The National Construction 50 Index (September 22-26) opened at 2406.15 points and closed at 2449.73 points last week, registering a weekly gain of 1.93%. The index hit a high of 2493.52 points and a low of 2351.64 points, with an amplitude of 5.90% and trading volume of 396.944 billion yuan.
From a technical perspective, the 50 Index continued its volume-driven upward trend, achieving its highest point since inception last week, with the weekly K-line closing at 2493.52 points. Over the past four months, continuous gains have shifted the index's center of gravity upward, with the 20-day moving average crossing above the 60-day moving average, providing solid support for the rally. However, it's worth noting that after reaching new highs, some profit-taking may occur, increasing the probability of high-level consolidation in the near term. Investors should remain cautious in their operations, especially with the National Day and Mid-Autumn Festival approaching, as conservative funds may shift toward more stable investment targets.
On the sector front, under the technology theme, robotics, memory chips, non-ferrous metals, and new energy sectors all demonstrated relatively active trading patterns. Among these:
**Woer Heat-Shrinkable Material** recorded the largest weekly gain of 21.59%. The company continues to advance technology iteration and product upgrades based on industry trends and customer demand, continuously enhancing independent R&D capabilities. It recently hosted institutional research visits from Southern Fund and other institutions. The company's 224G single-channel high-speed communication cable represents the most advanced product currently available in the market, primarily targeting overseas high-end markets with rapid growth achieved in the first half of 2025. The company's high-speed communication cables possess advantages including excellent high-frequency performance, high reliability, low cost, and comprehensive supply chain support, with significant future application potential and market demand. The company is also following industry trends and leading customer requirements by advancing sample development work for next-generation single-channel 448G high-speed communication cables.
**O-film Tech** underwent technical adjustment last week, declining 10.79%. The company is a leading domestic provider of machine vision depth camera system solutions, having built a complete 3D visual perception technology system with particularly strong technical capabilities in 3D ToF (Time of Flight) technology. Recently, the company announced plans to acquire a 28.2461% stake in O-film Microelectronics through share issuance and raise matching funds from no more than 35 specific investors, with a transaction value of 17.908 billion yuan. The transaction proposes issuing 168,467,099 shares to Nanchang Chanmeng, representing 4.78% of the total share capital after issuance.
**Key News Updates:**
1. **National Bureau of Statistics**: From January to August, profits of industrial enterprises above designated size turned from a 1.7% year-over-year decline in the first seven months to 0.9% growth, reversing the continuous decline in cumulative profits since May. Among the three major categories, manufacturing grew 7.4% from January to August, accelerating by 2.6 percentage points from the first seven months; electricity, heat, gas and water production and supply increased 9.4%, accelerating by 5.5 percentage points; mining declined 30.6%, with the decline narrowing by 1.0 percentage point. Monthly data shows August industrial enterprise profits achieved double-digit growth, turning from a 1.5% decline in July to 20.4% growth.
2. **Seven-Department Joint Initiative**: The National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Transport, and four other departments jointly issued guidelines on developing artificial intelligence to comprehensively implement the "Transportation Power Construction Outline," "National Comprehensive Three-Dimensional Transportation Network Planning Outline," and "State Council Opinions on Deeply Implementing AI+ Actions." The goal is to accelerate large-scale innovative AI applications in transportation. By 2027, AI will be widely applied in typical transportation scenarios, with comprehensive transportation large model systems deployed and intelligent agents popularized. By 2030, AI will be deeply integrated into transportation, forming a relatively complete AI governance system in the transportation sector.
3. **Six-Department Joint Plan**: The Ministry of Industry and Information Technology, Ministry of Natural Resources, Ministry of Ecology and Environment, and three other departments jointly issued the "Building Materials Industry Stable Growth Work Plan (2025-2026)," targeting green building materials revenue of over 300 billion yuan by 2026. The plan strictly prohibits new cement clinker and flat glass capacity while strengthening advanced inorganic non-metallic materials industries.
4. **Ministry of Industry and Information Technology**: Deputy Minister Xiong Jijun announced at the 2025 World New Energy Vehicle Conference that China will implement a new round of automotive industry stable growth plans, optimizing purchase tax and vehicle tax incentives for new energy vehicles, and deepening the new energy vehicle rural promotion program.
5. **People's Bank of China**: The Monetary Policy Committee held its third-quarter 2025 meeting, emphasizing guidance for large banks to serve as the main force in financial services for the real economy while encouraging small and medium banks to focus on their primary responsibilities. The meeting highlighted effective implementation of structural monetary policy tools and maintaining capital market stability through securities, fund, and insurance company swap facilities and stock repurchase lending programs.
6. **Hangzhou**: The fourth Global Digital Trade Expo was held in Hangzhou, Zhejiang, from September 25-29, with the theme "Seeing the Innovative Future at the Digital Trade Expo." The exhibition covered 155,000 square meters with over 1,800 exhibitors.
**Industry Micro-Analysis**
Against the backdrop of profound changes in the global semiconductor industry landscape, China's lithography equipment domestication process has achieved major breakthroughs. At the 25th China International Industry Fair in Shanghai, Chipone Microsystems showcased multiple flagship products and won the highest honor "CIIF Award" and "Integrated Circuit Innovation Achievement Award." Shanghai Micro Electronics Equipment (SMEE) publicly displayed EUV lithography equipment parameters for the first time.
China Securities believes that both SMEE and Chipone Microsystems' product showcases represent significant "0-1" breakthroughs in the industry this year, with advanced packaging equipment entering mass production, dry DUV approaching mass production testing, and domestic EUV entering prototype construction phases, marking the beginning of an explosive year for domestic lithography equipment.
In the first half of 2025, growing demand from AI computing power, data centers, and autonomous driving continues to drive global semiconductor industry growth based on 2024 recovery momentum. Domestic companies are accelerating R&D breakthroughs in lithography manufacturing technology with national policy support, achieving important progress in 90nm and below process nodes. SMEE's independently developed 600 series lithography equipment has achieved 90nm process mass production and is developing 28nm immersion lithography equipment.
According to WSTS forecasts, the global semiconductor market will reach $700.9 billion in 2025, growing 11.2% year-over-year, with the Asia-Pacific region reaching approximately $370.6 billion, growing 9.8%. Looking ahead to 2026, the global semiconductor market is expected to further grow to $760.7 billion, with AI becoming a key driver of industry expansion.
**Weekly Rankings (September 22-26, 2025)** [Note: The original article contains ranking tables for top gainers, losers, turnover rates, trading volumes, and net institutional inflows, but specific data is not transcribed here for brevity]
**Individual Stock Updates:**
**Lianlev New Materials**: Announced on September 27 an adjustment to its convertible bond issuance plan, reducing the amount from 720 million yuan to 695 million yuan, excluding 25 million yuan in financial investments made in the six months prior to the board resolution date.
**Contemporary Amperex Technology Co., Limited**: Announced on September 26 the signing of a zero-carbon strategic cooperation agreement with Suining City government during the Sichuan Investment Promotion Conference. The collaboration will focus on four directions: existing supply, incremental capacity, related investments, and zero-carbon infrastructure, helping establish Suining as a major global new energy industry supply chain hub.
**Dangsheng Science and Technology**: Recently introduced progress in solid-state lithium battery cathode materials, lithium-rich manganese-based materials, solid electrolytes, ternary materials, lithium cobalt oxide products, and LFP/LMFP business. The company has achieved 10-ton scale batch shipments of solid-state lithium battery cathode materials and supplied multiple solid-state battery clients.
**Index Introduction**
The "National Construction 50 New Materials Green Growth Index" (National Construction 50 Index) was jointly launched by Beijing Guojian Yichuang Investment Co., Ltd. and Dongfang Jiahe (Beijing) Investment Management Co., Ltd., representing 50 constituent stocks that reflect value trends and development achievements in China's inorganic non-metallic materials sector. These 50 constituent stocks are distributed across 12 industry categories and approximately 30 sub-sectors, covering non-metallic mineral new materials, semiconductor materials, advanced building materials, specialty glass, advanced ceramics, and magnetic materials. Green environmental protection and value growth are the two most important evaluation indicators for this index.