SK海力士与韩美半导体围绕热压键合机（TC Bonder）设备的紧张关系在最新的订单公布后似乎 出现缓和迹象，但业内普遍认为双方紧张气氛依旧存在。有传言称，SK海力士此次下单的动机并 非纯粹的技术考量，而是为了敦促此前撤出的韩美维护工程师重返SK海力士生产线。 半 导 体 业 内 高 层 人 士 19 日 透 露 ， SK 海 力 士 16 日 与 韩 美 半 导 体 签 署 的 设 备 订 单 附 带 条 件 。 他 表 示："SK海力士在韩美工程师复职的前提下提出订单，韩美方面也接受这一条件。因此，这实际上 是一笔'附带条件订单'。" 此前，SK海力士已对外公告称，与韩美半导体（Hanmi Semiconductor）以及韩华半导体技术 （Hanwha Semitech）达成高带宽存储器（HBM）用TC Bonder设备的订单协议。 公告核心内容包括，SK海力士计划采购韩美半导体总额428.12亿韩元（约合人民币2.21亿元）的 HBM 生 产 设 备 DUAL TC BONDER GRIFFIN ， 同 时 也 向 韩 华 半 导 体 技 术 订 购 385 亿 韩 元 的 TC Bonder设备。对此 ...

刘晓宇 ：1980年生，浙江大学学士、复旦大学-BI挪威商学院工商管理硕士。2001年至2005年，担任中芯国 际集成电路制造（上海） 有限公司战略市场部分析师；2005年至今，历任中微公司市场部经理、市场部资 深经理、市场部总监、公共关系部资深总监、董事会办公室执行总监、副总裁、副总经理、董事会秘书。 中微公司2024年营业收入为90.65亿元，同比增加44.73%；实现归母净利润为16.16亿元，同比减少9.53%。 2024年A股上市公司董秘年度薪酬前一百名排名 这5261位董秘中，有1107人年薪超过100万元，46人超过300万，8人超过500万元。 迈瑞医疗董秘李文楣以 738.76万元年薪登顶，平均一天2.02万元。赛腾股份董秘孙丰以622.17万元薪酬位居第二，中微公司董秘刘 晓宇年薪为583.18万元，排名第三。 尽管迈瑞医疗董秘李文楣的年薪位列A股第一，但与2023年相比，依 然减少了1.53%，而2023年A股年薪最高的董秘是TCL科技的廖骞，为908.33万元，2024年其薪资减少了 35.98%，为581.53万元，位居第四。 李文楣 ：女，1980年出生，中国（香港）国籍。毕业于北 ...

申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 2024年，HBM成为半导体产业最炙手可热的产品之一。 随着AI大模型和高性能计算的狂飙突进，英伟达等巨头对HBM的需求水涨船高，内存厂的HBM订单早 已售卖一空，尤其是SK海力士，其在HBM市场占有率高达70%，更是赚得盆满钵满。 然而，就在这股浪潮背后，名为"TCB（Thermal Compression Bonding）键合机"的设备，正在悄然决定 HBM产业链的上限，不论是SK海力士，还是美光三星，都在过去一年时间里加大了设备方面的投入， 也让更多设备厂商有机会吃上这波AI红利。 什么是TCB？ 先来了解一下目前HBM芯片的键合技术。在传统的倒装芯片键合中，芯片被"翻转"，以便其焊料凸块 （也称为 C4 凸块）与半导体基板上的接合焊盘对齐。整个组件被放置在回流炉中，并根据焊料材料均 匀加热至 200ºC-250ºC 左右。焊料凸块熔化，在接合和基板之间形成电气互连。 随着互连密度的增加和间距缩小到 50µm 以下，倒装芯片工艺面临一些挑战。由于整个芯片封装都放入 烤箱中，芯片和基板会因热量而以不同的速率膨胀（即不同的热膨胀系数，CTE），从而产 ...

5月以来，A股市场机构调研热度持续攀升，已有超2000家上市公司获调研。其中，公募基金调研节奏 显著加快。 具体来看，高端制造、半导体、医疗健康三大领域成为资金聚焦的核心赛道，百济神州、安集科技、恒 而达等龙头企业获超200家机构扎堆调研，凸显机构对技术突破与政策红利的强烈关注。 数据显示，5月以来公募基金调研呈现"量质齐升"特征。博时基金以51次调研位居榜首，富国基金、鹏 华基金紧随其后，调研次数分别达到49次、46次，头部机构通过高频调研锁定优质标的。从行业分布 看，机构资金呈现鲜明的赛道偏好，高端制造、半导体及医疗健康领域成为调研"主战场"，工业机械、 半导体设备及创新药企的调研频次占比超六成。 医药制造业以23家上市公司被调研紧随其后，百济神州、阳光诺和、稳健医疗等公司因创新药研发、医 疗消费复苏等主题成为机构焦点。机构尤其关注临床试验进展与政策支持下的行业机遇。 具体到个股层面，调研热度呈现显著分化。百济神州、安集科技和恒而达分别获得256家、241家、234 家机构调研，是近期机构关注度最高的上市公司，获得百家机构调研的公司分别是祥鑫科技、兴业银 锡、深南电路、耐普矿机、宏华数科、海目星和容百科技 ...

Summary of Shengmei Shanghai Conference Call Company Overview - **Company**: Shengmei Shanghai - **Industry**: Semiconductor Equipment Manufacturing Key Points Financial Performance - In Q1 2025, Shengmei Shanghai achieved revenue of 1.306 billion RMB, a year-on-year increase of 41.73% [3] - Gross profit reached 664 million RMB with a gross margin of 50.87% [3] - Net profit attributable to shareholders was 246 million RMB, a significant increase of 207.21% year-on-year [3] - Cash flow from operating activities remained positive for the fourth consecutive quarter, with total assets of 12.638 billion RMB [3] Revenue Growth by Segment - **Cleaning Equipment**: Revenue grew by 28% to 920 million RMB, accounting for over 70% of total revenue, driven by ultrasonic cleaning equipment and stable performance of backside cleaning equipment [2][5] - **Electroplating Technology**: Revenue surged by 110% to over 200 million RMB, representing nearly 20% of total revenue, with the Ultra ECPAP device winning the US 3D Packaging Award [2][6] - **Furnace Tube Products**: The vertical furnace tube equipment, with a unique quartz structure, can handle temperatures up to 1,250 degrees Celsius, maintaining wafer surface flatness [2][7][8] - **Advanced Packaging and Backend Processing**: Revenue increased by 60% to over 100 million RMB, accounting for nearly 10% of total revenue, currently in the technology validation and market expansion phase [2][9] Product Development and Innovation - New products ETCH and PECVD are designed with differentiated technology to enhance process flexibility and output efficiency, with plans for beta testing in mid-2025 [2][10] - The company is focusing on expanding its product lines, including panel-level packaging and PCBL, to support long-term growth [2][11] Strategic Initiatives - The construction of the Lingang Semiconductor R&D and Manufacturing Center is nearing completion, supporting an annual output value of approximately 3 billion USD [4][13] - The company aims for 2025 revenue between 6.5 billion to 7.1 billion RMB, with a long-term goal of 3 billion USD, targeting equal market share from mainland China and overseas [4][12] Market Expansion and Future Outlook - Shengmei Shanghai is actively expanding its market share in China while also targeting global markets [5] - The company has established a research lab in South Korea and plans to set up a production base in the US to navigate trade policy changes [29] - The company anticipates significant growth in the STM and aluminum tube series starting in 2025, with a focus on maintaining a dual-engine strategy for business expansion [11][12] Environmental and Technological Innovations - The company is committed to reducing environmental pollution and optimizing automatic cleaning technologies, which have received positive feedback from clients [25][26] - Innovations in high-temperature sulfuric acid cleaning technology are expected to enhance wafer manufacturing processes [24] M&A and Industry Trends - The company acknowledges the trend of mergers and acquisitions in the semiconductor equipment sector and is open to opportunities that align with its strategic goals [34][35] R&D Investments - In Q1 2025, R&D expenditures totaled 252 million RMB, representing 19.31% of revenue, with a focus on new product development and manufacturing process upgrades [17] Conclusion - Shengmei Shanghai is positioned for robust growth driven by innovative product offerings, strategic market expansion, and a commitment to sustainability and technological advancement. The company aims to leverage its unique technologies to capture a larger share of both domestic and international markets.

Investment Rating - The report maintains a "Strong Buy" rating for the machinery sector [4] Core Insights - Major companies like Huawei and Tencent are actively collaborating with robotics manufacturers, leveraging their capabilities in application scenarios and AI infrastructure to enhance model training and R&D efficiency, which is expected to accelerate the commercialization of humanoid robots [1][11][41] - The China Securities Index Company has launched the Innovation and Entrepreneurship Robotics Index, which includes 34 companies, indicating a potential influx of capital into the robotics sector, supporting continued market momentum [1][11][41] - The report emphasizes a strong outlook for embodied intelligence, including both humanoid and non-humanoid robots, and encourages exploration of investment opportunities in "AI + Robotics" beyond just humanoid robots [1][11][41] Summary by Sections Humanoid Robots - Major tech giants are enhancing robotics manufacturers' capabilities, which is expected to boost the commercialization of humanoid robots [2][11] - The newly launched robotics index includes companies such as Huichuan Technology, Hubei Zhongke, and others, with expectations for increased capital inflow into the sector [2][11] - The report suggests focusing on embodied intelligence and exploring various robotics applications, including exoskeletons and sensors, which do not necessarily depend on humanoid robot proliferation [2][11] Engineering Machinery - Recent rumors about poor domestic sales data for engineering machinery in early May have led to significant stock corrections among leading companies, but the report suggests that this data may not represent the entire month [12][21] - The report anticipates double-digit growth in domestic sales for the year, supported by a low base from the previous year [12][21] - The domestic market is expected to recover, driven by increased investment in infrastructure and construction projects [21][22] Semiconductor Equipment - The report highlights the increasing importance of domestic semiconductor equipment due to export restrictions from the U.S., which is expected to accelerate the domestic production rate [25][26] - The overall outlook for the semiconductor equipment sector remains positive, with anticipated growth in orders for 2025 [26] 3C Equipment - The report notes that domestic manufacturers are well-positioned to benefit from the ongoing adjustments in Apple's production strategy, with expectations for strong demand in 2025 [27] Other Equipment Sectors - The report provides insights into various sectors, including oil service equipment, elevators, rail transit equipment, and mining machinery, with specific recommendations for companies within these sectors [30][31][32][33]

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly focusing on the export-oriented segments such as engineering machinery, aerial work platforms, and oil service equipment [1]. Core Insights - The report highlights the positive impact of the recent US-China trade agreement, which significantly reduces tariffs on Chinese exports to the US, providing a favorable environment for machinery exporters [1][15]. - It emphasizes the strong growth potential in the engineering machinery sector, with a notable increase in excavator exports and a focus on digitalization and innovation in product offerings [2]. - The report identifies key investment opportunities in the humanoid robotics sector, particularly in dexterous hands and lightweight materials, which are expected to drive future growth [4][25]. Summary by Sections Recommended Stocks - The report lists a comprehensive portfolio of recommended stocks across various sectors, including Northern Huachuang, Sany Heavy Industry, and others in the machinery and automation fields [1][13]. Industry Trends - The engineering machinery sector is witnessing a recovery, with significant contracts signed at the Changsha International Engineering Machinery Exhibition, indicating robust demand [2]. - The general automation sector is expected to see a gradual recovery, with specific focus on industrial automation and injection molding machines, which are projected to grow in revenue [3][22]. Humanoid Robotics - The humanoid robotics industry is entering a golden development period, with a focus on dexterous hands and lightweight materials, suggesting a shift towards more advanced robotic applications [4][25]. - Investment opportunities are highlighted in companies specializing in dexterous hands and lightweight materials, indicating a growing market for these technologies [26][39]. General Automation - The report notes that the general automation sector is stabilizing, with a focus on opportunities in industrial automation and injection molding machines, which are expected to benefit from increased capital expenditures [3][22]. Market Dynamics - The report discusses the competitive landscape in the machinery equipment sector, noting the challenges posed by price competition and the need for innovation to maintain profitability [3][24]. - It also highlights the importance of export markets for domestic manufacturers, particularly in light of recent tariff reductions [1][15].

随着中美关税冲突缓和，公募基金调研节奏显著加快。高端制造、半导体、医疗健康三大领域成为资金聚焦的 核心赛道，百济神州- U（688235.SH）、安集科技（688019.SH）、恒而达（300946.SZ）等龙头企业获超 200 家机构扎堆调研，凸显机构对技术突破与政策红利的强烈关注。 鹏华基金闫思倩、景顺长城基金农冰立等明星基金经理现身恒而达调研现场，闫思倩、申万菱信基金付娟、华 泰柏瑞基金赵楠共同调研祥鑫科技（002965.SZ），显示出基金经理对先进制造企业的密集关注。 硬科技公司获基金经理调研 数据显示，5月以来公募基金调研呈现"量质齐升"特征。 5月以来，A股市场机构调研热度持续攀升，已有超2000家上市公司获调研。其中，公募基金调研节奏显著 加快。 券商中国记者注意到，2025年5月以来，公募基金对上市公司的调研活动呈现显著的结构性分化，高端制造、 半导体及医疗健康领域成为机构资金布局的核心方向。数据显示，工业机械、半导体设备及创新药企的调研频 次占比超六成，头部企业的技术突破与政策红利成为基金经理关注的重点方向。 从行业分布看，机构调研呈现鲜明的赛道偏好，计算机、通信和其他电子设备制造业以超过3 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 2024年，HBM成为半导体产业最炙⼿可热的产品之⼀。 随着AI⼤模型和⾼性能计算的狂飙突进，英伟达等巨头对HBM的需求⽔涨船⾼，内存⼚的HBM订 单早已售卖⼀空，尤其是SK海⼒⼠，其在HBM市场占有率⾼达70%，更是赚得盆满钵满。 然⽽，就在这股浪潮背后，名为"TCB（Thermal Compression Bonding）键合机"的设备， 正在悄然决定HBM产业链的上限，不论是SK海⼒⼠，还是美光三星，都在过去⼀年时间⾥加⼤了 设备⽅⾯的投⼊，也让更多设备⼚商有机会吃上这波AI红利。 什么是TCB？ 先来了解⼀下⽬前HBM芯⽚的键合技术。在传统的倒装芯⽚键合中，芯⽚被"翻转"，以便其焊 料凸块（也称为 C 凸块）与半导体基板上的接合焊盘对⻬。整个组件被放置在回流炉中，并根据 焊料材料均匀加热⾄ ºC-ºC 左右。焊料凸块熔化，在接合和基板之间形成电⽓互连。 随着互连密度的增加和间距缩⼩到 µm 以下，倒装芯⽚⼯艺⾯临⼀些挑战。由于整个芯⽚封装 都放⼊烤箱中，芯⽚和基板会因热量⽽以不同的速率膨胀（即不同的热膨胀系数，CTE），从⽽产 ⽣变形，导致互连出现故障。然后， ...

在15名董事会成员中，尽管董事长焦健等5名与中国中化相关的董事投出反对票，但决案以9人同意，1名弃权的票型通过，大股东失去了话语权。 01 前些天，麦肯锡发布了一个报告，在国际供应链重组和市场多元化的背景下，2025年全球并购市场将踏入上升轨道，并购交易有希望大幅提升，特别是中国 企业出海意愿强烈。 像我们单仁牛商很多学员也告诉我，2025年有出海的计划，跟海外企业合作，甚至是到海外合资建厂。 但有一件事也给我们想要通过出海，创造第二增长曲线的企业，敲响了警钟。 02 在2015年，中国化工集团宣布以71亿欧元的价格收购了全球知名轮胎品牌倍耐力37%的股份，成为倍耐力的大股东，这也是当时国企第五大海外并购案。 但在10年后的今天，倍耐力董事会投票决定剥夺大股东中化集团对公司的控制权。 倍耐力拿出了两条理由，一个是意大利政府通过的"黄金权利法案"，防止外国投资者对关键技术和管理的控制，限制了中化访问敏感信息，特别是轮胎中嵌 入的传感器相关的数据不准对中化集团开放。 另一个就是美国宣布从2027年开始禁止中国控制的汽车供应商的产品服务，美国又是倍耐力轮胎领域的关键市场，倍耐力就通过国际财务报告准则第十条 （IFR ...