特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 11月21日 ， 北交所对 中国科学院沈阳科学仪器股份 有限公司 （ 以下简称 " 中科仪 " 或 " 发行人 " ） IPO申请 文件发出第二轮审核问询函 ， 重点聚焦公司面临的市场竞争格局 、 业绩增长可持续性及收入核查充分性 ， 以及备 用泵与产品销售的关系等多个核心问题 。 资料显示 ， 中科仪是中国领先的 半导体制造设备核心部件提供商 及 真空科学仪器 设备供应商 ， 主营业务为干式 真空泵和真空科学仪器设备的研发 、 生产 、 销售 ， 及相关技术服务 。 此次第二轮问询函聚焦三大核心议题 ， 首要关注点落在市场竞争格局上 。 北交所问询函直指中科仪在激烈市场竞争中面临的挑战 。 根据申请文件及问询回复 ， 发行人竞争对手Ebara 、 Kashi yama均能提供集成电路领域的真空设备 。 发行人产品在运行寿命 、 故障率等产品可靠性 、 稳定性指标仍与国际领先企业存在小幅差距 ， 在先进制程领域的 工艺技术积累上 ， 与国际领先企业尚存在差距 。 北交所要求公司说明主要竞争对手 ...

报告显示，10月日本对美出口额同比下降3.1%至1.75万亿日元（约157日元合1美元）。其中，拖累出口 下降的汽车、半导体制造设备及医药品三个大类的降幅分别为7.5%、49.6%和30.8%。虽然汽车出口额 降幅有所缩小，但仍然是拖累日本对美出口连续下降的最大因素。 （文章来源：新华财经） 受对美出口持续下降影响，日本连续4个月呈现贸易逆差。10月，由于日本对亚洲及欧盟出口增加，整 体出口额增长3.6%至9.7663万亿日元；进口额同比增加0.7%至9.9981万亿日元；贸易逆差达2318亿日 元。 新华财经东京11月21日电（记者刘春燕）日本财务省21日公布的贸易统计结果显示，受美国关税政策影 响，日本对美出口额自今年4月以来连续7个月同比下降。 此间媒体和专家评论说，2024年汽车及汽车零部件出口约占日本对美出口总额的三分之一，美国汽车关 税政策对日本出口的影响依然巨大。贸易逆差持续已成为日元不断贬值的重要背景。 ...

Core Insights - Shanghai's total import and export value reached 3.71 trillion yuan in the first ten months of the year, marking a 5.2% increase year-on-year, which is 1.6 percentage points higher than the national average growth rate [1] - In October alone, Shanghai's import and export value was 367.98 billion yuan, with exports at 161.53 billion yuan and imports at 206.45 billion yuan, reflecting year-on-year growth of 3.5% and 2.8% respectively [1] Group 1: Trade Performance - Cumulative exports from Shanghai in the first ten months totaled 1.64 trillion yuan, up 10.5% year-on-year, while cumulative imports reached 2.07 trillion yuan, a 1.3% increase [1] - Shanghai's trade with emerging markets such as ASEAN, the Middle East, and Africa saw significant growth, with imports and exports of 530.31 billion yuan, 133.36 billion yuan, and 122.22 billion yuan respectively, representing year-on-year increases of 12.6%, 19.7%, and 26.8% [1] - Trade with major BRICS countries like Brazil and India also grew, with respective import and export values of 92.35 billion yuan and 81.34 billion yuan, showing increases of 7.8% and 31.6% [1] Group 2: Emerging Products and Sectors - Exports of emerging products such as electric passenger vehicles, lithium batteries, and solar cells reached 131.43 billion yuan, reflecting an 11.7% year-on-year increase, with growth rates exceeding 25% in the last six months [2] - The export of green shipping equipment, particularly liquid cargo ships, surged to 27.46 billion yuan, marking a substantial year-on-year increase of 115% [2] - Imports of high-tech products showed significant growth, with semiconductor manufacturing equipment, computers and components, and aircraft and parts increasing by 29.6%, 18.3%, and 92.4% respectively [2] Group 3: Consumer Goods - The import of consumer goods in Shanghai performed well, with dairy products, dried and fresh fruits, and beef seeing year-on-year increases of 16.2%, 15.3%, and 10.8% respectively, indicating a gradual release of domestic consumption vitality [2]

Core Insights - The report by Zhiyan Consulting highlights the market dynamics and investment outlook for the semiconductor manufacturing equipment industry in China from 2025 to 2031 [1] Import Data Summary - In August 2025, China imported 4,700 semiconductor manufacturing equipment units, representing an 18.5% year-on-year decline [1] - The import value for the same period was $3.203 billion, showing an 8.2% year-on-year increase [1] Industry Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1] - The firm emphasizes its commitment to delivering quality services and market insights to empower investment decisions [1]

Core Viewpoint - Japan's exports to the United States have significantly decreased due to the impact of U.S. tariffs on automobiles and steel, leading to a substantial reduction in Japan's trade surplus with the U.S. [1] Group 1: Trade Statistics - In the first half of the fiscal year 2025 (April to September 2023), Japan's exports to the U.S. fell by 10.2% to 9.71 trillion yen (approximately 64 billion USD) [1] - The trade surplus with the U.S. decreased by 22.6% to 3.32 trillion yen (approximately 22 billion USD) [1] - The decline in exports was primarily driven by a 22.7% drop in automobile exports, which constitute over one-third of Japan's total exports to the U.S. [1] Group 2: Global Trade Overview - Japan's total exports increased slightly by 0.2% year-on-year to 53.65 trillion yen (approximately 352 billion USD) [1] - Japan's imports decreased by 3.2% year-on-year to 54.88 trillion yen (approximately 360 billion USD) [1]

Core Insights - The report by Zhiyan Consulting highlights a decline in China's semiconductor manufacturing equipment imports in April 2025, with a total of 4,800 units imported, representing a year-on-year decrease of 9.9% [1] - The import value for the same period was $3.107 billion, showing a year-on-year decline of 8.8% [1] Industry Overview - The data is sourced from Chinese customs, indicating a significant trend in the semiconductor manufacturing equipment sector [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1]

Core Insights - Japan's export competitiveness in manufacturing is declining, particularly in the automotive and home appliance sectors, as emerging countries enhance their technological capabilities [2][4][5] - The "Revealed Comparative Advantage Index" indicates that Japan's automotive sector has a score of 2.7 and automotive parts at 1.7 for 2024, both exceeding 1, indicating strong export competitiveness [5] - The index for home appliances, including refrigerators and washing machines, is notably low at 0.2, remaining below 1 since 1994, highlighting a significant loss of competitiveness [5] Summary by Category - **Automotive Sector** - The automotive index for 2024 is 2.7, indicating strong competitiveness, but it has declined compared to 10 years ago [5] - The automotive parts index stands at 1.7, also reflecting a competitive edge [5] - **Home Appliances** - The index for home appliances is 0.2, indicating a persistent lack of competitiveness, with a continuous decline since 1994 [5] - The report highlights that China and ASEAN countries are gaining advantages in the electrical appliance sector [5] - **Other Sectors** - The index for imaging recording devices is 1.8 for 2024, maintaining a comparative advantage but has decreased by 1.1 percentage points over the last decade [5] - The highest comparative advantage is seen in semiconductor manufacturing equipment, with an index of 7.7, which has increased by 0.4 percentage points since 2014 [5]

Group 1 - ASML Holdings is the world's largest semiconductor manufacturing equipment company, headquartered in Veldhoven, Netherlands [5] - ASML is the only company that has successfully developed extreme ultraviolet (EUV) lithography machines, which are essential for producing advanced semiconductors like GPUs from NVIDIA [5] - ASML holds a 90% market share in the semiconductor lithography machine sector and currently ranks third in total market capitalization in Europe [5] Group 2 - The company emphasizes that the principles of lithography technology have remained the same for 40 years, indicating a strong foundation in its operational methods [7] - The insights into ASML's powerful capabilities were gained through an exclusive interview at its headquarters [5][9]

Group 1 - Japan's recent trade agreement with the U.S. has reduced tariffs on goods, including automobiles, from 25% to 15%, alleviating some trade policy uncertainty [2] - The Japanese government maintains its overall assessment that the economy is recovering at a "moderate pace," despite the impact of U.S. tariffs on certain sectors [2] - A government official noted that since April, the export prices of cars to the U.S. have significantly decreased due to the implemented tariffs, although there have been no notable changes in export volume, manufacturing price index, or employment [2] - The government has downgraded its assessment of exports for the first time in a year, reflecting a slowdown in semiconductor manufacturing equipment exports [2][3] Group 2 - The government has revised its wording regarding domestic corporate goods prices, indicating that the growth rate is currently "slowing," compared to the previous assessment of "gradually rising" [3] - For private consumption, which accounts for over half of Japan's economy, the government maintains its view that it is "recovering" [4]

Core Viewpoint - Japan is initiating discussions to join the Alaskan LNG development project as part of its strategy to leverage investments in the U.S. during tariff negotiations with the Trump administration [1] Group 1: Investment Strategy - Japan aims to expand its investments in the U.S. as a bargaining chip in tariff negotiations [1] - The discussions will focus on participating in the liquefied natural gas (LNG) development plan in Alaska [1] Group 2: Technological Collaboration - Japan possesses technological advantages in shipbuilding and semiconductor manufacturing equipment [1] - The country is proposing to enhance cooperation in these sectors to contribute to the revitalization of U.S. manufacturing [1]