证券日报网讯 12月29日，路维光电在互动平台回答投资者提问时表示，公司的愿景是希望路芯半导体 项目有条不紊发展，不断推进制程节点走向先进，获得更多下游晶圆厂客户、存储厂客户的验证及订 单，希望为半导体掩膜版领域的国产替代贡献力量。公司会结合市场需求及公司战略规划综合考虑后续 的股权安排事宜，后续如有相关重大事项，公司将严格按照相关法律法规的要求进行信息披露。 ...

每到一处，吴庆文都认真察看企业生产线，与负责人深入交流，详细了解生产经营、人才引育、市 场推广、产品应用等情况，询问企业在生产经营过程中遇到的困难和问题，现场和属地、相关部门研究 解决办法。他勉励企业要抢抓发展机遇，切实发挥龙头企业带动作用，紧扣产业发展方向前瞻布局，依 靠科技创新保持细分领域领先地位，坚定信心、扎根苏州、做大做强。 调研走访中，吴庆文强调，苏州电子信息产业基础深厚，要强化创新引领，拓展应用场景，支持企 业做强做优做大，持续塑造产业发展新动能新优势。要一如既往做好市场供需对接、创新平台共建和资 源要素服务保障，进一步完善支持政策，深化产学研协同，推动产业链向上下游延伸，全力为企业发展 创造良好条件。 12月18日，市委副书记、市长吴庆文到苏州工业园区调研走访电子信息重点企业，强调要深入学习 贯彻党的二十届四中全会精神和习近平总书记关于发展新质生产力的重要论述，推动科技创新和产业创 新深度融合，全力以赴做好企业服务，积极培育发展新动能新优势。 九识（苏州）智能科技有限公司是全球领先的自动驾驶科技公司，也是全球规模最大的无人物流车 企业。通富超威（苏州）微电子有限公司致力于打造国内最先进的高阶处理 ...

（文/罗叶馨梅）12月5日，清溢光电（688138.SH）在最新投资者关系活动记录表中披露，公司半导体掩膜版业务收入占比约为20%。公司佛山生产基地总 投资35亿元，其中高精度平板显示掩膜版基地投资20亿元，高端半导体掩膜版基地投资15亿元。公司表示，将依托佛山基地进一步完善平板显示与半导体掩 膜版"两条腿"业务布局。 请 网 手 - 17 11:38 the state 199 0 1 1 the station STERNE and of the state age of the the first s a least and and 在客户拓展方面，公司半导体掩膜版业务代表性客户包括比亚迪半导体、芯联集成等。清溢光电表示，部分客户信息受保密协议约束，不便对外披露。公司 认为，伴随国内晶圆厂对关键掩膜版国产替代需求提升，优质客户资源将为后续业务放量奠定基础。 清溢光电指出，目前半导体掩膜版的自主可控率在10%左右，国产替代空间巨大。公司强调，将在保持平板显示掩膜版市场领先优势的同时，加快半导体芯 片用掩膜版产品布局。通过工艺技术迭代与产能投入，逐步提升本土供应能力与供应链安全性。 展望未来五年，公司提出明 ...

清溢光电回复称，公司现有半导体掩膜版业务收入占比约为20%。公司佛山南海生产基地已于2025年11 月正式投产，将逐步为公司贡献新的收入。 格隆汇11月28日｜有投资者在互动平台向清溢光电提问：公司现有半导体掩膜板收入占总收入的比重有 多少？后续半导体掩膜板产能何时产生收入？ ...

Market Overview - On November 18, the Shanghai Composite Index fell by 0.81%, the CSI 300 decreased by 0.65%, the STAR 50 rose by 0.29%, the CSI 1000 dropped by 1%, and the ChiNext Index declined by 1.16% [5] - The best-performing sectors on November 18 were Media (+1.6%), Computer (+0.93%), Electronics (+0.12%), and Food & Beverage (+0.03%), while the worst-performing sectors were Coal (-3.17%), Electric Equipment (-2.97%), Steel (-2.85%), Nonferrous Metals (-2.8%), and Basic Chemicals (-2.67%) [5] - The total trading volume of the A-share market on November 18 was 1,946 billion yuan, with a net inflow of 7.466 billion HKD from southbound funds [5] Important Recommendations Company: Baiao Intelligent (300836) - The recommendation logic highlights the company's positioning in customized automation equipment, with opportunities in munitions and AI computing power expected to enhance profitability [6] - Revenue projections for 2025-2027 are 1,055 million, 1,368 million, and 1,774 million yuan, with growth rates of 126.4%, 29.7%, and 29.7% respectively. Net profit is forecasted at 122 million, 169 million, and 221 million yuan, with growth rates of 346.8%, 38.0%, and 30.6% respectively [6] Company: Lu Wei Optoelectronics (688401) - The recommendation is based on the company's rare capabilities in G11 and G8.6 high-generation platforms, benefiting from the IT-OLED market expansion and semiconductor recovery [7] - Revenue forecasts for 2025-2027 are 1,164.17 million, 1,568.91 million, and 2,120.63 million yuan, with growth rates of 32.96%, 34.77%, and 35.17% respectively. Net profit is expected to be 262.67 million, 366.91 million, and 514.29 million yuan, with growth rates of 37.62%, 39.68%, and 40.17% respectively [8] Key Insights Machinery Sector - The core viewpoint indicates a cyclical reversal, growth emergence, and acceleration of overseas expansion in the machinery sector [9] - The focus has shifted from emphasizing self-sufficiency to promoting overseas expansion, with growth expected in engineering machinery, industrial gases, and semiconductor equipment [9] Communication Sector - The communication sector is expected to see steady growth, with a focus on computing power, operator benefits, and satellite internet opportunities [10] - The domestic commercial rocket is anticipated to successfully conduct test flights, contributing to the sector's growth [10] Media and Internet Sector - The media and internet sector is projected to recover in 2026, driven by policy support, improved content supply, and accelerated AI commercialization [12] - The emphasis is on the structural improvement of content supply and the enhanced efficiency brought by AI applications in advertising and content creation [12] Computer Sector - The computer industry is witnessing a systematic breakthrough in domestic computing power, transitioning from technical advancements to commercialization of AI applications [14] - Investment opportunities are identified in domestic computing power and the commercial realization of AI, with catalysts including breakthroughs in domestic computing power [14]

Group 1: Fiscal Data - National general public budget revenue from January to October reached 186,490 billion yuan, a year-on-year increase of 0.8% [1][2] - Tax revenue amounted to 153,364 billion yuan, growing by 1.7% year-on-year, while non-tax revenue decreased by 3.1% to 33,126 billion yuan [1][2] Group 2: Renewable Energy - The Qiongjie Wind Power Project in Tibet officially commenced operation on November 17, becoming the highest-altitude wind farm in China at 5,370 meters above sea level, with a total installed capacity of 60 MW [3] - The project consists of 12 wind turbine units, each with the largest capacity in Tibet [3] Group 3: New Energy Vehicles - In October 2025, the export of new energy vehicles reached 256,000 units, a month-on-month increase of 15.4% and a year-on-year increase of 99.9% [2] - From January to October 2025, new energy vehicle exports totaled 2,014,000 units, reflecting a year-on-year growth of 90.4% [2] Group 4: Lithium Battery Materials - Prices of various lithium battery materials have risen, with ethylene carbonate increasing by 23.26%, lithium hexafluorophosphate by 5.93%, and electrolyte by 4.93% [4] - The lithium battery supply chain is experiencing a price surge due to strong downstream demand, particularly in energy storage systems [4] Group 5: Nuclear Fusion - A procurement project by Fusion New Energy (Anhui) has been announced, with a total value exceeding 2 billion yuan, involving key components for nuclear fusion systems [6] - The global commercial nuclear fusion industry is projected to reach a cumulative financing total of 9.766 billion USD by mid-2025, indicating significant growth potential [6] Group 6: Quantum Technology - The 2025 Quantum Technology and Industry Conference will be held from November 20 to 21, expecting participation from over 4,000 individuals and 600 organizations [7] - Quantum computing is recognized as a disruptive technology, with advancements in various technical routes, including superconducting and ion trap technologies [7] Group 7: Corporate Announcements - Trina Solar's subsidiary signed contracts for a total of 2.66 GWh of energy storage product sales across North America, Europe, and Latin America [8] - Shengyi Technology plans to raise no more than 2.6 billion yuan for projects related to AI computing and smart manufacturing [8] - *ST Songfa's subsidiary signed contracts for the construction of two large oil tankers, with contract values exceeding 2 billion to 3 billion USD and 4 billion to 6 billion USD, respectively [9]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a significant improvement in profitability for Q3, with a revenue of 828 million yuan, representing a year-on-year increase of 37.25%, and a net profit of 172 million yuan, up 41.88% year-on-year. In Q3 alone, revenue was 283 million yuan, a 36.80% increase year-on-year, and net profit was 65 million yuan, reflecting a 69.08% year-on-year growth [4][5] - The gross margin for Q3 was 36.40%, an increase of 1.30 percentage points year-on-year, while the net margin was 23.09%, up 4.41 percentage points year-on-year. The company expects further improvement in profitability due to ongoing product structure optimization and refined cost management [4][5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 827 million yuan, with a net profit of 172 million yuan. The Q3 results showed a revenue of 283 million yuan and a net profit of 65 million yuan [4] - The projected revenues for 2025-2027 are 1.171 billion yuan, 1.589 billion yuan, and 2.172 billion yuan respectively, with corresponding net profits of 274 million yuan, 375 million yuan, and 523 million yuan [6][9] Business Segments - In the flat panel display mask segment, the company is the only domestic and fourth globally to master G11 mask technology, with a projected global market share of 25.52% in 2024, ranking second. The company is positioned to benefit from high utilization rates in G11 panel lines [5] - In the semiconductor mask segment, the company has made significant progress with its subsidiary's 90nm process products, which have passed customer validation. The company is also a leading supplier in advanced packaging, catering to major manufacturers [6] Investment Recommendations - The company is expected to see revenue growth driven by its advancements in technology and market positioning, with EPS projected at 1.42 yuan, 1.94 yuan, and 2.70 yuan for 2025, 2026, and 2027 respectively, and corresponding P/E ratios of 32.40, 23.69, and 16.98 [6][9]

Core Viewpoint - The company has achieved mass production of 180nm process node semiconductor masks and is progressing well in the production of 150nm/130nm masks, indicating strong capabilities in advanced semiconductor manufacturing [1] Group 1: Production Achievements - The company has successfully achieved mass production of 180nm process node semiconductor masks [1] - The 150nm and 130nm masks have passed customer validation and are in small batch production [1] - The company is positioned among domestic manufacturers in the production of 130-28nm masks, with ongoing progress in the 90nm and above semiconductor masks [1] Group 2: Future Plans - The company plans to initiate trial production of 40nm semiconductor masks in the second half of 2025 [1] - The project for the production of 130-28nm masks is progressing smoothly, indicating a strong pipeline for future production [1]

Core Viewpoint - Luvi Optoelectronics (688401.SH) reported strong performance in Q3 2025, with revenue of 827 million yuan, a year-on-year increase of 37.25%, and net profit of 172 million yuan, up 41.88% [1] Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 283 million yuan, a 36.80% increase year-on-year, and net profit of 65.32 million yuan, reflecting a significant growth of 69.08% [1] - For the first three quarters, the company’s total revenue reached 827 million yuan, with a net profit attributable to shareholders of 172 million yuan [1] Group 2: Market Position and Strategy - The company is positioned as a key player in the domestic semiconductor and display industry, leveraging its "screen-to-chip" strategy to deepen its market presence [1] - Luvi Optoelectronics is the only domestic company capable of supporting G2.5-G11 generation production lines for mask plates, having achieved breakthroughs in G11 high-precision mask plate technology [2] Group 3: Capacity Expansion - The company is investing 2 billion yuan in a new production base in Xiamen, which will include 11 high-end mask plate production lines, focusing on G8.6 and below AMOLED/LTPO/LTPS/FMM high-precision mask plates [2] - The first phase of the project will establish 5 G8.6 AMOLED high-precision mask plate production lines, with equipment procurement already underway [2] Group 4: Technological Advancements - Luvi Optoelectronics has achieved mass production of 180nm process node semiconductor mask plates, with plans to start trial production of 40nm mask plates in the second half of 2025 [3] - The company is also developing a range of products for various applications, including MCU, SiPh, CIS, DDIC, and NOR/NAND Flash, enhancing its supply chain capabilities [3] Group 5: Research and Development - The company has made significant investments in R&D, completing reliability studies for IC mask plates and developing new products for G8.6 AMOLED and advanced packaging technologies [4] - Ongoing projects include the development of halftone mask plates and high-precision IC mask plates to meet downstream demand [5]

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index rose by 4.82%, with key stocks such as Shengmei Shanghai hitting the daily limit, SMIC increasing by 9.37%, and Jingyi Equipment rising by 7.41% [1] - The domestic semiconductor mask market is projected to reach approximately 18.7 billion RMB by 2025, with wafer manufacturing masks expected to account for 10 billion RMB, packaging masks for 2.6 billion RMB, and other device masks for 6.1 billion RMB [1] - Domestic manufacturers' revenue from mask production is currently low, but they are in a phase of continuous technological upgrades and the release of new high-end capacities, with mask penetration rates transitioning from 1 to N [1] Group 2 - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the semiconductor materials and equipment index, focusing on hard-tech companies in the semiconductor equipment (59%) and materials (25%) sectors [1][2] - The semiconductor equipment and materials industry is a significant area for domestic substitution, characterized by low domestic replacement rates and high ceilings for domestic substitution, benefiting from the expansion of semiconductor demand driven by the AI revolution and technological mergers and acquisitions [1]