Investment Rating - The report maintains a "Positive" investment rating for the electronic industry in China [5] Core Insights - The demand growth driven by AI is expected to lead to price increases in certain mature processes, with wafer foundries anticipating a price hike of 5-20% for 8-inch wafers due to tightening capacity [7] - The report highlights that AI is boosting the demand for power ICs, which will continue to enhance the demand for mature process wafer foundries [7] - Domestic wafer foundries are expected to benefit from the ongoing trend of localization in the IC manufacturing industry, with companies like SMIC seeing increased market share and orders [7] Summary by Sections Investment Recommendations and Targets - The report suggests several investment targets in the semiconductor sector, including: - Wafer manufacturing companies: SMIC (688981, Buy), Huahong Semiconductor (01347, Buy), Jinghong Integrated Circuit (688249, Buy), Huarun Microelectronics (688396, Buy), Yandong Microelectronics (688172, Not Rated), and Xilian Integrated-U (688469, Not Rated) [3][8] - Semiconductor equipment companies: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), Tuojing Technology (688072, Buy), Shengmei Shanghai (688082, Buy), Huahai Qingke (688120, Not Rated), and Zhongke Feice (688361, Not Rated) [3][8] Market Dynamics - According to TrendForce, the global 8-inch capacity is expected to decrease by approximately 0.3% in 2025 and further by 2.4% in 2026, leading to an increase in average capacity utilization rates to 85-90% in 2026 [10] - The report indicates that the demand for power ICs will continue to grow due to the increasing computational power and energy efficiency requirements of AI applications, which will further stimulate the demand for mature process wafer foundries [7]

Group 1 - The core transaction involved 423,000 shares of TuoJing Technology, with a total transaction value of 152 million yuan, accounting for 4.54% of the total trading volume on that day [1][2] - The transaction price was 360.29 yuan per share, which represents a discount of 0.97% compared to the market closing price of 363.81 yuan [1][2] - The transaction was executed through an institutional special account, indicating significant interest from institutional investors [2]

Core Insights - The global semiconductor industry underwent significant changes in 2025, transitioning from chaos to order and from divergence to consensus, driven by macroeconomic policies and the rise of artificial intelligence [1] - The A-share semiconductor sector experienced a recovery trajectory throughout the year, culminating in a strong performance in the second half [1] - The Kexin Chip ETF (588200) emerged as the largest product in the semiconductor theme, achieving a return of 154.35% since its listing, with an annualized yield of 34.88% [1] Industry Overview - The semiconductor industry is at a critical juncture, with AI transitioning from training to inference and domestic substitution moving into deeper waters [1][28] - The Kexin Chip Index has shown a cumulative increase of 69.94% since April 8, 2025, outperforming other semiconductor indices [4] - The market sentiment shifted positively towards semiconductor stocks, with 54% of tracked A-share semiconductor companies achieving record quarterly revenues in 2025 [6][12] Market Performance - The Kexin Chip ETF (588200) has seen significant inflows, with a net inflow of 3.18 billion yuan in 2025 and an average daily trading volume of 2.6 billion yuan [2][24] - The index's constituent stocks demonstrated impressive growth, with a 39% year-on-year revenue increase and a 94% rise in net profit in the first three quarters of 2025 [22] - The semiconductor market is expected to experience double-digit growth for three consecutive years, driven by AI infrastructure and traditional chip demand recovery [14] Investment Opportunities - The Kexin Chip ETF (588200) provides a convenient way to invest in core assets of the semiconductor industry, covering the entire supply chain from design to manufacturing [18][21] - The ETF's liquidity and strong market recognition make it an attractive option for both institutional and individual investors [24][25] - The underlying assets of the ETF include leading companies in the semiconductor sector, such as SMIC and Cambrian, which are positioned to benefit from ongoing industry trends [19][30] Future Outlook - The semiconductor industry is poised for growth, with domestic companies benefiting from increased production capacity and innovation in AI applications [28][30] - The Kexin Chip Index is expected to maintain its status as one of the most growth-oriented indices in the A-share market, capitalizing on trends in AI computing and domestic substitution [30][31]

Core Viewpoint -拓荆 Technology has experienced a significant decline in stock price, dropping 3.9% on January 13, with a cumulative drop of 10% over four consecutive days, indicating potential concerns among investors regarding the company's performance and market conditions [1] Group 1: Company Overview -拓荆 Technology Co., Ltd. is located in Shenyang, Liaoning Province, and was established on April 28, 2010. The company went public on April 20, 2022, and specializes in the research, production, sales, and technical services of high-end semiconductor equipment [1] - The main business revenue composition of the company is 96.47% from semiconductor equipment and 3.53% from other supplementary services [1] Group 2: Shareholder Analysis - According to data, a fund under Jiashi Fund is among the top ten circulating shareholders of拓荆 Technology. The Jiashi SSE STAR Chip ETF (588200) reduced its holdings by 146,200 shares in the third quarter, now holding 3.1757 million shares, which accounts for 1.14% of circulating shares. The estimated floating loss today is approximately 44.21 million yuan, with a total floating loss of 121 million yuan during the four-day decline [2] - The Jiashi SSE STAR Chip ETF (588200) was established on September 30, 2022, with a current scale of 40.404 billion yuan. Year-to-date returns are 12.58%, ranking 551 out of 5,517 in its category, while the one-year return is 84.33%, ranking 283 out of 4,203 [2] Group 3: Fund Holdings - The Jiashi Zhongzheng Semiconductor Index Enhanced Initiation A (014854) holds 740,100 shares of拓荆 Technology, representing 4.8% of the fund's net value, making it the eighth-largest holding. The estimated floating loss today is about 10.302 million yuan, with a total floating loss of 28.2048 million yuan during the four-day decline [3] - The Jiashi Zhongzheng Semiconductor Index Enhanced Initiation A (014854) was established on April 22, 2022, with a current scale of 1.661 billion yuan. Year-to-date returns are 14.52%, ranking 333 out of 5,517, while the one-year return is 92.91%, ranking 188 out of 4,203 [3]

Core Viewpoint - The company has completed the registration of the first batch of shares under the 2022 Restricted Stock Incentive Plan, with a total of 1,180,972 shares to be listed for trading on January 15, 2026, as part of its equity incentive program [2][3][11]. Group 1: Stock Listing and Incentive Plan Details - The stock listing type is for equity incentive shares, with a total of 1,180,972 shares to be listed [2]. - The shares will be available for trading starting January 15, 2026 [3]. - The decision-making process for the stock incentive plan involved multiple board meetings and approvals, including independent opinions from the board of directors [3][4][6]. Group 2: Shareholder and Regulatory Compliance - The company conducted a public announcement and verification process for the incentive plan, ensuring compliance with regulatory requirements [4][5]. - The first batch of shares will be distributed to 412 incentive recipients, with a total of 1,180,972 shares allocated [9][11]. - The company has confirmed that the stock issuance will not affect its control structure, as the total shares will increase from 281,163,930 to 282,344,902 [12][13]. Group 3: Financial Impact - The total amount received from the incentive recipients for the shares was approximately RMB 55.87 million, with the stock issuance contributing to the company's capital structure [12]. - The issuance of these shares represents about 0.42% of the company's total shares prior to the allocation, indicating a minimal impact on the company's financial performance [13].

Group 1 - The core point of the announcement is that the National Integrated Circuit Fund has reduced its shareholding in Tuojing Technology Co., Ltd. from 18.92% to 17.92% due to a share reduction plan and the dilution effect from the issuance of restricted stock [1][2] - The share reduction involved the sale of 2.6121 million shares through block trading between December 25, 2025, and January 12, 2026 [1] - The total share capital of the company increased from 281,163,930 shares to 282,344,902 shares following the completion of the restricted stock registration on January 9, 2026 [1] Group 2 - The share reduction is part of a previously disclosed plan by the National Integrated Circuit Fund, detailed in a notice published on November 21, 2025 [2] - This reduction does not affect the company's governance structure or its status of having a controlling shareholder, and it complies with relevant laws and regulations [2] - As of the date of the announcement, the share reduction plan has not been fully executed, and the company will continue to monitor compliance with disclosure obligations [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688072 证券简称：拓荆科技 公告编号：2026-005 拓荆科技股份有限公司 关于持股5%以上股东权益变动触及1%刻度的提示性公告 股东国家集成电路产业投资基金股份有限公司（以下简称"国家集成电路基金"）保证向拓荆科技股份有 限公司（以下简称"公司"）提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 公司股东国家集成电路基金于2025年12月25日至2026年1月12日期间通过大宗交易方式减持公司股份 261.21万股，同时，因公司于2026年1月9日完成第二类限制性股票归属登记，公司总股本由28,116.3930 万股增加至28,234.4902万股，致其持股比例被动稀释。综上原因，本次权益变动后，国家集成电路基金 所持有的公司股份比例由18.92%减少至17.92%，权益变动触及1%刻度。具体情况如下： ■ 注：变动前比例以公司原总股本281,163,930股作为分母计算，变动后比例以公司变动后总股本 282,344,902股作为分母计算。 三、其他说明 1 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688072 证券简称：拓荆科技 公告编号：2026-004 拓荆科技股份有限公司 关于2022年限制性股票激励计划第三个归属期第一批次归属结果暨股份上市公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为1,180,972股。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责任公司上海分公司有关业务 规则的规定，拓荆科技股份有限公司（以下简称"公司"）已完成2022年限制性股票激励计划（以下简 称"本激励计划"）第三个归属期第一批次归属的股份登记工作。现将有关情况公告如下： 一、本次限制性股票归属的决策程序和信息披露情况 1、2022年9月30日，公司召开第一届董事会第十四次会议，会议审议通过了《关于公司〈2022年限制性 股票激励计划（草案）〉及其摘要的议案》《关于公司〈2022年限制性股票、股票增值权激励计划实施 考核管理办法〉的议案》以及《关于提请公司股东 ...

1月12日拓荆科技大宗交易一览 证券时报·数据宝统计显示，拓荆科技今日收盘价为356.80元，下跌0.77%，日换手率为2.41%，成交额 为24.41亿元，全天主力资金净流出1.20亿元，近5日该股累计上涨0.70%，近5日资金合计净流出2.94亿 元。 两融数据显示，该股最新融资余额为13.15亿元，近5日增加2820.34万元，增幅为2.19%。 据天眼查APP显示，拓荆科技股份有限公司成立于2010年04月28日，注册资本28116.393万人民币。 （数据宝） 拓荆科技1月12日大宗交易平台出现一笔成交，成交量42.11万股，成交金额1.49亿元，大宗交易成交价 为353.59元，相对今日收盘价折价0.90%。该笔交易的买方营业部为中信证券股份有限公司总部(非营业 场所)，卖方营业部为华泰证券股份有限公司北京分公司。 进一步统计，近3个月内该股累计发生15笔大宗交易，合计成交金额为15.55亿元。 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | ...

Core Viewpoint - On January 12, 16 stocks from the STAR Market experienced block trading, with a total transaction value of 825 million yuan, indicating active trading in the sector [1]. Group 1: Trading Overview - A total of 47 block trades were recorded, with a cumulative trading volume of 15.24 million shares [1]. - The stock with the highest transaction value was Zhongwei Company, which had 10 block trades totaling 895,000 shares and a transaction value of 287 million yuan [1]. - Other notable stocks in terms of transaction value included Hu Silicon Industry and Tuo Jing Technology, with transaction amounts of 154 million yuan and 149 million yuan, respectively [1]. Group 2: Price Premium/Discount Analysis - Among the stocks that underwent block trading, the highest discount rates relative to the closing price were observed in Kangxi Communication, Laplace, and Foxit Software, with discount rates of 26.01%, 23.06%, and 19.99% respectively [1]. - Conversely, the stock with the highest premium was Nanmo Biological, which had a premium rate of 13.95% [1]. Group 3: Stock Performance - The STAR 50 Index rose by 2.43% on the same day, with 447 stocks (74.50%) in the STAR Market experiencing price increases [1]. - The average increase for stocks involved in block trading was 2.83%, with Foxit Software, Kangxi Communication, and Xidi Micro leading the gains at 20.00%, 8.09%, and 5.05% respectively [1]. - Stocks that saw the largest declines included Liyang Chip, Huahai Chengke, and Tuo Jing Technology, with decreases of 2.42%, 2.04%, and 0.77% respectively [1]. Group 4: Institutional Participation - Out of the block trades, 12 transactions involved institutional buyers or sellers, covering 5 stocks [2]. - The stocks with the highest institutional buying amounts were Zhongwei Company, Yunlu Co., and Chuangyao Technology, with respective amounts of 161 million yuan, 5.51 million yuan, and 5.08 million yuan [2]. - In terms of capital flow, 5 stocks experienced net inflows, with Zhongwei Company, Foxit Software, and Xidi Micro leading the inflows at 133 million yuan, 89.49 million yuan, and 21.57 million yuan respectively [2].