Analysis of the Reasons for and Sustainability of the Strong Performance of Zhongke Feice (688361)

Zhongke Feice (688361), as a semiconductor equipment company, the core driving factor for its recent strong performance is the

. According to ts2.tech analysis [3], the HBM market size is expected to grow from $4 billion in 2023 to $100 billion in 2030, with a compound annual growth rate (CAGR) of over 50%. The company’s 3DAOI equipment, 3D topography measurement equipment, etc., have passed the verification of HBM advanced packaging processes and are sold in bulk. Their technical indicators are comparable to international leading levels, and customers cover major domestic HBM manufacturers [1].

On the technical side, the company’s stock price hit a historical high of 139.20 yuan on December 11, 2025, with a daily increase of 7.95% [1]; on December 12, it continued to rise to about 146.88 yuan, an increase of 5.52%, with a transaction amount of 1.263 billion yuan and a turnover rate of 3.61%, indicating high market attention [4]. At the same time, as one of the top ten weight stocks in the Shanghai Stock Exchange Science and Technology Innovation Board 100 Index, the company benefits from the improved liquidity of the STAR Market: recent new regulations have reduced the risk factor of STAR Market common stocks held by insurance companies for more than two years from 0.4 to 0.36, and the STAR Market is expected to welcome incremental funds [2].

Fundamental support also includes intensive institutional research and financing customers increasing their positions [6][7], reflecting the market’s optimistic attitude towards the company’s prospects. However, attention should be paid to executive share reductions (planned to reduce no more than 0.0562% of shares), fierce competition in the semiconductor equipment industry, and high valuation risks [8].

1. Strategic Position of HBM Technology
   : As a key memory technology in the AI era, the explosive demand for HBM has long-term supporting effects on Zhongke Feice’s performance growth. The company’s technical advantages and customer coverage in the HBM advanced packaging field make it a direct beneficiary of industry growth.
2. STAR Market Liquidity Dividend
   : As an index weight stock, the company will continue to benefit from the incremental capital inflow brought by the improved liquidity of the STAR Market, enhancing stock price stability.
3. Consistent Expectations of Institutions and Financing Customers
   : Intensive institutional research and financing customers increasing their positions reflect professional investors’ recognition of the company’s value, which will further promote positive market sentiment.

• Opportunities
  : The continuous expansion of the HBM market provides broad growth space for the company; the improved liquidity of the STAR Market will enhance the trading activity of the company’s stock.
• Risks
  : Executive share reductions may affect market sentiment in the short term [8]; intensified industry competition requires the company to continue to innovate to maintain technical advantages; high valuation requires performance support.
• Time Sensitivity
  : The current stock price is at a historical high, so close attention should be paid to HBM industry dynamics and the company’s performance announcements.

The recent strong performance of Zhongke Feice (688361) is mainly due to the high growth of the HBM industry, the company’s technical advantages, and the improved liquidity of the STAR Market. Technically, it shows a trend of rising volume and price, and fundamentally, it is recognized by institutions and financing customers. However, attention should be paid to executive share reductions, industry competition, and valuation risks. The sustainability of its trend depends on the expansion speed of the HBM market, the sales situation of the company’s HBM-related products, and its performance.