出品：新浪财经上市公司研究院 作者：光心 公司归母净利润增速弱于营收增速，主要在于盈利能力下降。2025年上半年公司毛利率为46.08%，同 比下降0.21个百分点，净利率为25.92%，同比下降2.99个百分点。主要原因是受到职工薪酬的增长及收 购芯嵛公司影响，本期期间费用增长幅度高于营业收入的增长幅度。此外，本报告期利息收入减少、补 偿的政府补助金额减少。 2025年以来，AI芯片产业链景气度持续提升，半导体设备领域投资热度居高不下。据华泰证券统计， 2025年第二季度全球半导体设备公司总收入同比增长24%，预计2025年全年全球半导体设备企业收入同 比增长12%。 分产品结构来看，公司主力产品CMP装备技术和性能持续升级，全新抛光系统架构CMP机台Universal- H300已经获得批量重复订单，并实现规模化出货。新签CMP装备订单中先进制程的订单已实现较大占 具体来看，AI芯片对计算性能和功耗的高要求大幅提高了芯片设计和制造的复杂性，因此对高性能SoC 测试机和存储测试机的需求显著增长。此外，HBM技术已成为AI计算的标配，其对应的COWOS封装技 术成为GPU与HBM高速互联的关键技术支撑，因此对 ...

出品：新浪财经上市公司研究院 作者：光心 2025年以来，AI芯片产业链景气度持续提升，半导体设备领域投资热度居高不下。据华泰证券统计， 2025年第二季度全球半导体设备公司总收入同比增长24%，预计2025年全年全球半导体设备企业收入同 比增长12%。 归母净利润增速最高的四家半导体设备企业分别为微导纳米、长川科技（维权）、华峰测控、中科飞 测，2025年上半年归母净利润分别同比增长348.95%、98.73%、74.04%、73.01%，两家龙头企业北方华 创、中微公司归母净利润增速分别为14.97%、36.62%。 长川科技业绩实现高速成长的主要原因或有两方面：一是产品品类不断拓宽；二是实现从中低端市场向 中高端市场的转换。 长川科技始终专注于集成电路测试设备领域，后重点开拓覆盖SoC、逻辑等多种高端应用场景的数字测 试设备、三温探针台、三温分选机等产品，不断拓宽产品线。2025年上半年，公司营收高增41.80%至 21.67亿元。 分品类来看，2025年上半年，公司测试机收入为12.50亿元，同比增长34.30%；分选机收入为7.09亿 元，同比增长50.36%。截至2025年半年报，公司存货为30. ...

Core Insights - The AI chip industry has seen a continuous increase in prosperity since 2025, with high investment levels in the semiconductor equipment sector. Global semiconductor equipment company revenues are expected to grow by 12% year-on-year in 2025, with a 24% increase in Q2 2025 compared to the previous year [1] - The demand for high-performance SoC testing machines and storage testing machines has significantly increased due to the high requirements for computing performance and power consumption in AI chips. Additionally, HBM technology has become standard for AI computing, driving demand for advanced packaging equipment [1] - The overseas semiconductor equipment market has experienced a 40% year-on-year growth driven by AI-related investments, particularly in testing and packaging equipment [1] - In contrast, the Chinese market saw a slight decline of 1% year-on-year in H1 2025, although the domestic semiconductor equipment localization rate increased by 6 percentage points to 21% [1] Company Performance - In H1 2025, there was a performance divergence among semiconductor equipment manufacturers. While nine front-end equipment companies reported revenue growth, some, including Jingce Electronics and Tsinghua Unigroup, saw significant declines in net profit [4] - Notably, Northern Huachuang's revenue and net profit in Q2 2025 grew by 22.5% and declined by 1.6%, respectively, indicating revenue growth without profit increase. In contrast, Zhongwei Company experienced simultaneous high growth in both revenue (51.3%) and net profit (46.8%) [4] Factors Affecting Performance - Northern Huachuang's weaker net profit growth in 2025 may be attributed to the acquisition of ChipSource, which was included in the consolidated financial statements from June 30, 2025. ChipSource's declining gross margin impacted Northern Huachuang's profitability [5] - Historically, Northern Huachuang maintained a gross margin above 40%, but after the acquisition, its gross margin decreased to 42.17%, down 3.33 percentage points year-on-year [5] - The increase in R&D expenses for Northern Huachuang, which rose by 30.01% to 2.915 billion yuan, also contributed to the decline in net profit margin. The R&D expense ratio increased to 12.87% in H1 2025 [6] - The company launched several new products, including ion implantation and electroplating equipment, and achieved significant sales in etching and thin film deposition equipment, indicating a comprehensive product line [6]

【导读】房地产板块异动拉升，半导体概念股走强 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 9月24日开盘，A股三大指数集体低开，随后震荡拉升。截至发稿，沪指涨0.24%，深成指跌 0.19%，创业板指跌0.42%。 | 上证指数 | 深证成指 | 北证50 | | | --- | --- | --- | --- | | 3831.11 | 13095.03 | 1562.44 | | | +9.28 +0.24% | -24.79 -0.19% | +14.99 +0.97% | | | 科创50 | 创业板指 | 万得全A | | | 1424.61 | 3101.48 | 6209.85 | | | +17.31 +1.23% | -13.08 -0.42% | +7.25 +0.12% | | | 沪深300 | 中证500 | 中证A500 | | | 4522.99 | 7191.16 | 5452.23 | | | +3.22 +0.07% | +10.45 +0.15% | +6.22 +0.11% | | | 中证1000 | 深证100 | 中证红利 | | | 7412.65 ...

Group 1 - The A-share market is seeing significant movements, with the announcement of the subscription for Hongyuan Co., indicating active market participation [2] - China’s July CPI remained flat year-on-year, with a month-on-month increase of 0.4%, while the PPI decreased by 3.6% year-on-year and 0.2% month-on-month, reflecting ongoing deflationary pressures [2][2] - The total cash dividends for A-share listed companies in 2024 are projected to reach 2.4 trillion yuan, a 9% increase from 2023, indicating a positive outlook for shareholder returns [2] Group 2 - Nvidia has received a license from the U.S. government to export H20 chips to China, which may impact the competitive landscape in the semiconductor industry [2] - Kuaishou has launched a standalone "takeaway" feature, with the number of paying users for takeaway services increasing over three times quarter-on-quarter, showcasing growth in the food delivery sector [2] - Ningde Times has confirmed the suspension of mining operations at its Ganxiawo site, with no immediate plans for resumption, which may affect lithium supply chains [2][2]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 trendforce ，谢谢。 随着HBM竞争的升温，TC（热压）键合机（利用热压键合将芯片堆叠到已加工的晶圆上）的需求 旺盛。存储器巨头们正争相锁定订单。据《今日财经》报道，韩美半导体正受到海外投资者的青 睐，尤其是美光公司和中国存储器公司。 据《朝鲜日报》报道，韩美半导体在 HBM3E TC 键合机市场占据主导地位，占有 90% 的份额。 值得注意的是，《今日金钱》的报告显示，2025年第一季度，韩美近90%的销售额来自海外，其 中美国内存巨头美光公司发挥了关键作用。据报道，美光公司今年将其140亿美元的资本支出中的 大部分投入到HBM的生产、封装、研发和测试中。 据The Elec报道，韩美半导体最近从美光公司获得了约 50 台 TC 键合机的大订单，这将比 2024 年向这家美国内存制造商出货的数十台数量要大得多。 据《今日金钱》报道，美光公司今年1月在新加坡动工兴建了一条封装生产线，同时还在美国爱达 荷州、日本广岛和台湾地区建设HBM生产设施。报道还称，该公司的目标是将其HBM市场份额提 升至个位数，以匹配其20-25%的DRAM市场份额。 ...

Core Insights - The demand for TC (Thermal Compression) bonding machines is surging due to intensified competition in the HBM (High Bandwidth Memory) market, with major memory manufacturers vying for orders [1] - Hanmi Semiconductor dominates the HBM3E TC bonding machine market, holding a 90% market share [1] - Micron Technology plays a crucial role in Hanmi's sales, contributing to nearly 90% of its revenue from overseas, with significant capital expenditure directed towards HBM production and development [1] Group 1 - Hanmi Semiconductor has received a large order of approximately 50 TC bonding machines from Micron, significantly larger than previous shipments [1] - Micron is expanding its HBM production capabilities with new facilities in Singapore, Idaho, Hiroshima, and Taiwan, aiming to increase its HBM market share to match its 20-25% DRAM market share [1] - Chinese memory manufacturers are also advancing in HBM technology, with plans to develop HBM3 by 2026 and HBM3E by 2027, leading to increased orders for TC bonding machines [3] Group 2 - The expansion of HBM2 production capacity in China is driving up demand for TC bonding machines [3] - SK Hynix's HBM production capacity is nearing full utilization, which may lead Hanmi to rely more on orders from Micron and other global clients [3]

金教授在4月23日于国会议员会馆第9会议室举行的"AI G3强国新技术战略早餐论坛"上做主题发言 时 强 调 了 这 一 点 。 该 论 坛 由 共 同 民 主 党 议 员 郑 东 泳 与 国 民 力 量 党 议 员 崔 炯 斗 联 合 主 办 ， 主 题 为"HBM拯救韩国"。 金 教 授 以 最 近 引 发 热 议 的 OpenAI CEO 山 姆 · 奥 特 曼 （ Sam Altman ） 的 言 论 为 开 场 话 题 。 他 表 示："与其说是'因为宫崎骏风格图像转换服务的火爆而导致GPU熔化'，倒不如说是'HBM熔化'更 为准确"，因为"AI加速器中的内存处理主要由HBM负责"。 他还指出："当前阶段，GPU与HBM之间的带宽决定了AI的性能。幸运的是，韩国在HBM方面具 有很强的竞争力。" 金教授被称为"HBM之父"。2013年，SK海力士与AMD合作开发HBM时，金教授赋予了其生命 力，成为HBM技术发展至今的关键人物。他致力于系统应用、性能优化及AI应用拓展，是推动 HBM技术扩散和演进的核心人物。 他强调："AI正在支配人类"，呼吁政府与国会应在维持HBM技术主导地位方面发挥重要作用。 ...