有投资者在互动平台向 微导纳米提问：公司目前在异质结电池和 太空光伏方面是否会有布局，技术的 发展趋势是否有布局和跟进？ 微导纳米回复称，公司作为高效光伏电池技术与设备的领军者之一，客 户覆盖国内一线主流 电池片厂商。目前产品涵盖ALD、CVD和炉管等设备，全面覆盖PERC、 TOPCon、异质结（HJT）、XBC、钙钛矿/钙钛矿叠层电池等技术路线。其中，在钙钛矿领域，公司已 覆盖了传统晶硅叠钙钛矿路线、大面积玻璃基底钙钛矿路线和纯柔性钙钛矿三个主要技术路线，相关设 备已获得多家客户认可并实现产业化应用。但产业整体尚处于市场培育阶段，公司相关产品也还处于市 场推广时期，相关订单和收入占公司整体订单和收入比例很小，短期内对公司收入贡献不大。未来，公 司将继续深耕光伏电池技术的研发与产业化，持续为客户提供多样化的解决方案，以满足于客户各类新 兴应用领域的需求。 ...

Core Viewpoint - The semiconductor leader Zhongwei Company (688012) announced plans for share reductions by major shareholders, including its founder and chairman, Yin Zhiyao, for personal and tax-related reasons [2][5]. Shareholder Reduction Plans - Xunxin (Shanghai) Investment Co., Ltd. holds 68.4739 million shares, accounting for 10.94% of the total share capital, and plans to reduce its holdings by up to 12.5229 million shares, or 2% of the total share capital, within three months after the announcement [2][5]. - Yin Zhiyao plans to reduce his holdings by up to 290,000 shares, representing no more than 0.046% of the total share capital, through centralized bidding within three months after the announcement [2][5]. Background of Yin Zhiyao - Yin Zhiyao, born in 1944, is a prominent figure in the semiconductor industry, having previously worked at Intel and Applied Materials before founding Zhongwei Company [7][8]. - He has led Zhongwei Company since its inception in 2004, achieving significant technological advancements in semiconductor equipment [8]. Company Performance - Zhongwei Company has reported a strong growth trajectory, with a 46.40% year-on-year increase in revenue to 8.063 billion yuan for the first three quarters of 2025, and a 32.66% increase in net profit to 1.211 billion yuan [8]. - The company aims to increase its coverage in the integrated circuit equipment sector to 60% over the next five to ten years, striving to become a leading international semiconductor equipment company [8].

Core Viewpoint - The founder and chairman of Zhongwei Company, Yin Zhiyao, plans to reduce his shareholding by up to 290,000 shares, approximately 0.046% of the total share capital, due to tax-related needs after restoring his Chinese nationality [1][4]. Group 1: Company Announcement - Zhongwei Company announced that Yin Zhiyao will reduce his shareholding through a centralized bidding method within three months after the announcement date [1]. - As of January 9, Zhongwei's stock price was 336.68 yuan per share, with a total market value of 210.8 billion yuan, making the estimated value of the shares to be sold around 97.64 million yuan [1]. Group 2: Background of Yin Zhiyao - Yin Zhiyao, known as the "father of China's etching machine," has extensive experience in the semiconductor industry, having worked at top companies in Silicon Valley before founding Zhongwei in 2004 [4][5]. - His career includes significant roles at Intel, Lam Research, and Applied Materials, where he contributed to advancements in plasma etching technology [4]. Group 3: Company Performance - Zhongwei Company reported strong growth in its latest quarterly report, achieving operating revenue of 8.063 billion yuan, a year-on-year increase of 46.40%, and a net profit of 1.211 billion yuan, up 32.66% [5]. - The company aims to increase its coverage in the integrated circuit equipment sector to 60% over the next five to ten years, striving to become a leading semiconductor equipment company globally [5].

Core Viewpoint - The company has optimized its non-capital expenditures significantly in its fundraising projects, aligning with regulatory requirements and focusing on high-end semiconductor equipment and technology development [1][2][3]. Group 1: Fundraising and Expenditure - The company plans to raise up to 4.6 billion yuan, with allocations of 1.5 billion yuan for high-end semiconductor equipment industrialization, 2 billion yuan for advanced technology research center, and 1.1 billion yuan for working capital [3]. - The non-capital expenditures in the current fundraising plan account for 38.94% of the total, with 1.7 billion yuan specifically allocated for the advanced technology research center [3]. - The previous non-capital expenditure ratio was reduced from 77.22% to 29.78% after adjustments in project funding allocations [2]. Group 2: Research and Development Capitalization - The company’s R&D capitalization rate is projected at 51.33%, which is in line with industry standards and similar to peers like Zhongwei Company [4]. - The company capitalizes R&D expenditures at specific project milestones, ensuring compliance with accounting standards [4]. Group 3: Financial Health and Performance - The company has a projected total funding gap of approximately 7.454 billion yuan from 2025 to 2027, with a current asset-liability ratio of 67.72% [5]. - Revenue is expected to grow from 1.706 billion yuan in 2022 to 4.103 billion yuan in 2024, reflecting a compound annual growth rate of 55.08% [6]. - As of September 2025, the company reported a significant improvement in cash flow, with net cash flow from operating activities reaching 2.832 billion yuan [7].

Core Viewpoint - The demand for storage market is increasing, and the HBM technology is accelerating its penetration, leading to a continuous rise in the demand for related process equipment [1] Group 1: Company Overview - The company, Northern Huachuang (002371.SZ), provides core process equipment for storage chip manufacturing, including etching, thin film deposition, cleaning, thermal treatment, ion implantation, and photoresist coating and development, covering mainstream storage categories such as DRAM and NAND [1] - In the HBM field, the company offers multiple core equipment and process solutions, including TSV etching, debonding, wet cleaning, ALD, PVD, electroplating, and annealing [1] - The company's related products have been delivered in bulk to mainstream storage and HBM customers, with several products becoming the baseline machines for customers' production lines [1]

证券日报网讯12月19日，拉普拉斯在互动平台回答投资者提问时表示，公司为核心工艺设备的解决方案 提供商，积极布局了TOPCon、XBC、HJT、钙钛矿以及叠层电池等多种高效技术路线。目前公司已有 布局的钙钛矿电池相关设备包括PVD(物理气相沉积)、ALD(原子层沉积)、涂布等核心工艺设备，可满 足钙钛矿电池多种不同技术路线的核心工艺需求(如钙钛矿层、电子传输层、空穴传输层、电极等结构 的制备等)。依托技术沉淀与客户资源优势，目前公司正在积极协助行业头部客户推动钙钛矿电池前沿 技术的研发和验证。钙钛矿技术当前处于快速发展阶段，尺寸、细分工艺路线及配备设备等均在快速发 展，行业内企业均在技术迭代、应用突破上持续发力，公司将持续完善、丰富技术和产品，为下游客户 提供更具性价比的核心工艺解决方案。 ...

Group 1 - The core viewpoint of the article highlights that Tuojing Technology is a leading manufacturer of front-end thin film deposition equipment in China, with core products covering various processes such as PECVD, ALD, Flowable CVD, and HDPCVD, achieving large-scale delivery in advanced logic and memory production lines [1] - The company is strategically advancing into hybrid bonding and supporting measurement equipment, entering critical areas of heterogeneous integration and 3D integration, evolving its business from a single deposition equipment focus to a dual-engine platform of "deposition + bonding" [1] - The Chinese market is expected to remain the largest semiconductor equipment market globally, driven by wafer fab expansions and domestic substitution, with the demand for deposition and bonding processes becoming increasingly important due to the rising requirements for interconnect density and interface quality in HBM, Chiplet, and 3D stacking technologies [1] Group 2 - From a PEG perspective, the company's projected PEG ratios for 2025E-2027E are 1.3, 0.8, and 0.9, respectively, indicating a favorable valuation [1] - Considering the technological barriers in thin film deposition and hybrid bonding processes, along with the medium to long-term profit elasticity, the company is deemed to have a high medium to long-term configuration cost-effectiveness [1] - The report initiates coverage with a "Buy" rating for the company, reflecting confidence in its growth potential and market positioning [1]

Group 1 - The core viewpoint is that the demand for wafer foundry services is expected to experience structural growth, driven by the expansion of semiconductor manufacturing capacity and new production line constructions [1] - The semiconductor equipment sector, particularly thin film deposition equipment, holds a significant value share (approximately 22%) in the front-end process and is crucial for wafer expansion [1] - Global investment in 300mm wafer fabs is projected to increase by 20% to $116.5 billion by 2025 [1] Group 2 - Chinese manufacturers are accelerating their layout in the semiconductor sector, with companies like Tuojing Technology planning to raise funds to enhance PECVD equipment capacity [1] - Micro-Guide Nano's ALD and high-end CVD products have already entered mass production lines of leading domestic memory clients, achieving performance levels that meet international standards in the logic equipment sector [1] - The demand for thin film deposition equipment is on an upward trend amid the capacity expansion in the semiconductor industry [1] Group 3 - The Cathay Innovation Chip ETF (589100) tracks the Innovation Chip Index (000685), which has a daily fluctuation of up to 20% [1] - The index selects 50 representative companies from the Sci-Tech Innovation Board, reflecting the overall performance of the semiconductor industry chain, including materials, equipment, design, and manufacturing [1]

Market Performance - As of December 4, 2025, the Shanghai Composite Index fell by 0.06% to close at 3875.79 points, while the Shenzhen Component Index rose by 0.40% to 13006.72 points, and the ChiNext Index increased by 1.01% to 3067.48 points [1] - The Sci-Tech Innovation Semiconductor ETF (588170) rose by 3.09%, and the Semiconductor Materials ETF (562590) increased by 2.63% [1] - In the overnight U.S. market, the Dow Jones Industrial Average decreased by 0.07%, the Nasdaq Composite rose by 0.22%, and the S&P 500 increased by 0.11% [1] Industry News - Two new stocks were available for subscription today, namely Angrui Micro and Muxi Co., both on the Sci-Tech Innovation Board, and one new stock, Moer Thread, was listed [2] - Jiufeng Mountain Laboratory announced a new technology achievement with a gallium nitride power module that can save nearly 300 million kilowatt-hours of electricity annually, equivalent to approximately 240 million yuan in electricity costs [2] - The gallium nitride technology is expected to meet a market demand of hundreds of billions within 3-5 years after mass production [2] - Palantir, NVIDIA, and CenterPoint Energy are collaborating to develop a new software platform named "Chain Reaction" to accelerate the construction of next-generation AI data centers [2] Company Developments - Tuojing Technology held a Q3 2025 earnings briefing, indicating that its thin-film equipment series and advanced bonding products have achieved industrial application in the storage chip manufacturing sector, with a full order book [3] - Huatai Securities noted that the global GPU market is projected to reach $77.4 billion in 2024, with China's market size estimated at approximately 107.3 billion yuan [3] - The global GPU market is expected to grow at a CAGR of 35.19% from 2025 to 2030, driven by policy support and rapid growth in computing power demand [3]

Market Overview - As of December 4, 2025, the Shanghai Composite Index fell by 0.06% to close at 3875.79 points, while the Shenzhen Component Index rose by 0.40% to 13006.72 points, and the ChiNext Index increased by 1.01% to 3067.48 points [1] - The Sci-Tech Semiconductor ETF (588170) rose by 3.09%, and the Semiconductor Materials ETF (562590) increased by 2.63% [1] - In the overnight U.S. market, the Dow Jones Industrial Average decreased by 0.07%, the Nasdaq Composite rose by 0.22%, and the S&P 500 increased by 0.11% [1] Industry News - Two new stocks were available for subscription today: Angrui Microelectronics and Muxi Co., both on the Sci-Tech Innovation Board, with one new listing, Moer Thread, also on the same board [2] - Jiufeng Mountain Laboratory announced a new technology achievement, a gallium nitride power module that can save nearly 300 million kilowatt-hours of electricity annually, equivalent to approximately 240 million yuan in electricity costs [2] - The gallium nitride technology, a third-generation semiconductor material, can reduce power loss by 30% and module size by 30%, with costs dropping to half that of traditional silicon materials [2] - Palantir, NVIDIA, and CenterPoint Energy are collaborating to develop a new software platform named "Chain Reaction" to accelerate the construction of next-generation AI data centers, addressing challenges in licensing, supply chains, and construction [2] Company Developments - Tuojing Technology held a Q3 2025 earnings briefing, where the chairman stated that their PECVD, ALD, SACVD, HDPCVD, and Flowable CVD equipment series have achieved industrial application in memory chip manufacturing, with a full order book [3] - Huatai Securities noted that GPUs are critical hardware for intelligent computing, with applications expanding from traditional graphics rendering to AI training, scientific computing, and industrial simulation [3] - The global GPU market is projected to reach $77.4 billion in 2024, with China's market size estimated at approximately 107.3 billion yuan, and a CAGR of 35.19% expected from 2025 to 2030 [3] Related ETFs - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the Shanghai Sci-Tech Innovation Board Semiconductor Materials and Equipment Index, focusing on semiconductor equipment (61%) and materials (23%) [4] - The Semiconductor Materials ETF (562590) and its linked funds also emphasize semiconductor equipment (61%) and materials (21%), targeting the upstream semiconductor sector [4]