中信证券股份有限公司 关于江苏微导纳米科技股份有限公司 差异化权益分派事项的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为江苏微 导纳米科技股份有限公司（以下简称"微导纳米"、"公司"）的保荐机构，根据 《中华人民共和国公司法》 《中华人民共和国证券法》 《证券发行上市保荐业务管 理办法》《上海证券交易所科创板股票上市规则》等有关规定，对微导纳米本次 差异化权益分派事项进行了专项核查，核查情况如下： 一、本次差异化分红的原因 （一）2024 年第一期股份回购情况 以集中竞价交易方式回购公司股份方案的议案》，同意公司使用首次公开发行人 民币普通股取得的超募资金、公司自有资金或自筹资金通过集中竞价交易方式回 购公司发行的人民币普通股（A 股），在未来适宜时机用于实施股权激励计划及/ 或员工持股计划，回购资金总额不低于人民币 3,000 万元（含），不超过人民币 会审议通过本次回购股份方案之日起不超过 12 个月。 截至该公告披露日，公司已完成 2024 年第一期股份回购，累计回购公司股份 （二）2024 年第二期股份回购情况 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有 ...

证券研究报告 行业研究 / 行业点评 2025 年 06 月 18 日 机械设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《【爱建智造】周观点：存储厂景气延续，重 视清洗设备需求》2025-06-08 《【爱建智造】周观点：机器人执行层迭代， 走向场景实用适配》2025-06-03 《【爱建智造】周观点：机器人格斗赛带来动 捕系统新增量》2025-05-26 《Optimus 运动智能突破，T 链催化密集—— 爱建智能制造周报 （2025/05/12-2025/05/16）》2025-05-17 《国产半导体设备加速验证，关注先进制程投 产进度——爱建智能制造周报 （2025/05/06-2025/05/09）》2025-05-12 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 行业及产业 具身认知智能与运动控制协同进阶 ——爱建智能制造周报（2025/06/09-2025/06/13） 投资建议： 1）建议关注 T 链中业绩确定性较强的核心公司，【拓普集团】【震裕科技】【隆盛科技】； 2） ...

Summary of Conference Call Records Industry Overview - The focus is on the **high-end equipment** sector within the context of **China's self-sufficiency** strategy, particularly in light of increasing restrictions from the U.S. and Western countries on Chinese technology [1][2][5] Core Insights and Arguments - **Self-sufficiency as Investment Theme**: The current geopolitical climate emphasizes the need for self-sufficiency, supported by China's 14th Five-Year Plan, which signals strong policy backing for domestic alternatives [1][2] - **Investment Strategy**: The strategy involves mapping macroeconomic and market correlations, focusing on policy-supported areas, critical sectors facing supply chain constraints, and fields with low domestic production rates but short technology advancement cycles [1][4] - **Key Sectors for Investment**: The report highlights several sub-sectors within the mechanical industry, including: - **Semiconductor Equipment**: Low domestic production rates, with photolithography machines near zero, inspection segments below 5%, and testing machines under 10% [12] - **Scientific Instruments**: Companies are encouraged to enhance market share through continuous R&D [12] - **High-end Equipment**: Low domestic production rates for five-axis machine tools (approximately 10%) and high-end CNC systems (in single digits) [12] Historical Context and Market Dynamics - **Past Market Trends**: The mechanical sector has historically been influenced by external pressures and domestic policy support. Key events include: - **2018-2020**: U.S.-China trade tensions led to a surge in high-end equipment manufacturing, particularly in the semiconductor sector [7][8] - **2021**: Further U.S. restrictions on the semiconductor industry prompted domestic companies to focus on mature process chip production [7] - **2022 Onwards**: The addition of Chinese wafer manufacturers to the U.S. entity list had a limited initial impact, with companies performing well despite market concerns [7][8] Investment Opportunities and Recommendations - **Focus on Low Domestic Production**: The emphasis is on sectors with low domestic production rates that have the potential for significant growth due to policy support and market demand [2][10] - **Encouragement for Investors**: Investors are urged to explore specific stocks within the self-sufficiency strategy, particularly in the semiconductor and high-end equipment sectors, where valuations may not be high [11] Additional Important Points - **Technological Progress and Policy Catalysts**: The acceleration of technological advancements and supportive policies is expected to create substantial investment opportunities in the mechanical sector [11] - **Long-term Viability**: The sustainability of the self-sufficiency sector's growth is contingent on achieving higher domestic production rates and the ability of companies to convert orders into performance to manage valuations [9]

Index Performance - The A-share market showed a complex situation on June 17, with major indices exhibiting mixed performance and frequent rotation among sectors [2] - The Shanghai Composite Index slightly decreased by 0.04% to 3387.40 points, while the Shenzhen Component fell by 0.12% to 10151.43 points, and the ChiNext Index dropped by 0.36% to 2049.94 points [4][5] - The overall trading volume shrank to approximately 1.23 trillion yuan, indicating a cautious market sentiment and a strong observation mood among investors [6] Sector Highlights - The technology sector displayed significant differentiation, with sub-sectors like brain-computer interfaces and AI glasses maintaining their momentum, while semiconductor equipment and optical modules faced profit-taking [9] - Geopolitical tensions in the Middle East led to a rise in oil and gas prices, benefiting companies like Beiken Energy, while gold and nuclear protection concepts experienced volatility [10] - High-profile themes such as IP economy and innovative drugs faced selling pressure, indicating a cooling enthusiasm for high-priced themes [10] Capital Flow - Northbound funds recorded a net outflow of 1.83 billion yuan, marking three consecutive days of net selling, although there was a late-stage increase in technology stocks [12] - Domestic capital saw a net outflow of approximately 45 billion yuan, shifting from consumer and pharmaceutical sectors to defensive sectors like oil and military [13] Influencing Factors - The upcoming Lujiazui Forum is expected to provide significant policy signals, which could boost market confidence if favorable policies are announced [15] - The escalation of conflicts in the Middle East has caused fluctuations in oil prices, impacting investor sentiment and the broader financial market [17] - The uncertainty surrounding the Federal Reserve's monetary policy continues to influence global capital flows and the A-share market [17] Market Outlook - The market's shrinking volume indicates a significant divergence between bulls and bears, with a cautious sentiment prevailing [19] - Positive economic data from May suggests a solid foundation for the A-share market, supported by ongoing policy initiatives [19] - Investors are advised to remain cautiously optimistic, focusing on volume changes, policy dynamics, and geopolitical developments as key factors influencing market direction [19]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 NRC 。 如何粉碎一块薄饼？这个问题困扰着阿姆斯特丹纳米光刻高级研究中心 (ARCNL) 的研究员迪翁· 恩格尔斯 (Dion Engels)。 这里所说的薄饼指的是被粉碎的锡滴，它在 ASML 的光刻机中每秒被引爆五万次。这会产生等离 子体，发射出极紫外 (EUV) 光：一种极紫外辐射，将高度精细的芯片图案投射到硅片或晶圆上。 集成的晶体管越多，芯片的性能就越强。得益于 EUV 光刻机，如今用于手机或人工智能数据中心 的最先进处理器上的芯片设计线间距仅为几十纳米——百万分之一毫米。 ASML 与美国 Cymer 实验室合作研究 EUV 技术长达二十年，发现粉碎锡滴可以产生更多的 EUV 光。其结果是：生产英伟达、苹果、三星或英特尔先进芯片的机器很快就会更加高效地运转。 ASML 系统的许多基础设计都诞生于阿姆斯特丹东区的科学园。ARCNL 成立于十年前，与阿姆 斯特丹大学合作成立。其推动力来自 ASML 的技术总监兼联席总裁 Martin van den Brink，他于 去年退休。ARCNL 承担 ASML 三分之一的预算（每年约 400 万 ...

Group 1 - The core viewpoint of the news is that Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, marking its entry into the A-share market [1] - Hengyun Chang is a leading domestic supplier of core components for semiconductor equipment, focusing on the research, production, sales, and technical services of plasma RF power systems, plasma excitation devices, and plasma DC power supplies [1] - The company has a significant market valuation of 3.292 billion yuan following its last market financing in December 2023 [1] Group 2 - In 2024, Hengyun Chang is projected to achieve an operating revenue of approximately 541 million yuan, with a corresponding net profit of about 143 million yuan [1] - The company has a high customer concentration, with the top five customers accounting for 73.54%, 80.39%, and 90.62% of total operating revenue during the reporting periods [2] - Sales to the largest customer, Tuojing Technology, represented 45.23%, 58.16%, and 63.13% of total revenue in the respective years, indicating a growing dependency on this client [2]

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自 NRC 。 如何粉碎一块薄饼？这个问题困扰着阿姆斯特丹纳米光刻高级研究中心 (ARCNL) 的研究员迪翁·恩 格尔斯 (Dion Engels)。 这里所说的薄饼指的是被粉碎的锡滴，它在 ASML 的光刻机中每秒被引爆五万次。这会产生等离子 体，发射出极紫外 (EUV) 光：一种极紫外辐射，将高度精细的芯片图案投射到硅片或晶圆上。 集成的晶体管越多，芯片的性能就越强。得益于 EUV 光刻机，如今用于手机或人工智能数据中心的 最先进处理器上的芯片设计线间距仅为几十纳米——百万分之一毫米。 ASML 与美国 Cymer 实验室合作研究 EUV 技术长达二十年，发现粉碎锡滴可以产生更多的 EUV 光。其结果是：生产英伟达、苹果、三星或英特尔先进芯片的机器很快就会更加高效地运转。 芯片元件尺寸缩小的速度正在放缓，因为芯片设计变得越来越高：制造商正在将芯片元件粘合在一 起，并想出更智能地排列晶体管的方法，例如从底部供电。 ASML 系统的许多基础设计都诞生于阿姆斯特丹东区的科学园。ARCNL 成立于十年前，与阿姆斯特 丹大学合作成立。其推动力来自 AS ...

Core Viewpoint - The global semiconductor equipment market is projected to grow by 21% year-on-year in Q1 2025, reaching $32.05 billion, despite a 5% quarter-on-quarter decline, indicating resilience in the industry amidst geopolitical uncertainties and supply chain adjustments [1][35]. Regional Summaries China Mainland - In Q1 2025, the revenue from the Chinese mainland reached $10.26 billion, maintaining its position as the largest single market globally, but showing a 14% quarter-on-quarter and 18% year-on-year decline, reflecting a "double drop" trend [4][5]. - The market share of the Chinese mainland in the overall semiconductor equipment sales shrank from 47% in the same period last year to 32% [5]. South Korea - South Korea's semiconductor equipment market saw a robust performance in Q1 2025, with revenues of $7.69 billion, marking a 24% quarter-on-quarter and 48% year-on-year increase, driven by a recovery in memory chips and significant investments from major manufacturers [8][10]. - The Korean government has implemented the "K-Semiconductor Strategy," providing substantial tax incentives and subsidies to boost the industry [9]. Taiwan - Taiwan's semiconductor equipment market experienced a remarkable growth of 203% year-on-year in Q1 2025, reaching $7.09 billion, fueled by expansion plans from leading companies like TSMC and UMC [11][14]. - TSMC's advanced process development and capacity expansion significantly contributed to the surge in equipment demand, with a focus on cutting-edge technologies [11][12]. North America - North America's equipment market revenue reached $2.93 billion in Q1 2025, reflecting a 41% quarter-on-quarter decline but a 55% year-on-year increase, indicating a "pulse-like" expansion pattern influenced by concentrated procurement in the previous quarter [15][16]. - The CHIPS Act's funding and Intel's production ramp-up are expected to support continued growth in the region [16]. Japan - Japan's semiconductor equipment market saw a 20% year-on-year increase in Q1 2025, driven by government subsidies and capacity expansions, despite an 18% quarter-on-quarter decline due to seasonal fluctuations [18][19]. Europe - Europe's semiconductor equipment market faced a significant downturn, with a 54% year-on-year and 11% quarter-on-quarter decline, attributed to ineffective policy execution and reduced capital expenditures [20][21]. - The region's lack of competitive semiconductor manufacturing capabilities has exacerbated its market challenges, leading to a systemic decline in the industry [22][23]. Industry Trends - The semiconductor equipment market is undergoing structural changes, with high-end chip demand driven by AI applications maintaining price resilience, while mature process segments face oversupply issues [37][39]. - The overall industry is expected to enter an expansion phase in the latter half of 2025, supported by increased demand for advanced chips and a recovery in capacity utilization [38][39].

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. has received approval for its IPO on the Sci-Tech Innovation Board, aiming to raise 1.55 billion yuan for various projects and working capital [3]. Group 1: Company Overview - Hengyun Chang was established in 2013 with a registered capital of 50.77 million yuan and is a core component supplier for semiconductor equipment [3]. - The actual controller of Hengyun Chang is Chairman and General Manager Le Weiping, who directly holds 23.09% of the voting rights and indirectly controls a total of 72.87% of the voting rights through various investment entities [4]. Group 2: Financial Performance - Projected revenues for Hengyun Chang from 2022 to 2024 are 158 million yuan, 325 million yuan, and 541 million yuan, respectively [3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be 19.81 million yuan, 69.24 million yuan, and 131 million yuan for the same period [3]. - The gross profit margins for the main business are projected to be 41.65%, 46.11%, and 48.71% from 2022 to 2024 [3].

2025 年 6 月 16 日 行业研究 2025 智能机器人发展大会如期举行，普渡机器人累计出货量达 10 万台 ——机械行业周报 2025 年第 24 周（2025.6.9-2025.6.15） 机械行业 买入（维持） 作者 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 分析师：庄晓波 执业证书编号：S0930524070018 0755-25310400 zhuangxiaobo@ebscn.com 联系人：夏天宇 6 月 4 日，人形机器人公司「加速进化」宣布已完成 A 轮融资，金额超亿元人民币， 由深创投集团领投，金鼎资本跟投，老股东源码资本、英诺 ...