2021年11月，【走进上市公司】专题活动第一期正式启动。界面新闻携手博众投资高管及首席投资顾问，共同走进了——上海至纯洁净系统科技股份有限公司（以下简称“至纯科技“）。tongguoyuzhichunkejiduoweigaoguandeshenduduitan、duojiaodutantaoxingyedongtaijizuixinqushi，yifangmianhongguanerjutidizhanshileqiyechengshudeyewujishunengli、qiyezhanlvefangxiangjizaibandaotichanyedezhuoyueyingxiangli，lingyifangmianyizhuanyetougujiaoduduishangshigongsijinxingdiaoyan，jiema2022nianbandaotixingyezoushi，jiashenzhuanyetouzizheduikejigunaizhizhenggebandaotixingyederenzhi，zuochugengjiakexue、yuanlvxingdetouzijuece。

主持嘉宾：

jiemianxinwenzhengquanyanjiubuzongjian geyunfei

对谈嘉宾：

zhichunkejidongshihuimishu chaixinming

zhichunkejijituanfuzongcai yeying

bozhongtouzifuzongjingli denggang

bozhongtouzijinrongyanjiusuosuozhang liugang

bozhongtouzishouxitouziguwen wuzhihui

以下为文字实录：

葛韵飞 (主持人)：

huanyinggeweizoujinshangshigongsi，zheicizhuyaoshiyoushanghaibaoyejituanjiemianxinwenyijibozhongtouzigongtongjubandezheicihuodong。shouxian，tebieganxiehehuanyinggeweilingdao，keyiyouzheicijihuizoujinshangshigongsi。womenxianqinggeweilingdaozuoxiajiandandeziwojieshao。

柴心明：dajiahao，woshizhichunkejidedongmichaixinming。

叶颖：dajiahao，wolaizizhichunkeji，woshijituanfuzongyeying。

邓刚：dajiahao，woshibozhongtouzidefuzongjinglidenggang。

吴志辉：dajiahao，woshilaizibozhongtouzideshouxitouziguwenwuzhihui。

刘刚：dajiahao，woshibozhongtouzidedayangjinrongyanjiusuodefuzerenliugang。

葛韵飞（主持人）：

zheicihuiyizhiqian，chaizongyijingjiandanjieshaoleyixiazhichunkejideyewugaikuang，xianzainengbunengxiangxijieshaoyixiajingyingxianzhuanghemuqiandefazhanqingkuang。

柴心明：

zhichunkejishi2000nianchenglide，chuangshirenshiwomendedongshizhangjiangyuannvshi，tachuangyezhichuconggaochungongyilingyuqierudaoyiyaoheshipinjiagonglingyu，weixiangyingdeyaochangyijikekoukele、guangmingruyejianligaochungongyidepeisongxitong。

zhihoucong2001nianqieruguangfubankuai，2004-2005nianjinrupingbanxianshi，2015nianjinrubandaoti。muqianlaishuo，zhuyaofuwuduixiangxiangtaijidian，sanxing，yingteerzaiguoneidedachang，yijiguoneidelongtouzhongxinguoji、huahongjituan、zhangjiangcunchu、hefeizhangxin，zheikuaishijin20niandezhuying，gaochungongyizheikuai。

dierdazhuyingshimuqianerjishichangbijiaoguanzhudeshifashebei。zheigeshiyebushi2017nianshangshizhihoubuju，2018nianyoule1yidedingdan，2019nianjiejin2yidedingdan，2020niandingdanshi5.3yi。muqianlaishuojiezhi3jibao，muqiandingdanyijing8yi，yibanyishangshidanpianleideshifashebei，suoyizheikuaichengzhangxingtebieqiang。

disankuaizhuyingshiguangdianzizheikuai，yejiushiwomenbinggoudebiaode，bohuikeji。qiyejiyoujijiexingdebodongdetedian，yinweiqixiayoukehushiguojiadianwang，baokuozhongshiyouzheiyangdaxingdeyangqi。muqianlaishuogenjuyangqiquerenhuikuandejiezoudoushi4jidu，shenzhijiduanzai12nianfenyuedaguimodehuikuan，xiangyingdejijiexingdebodongyehuiduigongsiqiansangejidudeyingshouhelirungongxianshaoweiyouyixietuolei。danshimuqianzhanbizaizhunianxiajiang，mingnianyinggaisuizhexitongbaokuoshebeidedafuduzengzhang，huizhubujianqingjijiexingbodongdeyingxiang，muqianzhei3kuaizhuyinggouchengwomenzhichunkejide3jiduyingshoujiejin13yi，koufeizhihoudelirunzai8qianwan。

葛韵飞（主持人）：

chaizongjieshaodehenxiangxi，zhichunchenglizhijinchaoguo20niandeshijian，qishiyekeyisuanshijianzhenglezhenggezhongguobandaoticonglingdaoyidefazhanqingkuang。juwolejie，bozhongtouziyeshiyijiachenglishijianxiangdangjiudetouziqiye，nengbunengqingdengzongjieshaoyixiabozhongxianzaidejingyingqingkuang。

邓刚：

womenbozhongyeshichengliyu2000nian，jinnianyezhenghao7yue12riduguole21zhouniandeqingdian，bozhongzuoweilaopaidezhengquantouzijigou，yeshizhiliyuweizhongguodezhengquanshichangdegerentouzizhetigonggengzhuanyedetouzizhejiaoyuyijitougucelvepeiban。suoyishuoxianzaiwomenyeyou90duoweizhengquantouziguwen，weitouzizhetigonggengzhuanyedefuwu，tongshiyezaikaifawomendayangzhitouapp，jiushiliyongxianzaidashuju、aisuanfa，funengwomendetouzizhezuogenghaodetouzijuece。

lingwaijiushimcnjigoudeyewu，xianzaifensijingjiyunyingyeshizaifengkou，womenyezaishengengzheikuai，xianzaiquanwangfensijiaqilaiyou1700duowan，zheikuaiyeshimuqianbozhongzhuyaodeyewu。

chaizong，womenliangjiagongsidouchengliyu2000nian，zuoweixingyelimiandelaopaiqiye，woxianglejieyixiazhichunzaifazhan21nianqijianyoumeiyourangniyinxiangshenkedezhongyaobiangeheshijian？

柴心明：

womenzhichunchenglizhichu，yinweidangshimeiyoubandaoti，yemeiyoupingban，yemeiyouguangfu，danshijiangzongzhiqianyouwaizigongsidebeijing，tadangshifuwuguoguoneijinyoudejigebandaotixiangmu，shangshiji90niandaide908、909，motuoluolazaitianjindechang。zheigeguochengdangzhongtarenshidaogaochunfuwudezuigaojiededuixiangjiushibandaoti，dangshimeiyouxiangyingyingyongchangjingdeqingkuangxia，zhinengcongyiyao、shipinjiagonglingyu。danshihedianzijichundulaishuo，gongyinandulaishuoxiangchabijiaoduo。muqianlaishuoguangfulingyuduojingguichundu6ge9，danjingguishangshengdao9ge9；pingbanlingyushangshengdao11ge9dechengdu；bandaotilingyuzhishao11ge9，shenzhi13ge9，15ge9。suoyizhichunyouyijuhua“chunshiyigedu，zhichunshiyigejingjie”，zheishiqujinyuwuxiandejingjie，yizhikeyiwangzheigemubiaofazhan。danshizheigeguochengzhongxuyaofuchudenulishixiangdangdade。

邓刚：

bozhongzaiqunian20zhouniandeshihoutichu“peibanchuangzaojiazhi”zheimeyigebiaoyu，womenzhichunzuoweiyijiashangshigongsi，zuoweibandaotixingyedeqianyanqiye，jujilezheimeduogaoduanrencai，woxianglejiezhichunshiyongshenmeyangyouxiudeshanghaiyedianwang，badajiajujizaiyiqide？

叶颖：

zheigeshichuangshirenchuangligongsizhichujiufeichangjiandingkaolvkejiyidingyaoherenwenpeihe，kejibenshenshizhonglide，meiyourenwendezhidao，kejishibuhuiduishehuideliangxingfazhanchanshengzuoyongde。zuoweiyigekejigongsi，jiangzongyizhijuedegongsixuyaoyidingderenwenhejiazhiguanlaiyindao，zaiwomenzhichunwomenfeichangjiandan8gezi：zhichun、zhizhen、zhijian、zhishan。womenxiwangtongguochengliyigefeichangjiandan、feichangzhenchengdezuzhi，meigerenmeitianzuohaozijideshi，feichangdidiaodi、bukuazhangdizaiwomendexingyelimianzuohaomeitianyinggaizuodemeijianshi，bangzhumeigeren，bangzhugongsidedaofazhan，yebaokuobangzhuzhenggexingye、zhenggeshehuijinyibufazhan。qishicongzhichunchuangli20zhouniandaoxianzaimeiyoubianguoshanghaiyedianwang，womenyeshiyizhibijiaojianchideren。

葛韵飞（主持人）：

其实各位已经对至纯以及博众两家已成立超过20年的公司有了一个简单的了解。那我们现在就对整个半导体产业来聊一聊。因为从2020年开始，整个半导体的行业无论是二级市场还是投资者的关心角度，都是一个非常炙手可热的行业。至纯所属的清洗的业务，可能又是整个半导体行业当中相对来说目前国产替代hualvzhengzaiqianjinguochengzhongdeyigexingye。liuzongyeshiduierjishichangxiangduibijiaoshuxi，ninzenmekanbandaotixingye？

刘刚：

shouxianbandaotixingyeguoneifazhanqilaiqishitingburongyide，qishiwomenshicongsha，tu，linchengzhangqilaide，yikaishishiyiqiongerbai，danshiduiyuguoneidetouzizheheqiyelaishuodoushijudadejiyu。touzihuijiangyaotouyigehenzhangdesaidao，qishitayaoyouzugoudechengzhangkongjian，yueshizaoqideshihou，kenengtadequedingxinghuichayidian，danshidangyouyipigongsichengzhangqilaizhihou，tadequedingxinghaole，tadejingzhengnenglitishengle，neitayouhuizhongxinkuarukuaisudepaodaodangzhong，zheigepaodaoyoushiyigeyoufeichanggaodetianhuabandepaodao，duiyuwomentouzizhelaishuozheijiushifeichanghaodexuanze。zheigedangzhongnideshouyihuisuizhegongsidechengzhangfashengzhibian。dangniyuezaofaxianzheimeyijiayouzhidegongsi，nihuodedeshijianfulijiuhuiyuegao。

我们也是很认同半导体这个行业，尤其是在中国的发展，当中就会涉及到半导体设备，半导体行业本身处在国产替代delangchaokuaisufazhanqi，zengsuheweilaikongjianbijiaokeguan。womenyoushizaishebeiguochanhuadelangchaodangzhong，suoyizhenggechengzhangxingfeichanghao，womenjuedezheiyangdesaidaoduiyutouzizhelaishuoshibijiaozhengquede。danshisaidaodangzhongshenmeyangdeqiyekeyipaochulai，zheishiwomenzuoweiyijiakeyidailingtouzizhezuoyixiezhuanyeyanjiudejigou，xiangwomendayangjinrongyanjiusuo，qishishixiangzhaodaoyigefangfalun，nenggoupingjiayigehaogongsi，

touzifangfalundeguochengdangzhong，womentichuyixiefangfa，dajiajiuhuihenhaodiduibiyixieyouqishigaokejideqiye，daodizenmelaipanduantaweilaishibushiyigehaodetouzifangxiang。womenxiangzaizheiyangyigezhangsaidaodangzhongzenmexuanzezheijiahaogongsi，yibanhuixiangzheijiagongsiyoulianggefangmiandeyoushi，yigeshixingnengfangmiandeyoushi，jiushiwomendechanpin；lingwaiyigeshichengbenfangmiandeyoushi，yibanruguojuyouzheiliangfangmianyoushidegongsihuichengzhangdehenkuai，keyizaizhangsaidaodangzhongxiangshougenggaosudefazhan。

zheiliyeqingjiaoyixiachaizong，zhenduiqitajingzhengduishou，womendexingnengyoushizainali？womendechengbenyoushizainali？dangqianjieduankenengxiayouqiyegengduoguanzhudeshixingneng，suoyixiwangchaizongkeyizhankaijiangyijiang，womenmuqianguoneichengzhangqilaidezheixieyouxiudegongsi，womenzenmetuoyingerchu，womendeyoushizainali？

柴心明：

yiwomendeshifashebeiweili，zheikuaisuiranwomenbujuxiangduilaishuowanleyidian，danshichengzhangxingshitebiekuai，jiushiyinweizheigeguochengdangzhongwomenshizhongyikehudexuqiuweizhiyin，shenduhekehujinxingjishu、shangwushangdegoutongzhihouquedinglezuoshifagaoduandeshebei。guowaiyijingjingliguo3cidejishuzhuanyi，diyicishishangshiji70niandai，meiguowangribenzhuan；diercishishangshiji90niandai，ribenwangtaiwan、hanguozhuan，sanxing、taijidianjiushineigeshihouchenglide；xianzaishidisancidechanyezhuanxing，zheigeguochengzhong，guowaiyijingzaixiangdangzhangdeshijianneibazheigedangaozuozule，womenzaizheigeguochengdangzhongzenmeqiezheigeyifen，queshixuyaodongnaojinde。zheigeguochengdangzhong，hekehugoutongdeguochengdangzhongwomenfaxianyigewenti，yinweiguowaidegongyingshangzuoweijishudelingxianfangheshuchufang，tabuhuigenzongguoneikehudexuqiu。muqiangenzongtaijidian、yingteer、sanxing，zuo7nami、5nami、3namideshendukaifa。14namizaiguoneishizuixianjin，28namiyeshiguoneipianxianjindezhicheng，duiguowaigongyingshangyijingfenbieluohou3-4geshidaile，shishinianzhiqian，shijinianzhiqian，zaiguojigongyingshanglimianshifashebeidouyijingdingxingle。

zheigeguochengdangzhong，guoneikehuyaoqiutagongyishengji，gongyigaizaotashimeiyouzheigejijixing，meiyouzheigedongli，taderencaiwudoushipuzai7、5、3namizhichengshangdeshebei，womenzaizheigeguochengzhongwomenyuanyiqugendong，tebieheguoneidelongtoukehushendudebangding，tayaotichushenmegongyidexuqiu，gongyidegaijin、gongyideshengji，womenbangtagai，lianheyanfa，erqiewomenxianquedingyipijixingshibianyuliangchande，tongshikeyitanbochengbende，yibianyuwomenkuodazaishengchan，xingchengliangxingxunhuan。zheiyangfangbiandakaijumian，2018nianshi1yidedingdan，2019nianshi2yidedingdan，2020nianshi5.3yidedingdan，muqianyijing8yidedingdan，zheigedingdanshimeinianfanbeidejiezou。suoyichengzhangxingyeshixiangdangmingquede。

suoyihekehudeshendugendongshidailaihenhaodedingdanzengzhanghewomenweilaideyewufazhan，tongshiwomenyejubeijishuyanfadenengli，muqian28namiyijingquanxilierenzhengtongguole，yebaokuoshifadekeshi、shifadequjiao、shifadeqingxi、shifadeshuaxi，jidashifalingyudegongyishebeiwomendoujubei28namishengchandenengli，muqianwomenzuixindedongtaishifalekezhuanzhaideyugao，shiwang14namiji14namiyixiadegongyishebeikaifa。tongshihaihuidailaigengduoqiangti，baokuo18qiangdegongyishebeideyanfa。womenyujixiangmujinxingshunlidehua，mingnianjiukeyiyoubufendejixingjiaofukehujinxingrenzheng。zuiwan2023niankendingkeyi14namihe14namiyixiadejixingjiaofurenzheng。zheiyangjibenshangkeyimanzuxiayoukehukuozhangdejiezou。

刘刚：

womendangxiajidaguoneidezhuliudexiangshifashebeidegongyingshang，womendejingzhengyoushi，huozhebicizhijiandeyouquedianyounaxie。

柴心明：

congmuqianlaishuo，guoneishifasuiranbiqitadegongyishebeiqianjindesuduyaokuaiyidian，danshimuqianlaishuozhengtiguochanzhuangbeideshizhanlvbuzu10%，haibijiaodi，kongjianxiangdangda，muqianmeinianguoneideshifashebeidexuqiuliangzai20-25yimeijinzhijian，tidaikongjianhaishixiangdangda。congjishulaijiang，womenshiheguojidezhuliujishuzhijieduibiaode。muqianlaishuoyinweiwomenshiyongzuixianjindesheji、gongyi、cailiao，duibiaotashinianzhiqianyijingdingxingdejixing，suoyizhibiaoshang，shenzhibufenzhibiaoshanghaiyouyuguojitongleixingdeshebei。erqiewomenhaiyoulingxianquanqiudeqiangtineidehuishouxitong，zheishiguojigongyingshangyebujubeide，keyibangzhuxiayoukehujieshengdianzijidehaocai，yejiushishuodengtazhejiuwanchengzhihouhaikeyibangtazhuanqian，yueyongyuesheng，suoyiwomendeshebeixingjiabitebiegao。

刘刚：

gangcaichaizongyeshijiangleyixiawomengongsidehexinjingzhengli，qishiwomentouzizhebijiaoguanxinhexinjingzhengliyijibilei，zheiyangcaikeyiyougengzhangqidechengzhangdongnenghequedingxing，womenkeyizailajinyidiandeweidu，womenkanyixiadagaiminghounian，xiangwomengongsiduisandayewuyouzenyangdechannengbujuhuozheguihua？haiyouwomenhuibuhuichulezheisandazhuyingyewuzhiwai，yijingzaibujugengyouyejidanxingdeyewuhuozhechanpinfangxiang？

柴心明：

congxiayoukehujiaodulaishuo，yinweidajiayezhidaoquexin，quexinduanqineibukenenghuanjie，yinweicongwosidejiaodu，zuoyitiaoxianchabuduoxuyao1nianbandeshijian，gongchengguimohenda，zuowanzhihouxiayibuhaiyaozailianhediaoshi，chabuduo3-6geyuedeshijian。zhihouzaijinxingkehudedaoru，ranhoucongopc、yanmodengxiangyingdejishuhuanjieshanggenjutadegongyishipeixingjinxingkehudedaoru。zaizheigeguochengzhong，zhishaodaomingniannianzhongruguonenggouyoubufendehuanjie，yijingsuanjinduxiangdangkuaile，suoyixiayoudequexin，baokuotaijidianshangzhouyeyouyiweidakajiangle，quexindeqingkuangyijingbukenenghuidaoyiqingzhiqiandegongxuzhuangkuangle，shiyigezhangqideguocheng，zhishichengduhuanjiedewenti，muqianlaishuo，congxiayoukuozhangdejiaodulaishuo，baokuoxitong，baokuoshebei，baokuojingyuanzaisheng，doushixiangdangdejinque。womenmuqianlaishuodoushizhongzichandetouru，congdingzengyehao，congzhuanzhaiyehao，doushiweilemanzurongzi、kuodazaishengchandexuqiu。qianmiantidaosangeyewubankuai，womenzhongdianfazhanhaishizaishifa，yinweicongroedejiaodulaishuo，shifaderoebiaoxianzuihao。yinweixitongzaiguoneishishuyugongchengleidexiangmu，xitongzheigetuanduikeyizuo20yidedingdan，danshiwomenbingbuxiwangtayixiazizuodao20yidedingdan，yinweinikandaowomenyingshouzhangkuan，baokuowomendecunhuo，baokuoxianjinliudetuolei。tajieleyuedadedingdan，wodexianjinliuyuejinzhang，yinweiwodoushixuyaodianzide，gongchengleijiushiyouzheigetedian，kehudeyufubilixiangdangdi，zhiyou20-30%。shangshizhiqianguoyidedingdandoushibujiede，jiupayinxingchoudai，yinweishikuaqidegongcheng，yaozuo1nianbandao2nian，guochengdangzhongyinxingyichoudai，xianjinliujiuduanle，qiyeshengcunyouwentile。shangshizhihoucaibujuguoyidedingdan，manmanzuoda。muqianxitongduan，womenjitadezhibiaobingbutaida，shouxianweihuhaodakehu，xiangtaijidian、sanxing、hailishizaiguoneidechang、ranhouguoneidelongtou，zhihouzhengqumaolilvgaodexiangmuquzuo，tongshixiwangkeyijinzaowanchengneishengdexunhuan，jiushikehuzheibianshoudaoqianzhihouzaipuxindedingdan，erbuxuyaojituanewaideshuxue，zheishiliangxingdeneishengxunhuan。xitongyewuwomenxiwangtameinianshiwendingdezengzhang，womenzaishebeiduanshigaosudezengzhang，yinweitaderoebiaoxianqueshihao，huikuanzhouqimeiyouxitongzheimezhang，erqietadedanjiaqueshiyegao。womenmuqianputongde8qiangdedanpianshebei，guojigongyingshangzaiguoneidebaojiajiuyao350wanmeijin，12qiangdeputonggongyijiejin5baiwanmeijin。ruguoshi12qiangdetesegongyide，genjugongyinandudebutong，6baiwan，7baiwan，8baiwan，ruguoyanjiuchu18qiangdoushiqianwanmeijinji。zheigeliangdailaizhenggegongsideyingshou、lirundoushizhidefeiyue。wogujimingnianzhuangbeizheikuaijiukeyihexitongdetiliangdapingle。

zaibohuizheikuaiyeshiwendingdezengzhang，yinweixiayoukehuhenqueding，meiniandedingdanyezaichixuzengjia，zhishiyouyigejijiexingdetedianzai。2jishichangshiyingzhihoujiumeiyouwenti，yinweicaibingbiao2nianbudao，kenengduijijiexingbodongtuoleiwomen，qian3jidudeyejihuiyouyixiebulijie。qishisuizhewomenqianliangkuaiyewudezengzhang，tadetiliangyetongbilidejiangdi，mingnianyinggaishuotadejijiexingbodongbuhuijiwomenzhengtiyingshou、lirundailaitaidadefudong。

刘刚：

chulesandayewu，womenxianzaiyezaifuhuanaxieqianjingdefangxiang？

柴心明：

suizhegongyiyuelaiyuenan，tadexinghao、baokuoyanshengxinghaoyuelaiyueduo。birushuoyuanlaiqiangtishuliangshao，yigejitaizhinengduiyingyigegongyi；muqiansuizheqiangtishuliangdezengjia，kehutichulainengbunengduiyingduogegongyi，jiushiyitaiqidaoyuanlaijitaidezuoyong，qiangtishuliangduole，dailaiyingjianheruanjianfuzale。womenhaozaishejizhichujiucaiyonglemokuaihuadesheji，jiuxiangdangyuupanyiyang，jichajiyong。dazhikuangjiabubiandeqingkuangxiahuanyigeqiangtijiudailaigongyidegaibian，danshishijishanghaishifuzade，ruanyingjianhaishiyaotongshidiaozhengde，shuoqilaijiandan，gongchenglingyuyingyonghaishiyouyidingdefuzaxingde。lilunshang，womenmokuaihuadeshejiyeshibianyuzhuangpeihejiaofu，lilunshangzhuangpeishijianlianggeyue，danshimuqianshoupicixuyao6geyuedeshijian。yinweizaiwomenzuozhonggaojiedeshifashebeizhiqian，guoneizhiyouyingyongderencai，huiyong、huikanmianban，ruguoyouguzhangzhongqishikeyi；danshicongkuangjiakaishidashe，limiandeguanlu，jixiebeiyehao，guidaoyehao，zenmebuzhi，zheigeshimeiyoujichude，suoyimuqianlaishuo，womenhaishiyinjindaliangdeguojirencai，tongshidapiliangdepeiyangguoneidetidui，caikeyibuduanmanzuxiayoukuozhangdejiezou。muqianwomenyexiwangmingnianzai2picikeyiwang4-5geyueshijianlimianyasuo，zheiyangwojiedanhejiaofujiezouyekeyitongbilidetigao。

葛韵飞（主持人）：

qishichaizongzhiqianyetidao，zhenggeerjishichangduiyubandaotidexiangmukuaqixianderongrendushiyuelaiyuegaode，suoyierjishichangduiyuzhenggebandaoti，wulunshicongshangyoudaoxiayoudeguzhiyeshimanmanwangshangzoude。jiuwolejie，wuzongduiyubandaotierjishichangtouziyeyousuoshelie。qingwuzongfenxiangyixiaduiyuzuijinjinianerjishichangbandaotitouzideganxiang。

吴志辉：

duiyubandaotixingye，congwomentouzideweidulaijiang，womenshouxianhuikaolvzishangerxiadefenxifangfalun，（zaizuo）touzixuanzedeshihoukendinghuixiankansaidaohaobuhao，zenmepanduansaidaohaobuhaoni？youyixiajigefangmian：

diyi，shibushifuhewomenguojiaweilaizhanlvedefangxiang，zheishifeichangzhongyaodedian；

dier，jiushishichangrongliangshibushizugouda。yinweizhiyoudadexingyecaikeyicuishengchufeichangdadeqiye，keyiconghenxiaodeqiyebianchengfeichangdadeqiye；

disan，xingyedezengsu，weilaijinianxingyedezengsuhuiyouduoda，yinweizengsuhuizhijieyingxiangdaoerjishichang，jigoujigongsi、huozhezhenggexingyedeguzhidingjia。

bandaotixingyeganggangfuhewomengangcaishuodesuoyoutiaojian，henmingxianshiguojiazhichidesaidao。baokuoxianzaideguojiadajijindechengli，qishijiushiweileguliwomenzhongguoxiangzhichunzheiyangdeqiye，keyirangqizaibandaotixingyefahuigengdadezuoyong。

dangranzheimedadesaidao，woxiangwenyixiachaizong，zaibandaotiweilaidezhanlveguihuahebujuhuiyounaxiedongzuoni？nengbunenghewomenxiangxiliaoyixia。

柴心明：

确实从2014年大基金成立之后，整个产业欣欣向荣的发展。如果从二级市场的角度，我们更注重天时地利人和，天时就是政策性的，国家投入；地利就是国产替代，由国内的供应商替代国外的供应商；人和就是人的能力，包括团队能不能载负历史交付的重任。从至纯角度来说，我们完全具备天时地利人和的。但是投资角度来说，整个半导体领域因为本身就不是一蹴而就的，它是长周期的，它投资的量是几万亿的，这个过程中投资人，我建议投资人更需要长期的耐心也好，并不需要太在意短期的波动。因为整个行业、整个赛道都是长周期的。国产替代shibukedang，zheigeguochengdangzhong1-2geyue，yigejiduyouyixiebodonghenzhengchang，bijingzheigeguochengdangzhongshoudaoyixiedahuanjing、shoudaogezhongqitayinsudeyingxiangyehenzhengchang，dadefangxiangmeiyoufashenggaibiantouzirenjiuyinggaijiandingxinxin，jiubuyinggaiqusuibozhuliu、zhuizhangshadie，chufeiduizijijishutebiezixin。

dajijin2qiduizhuangbeileide，cailiaoleidegongsishitouzidezhongdian。zheigeguochengdangzhongqishiyeshijigeweitouzizhezhimingleyigefangxiang，zaiwomenqianyigeyuegonggaodedajijin2qizhuziwomenquanzizigongsi——zhiwei，tongshijinrudeyoushanghaidezhuangbeicailiao，zhongxinjuyuan、yuanzhixinghuo，haiyouxinxin，zheixiedoushidaibiaoleguojiahedifangdeziben，yijikehuduiwomenderenke。duiwomenshifadeshebeixianzaijishudeqingkuang，baokuojianglaifazhanqianjingderenke，yinweitamenzaitouruzhiqiandouzuoledaliangdejindiao。zheigeguochengdangzhongtamendouyuanyizuoxiangyingdepeiban，qishizibenchanrongjiehezuihaodejiushipeiban，dangranzheigeguochengdangzhongzuizhongkendinghuijiandaoshouhuo。qiyezuixiwangjiushihezhangqidetouzirenzuoxiangyingdebangding，buxuyaojingchangqushichangshangchouqian，jianshaoganrao，jianshaoqiyedejinglixiaohao。

zhanlvetouzirennenggoubangwomenchanyezhongtishengxingyediwei，yuxiangguandekehushendubangding，duiwomendeyewubaokuozhihoudedingdanfazhandoushiyouhaochude。

葛韵飞（主持人）：

chaizongqianmiantidaodajijin2qirugulezhiweikeji，erqieninqianmianyetidaolehenduoguojiadajijinduiyuzibencengmiandeyixiexiangfahezhanlvebuju。neininnengbunengjinyibufenxiangyixia，zaiyewucengmian，guojiadajijinruguwomenzigongsi，duiyuwomenyewufazhanyounaxiexietongxiaoying？

柴心明：

qizhuzikendingyouliyuwomenyanfa，duichanyeshangdeyingxiangyeshibijiaoshenyuande，tebieyoudajijinjiwomenbeishuzhihou，womenqishiyehuoduohuoshaochengdanleguojiaderenwu，zhongdianjixingdeyanfa，aiyuyixieminganxingbubianyuduiwai。dajijinduiwomenzhihoudefazhanhaishiyouxiangdangshenyuandeyiyide。shouxianbuhuixiangcaiwutouzirenzuoduanqidedongzuo，zheigeguochengdangzhongdajijinduichanyeziyuandezhenghe，baokuokehuxiangyingdeshenrubeijingdexiangguanhezuo，douhuiqidaojijidezuoyong。

葛韵飞（主持人）：

zhichunkejikeyishuoshiguoneiqingxishebeidediyixiandeqiye，nengbunengnengbunengfenxiangyixiamuqianguojiazaibandaotixingyeyounaxiezuixindejucuo？

柴心明：

shilimiandecengmianbijiaoduole，birushuowomennadaoxiangyingdixidedaikuan，youdaikuanbutie，zhiqianyoukouxing、kaixingqiantou，xianzaikuodadaozhongnonggongjianjiao，haiyoushanghaideshijidejijiayinxing，haiyouqitachanyelideyixiezhengce，birushuoshuishoude，birushuoqita，yiqingduiyugaoduanzhizaoyeyeyouxiangyingdeyouhuizhengce，guojiadezhongshichengduqueshishishiwuqianlide。qishicongzuigaocengyizhizaiwangxiaguanche，zaichanyezhongxiangyingdezenmebaituopingjing，zenmejiasutidaiguochan。womennaleguojiaxiangyingdebutieyehao，touruyehao，jinkenengbajianshangdezerenqieshilvxinghao，jianfuqilishijiaojiwomendezhongren，xiwangwomenzheidairennengjinzaoyuanmeng，erbushijixiwangyuxiayidaiyuanmengzhongguoxin，womenzheiyidainengshixianjiuzuihaole。

葛韵飞（主持人）：

womenkeyikanchu，chenglichaoguo20niandezhichunkejizhenshijianxinglezhiqiantidaodezhichun、zhizhen、zhijian、zhishandehexinjiazhiguanhelinian，zuoweimuqianbandaotixingyedenongchaoer，zhichunkejiyeyoudajijin2qidejiachi，xiangxinzhichunkejizaiweilaiyehuiyuezouyuehao，jintian《zoujinshangshigongsi》dehuodongdaozheilizangaoyiduanluo，xiexiedajia。

行业点评

博众投资金融研究所所长 刘刚：

shouxianwomenduibandaotixingyeyigejiandandianping：

diyi、shiguanyuxingyezenglianghezengsu。shisanwuqijian，woguobandaotichanyeshixianlekuayueshifazhan，nianfuhezengzhanglvjin20%。jiezhi2020nian，quanxingyexiaoshoueyida8848yiyuan。weilailiangnianguoneijingyuanzhizaochangzhengtidekuochanzengsunengdadao30%zuoyou。congqianshidajingyuanzhizaoqiyedeshujulaikan，neizizhizaoqiyezongliangzaizengzhang，danneiziqiyezengsudiyuwaiziqiyehetaiziqiye。suoyi，suiranwomendebandaotichanyezhengzaipengbofazhan，danshihaishimianlinzhezhongzhongyali，yaopeiyang“xitong-xinpian-gongyi-zhuangbei-cailiao”xietongchuangxinfazhandeliangxingshengtaihaishirenzhongdaoyuan。

dier、guanyujingyuanzhizaojishudetupo。muqian，14nmyijingjinruliangchan，7nmyijingjinrushichan，5nmjishuyezaiyanfazhong。woguodejingyuanzhizaojishujiedianzhengzaiyoutiaobuwendexiangqiantuijin。

disan、guanyubentupeitaoqingkuang。yigeshizhuangbeipeitao，yigeshihaocaipeitao；dangxiawoguodebandaotipeitaochanyezhengchuyuyigecongdiandaomian，kuaisufazhandejieduan。guoneizhizaochanxianjianshejinrukuaisuzengzhangqi，yinglaiduizhuangbeihehaocaidejudaxuqiu。2020nianzhongguobandaotishebeixiaoshoushouruda240yiyuan，qizhongicshebeixiaoshoushourudadaole107yiyuan，tongbizengzhangle48.6%。yuji2021nianquannianicshebeitongbizengzhang50%yishang。suiranzengsuxirendanzhuangbeiyeguimorengranbugou，quanqiuzhanbihendi，muqianwomendehaocaipeitaoyetixianchubaijiaqifangdeyigetaishi。

zhengtilaishuo，zhuangbei、cailiao、ruanjianshibandaotichanyedehexinjichu，yeshiguojiboyidezhangqijiaodian。gongyinglianhexinqiyedezhanlvezhongxinyejiangcongshiyanggongyingxiangguimohuajingyingzhuanxing，duiqiyedepinzhikongzhi、gonghuonenglihefuwubaozhangdengtichulegenggaodeyaoqiu，qiyeyaokaishiweixiaoshouguimokuoda10beishenzhi50beizuohaozhunbei。

zhenggebandaotixingyedefazhanbushiyicuerjiude，xiayouxuqiuhechuangxinzhouqidebodongzhudingletadefazhanshiluoxuanshangshengde，zaizheigeguochengzhong，touzizhegengxuyaoyounaixin，buyaotaizaiyiduanqidebodong，ershiyaolizuzhangyuandefazhankandaiyixieyouxiudegongsi。

博众投资首席投资顾问 吴志辉：

bandaotixingyeshiguojiazhongdianzhichideyigexingye，xingyeguimoyeshiwanyijibiede。yincibandaotixingyecunzaizhejudadetouzijihui。bandaotixingyechanyelianfeichangdezhang，yefeichangdefuza，baohanlesheji，gedaogongxu，shebei，cailiao，fengzhuang，yingyongduandeng。

qizhonglvxianshouyideyidingshi，shebeiduanhecailiaoduan。yinweizheigelianggefangxiangshichanyeliandezuishangyou，shengchanxinpianyidingshixuyaoshebeihecailiaode。zhichunkejijiushuyushebeiduan。

近两年，中国大陆晶圆厂建厂潮为半导体设备行业提供了巨大的市场空间，但国产设备在这些晶圆厂的采购中占比仍较低，替代空间广阔。据芯谋研究数据，2020 年，国内晶圆厂设备采购总金额达到 154 亿美元，其中向美国厂商采购金额达到 82 亿美元，占比达 53%，而向国内供应商采购金额仅为 9.9 亿美元，占比仅为 7%。而在先进制程上，设备国产化率zegengdi，jubandaotixingyexiehuitongji，muqian，28 nm yixiadexianjinzhichengqianduanshebeiyou 70%laizimeiguochangshang。

据半导体行业协会数据，当前湿法清洗设备国产化率约达 20%，并已经攻克 14nm 制程。 前段工序三大件光刻、薄膜、刻蚀中，光刻机尚未实现国产化，涂胶显影设备、离子注 入设备的国产化率亦不足 1%，基本不具备自给能力。而刻蚀机方面率先实现了国产突 破，国产化率近 20%，清洗、CMP 设备亦走在了国产替代的前列，国产化率yida 15- 20%。

guoneibujuleqingxishebeidechangshangzhuyaoyouzhichunkeji、beifanghuachuang、shengmeibandaoti、xinyuanwei，danpianshiqingxijishiguoneichangshangzhongdiantupodefangxiang，gejiajuntuichulezijidedanpianshichanpin。zhichunnengtigongdao 28namijiedianquanbushifagongyi，zhuyaodanpianqingxichanpin s3xx xiliekedazai12geqiangti，channengzuigaokeda590wph，18qiangchanpinyizaiyanfazhong。

博众投资副总经理 邓刚：

bandaotixingyedexingyezenglianghezengsusuiranmianlinjiaodadeyali，danshixingyedongtairengranshizaipengbofazhan。

具体到至纯科技的设备，其实最主要的关注点在于国产替代。目前像光刻、薄膜等工序尚未实现国产化，而清洗设备国产化率shijiejin20%，zheishuomingzhenggexingyezhengchuyuyigeguochanshebeidekuaisutidaishiqi，haiyouxuduoshangxiayougongxutidaikongjianguangkuo。

而至纯作为国内主要的清洗设备供应商，未来均有望受益于国产化率detishengheguojiazhichifazhandexingyehongli。zaizheigeguochengzhong，worenweikenengxuyaoduoyidiandiannaixin。dangran，weilaidefazhan，zheiduiqiyedechengbenkongzhi、shangxiayougonghuonenglidengyejianghuitichugenggaodeyaoqiu。

活动点评

博众投资金融研究所所长 刘刚：

shouxian，kejigudetouziyuchuantongxingyegupiaodetouzishiyouqubiede，jishubiangehegongyinglianbianhuaduigongsigujiayingxiangfeichangda，kejigudetouzixuyaozhangqidechanyejilei，yexuyaojinmideshichanggenzong，zheiyiciwomenduizhichunkejidediaoyan，duiyuzhuanyetouzizhelaishuo，jiushiyicihenhaodehuodong。jijiashenleduichanyehegongsiderenzhi，youyingzhenglewomenqianqideyixieyupan。duibandaotichanyedexianzhuang、gongsidehexinjingzhengli、yuanqiguihuahezhongqidenenglishifangdouyoubijiaoshenrudelejie。

suiranzhichunkejizaishifashebeilingyubujujiaowan，danshizhunquedebawodaoxingyejishuzhuanyizhongdejihui，jijiyuguoneikehugoutong，tongguogongyidejishushengjigaizaohenhaodepipeixiayouxuqiu，suoyidingdanyuanyuanbuduan，gongsiyefeisuchengzhang。zheirangwomengengqingxideconghaosaidaodangzhongzhaodaoyixiehaogongsi，rangwomengengfangxindetouzi。

博众投资首席投资顾问 吴志辉：

jintianshizhishiyigekaishi，weilaiwomenbozhongjianghuibazoujinshangshigongsijixudezuoxialaiqu。yinwei，womenbozhongyaozuoyigezhuanye，youtaidu，youzerendetouzizixungongsi。qushangshigongsidiaoyan，keyirangwomengenghaodelejiexiangguangongsi，yekeyirangwomendetouzijuecegengjiadekeguanhekexue，rangtouzijuecezuodaoyoudefangshi。

博众投资副总经理 邓刚：

bozhongkaizhanzoujinshangshigongsidehuodongdaomuqianlaishuoyinggaisuanshichengxiaobucuo。womenzaihuodekeguan，youjiazhidediaoyanneironghou，zaijiehezishenzhuanyedeyanjiutuandui，jiangnenggoujiyuyonghuyejiushiwomendetouzizhegengduozhuanyedetouzicelvehetouziyijian，wojuedezheishifeichangyouyiyide。

weilai，womenyejianghuijixukaizhanxiaqu，bingqiezhuanzhuyutouyan，shenwashichangxuqiu，jiyuwomentouzizhegengzhuanye、gengkexuedetouzipeiban。

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