北大政府管理学院教授 路风北大官网 【对话/观察者网高艳平】 一、中国经济在面临怎样的挑战？ 1. 我们面对的挑战：新一轮冲击可能正在来临 观察者网：我们从中国经济发展的外部环境开始谈起，这个问题主要涉及中美关系。特朗普一上任就对内对外推行令人眼花缭乱的各种政策，特别是在全球 推行的所谓"对等关税"，最后因中国的反制做出妥协而告一段落，美国又企图在全球禁用中国先进计算芯片。目前各种解读信息特别多，您是怎么判断的？ 路风：虽然早知道特朗普不按规矩出牌，但他就任总统后的所作所为还是有出人意料之处，如他要让加拿大成为美国的第51个州，要吞并丹麦的格陵兰岛， 并重新控制巴拿马运河，对外领土扩张的企图没有任何遮掩。接着，虽然所有人都预期特朗普会重新挥舞关税大棒，但当他付诸实施时，美国政府加征进口 关税的范围之大和税率之高，还是让全世界都受到冲击，连美国最亲密的盟国都不放过。 无论特朗普的做法和行事风格如何与众不同，他的战略目标与历届美国政府在实质上都是一致的：维护美国的霸权地位。只不过在美国实力下降并遇到危机 的时期，特朗普的任务特征是重塑美国的霸权。怎么重塑？我的观察是：他首先是要砸烂现有的世界经济体系（它本来也是美 ...

Core Viewpoint - The company aims to become a leading global semiconductor equipment company by 2035, focusing on scale, product competitiveness, and customer satisfaction [2] Company Overview - Founded in 2004 and listed on the STAR Market in 2019, the company has become a leading player in high-end micro-processing equipment in China [4] - The company's profitability has been continuously improving, making it a significant example of growth in the Chinese semiconductor equipment industry [4] Industry Development - The Chinese semiconductor equipment industry has seen rapid technological advancements, with domestic equipment gaining advantages in cost-performance, after-sales service, and customer proximity [6] - As the largest semiconductor consumer market globally, China's demand is driving the shift of global production capacity towards the country, creating opportunities for domestic equipment manufacturers [7] Research and Development - In 2024, the company's R&D investment is expected to increase by 94.31% to 2.452 billion yuan, accounting for 27.05% of its revenue [7] - The company has significantly reduced the time required to develop new products from 3-5 years to approximately 18 months, with mass production achievable within 6 to 12 months [7] Competitive Strategy - The company focuses on developing differentiated, proprietary high-end equipment products to avoid low-end competition and fulfill social responsibilities [9] - The company is currently working on over 20 new equipment projects, including advanced plasma etching devices [9] Mergers and Acquisitions - Since its listing in 2019, the company has invested in over 30 upstream and downstream semiconductor equipment companies, achieving over 5 billion yuan in floating profits [10] - The company has established partnerships with over 800 global suppliers, emphasizing the development and management of key component suppliers to enhance domestic supply chain control [10] Market Performance - As of May 28, the company's stock price was 170.93 yuan per share, with a total market capitalization of 106.8 billion yuan [11]

Investment Rating - The report does not explicitly provide an investment rating for the advanced packaging equipment industry. Core Insights - The advanced packaging technology aims to enhance chip performance, increase functional integration, reduce product size, and improve thermal management capabilities, driven by the demand for high-performance electronic products. The key to achieving these advanced packaging technologies lies in advanced packaging equipment [2]. Summary by Sections Semiconductor Packaging Equipment Industry Overview - Traditional packaging focuses on low cost and simple structures, while advanced packaging utilizes high-density interconnects, heterogeneous integration, and 3D stacking technologies to meet the demands of high-performance computing, 5G, and AI [16]. - The global semiconductor manufacturing equipment sales are projected to grow from $106.3 billion in 2023 to $117.1 billion in 2024, with advanced packaging driving an increase in the share of packaging equipment sales [21][22]. Required Semiconductor Equipment for Packaging Processes - Advanced packaging introduces new applications such as wafer thinning, RDL (Redistribution Layer) production, bump production, and TSV (Through-Silicon Via) production, necessitating both existing backend packaging equipment and new front-end equipment [9][27]. - The traditional backend packaging equipment must undergo technological upgrades to accommodate smaller sizes, higher integration, and more complex structures, focusing on precision, material compatibility, process control, and automation [32]. Advanced Packaging Equipment Analysis - The report highlights the need for various semiconductor equipment types, including thinning machines, dicing machines, and bonding machines, to support advanced packaging processes [35][45]. - The global thinning machine market is dominated by Japanese companies, with a concentration ratio of approximately 85%, while domestic companies like Huahai Qingke and Jing Sheng Machinery are emerging players [40][44]. Traditional Backend Equipment Upgrades and Manufacturers - Traditional backend packaging equipment requires upgrades to meet the demands of advanced packaging, focusing on precision enhancement, material compatibility, process control, and automation [32]. - Key domestic suppliers for thinning machines include Huahai Qingke, Jing Sheng Machinery, and China Electronics Technology Group [32].

Investment Rating - The report does not explicitly provide an investment rating for the advanced packaging equipment industry. Core Insights - The advanced packaging technology aims to enhance chip performance, increase functional integration, reduce product size, and improve thermal management capabilities, driven by the demand for high-performance electronic products. The key to achieving these advanced packaging technologies lies in advanced packaging equipment [2]. - The future of the IC packaging equipment market is expected to grow significantly as advanced packaging becomes a core and cost-effective path to surpass Moore's Law, leading to an increase in the sales proportion of packaging equipment [5][26]. Summary by Sections Semiconductor Packaging Equipment Industry Overview - Traditional packaging focuses on low cost and simple structures, while advanced packaging meets the demands of high-performance computing, 5G, and AI through high-density interconnects and heterogeneous integration [16]. - The global semiconductor manufacturing equipment sales are projected to grow from $106.3 billion in 2023 to $117.1 billion in 2024, with packaging equipment sales expected to increase significantly due to the rising complexity and demand for AI chips [21][22]. Required Semiconductor Equipment for Packaging Processes - Advanced packaging introduces new applications such as wafer thinning, RDL (Redistribution Layer) production, bump production, and TSV (Through-Silicon Via) production, necessitating both existing back-end packaging equipment and new front-end equipment [9][27]. - The traditional back-end packaging equipment must undergo technological upgrades to meet the requirements of smaller sizes, higher integration, and more complex structures [32]. Advanced Packaging Equipment Analysis - The report highlights the need for various traditional back-end devices, including thinning machines, dicing machines, bonding machines, and molding machines, which must adapt to advanced packaging requirements [35][45]. - The global thinning machine market is dominated by Japanese companies, with a concentration ratio of approximately 85%, while domestic companies are also emerging in this space [40][44]. Traditional Back-End Equipment Upgrades and Manufacturers - Traditional back-end packaging equipment requires upgrades in precision, material compatibility, process control, and automation to meet the demands of advanced packaging technologies [32]. - Key domestic suppliers for thinning machines include Huahai Qingke, Jing Sheng Machinery, and China Electronics Technology Group, among others [32].

Core Viewpoint - The Shanghai Guotou Company aims to deepen cooperation with Shengmei Semiconductor Equipment (Shanghai) Co., Ltd. in equipment research and development and industrial chain collaboration to enhance the autonomy and control of equipment in the semiconductor industry [1] Group 1 - The visit was led by Dai Minmin, the Deputy Secretary of the Party Committee and President of Shanghai Guotou Company [1] - The focus of the collaboration is to inject new momentum into building a world-class integrated circuit industry in Shanghai [1]

Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm confirms that the company, Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd., has fulfilled the necessary approvals and conditions for the implementation of its 2023 restricted stock incentive plan, including the cancellation of certain restricted stocks due to the disqualification of some incentive targets [1][9]. Group 1: Approval and Authorization of Implementation - The company held its 11th meeting of the 2nd Board of Directors on March 30, 2023, where it approved the 2023 restricted stock incentive plan and related proposals [2]. - The company disclosed the public solicitation of voting rights from independent directors on March 31, 2023, to gather shareholder votes on the incentive plan [3]. - The company conducted an internal public notice regarding the names and positions of the proposed incentive targets from April 4 to April 13, 2023, with no objections received [4]. Group 2: Conditions and Achievements of the Second Vesting Period - The second vesting period for the granted restricted stocks is defined as the period from June 12, 2025, to June 11, 2026, following the grant date of June 12, 2023 [5]. - The conditions for the second vesting period have been met, including the absence of adverse audit reports and the fulfillment of performance targets based on revenue growth compared to benchmark companies [6][7]. Group 3: Cancellation of Restricted Stocks - A total of 318,432 shares of restricted stock will be canceled due to 88 incentive targets no longer qualifying as they have left the company or do not meet the criteria [9]. - The reasons for the cancellation and the number of shares are in compliance with relevant laws and regulations [9]. Group 4: Conclusion - The legal opinion concludes that the cancellation of restricted stocks has received the necessary approvals and that the conditions for the second vesting period have been achieved, aligning with the relevant laws and regulations [9].

Core Viewpoint - The report discusses the achievement of the second vesting period conditions for the 2023 Restricted Stock Incentive Plan of Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd, indicating that the necessary approvals and conditions have been met for the vesting of restricted stocks [1][3][4]. Summary by Sections Approval Process - The 2023 Restricted Stock Incentive Plan has undergone necessary approval procedures, including resolutions from the board and supervisory committee, and independent opinions from independent directors [1][3][4]. Conditions for Vesting - The second vesting period for the restricted stocks is defined as the period from the first trading day after 24 months from the grant date to the last trading day within 36 months from the grant date, specifically from June 12, 2025, to June 11, 2026 [3][4]. - The conditions for vesting have been met, including no adverse audit opinions, no administrative penalties on the incentive objects, and compliance with the required employment duration [3][4]. Performance Assessment - The company’s performance assessment for the vesting is based on the cumulative revenue growth rate compared to benchmark enterprises, with the 2023 revenue reported at 6,263.51 million yuan and the 2024 target at 9,065.17 million yuan, achieving a growth rate of 223.40% [3][4]. - The individual performance assessment for the incentive objects will determine the actual number of shares vested, categorized into five performance levels [4][5]. Conclusion - The independent financial advisor confirms that the vesting conditions for the second period have been achieved, and all necessary approvals have been obtained, complying with relevant laws and regulations [4][5].

Group 1 - The core point of the announcement is the self-examination report regarding insider trading related to the 2025 restricted stock incentive plan of Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd. [1] - The company conducted a self-examination of insider trading activities among individuals with knowledge of the incentive plan prior to its public disclosure, confirming that no insider trading occurred [2][3] - A total of 9 individuals were found to have trading records during the self-examination period, but their transactions were based on independent market judgments and not related to insider information [2] Group 2 - The company adhered to relevant regulations and internal confidentiality measures during the planning of the incentive program, ensuring that only a limited number of personnel had access to insider information [2] - No instances of insider information leakage were identified prior to the public announcement of the incentive plan [2] - The self-examination concluded that all individuals with insider knowledge did not engage in insider trading or leak any related information [2]

Group 1 - The legal opinion letter was issued by Shanghai Jintiancheng Law Firm regarding the 2024 annual general meeting of Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd. [1][2] - The meeting was convened by the company's board of directors on April 24, 2025, and the notice for the meeting was publicly disclosed on April 25, 2025, meeting the 20-day notice requirement [3][4] - The meeting took place on May 28, 2025, at 14:30, combining both on-site and online voting methods [3][5] Group 2 - A total of 503 shareholders and their proxies attended the meeting, representing 278,059,871 shares, which accounts for 44.4898% of the total voting shares [4][5] - The qualifications of the attendees, including shareholders, proxies, and company executives, were verified and deemed valid [4][5] Group 3 - The meeting reviewed 13 proposals, including the 2024 annual report, financial statements, profit distribution, and the appointment of the auditing firm for 2025 [5][6] - The voting process was conducted according to legal and regulatory requirements, with results announced immediately after the voting [6][7] Group 4 - The legal opinion concluded that the convening and conducting of the 2024 annual general meeting complied with relevant laws and regulations, and the voting results were valid [7]

Core Viewpoint - The legal opinion letter from Deheheng Law Firm confirms that Beijing Huafeng Measurement and Control Technology Co., Ltd.'s stock incentive plan has met the necessary conditions for the fourth vesting period and the third reserved grant period, along with adjustments to the grant price and the cancellation of certain restricted stocks [1][8][14]. Group 1: Approval and Authorization of the Incentive Plan - The incentive plan has been approved and authorized through various resolutions, including the draft of the 2021 Restricted Stock Incentive Plan and the assessment management measures [4][5][6]. - Independent directors and the supervisory board have provided opinions confirming that the incentive plan is beneficial for the company's sustainable development and does not harm the interests of shareholders [4][6]. Group 2: Vesting Conditions - The first vesting period for the incentive plan is set from May 27, 2021, to May 26, 2026, with specific conditions that must be met for the vesting to occur [8][11]. - The conditions for vesting include the absence of negative audit opinions on financial reports and compliance with legal regulations regarding profit distribution [8][10]. Group 3: Adjustments to Grant Price - The grant price has been adjusted due to changes in the company's profit distribution plan, with the new adjusted price being 66.65 RMB per share [13][14]. - The adjustment method follows the formula where the new price is calculated based on the previous price minus the dividend per share [13]. Group 4: Cancellation of Restricted Stocks - A total of 18,136 shares of restricted stock have been canceled due to the departure of one incentive object and the voluntary relinquishment of another [14]. - The board and supervisory board have agreed that the cancellation complies with relevant laws and does not harm shareholder interests [14]. Group 5: Information Disclosure Obligations - The company is required to disclose relevant documents related to the vesting, adjustment, and cancellation of stocks within two trading days following the board meetings [14]. - The company will continue to fulfill its legal obligations for information disclosure as the incentive plan progresses [14].