Group 1 - In the past week, 780 stocks were investigated by institutions, with Jingzhida receiving the most attention from 138 institutions [1][2] - Jingzhida delivered its first high-speed testing machine to key domestic clients, which is primarily used in the semiconductor memory testing segment, addressing high-speed testing needs [2][3] - The delivery of this equipment is expected to strengthen and enhance Jingzhida's core competitiveness, positively impacting its future development [3] Group 2 - Other companies such as Hanhigh Group, World, Xinlitai, and Dingtong Technology received over 50 institutional investigations [4] - World announced that by the first half of 2025, it expects to develop over 15 core component customers, achieving an order amount exceeding 4 million yuan, a year-on-year increase of approximately 240% [4] - Dingtong Technology stated that its liquid cooling products are primarily used for heat dissipation in connectors and optical module signal transmission contact surfaces [4] Group 3 - The average stock price of companies investigated by institutions fell by nearly 1% in the past week, while stocks like Fuzhijie Environmental Protection and Zhangjiang Hi-Tech rose over 20% [5] - Fuzhijie Environmental Protection is collaborating with East China University of Science and Technology on key technology development for green methanol production from biogas [5] - Huazhi Technology is developing solid-state battery thermal pressing fixtures with three core features aimed at improving production efficiency [5] Group 4 - Haibo Sichuang's stock price has been reaching historical highs, with the company noting a shift in the energy storage market from price-driven to value-driven, emphasizing cost-effectiveness and economic benefits over the equipment's lifecycle [6]

出品：新浪财经上市公司研究院 作者：光心 2025年以来，AI芯片产业链景气度持续提升，半导体设备领域投资热度居高不下。据华泰证券统计， 2025年第二季度全球半导体设备公司总收入同比增长24%，预计2025年全年全球半导体设备企业收入同 比增长12%。 归母净利润增速最高的四家半导体设备企业分别为微导纳米、长川科技（维权）、华峰测控、中科飞 测，2025年上半年归母净利润分别同比增长348.95%、98.73%、74.04%、73.01%，两家龙头企业北方华 创、中微公司归母净利润增速分别为14.97%、36.62%。 长川科技业绩实现高速成长的主要原因或有两方面：一是产品品类不断拓宽；二是实现从中低端市场向 中高端市场的转换。 长川科技始终专注于集成电路测试设备领域，后重点开拓覆盖SoC、逻辑等多种高端应用场景的数字测 试设备、三温探针台、三温分选机等产品，不断拓宽产品线。2025年上半年，公司营收高增41.80%至 21.67亿元。 分品类来看，2025年上半年，公司测试机收入为12.50亿元，同比增长34.30%；分选机收入为7.09亿 元，同比增长50.36%。截至2025年半年报，公司存货为30. ...

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 AI芯片快速发展，带来封测设备新需求。 (1)测试机： SoC芯片作为硬件设备的"大脑"，承担着AI运算控制等核心功能，对计算性能和能耗的要求极高，这使得芯片设计和制造的复杂性大幅增加，先进存储 芯片为AI算力芯片提供高带宽的数据存储和传输支持，其容量和带宽的不断提升也进一步增加了芯片的复杂性，因此 SoC芯片和先进存储芯片的复杂性提升共同推 动了对高性能测试机需求的显著增长 ； (2)封装设备： HBM显存的高带宽突破了加速卡的显存容量限制；COWOS封装技术作为一种2.5D技术，是GPU与HBM高速互联的关键支撑。 2.5D和3D封装技术需 要先进的封装设备的支撑，进一步推动了对先进封装设备的需求增长 。 后道测试：AI测试要求提升，关注国产测试机双龙头。 我们预估2025年半导体测试设备市场空间有望突破138亿美元，SoC与存储测试机分别合计达48/24亿美元。 (1)SoC测试机： AIHPC芯片的高集成度、高稳定性要求以及先进制程特性，导致测试量与测试时间显著增加，从而推动了对SoC测试机的需求 ...

Core Viewpoint - Baoli International (300135) announced on September 22 that its products mainly include SoC testing machines and wafer sorting machines, which cover a wide range of mainstream application scenarios [1] Group 1: Product Overview - The company offers various models of products tailored to different niche markets [1] - All products are developed in-house, with the underlying software and architecture being independently created by the company [1] - The company holds independent intellectual property rights for its products [1]

Core Viewpoint - The semiconductor testing equipment market is projected to exceed $13.8 billion by 2025, driven by the increasing complexity and demand for SoC and storage testing machines due to advancements in AI and HPC chips [1][3]. Group 1: Semiconductor Testing Equipment Market - The semiconductor testing equipment market is expected to reach $13.8 billion by 2025, with SoC and storage testing machines contributing approximately $4.8 billion and $2.4 billion, respectively [1][3]. - The demand for SoC testing machines is increasing due to the high integration, stability requirements, and advanced process characteristics of AI and HPC chips, leading to a significant rise in testing volume and time [1][3]. - Storage testing machines are becoming more complex due to HBM testing, which includes wafer-level testing and KGSD testing, enhancing the difficulty of storage testing processes [1][3]. Group 2: Advanced Packaging Equipment - The rapid development of AI chips is creating new demands for packaging equipment, particularly for HBM memory, which enhances the capacity of accelerator cards [2]. - Advanced packaging technologies such as CoWoS are critical for high-speed interconnections between GPUs and HBM, necessitating advanced packaging equipment [2][4]. - The difference between advanced and traditional packaging lies in the connection methods, with advanced packaging using faster transmission techniques, leading to increased equipment requirements [4]. Group 3: Investment Opportunities - Investors are encouraged to focus on domestic AI chip-related packaging equipment opportunities, as the complexity of testing increases with larger pins and currents in domestic AI chip manufacturing [5]. - Key domestic companies to watch in the testing equipment sector include Huafeng Measurement and Control and Changchuan Technology, which are positioned to benefit from breakthroughs in domestic testing machines [5]. - In the packaging equipment sector, companies like Jingsheng Electromechanical and Huahai Qingke are highlighted for their potential in advanced packaging equipment, as China strengthens its global competitiveness in the packaging segment [5].

Core Viewpoint - The report highlights the potential growth of domestic computing power chips in China due to regulatory actions against NVIDIA, which may lead to an increase in market share for local manufacturers [1][2]. Group 1: Domestic Computing Power Chips - Chinese internet regulators have instructed major tech companies to cease all purchases of NVIDIA's AI chips and terminate existing orders, which is expected to boost the market share of domestic computing power chips [1][2]. - Huawei announced a three-year roadmap for its Ascend AI chips, planning to launch four new products from 2026 to 2028, including self-developed HBM technology [2]. Group 2: Advanced Process Expansion - Domestic advanced logic production is expanding beyond expectations, which is favorable for local equipment manufacturers [2]. - A new iteration cycle in storage technology is anticipated next year, aligning with the technological upgrade cycle [2]. Group 3: SoC Testing Market - The market for high-end SoC testing machines is expanding, with domestic companies like Huafeng Measurement and Changchuan Technology actively developing solutions to meet the high testing requirements of SoC chips [3]. - The need for advanced packaging in computing power chips is expected to benefit domestic equipment suppliers, as local manufacturers are likely to shift towards domestic advanced packaging supply chains [3]. Group 4: Investment Recommendations - Recommended companies in the front-end process include North Huachuang and Zhongwei Company for etching and thin film deposition equipment, and in the back-end packaging, companies like Huafeng Measurement and Changchuan Technology are highlighted [3][4]. - Advanced packaging equipment suppliers such as Jing Sheng Machine and other leading semiconductor equipment manufacturers are also noted as potential beneficiaries [3][4].

Investment Rating - The industry investment rating is maintained as "Outperform" [3] Core Insights - The semiconductor packaging and testing industry is experiencing significant growth driven by AI and advanced packaging technologies, with major players focusing on creating one-stop solutions for packaging and testing [1][5] - Key companies such as Jiayuan Electronics and Weicai Technology are increasing their capital expenditures and expanding high-end testing capacities, reflecting strong demand across various applications [2][5] - The overall gross margin for the domestic packaging sector has shown a notable increase, with leading companies like Huada Technology and Liyang achieving higher margins compared to the industry average [11][12] Summary by Sections Overview - The gross margin for the semiconductor packaging sector has significantly improved, reaching 21.44% in Q2 2025, which is higher than the average for previous quarters [11][12] OSAT (Outsourced Semiconductor Assembly and Test) - Daylight Technology's advanced packaging revenue has surpassed 10% of its total, with a recovery in general business observed [17] - Anke Technology reported a revenue of 10.779 billion RMB in Q2 2025, with a 14.3% quarter-on-quarter growth, driven by strong demand in various markets [30][31] - Powertech Technology's revenue reached 4.226 billion RMB in Q2 2025, reflecting a 16.56% quarter-on-quarter increase [39] Testing - Jiayuan Electronics has significantly increased its capital expenditure, with a 149.64% quarter-on-quarter growth in Q2 2025 [2][3] - Weicai Technology has seen strong revenue and profit growth in H1 2025, driven by the increasing demand for high-end testing services [5][20] Equipment - AI continues to be the main driver for industry growth, with strong demand for TCB, hybrid bonding, and SoC testing equipment [5][21] - ASMPT reported a 50% year-on-year increase in TCB equipment orders in H1 2025 [5][23] Market Trends - The smartphone market is experiencing regional differentiation, with strong growth in specific areas such as the Middle East and Africa [6][28] - The automotive sector is showing positive trends, particularly in the new energy vehicle segment, while traditional fuel vehicles are stabilizing [6][32] Investment Recommendations - The report suggests focusing on key players in packaging, testing, and equipment sectors, including Daylight Technology, Tongfu Microelectronics, and ASMPT, among others [5][34]

Group 1: Company Research Insights - Southern Fund recently conducted research on 9 listed companies, focusing on their strategic directions and performance metrics [1][2][3][4][5][6][7][8][9] - Potevio Technology is focusing on satellite internet and has established a joint laboratory with Xidian ISN for low-orbit satellite communication products [1] - Longi Green Energy reported a main revenue of 32.813 billion yuan, a year-on-year decrease of 14.83%, while its net profit attributable to shareholders was -2.569 billion yuan, an increase of 50.88% year-on-year [2] - Hehe Information is accelerating new product launches and focusing on AI product strategies, with over 60% of its workforce in R&D [3] - Zoomlion is cautiously optimistic about market demand, with a significant increase in overseas revenue by approximately 15% [4] - Aotwei's semiconductor equipment gross margin is low due to long acceptance cycles, but it expects improvement with increased orders for aluminum wire bonding machines [5] - Jingzhida achieved a revenue of 444 million yuan in the first half of 2025, a year-on-year increase of 22.68%, with over 70% of revenue from semiconductor business [6] - Zhongke Lanyun reported a sales revenue of 444.45 million yuan in Q2, with a quarter-on-quarter growth of 21% [7] - Youyou Green Energy's revenue reached 720 million yuan in the first half of 2025, with a slight year-on-year increase of 0.11% [8] - Fuan Energy's total assets were 19.906 billion yuan, with an operating income of 15.338 billion yuan in the first half of 2025, maintaining stable growth [9] Group 2: Financial Performance Metrics - Longi Green Energy's second-quarter revenue was 19.161 billion yuan, a year-on-year decrease of 8.12%, with a net profit of -1.133 billion yuan, an increase of 60.66% [2] - Zoomlion's mid-term dividend payout exceeded 60%, reflecting a long-term stable return philosophy [4] - Aotwei's gross margin is expected to improve as it expands into advanced packaging and solid-state battery equipment [5] - Jingzhida's new orders are gradually increasing its market share, with a focus on high-end testing machines [6] - Zhongke Lanyun's net profit reached 86.2341 million yuan in Q2, with a quarter-on-quarter growth of 92.10% [7] - Youyou Green Energy's overall gross margin was 29.6%, with overseas sales gross margin at 55.1% [8] - Fuan Energy's cash flow from operating activities was 686 million yuan, a year-on-year increase of 602.45% [9]

Summary of Conference Call Records Company Overview - The company discussed is Jinzhida, a testing equipment company with a focus on semiconductor testing and detection equipment [1][2]. Key Industry Insights - The semiconductor equipment industry is experiencing rapid growth, with Jinzhida's semiconductor business showing a year-on-year growth rate of nearly 200% for 2024 [1]. - The company emphasizes the importance of self-sufficiency in semiconductor equipment to ensure the security and upgrade of the industrial chain [2]. Financial Performance - In Q1, the company's revenue grew by 83%, indicating strong performance [1]. - For 2024, the overall revenue growth is approximately 24%, with R&D expenses increasing significantly by about 53% [8]. - The semiconductor business revenue reached approximately 250 million, a year-on-year increase of 200%, with a gross margin of 32.6% [9][23]. - The company aims for semiconductor revenue to exceed 50% of total revenue by 2025 [20]. R&D and Product Development - R&D investment has increased by 50%, with over 400 technical staff contributing to product development [3][6]. - The company has launched multiple new products across its two main product lines, including traditional aging repair testing equipment and new FT testing devices [10][12]. - Jinzhida is expanding its product line to include advanced packaging testing equipment and is establishing a new R&D base in Nanjing [13][22]. Strategic Goals - The company is committed to deepening its focus on testing equipment and expanding its product categories to leverage strategic advantages in the industry [4]. - Jinzhida plans to enhance its capabilities in DRAM testing equipment and aims to solidify its position in the semiconductor testing market [17][18]. - The company has set ambitious revenue targets for the next three years, aiming for 1 billion in 2025 and 2.8 billion by 2027, with a significant portion coming from semiconductor-related products [21][42]. Market Position and Client Base - Major clients include leading domestic DRAM manufacturers and top display panel manufacturers in China [7]. - The company is also expanding its overseas business, including partnerships with significant clients like Meta [7][11]. Challenges and Future Outlook - The company faces challenges related to gross margin fluctuations due to product structure changes, particularly in the display business [23][24]. - There is a strong focus on domestic production and self-sufficiency in key components to mitigate supply chain risks [33]. - The company is optimistic about future growth, driven by increased demand for semiconductor testing solutions and advancements in technology [42]. Conclusion - Jinzhida is positioned for significant growth in the semiconductor testing equipment market, with a strong emphasis on R&D, product innovation, and strategic partnerships. The company aims to become a leading platform for semiconductor testing solutions both domestically and globally [43].

Summary of Conference Call Records Industry Overview - The focus is on the **high-end equipment** sector within the context of **China's self-sufficiency** strategy, particularly in light of increasing restrictions from the U.S. and Western countries on Chinese technology [1][2][5] Core Insights and Arguments - **Self-sufficiency as Investment Theme**: The current geopolitical climate emphasizes the need for self-sufficiency, supported by China's 14th Five-Year Plan, which signals strong policy backing for domestic alternatives [1][2] - **Investment Strategy**: The strategy involves mapping macroeconomic and market correlations, focusing on policy-supported areas, critical sectors facing supply chain constraints, and fields with low domestic production rates but short technology advancement cycles [1][4] - **Key Sectors for Investment**: The report highlights several sub-sectors within the mechanical industry, including: - **Semiconductor Equipment**: Low domestic production rates, with photolithography machines near zero, inspection segments below 5%, and testing machines under 10% [12] - **Scientific Instruments**: Companies are encouraged to enhance market share through continuous R&D [12] - **High-end Equipment**: Low domestic production rates for five-axis machine tools (approximately 10%) and high-end CNC systems (in single digits) [12] Historical Context and Market Dynamics - **Past Market Trends**: The mechanical sector has historically been influenced by external pressures and domestic policy support. Key events include: - **2018-2020**: U.S.-China trade tensions led to a surge in high-end equipment manufacturing, particularly in the semiconductor sector [7][8] - **2021**: Further U.S. restrictions on the semiconductor industry prompted domestic companies to focus on mature process chip production [7] - **2022 Onwards**: The addition of Chinese wafer manufacturers to the U.S. entity list had a limited initial impact, with companies performing well despite market concerns [7][8] Investment Opportunities and Recommendations - **Focus on Low Domestic Production**: The emphasis is on sectors with low domestic production rates that have the potential for significant growth due to policy support and market demand [2][10] - **Encouragement for Investors**: Investors are urged to explore specific stocks within the self-sufficiency strategy, particularly in the semiconductor and high-end equipment sectors, where valuations may not be high [11] Additional Important Points - **Technological Progress and Policy Catalysts**: The acceleration of technological advancements and supportive policies is expected to create substantial investment opportunities in the mechanical sector [11] - **Long-term Viability**: The sustainability of the self-sufficiency sector's growth is contingent on achieving higher domestic production rates and the ability of companies to convert orders into performance to manage valuations [9]