Core Viewpoint - The planned share reduction by the chairman and general manager of Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd. is a financial arrangement related to his change of nationality and not indicative of concerns about the company's future [1][5]. Group 1: Share Reduction Details - The chairman, Yin Zhiyao, plans to reduce his holdings by up to 290,000 shares, representing 0.046% of the total share capital [1]. - As of the announcement date, Yin Zhiyao directly holds 4,159,436 shares, which is 0.664% of the total share capital [4]. - The reduction will occur within three months from January 30 to April 29, 2026, through centralized bidding, adhering to legal regulations [4][5]. Group 2: Historical Context and Contributions - Yin Zhiyao has a significant background in the semiconductor industry, having worked at Intel and Applied Materials, where he contributed to the development of key semiconductor equipment [7][8]. - In 2004, he returned to China to establish Zhongwei Semiconductor Equipment, focusing on breaking foreign monopolies in high-end semiconductor equipment [8]. - The company has achieved substantial growth, with revenues reaching approximately 9.065 billion yuan in 2024, a year-on-year increase of 44.73% [9]. Group 3: Recognition and Nationality Change - Yin Zhiyao has received numerous accolades for his contributions to the semiconductor industry, including the "White Magnolia Memorial Award" and recognition as a leading figure in the semiconductor sector [9]. - In April 2025, it was reported that he renounced his U.S. citizenship and restored his Chinese nationality, with the share reduction being a necessary step for tax arrangements following this change [9].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ●天津金海通半导体设备股份有限公司（以下简称"公司"）持有鑫益邦半导体（江苏）有限公司（以下 简称"鑫益邦"）3.3113%的股权（对应注册资本67.3077万元），上海科技创业投资有限公司（以下简 称"上海科创投"）拟将其持有的5.7395%鑫益邦股权（对应注册资本116.6667万元）以881.5896万元转让 给吴华先生，公司放弃优先购买权。 ●同时，中小企业发展基金海望（上海）私募基金合伙企业（有限合伙）与苏州鋆望创芯拾贰号投资合 伙企业（有限合伙）拟将其分别持有的鑫益邦8.1993%股权（对应注册资本166.6667万元）、0.4100%股 权（对应注册资本8.3333万元），分别以1259.4137万元、62.9707万元转让给南通华泓投资有限公司 （以下简称"南通华泓"），公司放弃优先购买权。 ●吴华先生系公司董事，南通华泓系持有公司5%以上股份的法人股东，根据《上海证券交易所股票上市 规则》的相关规定，吴华先生、南通华泓均为公司关联人，公司本次放弃 ...

订单与盈利双拐点，高毛利产品占比提升推动利润修复：公司新增订单连续六个季度同比回升，AI 服 务器与国内需求共振带动SMT加速复苏，SEMI随HBM 扩产进入新一轮上行周期。先进封装占比提升、 SMT 结构改善及费用优化带来毛利率与盈利拐点，2025–2027 年业绩弹性充分。 地缘政治+国产替代共振，中国市场份额预期提升：在美国出口管制与国产化替代加速背景下，国内封 测厂资本开支保持高增，公司作为封装设备唯一具备 ECD 供应能力的厂商，结合中国深度本地化网络 与领先客户资源，将持续受益于供应链自主可控与国产化政策红利。 机构：财通证券 研究员：郝艳辉/景柄维 先进封装设备放量，全面布局深度受益：全球AI/HPC 带动TCB、HybridBonding 等先进封装工艺快速渗 透，设备需求进入持续放量周期。公司在先进封装拥有完整的设备矩阵，覆盖沉积、TCB、HB、Fan- out 与SiP 等核心环节，TCB市占率全球第一，HB设备完成代际升级并量产交付。随着 HBM扩产启 动、先进逻辑厂设备采购周期延续，公司有望在行业结构性扩张中获得最大增量，先进封装收入与全球 占有率持续提升。 投资建议：公司受益于先进封 ...

在刚刚过去的2025年，伴随国内政策对科技创新和产业升级的大力支持，以及全球流动性环境边际改善 的预期，市场风险偏好显著提升，以人工智能为代表的科技股走出一轮强劲的上涨行情。 展望2026年，科技板块将面临哪些机遇与挑战？AI产业的发展阶段与投资重心是否已悄然演变？在AI 主线之外，还有哪些科技子领域有望迎来产业拐点？ 上海证券报记者邀请财通基金副总经理、权益投资总监、基金经理金梓才，永赢基金权益投资部联席总 经理、基金经理李文宾，以及中欧信息科技混合基金基金经理杜厚良对上述议题展开探讨。 科技创新进入新周期 上海证券报：有观点认为，2025年科技股的上涨主要由估值扩张驱动，而2026年企业盈利有望成为股价 的核心驱动力。您是否认同？在当前PPI有望回正、企业营收端修复动能增强的背景下，科技板块的盈 利改善前景如何？ 金梓才：展望2026年，A股市场有望步入整体环境更优、结构性特征深化的发展阶段，核心驱动力源于 全球流动性环境的进一步改善，以及以AI为代表的产业趋势进入加速兑现期，整体投资环境具备较强 支撑性。 宏观层面，全球与国内流动性环境预计同步向好，为市场上涨奠定坚实基础。从外部来看，美联储2026 年 ...

◎记者 聂林浩 王彭 在刚刚过去的2025年，伴随国内政策对科技创新和产业升级的大力支持，以及全球流动性环境边际改善 的预期，市场风险偏好显著提升，以人工智能为代表的科技股走出一轮强劲的上涨行情。 展望2026年，科技板块将面临哪些机遇与挑战？AI产业的发展阶段与投资重心是否已悄然演变？在AI 主线之外，还有哪些科技子领域有望迎来产业拐点？ 上海证券报记者邀请财通基金副总经理、权益投资总监、基金经理金梓才，永赢基金权益投资部联席总 经理、基金经理李文宾，以及中欧信息科技混合基金基金经理杜厚良对上述议题展开探讨。 科技创新进入新周期 宏观层面，全球与国内流动性环境预计同步向好，为市场上涨奠定坚实基础。从外部来看，美联储2026 年降息节奏或加快，A股面临的外部约束大幅减弱，海外资金环境更趋友好；从内部来看，国内货币政 策将持续为经济高质量发展与产业升级提供支持，维持流动性合理充裕。内外部流动性的协同改善，将 有效提升市场风险偏好，为估值修复创造有利条件。 从产业维度来看，以人工智能为首的科技成长方向增长动能将持续强化，斜率有望进一步陡峭。AI产 业正从2025年的高速渗透，迈向2026年进一步业绩兑现与深度影响 ...

Summary of Changhong Technology Conference Call Company Overview - **Company**: Changhong Technology - **Industry**: Semiconductor and related materials Key Points Industry and Market Developments - In December 2025, Changhong Technology surpassed imported products in the wafer carrier segment, securing significant orders from major storage clients, indicating recognition of product quality and delivery capabilities [2][3] - The first half of 2026 is expected to be crucial for expanding new customers in wafer carriers, with breakthroughs anticipated in photomask carriers and electronic chemical clean packaging barrels, opening new market opportunities [2][5] - The current order volume from major storage clients is in the thousands, with a total value exceeding 10-20 million RMB, and plans to actively pursue orders from other storage and logic manufacturers [2][6] Product and Financial Performance - The gross margin for existing storage clients is low, but under normal pricing conditions, it can exceed 40% to 50%. As domestic production increases, gross margins and net profit levels are expected to remain substantial [4][14] - The wafer carrier market is broad, with a monthly capacity of 50,000 wafers requiring 40,000 to 50,000 FOUPs, with an annual loss rate of 10%-20%. Currently, domestic FOUP market share is 0%, but breakthroughs in large silicon wafers have been achieved, indicating significant future demand for Forcebee [7][8] Competitive Landscape - The photomask carrier market is primarily dominated by Taiwan's Jaden, with domestic market share below 2%. Jaden's revenue from photomask carriers accounts for 60% of its total, while wafer carriers account for 40% [8] - Changhong Technology aims to capture a share of the semiconductor supply chain, where leading companies typically hold over 70% of the market, while smaller firms account for 20%-30% [9] Future Growth and Strategy - The company anticipates significant growth in the semiconductor market over the next 1-2 years, driven by existing breakthroughs and new customer acquisitions [5][6] - There is a strong demand for domestic alternatives among clients, although execution challenges exist due to quality assurance concerns. Successful validation of domestic products could accelerate the overall replacement process [13] - The company is also expanding its medical segment, facing challenges in the European market but enhancing its position with international clients like Roche and Siemens [15] Operational Insights - The OA (Office Automation) segment remains stable, with new production lines in Vietnam expected to increase capacity by 30%-40% [16] - The company maintains a conservative outlook for overall performance, with specific targets set for stock incentive plans that do not account for semiconductor segment revenues [17] Strategic Focus - Future priorities include consolidating existing core businesses (OA and medical) to ensure stable revenue and cash flow, while accelerating the domestic wafer carrier process and expanding application clients in the semiconductor sector [19]

两融数据显示，该股最新融资余额为35.78亿元，近5日增加8145.92万元，增幅为2.33%。（数据宝） 1月8日中微公司大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | | | | | 50.00 | 16243.00 | 324.86 | -6.08 | 中信证券股份有限公司上 | 国泰海通证券股份有限公司 上海徐汇区云绣路证券营业 | | | | | | 海溧阳路证券营业部 | 部 | | 10.00 | 3248.60 | 324.86 | -6.08 | 机构专用 | 国泰海通证券股份有限公司 上海徐汇区云绣路证券营业 | | | | | | | 部 | | 5.00 | 1624.30 | 324.86 | -6.08 | 机构专用 | 国泰海通证券股份有限公司 上海徐汇区云绣路证券营业 | | | | | | | 部 | | 2.77 | 899.86 | 324.86 ...

联系人：冯光亮 光伏设备 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn Email：fenggl@zts.com.cn 基本状况 总股本(百万股) 461.16 流通股本(百万股) 461.16 市价(元) 75.71 市值(百万元) 34,914.22 流通市值(百万元) 34,914.22 微导纳米（688147.SH） 证券研究报告/公司深度报告 2026 年 01 月 08 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：王芳 | | 营业收入（百万元） | | 1,680 | 2,700 | 2,619 | 2,692 | 3,721 | | | | 增长率 yoy% | | 145% | ...

Core Viewpoint - The market's strong recognition of ChipSource Micro's inclusion in the CSI 500 Index is evidenced by a 20% surge in its stock price, leading to a market capitalization increase of over 10 billion yuan [1][2]. Group 1: Market Reaction and Stock Performance - Following the announcement of its inclusion in the CSI 500 Index, ChipSource Micro's stock price hit a 20% limit up on January 7, with a subsequent increase of 13.17% on January 8, raising its market value from 32 billion yuan to 43.5 billion yuan [2]. - The CSI 500 Index is known for its strict selection criteria, focusing on mid-cap growth stocks, which ChipSource Micro met with a market cap close to 30 billion yuan and an average daily trading volume of 5 billion yuan [2][3]. - The anticipated passive fund inflow from the index adjustment is estimated to bring about 240 million yuan in buying pressure, reflecting strong institutional interest [3]. Group 2: Company Position and Industry Context - ChipSource Micro is the only domestic manufacturer of mass production front-end coating and developing equipment, holding a unique position in the semiconductor equipment domestic substitution market [3]. - The company has seen a significant stock price increase of over 128% in 2025, driven by the recovery of the storage industry and the backing of Northern Huachuang, which has enhanced its operational capabilities [1][4]. Group 3: Financial Performance and Challenges - Despite the stock price surge, ChipSource Micro's financial performance has been under pressure, with revenue growth slowing from 23.98% in 2024 to -10.35% in the first three quarters of 2025 [6]. - The company's contract liabilities increased by 78% to 803 million yuan, indicating challenges in converting orders into revenue [6]. Group 4: Management and Leadership Transition - The founder, Zong Runfu, has played a crucial role in the company's development over the past 20 years, transitioning from a startup to a high-growth company [7][8]. - Following Northern Huachuang's acquisition, a smooth leadership transition occurred with the appointment of Dong Boyu, a "post-80s" generation leader, as chairman [8].

Group 1 - The semiconductor equipment sector experienced fluctuations, with the China Securities Cloud Computing and Big Data Index rising by 1.3% and the China Securities Chip Industry Index increasing by 0.4%, while the China Securities Semiconductor Materials and Equipment Index fell by 0.5% [1] - The E Fund Semiconductor Equipment ETF (159558) saw a net subscription of 25 million units throughout the day, marking a total net inflow of 600 million yuan over the previous seven trading days [1] - According to Zheshang Securities, driven by advanced process investments and the wave of semiconductor self-sufficiency in China, global semiconductor equipment sales are projected to reach 117.1 billion USD in 2024, representing a year-on-year growth of 10% [1] Group 2 - SEMI forecasts that global semiconductor equipment sales are expected to grow by 13.7% to 133 billion USD in 2025 [1] - The semiconductor equipment sector is anticipated to maintain a high level of prosperity driven by AI, with sales expected to grow by 10% year-on-year in 2026 [1] - The China Securities Semiconductor Materials and Equipment Index consists of 40 companies involved in semiconductor materials and equipment, focusing on the hardware foundation of future computing [5]