Core Viewpoint - The stock of ChipSource Microelectronics has shown significant growth this year, with a notable increase in both short-term and long-term trading periods, indicating strong market interest and potential investment opportunities [2]. Company Overview - ChipSource Microelectronics, established on December 17, 2002, and listed on December 16, 2019, is located in Shenyang, Liaoning Province. The company specializes in the research, production, and sales of semiconductor equipment [2]. - The main revenue sources for ChipSource Microelectronics are: 59.86% from photoresist coating and developing equipment, 36.76% from single-wafer wet processing equipment, 2.51% from other supplementary equipment, and 0.86% from other devices [2]. Stock Performance - As of September 29, the stock price increased by 68.81% year-to-date, with a 9.48% rise in the last five trading days, a 10.32% increase over the past 20 days, and a 30.43% increase over the last 60 days [2]. - The stock closed at 140.99 CNY per share, with a market capitalization of 28.427 billion CNY [1]. Financial Performance - For the first half of 2025, ChipSource Microelectronics reported a revenue of 709 million CNY, reflecting a year-on-year growth of 2.24%. However, the net profit attributable to shareholders was 15.9242 million CNY, showing a significant decline of 79.09% compared to the previous year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 22.36% to 13,800, while the average number of circulating shares per person increased by 29.00% to 14,549 shares [2]. - The company has distributed a total of 139 million CNY in dividends since its A-share listing, with 86.8945 million CNY distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, notable institutional shareholders include: - Noan Growth Mixed A (320007) as the third-largest shareholder with 5.1626 million shares, a new entry - Yinhua Integrated Circuit Mixed A (013840) as the fourth-largest shareholder with 4.41 million shares, down by 135,300 shares - Harvest SSE STAR Chip ETF (588200) as the fifth-largest shareholder with 3.8169 million shares, up by 346,400 shares [3].

Group 1 - The core viewpoint of the news is that拓荆科技 has seen a stock price increase of 5.12%, reaching 263.00 CNY per share, with a total market capitalization of 73.569 billion CNY [1] - The company, established on April 28, 2010, specializes in the research, production, sales, and technical services of high-end semiconductor equipment, with 96.47% of its revenue coming from semiconductor equipment [1] - The trading volume for the stock was 6.26 billion CNY, with a turnover rate of 0.87% [1] Group 2 - Dachen Fund has a significant holding in拓荆科技, with its Dachen Specialized and New Mixed A Fund (014651) holding 19,100 shares, unchanged from the previous period, representing 7.31% of the fund's net value [2] - The fund has achieved a year-to-date return of 22.97% and a one-year return of 29.6%, ranking 4005 out of 8244 and 4326 out of 8080 in its category, respectively [2] - The fund manager, 于威业, has been in position for 1 year and 271 days, with the best fund return during this period being 42.8% [3]

Core Viewpoint - The report highlights the significant growth in the semiconductor equipment sector, driven by advancements in 5G communication, artificial intelligence, and cloud computing, which demand enhanced cooling solutions for high-performance chips [1][3]. Market Review - During the period from September 22 to September 26, the CSI 300 index increased by 1.1%, while the machinery sector rose by 1.6%, ranking 7th among all primary industries [2]. - The semiconductor equipment segment experienced the highest growth, with a rise of 15.4%, whereas the plastic processing machinery sector saw the largest decline, dropping by 2.0% [2]. Industry Insights - Diamond cooling solutions have emerged as a focal point, with the increasing demand for cooling capabilities in high-performance computing scenarios [3]. - Key advantages of diamond cooling include: 1. Exceptional thermal conductivity, exceeding 2200 W/(m·K), significantly outperforming traditional materials like copper and aluminum [3]. 2. Excellent thermal stability, maintaining physical and chemical properties under high-temperature conditions without deformation or performance degradation [3]. 3. Good compatibility with semiconductor materials, forming reliable and stable cooling structures without chemical reactions with most semiconductor materials such as silicon and gallium nitride [3]. - Major technology companies, including NVIDIA and Huawei, are exploring diamond cooling technologies, with NVIDIA testing diamond-cooled GPUs that can triple AI and cloud computing performance [3]. - The report suggests that as diamond cooling solutions continue to evolve, they may reshape the global competitive landscape of cooling technologies, with China positioned to benefit due to its leading production of synthetic diamonds [3].

Market Overview - The A-share market is currently experiencing cautious trading, with the Shanghai Composite Index fluctuating between 3800 and 3850 points, indicating a critical support level at 3800 points where significant northbound capital has accumulated [3] - The market is expected to see increased volatility due to the A50 options expiration, which historically averages a decline of 1.8% on this day, as foreign capital often adjusts their positions [3] Capital Movement - Major funds are actively investing in the technology sector, particularly in semiconductors and AI computing, with over 13 billion yuan invested in these areas in just one week [3] - The financing balance has surged by 50.7 billion yuan in the four days leading up to the holiday, reminiscent of the market conditions prior to the 2023 technology rally [3] Sector Performance - The technology growth stocks, especially in semiconductors and AI, have seen significant gains, with the STAR 50 Index rising by 6.47% in a week [4] - Conversely, consumer and tourism sectors are underperforming as investors adopt a risk-averse stance ahead of the holiday [4] Investment Strategy - It is advised to maintain a cautious position with no more than 50% total holdings before the holiday, and to consider accumulating positions in technology stocks that have strong fundamentals [4][5] - Focus should be on sectors benefiting from policy support, such as new energy and storage, which are expected to emerge as potential growth stocks in the fourth quarter [4][5] - Post-holiday, attention should be directed towards hard technology leaders with expected earnings growth, especially if trading volume exceeds 2.3 trillion yuan [5]

短期来看，富国基金认为，美联储重启降息给予了流动性叙事更多底气，目前国内经济数据仍在回暖， 叠加十一假期的"节前效应"，如果没有较多的利好措施进一步出台，近期市场或以震荡波动为主。 中长期视角下，随着人工智能等重要新质生产力主线稳步推进，消费政策、"反内卷"政策及其配套的需 求侧政策逐步落地，富国基金表示，A股修复基础有望进一步巩固；同时，在存款搬家、外资回流、融 资资金等因素共振下，A股震荡上行趋势不改。美联储重启降息周期开启宽松政策共振，也将为港股提 供良好的流动性环境，港股作为全球估值洼地的吸引力或持续凸显。 科技板块仍是行情核心主线 近期，市场上关于警惕科技板块估值泡沫以及"高切低"、行情扩散等讨论声音日益增多。反映在盘面 上，成长板块轮动开始提速，半导体设备、云计算、消费电子等方向近一周交替走出向上行情。 自9月美联储降息落地以来，A股市场科技成长风格持续走强。截至9月26日，多只半导体设备相关主题 ETF表现不俗。业内机构分析，人工智能（AI）产业的新进展层出不穷，成长风格带动的结构性行情仍 未结束。不过，叠加十一假期的"节前效应"，如果没有较多的利好催化，近期市场或以震荡为主。 在科技板块估值进 ...

□本报记者 王鹤静 自9月美联储降息落地以来，A股市场科技成长风格持续走强。截至9月26日，多只半导体设备相关主题 ETF表现不俗。业内机构分析，人工智能（AI）产业的新进展层出不穷，成长风格带动的结构性行情仍 未结束。不过，叠加十一假期的"节前效应"，如果没有较多的利好催化，近期市场或以震荡为主。 在科技板块估值进入高位的同时，板块内部的轮动也在提速。业内机构提示，此前市场极致的结构分化 和过于集中的共识需要消化和整固。在当下由增量资金和部分行业景气度驱动的行情中，轮动并非简单 基于估值、追求赔率的"高切低"，决定板块胜率的主要因素是景气度的确定性，而非位置高低，所以更 要立足景气度逻辑与产业趋势，挖掘优势风格及主线机会的"扩散"。 A股成长风格行情仍未结束 自9月18日美联储降息落地以来，A股市场延续此前的科技成长风格，截至9月26日，科创50指数区间涨 幅超过5%。 短期来看，富国基金认为，美联储重启降息给予了流动性叙事更多底气，目前国内经济数据仍在回暖， 叠加十一假期的"节前效应"，如果没有较多的利好措施进一步出台，近期市场或以震荡波动为主。 富国基金提示，可关注以下板块的机会：一是科技板块仍是行情核 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The first 12-inch silicon carbide (SiC) substrate processing pilot line has officially commenced, opening up growth opportunities for the company [7] - The company has achieved a significant technological breakthrough in 12-inch SiC crystal growth, marking a transition from a follower to a leader in global SiC substrate technology [7] - SiC's high thermal conductivity and processing window are expected to enhance the cooling of CoWoS structures and reduce packaging dimensions, making it an ideal material for high-performance applications [7] - The company is actively expanding its production capacity for 6 and 8-inch substrates and has already developed the capability for 12-inch substrates [7] - The forecasted net profit for the company is projected to be 1 billion, 1.2 billion, and 1.5 billion yuan for 2025, 2026, and 2027 respectively, corresponding to a P/E ratio of 58, 47, and 38 times [7] Financial Summary - Total revenue for 2023 is projected at 17,983 million yuan, with a year-on-year growth of 69.04% [1] - The net profit attributable to the parent company for 2023 is expected to be 4,558 million yuan, reflecting a year-on-year increase of 55.85% [1] - The latest diluted EPS for 2023 is estimated at 3.48 yuan per share [1] - The company’s total assets are projected to reach 31,550 million yuan in 2024, with a total liability of 13,616 million yuan [8] - The company's cash flow from operating activities is expected to be 1,773 million yuan in 2024 [8]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the semiconductor industry, focusing on companies such as SMIC (中芯国际), Hua Hong Semiconductor (华虹), Changxin Storage (长鑫存储), and Longsys (长存) [1][2][7]. Key Points and Arguments 1. **Expansion of Advanced Processes**: SMIC and Hua Hong are expanding their production capabilities for advanced processes below 7nm to meet domestic computing power demands. Hua Hong's expansion at its 8th factory is exceeding expectations, with new production lines expected in 2026. However, some equipment orders for SMIC have been delayed [1][3]. 2. **Storage Industry Growth**: Changxin Storage and Longsys are expected to see significant upward changes in 2026. Longsys has established its third-phase project focusing on over 300-layer products, with a 30% increase in investment per wafer compared to previous layers. Changxin Storage is also actively expanding and is expected to accelerate its IPO process in 2026 [1][5][6]. 3. **HBM Industry Development**: The domestic High Bandwidth Memory (HBM) industry is projected to achieve a breakthrough from 0 to 1 in industrialization by 2026. Changxin Storage's Shanghai facility is planning for 3D packaging and HBM production lines, which may create new expansion demands [1][6]. 4. **Capital Expenditure Trends**: The semiconductor industry's capital expenditure is expected to maintain double-digit growth in 2026, driven by increased domestic production rates and structural changes. Equipment companies may see order growth rates of over 30%, potentially reaching 40%-50% [1][9][10]. 5. **Focus on Equipment and Materials**: Recommendations for equipment companies include North Huachuang, Zhongwei Company, and Tuo Jing Technology, among others. In the semiconductor materials sector, Anji Technology and Dinglong Co. are highlighted, with domestic semiconductor material demand expected to grow at a compound annual growth rate of 20%-30% [3][12]. 6. **Investment Recommendations**: For the HBM supply chain, it is suggested to focus on the testing and packaging end, particularly smaller market cap companies like Jingzhida, Xinyuanwei, and Jiaocheng Ultrasonic, which may show significant growth potential [1][8]. Additional Important Insights - The semiconductor industry is showing strong momentum in both logic processes and storage sectors, reflecting increasing market demand and enhancing China's self-sufficiency in semiconductor capabilities [7]. - The investment in equipment for advanced processes is expected to rise significantly, with costs per wafer for 28nm to 7nm processes increasing from approximately 4-5 billion RMB to over 13 billion RMB [4]. - The overall sentiment in the semiconductor sector is positive, with expectations of continued growth and development across various segments [2][7].

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call discusses **Jingsheng Electromechanical** and its advancements in the **silicon carbide (SiC) substrate** industry, particularly focusing on the **12-inch SiC substrate** technology and its applications in various sectors including **power devices** and **AR glasses** [2][3][5]. Core Insights and Arguments - **12-inch SiC Substrate Development**: Jingsheng has successfully completed the trial production line for 12-inch SiC substrates, achieving 100% domestic equipment development, which significantly reduces downstream application costs and enhances production efficiency by approximately **125 times** compared to 8-inch substrates [2][5]. - **Market Positioning**: The company is actively validating its SiC substrates with global customers and has secured bulk orders from international clients, indicating strong market demand and positioning [2][5]. - **Production Capacity**: The company has a domestic capacity of **900,000 pieces** for power devices, with plans to ramp up production of 8-inch substrates significantly by the end of **2026 to early 2027** [2][6]. - **Strategic Partnerships**: Jingsheng has signed strategic agreements with companies like **Xreal** to provide semi-insulating SiC substrates for AR glasses, with positive progress in product validation [2][6]. - **Pricing Dynamics**: Current prices for 6-inch SiC substrates are around **1,500 RMB**, while 8-inch substrates are priced at approximately **4,000 RMB**. The company plans to increase 8-inch production while maintaining the current scale for 6-inch substrates [2][13]. Additional Important Insights - **Technological Leadership**: Jingsheng's integration of **alkaline nitrogen technology** with existing large-size silicon wafer processes positions it competitively in the market, allowing rapid response to market demands [2][9]. - **Chinese Manufacturers' Dominance**: Chinese manufacturers, including Jingsheng, hold a dominant position in the SiC substrate market, surpassing foreign competitors in both technology and cost [10][21]. - **Future Capacity Expansion**: The company plans to achieve **300,000 pieces** of 8-inch capacity in **Shangyu** by the end of **2025**, and **240,000 pieces** in **Malaysia** by **2027** [15][6]. - **Market Trends in Photovoltaics**: Despite the current downturn in the photovoltaic equipment sector, Jingsheng anticipates potential growth as new technologies are introduced and market conditions improve [17][18]. - **Cost Efficiency and Profitability**: The company is focused on improving efficiency and reducing costs in its photovoltaic equipment, with significant advancements in technologies that enhance battery performance [18][29]. Conclusion - Jingsheng Electromechanical is positioned for significant growth in the SiC substrate market, with strong technological capabilities, strategic partnerships, and a clear plan for capacity expansion. The company is also navigating challenges in the photovoltaic sector while maintaining a focus on innovation and cost efficiency.

Core Viewpoint - The article emphasizes the critical importance of domestic semiconductor equipment manufacturing in China, particularly in the thin film deposition sector, as a response to U.S. export restrictions and the need for technological independence [2][40]. Group 1: Industry Overview - The thin film deposition equipment market in China reached approximately 47.9 billion yuan in 2023, with a domestic production rate of less than 25%, indicating significant potential for domestic substitution [6][41]. - The semiconductor manufacturing process requires a growing number of thin film layers, with the number of deposition steps increasing from about 40 for 90nm processes to over 100 for 3nm processes [3][63]. - The global semiconductor capital expenditure (Capex) is expected to enter a new growth phase, driven by advanced products and increasing production capacity [48]. Group 2: Technological Developments - The transition from 2D to 3D chip structures has fundamentally changed the technology focus and market structure for thin film deposition equipment [9]. - ALD (Atomic Layer Deposition) technology is becoming essential for advanced nodes and 3D structures due to its atomic-level thickness control and 100% step coverage [19][20]. - PECVD (Plasma-Enhanced Chemical Vapor Deposition) holds the largest market share (33%) among thin film deposition technologies, particularly suited for 28nm and below nodes [13][41]. Group 3: Domestic Manufacturers - Key domestic manufacturers in the thin film deposition equipment sector include North Huachuang, Tuo Jing Technology, and Micro Company, each focusing on different aspects of the market [7][41]. - Domestic manufacturers are adopting a multi-dimensional strategy to break through the monopolistic barriers set by international giants, focusing on specialized equipment like HDPCVD and SACVD [25][70]. Group 4: Investment Insights - Investment focus should be on companies that can achieve a closed loop in specific advanced process windows rather than merely replacing single machines [28]. - Companies with dual capabilities in PEALD and Thermal ALD, particularly those that have validated their technology in specific applications, are expected to hold the highest value [29]. - The importance of core components and subsystems, such as plasma sources and vacuum systems, is highlighted as critical for the success of semiconductor equipment [34][36]. Group 5: Conclusion - The U.S. technology blockade has catalyzed a more resilient and innovative semiconductor equipment industry in China, moving from mere substitution to defining next-generation processes [38]. - The journey of domestic equipment manufacturers reflects a broader trend of understanding and meeting the specific needs of Chinese manufacturing, paving the way for long-term value discovery in the semiconductor sector [38].