Core Viewpoint - The semiconductor equipment stocks in the A-share market experienced a collective rise, with several companies reaching historical highs in their stock prices [1]. Group 1: Stock Performance - Xinyuan Micro (芯源微) saw a 20% increase, reaching a market capitalization of 38.5 billion [2]. - Kema Technology (珂玛科技) rose by over 14%, with a total market value of 49.7 billion [2]. - Pioneer Precision (先锋精科) increased by over 12%, with a market cap of 14.7 billion [2]. - Zhongwei Company (中微公司) experienced a 7.96% rise, bringing its market value to 222.8 billion [2]. - Fuchuang Precision (富创精密) rose by 7.68%, with a market capitalization of 24.9 billion [2]. - Northern Huachuang (北方华创) increased by 6.96%, with a total market value of 376.6 billion [2]. - TuoJing Technology (拓荆科技) saw a 6.74% rise, reaching a market cap of 107.4 billion [2]. - Several companies, including Xinyuan Micro, Kema Technology, Zhongwei Company, Northern Huachuang, TuoJing Technology, and Huahai Qingke (华海清科), reached historical highs [1]. Group 2: Year-to-Date Performance - Xinyuan Micro has a year-to-date increase of 28.47% [2]. - Kema Technology has a year-to-date increase of 33.03% [2]. - Zhongwei Company has a year-to-date increase of 30.50% [2]. - Northern Huachuang has a year-to-date increase of 13.23% [2]. - TuoJing Technology has a year-to-date increase of 15.79% [2].

Group 1 - The A-share semiconductor equipment stocks collectively rose, with notable gains including a 20% increase for Xinyuan Microelectronics, over 14% for Kema Technology, and over 12% for Pioneer Precision [1] - Several companies, including Xinyuan Microelectronics, Kema Technology, Zhongwei Company, and others, reached historical highs [1] - The overall market sentiment in the semiconductor sector appears positive, as indicated by the MACD golden cross signal formation [2] Group 2 - Xinyuan Microelectronics (688037) had a market cap of 38.5 billion and a year-to-date increase of 28.47% [2] - Kema Technology (301611) reported a market cap of 49.7 billion with a year-to-date increase of 33.03% [2] - Zhongwei Company (688012) had a significant market cap of 222.8 billion and a year-to-date increase of 30.50% [2]

Group 1 - The core point of the news is that Shengmei Semiconductor Equipment (Shanghai) Co., Ltd. has seen a stock price increase of 5.71%, reaching 195.56 CNY per share, with a total market capitalization of 93.901 billion CNY as of January 7 [1] - The company specializes in the research, development, production, and sales of semiconductor equipment, with 99.72% of its revenue coming from product sales and 0.28% from services [1] - The stock has a trading volume of 4.90 million CNY and a turnover rate of 0.59% [1] Group 2 - According to data from the top ten holdings of funds, Huabao Fund has a significant position in Shengmei Shanghai, holding 2,000 shares in the Huabao SSE STAR Market Comprehensive Index Enhanced A Fund (024752), which accounts for 0.12% of the fund's net value [2] - The fund has generated an estimated floating profit of approximately 21,100 CNY today [2] - The fund was established on September 16, 2025, with a current scale of 94.9275 million CNY and a year-to-date return of 4.43%, ranking 1505 out of 5488 in its category [2]

Group 1 - The semiconductor equipment index has significantly outperformed the market since the beginning of 2025, with a cumulative increase of 62.3% compared to the Shanghai Composite Index's 42.0% [3][13] - The semiconductor industry is experiencing high prosperity, with the global semiconductor market expected to reach a historical high of $760.7 billion in 2026, driven by AI [3][36] - The domestic semiconductor equipment market is seeing a strong recovery in wafer fab capacity utilization and expansion willingness, supported by the AI-driven storage supercycle [3][36] Group 2 - Four key investment directions are recommended: 1. Focus on etching and thin film equipment leaders driven by AI storage supercycle [3] 2. Domestic lithography machine production is expected to achieve mass production in 2026, boosting subsystem and component companies [3] 3. ALD equipment is entering a golden development period, especially in advanced logic and storage fields [3] 4. Advanced packaging continues to follow Moore's Law, providing significant opportunities for domestic equipment manufacturers [3] Group 3 - Investment suggestions include leading companies such as North China Innovation, Zhongwei Company, and TuoJing Technology, as well as high-elasticity targets like XinYuanWei and HuaHaiQingKe [3] - The overall revenue of the semiconductor equipment industry is projected to grow by 36% year-on-year in the third quarter of 2025, with leading companies maintaining high growth rates [15] - The overall net profit of the semiconductor equipment industry is expected to increase by 22% year-on-year in the third quarter of 2025, with significant profit acceleration from companies like Shengmei and TuoJing [15][24] Group 4 - The semiconductor industry is expected to continue its growth trajectory, with AI as the core engine driving the market [36] - The global semiconductor market is projected to grow at a compound annual growth rate of 5.6% from 2004 to 2024, with a significant recovery and expansion phase starting from 2023 [36] - The capital expenditure of the top eight cloud service providers is expected to increase by 40% in 2026, reaching $600 billion, further supporting the semiconductor market growth [36]

Core Viewpoint - The company aims to enhance the efficiency of new equipment validation by establishing an internal research and testing platform, which is expected to significantly reduce client-side validation time and improve acceptance of new equipment [1] Group 1: Equipment Validation Process - The validation cycle for new equipment typically ranges from 12 to 21 months, with client-side validation taking between 11 to 20 months [1] - The establishment of the "Research and Process Testing Platform" will allow the company to conduct equipment process validation, stability validation, and product process validation internally, rather than at the client site [1] Group 2: Time Efficiency and Client Acceptance - By moving the validation process to the internal platform, the company anticipates a reduction in client-side validation time by 5 to 8 months [1] - This reduction is expected to enhance clients' willingness to accept new equipment validations, thereby improving the company's new equipment research and development efficiency [1]

Group 1 - The company, Shengmei Shanghai, announced on an interactive platform that its private placement project includes the "R&D and Process Testing Platform Construction Project" [2] - This project will utilize clean rooms, semiconductor equipment, and testing equipment mini lines to provide a comprehensive verification platform for the R&D innovation of various process equipment [2] - The company's R&D clean room is managed by a professional team, and over the years, it has established an experienced team for clean room operations and maintenance [2]

Global Semiconductor Market Analysis - The global semiconductor market is projected to reach $659.1 billion in 2024, representing a year-on-year growth of 20.0%, and is expected to grow to $789.3 billion by 2025 [2][14] - Integrated circuits will account for the largest share at 73.9%, while artificial intelligence chips will see the fastest growth at 49.3% [2][14] - In 2023, the top ten companies in the global semiconductor market are primarily from the US, Taiwan, and South Korea, with no mainland Chinese companies in the top ranks [2][16] China Semiconductor Market Analysis - China's semiconductor market is expected to reach $176.9 billion in 2024, with a year-on-year growth of 15.9%, and is projected to reach $206.7 billion by 2025 [2][16] - Integrated circuits will dominate the Chinese market, accounting for $139.3 billion, or 78.7% of the total market, with artificial intelligence chips growing at 48.3% [2][16] Historical Development of the Semiconductor Industry - The global semiconductor industry has evolved through four major phases: the rise of personal computers and the internet (1986-1999), network communications and consumer electronics (2000-2010), the smartphone and 3G/4G/5G era (2010-2020), and the current AI technology and data center phase (2023-present) [3][21][24] Semiconductor Industry Chain Overview - The semiconductor industry chain consists of upstream (EDA/IP, semiconductor equipment, semiconductor materials), midstream (semiconductor design, wafer manufacturing, and packaging/testing), and downstream (packaging and testing) segments [6][62] - Upstream EDA/IP is dominated by companies like Synopsys and Cadence, while semiconductor equipment is led by ASML for EUV lithography, with high industry concentration [6][62] Future Development Directions in the Semiconductor Industry - Key future development areas in the semiconductor industry include third-generation semiconductor materials, computing chips, RF communication chips, and high-bandwidth memory [8][10] Investment Recommendations - The domestic semiconductor industry is expected to make breakthroughs in upstream core equipment, materials, and software, driven by national policies and international dynamics [9] - Investment opportunities are particularly promising in third-generation semiconductor materials, computing chips, RF communication chips, and high-bandwidth storage [9][10]

Investment Rating - The report rates the semiconductor industry as "Outperform" compared to the market [1] Core Insights - The global semiconductor market is projected to reach USD 659.1 billion in 2024, with a year-on-year growth of 20.0%, and is expected to grow to USD 789.3 billion in 2025 [2][13] - Integrated circuits will account for the largest share of the market at 73.9% in 2024, while artificial intelligence chips are anticipated to grow the fastest at 49.3% [2][13] - The report identifies four key future development directions for the semiconductor industry: third-generation semiconductor materials, computing chips, RF communication chips, and high-bandwidth memory [2] Summary by Sections 1. Semiconductor Market Analysis - The global semiconductor market is expected to grow significantly, with integrated circuits leading the market share [13][15] - The Chinese semiconductor market is projected to reach USD 1,769 billion in 2024, with a year-on-year growth of 15.9% [15][17] 2. Historical Development of the Semiconductor Industry - The semiconductor industry has evolved through four major phases, driven by technological advancements and market demands [20][22] - The current phase is characterized by AI technology and data centers driving growth [22][23] 3. Semiconductor Industry Chain - The semiconductor industry chain consists of upstream (EDA/IP, semiconductor equipment, materials), midstream (design, wafer manufacturing, packaging), and downstream (packaging and testing) segments [64][73] - The report highlights the importance of domestic companies in advancing technology and achieving breakthroughs in core areas [2][64] 4. Future Development Directions - The report emphasizes the potential of third-generation semiconductor materials, computing chips, RF communication chips, and high-bandwidth memory as key growth areas [2][4]

证券代码：688082 证券简称：盛美上海 盛美半导体设备（上海）股份有限公司 2026 年第一次临时股东会会议资料 2026 年 1 月 盛美半导体设备（上海）股份有限公司 2026 年第一次临时股东会会议须知 为维护全体股东的合法权利，确保股东会的正常秩序和议事效率，保证会议 的顺利进行，根据《中华人民共和国公司法》（以下简称《公司法》）《中华人民 共和国证券法》《上市公司股东会规则》以及《盛美半导体设备（上海）股份有 限公司章程》（以下简称《公司章程》）《盛美半导体设备（上海）股份有限公司 股东会议事规则》等相关规定，盛美半导体设备（上海）股份有限公司（以下简 称"公司"）特制定 2026 年第一次临时股东会会议须知： 一、为确认出席会议的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者予以配合。 二、为保证本次会议的严肃性和正常秩序，切实维护股东的合法权益，请出 席会议的股东或其代理人或其他出席者准时达到会场签到确认参会资格，在会议 主持人宣布现场出席会议的股东和代理人人数及所持有的表决权数量之前，会议 登记应当终止。 三、会议按照会议通知上所列顺 ...

Summary of China Semiconductor Equipment Import Analysis Industry Overview - The report focuses on the semiconductor production equipment (SPE) industry in China, particularly analyzing import trends and demand dynamics in major cities like Shanghai and Beijing [1][4]. Key Highlights - **November 2025 SPE Imports**: Total SPE imports normalized to **US$2.1 billion**, reflecting a **10% YoY decrease** and a **29% MoM decline** from **US$2.98 billion** in October [1]. - **Year-to-Date (YTD) Performance**: Combined import demand for the first eleven months of 2025 reached **US$30.5 billion**, marking a **5% YoY increase** [1]. - **Regional Demand**: Shanghai and Beijing accounted for **67%** of total SPE imports in November, with Shanghai's imports at **US$902 million** (+179% YoY) and Beijing's at **US$525 million** (+41% YoY) [1]. Equipment Type Analysis - **Lithography Equipment**: - November litho imports totaled **US$707 million**, down **15% YoY** and **32% MoM**. However, litho accounted for **33%** of total imports, above the typical range of **20-25%** [2]. - Strong demand for litho suggests sustainable expansion activities in the long term [2]. - **Deposition Equipment**: Imports reached **US$414 million**, up **8% YoY**, driven by other deposition (+72% YoY) and CVD (+24% YoY) [2]. - **Etch Equipment**: Imports were **US$428 million**, down **32% YoY** [2]. Import Sources - The Netherlands and Japan were the top exporters to China, holding **29%** and **28%** market shares, respectively [2]. - Imports from the US accounted for only **4%** of total SPE imports [2]. Major Import Transactions - In November, Shanghai imported **nine litho tools** from the Netherlands for a total of **US$494 million** (average selling price of **US$55 million** per unit) [3]. - Accumulated litho imports from the Netherlands in Shanghai, Beijing, and Guangdong reached **US$3.2 billion**, with Shanghai showing a **71% YoY increase** [3]. Future Outlook - **WFE Spending Projections**: Expected growth of **10%** in 2026 and **1%** in 2027, following an **8%** growth in 2025, driven by advanced logic and memory capacity expansion projects [4]. - **Top Picks**: NAURA is highlighted as a key buy, with buy ratings also on AMEC and ACMR Shanghai [4]. Risks and Considerations - **Downside Risks**: Include potential macroeconomic downturns, geopolitical tensions, and slower-than-expected R&D progress [48]. - **Upside Risks**: Faster-than-expected demand recovery and aggressive capex plans from domestic fabs could enhance market conditions [48]. Conclusion - The analysis indicates a mixed but cautiously optimistic outlook for the semiconductor equipment sector in China, with significant regional demand and potential for growth in WFE spending, despite existing risks.