Core Insights - SMIC is testing a DUV lithography machine developed by the Shanghai startup Yuliangsheng, which uses immersion technology similar to ASML's, but it is unclear when it will be ready for mass production [1] - If successful, this development could significantly reduce China's reliance on Western technology and enhance its AI chip production capacity [1] - Following this news, SMIC's stock rose nearly 7% on September 17, and related stocks in the lithography machine sector also experienced a surge [1] Company Developments - Dinglong Co. has developed nearly 30 high-end wafer photoresist products, with over 15 samples sent for customer validation, and several products expected to secure orders in the latter half of the year [1] - WaveOptics focuses on optical components and systems, with a small revenue scale in the lithography machine sector, but maintains competitive advantages through rapid R&D and cost optimization [2] - Dongfang Jiasheng is expanding its semiconductor service capabilities and has established a supply chain service for semiconductor equipment maintenance in Southern China [3] - Qiaoyuan Co. specializes in high-purity gases for various industries, including semiconductor manufacturing, and plans to focus on electronic specialty gases as a strategic direction [5] - Zhongci Electronics is advancing in the SiC power semiconductor field and aims to capture market share in high-voltage applications [5] - Tongfei Co. provides temperature control products for semiconductor manufacturing, ensuring high precision in temperature management [5] - Zhongrun Optics produces high-end optical filters used in lithography machines, with clients including ASML [5] - Chipbond Technology has a stable and deep partnership with Shenghong Technology, focusing on AI server and advanced packaging demands [7]

Core Insights - The direct write lithography market is expected to recover in 2024, with a projected growth of 12% year-on-year, reaching a market size of $1.57 billion due to a significant rebound in downstream industries [1][5][7] - The market is driven by the advantages of direct write lithography technology and its expanding application boundaries, particularly in PCB manufacturing, which is the largest application area [1][7] Industry Overview - Direct write lithography, also known as maskless lithography, utilizes a computer-controlled high-precision beam to project patterns directly onto a substrate coated with photosensitive material without the need for a mask [2][5] - The technology integrates various systems, including graphic processing, high-precision displacement platforms, optical systems, and control systems, making it a key device in micro-nano manufacturing [2][5] Market Dynamics - The global direct write lithography equipment market has shown volatility in recent years due to a slowdown in economic growth and pressure on downstream industries [5][6] - The PCB sector is the largest application area for direct write lithography, accounting for 41.1% of the market in 2024, followed by the mask plate sector at 36.6% [7][8] Competitive Landscape - Major players in the PCB direct imaging equipment sector include Israel's Orbotech, Japan's ORC, ADTEC, SCREEN, and domestic companies such as Chipbond and Jiangsu Yingsu [1][5][6] - In the broader semiconductor direct write lithography market, foreign companies dominate, with competitors including Sweden's Mycronic, Germany's Heidelberg, and Japan's SCREEN [1][5][6] Technological Trends - The direct write lithography technology is evolving to achieve finer line widths and higher resolution, driven by the increasing integration and performance demands of downstream electronic products [14][16] - The industry is focusing on improving production yield and balancing the cost of equipment upgrades with production efficiency [17][18] Application Insights - The PCB manufacturing process is complex and requires various specialized equipment, with direct imaging technology becoming the mainstream method due to its advantages over traditional exposure techniques [8][9] - The global PCB market is projected to reach $73.6 billion in 2024, with a growth rate of 5.8%, driven by demand from AI servers and data center equipment [7][8] Future Outlook - The demand for direct write lithography equipment in advanced packaging is expected to grow significantly, with a projected market size of $30 million by 2030 as the technology matures [13][14]

Group 1 - In the first half of the year, 186 A-share listed companies in Anhui achieved a total operating income of 722.08 billion yuan and a total profit of 55.54 billion yuan, with 152 companies making profits, accounting for 81.72% [1][3] - 96 companies reported a year-on-year increase in operating profit, representing over 50% of the total [1][3] - As of September 15, 154 companies in the Anhui sector saw their stock prices rise since the beginning of the year, with 15 companies doubling their market value [3] Group 2 - The "2025 Anhui Listed Companies Investor Online Reception Day" was held, where 77 companies presented their performance and business layout for the first half of the year, responding to nearly a thousand investor inquiries [2][4] - Companies like Anhui Huabei Group are focusing on digital transformation in retail and standardization in agricultural product circulation, aiming to enhance core competitiveness [4] Group 3 - There is a strong investor interest in enhancing market value management, with many companies expressing a desire to improve their market value [5] - Several companies, including Yangguang Electric and Conch Cement, announced mid-term dividends, with Conch Cement planning a dividend payout of 1.266 billion yuan, representing a 29% payout ratio [5] Group 4 - Chip Microelectronics is progressing with its H-share listing application, indicating a significant step in its dual financing strategy [6][7] - The company has been experiencing strong production and sales growth, driven by the demand in AI computing and the electronicization of new energy vehicles [7]

格隆汇9月15日丨芯碁微装(688630.SH)在投资者互动平台表示，胜宏科技是公司长期深度合作的重要战 略客户，在AI服务器、高端HDI等核心领域保持紧密协同，合作关系稳定且持续深化。当前全球AI算力 需求爆发正驱动高端PCB及先进封装需求快速增长，公司直写光刻设备作为核心生产设备，已在多个头 部客户的产线中量产应用。未来公司将紧抓行业机遇，持续提升技术实力与产能供给能力。 ...

Group 1: Recent IPOs on Hong Kong Stock Exchange - Two companies listed on the Hong Kong Stock Exchange from August 25 to August 31 [2] - Shuangdeng Group Co., Ltd. (6960.HK) listed on August 26, focusing on energy storage batteries, with a first-day increase of 31.29% and a market cap of approximately HKD 73 billion [3] - Jiaxin International Resources Investment Co., Ltd. (3858.HK) listed on August 28, specializing in tungsten mining, with a first-day increase of 177.84% and a market cap of approximately HKD 148 billion [3] Group 2: New Stock Offerings - One company completed its new stock offering during the week of August 25 to August 31 [4] - Aux Electric, a global provider of high-quality air conditioning solutions, went through the listing hearing [5] Group 3: Companies Submitting Listing Applications - A total of 22 companies submitted main board listing applications and one company submitted a GEM listing application from August 25 to August 31 [7] - Notable companies include: - Nazhen Technology, a global provider of optical communication solutions, submitted its application on August 25 [8] - Chengdu Guoxing Aerospace Technology Co., Ltd., a participant in China's commercial aerospace industry, submitted its application on August 25 [9] - InxMed Limited-B, a biotech company focused on cancer treatment, submitted its application on August 25 [9] Group 4: Financial Performance and Projections - Nazhen Technology projected revenues of CNY 5.043 billion, CNY 4.239 billion, and CNY 5.087 billion from 2022 to 2024, with profits of CNY 429 million, CNY 216 million, and CNY 89 million respectively [18] - Guoxing Aerospace projected revenues of CNY 177 million, CNY 508 million, and CNY 553 million from 2022 to 2024, with losses of CNY 91 million, CNY 139 million, and CNY 177 million respectively [20] - InxMed Limited-B reported no commercial sales revenue for 2023 and 2024, with losses of CNY 209 million and CNY 185 million respectively [23] Group 5: Industry Insights - The energy storage battery market is growing, with Shuangdeng Group focusing on applications in communication base stations and data centers [3] - The tungsten mining sector is highlighted by Jiaxin International, which is developing the Bakuta tungsten mine in Kazakhstan [3] - The optical communication sector is represented by Nazhen Technology, which ranks fifth globally in optical module revenue [18]

Investment Rating - The industry investment rating is "Increase" [6] Core Viewpoints - The report highlights the release of DeepSeek-V3.1, which significantly upgrades its technical architecture and optimizes parameter precision to adapt to domestic chips, promoting the development of domestic computing power chips and the AI industry [16][33] - KTC's launch of the new KTC AI interactive glasses is seen as a positive development for edge-side investment opportunities, with the product gaining consumer recognition [17][33] - Google's Pixel 10 series emphasizes AI integration, indicating a recovery in the consumer electronics industry and presenting investment opportunities within the related supply chain [18][33] - The introduction of direct-write lithography equipment by Hefei Chip Microelectronics Equipment Co., Ltd. marks a significant breakthrough in the domestic supply chain, reinforcing confidence in domestic alternatives [19][33] Summary by Sections 1. Core Viewpoints and Investment Recommendations - The report recommends focusing on domestic computing power opportunities following the release of DeepSeek's new version [20] - It suggests investing in edge-side technologies due to the launch of KTC's AI glasses [20] - The consumer electronics sector is highlighted for its recovery potential, particularly with Google's new AI-integrated products [20] - The report emphasizes the importance of domestic supply chains, particularly with the introduction of new lithography equipment [20] 2. Market Review - The A-share Shenwan Electronics Index rose by 8.95%, outperforming the CSI 300 Index by 4.77 percentage points [21][24] - The semiconductor sector led the gains with a 12.26% increase, while the components sector lagged with a 1.68% increase [24][26] 3. Industry News - DeepSeek's V3.1 release marks a new phase in China's AI industry, focusing on domestic chip compatibility [33] - KTC's AI glasses are designed for comfort and functionality, supporting various AI features [33] - Google's Pixel 10 series showcases enhanced AI capabilities, reinforcing its commitment to integrating AI into consumer products [34] - The successful introduction of direct-write lithography equipment supports the domestic semiconductor packaging industry [34]