人民财讯1月8日电，广州市人民政府办公厅印发《广州市加快建设先进制造业强市规划(2024—2035 年)》。其中提出，加快推动半导体与集成电路产业发展，积极谋划芯片研发设计、晶圆制造、封装测 试、半导体材料和设备等全产业链布局。依托黄埔、南沙、增城等区，着力补齐产业链空缺，集聚发展 光掩膜、光刻胶、电子气体、高纯靶材等制造材料生产线及其产业链上下游，引进培育光刻、刻蚀、离 子注入、沉积、清洗、检测设备等制造设备及零部件龙头企业。 ...

2026A股潜力王！10朵高景气金花出炉，政策+业绩双驱动 炒股的朋友都懂，选对赛道比埋头苦干管用多了！2026年作为"十五五"开局之年，A股市场早就暗流涌动，政策向新兴产业倾斜、技术突破不断涌现，不少 低估值龙头已经悄悄蓄力。身边不少老股民都在问：今年到底该盯哪些方向？哪些公司既有政策撑腰，又有业绩硬支撑，能稳稳拿到翻倍收益？ 其实答案就藏在国家重点扶持的高景气赛道里——工信部明确要打造集成电路、新能源、生物医药等新兴支柱产业，这些领域里的优质标的，就是未来1年 最有潜力的"宝藏股"。 2. 北方华创（002371）：半导体设备领军者，覆盖刻蚀、沉积等核心环节，国内市占率领先，订单饱满，PEG仅1.2； 6. 中国长城（000066）：信创硬件核心，PKS体系龙头，2025年涨幅仅15%，PE约28倍处历史低位，资产整合预期强； 10. 德生科技（002908）：数据要素+数字经济标的，社保服务+数据确权双轮驱动，2026年政策落地加速，小市值高弹性。 一、筛选逻辑：不碰概念，只认3个硬标准 这10只标的不是随便挑的，而是围绕"政策支持+业绩确定性+估值合理"三个核心筛选，每一条都有权威依据： - 政策硬支 ...

今年以来，美国股市半导体设备公司的股票表现强劲。这是因为市场分析认为，人工智能（AI） 基础设施投资的收益将继半导体之后，惠及制造设备供应商。 美国银行(BofA)预测，今年全球半导体销售额将超过1万亿美元。 据纽约证券交易所5日（当地时间）数据显示，ASML股价较2日新年首个交易日上涨8.78%，当日 收盘上涨5.53%，报1228.19美元。ASML是一家荷兰公司，供应尖端半导体制造设备，例如紫外 （EUV）曝光设备。该公司凭借与三星电子和SK海力士等大型半导体制造商的合作，在EUV曝光 设备领域占据了主导地位。Lam Research在2日也延续了强劲势头，股价上涨8.11%，当日收盘上 涨5.24%。Lam Research是全球蚀刻设备市场的领军企业。 全 球 最 大 的 半 导 体 设 备 公 司 应 用 材 料 公 司 （ AMAT ） 股 价 继 2 日 上 涨 4.62% 后 ， 当 日 也 上 涨 5.75%，其产品涵盖沉积和蚀刻设备。另一家全球半导体设备公司科乐美（KLA）今年也连续第二 个交易日表现强劲，股价分别上涨4.89%和6.12%。 由于市场预期半导体制造商将通过扩产来应对人工 ...

22 December 2025 | 8:35AM HKT Equity Research AMEC (688012.SS): CMP tool acquisition plan announced and mix upgrade towards advanced nodes; Buy AMEC has announced its plan to acquire a local 12'' CMP (Chemical Mechanical Polishing) supplier Hangzhou Sizonetech (private) through a private placement of share issuance on Dec 18 (Link). The proposed acquisition would enable AMEC to expand its offerings from etching/ deposition/ Ion Implantation tools to include CMP equipment. While we do not take a view on the ...

Core Viewpoint - The article highlights the recovery of the South Korean display equipment industry, with seven companies turning profitable in Q3 compared to the previous year, largely due to investments by Chinese panel manufacturers in OLED production lines [1][2]. Group 1: Financial Performance of Companies - Seven South Korean display equipment companies reported a turnaround in profitability, with the number of loss-making companies decreasing from nine to two [1]. - Device and Sunic Systems showed the highest revenue growth, with increases of 638% and 587% respectively, reflecting the impact of Chinese panel manufacturers' investments [1]. - Sunic System transitioned from a loss of 1.6 billion KRW in Q3 last year to a profit of 19.5 billion KRW this year, attributed to contracts with BOE for OLED production line equipment [1][2]. Group 2: Specific Company Developments - Device achieved revenues of 39.1 billion KRW and an operating profit of 13.3 billion KRW in Q3, marking a 637% year-on-year revenue increase and a 504% rise in operating profit [5]. - ICD significantly reduced its operating loss from 3.1 billion KRW last year to 300 million KRW this year, with a cumulative profit shift from a loss of 16.8 billion KRW to a profit of 260 million KRW [6]. - TSI's cumulative operating profit increased from 26.2 billion KRW to 29.4 billion KRW, benefiting from orders from BOE and Visionox [6][7]. Group 3: Market Trends and Implications - The article notes that companies focusing on the Chinese market have shown significant performance improvements, with ICD's revenue from exports reaching 70% in Q3 [6]. - The increasing reliance on the Chinese market for equipment suppliers is seen as a necessary trend due to the rapid advancements in OLED technology by companies like BOE and TCL Huaxing [7].

Core Insights - ASM International reported third-quarter orders below analyst expectations due to decreased demand from advanced chip manufacturers and a reduction in orders from China [1] - The company adjusted its third-quarter order value to €636.8 million (approximately $743 million), reflecting a 17% year-over-year decline [1] - ASM's CEO indicated that the weak order trend is expected to bottom out in the fourth quarter, with a potential recovery in order volume as 2026 approaches [1] Financial Performance - For the third quarter, ASM's revenue increased by 8% year-over-year to €800 million, with adjusted net profit rising to €206.2 million [2] - The company anticipates fourth-quarter sales to be between €630 million and €660 million, which is below the analyst average expectation of €682 million [1] Market Context - ASM's deposition equipment is critical for advanced chip manufacturing, which is widely used in artificial intelligence infrastructure [2] - The shift towards gate-all-around technology has benefited ASM, enhancing device performance and reducing power consumption [2] - The AI boom has led to increased spending across the infrastructure sector, with positive momentum observed in investments from a broader customer base [2]

Core Insights - The semiconductor industry is at a unique intersection of opportunities and uncertainties, driven by technological advancements and geopolitical factors affecting equipment procurement [1][3][6] - The WFE market is projected to reach $184 billion by 2030, with equipment shipments at $151 billion and service shipments at $33 billion, reflecting a stable growth trajectory despite challenges [1][15] Market Dynamics - The semiconductor industry is currently facing significant overcapacity, with foundries and IDMs experiencing low utilization rates and squeezed profitability, yet equipment investments continue [3][6] - Geopolitical factors are leading to redundant construction of fabs as regions seek to strengthen local manufacturing ecosystems, ensuring ongoing demand for WFE tools [6][15] Competitive Landscape - The market remains highly concentrated, with the "Big Five" companies—ASML, Applied Materials, Lam Research, Tokyo Electron, and KLA—projected to hold nearly 70% of the market share by 2024 [7][8] - This concentration reflects the capital intensity, technical expertise, and long-term relationships required to serve leading chip manufacturers, creating significant barriers to entry [9] Equipment Segmentation - In 2024, patterning equipment will dominate the market with a 26.5% share, followed by deposition, etching, cleaning, and measurement [9][12] - The compound annual growth rates (CAGRs) for various equipment segments from 2024 to 2030 are as follows: - Patterning: +4.7% - Etching and Cleaning: +5.5% (fastest growth) - Deposition: +4.0% - Measurement and Inspection: +4.3% - CMP: +4.3% - Ion Implantation: +2.0% (slowest growth) - Wafer Bonding: +10.4% (fastest in a smaller segment) [12] Innovation Drivers - The evolution of semiconductor devices is driving corresponding innovations in the WFE sector, with a focus on providing integrated process solutions that meet the changing demands of the industry [14][19] - Key innovations from 2024 to 2030 will include multifunctional, modular equipment architectures that can be reconfigured for various process needs [14][19] Future Outlook - The WFE market is expected to grow to $184 billion by 2030, supported by stable CAGRs of 4-5% in both equipment and services, with market leadership remaining concentrated among the "Big Five" [15][19] - The ongoing competition and technological advancements will continue to shape the market, particularly in patterning and deposition technologies, as well as emerging areas like wafer bonding and advanced packaging [15][19]

Core Viewpoint - Goldman Sachs has raised the target price for Huahong Semiconductor (01347) by 13% to HKD 87, reflecting a forecasted price-to-earnings ratio of 51.5 times for 2028, up from 45.7 times, indicating a positive outlook for the company due to its shift towards 40nm/28nm processes and capacity expansion [1][2] Group 1 - Goldman Sachs maintains its earnings forecast for Huahong from 2025 to 2027 but has slightly increased the net profit estimates for 2028 and 2029 by 0.2% and 0.6% respectively, reflecting a more optimistic long-term growth outlook [2] - The firm has slightly raised its revenue forecasts for Huahong for 2028 and 2029, anticipating that Chinese policies and fund support will drive growth for downstream customers and local equipment suppliers, benefiting the company's revenue and gross margin [2] - The gross margin forecast for Huahong in 2029 has been increased by 0.1 percentage points, reflecting a slightly more optimistic view on capacity utilization [2] Group 2 - The China Integrated Circuit Industry Investment Fund's third phase, with a scale of USD 47 billion, aims to comprehensively support the development of the Chinese semiconductor industry, covering the entire industry chain from design to manufacturing, materials, and equipment [2] - The recent investment by the third phase fund in Piotech Jianke, a subsidiary of Tuojing Technology, highlights the support for the semiconductor supply chain from mainland policies, which is beneficial for strengthening the overall industry ecosystem [2]

Summary of Conference Call Notes Company and Industry - **Company**: 中微公司 (Zhongwei Company) - **Industry**: Semiconductor Equipment Manufacturing Key Points and Arguments 1. **Increased Orders and Revenue Growth**: The company has seen an increase in orders, primarily driven by the expansion of NAND storage capacity. Current guidance indicates a year-on-year order growth of over 40%, up from an earlier estimate of 35% [7][15][26]. 2. **R&D Investment and Product Development**: The company has achieved significant breakthroughs in deposition equipment, with R&D expenses growing at a compound annual growth rate (CAGR) of over 30% over the past two years. This investment is expected to lead to a doubling of sales in deposition equipment over the next few years [7][12][26]. 3. **Market Outlook**: The monthly import value of wafer fabrication equipment (WFE) in China increased by 12% year-on-year in August, supporting a positive outlook for domestic semiconductor capital expenditures [7][12]. 4. **Valuation Adjustment**: The target price for the company has been raised to 345.0 CNY, based on a 30x forward P/E ratio, which aligns with the domestic industry average but is 25% higher than the overseas peers [2][12][17]. 5. **Financial Projections**: The company is projected to achieve a revenue CAGR of 49% and a net profit CAGR of 65% from 2025 to 2027, significantly outperforming market consensus estimates [2][12][15][26]. 6. **Stock Performance**: The company's stock price has rebounded by 36% year-to-date, outperforming the A-share semiconductor index by 25% [1][15]. Other Important but Possibly Overlooked Content 1. **Production Capacity Expansion**: The company is constructing a new production base in Guangdong, which is expected to enhance its capabilities in the semiconductor and panel markets [7][12]. 2. **Risks to Rating and Target Price**: Key risks include potential supply chain disruptions due to tightening restrictions on sourcing critical components from U.S. suppliers, interruptions in capacity expansion, and weak downstream demand affecting customer capital expenditures [28][12]. 3. **Comparative Analysis**: The company is positioned as the second-largest semiconductor equipment manufacturer in China, benefiting from the decoupling of the semiconductor supply chain and increasing domestic production of WFE equipment [12][26]. Financial Data Overview - **Revenue Forecasts**: - FY2024: 9,065 million CNY - FY2025: 14,495 million CNY - FY2026: 22,461 million CNY - FY2027: 29,935 million CNY [4][11][30]. - **Net Profit Projections**: - FY2024: 1,616 million CNY - FY2025: 2,369 million CNY - FY2026: 4,864 million CNY - FY2027: 7,197 million CNY [11][30]. This summary encapsulates the critical insights from the conference call, highlighting the company's growth trajectory, market positioning, and financial outlook within the semiconductor equipment industry.

Summary of NAURA (002371.SZ) Conference Call Company Overview - **Company**: NAURA (002371.SZ) - **Industry**: Semiconductor Equipment (SPE) - **Rating**: Buy Key Points Industry Dynamics - NAURA is positioned to benefit from increased semiconductor capital expenditure (Capex) in China, projected to grow by 5% YoY to US$40 billion in 2025 and US$42 billion in 2026 [1][2] - Rising demand for local semiconductor equipment is driven by increased cloud Capex spending from Chinese cloud service providers (CSPs) focusing on AI applications [2] Financial Performance - Earnings have been revised upwards by 2% and 3% for 2026 and 2027, respectively, due to higher revenues from etching and deposition tool shipments [3] - Gross margin (GM) is expected to decrease slightly by 0.1 percentage points in 2026 and 2027 due to product mix changes, while operational efficiency improvements are expected to reduce the operating expense (Opex) ratio by 0.2 percentage points [3] Revenue and Profit Projections - Revenue projections for 2025, 2026, and 2027 are Rmb39.34 billion, Rmb51.28 billion, and Rmb61.63 billion, respectively, reflecting a growth of 1% and 2% from previous estimates [4] - Net income is projected to increase to Rmb10.54 billion in 2026 and Rmb12.09 billion in 2027, marking a 2% and 3% increase from prior estimates [4] Valuation and Price Target - The target price for NAURA has been revised to Rmb561, based on a 38.4x P/E ratio for 2026, up from Rmb492 previously [6][14] - The target P/E is derived from a regression analysis of global SPEs' P/E ratios and forward earnings growth [6][14] Risks - Key downside risks include potential US export restrictions on Chinese semiconductor firms, which could hinder capacity expansion and reduce demand for NAURA's equipment [15] - Slower-than-expected capacity expansion at NAURA's mature node customers may lead to slower revenue growth than anticipated [15] Additional Insights - The company is expanding its product offerings, including new manufacturing capacities for advanced nodes to meet the demand for AI chipsets in China [2] - The localization trend in China is evident, with major telecom companies like China Mobile and China Unicom announcing new AI computing projects utilizing local chipsets [2] This summary encapsulates the essential insights from the conference call regarding NAURA's market position, financial outlook, and associated risks, providing a comprehensive overview for potential investors.