1月8日，中科飞测盘中上涨2.04%，截至09:54，报182.66元/股，成交4.21亿元，换手率0.94%，总市值 639.61亿元。 责任编辑：小浪快报 中科飞测所属申万行业为：电子-半导体-半导体设备。所属概念板块包括：半导体设备、先进封装、 HBM概念、中芯国际概念、半导体等。 截至9月30日，中科飞测股东户数1.37万，较上期增加40.11%；人均流通股18131股，较上期减少 28.63%。2025年1月-9月，中科飞测实现营业收入12.02亿元，同比增长47.92%；归母净利润-1469.85万 元，同比增长71.67%。 分红方面，中科飞测A股上市后累计派现4480.00万元。 机构持仓方面，截止2025年9月30日，中科飞测十大流通股东中，诺安成长混合A（320007）位居第二 大流通股东，持股1345.33万股，持股数量较上期不变。永赢半导体产业智选混合发起A（015967）位居 第八大流通股东，持股600.00万股，为新进股东。嘉实上证科创板芯片ETF（588200）位居第十大流通 股东，持股508.59万股，相比上期减少22.72万股。银华集成电路混合A（013840）退出十大流通股 ...

晶圆制造与代工板块：中芯国际全资收购中芯北方，直接强化了其在12英寸成熟制程晶圆代工领域的资 产完整性与控制力。此举预计将提升公司整体产能规划与运营效率，增强在成熟工艺市场的竞争力与盈 利能力。对于产业链而言，龙头企业的资本开支与整合动作，往往预示着对上游设备、材料需求的稳定 或增长预期，同时也为下游芯片设计公司提供了更可靠的产能保障，增强了国内半导体制造环节的自主 可控能力。 半导体设备与材料板块：晶圆制造产能的整合与潜在扩张，直接拉动了对光刻机、刻蚀机、薄膜沉积、 量测等前道制造设备的需求。同时，制造过程中所需的硅片、电子特气、光刻胶、湿电子化学品等关键 材料的消耗量也将随之增加。在国内持续推进供应链安全与自主替代的背景下，具备技术突破和产品验 证能力的国产设备与材料供应商，有望率先受益于下游制造厂的产能建设与国产化采购需求。 交易所数据显示，芯片产业链午后表现活跃，算力芯片、晶圆代工方向领涨。 中芯国际于2025年12月29日晚间发布公告，拟向国家集成电路基金等五方股东发行股份，收购其持有的 中芯北方集成电路制造（北京）有限公司49%的股权，交易总价约406.01亿元。根据公告披露的《资产 评估报告》， ...

从基金十大重仓股角度 数据显示，永赢基金旗下1只基金位居中科飞测十大流通股东。永赢半导体产业智选混合发起A （015967）三季度新进十大流通股东，持有股数600万股，占流通股的比例为2.42%。根据测算，今日 浮盈赚取约4764万元。 永赢半导体产业智选混合发起A（015967）成立日期2022年9月22日，最新规模8.58亿。今年以来收益 74.93%，同类排名230/8170；近一年收益71.01%，同类排名245/8139；成立以来收益71.76%。 永赢半导体产业智选混合发起A（015967）基金经理为张海啸。 截至发稿，张海啸累计任职时间2年208天，现任基金资产总规模102.43亿元，任职期间最佳基金回报 76.71%， 任职期间最差基金回报-19.48%。 12月22日，中科飞测涨5.39%，截至发稿，报155.28元/股，成交2.42亿元，换手率0.64%，总市值543.73 亿元。 资料显示，深圳中科飞测科技股份有限公司位于广东省深圳市龙华区观澜街道观光路银星科技园1301 号，成立日期2014年12月31日，上市日期2023年5月19日，公司主营业务涉及检测和量测两大类集成电 路专用设备 ...

截至发稿，宋巍巍累计任职时间1年341天，现任基金资产总规模85.24亿元，任职期间最佳基金回报 115.28%， 任职期间最差基金回报-6.48%。 12月22日，中科飞测涨5.39%，截至发稿，报155.28元/股，成交2.36亿元，换手率0.63%，总市值543.73 亿元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，深圳中科飞测科技股份有限公司位于广东省深圳市龙华区观澜街道观光路银星科技园1301 号，成立日期2014年12月31日，上市日期2023年5月19日，公司主营业务涉及检测和量测两大类集成电 路专用设备的研发、生产和销售。主营业务收入构成为：检测设备60.72%，量测设备36.40%，服务及 其他2.88%。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，中欧基金旗下1只基金重仓中科飞测。中欧上证科创板100指数发起A（021660）三季度减持 19股，持有股数2.04万股，占基金净值比例为2.01%，位居第八大重仓股。根据测算，今 ...

风险提示：本文提及的行业信息与企业动态仅作梳理，不构成任何投资建议；企业经营及市场波动存在 不确定性，请注意相关风险。 受积极影响的板块 光刻机核心零部件板块：作为光刻机国产化的核心环节，直接受益于技术突破与订单放量。雪球行业分 析指出，中瓷电子的精密陶瓷零部件已供货中微公司、北方华创等设备厂商，并进入头部晶圆厂供应 链，2025年国内精密陶瓷零部件市场规模约286亿元，公司有望凭借技术优势抢占市场份额。民生证券 2025年12月研报补充，波长光电的光学镜头、广立微的量测设备等均已切入国产光刻机供应链，随着整 机研发推进，零部件企业将率先兑现业绩。 半导体特种材料板块：光刻机的高精度运行依赖特种材料支撑，需求随设备产能扩张同步增长。豆丁网 行业报告显示，光刻机制造需用到高纯度特种气体、光刻胶、超硬材料等，其中高纯度气体纯度要求达 99.9999%以上。中船特气作为国内特种气体龙头，其产品已通过国产光刻机设备厂商验证，2025年相 关业务营收预计增长60%以上；炬光科技使用的超硬碳化钨材料也因光刻技术升级需求，市场规模将实 现快速扩张。 半导体设备配套板块：光刻机的生产与调试需要大量配套设备，形成协同增长效应。 ...

Core Insights - The semiconductor equipment sector is experiencing significant attention and performance, with stocks like Tuojing Technology and Zhongke Feice rising over 10% during a recent market rebound, and the sector index increasing by 3.26% [1][2]. Market Dynamics - The surge in the semiconductor equipment sector is attributed to three main factors: the explosion of AI computing power, the upward cycle of storage, and the acceleration of domestic substitution, positioning the sector for substantial earnings realization [2][3]. - The global semiconductor industry is entering a recovery phase, with the global semiconductor market expected to reach $346 billion in the first half of 2025, marking an 18.9% year-on-year increase, and an annual growth of 15.4% to $728 billion [3]. Equipment Market Growth - The semiconductor equipment market is projected to see explosive growth, with global equipment shipments expected to reach nearly $100 billion by 2025 and $138.1 billion by 2026, driven primarily by high-performance demands from AI and HBM technologies [3][5]. Capital Expenditure Trends - Major overseas storage manufacturers, including Samsung, SK Hynix, and Micron, are significantly increasing their capital expenditures, with expected year-on-year growth exceeding 80% by 2025 [5]. Domestic Market Developments - In China, the semiconductor equipment market is projected to reach $21.62 billion by mid-2025, accounting for 33.2% of the global market, making it the largest single market globally [8]. - Domestic companies like Changxin Storage and Yangtze Memory Technologies are accelerating their expansion efforts, with significant investments in production capacity [11]. Supply and Demand Dynamics - The demand for storage is being driven by AI models, with AI servers requiring significantly more DRAM and NAND capacity compared to regular servers, leading to a super cycle in the storage industry [9][11]. - The domestic storage market faces a rigid supply gap, with a long-standing trade deficit in storage chips, necessitating urgent expansion efforts [11]. Equipment Procurement and Localization - The expansion of domestic storage manufacturers will not only fill local gaps but also enable participation in the global market, with significant investments in equipment procurement expected to exceed $10 billion [11]. - The current low localization rates of core semiconductor equipment present substantial opportunities for domestic manufacturers to increase their market share [12]. Long-term Industry Outlook - The semiconductor equipment industry is expected to be driven by both technological iterations and domestic substitution, with continuous demand for new equipment arising from advancements in AI and storage technologies [13]. - Key investment areas include wafer manufacturing equipment, particularly etching, lithography, and thin-film deposition equipment, which collectively account for over 60% of the equipment market [14]. Investment Opportunities - The core equipment sector is identified as having the strongest growth certainty, with companies like Zhongwei and Tuojing Technology leading in market share for etching and thin-film deposition equipment [16]. - Platform leaders that offer comprehensive product lines for one-stop procurement are positioned to benefit from increased customer loyalty and growth potential [17]. - Niche markets with low localization rates present "small but beautiful" growth opportunities, particularly in measurement equipment [18]. Conclusion - The semiconductor equipment sector is transitioning from short-term pressures to a phase of growth certainty, with significant structural opportunities emerging as the global equipment market is expected to surpass $130 billion by 2026 [19].

Core Viewpoint - The semiconductor equipment sector is experiencing significant growth driven by AI computing power, an upward storage cycle, and accelerated domestic substitution, positioning the industry for performance realization [2][3]. Group 1: Market Dynamics - The global semiconductor industry is entering a recovery phase, with the market size expected to reach $346 billion in the first half of 2025, a year-on-year increase of 18.9%, and projected to grow by 15.4% for the entire year, reaching $728 billion [3]. - Semiconductor equipment is forecasted to see explosive growth, with global equipment shipments expected to approach $100 billion in 2025 and soar to $138.1 billion in 2026, driven primarily by AI and High Bandwidth Memory (HBM) demand [3]. Group 2: Capital Expenditure Trends - Major overseas storage manufacturers, including Samsung, SK Hynix, and Micron, are significantly increasing their capital expenditures, with a year-on-year growth exceeding 80% for 2025 [5]. - Samsung is upgrading its DDR4 production lines to DDR5 and expanding HBM production, while SK Hynix has raised its annual capital expenditure to $20.3 billion, focusing on HBM3E and 3D DRAM [5]. Group 3: Domestic Market Developments - The domestic semiconductor equipment market is projected to reach $21.62 billion by mid-2025, accounting for 33.2% of the global market, making it the largest single market worldwide [8]. - Companies like Changxin Storage and Yangtze Memory Technologies are accelerating their expansion, with Changxin's IPO valuation reaching $140 billion and Yangtze's third-phase project registered with a capital of $20.72 billion [8]. Group 4: Storage Cycle and Demand - AI models are driving unprecedented storage demand, with AI servers requiring DRAM capacities eight times greater and NAND capacities three times greater than standard servers, with individual AI server storage needs reaching 2TB [9]. - The HBM market is expected to grow at a CAGR of 33% from 2024 to 2030, with its share in the DRAM market projected to exceed 50% [9]. Group 5: Investment Opportunities - The semiconductor equipment industry is poised for growth driven by technological iterations and domestic substitution, with a focus on core equipment such as etching, lithography, and thin-film deposition, which collectively account for over 60% of the equipment value distribution [15][18]. - Companies like North Huachuang and Microchip Technology are positioned as key players in the core equipment sector, with significant market shares and growth potential [18][19].

Core Viewpoint - The semiconductor equipment sector is experiencing a significant rebound driven by AI computing power, an upward storage cycle, and accelerated domestic substitution, positioning the industry for substantial performance realization [7][8]. Group 1: Market Dynamics - The global semiconductor industry is entering a rapid recovery phase, with the market expected to reach $346 billion in the first half of 2025, a year-on-year increase of 18.9%, and an annual growth of 15.4% to $728 billion [10]. - Semiconductor equipment is projected to see explosive growth, with global shipments expected to reach nearly $100 billion in 2025 and soar to $138.1 billion in 2026, driven primarily by AI and high-bandwidth memory (HBM) demands [10]. - Major overseas storage manufacturers, including Samsung, SK Hynix, and Micron, are significantly increasing their capital expenditures, with expected year-on-year growth exceeding 80% in 2025 [12]. Group 2: Domestic Market Developments - The domestic semiconductor equipment market is set to reach $21.62 billion by mid-2025, accounting for 33.2% of the global market, making it the largest single market worldwide [14]. - Domestic companies like Changxin Storage and Yangtze Memory Technologies are accelerating capacity expansion, with Changxin's IPO valuation reaching $140 billion and Yangtze Memory's third-phase project registered with a capital of $20.72 billion [14]. Group 3: Supply and Demand Trends - The demand for storage is being driven by AI models, with AI servers requiring DRAM capacity eight times that of regular servers and NAND capacity three times higher, leading to a significant increase in storage needs [16]. - The storage industry is entering a "super cycle" of simultaneous volume and price increases, with AI servers, data centers, and consumer electronics driving demand while supply is constrained by a shift towards high-margin HBM and server DRAM [16]. Group 4: Investment Opportunities - The semiconductor equipment industry is expected to be driven by "technological iteration and domestic substitution," with continuous demand for new equipment arising from advancements in AI and storage technologies [22]. - Key investment areas include core equipment such as etching, lithography, and thin-film deposition, which collectively account for over 60% of the equipment value distribution [23]. - Companies like North Huachuang and Tuojing Technology are positioned as leaders in their respective fields, with significant market shares and growth potential [24][25]. Group 5: Future Outlook - The semiconductor equipment sector is anticipated to enter a golden growth period characterized by simultaneous increases in volume and price, alongside market share expansion, driven by AI and storage technology advancements [27]. - The current period is seen as a critical window for investors to capitalize on the long-term development of the industry, with a focus on storage expansion, advanced packaging, and HBM-related core demand scenarios [27].

11月28日，中科飞测涨5.19%，截至发稿，报121.13元/股，成交1.76亿元，换手率0.60%，总市值424.15 亿元。 资料显示，深圳中科飞测科技股份有限公司位于广东省深圳市龙华区观澜街道观光路银星科技园1301 号，成立日期2014年12月31日，上市日期2023年5月19日，公司主营业务涉及检测和量测两大类集成电 路专用设备的研发、生产和销售。主营业务收入构成为：检测设备60.72%，量测设备36.40%，服务及 其他2.88%。 截至发稿，冯杰波累计任职时间1年16天，现任基金资产总规模3.7亿元，任职期间最佳基金回报 76.96%， 任职期间最差基金回报-10.6%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，东财基金旗下1只基金重仓中科飞测。东财时代优选混合发起式A（017857）三季度持有股 数6500股，占基金净值比例为3.98%，位居第七大重仓股。根据测算，今日浮盈赚取约3.89万元。 东财时代优选混合发起式 ...

Group 1 - Zhongke Feimeasure's stock increased by 5%, reaching 131.25 CNY per share, with a trading volume of 350 million CNY and a turnover rate of 1.10%, resulting in a total market capitalization of 45.959 billion CNY [1] - The company, established on December 31, 2014, and listed on May 19, 2023, is located in Longhua District, Shenzhen, Guangdong Province, and specializes in the research, production, and sales of integrated circuit equipment, focusing on testing and measurement [1] - The revenue composition of Zhongke Feimeasure includes 60.72% from testing equipment, 36.40% from measurement equipment, and 2.88% from services and other sources [1] Group 2 - According to data from the top ten holdings of funds, Bosera Fund has a significant position in Zhongke Feimeasure, with the Bosera Sci-Tech 100 ETF (588030) reducing its holdings by 284,900 shares in the third quarter, now holding 1.3021 million shares, which accounts for 2.1% of the fund's net value, ranking as the seventh largest holding [2] - The Bosera Sci-Tech 100 ETF (588030) was established on September 6, 2023, with a latest scale of 7.179 billion CNY, achieving a year-to-date return of 46.42%, ranking 624 out of 4212 in its category, and a one-year return of 41.22%, ranking 692 out of 3956 [2] - The fund manager of Bosera Sci-Tech 100 ETF is Tang Yibing, who has been in the position for 3 years and 121 days, with a total asset scale of 11.187 billion CNY, achieving the best fund return of 75.45% and the worst return of -41.93% during his tenure [3]