Core Viewpoint - The article highlights the recent performance of various listed companies based on institutional research activities, emphasizing the positive stock price movements of companies like 精智达 and 信立泰, driven by strategic developments and market demand [3][5]. Group 1: Institutional Research and Stock Performance - A total of 234 listed companies disclosed institutional research minutes this week, with nearly 40% of these companies experiencing positive stock returns [3]. - 精智达 (688627) saw a stock price increase of 17.68% after being researched by 138 institutions, focusing on its core business in display panels and semiconductor testing equipment [3]. - Other companies like 海博思创, 新坐标, and 沃尔德 also reported significant stock price increases of 32.19%, 25.03%, and 20.81% respectively during the week [3]. Group 2: Company Developments and Strategic Focus - 精智达's management indicated that the company has successfully completed its annual targets for FT testing machines and is making steady progress in KGSDCP testing machines, with strong demand in the aging testing machine sector [4]. - The company is building a complete product line around AI demands, focusing on storage, computing power, and human-machine interaction, positioning itself as a foundational player in semiconductor testing equipment for the AI era [5]. - 信立泰 hosted a roadshow and received inquiries about the impact of geopolitical factors on its US subsidiary and the role of AI in shortening R&D cycles, indicating a proactive approach to addressing investor concerns [7]. Group 3: Mergers and Collaborations - 盟科药业 announced a significant change in its controlling shareholder and plans to raise up to 10.33 billion yuan through a private placement, which will enhance its operational capabilities [10]. - 高伟达's strategic partnership with 蚂蚁数科 aims to leverage AI and big data in financial technology, highlighting the importance of collaboration in enhancing service capabilities and market reach [12].

Summary of Key Points Core Viewpoint - This week, 234 listed companies disclosed institutional research records, with nearly 40% of the companies experiencing positive stock performance, indicating a strong interest from institutional investors in various sectors [1][2]. Group 1: Institutional Research and Stock Performance - 32.19% increase in stock price for Haibo Sichuang during the week [1] - 25.03% increase in stock price for Xin Zuo Biao, marking its first board appearance [1] - 20.81% increase in stock price for World [1] Group 2: Notable Companies and Their Developments - Jingzhida (688627) received attention from 138 institutions, with a stock price increase of 17.68%. The company focuses on display panels and semiconductor testing equipment, highlighting advancements in storage testing and AI-related product lines [2] - Xintai's stock rose 15.81% after hosting a roadshow with 77 institutional investors. The company specializes in pharmaceuticals and medical devices, with over 80% of revenue from its formulation business [2] - Mengke Pharmaceutical hosted 66 institutions and announced a change in its controlling shareholder, planning to raise up to 1.033 billion yuan through a private placement [2] Group 3: Strategic Partnerships and Collaborations - Gaowei Da attracted 40 institutional investors due to a strategic partnership with Ant Group, focusing on AI and big data in financial technology [2] - The partnership aims to leverage both companies' strengths to enhance service capabilities and technology solutions in the financial sector [2]

Group 1 - A total of 234 listed companies disclosed institutional research records this week, with nearly 40% of them achieving positive stock returns [1] - The stock price of Jingzhida (688627) increased by 17.68% after receiving 138 institutional inquiries, focusing on its storage testing and semiconductor testing equipment [1][2] - Xintai's stock rose by 15.81% after hosting a roadshow with 77 institutional investors, with its core revenue source being over 80% from its formulation business [2] Group 2 - Mengke Pharmaceutical announced a stock issuance plan at a price of 6.3 yuan per share, raising up to 1.033 billion yuan, with Haiqing Pharmaceutical becoming the controlling shareholder [3] - Haiqing Pharmaceutical will leverage its experience in raw material drug development to enhance Mengke's product cost efficiency and profitability [3] - Gaowei Technology received attention from over 40 institutions due to its strategic partnership with Ant Group, focusing on AI and financial technology [4][5]

Wind数据显示，截至9月26日16时，本周共计234家上市公司披露机构调研纪要。从赚钱效应来看，本周近四成机构调研公司股价实现正收益，其中海博 思创周内股价累计上涨32.19%，新坐标周内迎来首板，上涨25.03%，沃尔德股价累计上涨20.81%。冰轮环境本周举行三场调研活动，潍柴动力、章源钨 业、金力永磁、宁波银行等10家公司周内举办两场调研。 从热门调研标的来看，精智达（688627）本周接受138家机构调研，周内股价涨幅为17.68%。精智达主营业务聚焦显示面板与半导体测试设备两大核心赛 道。在调研中，机构重点询问该公司存储测试业务、算力芯片测试业务、探针卡业务等多项业务进展。 | 30分 60分 日 K 分时 | 周K 目K 叠加 ▼前复权 ▼ 真他 ▼ | 1 50 | 精智达1(68862 | | --- | --- | --- | --- | | | | 180 00 | | | | | 100.00 | | | | | 90.00 | | | | | 80.00 | | | | | 70.00 | | | | 688627 区间统计 | | | | 开始时间: 2025/09/01 ◀ ▶ ...

Group 1 - As of September 26, 234 listed companies disclosed institutional research minutes, with nearly 40% of these companies experiencing positive stock returns during the week [1] - Notable stock price increases included Haibosi Chuang up 32.19%, New Coordinates up 25.03%, and World up 20.81% [1] - Jingzhida (688627) received attention from 138 institutions, with a stock price increase of 17.68%, focusing on display panels and semiconductor testing equipment [1] Group 2 - Jingzhida's executives reported that the high-speed FT testing machine met its annual goals ahead of schedule, and the aging testing machine is in high demand [3] - The company is strategically expanding its product line to meet AI era demands, focusing on storage, computing power, and human-computer interaction [3] - Xintai, a pharmaceutical company, hosted a roadshow and received 77 institutional investors, with a stock price increase of 15.81% [3] Group 3 - Xintai addressed investor inquiries regarding the impact of geopolitical factors on its U.S. subsidiary and the role of AI in research efficiency [5] - Mengke Pharmaceutical announced a stock issuance plan to raise up to 1.033 billion yuan, with a new controlling shareholder [7] - Mengke's collaboration with Haiqing Pharmaceutical aims to enhance product cost efficiency and profitability through shared expertise in raw material drug development [7] Group 4 - Xinghui Entertainment, Gaoweida, and Dansheng Technology received attention from over 40 institutions, with Gaoweida's partnership with Ant Group being a focal point [9] - The strategic partnership aims to enhance innovation in smart customer acquisition, big data risk control, and AI technology [9] - Gaoweida emphasized its strengths as a leading financial technology company with extensive service networks in the financial sector [9]

Group 1 - A total of 234 listed companies disclosed institutional research minutes this week, with nearly 40% of them achieving positive stock returns [1] - Companies such as Haibo Sichuang, New Coordinates, and World achieved significant stock price increases of 32.19%, 25.03%, and 20.81% respectively [1] - Jingzhida received attention from 138 institutions, with a stock price increase of 17.68%, focusing on its core business in display panels and semiconductor testing equipment [1][2] Group 2 - Jingzhida's executives highlighted the strong demand for aging testing machines and their advantages in advanced temperature control and mass production experience [1][2] - Xinlitai hosted a roadshow in Shenzhen, attracting 77 institutional investors and achieving a stock price increase of 15.81%, with a focus on its pharmaceutical and medical device business [2] - Mengke Pharmaceutical announced a private placement plan to raise up to 1.033 billion yuan, with Nanjing Haiqing Pharmaceutical becoming the controlling shareholder [3] Group 3 - Highwei Technology received attention from over 40 institutions due to its strategic partnership with Ant Group, focusing on AI and financial technology [4] - Highwei emphasized the synergy between its extensive service network in financial institutions and Ant Group's technological advantages, aiming for a dual empowerment model [4] - The procurement plan will align with project implementation, prioritizing key modules such as credit fraud prevention and AI traffic operations [4]

长江证券指出，人工智能加速发展有望为半导体设备带来新需求。为应对生成式AI带来的需求增长， 全球及国内晶圆厂均将7nm及以下先进制程作为产能扩张重点。根据测算，仅考虑算力芯片和手机主控 芯片的需求，在良率和开工率中性假设下，国内对先进逻辑芯片代工产能的需求将达到3.4万片/月，考 虑到产能爬坡和研发试验线的需求，实际产能需求将大于测算值。 爱建证券表示，先进制程与封装需求持续释放，国产半导体设备在技术验证、客户导入与订单转化加速 推进，国产创新进程全面提速。多家半导体设备公司披露设备验证与订单进展：1）微导纳米iTomic系 列ALD、iTronix系列CVD等核心产品已实现量产导入，覆盖逻辑、存储、先进封装、化合物半导体， 并获头部客户重复订单；2）精智达HBM测试设备验证顺利，KGSDCP测试机速率达标，叠加自研 ASIC芯片，拓展先进封装与复杂测试空间；3）华峰测控STS8600测试机切入高算力SoC测试，首批聚 焦CPU/GPU/DPU，已在核心客户中展开验证；4）罗博特科子公司ficonTEC获约946.5万欧元硅光子封 装整线大单。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [10][16]. Core Insights - The company's semiconductor business has driven revenue growth, achieving a revenue of 444 million yuan in H1 2025, a year-on-year increase of 22.68%. The semiconductor segment alone generated 313 million yuan, marking a significant year-on-year growth of 376.52% [4][5]. - Despite the revenue growth, the net profit attributable to shareholders decreased by 19.94% year-on-year to 30.59 million yuan, primarily due to increased R&D and management expenses [4][5]. - The company has seen a continuous improvement in gross margins, with an overall gross margin of 36.05% in H1 2025, reflecting successful product structure optimization [5][6]. Summary by Sections Company Overview - The latest closing price is 112.27 yuan, with a total market capitalization of 10.6 billion yuan and a circulating market value of 8.1 billion yuan. The company has a debt-to-asset ratio of 15.1% and a price-to-earnings ratio of 131.13 [3]. Financial Performance - For H1 2025, the company reported a revenue of 444 million yuan, with a net profit of 30.59 million yuan. The R&D expenses increased by 16.28% to 60.99 million yuan, while management expenses rose by 52.36% to 27.52 million yuan [4][5]. - The company forecasts revenues of 1.213 billion yuan, 1.615 billion yuan, and 2.104 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 180.4 million yuan, 270.71 million yuan, and 388.18 million yuan for the same years [10][12]. Market Position and Product Development - The company is capitalizing on the growing demand in the global storage and AI sectors, leading to an acceleration in domestic substitution. It has secured significant orders exceeding 300 million yuan for core products, indicating strong market validation [6][7]. - In the new display detection sector, the company has made breakthroughs, including securing over 200 million yuan in orders for G8.6 AMOLED production line detection equipment, showcasing its competitive edge [7][9].