| 北京德和衡律师事务所 | | --- | | 关于北京华峰测控技术股份有限公司 | | 首次授予第一个归属期归属条件成就相关事项的 | | 法律意见书 | | 德和衡证律意见（2025）第00360号 | | -1- | | 释 义 | | 在本法律意见书中，除非文义另有所指，下列简称分别具有如下含义： | | 简称 全称 | | 华峰测控、公司、贵司 指 北京华峰测控技术股份有限公司 | | 《激励计划（草案）》、 《北京华峰测控技术股份有限公司2024年限制性股票激励计划（草 | | 指 | | 本激励计划 案）》 | | 公司2024年限制性股票激励计划首次授予第一个归属期归属条件成 | | 本次归属 指 | | 就 | | 按本激励计划规定，获得限制性股票的公司高级管理人员以及董事 | | 激励对象 指 | | 会认为需要激励的其他人员 | | 《北京华峰测控技术股份有限公司2024年限制性股票激励计划实施 | | 《考核办法》 指 | | 考核管理办法》 | | 《证券法》 指 《中华人民共和国证券法》 | | 《公司法》 指 《中华人民共和国公司法》 | | 《管理办法》 指 《上市公司股权激 ...

智通财经APP获悉，阿斯麦(ASML.US)将于7月16日公布第二季度财务业绩。摩根大通发布研报表示， 巨大的订单数量预期使得走势难以确定;根据目前的股价情况，业绩符合预期将被视为积极因素。小摩 重申对阿斯麦"增持"评级，目标价970欧元(约合1137.71美元)。 小摩指出，市场对该公司股票的走势持看跌态度。鉴于订单存在不确定性，短期内可能需要保持谨慎态 度，但鉴于"26 年的共识预期营收较25 年的指引中值增长 7.7%"，小摩认为中期风险较低。投资者仍关 注"26 年的销售额"。投资者对阿斯麦在26 年的前景愈发看淡，原因有多个。 小摩预计该公司将报告营收 74.33 亿欧元(环比下降 4.0%，同比增长 19.1%)，这比市场预期低 1.0%，与 指引区间中间值 74.5 亿欧元相符。小摩预计该公司第二季度订单额为 41.9 亿欧元，这比市场预期低 12.6%，反映了鉴于季度订单的可预测性较低、对订单量的保守看法。然而，这比我们收集到的买方市 场预期的 45 亿欧元低 6.9%(见此处)。在盈利能力方面，小摩对 51.5%的毛利率(公司指引范围为 50- 53%)的估计与市场预期一致。小摩预计阿斯麦第 ...

Group 1 - The total amount raised through private placements in the A-share market in the first half of 2023 reached 780.51 billion yuan, marking a nearly 700% increase compared to the same period last year, which raised 97.793 billion yuan [2] - The surge in private placement financing reflects a significant recovery in the financing function of the A-share market, driven by policy relaxation and a rebound in market confidence [2] - Major banks, including China Bank (165 billion yuan), Postal Savings Bank (130 billion yuan), and others, contributed significantly to the total, with the top four banks raising over 500 billion yuan [2] Group 2 - The financial sector, including banks and insurance companies, accounts for over 60% of the profits of A-share listed companies, and increased financing will enhance their capital strength and profitability [3] - There are concerns regarding potential "over-financing" by some companies, raising questions about the efficiency of fund usage [3] - For instance, Changchun Technology's recent financing plan of up to 3.132 billion yuan faces scrutiny due to previous project delays and regulatory warnings regarding financial reporting and fund management [4] Group 3 - The healthy development of the private placement market requires a more refined regulatory framework, including enhanced information disclosure and stricter monitoring of fund usage [5] - There is a need to improve the lock-up period for private placement shares to curb short-term speculation and promote long-term value investment [5]

Company Overview - Yitang Co., Ltd. successfully listed on the Shanghai Stock Exchange on July 8, with a stock price of 8.45 yuan per share and stock code 688729 [3] - Established in 2015, Yitang is a global semiconductor equipment company focused on the research, production, and sales of wafer processing equipment for integrated circuit manufacturing [3] - The company provides various equipment and solutions, including dry stripping equipment, rapid thermal processing equipment, and dry etching equipment, to global integrated circuit manufacturers [3] Market Position - Yitang has established itself as a globally recognized supplier of integrated circuit manufacturing equipment, serving major global storage chip manufacturers and logic circuit manufacturers [3] - The company has a stable and extensive customer base, including the top ten chip manufacturers worldwide and leading domestic manufacturers, which strengthens its competitive position in the specialized equipment market [3] - As of the end of 2024, Yitang's cumulative global installed base exceeds 4,800 units, maintaining a leading position in its respective segments [3] Industry Trends - The semiconductor industry is experiencing a third wave of relocation, with a shift towards mainland China, enhancing the industry's overall prosperity and creating new development opportunities [4] - National policies, including the "14th Five-Year Plan," support the growth of the semiconductor and integrated circuit industries, driven by emerging sectors such as 5G, AI, and IoT [4] - Yitang's shipment volume and revenue in mainland China are on an upward trend from 2022 to 2024, with revenue from this region expected to reach 66.67% by 2024 [4] Future Outlook - Yitang plans to enhance its research and manufacturing capabilities in integrated circuit equipment, increase investments in China, and leverage local supply advantages to boost revenue from the mainland [4]

Core Viewpoint - The MOCVD (Metal-Organic Chemical Vapor Deposition) technology is crucial for the production of LED epitaxial wafers, with significant implications for the recovery of valuable metals like gallium and indium from production waste, which are essential for the electronics industry [1][5][7]. MOCVD Equipment Industry Definition - MOCVD is a new type of vapor deposition technology developed from vapor phase epitaxy, utilizing organic compounds and hydrides as growth materials to produce various III-V and II-VI compound semiconductors [2][3]. MOCVD Equipment Industry Development Status - The global MOCVD equipment market is projected to grow, with an estimated 5,150 units in 2024 and a market size of approximately $686 million, increasing to 5,650 units and $709 million in 2025 [5][7]. - In China, the MOCVD equipment market is expected to reach a scale of approximately 2.806 billion yuan in 2024, with a forecasted increase to 2.835 billion yuan in 2025 [7][19]. MOCVD Equipment Industry Chain - The LED industry chain includes substrate processing, LED epitaxial wafer production, chip manufacturing, and device packaging, with MOCVD equipment being a key component in the production of LED epitaxial wafers [9]. MOCVD Equipment Industry Competitive Landscape - The MOCVD equipment industry is characterized by a highly monopolized market, primarily dominated by foreign companies like Veeco and Aixtron, which has limited the healthy development of the industry [13][16]. - Domestic companies such as Zhongwei Semiconductor and Zhongsheng Optoelectronics are emerging as key players, with Zhongwei being recognized as the largest supplier of MOCVD equipment for GaN-based LEDs since 2017 [19][20]. MOCVD Equipment Industry Development Trends - The demand for MOCVD equipment is expected to grow due to advancements in LED technology and its applications in optoelectronic materials and devices, indicating a positive market outlook [24][25].

渤海潮涌，资本向北。当2025创投辽宁发展大会上，有超预期一倍的省外创投机构参会，一场厚积薄发的创投生态变革正在黑土地上跑出"加速 度"。 近日，证券时报记者专访了辽宁省地方金融管理局副局长战巍。战巍表示，社会资本"北上辽宁"的热潮正在加速形成。以科创焕新篇、以政策换空间、以空间换生 态，正成为解开辽宁创投腾飞逻辑的密码。 以科创焕新篇： 硬科技筑造资本"价值洼地" 在战巍眼中，创业投资作为驱动科技创新、激发创新活力的重要力量，既是引导金融活水流向科技型中小企业的重要渠道，也是促进科技、产业、金融良性循环的 关键支撑。 水往低处流，要引导"创投活水"在辽宁汇聚，辽宁首先要有足够的科创实力，形成投资的"价值洼地"。战巍表示，辽宁企业含"科"量占比非常高，全省上市后备库 企业470家，其中专精特新、瞪羚、高新技术等科技型企业接近350家。 创投资本与辽宁丰厚科技资源和科创力量的融合，已经在资本市场催化出了累累硕果。战巍表示："2019年至今，辽宁省在资本市场从无到有跑出了芯源微、神工 股份、拓荆科技、富创精密、连城数控5家以半导体为主业的上市公司，半导体设备产业集群规模初现。随着硬科技企业陆续上市，创投机构在辽宁 ...

Group 1: Core Insights - The investment trend in Liaoning is accelerating, with a significant increase in participation from external venture capital institutions at the 2025 Venture Capital Liaoning Development Conference [1][3] - Liaoning's strong technological foundation is attracting venture capital, with a high proportion of technology-oriented enterprises among its listed companies [2][4] - The government is actively implementing policies to facilitate capital flow into the region, including financial incentives for venture capital institutions and talent [4][5] Group 2: Industry Developments - Liaoning's innovation capabilities have improved significantly, with a 38.4% annual growth rate in the number of technology-based SMEs and a 19.7% growth rate in high-tech enterprises [2][4] - The region has seen the emergence of semiconductor companies, with five listed firms in the sector since 2019, indicating a growing semiconductor equipment industry cluster [2][5] - The 2025 conference featured successful roadshows for high-end manufacturing, electronic information, and new energy sectors, reflecting strong interest from national capital [3][4] Group 3: Policy and Ecosystem - The government is fostering a supportive environment for venture capital through initiatives like the establishment of angel fund clusters and financial backing for new funds [5][6] - Liaoning is promoting a "go out" strategy to connect local tech companies with top-tier capital in major cities, enhancing the investment ecosystem [6][7] - Future plans include creating a comprehensive investment ecosystem that attracts venture capital institutions and supports the growth of innovative enterprises [7]

Core Viewpoint - The A-share market has experienced a significant recovery in private placement financing, with a total of 780.5 billion yuan raised in the first half of 2025, marking a nearly 700% increase compared to the same period last year [2][3]. Group 1: Financing Trends - A total of 78 private placement projects were implemented in the A-share market by June 30, 2025, compared to 83 projects in the same period last year [2]. - The substantial increase in fundraising reflects a recovery in the financing function of the A-share market, driven by policy relaxation and a rebound in market confidence [2][3]. - Major banks such as China Bank, Postal Savings Bank, and others have significantly increased their fundraising, with the top four banks raising over 500 billion yuan collectively [3]. Group 2: Implications for Financial Institutions - Financial institutions, including banks and insurance companies, account for approximately 60% of the profits of A-share listed companies, indicating their critical role in the market [3]. - The increase in financing for these institutions is expected to enhance their capital strength and profitability [3]. Group 3: Concerns and Regulatory Needs - There are concerns about potential "over-financing" by some companies, raising questions about the efficiency of fund usage [3][5]. - The case of Changchuan Technology highlights issues with previous fundraising projects, including delays and regulatory warnings regarding financial reporting and fund management [4][5]. - A more refined regulatory framework is needed to ensure effective use of raised funds and to discourage speculative behaviors in the private placement market [5].

证券研究报告 2025年7月9日 行业：机械 增持 （维持） 主要观点 风险提示：全球和国内经济环境不及预期、产业政策不及预期、市场竞争加剧的风险、原材料价格剧烈波动、技术发展不及预期、国际贸易摩 擦和争端加剧等。 2 价值守正，成长出奇 ——机械行业下半年投资策略 分析师：刘阳东 SAC编号：S0870523070002 分析师：王亚琪 SAC编号：S0870523060007 ◼ 工程机械：行业周期景气复苏，看好内外需共振下企业盈利改善。国内市场，工程机械行业筑底向好趋势有望持续；出口市场，受益于东 南亚、非洲、中东等新兴市场景气持续，工程机械出口规模持续提升，国产厂家全球市占率仍有提升空间。工程机械板块或受益于国内外 需求共振，工程机械企业盈利水平有望持续提升。 ◼ 半导体设备：国产核心设备有望加速验证，自主可控趋势明确。终端需求发展叠加大陆晶圆厂产能扩张，为国内半导体设备产业的扩张和 升级提供机遇，据SEMI预测，2025-2027年中国300mm晶圆厂设备投资预计超过1000亿美元。同时，在半导体产业逆全球化趋势背景下， 国内半导体产业链自主可控势不可挡，随着下游晶圆厂扩产以及国产设备验证进程持续推 ...

有 "最佳政府投行"之称的合肥 ， 近期又在资本市场捷报频传。 7月8日，北京屹唐半导体科技股份有限公司（股票简称"屹唐股份"，股票代 码" 6 8 8 7 2 9 .SH"）正式在上交所科创板敲钟上市，此次发行价为8 . 4 5元/股，发行市盈率 为5 1 . 5 5倍，开盘价为2 6 . 2 0元/股，上涨2 1 0 . 0 6%，开盘时总市值为7 7 4亿元。 这家半导体设备龙头企业背后，站着一众合肥国资：合肥产投集团与合肥高新控股集团参股子 基金合肥华登基金曾投资、合肥建投资本所属芯屏基金曾投资。 2 0 1 6年，当合肥市政府决定引进长鑫存储时，一期项目需要1 8 0亿元资金投入，其中四分之三 要由合肥市政府承担。这几乎是天文数字，但合肥没有犹豫。 如今，合肥产投控股的企业已成为长鑫科技第二大股东，持股 1 2 . 4 2%，仅次于持股2 1 . 6 7%的 第一大股东合肥清辉集电。2 0 2 4年3月，长鑫科技完成最新一轮融资，投前估值约1 4 0 0亿元。 有投资人笑称： " 跟着合肥政府投资，就财务自由了 。 " 7月9日，合肥建投资本管理有限公司投资企业北京极智嘉科技股份有限公司（以下简 称 ...