格隆汇12月31日｜据快科技，中国悄然出台了一项新规，要求芯片制造商在新增产能时，所用设备中的 国产比例不得低于50％。 目前，这一规定并未纳入任何正式法规条文，不过据知情人士透露，近几个 月来，申请政府审批以新建或扩建晶圆厂的企业，均被要求出具证明，证实设备采购支出中至少有50％ 给予中国本土供应商。 事实上，相关主管人士已经向申请者明确表示，50％只是最低基线，而非最终 目标。因为长远来看，中国的目标是实现晶圆和芯片制造设备的全面国产化。 ...

2025年最后一个交易日，长鑫IPO进展引爆市场关注，半导体产业链多股拉升。上游半导体设备ETF（561980）高开1.31%，成份股芯源微、 雅克科技涨超4%，艾森股份、拓荆科技涨超3%，盛美上海、安集科技、中科飞测、北方华创等强势跟涨。 消息面上，长鑫科技12月30日晚间正式递交招股书，拟在科创板挂牌上市，计划募资295亿元进一步提升公司在DRAM行业的核心竞争力。 中信证券发布研报认为，国内最大的DRAM存储企业长鑫存储上市已受理，招股书披露公司2025年第四季度利润超预期，同时长鑫技术加速 迭代追赶全球先进水平，未来上市有望持续拉动扩产，设备国产化率有望逐步提升。 东吴器械也表示，7月7日国产DRAM内存龙头长鑫存储正式启动上市征程，12月30日晚发布招股书。国产半导体设备迎来历史性发展机遇， 26年或将开启确定性强的扩产周期，设备全行业订单增速有望超30%、达50%+。 中证指数官网数据显示，半导体设备ETF（561980）跟踪中证半导，标的指数中"设备"含量较高，将近60%！且半导体设备+材料+集成电路 设计三行业占比超90%，均为芯片产业链中/上游的"卖铲子"领域，国产替代空间广阔。 该指数重点 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next six months [4]. Core Insights - The company has confirmed its strategic layout for self-developed key ASIC chips, with a significant revenue increase of 33% year-on-year for the first three quarters of 2025, reaching 753 million yuan. However, the net profit attributable to the parent company decreased by 19.29% to 41 million yuan [1][2]. - The semiconductor testing equipment business has seen explosive growth, contributing 56.2% to total revenue, establishing a dual main business structure of "semiconductor + display" [2]. - The storage testing business has doubled, with revenue reaching 420 million yuan, a 220.5% increase year-on-year, driven by domestic storage manufacturers' expansion and increased localization of equipment [2]. - The company has secured over 200 million yuan in orders for G8.6 generation key detection equipment, demonstrating its technological dominance in the Cell/Module segment [3]. - The forecast for net profit attributable to the parent company for 2025-2027 is 159 million, 261 million, and 365 million yuan, respectively, with corresponding P/E ratios of 116, 71, and 51 times [3]. Financial Summary - For 2023, the company expects revenue of 649 million yuan, with a growth rate of 28.53%. The net profit is projected at 116 million yuan, reflecting a significant increase of 75.10% [9]. - The company anticipates a revenue increase to 1.17 billion yuan in 2025, representing a growth rate of 45.69%, with net profit expected to reach 159 million yuan [10]. - The gross profit margin is expected to improve as the proportion of high-margin semiconductor equipment continues to rise [2].

Core Insights - The global AI wave is driving a significant shortage in storage chips, leading to an expansion trend among manufacturers, particularly in high-end storage products like HBM (High Bandwidth Memory) [1][2] - Domestic storage manufacturers are under increasing pressure to expand production, with semiconductor equipment becoming a focal point for market attention [1][3] - The semiconductor equipment sector has seen strong performance in the stock market, with companies like Tuojing Technology achieving over 120% annual growth [1][3][4] Industry Trends - The current upcycle in storage chips is primarily driven by the explosive demand from AI servers and multimodal applications, resulting in a shortage and price increases [2][3] - Prices for various storage models have surged, with increases ranging from 40% to 100% in October, and major players like SanDisk raising NAND flash contract prices by 50% due to heightened demand and supply constraints [2][3] - The shift of international manufacturers from low-end to high-end markets has exacerbated the supply-demand imbalance, particularly affecting consumer electronics like smartphones and PCs [2][3] Company Performance - The semiconductor equipment sector reported robust growth in Q3, with total revenue reaching 85.207 billion yuan, a year-on-year increase of 31.54% [4][5] - Companies like Tuojing Technology and Zhongwei Company have shown significant revenue and profit growth, with Tuojing's revenue increasing by 85.27% and net profit by 105.14% [4][5] - Inventory and contract liabilities are at historical highs, indicating strong order visibility and future performance potential for equipment manufacturers [5] Equipment Demand - The demand for high-end semiconductor equipment, particularly for etching and thin film deposition, is expected to rise significantly due to the expansion of storage chip production [6] - Domestic manufacturers are increasingly focusing on high-end semiconductor equipment, with companies like Beifang Huachuang achieving significant milestones in equipment delivery [6] - The introduction of new products in the etching and deposition categories by companies like Zhongwei is indicative of the growing market for advanced semiconductor manufacturing [6]

Core Viewpoint - The semiconductor industry is experiencing mixed performance, with fluctuations in stock prices and significant investments from major companies like NVIDIA into local firms in South Korea [3][4]. Group 1: Market Performance - As of November 3, 2025, the CSI Semiconductor Industry Index decreased by 1.72%, with individual stocks showing varied performance [3]. - Notable gainers included Jing Sheng Co. (+2.43%), Kangqiang Electronics (+2.00%), and Aisen Co. (+1.78%), while Huafeng Measurement Control led the decline at -5.22% [3]. - The Semiconductor Industry ETF (159582) fell by 1.92%, with a latest price of 2.09 yuan, but had a cumulative increase of 4.15% over the past two weeks, ranking in the top half among comparable funds [3]. Group 2: Investment and Fund Flow - The Semiconductor Industry ETF reached a new high in scale at 425 million yuan and a new high in shares at 200 million [4]. - The ETF has seen continuous net inflows over the past three days, with a maximum single-day net inflow of 32.31 million yuan, totaling 45.81 million yuan and an average daily net inflow of 15.27 million yuan [4]. Group 3: Industry Developments - The global memory chip market is experiencing price increases, with major players like Samsung and SK Hynix announcing contract price hikes of up to 30% for DRAM and 5%-10% for NAND flash in Q4 [4]. - There is an optimistic outlook for the acceleration of domestic equipment production in the semiconductor sector [4]. - The CSI Semiconductor Industry Index includes up to 40 companies involved in semiconductor materials, equipment, and applications, with the top ten stocks accounting for 78.04% of the index [4].

Summary of Conference Call on Storage Industry and Key Companies Industry Overview - The storage industry is experiencing a significant upward trend in capital expenditure driven by product iterations, particularly the transition from over 200-layer to over 300-layer NAND products, with a capital expenditure slope of approximately 20%-30% per 10,000 wafers [1][2] - DRAM technology innovations, such as the increase in DDR5 market share, the implementation of 3D DRAM projects, and the industrialization of domestic HBM, are expected to further drive capital expenditure growth in the coming year [1][2] Impact on Equipment Companies - The cyclical changes in the storage industry significantly affect the revenue of upstream equipment companies. Since 2019, overseas equipment companies have seen a compound annual growth rate (CAGR) of 25%-30% in storage chain revenue [1][3] - Domestic companies like Zhongwei and Tuojing Technology benefit from the high localization rate of long-term storage equipment, with revenue exposure from the storage sector reaching 60%-70% [4][5] Key Companies Recommended - **Tuojing Technology and Zhongwei Company** are recommended due to their expected growth in orders from long-term storage expansion, with Zhongwei anticipating a 30%-40% increase in orders next year [1][5] - Tuojing Technology is expected to see rapid improvement in profitability driven by accelerated order delivery, a gross margin recovery to over 40%, and a reduction in expense ratios to 20%-25% [1][5][6] Factors Driving Profitability for Tuojing Technology - Key factors for Tuojing Technology's future profitability include: - Accelerated order delivery leading to significant revenue growth - Recovery of gross margins to over 40% - Expense reductions, including stable employee compensation and decreased stock incentive costs, allowing profit margins to potentially rise to 20%-25% [6] - New layouts in the hybrid bonding sector are expected to create additional market demand, particularly with the rollout of 3D DRAM projects and HBM 5 industrialization [6] Importance of Hybrid Bonding Technology - Hybrid bonding technology is crucial for Tuojing Technology's development, meeting current demands and extending into future markets [7] - By 2026, successful validation from downstream customers and expanded demand in sectors such as SOIC, GPO, and smart glasses will enhance the company's growth potential [7] Additional Equipment Companies to Watch - Besides the core recommendations, smaller equipment companies like Jiao Cheng Ultrasonic and Jing Zhi Da are also worth monitoring. These companies may experience favorable order elasticity and exposure as HBM 0-1 enters industrialization in 2026 [8]

Group 1: ETF Industry News - The three major indices showed mixed results, with the semiconductor equipment-related ETFs experiencing significant gains, such as the Chip Equipment ETF (560780.SH) rising by 7.72%, Semiconductor Materials ETF (562590.SH) increasing by 6.04%, and the Semiconductor Equipment ETF by E Fund (159558.SZ) up by 5.76% [1][9] - Huatai Securities' report is optimistic about the continued investment in advanced logic and storage in China by 2026, predicting that the domestic equipment companies' market share in China may increase by 6 percentage points to 29% year-on-year [1] Group 2: A500 Index Fund Expansion - The CSI A500 Index Fund celebrated its first anniversary, with the number of products expanding to 267 (140 after merging different share classes), and the total product scale increasing by over 60% [2] Group 3: Market Overview - On September 23, the Shanghai Composite Index fell by 0.18% to 3821.83 points, while the Shenzhen Component Index decreased by 0.29% to 13119.82 points, and the ChiNext Index rose by 0.21% to 3114.55 points [3] - In the past five trading days, the ChiNext Index, Nikkei 225, and ChiNext 50 showed positive performance, with respective gains of 3.63%, 1.32%, and 0.89% [3] Group 4: Sector Performance - Among the Shenwan first-level industries, banking, coal, and electric equipment sectors performed well, with daily gains of 1.52%, 1.11%, and 0.43% respectively, while social services, retail, and computer sectors lagged behind with declines of -3.11%, -2.9%, and -2.39% [5][7] Group 5: ETF Market Performance - The average performance of different categories of ETFs showed that commodity ETFs had the best average daily gain of 0.79%, while cross-border ETFs had the worst performance with an average decline of -0.72% [6] - The top-performing ETFs today included the Chip Equipment ETF (560780.SH), Semiconductor Materials ETF (562590.SH), and Semiconductor Equipment ETF by E Fund (159558.SZ), with returns of 7.72%, 6.04%, and 5.76% respectively [9] Group 6: ETF Trading Volume - The top three ETFs by trading volume were the ChiNext ETF (159915.SZ) with a trading volume of 6.866 billion, the Sci-Tech 50 ETF (588000.SH) at 6.568 billion, and the Sci-Tech Chip ETF (588200.SH) at 5.364 billion [11][12]

Core Viewpoint - The successful development and deployment of China's first fully domestically produced 40 MPa high-pressure large-capacity centrifugal gas injection compressor marks a significant achievement in the gas storage industry, breaking foreign technology monopolies and reducing costs by over 50% compared to imported equipment [1][2]. Group 1: Technological Advancements - The compressor features a compact drive scheme using "variable frequency motor + gearbox + coaxial high and low pressure cylinders," which significantly reduces footprint and investment costs [2]. - Innovations include the use of narrow three-dimensional spark erosion processing technology for the impeller, suitable for high pressure, high efficiency, and low flow conditions [2]. - The development of rotor structure optimization and dynamic analysis methods allows for precise calculations of rotor thrust under high-pressure conditions, addressing sealing deformation and gas excitation issues through a "honeycomb structure + counter-rotating flow seal" combination [2]. Group 2: Performance and Capacity - The newly developed high-pressure centrifugal compressor has a daily processing capacity of 5.5 million cubic meters, with an injection pressure of 40 MPa and a motor power of 23 MW, significantly enhancing the gas storage efficiency [1]. - The compressor is currently in the installation and debugging phase, with plans for official operation in October [2].

Core Viewpoint - The successful deployment of China's first fully domestically produced 40 MPa high-pressure large-capacity centrifugal gas injection compressor at the Yaha gas storage facility in the Tarim Oilfield marks a significant milestone in achieving complete equipment localization in the gas storage sector, breaking foreign technology monopolies and enhancing national energy security [1][2]. Group 1: Technological Advancements - The research team developed several key innovative technologies for the domestication of high-pressure centrifugal compressors, including a compact drive scheme using "variable frequency motor + gearbox + coaxial high and low pressure cylinders," which significantly reduces footprint and investment costs [2]. - The innovative impeller manufacturing utilized narrow three-dimensional spark erosion processing technology, successfully creating impellers suitable for high pressure, high efficiency, and low flow conditions [2]. - The team optimized the high-pressure cylinder rotor structure, accurately calculating rotor thrust under high-pressure conditions and addressing sealing challenges with a "honeycomb structure + counter-rotating flow seal" combination technology [2]. Group 2: Economic Impact - The 40 MPa high-pressure centrifugal compressor has entered the installation and debugging phase, resolving key supporting issues for the Yaha gas storage facility, and reducing costs by over 50% compared to imported equipment [2]. - The technology developed has broad application potential in industries such as petroleum, petrochemicals, and metallurgy, indicating significant promotional value [2].

Core Insights - The first domestically produced 40 MPa high-pressure large-capacity centrifugal gas injection compressor has been successfully implemented at the Yaha gas storage facility in the Tarim Oilfield, marking a significant milestone in China's gas storage technology [1][2] - This development signifies the complete localization of gas storage equipment, breaking foreign technology monopolies and providing new technical support for national energy security [1][2] Group 1: Equipment and Technology - The 40 MPa compressor is designed to handle a daily natural gas volume of 5.5 million cubic meters, with an injection pressure of 40 MPa and a motor power of 23 megawatts, significantly enhancing the gas storage efficiency [2][5] - The compressor's development involved collaboration with Shenyang Blower Group Co., Ltd., focusing on key technologies such as high-pressure cylinder design and efficient flow models, resulting in a product with completely independent intellectual property rights [5] - Innovative technologies include a compact drive scheme using "variable frequency motor + gearbox + high-low pressure cylinder coaxial" to reduce footprint and investment costs, as well as advanced manufacturing techniques for the impeller [5] Group 2: Project Overview - The Yaha gas storage facility is located in the Kucha area of Aksu, Xinjiang, and is China's first deep-layer condensate gas storage facility, part of a key construction project by China National Petroleum Corporation [2] - The construction of the gas storage facility follows a phased approach, with an initial working gas volume of 2.4 billion cubic meters, aimed at seasonal peak shaving and emergency gas supply for five regions in southern Xinjiang [2] - Upon completion of the second phase, the facility will achieve a strategic working gas volume of 5 billion cubic meters, enhancing the peak shaving and emergency gas supply capabilities of the West-to-East Gas Transmission pipeline [2]