益民红利成长混合（560002）基金经理为关旭。 截至发稿，关旭累计任职时间2年117天，现任基金资产总规模3.59亿元，任职期间最佳基金回报 34.55%， 任职期间最差基金回报14.42%。 1月21日，耐科装备涨5.43%，截至发稿，报40.22元/股，成交8771.09万元，换手率3.73%，总市值46.07 亿元。 资料显示，安徽耐科装备科技股份有限公司位于安徽省铜陵经济技术开发区天门山北道2888号，成立日 期2005年10月8日，上市日期2022年11月7日，公司主营业务涉及塑料挤出成型及半导体封装领域的智能 制造装备的研发、生产和销售,为客户提供定制化的智能制造装备及系统解决方案,主要产品为塑料挤出 成型模具、挤出成型装置及下游设备、半导体封装设备及模具,其中,半导体封装设备产品主要为半导体 全自动塑料封装设备、半导体全自动切筋成型设备以及半导体手动塑封压机。主营业务收入构成为：塑 料挤出成型模具、挤出成型装置64.66%，半导体封装设备26.93%，半导体封装模具4.94%，其他(补 充)1.94%，其他0.96%，塑料挤出成型下游设备0.57%。 从基金十大重仓股角度 数据显示，益民基金旗 ...

格隆汇1月7日丨光力科技(300480.SZ)在投资者互动平台表示，公司航空港二期工程正在加紧施工，计 划于2027年建成投产。公司将全力推进项目建设进度，项目完成后将大幅增加半导体封装设备、核心零 部件及物联网安全生产智能装备的产能；公司高度重视信息披露工作，如2025年度业绩情况预计达到业 绩预告的相关披露标准，公司将于2026年1月31日前积极履行信息披露义务。 ...

格隆汇1月7日丨光力科技(300480.SZ)在投资者互动平台表示，公司航空港二期工程正在加紧施工，计 划于2027年建成投产。公司将全力推进项目建设进度，项目完成后将大幅增加半导体封装设备、核心零 部件及物联网安全生产智能装备的产能；公司高度重视信息披露工作，如2025年度业绩情况预计达到业 绩预告的相关披露标准，公司将于2026年1月31日前积极履行信息披露义务。 ...

Core Viewpoint - The company, NAIKE Equipment, has shown a decline in stock performance with a slight drop of 0.04% on December 31, and the financing data indicates a net outflow of funds, suggesting potential liquidity concerns [1] Group 1: Financial Performance - For the period from January to September 2025, NAIKE Equipment achieved a revenue of 220 million yuan, representing a year-on-year growth of 11.59% [2] - The net profit attributable to the parent company for the same period was 66.24 million yuan, reflecting a year-on-year increase of 14.70% [2] - Cumulative cash dividends since the company's A-share listing amount to 81.75 million yuan [3] Group 2: Shareholder and Market Data - As of September 30, 2025, the number of shareholders for NAIKE Equipment was 6,865, an increase of 28.56% compared to the previous period [2] - The average number of circulating shares per shareholder is 4,482, which is an increase of 8.03% from the last period [2] - The financing balance of NAIKE Equipment is 53.75 million yuan, accounting for 3.23% of the circulating market value, which is below the 20th percentile level over the past year, indicating a low financing position [1]

Group 1 - The company positions itself as a high-end precision equipment manufacturer, spanning three major application areas: photovoltaics, semiconductors, and displays, aiming to become a benchmark in the segmented semiconductor field [1] - In the context of the current iteration and upgrade of photovoltaic cell technology, the company focuses on HJT (Heterojunction Technology) equipment for overseas markets while also reserving perovskite stacking technology, which is expected to open a new growth cycle [1] - The company has won the industry's first order for a perovskite/silicon heterojunction stacked battery production line, demonstrating its leading capabilities in stacked battery production line equipment and technology solutions [1] Group 2 - The company has independently developed Mini/Micro LED production line equipment, with stable mass production already achieved at client sites [2] - A supply agreement for MLED production line equipment was signed with Lehman Optoelectronics, marking a significant breakthrough in batch orders and further recognition of the production line solution in the market [2] Group 3 - In the semiconductor equipment sector, the company focuses on etching and thin film deposition equipment in the front-end process, and advanced packaging equipment in the back-end process, with orders expected to grow rapidly [3] - The company has established close cooperation with leading domestic packaging enterprises, and new semiconductor equipment orders signed in the first three quarters of 2025 have already exceeded the total for 2024, indicating high-speed growth [3] Group 4 - Profit forecasts indicate that the company's net profit attributable to shareholders will be 0.923 billion, 1.007 billion, and 1.110 billion yuan for 2025-2027, with year-on-year growth rates of -0.28%, +9.04%, and +10.27% respectively [4] - The company is transitioning from photovoltaic equipment to a broader semiconductor equipment supplier role, benefiting from strong technical barriers and rapid growth in semiconductor orders, which is expected to lead to a new growth cycle [4]

12月24日，耐科装备涨1.22%，截至发稿，报28.22元/股，成交3131.03万元，换手率1.87%，总市值 32.33亿元。耐科装备股价已经连续6天上涨，区间累计涨幅6.29%。 资料显示，安徽耐科装备科技股份有限公司位于安徽省铜陵经济技术开发区天门山北道2888号，成立日 期2005年10月8日，上市日期2022年11月7日，公司主营业务涉及塑料挤出成型及半导体封装领域的智能 制造装备的研发、生产和销售,为客户提供定制化的智能制造装备及系统解决方案,主要产品为塑料挤出 成型模具、挤出成型装置及下游设备、半导体封装设备及模具,其中,半导体封装设备产品主要为半导体 全自动塑料封装设备、半导体全自动切筋成型设备以及半导体手动塑封压机。主营业务收入构成为：塑 料挤出成型模具、挤出成型装置64.66%，半导体封装设备26.93%，半导体封装模具4.94%，其他(补 充)1.94%，其他0.96%，塑料挤出成型下游设备0.57%。 益民红利成长混合（560002）成立日期2006年11月21日，最新规模2.9亿。今年以来收益5.52%，同类排 名6540/8088；近一年收益3.16%，同类排名7190/805 ...

12月24日，耐科装备涨1.22%，截至发稿，报28.22元/股，成交3131.03万元，换手率1.87%，总市值 32.33亿元。耐科装备股价已经连续6天上涨，区间累计涨幅6.29%。 资料显示，安徽耐科装备科技股份有限公司位于安徽省铜陵经济技术开发区天门山北道2888号，成立日 期2005年10月8日，上市日期2022年11月7日，公司主营业务涉及塑料挤出成型及半导体封装领域的智能 制造装备的研发、生产和销售,为客户提供定制化的智能制造装备及系统解决方案,主要产品为塑料挤出 成型模具、挤出成型装置及下游设备、半导体封装设备及模具,其中,半导体封装设备产品主要为半导体 全自动塑料封装设备、半导体全自动切筋成型设备以及半导体手动塑封压机。主营业务收入构成为：塑 料挤出成型模具、挤出成型装置64.66%，半导体封装设备26.93%，半导体封装模具4.94%，其他(补 充)1.94%，其他0.96%，塑料挤出成型下游设备0.57%。 从耐科装备十大流通股东角度 截至发稿，杨斯琪累计任职时间1年197天，现任基金资产总规模112.48亿元，任职期间最佳基金回报 51.66%， 任职期间最差基金回报-5.12%。 风 ...

Core Viewpoint - The article highlights the transformation and upgrading of traditional industries in Henan, showcasing the province's commitment to high-quality economic development through advanced manufacturing, digitalization, and innovation [1][22]. Group 1: Traditional Industry Transformation - Henan's traditional industries are experiencing a revitalization, with companies like Luoyang Bearing Group investing over 2 billion yuan in smart production lines and automation, aiming for full digital transformation by 2030 [5][6]. - The province has seen a significant increase in the proportion of high-end products, with Luoyang Bearing's high-end product share rising to nearly 70% and a 40% market share in domestic wind power main bearings [6]. - The industrial landscape in Henan is evolving, with over 300 related enterprises in the agricultural machinery sector, generating an output value of 60 billion yuan, accounting for approximately 30% of the national total [12]. Group 2: Emerging Industry Clusters - New industries in Henan are forming clusters, with significant advancements in sectors such as artificial intelligence and new energy vehicles, marking a shift from isolated efforts to collective growth [13][18]. - Hanwei Technology has emerged as a leader in the sensor industry, fostering a cluster of nearly 100 related companies in Zhengzhou, contributing to the establishment of a top-tier sensor industrial park [16]. - The semiconductor industry is also gaining traction, with companies like Guangli Technology making strides in domestic equipment manufacturing, enhancing the overall strength of Henan's semiconductor sector [17]. Group 3: Future Industry Development - Henan has laid out a strategic plan to cultivate emerging industries and position itself for future growth, with goals including 50 key technology breakthroughs and the establishment of 50 ecological leaders [20][21]. - The province's capital market is actively supporting future industries, with policies aimed at fostering mergers, acquisitions, and the development of artificial intelligence ecosystems [22]. - Companies like Yutong Bus are leading the charge in the new energy vehicle sector, establishing a localized supply chain with over 290 suppliers and achieving a localization rate of 41% [21].

Core Viewpoint - The article discusses the significance of semiconductor packaging and testing (封测) in the semiconductor industry, highlighting its processes, roles, and market potential, especially in the context of China's growing semiconductor sector. Group 1: Definition, Role, and Process of Packaging - Packaging refers to the process of placing, fixing, and sealing chips using specific materials and techniques, which protects chip performance and extends internal functions to the external environment [7][8]. - The four main roles of packaging are protection, support, connection, and heat dissipation [6][8]. - The basic packaging process includes wafer thinning, wafer cutting, chip attachment, wire bonding, encapsulation, curing, testing, marking, packaging, inspection, and shipping [7][8]. Group 2: Semiconductor Packaging Industry Chain - The semiconductor packaging industry is positioned in the midstream of the semiconductor industry chain, which includes design, manufacturing, and packaging/testing [17]. - The packaging segment accounts for a significant portion of the value in the packaging and testing process, with estimates indicating that packaging contributes 80-85% of the total value [22]. Group 3: Market Overview and Growth Potential - In 2022, China's semiconductor industry sales reached 12,006 billion yuan, with packaging accounting for 2,995 billion yuan, representing 24.9% of the total [22]. - The packaging industry is expected to grow, with projections indicating a sales increase to 3,060 billion yuan in 2023, reflecting an 8.4% year-on-year growth [22]. - The article emphasizes that the advanced packaging and high-end packaging materials sectors are likely to benefit from the ongoing AI wave and supportive policies [22]. Group 4: Equipment and Technology in Packaging - The semiconductor packaging process involves various equipment, including thinning machines, cutting machines, die bonders, and encapsulation machines, each playing a critical role in ensuring quality and efficiency [32][37]. - The market for packaging equipment is dominated by a few key players, with significant market shares held by companies like TOWA and ASM Pacific [45]. Group 5: Testing Process and Equipment - Testing is crucial for ensuring the functionality and performance of semiconductor devices, with processes divided into wafer testing and final product testing [16][54]. - The global market for testing equipment is led by companies such as Advantest and Teradyne, which together hold a significant market share [48]. Group 6: Raw Materials in Packaging - The raw materials used in semiconductor packaging include cutting materials, adhesive materials, bonding wires, packaging substrates, and encapsulation materials, with the packaging substrate accounting for 40% of the market share [63][64]. - The article notes that the barriers to entry for packaging materials are lower compared to wafer materials, and China has achieved a level of import substitution in this area [63].

Core Insights - Kuake Intelligent achieved a net profit attributable to shareholders of 198 million yuan in the first three quarters of 2025, representing a year-on-year increase of 21.83% [1] - In Q3 alone, the net profit attributable to shareholders was 66 million yuan, showing a significant year-on-year growth of 48.77% [1] - The company's performance aligns with market expectations [1] Industry Developments - The consumer electronics sector is seeing strengthened collaborations with diverse clients [1] - In the AI glasses equipment sector, the company's developed laser welding equipment has been applied in the production of Meta's smart glasses [1] - The growth in the AI server market, driven by large tech companies increasing their computing power investments, is boosting the demand for high-speed connectors [1] Company Initiatives - The company supplies precision electronic assembly equipment to connector supplier Molex and provides AOI testing equipment for high-speed connectors to Amphenol [1] - Expansion into automotive electronics and automation application scenarios is underway [1] - The innovation and iteration of consumer electronic products are raising the requirements for precision welding and visual inspection, catalyzing demand for processing equipment [1] - The company is continuously expanding its client base in other precision electronics fields based on its expertise in welding and AOI equipment technology [1] - New products, including semiconductor packaging equipment, are gradually enriching the company's offerings [1] - The company maintains a "Buy" rating [1]