Core Viewpoint - The stock price of Pioneer Precision Technology has experienced fluctuations, with a year-to-date decline of 12.60% but a recent recovery of 11.64% over the last five trading days, indicating potential volatility in investor sentiment [2]. Company Overview - Pioneer Precision Technology Co., Ltd. is located in Jiangsu Province and specializes in the precision manufacturing of key components for semiconductor etching and thin film deposition equipment [2]. - The company was established on March 20, 2008, and went public on December 12, 2024 [2]. - The revenue composition includes: process components (71.38%), structural components (19.61%), other components (3.83%), modules (3.79%), surface treatment (0.83%), and others (0.56%) [2]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 969 million yuan, representing a year-on-year growth of 11.47%, while the net profit attributable to shareholders decreased by 7.56% to 162 million yuan [2]. - Cumulative cash dividends since the A-share listing amount to 40.48 million yuan [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders is 12,400, a decrease of 5.02% from the previous period, with an average of 3,268 circulating shares per shareholder, an increase of 5.29% [2]. - The top circulating shareholders include: - Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF (588200) as the largest shareholder with 921,500 shares, a new addition [3]. - Southern Science and Technology Innovation Board 3-Year Open Mixed Fund (506000) as the second largest shareholder with 712,900 shares, unchanged from the previous period [3]. - Noan Growth Mixed A (320007) as the third largest shareholder with 649,800 shares, also unchanged [3]. Market Activity - On December 29, the stock price fell by 2.00% to 67.02 yuan per share, with a trading volume of 341 million yuan and a turnover rate of 4.62%, resulting in a total market capitalization of 13.563 billion yuan [1]. - The net outflow of main funds was 37.07 million yuan, with significant buying and selling activity from large orders [1].

Group 1 - The core point of the news is that Beijing Jingyi Automation Equipment Technology Co., Ltd. experienced a stock decline of 5.11%, with a current share price of 97.60 yuan and a total market capitalization of 16.397 billion yuan [1] - The company specializes in the research, production, and sales of semiconductor equipment, with its main products including semiconductor temperature control equipment (61.33% of revenue), process exhaust treatment equipment (29.84%), and wafer sorting equipment (2.72%) [1] - The company was established on June 30, 2016, and went public on November 29, 2023 [1] Group 2 - Zhejiang Zheshang Securities Asset Management has a fund that heavily invests in Jingyi Equipment, specifically the Zheshang Dingying Event-Driven Mixed Fund (LOF), which holds 4,000 shares, representing 4.4% of the fund's net value [2] - The fund has reported a year-to-date return of 19.23% and a one-year return of 14.65%, ranking 4614 out of 8159 and 5053 out of 8147 respectively [2] - The fund manager, Zhang Lei, has been in position for 291 days, with the fund's total assets amounting to 915.71 million yuan [3]

Core Viewpoint - 京仪装备's stock price decreased by 5.11% to 97.60 yuan per share, with a trading volume of 420 million yuan and a turnover rate of 3.47%, resulting in a total market capitalization of 16.397 billion yuan [1] Group 1: Company Overview - 京仪装备, established on June 30, 2016, and listed on November 29, 2023, is located in Beijing Economic and Technological Development Zone [1] - The company specializes in the research, production, and sales of semiconductor equipment, with main products including semiconductor temperature control equipment (Chiller), process exhaust treatment equipment (Local Scrubber), and wafer sorting equipment (Sorter) [1] - The revenue composition of 京仪装备 includes: 61.33% from semiconductor temperature control equipment, 29.84% from process exhaust treatment equipment, 4.10% from spare parts and support equipment, 2.72% from wafer sorting equipment, 1.96% from maintenance and repair services, and 0.04% from waste income [1] Group 2: Shareholder Information - 易方达积极成长混合 (110005) is among the top ten circulating shareholders of 京仪装备, having reduced its holdings by 335,600 shares to 1.8219 million shares, representing 1.53% of circulating shares [2] - The fund has incurred an estimated floating loss of approximately 9.5832 million yuan due to this reduction [2] - 易方达积极成长混合 (110005) was established on September 9, 2004, with a current scale of 3.326 billion yuan, achieving a year-to-date return of 68.07% and a one-year return of 62.92% [2] Group 3: Fund Manager Performance - The fund manager, 何崇恺, has been in position for 6 years and 34 days, managing assets totaling 21.571 billion yuan [3] - During his tenure, the best fund return was 122.39%, while the worst was -5.73% [3] Group 4: Fund Holdings - 易方达积极成长混合 (110005) has 京仪装备 as its seventh largest holding, with 1.8219 million shares representing 5.52% of the fund's net value [4] - The fund has also experienced a floating loss of approximately 9.5832 million yuan from its holdings in 京仪装备 [4]

Investment Rating - Industry investment rating: Overweight [1] Core Insights - The report highlights the acceleration of capitalizing the domestic robotics industry chain, particularly through the acquisition of 43% of Fenglong shares by UBTECH for a total consideration of 1.665 billion yuan, enhancing industry synergy [5] - The humanoid robot sector is expected to see a cumulative global demand of approximately 2 million units by 2030, indicating a significant growth phase [4] - The report emphasizes the importance of key players in various segments, including humanoid robots, photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy [4][16][17] Summary by Sections Humanoid Robots - UBTECH's acquisition of Fenglong is a strategic move to strengthen its competitive edge and enhance its supply chain capabilities [5] - The humanoid robot industry is entering a critical growth phase, with major companies like Tesla and Figure making significant advancements [15] Photovoltaic Equipment - The penetration rate of N-type technology is accelerating, strengthening the competitive position of leading companies [16] - The report suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [16] Energy Storage - Favorable policies are driving growth in both generation-side and user-side energy storage [16] - Companies like Xingyun and Kexin are highlighted for their strategic partnerships and product offerings in the energy storage sector [16] Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic companies to increase their market share [17] - The report identifies key players in the domestic market that are well-positioned for growth [17] Automation - The market for industrial tools is expected to grow from 40 billion yuan to 55.7 billion yuan by 2026, with leading companies benefiting from increased market concentration and import substitution [17] - Recommendations include focusing on companies that are enhancing their competitive advantages in this sector [17] Hydrogen Energy - The report notes the alignment of green hydrogen with carbon neutrality goals, with significant growth potential in the sector [16] - Companies with integrated advantages in the green hydrogen supply chain are recommended for investment [16]

24 December 2025 Global Semiconductor Capital Equipment China WFE Import Tracker (Nov 2025): YTD YoY +6% Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com David Dai, CFA +852 2918 5704 david.dai@bernsteinsg.com Zheng Cui +852 2123 2694 zheng.cui@bernsteinsg.com Juho Hwang +852 2123 2632 juho.hwang@bernsteinsg.com Carmine Milano +44 20 7762 1857 carmine.milano@bernsteinsg.com We track monthly Wafer Fabrication Equipment (WFE) i ...

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证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 推荐工程机械开门红机遇；持续推荐燃气轮 机&光模块设备 增持（维持） [Table_Tag] [1.Table_Summary] 推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、先导智能、长川科技、 华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精工、杭可科 技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 【工程机械】Q1 开工旺季即将来临，看好板块 Q1 确定性机会 工程机械板块存在明显的春季躁动，一般会在 Q1 出现明显上涨行情。复盘 2021-2025 年工程机械板块走势，板块一般在 Q1 会出现为期两周左右的超额 涨幅。春季躁动的来源主要系政策导向下，工程机械迎来开工+销售旺季。受 预算释放、春节后复工、气候适宜、两会后政策支持、市场促销等多方面因素 影响，Q1 一般为工程机械开工+销售旺季。开工层面来看，从挖机开工小时数 可以看出一般 3-4 月为全年开工高点。销售层面来看，2021-2024 年国内挖机 Q1 销量全年 ...

Core Viewpoint - The article highlights the acceleration of high-quality companies in the core materials and equipment sector of the semiconductor industry entering the capital market, with a focus on Shanghai Xianpu Technology Co., Ltd. starting its IPO process in the A-share market [1]. Group 1: Company Overview - Shanghai Xianpu Technology, established in 2004, specializes in gas purification for the semiconductor industry, focusing on the research, production, and sales of gas purifiers and filters [2][3]. - The company is recognized as the first domestic manufacturer of 9N-level gas purifiers, achieving a purity of 99.9999999% and capable of removing impurities to ppt (parts per trillion) levels [2][3]. - Xianpu Technology holds over 70 national patents and has contributed to national standards in gas purification technology, indicating strong technical capabilities [3]. Group 2: Market Position and Financial Performance - The company has received significant backing from key players in the semiconductor industry, including Huawei and SMIC, which reflects confidence in its technology and growth prospects [4]. - Financially, Xianpu Technology reported a revenue of 178 million yuan and a net profit of approximately 45.39 million yuan for 2024, with a strong start in Q1 2025 showing revenues of 29.6 million yuan and a net profit of about 4.33 million yuan [4]. - The global high-end electronic specialty gas market is valued at approximately $15 billion in 2023, with a projected annual growth rate of 15% over the next five years, indicating substantial market potential for domestic companies like Xianpu [4]. Group 3: Industry Context - The domestic market for high-end electronic specialty gases has grown from 5 billion yuan in 2018 to over 10 billion yuan in 2023, with a compound annual growth rate of 14.3%, highlighting the significant growth opportunity in this sector [4]. - Despite the growth, the global high-end electronic specialty gas market is still dominated by European and American companies, with domestic firms holding only 15% market share, suggesting a large potential for domestic substitution [4].

Core Viewpoint - Qindao SIRUI Intelligent Technology Co., Ltd. has successfully completed a multi-billion C round financing, marking a significant milestone in its growth trajectory within the semiconductor core equipment sector, with strong backing from national-level funds and industry-leading investors [1][5]. Financing History - Since its establishment in 2018, SIRUI Intelligent has undergone six rounds of financing, showcasing a clear pattern of industry capital leading the way, followed by diverse capital participation, and culminating in national-level capital involvement [3]. - The financing timeline includes: - 2019: Angel round led by CRRC Capital and China CRRC, establishing a foundation for technology layout [4]. - 2022: A round financing with 12 participants, accelerating the domestic implementation of ALD technology [4]. - 2023: A+ round financing further strengthening R&D capabilities [4]. - 2024: B and B+ rounds, with valuations reaching 4.1 billion yuan, reflecting increased market recognition [4]. - 2025: C round financing led by national funds, enhancing the company's capital structure and industry connections [5]. Product Focus and Competitive Edge - SIRUI Intelligent targets the semiconductor front-end process equipment market, specializing in Atomic Layer Deposition (ALD) and Ion Implantation (IMP) equipment, becoming the only domestic company to achieve mass production of both technologies [6][10]. - The acquisition of Beneq Oy in 2018 enabled rapid access to 40 years of ALD technology, facilitating a transition from research to industrial applications [8]. - In the ALD sector, SIRUI's orders grew by 40% year-on-year in 2024, with successful deliveries to leading semiconductor manufacturers [8]. - In the IMP sector, SIRUI developed China's first high-energy ion implanter, filling a domestic gap and meeting advanced process requirements [10]. Market Potential and Growth - The global semiconductor equipment market is valued at $70 billion, with a projected annual growth rate of 10% over the next five years, while the domestic demand for ALD equipment is expected to grow at 20% [11]. - SIRUI's technology breakthroughs address critical "bottleneck" issues in the industry, supporting the national semiconductor supply chain and enhancing domestic production capabilities [11]. - Despite not yet achieving profitability, SIRUI's revenue for 2023 was 468 million yuan, with a net loss of 239 million yuan, which aligns with the high R&D investment typical in the semiconductor equipment sector [11]. IPO Progress - Concurrent with the C round financing, SIRUI's IPO process is advancing, with plans to submit documents to the Sci-Tech Innovation Board in early to mid-2026 [12]. - The successful completion of the C round financing is expected to optimize the capital structure and provide operational funding for the IPO, positioning SIRUI as a benchmark enterprise in the semiconductor equipment sector [12].

Core Insights - The company focuses on three main areas: front-end coating and developing, front-end single wafer cleaning, and advanced packaging in the back-end sector [1][5]. Group 1: Front-End Coating and Developing - The company is currently the only domestic provider of mass production front-end coating and developing machines, offering various process types including offline, I-line, KrF, and ArF immersion [2]. - The new generation ultra-high-capacity coating and developing machine, FT Alkaid, features high capacity, stability, reliability, and integration, designed to meet future advanced lithography machine capacity demands [2]. Group 2: Front-End Single Wafer Cleaning - The front-end physical cleaning equipment has reached international advanced levels, successfully achieving domestic substitution [3]. - The company has become the first in China to validate the high-temperature sulfuric acid cleaning process and secure repeat orders, with significant growth in orders year-on-year [3]. Group 3: Advanced Packaging - In the advanced packaging sector, the company holds over 50% market share and is a key supplier of mass production equipment, while also expanding into emerging areas like 2.5D and 3D packaging [4]. - The company’s temporary bonding and debonding machines have reached international advanced levels, with a growing order book from domestic clients [4]. Group 4: Future Growth and Financial Projections - The company aims to focus on key technologies in bonding and debonding for high-end packaging, with strong growth potential supported by its major shareholder, Northeast Huachuang [5]. - Revenue projections for the company are estimated at 1.98 billion, 2.48 billion, and 3.22 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 107 million, 280 million, and 530 million yuan [5].