文/西风 1月14日，上交所公布关于终止对江苏亚电科技股份有限公司科创板IPO的决定，直接原因是公司及保荐机构华泰联合证券撤回申报。亚电科技成为2026 年科创板IPO首家终止审核的公司。公司申报科创板IPO于2025年6月27日获得受理，次月21日收到首轮问询，但未见公布问询回复。公司本次IPO拟募资 9.50亿元。 公司前身有限公司成立于2019年3月，2023年12月整体变更为股份有限公司，公司目前注册资本8397.0931万元。公司控股股东、实际控制人为钱诚先生。 钱诚，1983年12月出生，本科学历，毕业于东南大学机械设计制造及其自动化专业，现任公司董事长、总经理。 一、国内领先的湿法清洗设备供应商 亚电科技系国内领先的湿法清洗设备供应商，主要从事硅基半导体、化合物半导体及光伏领域湿法清洗设备的研发、生产和销售。公司产品主要应用于半 导体前道晶圆制造过程中的湿法清洗环节。基于在硅基半导体领域的技术积累和湿法设备的技术同源性，公司产品已拓展至化合物半导体、光伏等应用领 域，形成了具有技术优势的核心湿法工艺设备产品体系。 公司专注于自主知识产权产品的研发、生产和销售，已实现对8英寸、12英寸等市场主流晶 ...

1月14日，江苏亚电科技股份有限公司(简称：亚电科技)上交所科创板IPO审核状态变更为"终止"。因亚 电科技及其保荐人撤回发行上市申请，根据《上海证券交易所股票发行上市审核规则》第六十三条有关 规定，上交所终止其发行上市审核。 自成立以来，公司已深度参与国内半导体国产化产业进程，为多家主流知名硅基半导体、化合物半导体 晶圆厂、光伏厂商客户提供系统化的湿法设备与工艺解决方案，在产线中占据重要地位。截至目前，公 司客户已覆盖芯联集成、时代电气、比亚迪（002594）、华润微、三安光电（600703）、客户A、青岛 芯恩、卓胜微（300782）、华虹公司、隆基绿能（601012）等行业领先企业，在部分湿法清洗特殊工艺 及前沿技术产品领域实现了国产技术突破，帮助客户实现了国产化。 与同行业公司相比，公司持续通过自研方式，坚持差异化竞争路线，自设立至今专注于湿法清洗设备领 域，在产业化初期聚焦成熟制程，在槽式清洗设备领域逐步成为国内主要供应商之一。公司是国内少数 完整覆盖下游三大应用领域，可以批量为下游领先硅基半导体晶圆厂商、化合物半导体厂商、光伏厂商 提供湿法清洗专用设备的供应商之一。公司研发的半导体清洗设备已实现了 ...

Core Viewpoint - FormFactor, Inc. is set to report its financial results for the fourth quarter of the 2025 fiscal year on February 4, 2026, at 1:25 p.m. Pacific Time, with a live webcast available for public access [1]. Company Overview - FormFactor, Inc. (NASDAQ: FORM) is a prominent provider of test and measurement technologies throughout the entire integrated circuit (IC) life cycle, which includes characterization, modeling, reliability, design debugging, qualification, and production testing [3]. - The company’s products and services are essential for semiconductor companies aiming to enhance profitability by optimizing device performance and improving yield knowledge [3]. - FormFactor operates a network of facilities across Asia, Europe, and North America to serve its customers effectively [3].

Key Takeaways ASML's Installed Base Management business stayed strong through Q3 2025.ASML completed system upgrades, benefiting from lower costs, tariffs, and improved gross margins.ASML expects EUR 2.1B in IBM revenues in Q4 2025.ASML Holding’s (ASML) upgrade and service business has been a strong contributor to its Installed Base Management (IBM) segment in the first half of 2025 and remained strong throughout the third quarter of 2025. The upgrade business also benefits from lower cost, lower tariff imp ...

Core Viewpoint - Advanced Energy Industries expresses strong confidence in its long-term data center growth, driven by the unique demands of the AI data center market and the need for continuous product innovation [1][5]. Data Center Business - The company has improved data center margins from the "teens" towards the corporate average, aiming to sustain this level despite a complex tariff regime that poses a 100 basis point headwind to gross margin [4][11]. - Data center revenue now constitutes approximately 37% to 38% of total revenue, up from the low 20% range a year ago, contributing positively to overall company margins [10]. - Advanced Energy anticipates significant contributions from new products (Everest, eVoS, NavX) in 2025, with expected revenues of $10–20 million, accelerating in 2026 and having a more substantial impact in 2027 and 2028 [3][15]. Semiconductor Equipment Outlook - The company expects 2026 to be a growth year for semiconductor equipment, driven by DRAM and leading-edge logic, with increased optimism based on customer feedback [12][13]. - Management highlighted that the semiconductor equipment segment is approximately 42% of total revenue, with a focus on high-end power delivery markets [2][5]. Product Development and Capacity - Advanced Energy is actively expanding its manufacturing capacity in the Philippines, Mexicali, and a new factory in Thailand, ready to support increased demand [6][19]. - The company is selective in its competitive positioning, achieving a win rate close to 100% in its engagements [8]. Financial Performance and Strategy - The company aims for operating expense leverage as revenue grows, expecting operating expenses to increase at roughly half the rate of revenue growth, with a target of 35% to 45% operating leverage at the operating income level [20]. - Advanced Energy has a strong balance sheet with $750 million in cash and approximately $565 million in debt as of the end of September [20]. M&A Activity - Management remains active in pursuing mergers and acquisitions, aiming to close a significant deal this year to build scale in industrial/medical and fill capability gaps through technology tuck-ins [21].

Summary of Advanced Energy Industries FY Conference Call Company Overview - **Company**: Advanced Energy Industries (NasdaqGS: AEIS) - **Date of Conference**: January 14, 2026 - **Key Speakers**: Steve Kelley (President and CEO), Paul Oldham (Executive Vice President and CFO) Revenue Breakdown - **Q3 Revenue Composition**: - Semiconductor Equipment: 42% - AI Data Center: 37% - Remaining: Industrial, Medical, Telecom, Networking [6] Growth Expectations - **2026 Growth Forecast**: Anticipated growth of 25%-30% in the data center segment, following a projected doubling of the business in 2025 [7] - **Design Wins**: Revenue forecast for 2026 is based on designs secured in 2025 and ongoing business [8] Market Dynamics - **AI Data Center vs. Conventional Data Center**: The AI data center market is characterized by rapid changes and increasing power requirements due to new GPUs and silicon [8] - **Customer Engagement**: The company maintains a high win rate (close to 100%) with a targeted customer base in the data center sector [18] Capacity and Production - **Production Sites**: Key production facilities are located in the Philippines, Mexicali (Mexico), and a new factory in Thailand, which is expected to start operations in the second half of 2026 [10][42] - **Inventory Management**: Strategic inventory levels have been established to mitigate component shortages experienced during COVID [19] Margin Insights - **Margin Improvement**: Data center margins have improved significantly, approaching corporate averages, with a goal to maintain or slightly improve these margins [20][22] - **Impact of Tariffs**: Current tariff impacts gross margins by approximately 100 basis points, but the company is actively working to mitigate these costs [46][47] Semiconductor Market Outlook - **Optimism in Semiconductor Market**: Growth is expected in leading-edge logic and memory sectors, driven by major players like TSMC, SK Hynix, and Samsung [24] - **New Product Contributions**: Technologies like eVoS and Everest are expected to contribute $10-$20 million in revenue in 2025, with significant growth anticipated in 2027 and 2028 [30] Industrial and Medical Market - **Market Recovery**: The industrial and medical segment is recovering from previous inventory corrections, with increasing order rates and revenues expected in 2026 [35] - **Aerospace and Defense Exposure**: Currently low but anticipated to grow significantly in 2026 due to increased demand in the defense sector [37] Strategic Goals - **Sole Source Products**: The company aims to increase the percentage of revenue from sole source products from 70% to 80%, with significant progress already made in semiconductor and industrial medical sectors [40][41] - **M&A Strategy**: The company is actively seeking acquisitions to strengthen its position in the industrial medical market and to fill technology gaps [55] Financial Health - **Balance Sheet**: Strong financial position with $750 million in cash and $565 million in debt as of September [54] Conclusion - Advanced Energy Industries is positioned for growth in the data center and semiconductor markets, with strategic investments in capacity and technology. The company is focused on maintaining healthy margins while navigating challenges such as tariffs and component shortages. The outlook for 2026 and beyond appears optimistic, supported by new product introductions and a recovering industrial medical market.

Core Viewpoint - The company, Jinhaitong (603061.SH), expects to achieve a net profit attributable to shareholders of the parent company between 160 million to 210 million yuan in 2025, representing an increase of 81.5185 million to 131.5185 million yuan compared to the previous year, which corresponds to a year-on-year growth of 103.87% to 167.58% [1] Industry and Company Summary - The semiconductor packaging and testing equipment sector is experiencing sustained demand growth in 2025 [1] - The company is continuously engaged in technological research and product iteration, leading to increased sales of testing and sorting machines, particularly the three-temperature testing sorting machine and large platform multi-station testing sorting machine, which cater to the needs for higher efficiency in large-scale and complex testing [1] - The company's testing and sorting machine product sales are expected to see significant improvement, contributing to a favorable growth in annual performance for 2025 [1]

Core Viewpoint - The company expects a significant increase in net profit for the fiscal year 2025, projecting a range of 160 million to 210 million yuan, representing a year-on-year growth of 103.87% to 167.58% [1] Industry Summary - The semiconductor packaging and testing equipment sector is experiencing sustained demand growth, which is expected to continue into 2025 [1] - The company is actively engaged in technology research and product iteration, contributing to its competitive edge in the market [1] Product Performance - There is a notable increase in demand for testing and sorting machines, particularly for three-temperature testing sorting machines and large platform multi-station testing sorting machines, which cater to the needs for higher efficiency in large-scale and complex testing [1] - The sales volume of the company's testing and sorting machines is anticipated to see significant improvement, driving overall revenue growth for 2025 [1]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of the parent company between 160 million to 210 million yuan in 2025, representing a year-on-year increase of 103.87% to 167.58% [1] - The company anticipates a net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, between 155 million to 205 million yuan, reflecting a year-on-year increase of 128.83% to 202.64% [1] Industry and Company Summary - The semiconductor packaging and testing equipment sector is expected to see continued growth in demand in 2025 [1] - The company is actively engaged in technology research and product iteration, leading to increased sales of testing and sorting machines, particularly for high-efficiency, large-scale, and complex testing [1] - The company projects significant growth in annual performance for 2025 due to the rising demand for its testing and sorting machine products [1]

Group 1 - Semiconductor equipment stocks showed strong gains in early trading, driven by a recovery in domestic wafer fab capacity utilization and a strong willingness to expand production, indicating a "super cycle" phase in the global memory chip industry driven by AI [1] - The AI application sector is gaining strength again, with companies like Alibaba expected to release new generations of large models, indicating continuous catalysis in the AI industry and broad commercial development potential [1] - The STAR Market Index and its constituent stocks saw significant increases, likely driven by accelerated domestic semiconductor equipment production and multiple benefits from the AI industry chain [1] Group 2 - The STAR Market is clearly positioned to primarily serve innovative enterprises in key areas such as semiconductors, biomedicine, and high-end equipment, representing an investment in China's technological breakthroughs and domestic substitution frontiers [2] - In the context of changing external environments, technological self-sufficiency has become a top priority for national development, particularly in AI chips and semiconductor equipment, accelerating the domestic production process and providing significant growth opportunities for STAR Market companies [2] Group 3 - Related products include the STAR Market Index ETF Penghua (589680) and linked funds (Class A 023757, Class C 023758, Class I 024141) [3] - Related individual stocks include Cambricon-U (688256), Haiguang Information (688041), SMIC (688981), Zhongwei Company (688012), Kingsoft Office (688111), Lanke Technology (688008), Baile Tianheng (688506), United Imaging Healthcare (688271), Yingshi Innovation (688775), and Tuojing Technology (688072) [3]