❖ 评论： 证 券 研 究 报 告 KLA（KLAC）FY26Q2 业绩点评及业绩说明会纪要 CY2025 营收创新高，2026 年锁定 WFE 份额 提升+先进封装双轮驱动 ❖ 事项： 2026 年 1 月 30 日 KLA 发布 FY26Q2 报告，并召开业绩说明会。公司财务季 度 FY26Q2 截至 2025 年 12 月 31 日，即自然季度 CY2025Q4。CY25Q4，公司 实现营收 32.97 亿美元，同比增长 7%，环比增长 3%；Non-GAAP 毛利率 62.6%。 CY 2025 全年，公司实现营收 127.4 亿美元，同比增长 17%。Non-GAAP 毛利 率 62.8%。 1. 业绩情况：CY2025Q4（FY2026Q2），KLA 实现营收 32.97 亿美元，同比增 长 7%，环比增长 3%，高于指导范围中值（32.25±1.5 亿美元）。Non-GAAP 毛 利率 62.6%，高于指导范围中值（62%±1pct），主要受益于服务业务表现超预 期及制造效率提升。 CY2025 全年，KLA 实现营收 127.4 亿美元，同比增长 17%。Non-GAAP 毛利 率 62.8% ...

Group 1: Core Views - The article highlights the recent surge in A-share market, particularly the significant rise of Hengyun Chang, which saw a peak increase of over 320% on its debut, yielding nearly 150,000 yuan per share [1][6] - This week, two new stocks are available for subscription: Yisiwei and Aide Technology, with Yisiwei being a leader in automotive manufacturing machine vision equipment and Aide Technology focusing on orthopedic medical devices [1][4] Group 2: Yisiwei Overview - Yisiwei's offering price is set at 55.95 yuan per share, with a maximum subscription limit of 6,000 shares per account, requiring a market value of 60,000 yuan in the Shanghai market for full subscription [1] - The company has developed over ten products for various automotive manufacturing processes, achieving a market share of 22.5% in China's automotive machine vision sector by 2024, surpassing foreign competitors [2] - Yisiwei's revenue projections for 2022 to 2024 are 223 million yuan, 355 million yuan, and 392 million yuan, respectively, with net profits of 6.12 million yuan, 61.06 million yuan, and 85.64 million yuan [2] Group 3: Aide Technology Overview - Aide Technology's offering price is 7.67 yuan per share, with a maximum subscription limit of 1.3288 million shares [4] - The company specializes in orthopedic medical devices, focusing on a comprehensive range of products for spinal, trauma, and sports medicine, and has developed several core technologies [4] - Revenue forecasts for Aide Technology from 2022 to 2024 are 286 million yuan, 262 million yuan, and 275 million yuan, with net profits of 93 million yuan, 64 million yuan, and 67 million yuan [4]

Investment Rating - The industry is rated positively, with expectations for overall returns exceeding the CSI 300 index by more than 5% in the next six months [36]. Core Viewpoints - The report anticipates a comprehensive recovery in both domestic and international demand for construction machinery in 2025, maintaining a positive outlook on industry demand [10][21]. - Data from the Construction Machinery Industry Association indicates strong sales performance across various machinery categories in December, with notable year-on-year growth in excavators (10.9%), loaders (17.6%), and cranes (39.1%) domestically, and significant export increases for excavators (26.9%) and loaders (41.5%) [10][11]. - For the full year of 2025, domestic sales are projected to reach 118,518 excavators (up 17.9%) and 66,330 loaders (up 22.1%), while exports are expected to total 116,739 excavators (up 16.1%) and 61,737 loaders (up 14.6%) [10][11]. - The report highlights that favorable policies in real estate and infrastructure, along with the machinery replacement cycle, are expected to drive demand improvements [10][11]. - The "Belt and Road" initiative is anticipated to enhance overseas market opportunities for domestic manufacturers, particularly in mining machinery, as global mining capital expenditures rise [10][11]. Summary by Sections Industry Opinion and Investment Suggestions - The report emphasizes a positive outlook for the construction machinery sector, predicting a recovery in demand [10][21]. Key Company Announcements - XCMG is involved in the construction of the world's largest football stadium, showcasing its equipment's capabilities [12]. - Zoomlion has signed procurement agreements worth 180 million yuan with Latin American clients, reflecting its international market trust [12]. Market Performance Review - During the period from January 26 to January 30, the CSI 300 index rose by 0.1%, while the machinery sector declined by 4.2%, ranking 25th among all primary industries [30].

Core Viewpoint - The global etching machine market is experiencing growth, with a projected market size of approximately $14.82 billion in 2023, a year-on-year increase of 5.93%, and expected to reach $16.48 billion by 2025 [1][2]. Group 1: Industry Definition and Classification - Etching machines are essential tools in semiconductor manufacturing, combining chemical reactants and physical energy to remove material from surfaces to create microstructures [2]. - The etching machines are categorized into wet etching machines (chemical and electrochemical) and dry etching machines (ion milling, plasma etching, and reactive ion etching) [2]. Group 2: Industry Development Status - The etching machine market is primarily used for manufacturing semiconductor devices, photovoltaic cells, and micro-mechanical systems, showing a consistent growth trend [2][3]. - The market size is projected to be approximately $15.65 billion in 2024 and $16.48 billion in 2025 [1][2]. Group 3: Industry Chain - The upstream of the etching machine industry includes semiconductor materials and components such as pre-vacuum chambers, etching chambers, gas supply systems, and vacuum systems [3]. - The midstream involves the manufacturing and system integration of etching machines, while the downstream applications include micro-electromechanical systems (MEMS), advanced packaging, and nanotechnology in semiconductor, optical, and electronic industries [3]. Group 4: Industry Development Environment - Related Policies - The government places significant emphasis on the development of the etching machine industry, implementing various supportive policies to enhance its growth [4]. Group 5: Industry Barriers - The etching machine industry has high entry barriers, primarily due to technological, financial, and customer recognition challenges [5]. Group 6: Industry Competitive Landscape - The etching machine market is characterized by high concentration and intense competition, dominated by international companies such as Lam Research, TEL, and AMAT [6]. - Domestic companies like North Huachuang, Zhongwei Company, and Yitang Semiconductor are emerging as leaders in the etching machine sector, leveraging their R&D and innovation capabilities [6][8]. Group 7: Industry Development Trends - As a core process in semiconductor manufacturing, etching technology is crucial for transferring patterns onto wafer surfaces, with the market evolving towards platform-based and atomic-level manufacturing [9]. - The Chinese etching machine industry is experiencing explosive growth, supported by national policies, and is diversifying and making significant progress in various segments [9].

Core Viewpoint - The company has successfully developed and delivered semiconductor AMHS equipment, achieving recognition from both domestic and international clients in the semiconductor and display panel industries [1] Group 1: Product Development and Recognition - The company’s self-developed semiconductor AMHS equipment, including OHT cranes and intelligent storage cabinets, has been delivered in bulk to multiple clients [1] - The products have received widespread recognition from customers, indicating their acceptance in the market [1] - The core technical indicators of the company’s products have reached an internationally advanced level, showcasing their competitiveness [1] Group 2: Market Position and Strategy - The company has successfully replaced international brands in several benchmark projects, demonstrating the reliability and competitiveness of its products in high-demand production environments [1] - The company aims to seize strategic opportunities in the semiconductor industry for self-sufficiency, with plans to continue investing in research and development to maintain technological leadership [1] - The company is actively expanding its domestic and international markets, aspiring to become a significant supplier in the global semiconductor AMHS field [1]

Core Viewpoint - The recent IPO of North Chip Life has attracted significant interest from well-known private equity firms, indicating a recovery in market sentiment and an increase in institutional participation in new stock subscriptions [1][10]. Group 1: Subscription Results - North Chip Life announced that the final strategic placement quantity was 11.4 million shares, accounting for 20% of the total issuance [2][11]. - After the adjustment mechanism was activated, the final offline issuance quantity was 31.92 million shares, representing 70% of the remaining shares after strategic placement [2][11]. - The online issuance quantity was 13.68 million shares, making up 30% of the remaining shares after strategic placement [2][11]. Group 2: Participation of Private Equity Firms - Notable private equity firms such as Mingyuan Investment, Huafang Quantitative, Jiukun Investment, Lingjun Investment, Linyuan Investment, and Ningquan Asset were included in the allocation list for North Chip Life [1][10]. - Ningquan Asset's products collectively received 30,700 shares, amounting to 538,500 yuan; Linyuan Investment's products received 4,416 shares, totaling 77,400 yuan; and Hainan Xiwa's products received 20,100 shares, totaling 353,000 yuan [3][12]. Group 3: Market Trends and Insights - As of January 30, 2026, a total of 159 private equity firms participated in the offline subscription of five newly listed stocks, with a total allocation of 15.76 million shares and a total investment amount of 338 million yuan [6][15]. - The most significant allocation was for Hengyun Chang, a leading domestic semiconductor equipment component company, with 1.236 million shares allocated, amounting to 11.4 million yuan [16][17]. - The increase in enthusiasm for new stock subscriptions is attributed to positive policy signals and a recovering market sentiment, with institutions generally optimistic about market performance in 2026 [7][19].

2026 年 02 月 01 日 行业周报 看好/维持 机械 机械 2025 年工程机械内外需全面回升，继续看好行业需求向上（20260126-20260201） (10%) 4% 18% 32% 46% 60% 25/2/5 25/4/17 25/6/27 25/9/6 25/11/16 26/1/26 机械 沪深300 ◼ 子行业评级 ◼ 推荐公司及评级 相关研究报告 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 ◼ 走势比较 证券分析师：张凤琳 电话： E-MAIL：zhangfl@tpyzq.com 分析师登记编号：S1190523100001 报告摘要 行情回顾 行业周报 2025 年工程机械内外需全面回升，继续看好行业需求向上 P2 本期（1 月 26 日-1 月 30 日），沪深 300 上涨 0.1%，机械板块下跌 4.2%， 在所有一级行业中排名 25。细分行业看，油气装备涨幅最大，上涨 4.1%； 锂电设备跌幅最大，下跌 8.4%。 本周观点 2025 年工程机械内外需全面回升，继续看好行业需 ...

随着半导体制造工艺的演进，人工搬运在效率、洁净度与防震方面早已力不从心。新施诺AMHS成功实 现整体技术的自主可控，完成从初代产品到规模化交付的跨越。目前其迭代至第六代天车系统，可提供 整厂全栈解决方案：搬运重复精度达±0.5毫米，振动峰值控制在0.5G以下，关键取放设有多重防护；天 车直线最高速度每秒5.3米，抓放动作仅需数秒，即使长距离跨区跨层搬运，效率与稳定性也得以保 证。 比硬件更关键的是"大脑"。新施诺自主开发的调度软件，能处理每日数十万次搬运任务，通过算法规避 拥堵、优化路径，实现物料全程可追溯、数据实时可视化，让生产调度变得更加"聪明"和"灵活"。其模 拟仿真调度量已超1000台，压力测试达70万次/天。 新施诺总经理王宏玉说道："我们将持续深耕半导体领域，通过技术创新不断提升国产化水平，助力产 业向高效、智能迈进。" □ 本报记者陈娴 如何在动辄数万平方米、工序上千道的半导体晶圆厂里，让数十万片晶圆在不同设备间精准、高效、无 损地流转？苏州新施诺半导体设备有限公司的自动物料搬运系统(AMHS)给出答案。 走进新施诺的测试线，天花板轨道纵横，被称为"天车"的空中悬挂式无人搬送车悄无声息地穿梭其 ...

Group 1 - In January, private equity firms actively participated in offline subscription for new stocks, with 159 firms involved in 5 stocks, acquiring a total of 15.76 million shares worth approximately 338 million yuan [1] - The semiconductor equipment company Hengyun Chang attracted the most attention from private equity, with a total allocation amount of about 114 million yuan and 1.236 million shares acquired [1] - Other notable companies included Zhenstone Co., a wind power materials manufacturer, with an allocation of approximately 86.16 million yuan and 7.707 million shares, and Beixin Life, a medical device company, with about 66.47 million yuan and 3.794 million shares allocated [1] Group 2 - Among the participating private equity firms, over 80% of the 47 firms with allocations of at least 1 million yuan managed over 10 billion yuan, including 27 quantitative private equity firms [1] - The top participant in terms of allocation was Ningbo Huansheng Quantitative Investment Management, with an allocation of approximately 32.68 million yuan and 1.4026 million shares [2] - Other significant participants included Jiukun Investment with about 32.22 million yuan and 1.3153 million shares, and Shanghai Yanfu Investment Management with approximately 25.64 million yuan [2] Group 3 - The concentration of large quantitative private equity firms in offline subscriptions is attributed to their disciplined and systematic investment strategies, which align well with the requirements of new stock subscriptions [3] - The stable returns from new stock subscriptions provide effective support for fund net values, making them attractive for quantitative strategies [3] - Subjective strategy private equity firms also showed active participation, with firms like Shanghai Yingshui Investment and Shanghai Ningquan Asset Management acquiring amounts ranging from 3.96 million to 5.59 million yuan [3]

证 券 研 究 报 告 Lam Research（LRCX）FY26Q2 业绩点评及业绩说明会纪要 CY25Q4 营收创新高，2026 年 WFE 预期上修 至 1350 亿美元 ❖ 事项： 2026 年 1 月 29 日 Lam Research 发布 FY26Q2 报告，并召开业绩说明会。公 司财务季度 FY26Q2 截至 2025 年 12 月 28 日，即自然季度 CY2025Q4。 CY25Q4，公司实现营收 53.4 亿美元，环比增长 0.40%，同比增长 22.14%； Non-GAAP 毛利率 49.7%，环比下滑 0.9pct，同比增长 2.2pct。2025 年全年， 公司营收达 206 亿美元，同比增长 27%，Non-GAAP 毛利率 49.9%。 ❖ 评论： 1. 业绩总览：CY25Q4，公司实现营收53.4亿美元（QoQ+0.40%，YoY+22.14%）， 连续 10 个季度增长，高于业绩指引中值（52±3 亿美元），创季度纪录；Non- GAAP 毛利率 49.7%（QoQ-0.9pct，YoY+2.2pct），超出指引区间上限。 2025 年全年，公司营收达 206 亿美元（ ...