3、中国台湾SoC测试设备环比显著下滑，中国大陆营收同环比高增。 分地区来看， 1）中国台湾： 营收1032亿日元，同比+31.2%环比-10.6%，占比37.7%，环比下 降主要系高端SoC领域收入下滑； 2）中国大陆 ： 营收654亿日元，同比+26.3%/环比+25.5%， 占比23.9%，环比增长由SoC及存储器测试系统销售额增长共同支撑； 3）韩国： 营收570亿日 元，同比+3.8%/环比+1.6%，基本持平，占比20.8%，存储领域销售额环比增长被SoC相关销售 额环比下降部分抵消。 4、公司上调FY2025全年营收预期，ASIC及GPU需求强劲增长并延续。 1）FY2025指引： 公司上调2025财年全年指引：营收1.07万亿日元，营业利润4540亿日元，净 利润3285亿日元，HPC/AI强劲需求将驱动测试设备市场持续增长，公司将继续推进产能扩张计划 以满足旺盛需求。 2）FY2026展望： 公司预计2026财年营收环比增长30%-40%；SoC测试设备 市场规模85-95亿美元，中值同比增长约30%，在AI应用的持续势头下，设备出货量增长和器件复 点击招商研究小程序查看PDF报告原文 事件 ...

Investment Rating - The report rates the industry as "stronger than the market" [2] Core Insights - The semiconductor testing equipment for SoC is entering a structural growth phase, driven by the increasing complexity and testing intensity of SoC architectures due to advancements in smartphone processes [4] - The advanced process (5/4/3/2nm) is expected to account for 51% of smartphone SoC shipments in 2025, an increase of 8 percentage points year-on-year [4] - The report suggests focusing on companies involved in ATE/SoC testing machines and related components such as probe cards and temperature control systems [4] Summary by Sections Industry Performance - During the week of November 3-7, 2025, the Shanghai Composite Index increased by 0.82%, while the mechanical equipment sector decreased by 0.15%, ranking 22 out of 31 in the Shenwan industry classification [8] - The best-performing sub-sector was refrigeration and air conditioning equipment, which rose by 4.47% [10][12] Valuation Trends - The mechanical equipment sector's PE-TTM valuation decreased by 2.12% this week, with the top three sub-sectors showing significant increases: laser equipment (+39.17%), other automation (+35.86%), and industrial control equipment (+14.4%) [16] - The lowest-performing sub-sectors included engineering components (-8.86%) and instruments and meters (-3.83%) [16] Key Developments - The humanoid robot IRON, developed by XPeng Motors, is set for mass production by the end of 2026, featuring advanced capabilities and a high degree of human-like interaction [4] - The low-temperature systems for nuclear fusion are emerging as a new growth area for deep cooling gas and equipment technology, driving demand for related equipment [4]