"并购六条"发布以来，上市公司在2025年掀起并购高潮，更具包容性的并购重组制度激活了资本市场新 生态。12月7日，在2025上证（巢湖）上市公司高质量发展大会的圆桌对话环节，多位上市公司创始 人、董事长围绕新质生产力领域的并购重组展开头脑风暴，共同研判2026年的产业并购新机遇、跨境并 购新挑战、并购交易新模式。 借力产业并购 实现行业领跑 "并购重组已成为提高上市公司质量的重要手段，目前，A股上市公司围绕新兴市场领域的并购重组活 跃度、包容性和灵活性正在全面提升。"中国科学技术大学科技商学院、管理学院执行院长叶强在主持 圆桌对话时表示。 当前，并购重组已成为A股公司实现跨越式发展的重要路径，也是企业筑就头部地位、抢抓产业机遇的 关键抓手，不断为高质量发展注入强劲动力。 "并购重组是企业实现外延式发展的重要路径之一。和元生物一直具有整合发展的理念，也体验过并购 重组带来的发展红利。"和元生物董事长潘讴东表示，公司在新三板转板科创板前，通过并购特定技术 领域的领先企业，成功跻身细胞与基因治疗领域头部阵营。 利元亨则是跨境并购的受益者。利元亨创始人、实控人卢家红介绍称，利元亨几年前收购了一家欧洲知 名装备企业的 ...

A股又爆了。 12月8日，沪深两市成交额突破2万亿元，沪指一度冲上3936点，收盘涨幅虽收窄，但全市场超3800只股票飘红。 金融股开盘猛拉，科技股随 后接力，盘面热闹得像一场提前预演的新年派对。 但如果你仔细看，尾盘指数回落时，不少散户手里的股票悄悄翻绿了。 这场景像极了经典的"金融搭台、科技唱戏"剧本。 过去半年，A股每次冲关都靠这两张王牌：金融股负责稳住指数，科技股负责点燃情绪。 但这一次，戏码演得格外急促。 金融股：牛市里的"工具人" 上午9点30分，证券、保险板块直线上攻，像一双无形的手把沪指稳稳托上20日均线。 工业富联、药明康德等权重股贡献了指数近一半的涨幅。 这不是偶 然。 历史数据显示，牛市初期低估值金融股往往率先发力，比如2025年1-3月，银行板块因破净率和5%以上的股息率成为险资"压舱石"，券商板块则随着成 交额放大估值从15倍PE冲上24倍。 但金融股的狂欢通常短暂。 12月8日尾盘，证券板块资金流出超20亿元，说明主力在指数冲高后迅速撤退。 这种操作被股民调侃为"搭完台就拆台"——金融 股的任务只是突破关键点位，而非持续领涨。 增量资金：真金白银还是"假动作"？ 连续4个交易日成交 ...

Group 1 - The core viewpoint of the article is that Shengmei Shanghai has launched multiple devices compatible with HBM (High Bandwidth Memory) technology, indicating a focus on advanced packaging solutions for high-performance chips [2] - Shengmei Shanghai's UltraECP3d device is specifically designed for TSV (Through-Silicon Via) copper filling, showcasing the company's commitment to innovative manufacturing processes [2] - The company offers a full line of wet cleaning and copper plating equipment that can be utilized in HBM processes, as well as packaging equipment suitable for high-performance 2.5D chip packaging [2] Group 2 - The company emphasizes its adherence to information disclosure regulations, stating that it will promptly disclose relevant business information and order status if they meet the disclosure standards [2]

SEMI总裁兼首席执行官Ajit Manocha表示："今年以来全球半导体设备出货金额已接近1000亿美元，这 反映了行业持续的发展势头以及对技术创新的投资承诺，强劲的AI需求继续推动先进逻辑和存储领域 的支出，以及面向能效的封装应用。这一轨迹凸显了半导体在塑造更智能、更互联的世界中所扮演的关 键角色。" 分地区来看，中国大陆第三季度半导体设备销售额为145.6亿美元，同比增长13%，仍位居第一。中国 台湾及韩国分别以82.1亿美元及50.7亿美元位列第二、第三；北美地区销售额同比下滑52%。 近日，国际半导体产业协会(SEMI)在《全球半导体设备市场报告》中宣布，2025年第三季度全球半导 体设备出货金额同比增长11%，达到336.6亿美元，环比增长2%。 SEMI指出，出货金额增长得益于对先进技术的强劲投资，特别是在支持人工智能计算的先进逻辑、 DRAM和封装解决方案方面。此外，对中国地区的设备出货量显著增加，也为整体积极趋势做出了贡 献。 同时，该报告预计至2026年，中国大陆、中国台湾和韩国将继续保持设备支出前三甲地位。 半导体设备销售额(按细分市场划分)方面，该年中报告显示，在2024年创下1043 ...

Core Insights - The photolithography concept sector saw a 3.00% increase, ranking 9th among concept sectors, with 44 stocks rising, including notable gains from Zhongci Electronics and Taijing Technology, which hit the daily limit, and significant increases from Saiwei Electronics and Chip Micro-Assembly [1][2] Market Performance - The top-performing concept sectors today included: - Co-packaged optics (CPO) up 4.72% - F5G concept up 4.30% - Fiber optic concept up 3.67% - Photolithography concept up 3.00% [2] Capital Flow - The photolithography sector experienced a net inflow of 831 million yuan, with 27 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflow. The leading stock for net inflow was Tengjing Technology with 257 million yuan, followed by Taijing Technology and Dazhu Laser [2][3] Stock Performance - Key stocks in the photolithography sector included: - Tengjing Technology: +7.36%, net inflow rate 9.22% - Taijing Technology: +9.99%, net inflow rate 32.22% - Dazhu Laser: +4.17%, net inflow rate 10.51% - Saiwei Electronics: +11.35%, net inflow rate 1.98% - Zhongci Electronics: +10.01%, net inflow rate 47.68% [3][4] Declining Stocks - Stocks with notable declines included: - *ST He: -2.72% - Nanjing Chemical Fiber: -0.14% - Jingfang Technology: -0.07% [1][5]

Investment Rating - The report maintains an investment rating of "Recommended" for the mechanical equipment industry [2][3]. Core Views - The mechanical equipment industry saw a 2.9% increase last week, ranking second among 31 primary industries. Sub-industries such as engineering machinery (+6%) and specialized equipment (+3.45%) showed strong performance, while rail transit equipment experienced a decline of 0.82% [3][14]. - The report suggests that with the completion of the third-quarter reports, market risk appetite is expected to improve. It recommends a balanced approach between technology growth and cyclical investments, focusing on sectors and stocks with performance support [3][4]. - Key areas of focus include humanoid robots, PCB equipment, semiconductor equipment, and cyclical recovery in engineering machinery and general equipment [3][4]. Summary by Sections 1. Recent Trends - In November 2025, excavator sales reached 20,027 units, a year-on-year increase of 13.9%. Domestic sales were 9,842 units (+9.11%), while exports were 10,185 units (+18.8%). Cumulatively, from January to November, 212,162 excavators were sold, marking a 16.7% increase year-on-year [5][44]. - The report highlights a structural recovery in the industry, driven by domestic demand from large projects and a new round of replacement cycles [5][44]. 2. Sub-Industry Performance - The engineering machinery sector is experiencing a significant recovery, with excavator sales showing strong growth. The report emphasizes the importance of technological upgrades and global expansion for leading companies [5][44]. - The industrial robot sector saw a production increase of 17.9% in October 2025, indicating potential investment opportunities as the industry adjusts to new demands [28][44]. 3. Key Companies and Recommendations - The report identifies several companies for investment consideration, including XCMG Machinery (000425.SZ), SANY Heavy Industry (600031.SH), and Huazhong CNC (688697.SH), which are expected to benefit from the ongoing recovery and technological advancements in the industry [7][44]. - The semiconductor equipment sector is highlighted as a critical area for investment, with companies like North Huachuang (002371.SZ) and Zhongwei Company (688012.SH) recommended due to their strong market positions and growth potential [4][7]. 4. Policy and Market Drivers - The report notes that government policies are strongly supporting the high-end machine tool sector, with initiatives aimed at accelerating domestic production and technological breakthroughs [5][46]. - The global demand for high-end manufacturing is recovering, as indicated by Japan's machine tool orders, which have seen continuous growth driven by exports [5][46].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Insights - The company is expected to benefit significantly from the ongoing advancements in semiconductor manufacturing processes, particularly in etching and deposition technologies, which are crucial for the production of advanced logic and 3D NAND devices [5][57] - The projected net profits for the company from 2025 to 2027 are estimated to be 21.81 billion, 31.59 billion, and 42.79 billion yuan, reflecting year-on-year growth rates of 35.0%, 44.8%, and 35.5% respectively [3][4] Financial Data and Profit Forecast - Total revenue is projected to grow from 6,263.51 million yuan in 2023 to 20,631.26 million yuan in 2027, with a compound annual growth rate (CAGR) of 41.3% [4][22] - The company's gross margin is expected to stabilize as the thin film deposition segment matures, contributing to overall profitability [31][63] - The company’s return on equity (ROE) is forecasted to improve from 10.02% in 2023 to 14.57% in 2027 [4] Industry Overview - The global semiconductor equipment market is anticipated to grow from 125.5 billion USD in 2024 to 159.9 billion USD in 2026, with a CAGR of approximately 9.1% [40] - The Chinese semiconductor equipment market is projected to expand from 49.1 billion USD in 2024 to 66.2 billion USD in 2027, driven by domestic wafer fab expansions and local replacements [40] Company Positioning - The company is recognized as a leading supplier of front-end semiconductor equipment in China, with a strong focus on etching and deposition technologies [8][18] - The company has established a comprehensive product line that includes advanced etching systems capable of supporting production from 65nm to 5nm nodes and beyond [5][8] - The company is positioned to capture structural growth opportunities in the semiconductor equipment market due to its technological depth and successful customer validations [57]

Group 1 - The core viewpoint of the article is that Shengmei Shanghai has launched multiple devices compatible with HBM (High Bandwidth Memory) technology [1] - The Ultra ECP 3D device from the company is specifically designed for TSV (Through-Silicon Via) copper filling [1] - The entire line of wet cleaning equipment and copper plating devices can be utilized for HBM processes [1] Group 2 - All packaging and testing equipment, including wet processing, coating, developing, and copper plating devices, are applicable for high-performance chip 2.5D packaging processes [1]

Core Viewpoint - The strategic investment by the National Adjustment Fund in Qingdao's SIRUI Intelligent Technology Co., Ltd. highlights the confidence in the company's growth potential and aims to enhance the semiconductor industry's significance in Qingdao [2][9]. Group 1: Investment Overview - The National Adjustment Fund, managed by China Chengtong Holdings Group, has a total scale of 350 billion yuan and focuses on strategic emerging industries [3]. - The fund has made 17 external investments in the past two years, including participation as a cornerstone investor in Midea Group's Hong Kong IPO [3]. - SIRUI Intelligent is a key player in Qingdao's "10+1" industry, focusing on advanced information technology and is planning an IPO on the A-share market [2][9]. Group 2: Company Background - SIRUI Intelligent, established in 2018, specializes in atomic layer deposition (ALD) and ion implantation (IMP) equipment, crucial for semiconductor manufacturing [9][11]. - The company has achieved significant milestones, including the successful delivery of its ALD equipment to leading semiconductor manufacturers and the development of the first 8MeV high-energy ion implanter in China [11][12]. - Despite its technological advancements, SIRUI Intelligent reported revenues of 468 million yuan in 2023 but incurred a net loss of 239 million yuan [12]. Group 3: Strategic Importance - The investment from the National Adjustment Fund is seen as a critical move to support the domestic semiconductor equipment industry and enhance supply chain security [9][19]. - SIRUI Intelligent's recognition as a leading enterprise in the new generation information technology sector reflects Qingdao's acknowledgment of its technological capabilities and growth prospects [18]. - The collaboration between the National Adjustment Fund and SIRUI Intelligent signifies a strong partnership between major state-owned enterprises, enhancing the city's semiconductor industry profile [15][16].

招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 行业及公司点评 全球市场观察 2025 年 12 月 8 日 1 中国股市上涨，港股原材料、金融与工业领涨，综合、公用事业与必选消费 下跌，南向净买入 13.4 亿港元，小米与美团净买入最多，阿里与腾讯净卖出 居前。A 股非银金融、有色金属与工贸综合涨幅居前，银行、煤炭与电信服 务跑输市场。A 股券商板块大涨，中国证监会主席表示鼓励头部机构通过并 购重组打造国际一流投行，将对优质券商适度松绑打开资本空间与杠杆限制， 鼓励中小机构打造小而美的精品投行、特色投行和特色服务商；保险板块大 涨，保险公司投资资本市场的风险因子再度下调，显示监管机构鼓励险资等 长期资本入市的态度。 美股上涨，通讯服务、信息技术与可选消费涨幅居前，公用事业、能源与医 疗保健跌幅最大。戴尔、联想、惠普等主要 OEM 厂商计划大幅提高服务器 价格，因供应很难跟上快速增长的需求。微软与博通商谈定制芯片设计合作， 可能替换现有供应商 Marvell，以降低对英伟达依赖。随着 AI 产品创新，定 制芯片需求激增，科技公司寻求供应链多元化以降低风险与成本。 美债收益率升至两周新高，美元指数转 ...