调研纪要：2025年上半年，路维光电实现营业收入5.44亿元，同比增长37.48%，净利润1.06亿元，同比 增长29.13%。公司在平板显示掩膜版领域是国内唯一一家可以全面配套不同世代面板产线的本土企 业，2024年G11掩膜版销售收入市场占有率为25.52%，位列全球第二名。在半导体掩膜版领域，公司已 实现180nm制程节点量产，150nm/130nm制程节点掩膜版已通过客户验证并小批量量产。2025年全球半 导体掩膜版市场规模预计为89.4亿美元，国内市场规模约为187亿元人民币；全球平板显示掩膜版市场 规模预计为20亿美元。公司目标是成为世界级的掩膜版企业，为半导体、显示产业链全面自主贡献产业 力量。掩膜版需求主要受下游产品更新迭代、新技术应用、新场景开拓等因素影响。公司掌握了高世代 半色调掩膜版、高世代灰阶掩膜版、PSM相移掩膜版制造技术，以及多项上游材料的核心工艺技术。上 半年公司完成了IC掩膜版信赖性研究测试、3D玻璃盖板用掩膜版产品开发等项目，新开展了 G8.6AMOLED产品开发等研发项目。 鑫元基金成立于2013年，截至目前，资产管理规模(全部公募基金)2125.77亿元，排名35/210 ...

雅克科技主营业务为电子化学品的研发、生产和销售，产品广泛应用于半导体、平板显示、光伏等领 域。公司是深成500指数成分股，在电子化学品细分领域具有重要地位。 从资金流向来看，8月20日雅克科技主力资金净流出3512.42万元，近五日累计净流出1.12亿元。当前公 司市盈率为27.43倍，市净率3.91倍。 雅克科技8月20日股价报收60.01元，较前一交易日下跌0.32%，成交额达9.40亿元。该股当日振幅 2.41%，换手率4.96%，总市值285.60亿元。 风险提示：股市有风险，投资需谨慎。 ...

Group 1: Company Overview - The company specializes in materials for flat panel displays, primarily focusing on target materials and ITO products [2] - Major target materials include aluminum, molybdenum, and copper, with molybdenum holding the largest global market share [2] - Recent pressure on gross margins is attributed to new production lines, regional investments, and significant increases in raw material prices, particularly precious metals [2] Group 2: Product Development and Production - The company has made substantial investments in ITO product lines over the past two years, transitioning from wet to dry processing to reduce costs [2] - The production process has been streamlined from powder production to recycling, enhancing efficiency [2] - Semiconductor product validation is progressing smoothly, with some new products already validated and receiving trial orders [3] Group 3: Production Efficiency - The utilization rate of the target material production line has reached an average of approximately 80%, though the front-end equipment shows varying rates due to different product process requirements [3] - Plans are in place to gradually increase front-end utilization and supplement back-end equipment as production needs evolve [3] Group 4: Gross Margin and Raw Material Management - Overall gross margin improvement is linked to the introduction of new products and adjustments in product supply structure [3] - The cost structure of precious metal products is heavily influenced by raw material prices, which are currently on an upward trend, potentially reducing product gross margins [3] - The company employs hedging strategies to manage price fluctuations of raw materials, particularly for bulk materials, while precious metal price volatility is managed through careful trend analysis and upstream supplier collaboration [3]

Core Viewpoint - Huaxing Yuanchuang has successfully delivered China's first G8.6 AMOLED touch screen (TSP) display system detection equipment, marking a significant advancement in the high-generation AMOLED TSP OS core detection equipment field [1][3]. Group 1: Product Development and Market Position - The newly developed detection equipment covers the entire process of TSP and OS detection, achieving micron-level precision, suitable for various applications including automotive displays, laptops, and tablets [3]. - The delivery of this product signifies a critical leap from "0" to "1" in China's capability in high-generation AMOLED TSP OS core detection equipment [3]. - Huaxing Yuanchuang's Chengdu subsidiary has successfully won bids for several projects related to BOE's 8.6-generation AMOLED production line, including automatic optical inspection machines and aging equipment for flat panel displays [3]. Group 2: Financial Performance - In 2024, Huaxing Yuanchuang reported an operating income of 1.823 billion yuan, a decrease of 2.07% compared to the previous year [3]. - The company recorded a net profit attributable to shareholders of -497 million yuan [3]. Group 3: Company Focus and Applications - Huaxing Yuanchuang specializes in the research, production, and sales of flat panel display and semiconductor integrated circuit detection equipment, with applications across various industries including LCD and OLED flat displays, integrated circuits, and automotive electronics [3].