报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集13年项目编制服务经验为各 类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战略规划、风险评估等提供项目可行性报告&商业计划书编 制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升项目单位申报项目的通过效率。 半导体硅片是生产集成电路、分立器件、传感器等半导体产品的关键材料，是半导体产业链基础性的一环，其核心工艺包括晶体生长、加工工艺、外延工艺 等，技术专业化程度颇高。半导体硅片的研发和生产过程较为复杂，涉及对近现代物理学、数学、化学以及计算机仿真/模拟等诸多学科的综合应用。 （1）半导体硅片行业与上、下游行业之间的关联性：半导体硅片企业的下游客户是芯片制造企业，包括大型综合晶圆代工厂以及专注于逻辑、存储、射频 等芯片、分立器件、光电器件、传感器制造领域的企业。半导体硅片的终端应用领域涵盖手机与平板电脑、物联网、汽车电子、人工智能、工业电子、军 事、航天航空等众多行业。随着科学技术的不断发展，新兴终端市场还将不断涌现。 全球 ...

Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. (stock code: 688783) officially listed on the Shanghai Stock Exchange on October 28, 2025, marking the eighth IPO for Yida Capital in 2025, highlighting strong market support for innovative, high-tech companies with significant market potential [1][3]. Company Overview - Xi'an Yiswei specializes in the research, manufacturing, and sales of 12-inch electronic-grade silicon wafers, which are essential for various applications including storage chips, logic chips, image sensors, display driver chips, and power devices [3][4]. - The company is the largest 12-inch silicon wafer manufacturer in mainland China and the sixth globally, with a focus on overcoming reliance on imported silicon wafers [4]. Market Position and Technology - Xi'an Yiswei has established a comprehensive core process system covering crystal growth, shaping, polishing, cleaning, and epitaxy, achieving competitive metrics in crystal defect control and flatness [4]. - The company has the highest number of authorized domestic and international invention patents in the 12-inch silicon wafer sector in mainland China [4]. Strategic Initiatives - The company is positioning itself in the emerging field of high-end AI chips, developing next-generation high-performance logic chips and storage solutions tailored for AI model training [5]. - Xi'an Yiswei is enhancing its domestic supply chain by collaborating with local suppliers for raw materials and equipment, aiming to boost the competitiveness of the domestic electronic-grade silicon wafer industry [7]. Global Market Expansion - The company is not only catering to domestic demand but also targeting global markets, with approximately 30% of its revenue coming from exports between 2022 and the first half of 2025 [7]. - As of June 2025, Xi'an Yiswei has validated 161 customers, with a significant portion of its revenue derived from mass production of silicon wafers [8]. Future Outlook - The funds raised from the IPO will be invested in the second phase of the Xi'an Yiswei silicon industry base, which is expected to enhance production capacity to 1.2 million wafers per month by 2026, potentially increasing the company's global market share to over 10% [8]. - The listing on the Sci-Tech Innovation Board is seen as a new starting point for the company, aiming to deepen its competitive advantages and better serve global customers while contributing to the overall advancement of China's semiconductor industry [8].

经济日报记者 王胜强 在推动新型工业化、发展新质生产力过程中，如何克服自身短板、重塑竞争优势？这是许多老工业 城市共同面临的转型考题。河北省石家庄市立足实际重新定位，在推动产业高质量发展、构建现代化产 业体系上狠下功夫，五大千亿元级产业集群加速发展。这座有着辉煌历史的工业城市，正在发挥后发优 势提速赶超，实现"老树开新花"。 石家庄市曾是我国经济发展的"优等生"，被列为国家重点发展城市，其生产总值在20世纪90年代居 省会城市前列，后来却一度遭遇发展瓶颈，位次下降。作为老工业城市，该如何重新焕发"青春"？ 近年来，石家庄结合自身资源禀赋，做优传统产业、做强新兴产业、布局未来产业，强化项目、创 新、园区、营商环境、人才等支撑，打造生物医药、新一代电子信息、先进装备制造、现代食品、现代 商贸物流五大千亿元级产业集群，构建起具有特色优势的产业发展"四梁八柱"。 按照"房地产开发为产业发展让路、插花式开发为集中开发让路、土地供应优先保障产业所需"思 路，石家庄规划建设了国际生物医药园、电子信息产业园、装备制造产业园、生产服务型国家物流枢纽 等产业园区，连片推进、集群发展主导产业。 在河北普兴电子科技股份有限公司超级净 ...

在推动新型工业化、发展新质生产力过程中，如何克服自身短板、重塑竞争优势？这是许多老工业城市 共同面临的转型考题。河北省石家庄市立足实际重新定位，在推动产业高质量发展、构建现代化产业体 系上狠下功夫，五大千亿元级产业集群加速发展。这座有着辉煌历史的工业城市，正在发挥后发优势提 速赶超，实现"老树开新花"。 石家庄市曾是我国经济发展的"优等生"，被列为国家重点发展城市，其生产总值在20世纪90年代居省会 城市前列，后来却一度遭遇发展瓶颈，位次下降。作为老工业城市，该如何重新焕发"青春"？ 过去，石家庄鹿泉区电子信息类科研院所集聚，但产业长期碎片化，未能集链成群，尤其缺乏具有高成 长性、强带动性的支柱型龙头企业，对高端人才吸引力不足。生物医药产业也是如此，石家庄虽被称 为"药都"，拥有石药、华药等知名药企，但基础研究和技术创新不足，缺乏核心技术，部分企业仍依赖 传统工艺，高端科研人才和企业管理人才匮乏，高附加值产品占比低，难以支撑产业升级。 如何走出"捧着金饭碗没饭吃"的困境？首先是找准产业定位。2021年，石家庄结合自身资源禀赋，决定 打造生物医药、新一代电子信息、先进装备制造、现代食品、现代商贸物流5个千亿元级 ...

Core Insights - The article discusses how Shijiazhuang, an old industrial city in Hebei Province, is transforming its economy by focusing on high-quality industrial development and creating five major industrial clusters worth over 100 billion yuan each [1][3]. Industrial Development - Shijiazhuang is revitalizing its economy by optimizing traditional industries, strengthening emerging sectors, and planning for future industries, with a focus on biomedicine, new-generation electronic information, advanced equipment manufacturing, modern food, and modern commercial logistics [1][3]. - The city has established a systematic approach to promote the five major industrial clusters, emphasizing policy guidance, technological innovation, and project construction [3][4]. Electronic Information Industry - The Luquan Economic Development Zone in Shijiazhuang has become a hub for the electronic information industry, hosting major companies and research institutes, and forming six advantageous industrial chains in semiconductor chips, modern communication, and more [2][4]. - The electronic information sector has seen significant growth, with revenue projected to increase from 771.7 billion yuan in 2021 to 1,381.7 billion yuan by 2024, reflecting an annual growth rate of 12.1% [5]. Biomedicine Sector - Shijiazhuang is recognized as a "Pharmaceutical Capital," with major companies like Shijiazhuang Pharmaceutical Group leading the industry. However, challenges remain in core technology and high-end talent acquisition [2][5]. - The biomedicine industry is expected to grow from 771 billion yuan in 2021 to 1,257.2 billion yuan by 2024, with an annual growth rate of 10.8% [5]. Innovation and R&D - The city has invested heavily in R&D, with a budget of 211.6 billion yuan for 2024, aiming to enhance technological innovation and industry integration [6][8]. - Shijiazhuang has established numerous partnerships with universities and research institutions to foster innovation, resulting in over 400 cooperation agreements and the establishment of multiple innovation platforms [7][8]. Talent Development - The city has implemented a talent strategy that includes various incentives and support measures, attracting over 10,000 young talents in 2024 alone [12][15]. - Shijiazhuang has created a favorable environment for talent retention, including housing support and financial incentives, contributing to its recognition as a top city for talent attraction [13][15]. Business Environment - Shijiazhuang is focused on creating a market-oriented, law-based, and international business environment, streamlining administrative processes and enhancing service efficiency for enterprises [9][10]. - The city has introduced measures to protect intellectual property rights, which are crucial for fostering innovation and ensuring fair competition [11].

Core Viewpoint - Tianyu Semiconductor is set to launch its global offering on November 27, with an expected listing on the Hong Kong Stock Exchange on December 5, at an issue price of HKD 58.00 per share, raising between HKD 17.4 billion and HKD 20.1 billion [1][3][27] Group 1: IPO Details - The IPO will consist of 30,070,500 H-shares, with 3,007,050 shares available for Hong Kong public offering and 27,063,450 shares for international offering [2][15] - The underwriting syndicate includes 17 firms, with CITIC Securities as the sole sponsor and CICC, CMBI, and others as joint global coordinators [1][2] Group 2: Valuation and Investment History - Since 2021, Tianyu Semiconductor has completed seven rounds of financing, raising a total of CNY 1.464 billion, with its valuation skyrocketing from CNY 900 million in 2021 to CNY 15.2 billion in November 2024, a nearly 17-fold increase [3][16] - The IPO valuation is set at HKD 22.8 billion, reflecting a 50% increase from the previous round, but the corresponding price-to-sales ratio of 40 times is significantly higher than peers like SMIC and Hua Hong Semiconductor [3][16] Group 3: Investor Participation - The cornerstone investor participation is low, with only two investors, Guangdong Original Forest and Glory Ocean, committing a total of HKD 160 million, representing only 9.3% of the offering size [3][18] - Both cornerstone investors lack prior experience in cornerstone investments, indicating a cautious market sentiment towards the company's valuation [3][18] Group 4: Financial Performance and Challenges - The company has shown unstable financial performance, with revenues of CNY 437 million, CNY 1.171 billion, and CNY 520 million from 2022 to 2024, and net profits fluctuating significantly [7][21] - Despite a 180% increase in sales volume in the first three quarters of 2025, revenue growth is hindered by declining product prices and inventory clearance strategies [21][22] Group 5: Inventory and Cash Flow Issues - The company faces significant inventory pressure, with total inventory rising from CNY 134 million in 2022 to CNY 441 million in 2023, leading to a substantial inventory impairment of CNY 352 million in 2024 [10][24] - Cash flow remains tight, with operating cash flow of only CNY 61 million against revenues of CNY 2.57 billion in early 2025, necessitating reliance on external financing [12][26] Group 6: Market Outlook and Risks - The company's market capitalization post-IPO may not meet the HK Stock Connect threshold of HKD 10 billion, potentially limiting liquidity and trading activity [5][19] - The overall outlook for Tianyu Semiconductor's IPO is challenging, with high valuations, liquidity concerns, and operational pressures requiring close monitoring by investors [27]

Group 1 - Xi'an Yicai plans to invest approximately 12.5 billion yuan in the Wuhan silicon material base project, focusing on producing silicon monocrystalline polished wafers and epitaxial wafers for advanced integrated circuits [1] - CATL has repurchased 15.99 million A-shares for a total expenditure of approximately 4.386 billion yuan, representing 0.36% of its total A-share capital [1][2] - Tianpu Co. has completed a stock suspension review after a 451.8% increase in stock price from August 22 to November 27, and its shares will resume trading [2] Group 2 - Jiangbolong plans to raise no more than 3.7 billion yuan through a private placement for high-end memory research and development projects [4] - Ashi Chuang intends to raise no more than 900 million yuan for semiconductor material projects and to supplement working capital [5] - Aike Co. plans to acquire 100% equity of Dongguan Qixiang for 2.2 billion yuan, focusing on products applicable in new energy battery and storage fields [6] Group 3 - Xiangyuan Cultural Tourism's subsidiary intends to acquire 100% equity of Jinxiu Lianhua Mountain for approximately 345 million yuan, which operates a national AAAA-level tourist attraction [7] - Zhongding Co. plans to issue convertible bonds totaling no more than 2.5 billion yuan for various projects including smart robots and new energy vehicle systems [9] - Jingtou Development intends to acquire 45% equity of Shanghai Lishi and related debts, aiming for full ownership of the company [10] Group 4 - Luoyang Molybdenum's subsidiary plans to invest 500 million yuan in a fund focusing on technology, healthcare, and consumer goods [11] - Transsion Holdings has submitted an application for H-share listing on the Hong Kong Stock Exchange [12] - ST Zhiyun's controlling shareholder is set to change, with a new entity gaining control over 18.61% of voting rights [13] Group 5 - Chongqing Construction's second-largest shareholder plans to transfer 12.95% of state-owned shares to other state-owned entities [14] - Longpan Technology's subsidiary signed a long-term procurement agreement to supply 106,800 tons of lithium iron phosphate materials, with a total contract value estimated between 4.5 billion to 5.5 billion yuan [15] - Junting Hotel's controlling shareholder will change to Hubei Cultural Tourism Group, with shares resuming trading [16] Group 6 - Hefei Guotou will become the controlling shareholder of Chuanan Technology after a private placement to raise no more than 1.419 billion yuan for various projects [18] - Xianglu Tungsten's shareholder plans to reduce holdings by up to 1.6 million shares, representing 0.49% of total shares [20] - Ankai Micro plans to acquire 85.79% of Siche Technology for 326 million yuan, focusing on AIoT chip design [20]

西安奕材(688783)持续扩大产能。 12月2日晚间，西安奕材发布公告，公司与武汉光谷半导体产业投资有限公司（下称"光谷半导体产 投"）签署协议，拟在武汉东湖高新区投资建设武汉硅材料基地项目，主要生产12英寸集成电路先进制 程使用的硅单晶抛光片及外延片，项目总投资约125亿元，其中85亿元为资本金，其余约40亿元由项目 公司通过银行贷款等方式解决。 据悉，前述项目规划产能50万片/月，生产的硅单晶抛光片及外延片广泛应用于逻辑芯片、闪存芯片、 动态随机存储芯片、图像传感器、显示驱动芯片等领域。前述产能投产后，西安奕材合计将拥有约170 万片/月产能。 西安奕材表示，前述项目将通过搭建智算算力平台，构建以数据、算法和算力为核心的工业大脑开发体 系和智能智造系统，推动上下游生态链伙伴的智能化转型，实现产品良率、效率和收益性的不断提升， 助力西安智造产业创新升级。 （文章来源：证券时报） 在投资合作方面，在双方入股项目公司操作完成，且全部85亿元资本金到位后，项目公司最终的股权结 构为：西安奕材方面持股82.35%，光谷半导体产投方面持股17.65%。 西安奕材指出，前述项目投资体量大、建设内容复杂、建设周期长，可 ...

Core Viewpoint - The rapid development of the commercial aerospace market is expected to significantly increase the number of satellite launches and the energy demand for satellite power systems, leading to a surge in demand for satellite power systems [1] Company Developments - The company has expanded its product offerings in the commercial aerospace sector from epitaxial wafers to chips, achieving successful shipments and enhancing its value [1] - The company is actively pursuing a second growth curve, focusing on emerging fields such as gallium arsenide solar cells, VCSELs, and optical communications [1] - Under the strategic collaboration of the controlling shareholder, the company continues to emphasize technological innovation and industrial breakthroughs [1]

Core Viewpoint - The company, Qianzhao Optoelectronics, is a leading supplier of gallium arsenide solar cells in China, actively expanding its presence in the commercial aerospace sector while solidifying its domestic market position [1] Group 1: Market Position and Strategy - The company is deepening its layout in the commercial aerospace field, indicating a strategic focus on this growing market [1] - The company is not only maintaining its domestic market but is also actively pursuing opportunities in international markets [1] Group 2: Product Development and Innovation - Through technological innovation and customer collaboration, the company is continuously broadening its application scenarios [1] - The company's products in the commercial aerospace sector have expanded from epitaxial wafers to chips, with successful shipments already achieved [1] - Flexible thin-film solar cell epitaxial wafer products have been delivered in large quantities, showcasing the company's production capabilities [1]