2月25日，中科飞测涨5.03%，截至发稿，报205.10元/股，成交11.54亿元，换手率2.36%，总市值718.18 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%。 前海开源高端装备制造混合A（001060）基金经理为魏淳。 截至发稿，魏淳累计任职时间7年50天，现任基金资产总规模25.23亿元，任职期间最佳基金回报 171.39%， 任职期间最差基金回报-30.8%。 从基金十大重仓股角度 数据显示，前海开源基金旗下1只基金重仓中科飞测。前海开源高端装备制造混合A（001060）四季度 减持10.98万股，持有股数7.58万股，占基金净值比例为5.81%，位居第九大重仓股。根据测算，今日浮 盈赚取约74.39万元。 前海开源高端装备制造混合A（001060）成立日期2015年3月27日，最新规模1.51亿。今年以来收益 17. ...

A股硬科技赛道迎来强势回暖行情，半导体设备板块成为领涨先锋，其中半导体设备ETF（159516）盘中大幅拉升，单日涨幅突破5%，成交额显著放大，资 金入场迹象明显。这一轮强势反弹并非短期情绪推动，而是行业周期复苏、AI算力爆发、国产替代加速与政策资金共振的结果，背后蕴藏着清晰且扎实的 产业逻辑。 再者，AI算力、先进封装、存储芯片涨价等多重催化不断，行业景气度持续上行，设备企业业绩兑现能力强，盈利确定性不断提升。 最后，机构配置需求旺盛，半导体设备具备高壁垒、高景气、高成长特征，是公募、社保等长期资金重点配置方向，资金面支撑强劲，为板块长期走势提供 坚实保障。对于普通投资者而言，半导体设备赛道技术壁垒高、个股研究难度大、波动风险较高，直接投资个股容易面临选股难题与踩雷风险，而通过ETF 布局则是更为高效、稳健的选择。 半导体设备ETF（159516）紧密跟踪中证半导体材料设备主题指数（931743），精准聚焦半导体设备与材料两大核心赛道，覆盖刻蚀、薄膜沉积、量测、清 洗、硅片、特种气体、光刻胶等芯片上游关键环节，是布局半导体设备赛道的核心工具。该ETF持仓纯度极高，一键打包北方华创、中微公司、拓荆科技、 华海 ...

Group 1 - Zhongke Feimeasure's stock increased by 5.06%, reaching 187.00 CNY per share, with a trading volume of 808 million CNY and a turnover rate of 1.77%, resulting in a total market capitalization of 65.481 billion CNY [1] - The company, established on December 31, 2014, is located in Longhua District, Shenzhen, Guangdong Province, and was listed on May 19, 2023. Its main business involves the research, production, and sales of integrated circuit-specific equipment in two categories: 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 - Minsheng Jia Yin Fund has a significant holding in Zhongke Feimeasure, with its Minsheng Jia Yin Ju You Selected Mixed A Fund (013296) holding 46,000 shares, accounting for 5.42% of the fund's net value, making it the second-largest holding [2] - The fund has generated an estimated floating profit of approximately 414,200 CNY today [2] - The Minsheng Jia Yin Ju You Selected Mixed A Fund was established on October 14, 2021, with a current scale of 127 million CNY, achieving a year-to-date return of 17.27% and a one-year return of 36.88% [2]

Group 1 - Zhongke Feimeasure experienced a decline of 5.01% on January 23, with a stock price of 187.61 yuan per share, a trading volume of 808 million yuan, a turnover rate of 1.71%, and a total market capitalization of 65.694 billion yuan [1] - The company, Shenzhen Zhongke Feimeasure Technology Co., Ltd., was established on December 31, 2014, and went public on May 19, 2023. Its main business involves the research, production, and sales of integrated circuit equipment in two categories: 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 - Jin Ying Fund has one fund heavily invested in Zhongke Feimeasure, specifically the Jin Ying Industrial Smart Selection One-Year Holding Mixed A (018547), which held 6,897 shares, accounting for 5.58% of the fund's net value, making it the eighth largest holding [2] - The fund, established on August 15, 2023, has a latest scale of 17.7906 million yuan, with a year-to-date return of 18.05%, ranking 229 out of 8,847 in its category, and a one-year return of 36.8%, ranking 3,425 out of 8,099 [2] - The fund manager, Ni Chao, has a tenure of 10 years and 230 days, with the total asset scale of 3.105 billion yuan, achieving the best fund return of 156.51% and the worst return of -20.91% during his tenure [2]

Core Viewpoint - Zhongke Feimeasure has shown significant stock price growth and financial performance improvements, indicating strong market interest and operational growth in the semiconductor equipment sector [1][2]. Financial Performance - As of September 30, Zhongke Feimeasure reported a revenue of 1.202 billion yuan, representing a year-on-year increase of 47.92% [2]. - The company experienced a net profit loss of 14.6985 million yuan, but this still reflects a year-on-year improvement of 71.67% [2]. - Since its A-share listing, Zhongke Feimeasure has distributed a total of 44.8 million yuan in dividends [3]. Stock Market Activity - On January 8, Zhongke Feimeasure's stock price increased by 2.04%, reaching 182.66 yuan per share, with a trading volume of 421 million yuan and a turnover rate of 0.94% [1]. - The stock has appreciated by 19.39% year-to-date, with a 20.27% increase over the last five trading days and a 41.98% increase over the last 20 days [1]. Shareholder Information - As of September 30, the number of shareholders increased to 13,700, a rise of 40.11%, while the average number of circulating shares per person decreased by 28.63% to 18,131 shares [2]. - Notable institutional shareholders include Nuoan Growth Mixed A and Yongying Semiconductor Industry Selected Mixed A, with the latter being a new entrant among the top ten shareholders [3].

Core Viewpoint - The semiconductor industry is experiencing significant activity, particularly in the areas of computing chips and wafer foundry, with notable developments such as SMIC's acquisition of a 49% stake in SMIC North from its shareholders for approximately 40.6 billion yuan, enhancing its control over the 12-inch wafer foundry market [1][2]. Group 1: Company Developments - SMIC announced plans to acquire a 49% stake in SMIC North for about 40.6 billion yuan, which will result in SMIC fully controlling SMIC North, a company specializing in 12-inch wafer foundry services [1][2]. - The valuation of 100% of SMIC North's equity was assessed at approximately 82.86 billion yuan as of August 31, 2025, indicating a strong market position [1]. - The acquisition is expected to improve SMIC's asset quality and business synergy, promoting long-term development [1]. Group 2: Industry Trends - Recent reports highlight a growing interest in the semiconductor supply chain, with companies like Nvidia acquiring assets to enhance their computing chip architecture [2]. - The domestic semiconductor equipment industry is benefiting from both technological cycles and domestic substitution demands, extending beyond equipment to chip design and wafer manufacturing [2]. - The integration and potential expansion of wafer manufacturing capacity are expected to drive demand for essential manufacturing equipment and materials, such as photolithography machines and silicon wafers [3]. Group 3: Market Implications - The consolidation of wafer manufacturing capacity is likely to stabilize or increase demand for upstream equipment and materials, providing reliable capacity assurance for downstream chip design companies [2][3]. - The collaboration between domestic foundries like SMIC and chip design firms is crucial for the development of AI computing chips, communication chips, and various specialized processors, fostering innovation and commercialization [3].

Group 1 - Zhongke Feimeasure's stock increased by 5.39%, reaching 155.28 CNY per share, with a trading volume of 242 million CNY and a turnover rate of 0.64%, resulting in a total market capitalization of 54.373 billion CNY [1] - The company, Shenzhen Zhongke Feimeasure Technology Co., Ltd., was established on December 31, 2014, and went public on May 19, 2023. Its main business involves the research, production, and sales of integrated circuit equipment, categorized into testing equipment (60.72% of revenue), measuring equipment (36.40%), and services and others (2.88%) [1] Group 2 - Yongying Fund's Yongying Semiconductor Industry Smart Selection Mixed Fund A (015967) entered the top ten circulating shareholders of Zhongke Feimeasure, holding 6 million shares, which is 2.42% of the circulating shares. The estimated floating profit today is approximately 47.64 million CNY [2] - The fund was established on September 22, 2022, with a latest scale of 858 million CNY. Year-to-date returns are 74.93%, ranking 230 out of 8170 in its category, while the one-year return is 71.01%, ranking 245 out of 8139 [2] Group 3 - The fund manager of Yongying Semiconductor Industry Smart Selection Mixed Fund A is Zhang Haixiao, who has been in the position for 2 years and 208 days. The total asset scale of the fund is 10.243 billion CNY, with the best return during his tenure being 76.71% and the worst being -19.48% [3] Group 4 - Yongying Semiconductor Industry Smart Selection Mixed Fund A increased its holdings in Zhongke Feimeasure by 4 million shares in the third quarter, bringing its total to 6 million shares, which constitutes 7.38% of the fund's net value, making it the third-largest holding [4]

Group 1 - Zhongke Feimeasure's stock increased by 5.39%, reaching 155.28 CNY per share, with a trading volume of 236 million CNY and a turnover rate of 0.63%, resulting in a total market capitalization of 54.373 billion CNY [1] - The company, established on December 31, 2014, is located in Longhua District, Shenzhen, Guangdong Province, and was listed on May 19, 2023. Its main business involves the research, production, and sales of integrated circuit equipment, categorized into testing equipment (60.72% of revenue), measuring equipment (36.40%), and services and others (2.88%) [1] Group 2 - One fund under China Europe Fund holds a significant position in Zhongke Feimeasure, with the China Europe SSE Sci-Tech Innovation Board 100 Index Initiation A Fund (021660) reducing its holdings in 19 stocks during the third quarter, maintaining 20,400 shares, which accounts for 2.01% of the fund's net value, ranking it as the eighth largest holding [2] - The fund has a total scale of 44.5702 million CNY and has achieved a year-to-date return of 45.04%, ranking 628 out of 4197 in its category, with a one-year return of 40.3%, ranking 686 out of 4152, and a cumulative return since inception of 77.24% [2] Group 3 - The fund manager of the China Europe SSE Sci-Tech Innovation Board 100 Index Initiation A Fund is Song Weiwei, who has been in the position for 1 year and 341 days, managing total assets of 8.524 billion CNY, with the best fund return during the tenure being 115.28% and the worst being -6.48% [3]

Core Insights - The A-share photolithography machine sector has experienced a strong short-term rally, becoming a focal point in the semiconductor industry, characterized by a "leading stocks hitting the limit, multiple points blooming" pattern [1] - Domestic breakthroughs in the development of a 0.6nm electron beam lithography machine have accelerated the localization of core components, with significant contributions from companies like Yujing Technology and Zhongci Electronics [1][2] - The National Integrated Circuit Industry Investment Fund Phase III has raised 200 billion yuan, with 30% allocated to semiconductor equipment and core components, particularly focusing on the photolithography machine industry [2] Photolithography Machine Sector - Zhongci Electronics has shown remarkable performance, quickly attracting funds and hitting the limit after opening, instilling strong confidence in the sector [1] - The domestic market for precision ceramic components is expected to reach approximately 28.6 billion yuan by 2025, with Zhongci Electronics poised to capture market share due to its technological advantages [3] - Companies like Boshang Optoelectronics and Guangliwei have entered the domestic photolithography machine supply chain, with expected performance growth as the whole machine development progresses [3] Semiconductor Special Materials Sector - The high-precision operation of photolithography machines relies on special materials, with demand expected to grow alongside equipment capacity expansion [3] - Zhongchuan Special Gas, a leader in domestic special gases, has seen its products validated by domestic photolithography machine manufacturers, with a projected revenue growth of over 60% in 2025 [3] Semiconductor Equipment Support Sector - The production and debugging of photolithography machines require a significant amount of supporting equipment, leading to a synergistic growth effect [4] - Companies like Tongfei Co. and Dazhu Laser are key suppliers of precision cooling and laser processing equipment, which are critical for the production and maintenance of photolithography machines [4] - The supporting equipment market is expected to grow by over 45% in 2025, benefiting companies with technological advantages [4]

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].