[Table_Report] 相关报告 半导体设备《AI 发展，测试设备需求快速增长》 2025.09.22 半导体设备《25Q2 ASML 来自中国大陆的收入比 27%》2025.07.18 半导体设备《先进制程发展，刻蚀/薄膜沉积的新 需求》2025.05.11 半导体设备《扇出型面板级封装，发展潜力大》 2025.04.23 半导体设备《AMAT 购入 Besi 9%流通股》 2025.04.16 本报告导读： 美国众议院的中美战略竞争特别委员会出具报告，详细阐述制裁的现状并提出新的 建议，以遏制我国半导体产业的发展。我们认为优秀的半导体设备公司肩负着突破 先进制程节点技术的重任，虽任重道远，但我们看好相关公司能不断实现突破、不 断成长。 投资要点： 自强，先进制程设备的突破是核心 [Table_Industry] 半导体设备 报告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | | 肖隽翀(分析师 ...

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 引言：被忽视的"芯片地基" 在万众瞩目的光刻机"争霸战"和牵动神经的EDA软件"断供"风波之外， 半导体产业的坚实基础——材 料领域，其战略价值和投资潜力往往被低估 。而 在众多半导体核心材料中，溅射靶材堪称"隐秘的冠 军" 。它虽不直接出现在最终产品中，却如同修建摩天大楼时深埋地下的地基，决定了整个芯片的性 能、良率和可靠性。每一次芯片制程的微缩、每一代存储技术的堆叠、每一种先进封装技术的创新，都 意味着对溅射靶材更高的要求和更大的需求。 当前，全球半导体产业链格局正在深刻重塑，供应链安全被提升至前所未有的战略高度。这片由海外巨 头长期垄断的"隐秘角落"，正迎来国产替代的历史性机遇，其背后的投资逻辑清晰而坚定。本文将为您 层层剥开半导体溅射靶材的产业内核，探寻其黄金"靶"心下的价值真相。 一、行业概况：什么是溅射靶材？ 半导体溅射靶材 是一种用于 物理气相沉积（PVD）工艺中的"源头活水" ，通过磁控溅射技术将高动能 离子束轰击靶材表面，使靶材原子溅射并沉积在基底（如硅晶圆）上形成均匀的 功能薄膜 。 ...

A股市场大小盘指数分化，科技成长风格占优。上证指数早盘低开后震荡回升，午间收涨0.4%报 3878.13点，日线延续近期震荡上行态势；深证成指涨0.31%，创业板指振幅加大最终微涨0.06%，科创 50指数大涨2%，刷新近四年新高，半导体板块贡献主要涨幅。全市场超2900只个股上涨，涨停个股集 中在存储芯片、有色金属等领域，主力资金呈现向科技成长板块聚集的特征。 港股市场呈现"科技强、周期弱"的分化格局，恒生指数微跌0.1%报26596.9点，恒生科技指数涨0.55%报 6358.85点，半导体与生物医药板块成为主要支撑力量，而能源业指数下跌1.67%拖累大盘表现。 A股市场科技与资源板块形成领涨梯队。存储芯片概念全线爆发，板块内多股涨停，行业涨价预期与国 产替代逻辑持续强化；半导体板块全面走强，板块内多股大涨续创历史新高，AI芯片与先进制造需求 成为核心驱动力。有色金属板块领涨两市，板块内多股涨停，受益于新能源产业链需求旺盛及全球大宗 商品价格反弹，叠加国家发改委新型政策性金融工具支持，上游资源品受到资金青睐。锂电产业链保持 强势，板块内多股连板，储能与动力电池需求支撑板块延续热度。 今日A股市场在节前最后 ...

Core Insights - The demand for high-end electronic products, particularly high-end smartphones, tablets, and wearable devices, is increasing in China, providing significant market opportunities for the silicon-based liquid crystal (LCOS) industry [1][4] - The LCOS market in China is projected to grow, with a demand of 239,700 units in 2024 and an expected increase to 374,000 units by 2025, indicating a robust growth trajectory [4][5] Industry Overview - LCOS, or Liquid Crystal on Silicon, is a small-sized matrix liquid crystal display device based on a reflective mode, utilizing CMOS technology on silicon chips [2] - The LCOS industry can be categorized into spatial color LCOS and temporal color LCOS, with the latter being the mainstream product due to its high optical efficiency and pixel density [3] Market Size and Growth - The LCOS market in China is expected to reach a scale of 157.5 million yuan in 2024, with the projection field accounting for 106.4 million yuan and the HUD field for 43.725 million yuan [4] - By 2025, the market size is anticipated to grow to 231.192 million yuan, with significant contributions from the projection and HUD sectors [4] Industry Chain - The LCOS industry chain includes upstream materials such as silicon substrates and liquid crystal materials, midstream production, and downstream applications in consumer electronics, automotive electronics, and projection [6][7] Competitive Landscape - The LCOS industry is in a growth phase, with a competitive landscape characterized by both international leaders and domestic companies focusing on niche markets [8] - Key international players include Himax, JasperDisplay, and Sony, while domestic companies like ChipSight and Jingfan are making strides in AR/VR and automotive HUD applications [8] Development Trends - The LCOS technology is expected to advance towards higher resolutions and broader color gamuts, with potential applications expanding into smart home, commercial display, and medical imaging sectors [9][12] - The trend towards miniaturization and high-density integration is evident, with companies like OmniVision introducing micro-modules that meet the demands of wearable devices [10][11] Application Expansion - The primary market for projectors remains in home entertainment, but new growth areas are emerging in commercial, educational, and automotive sectors [13] - The near-eye display market, particularly in AR/VR, is poised for rapid growth, driven by advancements in technology and the rise of the metaverse concept [13]

Group 1 - The semiconductor sector is experiencing significant interest from investors, with the China-Korea Semiconductor ETF (513310) attracting a net inflow of 267 million yuan over four trading days, reaching a record high of 1.206 billion yuan in total assets [1] - The trading volume of the China-Korea Semiconductor ETF has also increased, maintaining daily trading volumes above 4 billion yuan during the same period, indicating strong liquidity [1] - The underlying index of the ETF, which tracks 15 leading semiconductor companies in China and Korea, has seen a 36.62% increase over the past six months, outperforming major technology indices [1] Group 2 - Recent events in the semiconductor industry include China's anti-dumping investigation into imported analog chips from the U.S. and the launch of self-developed chips by domestic internet leaders, indicating a steady push for domestic substitution [2] - The China-Korea Semiconductor ETF is the first product to adopt a cross-border index, reflecting trends in both countries' semiconductor industries and offering investors a unique opportunity to capitalize on growth in this sector [2] - The ETF supports T+0 trading, providing investors with flexibility, and is positioned to benefit from the ongoing advancements in both Chinese and Korean semiconductor technologies [2] Group 3 - The China-Korea Semiconductor ETF was established on November 2, 2022, and has reported returns of 27.70%, 15.87%, and 17.10% for the years 2023, 2024, and the first half of 2025, respectively [3] - The performance of the ETF has been competitive compared to its benchmark, which had returns of 27.94%, 16.80%, and 16.90% during the same periods [3] - The fund has been managed by Liu Jun and Li Mu Yang since its inception [3]

Group 1 - The core viewpoint of the news highlights the impact of U.S.-China chip tensions on the performance of the Sci-Tech Innovation Artificial Intelligence ETF (589520), which saw a decline of 1.28% on September 15, despite strong buying interest in the market [1][3] - The U.S. Department of Commerce added 23 Chinese entities, including Fudan Microelectronics, to its Entity List, citing national security concerns, which has implications for the semiconductor industry and China's AI development [3] - China's Ministry of Commerce announced an anti-dumping investigation into U.S. imported simulation chips, indicating a response to U.S. restrictions on advanced chip exports to China [3] Group 2 - The urgency for domestic chip alternatives is increasing due to U.S. restrictions on advanced chip exports and the pressure on domestic computing chips and AI models, suggesting a trend towards independent design and production of high-end AI chips in China [3][4] - The domestic AI model iteration is expected to continue evolving, with capital expenditures in computing likely to experience fluctuations but maintain a long-term expansion trajectory [4] - The Sci-Tech Innovation Artificial Intelligence ETF (589520) and its associated funds are highlighted for three key aspects: policy support for AI development, the importance of self-sufficiency in technology, and the ETF's high volatility and offensive potential due to its concentrated holdings in the semiconductor sector [4][5]

Market Overview - The three major A-share indices opened higher, with the ChiNext index rising over 2% at one point, driven by a more than 8% increase in Ningde Times [1] - As of the report, the Shanghai Composite Index fell by 0.14%, the Shenzhen Component Index rose by 0.48%, and the ChiNext Index increased by 1.25% [1] Sector Performance Semiconductor Sector - The semiconductor sector opened significantly higher, with stocks like Shengbang Co., Shanghai Beiling, and SIRUI Technology hitting the daily limit [2] - The Ministry of Commerce announced an anti-dumping investigation into imported related analog chips from the U.S., which is expected to accelerate domestic substitution in the semiconductor industry [2][3] Solid-State Battery Sector - The solid-state battery concept surged, with Beijing Lier hitting the daily limit and Haibo Innovation rising over 9% [4] - There is a growing demand for energy storage overseas, with leading battery manufacturers experiencing full order books and tight production capacity [4] Pre-prepared Food Sector - The pre-prepared food sector showed active performance, with stocks like Delisi and Weizhi Xiang hitting the daily limit [6] - A draft national standard for food safety in pre-prepared dishes has passed expert review and is set to be publicly solicited for opinions [7] Institutional Insights Guotai Junan Securities - The firm believes that the logic for the rise in the Chinese stock market is sustainable, with expectations for new highs in A/H shares within the year [8] - Factors include accelerated transformation in China, reduced uncertainty in economic development, and a significant increase in asset management demand [8] GF Securities - The firm notes that a "volume peak" does not necessarily indicate the end of an upward trend, suggesting that the upward trend may continue albeit at a slower rate [9] Huaxi Securities - The firm emphasizes high-growth sectors as the preferred choice, highlighting solid-state batteries, energy storage, and innovative pharmaceuticals as key areas for investment [10]

Core Viewpoint - The 2025 ELEXCON Shenzhen International Electronics Show highlighted the importance of domestic innovation in the AI sector, with Demingli Technology showcasing its comprehensive storage solutions aimed at empowering industrial intelligence upgrades [1][3]. Group 1: Company Achievements - Demingli Technology was awarded the "Annual AI Market Leader Award" at the ELEXCON conference, recognizing its commitment to domestic substitution and independent innovation in the AI field [3]. - The company has developed a full-stack product ecosystem for AI, including consumer, enterprise, and industrial-grade solutions, enhancing its self-controllable capabilities through a "chip + algorithm + scenario" approach [3][11]. Group 2: Product Offerings - Demingli's embedded storage products, including LPDDR, UFS, and eMMC, are designed to meet the high concurrency and low latency demands of AI applications, with LPDDR 5X and UFS 2.2/3.1 achieving speeds of up to 8533 Mbps and 2000 Mbps respectively [3][4]. - The company has completed compatibility certification for its eMMC 5.1 and LPDDR4X products with mainstream SoC platforms, ensuring industry-leading consistency and durability [4]. Group 3: Industrial Solutions - Demingli focuses on high-value industrial control markets, offering customized solutions such as SATA SSDs and PCIe SSDs that meet stringent industrial performance standards [7]. - The fully domestically produced industrial-grade SSD solutions, including the DS1420, ES1020, and VS1030 series, utilize self-developed SATA SSD controllers, supporting the domestic replacement of critical information infrastructure [7]. Group 4: Consumer Solutions - The company has launched a new generation of consumer-grade storage products tailored for various scenarios, including entertainment and professional creation, with PCIe 5.0 SSDs achieving read/write speeds of 14 GB/s [9]. - Demingli's portable SSDs feature a lightweight design with capacities up to 4TB and transfer speeds of 2000 MB/s, catering to the diverse needs of young and professional users [9]. Group 5: Strategic Vision - Demingli positions storage as a core infrastructure for the intelligent development of industries, aiming to inject new momentum into domestic substitution and promote the deep integration of AI across consumer electronics, industrial control, and edge intelligence [11].

Group 1 - The core viewpoint of the news highlights a strong performance in the semiconductor materials and equipment sector, with the STAR Market Semiconductor Materials and Equipment Theme Index rising by 1.19% and notable gains in constituent stocks such as Huafeng Measurement Control (up 7.54%) and Huaxing Yuanchuang (up 6.77%) [1] - The STAR Semiconductor ETF (588170) has reached a new high in scale at 501 million yuan, with a recent net inflow of 41.56 million yuan, indicating strong investor interest [1] - Over the past five trading days, there have been net inflows on four occasions, totaling 90.26 million yuan, with an average daily net inflow of 18.05 million yuan [1] Group 2 - According to TrendForce, the proportion of externally sourced chips in China's AI server market is expected to decrease from 63% in 2024 to 42% by 2025, while domestic chip suppliers' share is projected to rise to 40%, indicating a trend towards domestic substitution [1] - The semiconductor equipment and materials industry is identified as a key area for domestic substitution, characterized by low domestic replacement rates and high potential for growth, benefiting from the expansion of semiconductor demand driven by the AI revolution [2] - The STAR Semiconductor ETF and its linked funds track the STAR Market Semiconductor Materials and Equipment Theme Index, which includes companies in semiconductor equipment (59%) and materials (25%) sectors [2]

Summary of Mindray's Earnings Review for 1H25 Company Overview - **Company**: Mindray (300760.SZ) - **Industry**: Medical Technology (Medtech) Device Manufacturing Key Financial Results - **1H25 Revenue**: Decreased by 18.4% year-over-year (yoy) to Rmb8,506 million, which was 7.4% lower than Goldman Sachs estimates (GSe) [1][2] - **China Revenue**: Decreased by 33.4% yoy, with a significant drop of 42.4% in 2Q25 compared to 22.4% in 1Q25 [1][2] - **Overseas Revenue**: Grew by 5.4% yoy, but only 6.3% in 2Q25, which was below expectations [1][2] - **1H25 Earnings**: Reported at Rmb5,069 million, down 33.0% yoy and 22.9% below GSe [1][16] Segment Performance - **Patient Monitoring and Life Support (PMLS)**: - Revenue decreased by 64% yoy in 2Q25 [2][6] - GPM (Gross Profit Margin) fell to 60.6% in 1H25 from 62.6% in 2024 due to price competition [17] - **Medical Imaging (MI)**: - Revenue decreased by 66% yoy in 2Q25 [2][6] - GPM decreased to 65.1% in 1H25 from 66.9% in 2024 [17] - **In Vitro Diagnostics (IVD)**: - Revenue decreased by 30% yoy in 2Q25 [2][6] - GPM fell to 59.5% in 1H25 from 62.0% in 2024 [17] Inventory and Market Dynamics - **Channel Inventory Destocking**: Accelerated in 2Q25, particularly in the PMLS segment, to mitigate inventory risks [2][9] - **Procurement Activities**: Remained strong in April to June, indicating potential recovery in demand [2] Future Guidance - **Revenue Growth**: Expected to turn positive in 3Q25, with a turning point for China revenue anticipated in the same quarter [1][2] - **Overseas Revenue Growth**: Expected to accelerate, driven by the IVD business [1][2] Long-term Strategy - **Overseas Market Expansion**: Targeting to achieve similar market share in emerging markets as in China, with a focus on recurring business [18] - **Product Focus**: Emphasis on minimally-invasive consumables and animal care products, with expected sales ramp-up for ultrasonic scalpel and stapler in 2025 [18] Valuation and Estimates - **Revised Profit Estimates**: Net profit estimates revised down by 7.7% for 2025E due to faster inventory destocking and lower GPM [19] - **Price Target**: Adjusted to Rmb296 from Rmb300, reflecting near-term estimate cuts but long-term growth expectations [20] Investment Thesis - **Market Position**: Mindray is a leading medtech device manufacturer in China, with strong growth potential in both domestic and overseas markets [22] - **Risks**: Key risks include further impacts from Value-Based Procurement (VBP), challenges in entering North American and European markets, and potential patent-related lawsuits [23] Conclusion - **Recommendation**: Maintain a Buy rating on Mindray, with expectations of recovery in procurement activities and new product launches serving as key catalysts for growth [22]