当地时间周二（10月7日），美股三大指数盘中集体跳水，截至收盘，道指跌0.2%，纳指跌0.67%，标普500指数跌0.38%。 热门科技股多数下跌，特斯拉跌超4%，谷歌跌超1%。 煤炭、日用消费板块走高，雅诗兰黛涨超4%，宝洁、金佰利涨超1%。 Trilogy Metals周二暴涨211%，此前报道显示，该公司获美国政府入股+批准项目。 纳斯达克中国金龙指数收跌2.24%，热门中概股普跌，世纪互联跌超6%，万国数据跌超5%，百度跌超4%，阿里巴巴、金山云跌超3%，哔哩哔哩跌近 3%，京东、名创优品、理想汽车跌超2%。 据CME"美联储观察"：美联储10月维持利率不变的概率为5.4%，降息25个基点的概率为94.6%。美联储12月维持利率不变概率为0.6%，累计降息25个基 点的概率为16.0%，累计降息50个基点的概率为83.4%。 加密货币概念、半导体设备与材料跌幅居前，Strategy跌超8%，科休半导体跌超7%，科磊跌超4%，阿斯麦跌近4%，Coinbase跌超2%。 责编：叶舒筠 校对： 刘榕枝 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 ...

希荻微(688173.SH)发布公告，公司拟通过发行股份及支付现金方式购买深圳市诚芯微科技股份有限公 司100%股份并募集配套资金。公司于2025年9月30日收到上海证券交易所(简称"上交所")的通知，因本 次交易申请文件中记载的财务资料已过有效期，需要补充提交，按照《上海证券交易所上市公司重大资 产重组审核规则》的相关规定，上交所对本次交易中止审核。 ...

圣邦股份9月15日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 深股通专用 | 22431.63 | 23324.59 | | 买二 | 华泰证券股份有限公司江西分公司 | 15909.15 | 66.84 | | 买三 | 广发证券股份有限公司杭州富春路证券营业部 | 14662.09 | 129.02 | | 买四 | 机构专用 | 13381.61 | 1746.94 | | 买五 | 东亚前海证券有限责任公司苏州分公司 | 8070.59 | 0.00 | | 卖一 | 深股通专用 | 22431.63 | 23324.59 | | 卖二 | 机构专用 | 0.00 | 13008.43 | | 卖三 | 机构专用 | 0.00 | 11767.89 | | 卖四 | 中信证券股份有限公司北京总部证券营业部 | 54.68 | 10506.81 | 卖五 机构专用 0.00 8691.51 圣邦股份今日涨停，全天换手率17.84%，成交额91.61亿元，振幅3.52%。龙虎榜数据显示，机构 ...

Core Viewpoint - Hengshuo Semiconductor (Hefei) Co., Ltd. has announced the progress of its share repurchase plan, which aims to enhance employee stock ownership and incentivize performance [1] Group 1: Share Repurchase Plan - The share repurchase plan was first disclosed on November 30, 2024, with an implementation period from November 28, 2024, to November 27, 2025 [1] - The expected repurchase amount is between 30 million yuan and 60 million yuan [1] - As of August 31, 2025, the company has repurchased a total of 813,407 shares, accounting for 0.98% of the total share capital [1] Group 2: Financial Details - The cumulative amount spent on repurchases is 29,313,021.08 yuan [1] - The actual repurchase price range is between 31.53 yuan per share and 39.60 yuan per share [1]

格隆汇8月28日丨敏芯股份(688286.SH)发布中报，2025上半年实现营业总收入3.04亿元，同比增长 47.82%；归属母公司股东净利润2519.08万元，上年同期亏损3515.74万元；基本每股收益为0.45元。 ...

赛微微电公告，2025年上半年营业收入2.18亿元，同比增长31.00%。净利润3934.32万元，同比增长 29.91%。 ...

格隆汇8月19日丨新洁能(605111.SH)公布2025年半年度报告，报告期实现营业收入9.3亿元，同比增长 6.44%；归属于上市公司股东的净利润2.35亿元，同比增长8.03%；归属于上市公司股东的扣除非经常性 损益的净利润2.07亿元，同比下降3.22%； 基本每股收益0.57元。 ...

Group 1: Non-ferrous Metals - In July, rare earth product exports reached a record high for the year at 6,422 tons, a month-on-month increase of 69%, with magnets being the dominant product [1] - The price of praseodymium and neodymium oxide exceeded 600,000 yuan per ton, and the rare earth index rose by 6% in a single day [1] - Supply constraints are expected due to increased uncertainty in Myanmar mineral imports and a closure of the U.S. mineral window, potentially reducing annual imports by 40,000 tons (10%) [1] - Domestic indicators continue to be strictly controlled, and the supply of scrap materials is unlikely to increase in the short term due to price inversions [1] - Demand for magnetic materials has rebounded, with exports in June reaching 3,000 tons, and major companies have robust overseas orders [1] - The traditional peak season for new energy vehicles, wind power, and variable frequency air conditioners is expected to drive inventory restocking, with prices likely to continue rising in Q3 [1] Group 2: Semiconductor/Chip Industry - The domestic localization rate for semiconductor equipment and materials is increasing, with Yangtze Memory Technologies and Changxin Memory's localization targets raised to 80% and 70%, respectively [2] - Huahong's acquisition of Huali's five factories is expected to increase annual revenue by 25% and net profit by 187%, with depreciation nearly complete, indicating room for revaluation [2] - Cambrian's 4 billion yuan private placement is expected to be completed within two months after approval, with domestic computing power gradually being "unlocked" as SMIC's processes advance [2] Group 3: AI Computing Chips - Haiguang Information is the only domestic company with both CPU and GPU capabilities, showing significant underlying synergy [3] - Jingjia Micro plans to take a controlling stake in Chengheng Micro, focusing on military drones and missiles while also developing software stacks for civilian clients [3] - Aibulu has increased its stake in Zhonghao Xinying to nearly 10%, with the latter's AI TPU performance exceeding NVIDIA's by 1.5 times, leading to a full transformation into AI chips [3] Group 4: Media and Broadcasting - The regulatory environment for the film and television industry has been significantly relaxed, allowing for the potential certification of backlog dramas [4] - The resumption of nationwide talent shows is marked by Mango Super Media's upcoming launch of "Voice of the Future," which aims to replicate the success of "Super Girl" [4] Group 5: Chemical Industry - The domestic market is at a critical point of restarting the inventory cycle, with U.S. durable goods inventory expected to return to positive year-on-year growth [5] - A reversal in overseas inventory cycles could lead to a demand explosion in certain sectors, with significant elasticity in chemical products [5] Group 6: Pharmaceuticals - Novo Nordisk's semaglutide has been approved in the U.S. for treating F2-F3 stage MASH, marking a significant milestone for GLP-1 drugs in the liver disease market [6] - This approval establishes GLP-1's foundational role in MASH treatment and highlights the potential for multi-target therapies, providing new valuation anchors for domestic companies with differentiated pipelines [6] Group 7: Optical Communication Switches - Lumentum and Coherent have reported revenue from OCS optical switches, indicating a shift from proprietary use by companies like Google to commercial viability [7] - This development validates OCS technology as a feasible next-generation data center network architecture, with upstream core component manufacturers expected to benefit first [7]

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-12 | 兆易创新 | 603986 | 106.2 1008.9 | 9.5 | 广发证券股份有限 | 中国中金财富证券 | | | | | | | | 公司北京中关村东 | 有限公司天津武清 | | | | | | | | 放江关营业切 | 出一日本上的年度 | | 8月12日，兆易创新大宗交易成交9.5万股，成交额1008.9万元，占当日总成交额的0.33%，成交价106.2元，较市场收盘价120.47元折价11.85%。 ...

Summary of Semiconductor Industry Conference Call Industry Overview - The semiconductor equipment and materials sector is currently undervalued, with increasing market attention driven by capital rotation, market sentiment, and fundamental expectations. Key drivers include downstream bidding, wafer fab progress, and individual company performance [1][4]. Core Insights and Arguments - The policy focus on self-sufficiency is strengthening, with optimistic signals from leading wafer fabs benefiting the sector. Equipment companies expect stable year-on-year orders in the first half of 2025, with high procurement motivation from wafer fabs [1][5]. - The self-sufficiency in semiconductor manufacturing in mainland China is progressing, with breakthroughs expected in core equipment and advanced process yields between 2025 and 2026. The gap between China and the US remains significant, and tightening policies reinforce the importance of self-sufficiency [1][6]. - The investment value in semiconductor equipment lies in the growth of domestic orders driven by local substitution. Although growth is not explosive, the shift towards domestic equipment orders and companies' smoothing strategies ensure stable performance, making this a good time for investment given the low valuations [1][7]. - The investment logic for semiconductor materials has shifted, with both domestic and foreign wafer fabs increasing acceptance of domestic materials due to supply chain security and cost reduction as primary drivers [1][8]. - In 2025, wafer fabs are expected to be fully loaded, benefiting materials companies significantly. Companies with a good competitive landscape and positioning advantage will see increased product demand due to capacity expansion [1][10]. Additional Important Points - As of late June 2025, the valuation of the semiconductor equipment and materials sector has adjusted to reasonable levels, nearing the lowest points observed in September 2024. For instance, the valuation of North China Huachuang has dropped to approximately 30 times earnings [3]. - Key factors influencing the market performance of the semiconductor equipment and materials sector include capital rotation, mid-year market sentiment, and clearer fundamental expectations. Positive feedback from downstream bidding, advanced process progress at wafer fabs, and individual company performance contribute positively to market expectations [4]. - The semiconductor materials sector's valuation has returned to reasonable levels after a market correction, with some leading companies now presenting configuration value [11]. - Recommended investment strategies in the semiconductor equipment sector include selecting leading companies like North China Huachuang for stable growth and targeting companies with low domestic substitution rates that have potential for marginal catalysts, such as Zhongwei and Shengmei Shanghai [12]. - In the semiconductor materials sector, it is advised to invest in companies with strong positioning advantages and stable competitive landscapes, with key recommendations including Dinglong Co. and Anji Technology [13].