AI 趋势下洁净室产业链梳理 20251202 AI 驱动全球半导体扩张，台积电领衔扩产，美光等跟进，高端洁净室工 程服务需求激增，设备供不应求，洁净室产业链迎来机遇。 洁净室工程服务类似工业厂房装修，通过设计施工满足半导体、新能源、 生物医药等行业对洁净度、空气成分的严格要求，空气洁净度等级从 1 到 9 级不等。 洁净室产业链核心环节包括工程服务商的设计集成安装和风机过滤器设 备提供商，晶圆制造环节难度最高，玩家包括中电二四、百诚股份、亚 翔集成等。 国内半导体洁净室资本开支在 2022 年后提升至 200-300 亿元，但成熟 制程产能过剩，AI 需求推动先进制程投资比例结构性上升，利好有先进 制程经验的工程服务商。 台系和德系企业主导全球洁净室工程服务市场，如汉唐服务台积电北美 业务，亚翔集成承接台积电高雄厂项目，海外业主倾向于将订单集中发 给大型工程服务商，提升人效。 Q&A 近期洁净室产业链的市场表现如何？有哪些新的投资机会？ 近期，洁净室产业链的股价持续强势。我们维持之前的观点，即当前时间点上， 国内和东南亚区整体半导体上下游产业链条资本开支开启了新一轮共振。工程 服务公司和设备公司逐步切入基本 ...

国都聚成（011389）基金经理为廖晓东、张晓磊、龚勇进。 截至发稿，廖晓东累计任职时间5年203天，现任基金资产总规模2245.5万元，任职期间最佳基金回 报-24.14%， 任职期间最差基金回报-67.48%。 12月2日，圣晖集成涨5.08%，截至发稿，报55.66元/股，成交1.07亿元，换手率1.98%，总市值55.66亿 元。 资料显示，圣晖系统集成集团股份有限公司位于江苏省苏州高新区浒墅关经济开发区石林路189号，成 立日期2003年9月3日，上市日期2022年10月13日，公司主营业务涉及公司主要从事IC半导体、光电等高 科技产业的洁净室工程服务业务。主营业务收入构成为：洁净室工程64.36%，其他机电安装工程 31.78%，设备销售3.74%，其他(补充)0.11%。 从基金十大重仓股角度 数据显示，国都证券旗下1只基金重仓圣晖集成。国都聚成（011389）三季度持有股数1万股，占基金净 值比例为3.9%，位居第四大重仓股。根据测算，今日浮盈赚取约2.69万元。 国都聚成（011389）成立日期2021年3月25日，最新规模1166.62万。今年以来收益5.9%，同类排名 6469/8122 ...

Group 1 - The core point of the article highlights the recent performance of Shenghui Integrated, which saw a 5.28% increase in stock price, reaching 49.87 CNY per share, with a total market capitalization of 4.987 billion CNY [1] - Shenghui Integrated specializes in cleanroom engineering services within the high-tech sectors, including IC semiconductors and optoelectronics, with its main revenue sources being cleanroom engineering (64.36%), other electromechanical installation projects (31.78%), equipment sales (3.74%), and other supplementary services (0.11%) [1] Group 2 - From the perspective of fund holdings, Guodu Securities has a fund that heavily invests in Shenghui Integrated, with Guodu Jucheng holding 10,000 shares, accounting for 3.9% of the fund's net value, making it the fourth-largest holding [2] - Guodu Jucheng, established on March 25, 2021, has a current scale of 11.6662 million CNY, with a year-to-date return of 2.06% and a one-year return of 5.7% [2] - The fund managers of Guodu Jucheng include Liao Xiaodong, Zhang Xiaolei, and Gong Yongjin, with varying tenures and performance records [2]

Summary of Cleanroom Industry Conference Call Industry Overview - The cleanroom engineering service market is experiencing significant growth driven by multiple factors, including strong performance from companies like Yaxiang Integration and the increasing demand in the semiconductor and new energy sectors [1][2][3] - The market for semiconductor-related cleanroom capital expenditure has notably increased, reaching approximately 30 billion RMB, with expectations for further growth due to domestic substitution trends [1][8] Key Companies - **Yaxiang Integration**: Recommended as a top stock, benefiting from overseas capital expenditure trends in the semiconductor and new energy sectors. The company achieved its best quarterly gross margin and scale of operations in Q3 [1][2] - **Mei'an Technology**: A leading air purification equipment manufacturer, expected to achieve a profit of at least 300 million RMB by 2026, with a reasonable market valuation of around 6 billion RMB [3][14][16] - **Shenghui**: Engaged in upstream and downstream cleanroom engineering, focusing on projects related to Huawei and PCB [6][7] Financial Performance and Projections - Yaxiang Integration's Q3 performance exceeded expectations, with a projected net profit of 900-1,000 million RMB by 2026, and a target market capitalization of around 15 billion RMB [3][4][12] - The company is expected to secure over 10 billion RMB in new orders in the Singapore market by 2025, with a gross margin of approximately 27.5% [1][11] - Mei'an Technology's revenue structure is less affected by investment cycle fluctuations due to a significant portion of sales coming from replacement demand [15][16] Market Dynamics - The cleanroom engineering service market is driven by the need for high cleanliness levels in various sectors, including semiconductors, new energy, biomedicine, and food and beverage [5] - The overseas market is benefiting from AI demand and geopolitical factors, with significant orders being awarded to a few service providers, enhancing operational efficiency [9][10] Future Trends - The semiconductor industry is entering a new investment cycle, particularly in Southeast Asia, with major investments announced by companies like Micron and World Advanced [10][11] - The cleanroom capital expenditure is expected to structurally increase as domestic players tackle advanced processes, with a focus on companies with rich experience in the field [8][9] Conclusion - The cleanroom engineering service market is poised for substantial growth, driven by strong demand in the semiconductor sector and supportive macroeconomic factors. Companies like Yaxiang Integration and Mei'an Technology are well-positioned to capitalize on these trends, with promising financial projections and market opportunities ahead [1][2][3][4][12][16]

Core Viewpoint - The stock of Yaxiang Integrated has experienced significant volatility, with a cumulative price increase exceeding 20% over three consecutive trading days, raising concerns about irrational speculation and shareholder reduction risks [2]. Group 1: Stock Performance and Trading Activity - Yaxiang Integrated's stock price closed at 58.18 yuan per share on November 18, with a daily increase of 10%, achieving a "three days, two boards" performance [4]. - The company announced that the stock price's short-term increase may be due to irrational speculation, urging investors to be cautious in their trading decisions [2]. Group 2: Shareholder Reduction Risk - The company disclosed that shareholder EVER CREATIVE INVESTMENTS LTD. has a share reduction plan in place from September 23 to December 22, 2025, having already reduced its holdings by 130,000 shares as of November 18 [2]. - The ongoing reduction by EVER CREATIVE poses a potential risk to the stock price stability [2]. Group 3: Financial Performance - For the first three quarters of 2025, Yaxiang Integrated reported an operating revenue of approximately 3.109 billion yuan, a year-on-year decrease of 29.63% [3]. - The net profit attributable to shareholders was approximately 442 million yuan, reflecting a slight year-on-year increase of 0.78% [3]. - The net cash flow from operating activities was about 1.07 billion yuan, down 20.29% year-on-year [3]. Group 4: Business Overview - Yaxiang Integrated specializes in providing cleanroom engineering, process secondary配工程, and construction services for the IC semiconductor and high-tech electronics industries [2].

Core Insights - Shenghui Integration's stock rose by 5.13% to 44.68 CNY per share, with a trading volume of 71.1 million CNY and a turnover rate of 1.63%, resulting in a total market capitalization of 4.468 billion CNY [1] Group 1: Company Overview - Shenghui System Integration Group Co., Ltd. is located in Suzhou High-tech Zone, Jiangsu Province, established on September 3, 2003, and listed on October 13, 2022 [1] - The company's main business involves cleanroom engineering services in high-tech industries such as IC semiconductors and optoelectronics [1] - Revenue composition includes: cleanroom engineering 64.36%, other electromechanical installation engineering 31.78%, equipment sales 3.74%, and others 0.11% [1] Group 2: Fund Holdings - Guodu Securities has a fund that heavily invests in Shenghui Integration, with Guodu Jucheng (011389) holding 10,000 shares, accounting for 3.9% of the fund's net value, making it the fourth-largest holding [2] - The fund has generated a floating profit of approximately 22,000 CNY today [2] Group 3: Fund Manager Performance - Fund managers of Guodu Jucheng include Liao Xiaodong, Zhang Xiaolei, and Gong Yongjin, with varying tenures and performance metrics [3] - Liao Xiaodong has a tenure of 5 years and 189 days, with the best return of -24.14% and the worst return of -66.84% [3] - Zhang Xiaolei has a tenure of 6 years and 339 days, with the best return of 80.09% and the worst return of -26.3% [3] - Gong Yongjin has a tenure of 1 year and 230 days, with both the best and worst return at 7.67% [3]

Summary of Conference Call Records Industry Overview New Energy Sector - New energy installations need to maintain an annual increase of over 200GW to meet consumption demands, with policy support focusing on nearby consumption, integrated water-wind-solar development, and offshore wind power development [1][2] - The coupling of eastern industrial transfer with new energy is crucial for creating green industrial clusters, emphasizing direct green electricity connections and renewable energy heating and cooling as important development directions [1][2] Gas Industry - The gas industry has benefited from cold waves and a decrease in primary energy prices, with eastern gas companies performing well [1][4] - CPI turning positive and expectations of economic rebound suggest rapid growth in gas demand, indicating a positive outlook for the gas industry [1][4] Cleanroom Engineering Market - The cleanroom engineering market is expected to exceed 350 billion yuan by 2026, driven primarily by the electronics industry, especially the semiconductor sector [1][5] - Companies like Shenghui Integration and Yaxiang Integration are performing well and actively expanding into overseas markets [1][6] - Significant growth in cleanroom engineering is anticipated in 2025, with Yaxiang Integration achieving nearly 40% growth in Q3 and Shenghui Integration signing new contracts worth 2.25 billion yuan, a 70% year-on-year increase [1][7] Real Estate Market - The overall real estate market is in decline, but structural data shows signs of improvement [1][11] - It is expected that policies will primarily focus on stabilizing the market in 2026, with a narrowing of sales decline and potential improvements in new construction, although completion area faces significant pressure [1][11][12] Coal Industry - Coal production in October was 410 million tons, continuing a negative growth trend for four consecutive months, with an annual production estimate of 4.8 billion tons [1][18] - Domestic coal prices are expected to remain stable with a slight upward trend due to winter storage demand and increased thermal power generation [1][18][19] Chemical Industry - The chemical industry is showing signs of recovery from anti-involution policies, with CPI turning positive and PPI declines narrowing [1][20] - The energy chemical sector is crucial for industrial product inflation, and the industry is expected to have upward elasticity due to improved demand structure and capital expenditure trends [1][21] Key Points and Arguments New Energy Consumption - The National Development and Reform Commission and the Energy Administration have introduced measures to promote diversified consumption paths for new energy [2] - By 2030, China aims to achieve 3.6 billion kilowatts of wind and solar installed capacity, requiring annual additions of over 200GW [2] Cleanroom Engineering Growth - The cleanroom engineering market has grown from less than 80 billion yuan in 2015 to nearly 250 billion yuan, with a compound annual growth rate exceeding 15% [1][5] - The semiconductor and high-end manufacturing sectors are major drivers of demand for cleanroom engineering [1][5][10] Gas Industry Performance - Companies like Shouhua Gas have seen stock price increases due to demand surges from cold weather, with expectations of a cold winter in 2025 boosting gas demand [4] - Eastern companies are performing well, while the central and western regions face challenges [4] Real Estate Market Trends - Despite weak overall performance, there are signs of improvement in structural data, with expectations of a narrowing sales decline in 2026 [11][12] - New construction is expected to improve, while completion areas face significant pressure due to past low construction volumes [12][14] Coal Price Outlook - Domestic coal prices are expected to rise steadily due to winter demand and limited supply growth [18][19] - The focus on thermal power generation and coal chemical demand will provide support for coal prices [19] Chemical Industry Recovery - The chemical industry is expected to benefit from anti-involution policies, with significant impacts on industrial product inflation and corporate profitability [20][21] - The sector is showing signs of upward elasticity due to improved demand and capital expenditure trends [21] Additional Important Insights - The cleanroom engineering sector is experiencing strong growth in international markets, particularly in Southeast Asia, driven by domestic semiconductor companies expanding overseas [8][9][10] - The coal industry is facing a tight supply-demand balance, which is expected to support prices despite short-term fluctuations [19] - The chemical industry is at a low valuation point, suggesting potential for recovery and growth in profitability [21]

Group 1 - The core point of the news is that Shenghui Integrated has seen a stock price increase of 5.08%, reaching 51.89 CNY per share, with a trading volume of 2.17 billion CNY and a turnover rate of 4.28%, resulting in a total market capitalization of 5.189 billion CNY [1] - Shenghui Integrated is primarily engaged in cleanroom engineering services in high-tech industries such as IC semiconductors and optoelectronics, with its main business revenue composition being 64.36% from cleanroom engineering, 31.78% from other electromechanical installation projects, 3.74% from equipment sales, and 0.11% from other sources [1] Group 2 - According to data, Guodu Securities has a fund that heavily invests in Shenghui Integrated, with Guodu Jucheng (011389) holding 10,000 shares, accounting for 3.9% of the fund's net value, making it the fourth largest holding [2] - Guodu Jucheng (011389) was established on March 25, 2021, with a latest scale of 11.6662 million CNY, and has achieved a year-to-date return of 10.56%, ranking 5706 out of 8149 in its category [2] Group 3 - The fund managers of Guodu Jucheng (011389) are Liao Xiaodong, Zhang Xiaolei, and Gong Yongjin, with Liao having a tenure of 5 years and 177 days, Zhang 6 years and 327 days, and Gong 1 year and 218 days [3] - Liao Xiaodong's best fund return during his tenure is -24.14%, while Zhang Xiaolei achieved a best return of 80.09%, and Gong Yongjin's best return is 10.07% [3]

Core Insights - Shenghui Integrated Group Co., Ltd. experienced a stock price increase of 5.12%, reaching 48.25 CNY per share, with a total market capitalization of 4.825 billion CNY [1] Company Overview - Shenghui Integrated Group was established on September 3, 2003, and went public on October 13, 2022. The company is located in Suzhou High-tech Zone, Jiangsu Province [1] - The main business activities include cleanroom engineering services in high-tech industries such as IC semiconductors and optoelectronics. The revenue composition is as follows: cleanroom engineering 64.36%, other electromechanical installation projects 31.78%, equipment sales 3.74%, and others 0.11% [1] Fund Holdings - Guodu Securities has a fund that heavily invests in Shenghui Integrated, specifically Guodu Jucheng (011389), which held 10,000 shares in the third quarter, accounting for 3.9% of the fund's net value, making it the fourth-largest holding [2] - The fund has a total size of 11.6662 million CNY and has achieved a year-to-date return of 10.41%, ranking 5845 out of 8223 in its category [2] Fund Manager Performance - The fund managers of Guodu Jucheng include Liao Xiaodong, Zhang Xiaolei, and Gong Yongjin, with varying tenures and performance records [3] - Liao Xiaodong has a tenure of 5 years and 174 days, with the best return of -24.14% and the worst return of -65.41% during his tenure [3] - Zhang Xiaolei has a tenure of 6 years and 324 days, achieving a best return of 80.09% and a worst return of -23.54% [3] - Gong Yongjin has a shorter tenure of 1 year and 215 days, with a consistent return of 9.93% [3]

Group 1: Macro and Strategy Insights - The report discusses the historical evolution of world currencies, emphasizing that trade volume is fundamental for a currency to become a global unit of account, as seen with the Spanish dollar and British pound [10][11][12] - It highlights the importance of financial innovation in currency transitions, such as the establishment of the Amsterdam Bank's clearing system that facilitated the rise of the Dutch florin [10][11] - The report identifies three core rules governing currency changes: trade as a foundation, financial innovation as a core driver, and the critical role of debt and military power in maintaining currency credibility [12] Group 2: Industry and Company Analysis - The pharmaceutical sector is experiencing a significant milestone with Grail's release of the Pathfinder 2 data for multi-cancer early detection, showing a positive predictive value of 61.6%, a substantial improvement from previous studies [20] - The media and internet sector is witnessing a surge in AI video generation technology, with notable successes such as the film "Escape from Duckkov" achieving over one million sales in its first week [21][22] - The public utility and environmental sectors report a 4.6% year-on-year increase in total electricity consumption, with significant growth in renewable energy sources [26][27] - The white wine industry is entering a potential investment phase, with current low valuations and positive supply-demand dynamics, drawing parallels to previous market cycles [28][29][30] - Ningbo Bank shows a steady improvement in asset quality, with a 16.6% year-on-year growth in total assets and a net profit increase of 8.4% in the first three quarters of 2025 [34][35]