这位亿万富翁曾经提议特斯拉建立自己的芯片制造网络，并满足公司的定制芯片需求，随后，特斯 拉与三星就AI5和AI6芯片展开了广泛的合作。而现在，他又透露，特斯拉计划打造TeraFab工厂以 生产2纳米芯片。 尽管这一说法听起来激动人心，但考虑到特斯拉在芯片制造领域毫无经验，TeraFab更可能会是特 斯拉与其他合作伙伴的一次进阶合作。 据报道，马斯克声称特斯拉拟建的 TeraFab 超级工厂将具备生产 2nm 制程芯片的能力。更为颠覆的 是，马斯克对芯片制造行业的"洁净室"（Cleanroom）标准发起了挑战，并立下赌约称："特斯拉将拥有 2nm 工厂，而我甚至可以在里面一边吃汉堡、一边抽雪茄。" 在现代晶圆厂里，洁净室是芯片生产设施不可或缺的一部分，因为它们负责控制可能影响芯片良率 的污染颗粒。 像台积电这样的公司每年投入数十亿美元，在芯片生产设施内打造受控环境，例如集成HEPA/ULPA 过滤设备，并确保所有操作人员都穿着全身防护服。 针对如何防止汉堡油脂和烟尘污染硅片的问题，马斯克给出了他的解决方案"晶圆隔离"（wafer isolation）。他主张将保护重点从整个房间缩小到晶圆本身，确保晶圆在所有加工 ...

现代晶圆厂是一个大型的、一体化的制造设施，包括超洁净的生产洁净室（用于晶圆加工）；设有真空泵、气体处理和排气系统；用于维护和公用设施的 专用工具服务走廊；集中式化学品输送和废物管理基础设施；以及用于行政工作、工程和监控的办公和控制区域。 同时，洁净室本质上是晶圆厂建筑内的独立单元，因为它们与晶圆厂外壳的其他部分完全隔离。洁净室的洁净度由ISO 等级标准规定，该标准定义了不同 粒径的颗粒每立方米空气中的颗粒数量。例如，ISO 1 级洁净室每立方米空气中最多允许 10 个 ≥0.1 µm 的颗粒和 2 个更大的颗粒；而 ISO 2 级洁净室每立 方米空气中最多允许 100 个 ≥0.1 µm 的颗粒和 38 个更大的颗粒。晶圆制造最关键的操作——例如 EUV 或 DUV 光刻曝光或先进的栅极形成——都在 ISO 1 级和 2 级洁净室中进行。相比之下，ISO 3 级洁净室每立方米空气中最多允许 1000 个 ≥0.1 µm 的颗粒，这仍然比典型的晶圆厂环境洁净得多，并且通常 用于对洁净度要求不高的操作的先进晶圆厂。 显然，当前在光刻等核心环节所需的ISO 1-3级洁净室环境中吸烟或吃汉堡是绝对禁止的，因为这会产生 ...

Core Viewpoint - The construction industry is expected to experience a shift in investment dynamics due to policy stimuli and emerging themes, with private enterprises showing significant returns compared to state-owned and central enterprises [1][2]. Group 1: Market Performance - As of November 30, 2025, the SW Construction Decoration Index increased by 8.88%, while the CSI 300 Index rose by 18.19%, indicating that the overall performance of the construction sector lagged behind the broader market [2]. - Private enterprises achieved a return of 35.6%, while local state-owned enterprises had a return of 14.96%, closely aligning with the CSI 300 Index. In contrast, central state-owned enterprises faced a significant decline with a return of -4.51% [2]. Group 2: Future Investment Outlook - The first year of the 14th Five-Year Plan is anticipated to open an investment uptrend, as historical patterns suggest that the initial years of a five-year plan typically see heightened investment intensity [2]. - Major planning and project packages are expected to be implemented in 2026, potentially leading to a new cycle characterized by "high initial growth followed by stabilization" [2]. Group 3: Value Investment Themes - Three main value investment themes are identified: 1. Key projects such as the Pinglu/Zhejiang-Jiangxi-Guangdong Canal (total investment approximately 621.1 billion), the Tibet Railway (expected total investment over 700 billion), and the Yaxi Hydropower Project (total investment around 1.2 trillion) are projected to generate long-term orders [3]. 2. High dividend yields are emphasized as regulatory measures strengthen dividend constraints, enhancing the investment appeal of low-valuation, high-dividend construction firms [3]. 3. Growth transformation opportunities in new sectors like clean rooms, AI computing infrastructure, and low-altitude economy are expected to surge, with cash-rich private enterprises likely to pursue mergers and acquisitions for rapid entry [3]. Group 4: Stock Recommendations - Specific stocks to watch include Sichuan Road and Bridge (600039), Jianghe Group (601886), Honglu Steel Structure (002541), Jinggong Steel Structure (600496), and Pudong Construction (600284) [3].

【12月23日连板股分析：连板股晋级率超五成 半导体设备板块延续强势】今日共54股涨停，连板股总 数17只，其中三连板及以上个股9只，上一交易日共16只连板股，连板股晋级率56.25%（不含ST股、退 市股）。个股方面，全市场近3900只个股下跌，短线情绪走弱，前期人气股航天机电、顺灏股份跌停， 再升科技跌近8%，平潭发展、合富中国午后一度大幅跳水。连板股方面，除开连续一字涨停的胜通能 源、嘉美包装，鹭燕医药大长腿涨停晋级5连板，神剑股份放量分歧T字涨停走出4连板。此外，今日上 市的三只新股悉数大涨，新股N天溯、N锡华均触发二次临停。板块方面，以洁净室为代表的半导体设 备板块延续强势，圣晖集成、亚翔集成、创元科技均2连板，美埃科技20CM涨停；液冷服务器概念反 复活跃，英维克涨停再创历史新高，同飞股份、奕东电子20CM涨停，集泰股份、快克智能等个股涨 停。 转自：智通财经 ...

Investment Rating - Industry rating is maintained at "Outperform" [5] Core Viewpoints - The report emphasizes a more proactive fiscal policy and a demand for stabilizing domestic consumption, with a focus on accelerating the issuance and utilization of local government special bonds and ultra-long-term special treasury bonds [2][13] - The construction sector is expected to benefit from improved infrastructure investment, particularly in the central and western regions of China, as well as from cyclical opportunities in related sectors [2][30] - The report highlights a recovery in operational rates and an increase in new orders from central and state-owned enterprises, indicating an upward trend in construction activity [20][24] Summary by Sections Fiscal Policy and Economic Outlook - The April 25 Politburo meeting stressed the need for more active macroeconomic policies, including the use of fiscal and monetary tools to support the real economy [2][13] - The meeting also indicated a commitment to stabilizing the real estate market and enhancing local government investment capabilities [13][15] Market Performance - The construction index rose by 0.56% during the week of April 21-25, outperforming the CSI 300 index by 0.16 percentage points [4][25] - Key stocks that performed well included Hanjia Design (+31%), Sanwei Chemical (+22%), and Meichen Technology (+16%) [25][30] Investment Recommendations - Focus on traditional construction blue-chip stocks and cyclical opportunities in infrastructure, particularly in water conservancy, railways, and aviation projects [30][31] - Recommendations include high-performing local state-owned enterprises such as Sichuan Road and Bridge, Zhejiang Communications, and Anhui Construction [30][31] - Attention is also drawn to emerging business directions such as computing power and cleanroom investments, as well as the semiconductor sector [32][33]

招股说明书（上会稿） 柏诚系统科技股份有限公司 BOTH ENGINEERING TECHNOLOGY CO.,LTD. （无锡市隐秀路 800-2101） 首次公开发行股票并在主板上市 招股说明书 （上会稿） 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 1-1-1 招股说明书（上会稿） 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-2 招股说明书（上会稿） 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | --- | --- | | 发行股数 | 本次发行股票的数量为不超过 13,083.3333 万股，占本次发行后 总股本 ...