证券日报网1月7日讯 ，先导基电在接受调研者提问时表示，先导科技集团基于从材料、零部件到系统 解决方案的垂直一体化技术，在零部件领域，为凯世通定向开发了静电吸盘、MFC、微波电源、高压 电源等核心零部件，提升了零部件的国产化替代率。在材料领域，集团提供了掺杂气体、电子特气等高 纯材料，保障离子注入工艺的精确性。在工艺安全检测方面，集团也提供了如面向离子注入机的温度检 测等工艺支持。未来，凯世通将在控股股东的支持下，构建原材料、零部件、设备、服务、回收等全链 条服务，提供全周期、一站式的解决方案。 （编辑 袁冠琳） ...

证券日报网讯 1月7日，芯碁微装在互动平台回答投资者提问时表示，截至2025年12月19日，公司股东 总户数为20379户。 （文章来源：证券日报） 证券日报网讯 1月7日，芯碁微装在互动平台回答投资者提问时表示，截至2025年12月19日，公司股东 总户数为20379户。 （文章来源：证券日报） ...

证券日报网讯1月7日，芯碁微装在互动平台回答投资者提问时表示，截至2025年12月31日，公司股东总 户数为19276户。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company is positioned to benefit from the accelerating domestic semiconductor equipment replacement and improved order visibility driven by advanced packaging technology [1]. - The company has a comprehensive equipment matrix in advanced packaging, with a leading market share in TCB (Thermal Compression Bonding) and has upgraded its HB (Hybrid Bonding) equipment for mass production [8]. - The company is expected to see significant revenue growth from 2025 to 2027, with projected revenues of HKD 141.14 billion, HKD 165.73 billion, and HKD 189.05 billion, respectively, reflecting year-on-year growth rates of 6.69%, 17.42%, and 14.07% [8]. Summary by Sections 1. Market Performance - The company has experienced a significant market performance shift, with a 44% increase compared to the previous year, while the semiconductor index has shown varied performance [4]. 2. Profit Forecast - The company’s revenue is projected to decline by 24.10% in 2023, followed by a gradual recovery with expected growth rates of 6.69%, 17.42%, and 14.07% from 2025 to 2027 [7]. - The net profit is forecasted to recover from a low of HKD 345 million in 2024 to HKD 1.715 billion by 2027, indicating a strong rebound in profitability [7]. 3. Valuation Recovery - The company is expected to benefit from the long-term trend of advanced packaging, with a clear growth logic supported by order recovery and improved profit structure [8]. - The company’s TCB market share is projected to reach 35%-40% by 2027, with a total potential market exceeding USD 1 billion [66]. 4. Advanced Packaging Growth - The advanced packaging market is anticipated to surpass traditional packaging by 2025, driven by the increasing demand for AI and high-performance computing [36]. - The global advanced packaging market is expected to grow at a CAGR of approximately 10% until 2023, with significant contributions from government policies and diverse downstream demand [37]. 5. Geopolitical and Domestic Market Dynamics - The company is expected to gain market share in China due to the acceleration of domestic substitution and geopolitical factors, with a focus on local supply chain control [8]. - The company has established a strong local presence in China, with a significant portion of its revenue derived from the region, indicating a strategic advantage in the domestic market [35].

Market Overview - The A-share market experienced fluctuations today, with the Shanghai Composite Index rising by 0.05% to 4085.77 points, marking a 14-day consecutive increase [1] - The Shenzhen Component Index increased by 0.06%, the ChiNext Index rose by 0.31%, and the Sci-Tech Innovation Index saw a gain of 1.53% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.85 trillion yuan, an increase of 47.6 billion yuan compared to the previous trading day [1] Sector Performance - The semiconductor equipment sector led the market, with the semiconductor equipment ETF (159516) closing up by 7.50% [1] - The coal sector saw significant gains, with the coal ETF (515220) rising by 3.80% [2] - The innovative drug sector performed well, with the Sci-Tech Innovative Drug ETF (589720) increasing by 4.06% and the Guotai Innovative Drug ETF (517110) rising by 2.80% [2] Investment Insights - The semiconductor equipment sector is supported by dual catalysts of storage expansion and advanced process expansion, making it attractive for investors to consider opportunistic buying [1] - The innovative drug sector is showing improved cost-effectiveness following a correction, with significant commercial potential for small nucleic acid drugs [2] - The coal sector is benefiting from seasonal inventory replenishment, with positive sentiment driven by news of capacity reductions [2] Bond Market - The bond market remains weak, with the ten-year government bond ETF (511260) slightly down by 0.13% [3] - There is no clear improvement in the bond market, and the current focus is on earning certain coupon income [3] - The central bank has not shown an urgent attitude towards interest rate cuts, and market expectations for increased buying scale have not materialized [3]

Market Overview - The A-share market experienced fluctuations today, with the Shanghai Composite Index rising by 0.05% to 4085.77 points, marking a 14-day consecutive increase [1][13] - The Shenzhen Component Index increased by 0.06%, the ChiNext Index rose by 0.31%, and the Sci-Tech Innovation Index climbed by 1.53% [1][13] - The total trading volume in the Shanghai and Shenzhen markets reached 2.85 trillion yuan, an increase of 47.6 billion yuan compared to the previous trading day [1][13] - The market sentiment was neutral, with nearly 3200 stocks declining [1][13] Sector Performance - The semiconductor equipment sector led the market, with the Semiconductor Equipment ETF (159516) achieving a significant increase of 7.50% [1][13] - Other strong performers included coal, innovative pharmaceuticals, and technology-related sectors, while software, securities, and Hong Kong stocks saw the largest declines [1][13] - The coal sector surged in the afternoon, with the Coal ETF (515220) rising by 3.80% [19][21] Semiconductor Equipment Sector - The Semiconductor Equipment ETF (159516) continued its strong performance, marking three consecutive days of gains and reaching a new high [1][16] - The Ministry of Commerce announced export controls on dual-use items to Japan, which may strengthen the logic of domestic substitution amid increasing Sino-Japanese tensions [1][16] - The ETF's underlying index PE TTM was reported at 94.81x, placing it in the 78.06% percentile since its inception, indicating a relatively low valuation compared to other semiconductor indices [4][16] Innovative Pharmaceuticals Sector - The innovative pharmaceutical sector showed strong performance, with the Sci-Tech Innovation Pharmaceutical ETF (589720) rising by 4.06% and the Guotai Innovative Pharmaceutical ETF (517110) increasing by 2.80% [4][16] - Arrowhead Pharmaceuticals reported promising mid-stage clinical trial data for two RNAi-based weight loss drugs, indicating potential for addressing unmet needs in obesity treatment [5][17] - The sector is expected to benefit from upcoming key conferences and the potential for breakthroughs in GLP-1 indications and small nucleic acid drugs [6][18] Coal Sector Insights - Recent reports indicated that 26 coal mines were removed from the supply guarantee list, reducing capacity by 19 million tons, which may have limited immediate impact but boosted market sentiment [21] - The coal sector is anticipated to enter a new cycle in 2026, with potential for a slight increase in coal prices and continued dividend advantages for leading companies [21]

半导体设备板块今日高开高走，截至收盘，中证云计算与大数据主题指数下跌0.4%，中证芯片产业指数上涨1.9%，中证半导体材料设备主题指数上涨 7.3%，半导体设备ETF易方达（159558）全天净申购超1.1亿份。Wind数据显示，该ETF此前连续6个交易日获资金净流入，合计3.6亿元。 有分析表示，在AI浪潮和国产化大背景下，国内先进产线未来扩产需求持续存在，半导体设备作为晶圆代工扩张的基石，同时是实现产业链自主可控的重 要环节，国产半导体设备企业有望迎来发展机遇。 �日 该指数涨跌 该指数由50只业务涉及芯 片设计、制造、封装与测 试以及半导体材料、半导 体生产设备等公司股票组 成,聚焦未来计算的核心 硬件环节。 1.9% 半导体设备ETF易方达 跟踪中证半导体材料设备主题指数 该指数由40只业务涉及半 导体材料和半导体设备的公 司股票组成,聚焦未来计算 的硬件基础环节。 + H 该指数涨跌 7.3% 同标的指数中规模居第一 低费率(0.15%+0.05%幕 每日经济新闻 ...

Group 1 - Institutions ranked 40 stocks today, with a net purchase of 25 stocks and a net sale of 15 stocks [1] - The top three stocks with the highest net purchases by institutions are: Ordos (CNY 379 million), Sanbo Brain Science (CNY 266 million), and Shunhao Co. (CNY 238 million) [1][2] - Ordos relies on local coal and mineral resources to achieve resource conversion, forming a circular industrial chain of coal and mineral resource development, electricity, and metallurgy [2] Group 2 - The semiconductor industry is experiencing significant growth, with global 300mm wafer fab equipment spending expected to increase by 24% to USD 101.9 billion in 2025, reaching a historical high of USD 118.8 billion in 2026 [4] - China consumed one-third of the global chip consumption in 2023, indicating strong domestic production demand [4] - The semiconductor industry has high technical barriers and is strategically important, especially given the ongoing capital expenditure and strict overseas technology controls [5] Group 3 - Companies like Guanggang Gas and Chip Source Micro are key players in the semiconductor industry, providing essential materials and equipment [6] - The stock prices of major U.S. storage companies surged, with Micron Technology rising over 10%, SanDisk increasing by over 27%, and Western Digital up over 16% [6] - Chinese storage chip manufacturers, such as Yangtze Memory Technologies and Changxin Memory Technologies, are expected to accelerate production expansion between 2025 and 2027, with plans to increase the use of domestic equipment [6]

Core Viewpoint - The company announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% during three consecutive trading days from January 5 to January 7, 2026, indicating potential volatility in the market [1] Group 1: Stock Performance - As of January 7, the company's stock price closed at 173.42 yuan per share, with a static price-to-earnings (P/E) ratio of 132.58 times, a rolling P/E ratio of 65.63 times, and a price-to-book (P/B) ratio of 6.76 times, all of which are higher than the industry averages [1] - The recent trading activity showed a high turnover rate, suggesting increased investor interest or speculation [1] Group 2: Shareholder Actions - A shareholder holding more than 5% of the company's shares is currently executing a share reduction plan, which may impact stock liquidity and investor sentiment [1] Group 3: Company Status - The company conducted an internal review and confirmed that there have been no significant changes in its operations or external environment, and there are no undisclosed major information that needs to be revealed [1]

Core Viewpoint - Citigroup's recent report highlights that semiconductor equipment manufacturers, particularly ASML, Lam Research, and Applied Materials, are poised to benefit significantly from the surge in AI chip and storage chip production capacity amid a global AI infrastructure buildout and a "supercycle" in storage chips [1] Semiconductor Equipment Market Outlook - The global semiconductor equipment sector is expected to enter a "Phase 2 bull market," with predictions of a new bull market trajectory following a super bull market in 2024-2025 [1] - Citigroup forecasts the global wafer fab equipment (WFE) market to reach approximately $115 billion in 2026, representing a 10% year-over-year increase, significantly above the average growth rate of the past decade [5] - The three major chip manufacturers—TSMC, Samsung, and Intel—are anticipated to increase their capital expenditures (capex) significantly, aligning with the optimistic projections for the semiconductor equipment market [1][5] Stock Performance - The semiconductor equipment sector has shown strong performance in the stock market, with ASML's ADR reaching a historical high with a 16% increase since the beginning of 2026, and Lam Research and Applied Materials also experiencing significant stock price increases of 20% and 15%, respectively [2] - Micron Technology has raised its 2026 fiscal year capex from $18 billion to $20 billion, indicating a substantial year-over-year growth of 45%, which may prompt competitors like SK Hynix and Samsung to follow suit [2] AI Chip Demand and Capacity Expansion - The demand for AI chips, particularly from leading companies like NVIDIA, AMD, and Broadcom, is driving expectations for robust capacity expansion at TSMC, which is struggling to meet the "endless orders" for AI computing and storage [3] - The launch of Google's Gemini3 AI application has significantly increased AI computing demand, further validating the ongoing infrastructure buildout in the AI sector [3] Long-term Investment Trends - Major tech companies like Microsoft, Google, and Meta are accelerating the construction of large-scale AI data centers, which is expected to drive the expansion of advanced process AI chips and storage capacities [4] - The overall investment wave in AI infrastructure is projected to reach $3 trillion to $4 trillion by 2030, indicating that the current phase is just the beginning [4] Equipment Demand Dynamics - The demand for semiconductor equipment is expected to be more resilient than in previous cycles, driven by the increasing complexity of chip manufacturing processes and the rising demand for advanced storage solutions [6] - Citigroup's model predicts significant growth in NAND (+30%), DRAM (+12%), and Foundry/Logic (+10%) segments, indicating a balanced expansion across various semiconductor sectors [6] Future Projections - The global semiconductor market is projected to grow by 22.5% in 2025, reaching $772.2 billion, and is expected to expand further to $975.5 billion in 2026, marking a 26% year-over-year increase [7] - The growth will be primarily driven by the strong performance of AI GPUs and storage systems, particularly HBM and enterprise SSDs, as demand for AI inference systems and cloud infrastructure continues to rise [10] Equipment Sector Insights - The "Phase 2 upcycle" indicates a shift from valuation recovery to sustained profit upgrades, with leading semiconductor equipment companies expected to experience greater earnings elasticity than revenue elasticity [11] - ASML, Lam Research, and Applied Materials are positioned to benefit from the AI infrastructure boom and the storage supercycle, covering critical segments such as lithography, etching, deposition, and advanced packaging [11][12]