Macro and Strategy - The fixed income investment strategy for Q4 indicates a turning point year, with expectations for a cooling economy and potential interest rate cuts [8][11] - The report highlights the ongoing industrialization of solid-state batteries, supported by government policies and advancements in materials and applications [17][18] Textile and Apparel - The textile and apparel sector shows resilience in mid-term performance, with the sports segment leading apparel consumption [3][11] - In September, the retail sales of clothing increased by 1.8% year-on-year, with e-commerce growth rebounding significantly [12][13] - The textile manufacturing segment reported a revenue increase of 7.8% in H1 2025, while the apparel and home textile segment faced a decline of 6.4% [15] Electric Power Equipment and New Energy - The solid-state battery industry is progressing, with significant policy support and material advancements leading to increased production and application [17][18] - Domestic energy storage system tenders surged to 47.2 GWh in August 2025, reflecting a 2158% year-on-year increase, indicating strong demand for new energy systems [18] - The electric power equipment sector is expected to benefit from increased capital expenditures, particularly in AI and cloud infrastructure [18][19] Pharmaceutical and Biotechnology - The pharmaceutical sector is experiencing strong performance, with a notable increase in interest in ANGPTL3-targeted therapies, particularly from multinational corporations [21][22] - The overall biopharmaceutical sector outperformed the market, with a TTM P/E ratio of 40.75x, indicating robust investor interest [20] Non-Banking Financial Sector - The securities industry reported a revenue increase of 11.37% year-on-year in H1 2025, driven by strong performance in brokerage and investment segments [22][23] - Financial investment assets have become the primary growth area for securities firms, accounting for nearly 50% of total assets [24] Social Services Industry - The education and human resources sector showed overall growth, with a revenue increase of 11% and a profit increase of 28% in H1 2025 [26][27] - The K12 education segment continues to recover, with significant demand for skills training and a shift towards quality education [28][30] Internet Industry - The AI agent market is rapidly evolving, with significant growth expected in AI infrastructure and applications, particularly in B2B and B2C sectors [31][34] - Major cloud providers are enhancing their AI capabilities, with Microsoft, Google, and Amazon leading the market [34][35] Agriculture, Forestry, Animal Husbandry, and Fishery - The report recommends focusing on the meat and dairy sectors, highlighting the positive outlook for low-cost pig farming and the overall livestock cycle [36]

1. 寒武纪公告称，公司计划于2025年9月18日16：00-17：00举行2025年半年度业绩说明会，就投资者关 心的问题进行交流。会议将在上海证券交易所上证路演中心以网络文字互动形式召开。投资者可在9月 17日16：00前将问题发送至公司投资者关系邮箱或在上证路演中心网站提问预征集栏目提问。参会人员 包括董事长、总经理陈天石，董事、副总经理、财务负责人、董事会秘书叶淏尹，以及独立董事王秀 丽。 2025年9月10日，截至收盘，沪指涨0.13%，报收3812.22点；深成指涨0.38%，报收12557.68点；创业板 指涨1.27%，报收2904.27点。科创半导体ETF（588170）涨0.17%，半导体材料ETF（562590）以平盘报 收。 2. 佰维存储在业绩说明会上表示，在数据中心/企业级领域，公司已获得AI服务器厂商、头部互联网厂 商以及国内头部OEM厂商的核心供应商资质，并实现预量产出货，同时积极深化国产化生态布局，与 国产服务器厂商达成战略合作伙伴关系。在具身智能领域，公司已推出适用于具身智能领域的eMMC、 UFS、BGA SSD、LPDDR4X/5/5X等产品，并积极拓展具身智能领域头部 ...

每经记者｜温雅兰 每经编辑｜魏官红 9月9日晚间，光伏浆料龙头企业聚和材料（688503.SH，股价60.73元，市值146.99亿元）发布公告称， 公司拟与韩投伙伴（上海）创业投资管理有限责任公司（以下简称"韩投伙伴"）共同设立特殊目的公司 （SPC），以680亿韩元（折合人民币约3.5亿元，最终交易金额以实际交割时汇率为准）收购SK Enpulse株式会社（以下简称"SKE"）旗下空白掩模相关业务板块。其中，公司直接或间接出资比例不低 于95%。 公告显示，SKE是韩国上市公司SKC（011790.KS）的子公司。SKE拟通过分立方式设立新公司—— Lumina Mask株式会社（以下简称"LM"，暂定名）。 记者注意到，本次收购或是聚和材料打破对光伏业务的单一依赖、切入半导体核心材料领域的举措之 一。 标的资产尚呈现阶段性亏损 聚和材料是光伏浆料头部企业，记者注意到，公司目前受困于主营收入依赖光伏应用领域。 聚和材料公告提到，公司已形成"浆、粉、胶"三大业务，2024年光伏导电浆料营业收入占总营收比例达 99.44%，亟需拓展泛半导体、半导体等应用领域。 国信证券研报显示，空白掩模是制造半导体曝光工艺中 ...

证券研究报告 | 2025年09月10日 聚和材料（688503.SH） 公司收购 SKE 空白掩模板块，助力国产半导体自主可控 公司研究·公司快评 电力设备·光伏设备 投资评级：优于大市（维持） 证券分析师： 王蔚祺 010-88005313 wangweiqi2@guosen.com.cn 执证编码：S0980520080003 证券分析师： 李恒源 021-60875174 lihengyuan@guosen.com.cn 执证编码：S0980520080009 事项： 公司公告：聚和材料与韩投伙伴（上海）创业投资管理有限责任公司计划共同设立 SPC，使用自有或自筹 资金 680 亿韩元（折合约 3.5 亿人民币）收购 SK Enpulse 株式会社的关于空白掩模（BlankMask）的业务 板块（包含土地、厂房、存货、设备、专利、在建工程、人员、技术等）。其中，公司直接或间接出资比 例不低于 95%。 国信电新观点：空白掩模(Blank Mask)是制造半导体曝光工艺中使用的掩模版(Photomask)的关键材料， 而 掩模版(Photomask)是半导体制造过程中光刻工艺的核心工具。掩模版的质量直接 ...

Core Viewpoint - The article emphasizes the critical role of photomasks in semiconductor manufacturing, highlighting the high costs associated with producing advanced chips and the significant market opportunities for domestic players in China due to foreign monopolies in the photomask industry [2][3][4]. Group 1: Industry Overview - The photomask industry is a nearly $10 billion market, with over 50% of the market share controlled by Japanese companies, particularly in high-end EUV photomasks, which are completely banned from export to China [3][4]. - The photomask serves as a bridge between chip design and manufacturing, directly impacting chip performance and yield, with costs for a single advanced photomask reaching up to $750,000 [2][3][27]. Group 2: Technical Barriers - The industry is characterized by high capital and technical intensity, creating significant barriers to entry for new players [12]. - Key technical challenges include handling non-standard data from various chip design companies, ensuring precise overlay accuracy across multiple mask layers, and managing exposure control during the lithography process [15][20]. Group 3: Market Dynamics - The global market for photomasks is projected to grow at a CAGR of 9.07%, indicating a robust demand driven by advancements in semiconductor technology [60]. - The article outlines the evolution of photomask technology from traditional methods to advanced techniques like OPC and EUV, which significantly increase the value of individual photomasks [27][43]. Group 4: Domestic Players and Opportunities - Domestic companies like Longtu Photomask and Qingyi Optoelectronics are making strides in the photomask market, with Longtu focusing on high-end semiconductor applications and Qingyi covering a broader range of products [72]. - The article suggests that the path to domestic substitution involves self-sufficiency in materials, breakthroughs in equipment, and collaboration across the supply chain [62]. Group 5: Challenges and Risks - The industry faces risks from geopolitical tensions, particularly regarding reliance on Japanese and Korean suppliers for critical materials, which could disrupt the entire semiconductor manufacturing process in China [73]. - The potential for new entrants in the domestic market could lead to price wars, impacting profitability for existing players [73].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - Photomasks are essential for the manufacturing of integrated circuits, serving as the critical graphic blueprint that connects IC design and manufacturing [6][10] - The global photomask market is expected to reach approximately $9.528 billion in 2023, representing a significant growth trajectory [28][31] - The photomask industry is characterized by high capital and technology intensity, with advanced process nodes driving continuous iterations and value increases [19][60] Summary by Sections Photomask: The Blueprint for Integrated Circuit Manufacturing - Photomasks are high-precision tools used in the manufacturing processes of LCDs and semiconductors, crucial for the mass production of electronic components [10][11] - The photomask industry is divided into various applications, including TFT-LCD, AMOLED, and semiconductor ICs [13] Blank Masks: The Core of Photomasks - Blank masks are critical materials in semiconductor photolithography, requiring high purity and low defect rates [39][55] - The evolution of blank masks has been driven by advancements in process nodes, with new types being introduced to meet the demands of smaller feature sizes [44][60] Major Companies in the Industry - Longtu Photomask is one of the few domestic manufacturers with independent design and manufacturing capabilities, focusing on semiconductor, display, and PCB applications [68] - Qingyi Optoelectronics is recognized as one of the largest photomask manufacturers in China, with a continuous increase in revenue and profitability [71]