半导体设备结构件+固态电池干法设备+机器人，这家公司拥有覆盖固态电池干法电极工艺全流程的成套智 能装备，已斩获200MWh全固态电池生产项目订单，半导体产品主要应用于刻蚀、清洗、PVD/PECVD等 环节，还与中微、北方华创等行业龙头企业保持长期合作。 前言 财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 ...

688012.SS, 688012 CH 股价（2025 年 8 月 29 日）： 214.17 元 ▲ 目标价（2026 年 12 月）： 230.00 元 之前（2026 年 6 月）： 220.00 元 中国 证券研究 2025 年 8 月 31 日 中微公司 - A 通过多元化产品结构保持向上趋势；维持"增持"评 级 过去 1 个月公司股价上涨 5%，跑输 A 股半导体行业指数 20%， 主要是由于海外公司的中国晶圆制造设备（WFE）需求指引疲软 （链接）。不过，我们仍持乐观看法并预计国内半导体资本支出 的坚挺趋势将受到先进存储和逻辑产能扩张推动。因此，我们认 为中微等国内企业将更多地受益于国产化率的提升，目前我们预 测 2025-2027 年公司营收/盈利复合增长率为 49%/65%。我们的新 目标价 230.0 元基于 20 倍一年动态市盈率。 增持 证券研究报告 科技 证券分析师: 冯令天 AC (86-21) 6106 6359 billy.feng@jpmorgan.com 登记编号: S1730520030005 证券分析师: 许日 (86-21) 6106 6318 ri.xu@jpmc ...

近两周市场行情如火如荼,大盘进入加速段。上证 指数从3600点一度冲高至3880点附近,创业板、科创板 表现更强,涨幅均超13%以上。科技创新成为最强主 线,创业板因英伟达产业链而表现优秀,科创50则因为 国产替代的热情提升。人工智能、机器人等频频出圈, 成为科技创新的突围方向,而中报披露的业绩也部分验 证订单在加速,业绩逐步兑现中。成交量方面来看,市 日元 源 - T F 场维持在较高水平,显示出场内资金活跃。 板块方面,光模块领涨市场,通信板块涨幅超 30%,芯片、半导体设备涨幅居前,传媒、游戏等表现 亮眼,稀土有色等受益于降息预期提升的板块,叠加国 内反内卷策略,表现也比较强势。近两周板块涨多跌 少,赚钱效应较好,量价齐升,均线多头发散,整体情 绪较好。 需要注意的是指数加速上行,偏离5日均线较多,存 在局部过热的迹象;筹码分布来看,本轮行情累积了较 大的获利筹码,当市场出现转向时,容易引发抛压。行 情陡峭,每一轮行情的都充满波折,如何才能坐稳扶 好?我觉得需要心中有准绳,操作有纪律性。设置好自 己的出场条件,无论是5日线,10日线,20日线等等,跌 破趋势就减仓,重回趋势就加仓等,将策略写下来,并 坚 ...

Core Viewpoint - The performance of Tuojing Technology has shown significant fluctuations in stock trading and financing activities, indicating a high level of investor interest and potential volatility in the semiconductor equipment sector [1][2]. Financing Activities - On August 29, Tuojing Technology experienced a stock price decline of 3.16% with a trading volume of 1.384 billion yuan. The financing buy-in amount for the day was 198 million yuan, while the financing repayment was 169 million yuan, resulting in a net financing buy-in of approximately 29.01 million yuan [1]. - As of August 29, the total financing and securities lending balance for Tuojing Technology was 1.036 billion yuan, with the financing balance accounting for 1.93% of the circulating market value, indicating a high level compared to the past year [1]. - In terms of securities lending, on August 29, Tuojing Technology repaid 900 shares and sold 561 shares, with a selling amount of approximately 106,600 yuan. The remaining securities lending volume was 57,200 shares, with a balance of approximately 10.87 million yuan, also indicating a high level compared to the past year [1]. Company Performance - As of June 30, Tuojing Technology had 14,100 shareholders, a decrease of 4.69% from the previous period. The average number of circulating shares per person increased by 89.04% to 19,794 shares [2]. - For the first half of 2025, Tuojing Technology reported a revenue of 1.954 billion yuan, representing a year-on-year growth of 54.25%. However, the net profit attributable to shareholders decreased by 26.96% to approximately 94.29 million yuan [2]. - Since its A-share listing, Tuojing Technology has distributed a total of 174 million yuan in dividends [2]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders of Tuojing Technology, the Huaxia SSE Sci-Tech Innovation Board 50 ETF ranked as the fourth largest shareholder with 7.7938 million shares, a decrease of 80,200 shares from the previous period. The Hong Kong Central Clearing Limited was the fifth largest shareholder with 6.8277 million shares, an increase of 1.1926 million shares [2]. - The E Fund SSE Sci-Tech Innovation Board 50 ETF ranked sixth with 5.7902 million shares, an increase of 192,500 shares. The Noan Growth Mixed A ranked seventh with 4.5488 million shares, a decrease of 184,700 shares. The Jiashi SSE Sci-Tech Innovation Board Chip ETF ranked ninth with 3.3219 million shares, an increase of 319,800 shares [2].

机构持仓方面，截止2025年6月30日，华海清科十大流通股东中，华夏上证科创板50成份ETF （588000）位居第四大流通股东，持股891.68万股，相比上期增加90.47万股。易方达上证科创板50ETF （588080）位居第七大流通股东，持股686.29万股，相比上期增加114.97万股。嘉实上证科创板芯片 ETF（588200）位居第九大流通股东，持股393.37万股，相比上期增加87.38万股。香港中央结算有限公 司退出十大流通股东之列。 资料显示，华海清科股份有限公司位于天津市津南区咸水沽镇聚兴道11号，成立日期2013年4月10日， 上市日期2022年6月8日，公司主营业务涉及从事半导体专用设备的研发、生产、销售及技术服务。主营 业务收入构成为：CMP/减薄装备销售87.70%，其他产品和服务12.30%。 截至6月30日，华海清科股东户数1.36万，较上期减少10.00%；人均流通股17452股，较上期增加 54.75%。2025年1月-6月，华海清科实现营业收入19.50亿元，同比增长30.28%；归母净利润5.05亿元， 同比增长16.82%。 分红方面，华海清科A股上市后累计派现2.71 ...

相关报告：智研咨询发布的《2025-2031年中国液晶显示模组行业市场专项调研及投资前景规划报告》 近一年中国制造半导体器件或集成电路用的机器及装置进口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据中国海关数据显示：2025年6月中国制造半导体器件或集成电路用的机器及装置进口数量为0.08万 台，同比下降23.5%，进口金额为30.17亿美元，同比增长14%。 ...

Core Viewpoint - The article emphasizes the urgent need for domestic production of semiconductor overlay measurement equipment in China, particularly in light of the low localization rate and the increasing demand driven by advanced process nodes and AI chip production [1][32]. Group 1: Semiconductor Equipment Landscape - China's semiconductor industry is making significant progress in equipment, but the localization rate for advanced process semiconductor equipment remains low [1]. - The manufacturing of a chip typically requires hundreds of devices and involves 400-500 processes, with overlay measurement being a critical step [1][5]. - Overlay measurement equipment is essential for ensuring the precision of layer alignment in semiconductor manufacturing, which directly impacts chip functionality and yield [5][11]. Group 2: Overlay Measurement Equipment - Overlay measurement devices are crucial for detecting and correcting alignment errors between layers during the chip manufacturing process [5][8]. - The acceptable range for overlay errors is closely related to the critical dimensions (CD) of the layers, with specific requirements for different process nodes [11][18]. - The demand for overlay equipment is increasing, particularly in advanced process nodes, with 80% of the demand coming from these processes [22][33]. Group 3: Market Dynamics - The overlay measurement market is dominated by KLA and ASML, which together hold over 90% of the market share [24]. - KLA has a significant presence in the market with a focus on IBO technology, while ASML has gained market share through DBO technology [24][26]. - The competitive landscape shows that KLA's equipment is preferred for memory chip manufacturing, while ASML's DBO technology is favored for logic chip processes [26]. Group 4: Domestic Challenges and Opportunities - The localization rate for overlay measurement equipment in China is less than 5%, highlighting the urgent need for domestic alternatives [33]. - Domestic manufacturers like Erwei Micro are emerging, with capabilities to develop competitive overlay measurement equipment, but challenges remain in achieving consistency and stability compared to international giants [34][38]. - The collaboration with local suppliers to enhance the domestic supply chain is crucial for the sustainable development of China's semiconductor industry [38][40].

Core Viewpoint - The company reported its 2025 Q2 financial results, showing a revenue increase but a decline in net profit, primarily due to decreased gross margins and increased R&D expenses, while continuing to expand its platform strategy in the semiconductor equipment sector [1][5]. Financial Performance - In Q2 2025, the company achieved revenue of 7.936 billion yuan, a year-on-year increase of 21.84% but a quarter-on-quarter decrease of 3.3% [1] - The net profit attributable to shareholders was 1.627 billion yuan, a year-on-year decline of 1.47% but a quarter-on-quarter increase of 2.95% [1] - The gross margin was 41.29%, down 6.11 percentage points year-on-year and 1.73 percentage points quarter-on-quarter [1] - The R&D expenses amounted to 1.051 billion yuan, an increase of 425 million yuan year-on-year, with an R&D expense ratio of 13.2%, up 3.6 percentage points year-on-year [1] Strategic Developments - The company is focusing on a platform strategy, expanding into seven core categories of semiconductor equipment, and has made significant progress in product innovation [1] - The company completed the acquisition of ChipSource Micro on June 23, 2025, for 3.135 billion yuan, becoming the largest shareholder with a 17.87% stake, which is expected to enhance product coverage and R&D collaboration [4] Market Position and Growth Potential - The global semiconductor equipment market is projected to reach 116.1 billion USD in 2024, with a year-on-year growth of 9.2%, while the Chinese market is expected to grow by 34.2% to 49.1 billion USD [5] - The company anticipates a revenue of 26.6 billion yuan in 2024, representing a year-on-year increase of 43.6%, capturing approximately 15% of the Chinese market share [5] - The company is well-positioned to benefit from the expansion of domestic wafer fabs and the increasing share of domestic equipment orders [5]

Group 1: Innovation New Materials - The company is actively promoting a globalization strategy, planning to invest up to $209 million in the Saudi Red Sea aluminum industry chain project by 2025, with an expected annual production capacity of 500,000 tons of electrolytic aluminum and 500,000 tons of aluminum processing products [1] - As of July 2025, the company has completed ODI filing, with a 43.93% year-on-year increase in profile sales to 77,200 tons and a 13.83% increase in aluminum rod and cable sales to 501,300 tons in the first half of 2025 [1] - The company is the largest producer of aluminum alloy cable materials in China, with over 70% of the ultra-high voltage wires for the national West-East Power Transmission project sourced from its products [1] Group 2: Chip Source Micro - The company expects to exceed its annual order signing target for front-end chemical cleaning products, with major clients already approved for bulk orders of high-end machines [2] - The new generation of front-end coating and developing machines is progressing well, with client validation expected in the second half of the year and performance to be showcased next year [2] - The company anticipates a high expense ratio in 2025 due to increased R&D investments, with a gradual decrease expected from 2026 as revenue releases and expense controls take effect [2] Group 3: Sanhua Intelligent Control - For the first half of 2025, the company achieved revenue of 16.263 billion yuan, a year-on-year increase of 18.91%, and a net profit of 2.11 billion yuan, up 39.31% year-on-year [3] - The revenue from the refrigeration and air conditioning components business reached 10.389 billion yuan, growing by 25.49% due to rising global temperature control demand and the expansion of heat pump technology into data centers and energy storage [3] - The company is establishing a robotics division focused on electromechanical actuators and is advancing mass production, while also optimizing its customer structure by covering major automotive manufacturers [3]

智通财经APP获悉，据港交所8月31日披露，芯碁微装(688630.SH)向港交所主板递交上市申请，中金公司为其独家保荐人。 招股书显示，芯碁微装是直写光刻行业的全球引领者，为AI时代的先进信息技术产业提供核心设备。公司凭借在核心高精度微纳光刻技术研发以及将自有 技术应用于各种创新应用的成熟能力，致力于为全球客户制造、销售及维护直接成像及直写光刻设备。 根据灼识咨询的资料，按2024年的营业收入计，芯碁微装是全球最大的PCB直接成像设备供应商，市场份额为15.0%。根据灼识咨询，截至2025年6月30日， 公司是全球唯一一家同时业务覆盖PCB、IC载板、先进封装及掩膜版应用场景的公司，是国内仅有的两家产品覆盖先进封装应用的公司之一，也是仅有的三 家覆盖掩膜版应用的公司之一。根据同一资料，截至2025年6月30日，公司服务的全球先进封装客户数量最多。 芯碁微装拥有涵盖光源及曝光引擎、精密工件台、对准对焦、数据链路、系统模块化集成设计等在内的完整研发技术体系架构。公司专注于提供创新、稳 定、可靠的微纳直写光刻设备，致力于为客户实现价值最大化。于往绩记录期间，公司的产品组合主要包括PCB直接成像设备及自动线系统、半 ...