格隆汇12月1日｜迈为股份在互动平台表示，公司高选择比刻蚀设备及混合键合设备等可用于DRAM （高带宽存储器HBM）工艺。公司刻蚀和薄膜沉积设备已广泛应用于存储芯片、逻辑芯片制造领域。 ...

内容概况：当前，中国键合机行业正处于快速发展与转型升级的关键阶段。作为半导体封装设备的重要 组成部分，键合机在集成电路、功率器件以及光电子器件等制造过程中发挥着不可替代的作用。近年 来，在国家政策持续支持、下游应用市场不断扩展以及技术持续创新的共同推动下，中国键合机行业呈 现出蓬勃的发展势头。从进口情况来看，2024年中国引线键合机进口量为10873台，同比增长22.78%； 进口金额为44.03亿元，同比增长22.56%。主要是半导体产业快速发展、高端设备国产化率不足及技术 壁垒较高。2025年以来，半导体行业供需关系出现调整，消费电子需求疲软导致下游备货意愿减弱，成 熟制程产能利用率出现回落，行业整体进入"产能消化"阶段。受此影响，2025年前三季度，中国引线键 合机进口量为7124台，同比下降13.68%；进口金额为29.63亿元，同比下降7.97%。尽管国内企业已在中 低端键合机市场实现了一定程度的国产替代，但在高精度、高效率的高端引线键合机领域，仍高度依赖 进口产品，反映出国内企业在核心技术研发与产品创新能力方面仍有待进一步提升和加强。 相关上市企业：迈为股份（300751）、奥特维（688516） ...

ASML Holding N.V. (NASDAQ:ASML) is one of th AI Stocks on the Market’s Radar. On November 26, BofA Securities maintained a Buy rating on the stock with a €986.00 price target. The rating affirmation follows the firms meeting with company CEO Christophe Fouquet and IR Marcel Kemp. One of the firm’s key takeaways from the meeting have been how demand is currently outstripping supply in the DRAM market, with more DRAM orders anticipated in the coming quarters. 2nm logic capacity also continues to build throu ...

Applied Materials, Inc. (NASDAQ:AMAT) is one of the AI Stocks on the Market’s Radar. On November 25, UBS upgraded the stock from Neutral to “Buy” and raised its price target to $285 from $250. Firm analysts see significant upside for AMAT driven by WFE growth and underappreciated China demand heading into 2026–2027. UBS’s holds a bullish outlook for the WFE market in 2026 and 2027. Its forecasts call for 2026 WFE to increase more than 20% year-over-year to $136.5 billion, largely driven by memory. It ant ...

Core Viewpoint - Applied Materials (AMAT) stock is considered an attractive investment due to its high margins, pricing power, and cash generation capabilities, all available at a discounted price [2] Current Developments Regarding AMAT - AMAT's stock has increased by 55% this year but is currently 31% lower based on its Price-to-Sales (P/S) ratio compared to the previous year [3] - The company achieved record annual revenue in fiscal 2025, driven by strong demand for AI-enabling technologies, advanced logic, and high-performance DRAM solutions [4] - New product launches, such as the Kinex Bonding System and Centura Xtera Epi system, are expected to enhance chip performance and yield [4] - Despite a revenue decline in Q4 and guidance indicating a year-over-year decrease for Q1, a favorable product mix and strong pricing power support robust cash generation, with management anticipating increased demand in calendar 2026 [4] AMAT Demonstrates Strong Fundamentals - AMAT's operating cash flow margin stands at nearly 26.9% with a 30.1% operating margin for the last twelve months [9] - The three-year average shows around 28.5% operating cash flow margin and 29.4% operating margin [9] - Revenue growth rate is 6.6% for the last twelve months and 4.4% for the three-year average, although it is not categorized as a growth story [9] - AMAT stock is priced at a P/S multiple of 7.0, reflecting a 31% discount compared to one year ago [9] Investment Criteria - AMAT meets several investment criteria, including a market cap exceeding $10 billion, high cash flow from operations margins, and a significant decline in valuation over the past year [10] - The average 12-month forward returns for stocks meeting these criteria are nearing 19%, with a win rate of approximately 72% [10] Portfolio Performance - The Trefis High Quality (HQ) Portfolio, which includes 30 stocks, has a history of outperforming benchmarks such as the S&P 500, S&P mid-cap, and Russell 2000 indices [11] - HQ Portfolio stocks have generated superior returns with reduced risk compared to the benchmark index, indicating a smoother investment experience [11]

China Semiconductors 24 November 2025 China Semicap: Will China WFE spending ever slow down? 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 Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com Juho Hwang +852 2123 2632 juho.hwang@bernsteinsg.com Carmine Milano +44 20 7762 1857 carmine.milano@bernsteinsg.com 2 ...

本周最后一个交易日，指数午后进一步上行，半导体产业链延续强势。临近收盘，上游半导体设备ETF（561980）涨1.46%，成分股京仪装备大涨8.85%，天 岳先进、上海新阳、中科飞测涨超5%，安集科技、拓荆科技、芯源微、北方华创等多股拉升。 | | 体设备ETF(561980 | | Q C | | --- | --- | --- | --- | | | 1.875 +0.027 +1.46% | | | | 新闻 简况 | 资金 | 持仓 | 公告 | | 里巴服示 | | | | | 重仓持股占比总计 | | | 99.03% | | 股票名称 | | 涨跌幅 | 净值占比 | | 中微公司 | | +0.70% | 15.86% | | 科 688012 | | | | | 寒武纪-U | | +0.66% | 14.30% | | 科 688256 | | | | | 北方华创 | | +1.27% | 13.74% | | sz 002371 | | | | | 中本国际 | | +0.67% | 9.17% | | 图 688981 | | | | | 海光信息 | | 40.84% | 8.20 ...

Core Insights - The domestic company Chip-on-Micro has successfully completed the factory debugging and acceptance of its first 350nm stepper lithography machine, marking a significant advancement in the localization of semiconductor lithography equipment [1] - Policy-wise, the "14th Five-Year Plan" provides clear guidance for technological innovation, while the industry outlook remains positive due to improved fundamentals and the continued cost-effectiveness of computing power, particularly benefiting AI applications and semiconductor equipment [1] - The Zhongzheng Science and Technology Innovation and Entrepreneurship Artificial Intelligence Index selects 50 stocks from the Sci-Tech Innovation Board and the Growth Enterprise Market, reflecting the overall performance of AI-themed stocks, with the top five weighted stocks accounting for over 60% of the index [1] - Currently, seven ETFs tracking the Zhongzheng Science and Technology Innovation and Entrepreneurship Artificial Intelligence Index, including E Fund (159140), are being issued, which may help investors easily access cutting-edge technology and seize opportunities in the AI era [1]

Group 1 - The core viewpoint of the news is that 矽电股份 (Silicon Electric Co., Ltd.) has seen a significant increase in its stock price, rising by 5.59% to 214.51 yuan per share, with a trading volume of 183 million yuan and a turnover rate of 8.46%, resulting in a total market capitalization of 8.951 billion yuan [1] - 矽电股份 specializes in the research, production, and sales of semiconductor equipment, focusing on semiconductor probe testing technology. The main revenue composition includes 54.52% from die probe tables, 34.00% from wafer probe tables, and 11.48% from other sources [1] - The company is located in Longgang District, Shenzhen, Guangdong Province, and was established on December 25, 2003, with its listing date set for March 24, 2025 [1] Group 2 - From the perspective of the top ten circulating shareholders, 博时基金 (Bosera Fund) has a fund that entered the top ten shareholders of 矽电股份, holding 63,000 shares, which accounts for 0.6% of the circulating shares. The estimated floating profit for today is approximately 715,700 yuan [2] - The 博时半导体主题混合A (Bosera Semiconductor Theme Mixed A) fund was established on July 20, 2021, with a current scale of 1.004 billion yuan. Year-to-date returns are 42.17%, ranking 1201 out of 8127 in its category, while the one-year return is 49.64%, ranking 684 out of 8059 [2] - The fund manager, 肖瑞瑾 (Xiao Ruijin), has been in the position for 8 years and 330 days, managing a total fund asset size of 6.668 billion yuan. The best fund return during the tenure is 248.42%, while the worst return is -40.56% [3]

Group 1 - The core viewpoint of the news is that ChipSource Microelectronics has shown a positive stock performance, with a 5.04% increase in share price, reaching 125.97 CNY per share, and a total market capitalization of 25.399 billion CNY [1] - ChipSource Microelectronics, established on December 17, 2002, specializes in the research, production, and sales of semiconductor equipment, with its main revenue sources being photoresist coating and developing equipment (59.86%) and single-wafer wet processing equipment (36.76%) [1] - The company has a total trading volume of 2.72 million CNY and a turnover rate of 1.10% [1] Group 2 - From the perspective of fund holdings, the China Post Fund has a significant position in ChipSource Microelectronics, with its core technology innovation flexible allocation mixed fund (000966) holding 12,100 shares, accounting for 2.07% of the fund's net value [2] - The fund has reduced its holdings by 2,000 shares in the third quarter, and the estimated floating profit from this investment is approximately 72,800 CNY [2] - The fund has achieved a year-to-date return of 21.39%, ranking 3,648 out of 8,127 in its category [2]