shanghai reported nearly 40% revenue growth, driven by strong equipment sales and robust demand [1] - The company maintains its full-year performance guidance, with contract liabilities reflecting prepayments after product commissioning acceptance [1] - Differences in financial reporting are attributed to varying accounting standards, and the existing capacity at the Lingang plant is sufficient to support the annual performance guidance, with plans for additional capacity next year [1]

Core Viewpoint - In 2024, Zhongwei Company achieved a revenue of 9.065 billion yuan, marking a year-on-year growth of 44.7%, with etching equipment contributing over 7.2 billion yuan, while net profit decreased by 9.5% due to increased R&D investment [1] Group 1: Financial Performance - Revenue for 2024 reached 9.065 billion yuan, a 44.7% increase year-on-year [1] - Etching equipment sales exceeded 7.2 billion yuan, growing by 54.7% [1] - Net profit was approximately 1.616 billion yuan, down 9.5% year-on-year, primarily due to a significant rise in R&D expenses [1] - R&D expenses amounted to 2.45 billion yuan, reflecting a 94.3% increase [1] - Non-GAAP net profit was about 1.388 billion yuan, showing a growth of 16.5% [1] Group 2: Operational Highlights - In 2024, the average sales per employee surpassed 4 million yuan, compared to 3.5 million yuan in 2022 [2] - The company shipped over 1,200 CCP etching equipment units, setting a historical record, with cumulative installations exceeding 4,000 units [2] - The average compound annual growth rate for the past ten years has been over 30% [2] - Nearly 60 CCP dual-station machines are in mass production on the most advanced logic production lines, including those at 5nm and beyond [2] - The LPCVD equipment has seen over 150 units shipped after market validation, with bulk orders worth approximately 476 million yuan in 2024 [2] Group 3: Strategic Developments - Zhongwei Company announced plans to increase capital in Ultra Micro Semiconductor Equipment (Shanghai) Co., Ltd., raising its registered capital to 160 million yuan, with Zhongwei contributing 75.5 million yuan for a 47.2% stake [2] - Ultra Micro Company, established in 2024, will focus on developing electron beam measurement equipment [2] - The measurement equipment market is rapidly growing, accounting for about 13% of the total semiconductor front-end equipment market [3] - The company aims to expand its market participation and coverage in various types of measurement equipment [3]