Core Viewpoint - Tonghui Electronics, listed on the Beijing Stock Exchange, experienced significant trading activity on October 14, 2025, with a price fluctuation of 36.33% and a trading volume of 21.71 million shares, amounting to a total transaction value of 1.01 billion yuan [1]. Trading Activity - The stock reached a closing price of 47.77 yuan on the trading day [1]. - The trading method employed was continuous bidding [1]. - The top buying seat was from Dongfang Caifu Securities Co., Ltd., with a purchase amount of 19.76 million yuan [1]. - The top selling seat was from Guotai Junan Securities Co., Ltd., with a selling amount of 23.47 million yuan [1].

Investment Rating - The report does not explicitly state an investment rating for the industry [34] Core Insights - The average daily trading volume of all A-shares on the Beijing Stock Exchange reached 19.0 billion yuan, a decrease of 10.9% week-on-week [8][17] - The North Certificate 50 index fell by 1.42% during the week, with an average turnover rate of 2.3% [8][17] - The top five gainers for the week included Aomisen (349.8%), Changfu Co. (29.9%), Lingge Technology (29.8%), Jiuling Technology (15.1%), and Tonghui Electronics (12.1%) [17][18] - The top five losers were Luqiao Information (-12.6%), Tianhong Lithium Battery (-11.8%), Tonghui Information (-10.6%), Digital Human (-8.6%), and Yuanhang Precision (-8.5%) [17][19] Market Overview - The market experienced a significant decline in trading volume, with only two trading days during the week, leading to a synchronized pullback in major indices [3][27] - New stock listings performed well, indicating a structural divergence in market performance [3][27] - Over 40% of the 278 stocks in the market saw an increase, reflecting a pattern of "few active, many stable" [3][27] Key News and Policies - The Shanghai biopharmaceutical industry is expected to exceed 1 trillion yuan this year, with state-owned funds accelerating their layout across the entire chain ecosystem [21] - The Ministry of Industry and Information Technology and other departments adjusted the technical requirements for tax exemptions on new energy vehicles, raising the range threshold for plug-in hybrids and extended-range electric vehicles to 100 km [20][21] Core Driving Factors Analysis - Macro liquidity remains ample, with the central bank conducting a 110 billion yuan reverse repurchase operation, providing a stable liquidity environment for the capital market [23] - The release of long-term benefits from industrial policies, particularly in the biomedical field, is expected to accelerate industry standardization and promote specialized enterprises with core technologies [24][26] Investment Recommendations and Strategies - Short-term impacts from international trade tensions may enhance risk aversion, putting pressure on risk assets [30] - The expectation of supply chain restructuring is rising, with companies possessing supply chain autonomy likely to attract funding [30] - Traditional safe-haven assets such as U.S. Treasuries and gold may see increased demand in the short term [30] - Focus on companies with high R&D investment, leading market share in niche sectors, and capabilities for import substitution [32]

Core Viewpoint - Tonghui Electronics (920509) experienced a significant increase in stock price, reaching the daily limit of 29.99% on the trading day, indicating strong market interest and potential investor confidence [2] Trading Performance - The stock had a turnover rate of 17.41% and a total trading volume of 604 million yuan, with a price fluctuation of 22.83% throughout the day [2] - Institutional investors net bought 11.52 million yuan, while total net buying from brokerage seats amounted to 17.08 million yuan [2] Market Activity - The stock was listed on the North Exchange's watchlist due to its daily price limit being reached [2] - The top five brokerage seats accounted for a total transaction volume of 117 million yuan, with a buying amount of 72.65 million yuan and a selling amount of 44.04 million yuan, resulting in a net buying of 28.60 million yuan [2] Institutional Participation - Among the brokerage seats, one institutional specialized seat was noted, which net bought 11.52 million yuan [2] - The top buying brokerage seats included Dongfang Securities and Oriental Fortune Securities, with significant buying amounts of 15.52 million yuan and 11.98 million yuan respectively [2]

Core Points - Tonghui Electronics (920509) experienced a significant price fluctuation, with a cumulative deviation of 50.19% in its stock price from October 10 to October 13, 2025 [1] - The trading volume reached 26.9752 million shares, with a total transaction value of 1.013 billion yuan [1] Trading Details - The top buying seat was from Dongfang Securities Co., Ltd. Hangzhou Jinjilu Securities Business Department, purchasing 15.5238 million yuan worth of shares [2] - The top selling seat was from Guotai Haitong Securities Co., Ltd. Jiangsu Changzhou Fitness Road Business Department, selling shares worth 12.6038 million yuan [2] - Other notable buying and selling activities included multiple securities firms, with significant transactions recorded from Oriental Fortune Securities and Guoxin Securities [2]

Core Insights - Tonghui Electronics (920509) experienced a significant stock price increase of 29.99% on October 13, 2025, closing at 44.17 yuan [1] - The trading volume reached 14.6158 million shares, with a total transaction value of 604 million yuan [1] Trading Activity - The top buying seat was from Dongfang Securities Co., Ltd. Hangzhou Jinjilu Securities Business Department, purchasing 15.52 million yuan worth of shares [2] - The top selling seat was from Guotai Haitong Securities Co., Ltd. Jiangsu Changzhou Fitness Road Business Department, selling shares worth 12.09 million yuan [2] - Other notable buying activities included purchases from Dongfang Caifu Securities and institutional investors, with amounts of approximately 11.98 million yuan and 11.52 million yuan respectively [2]

Market Overview - The A-share market opened lower but rebounded, with the Shanghai Composite Index closing at 3846.25 points, down 1.3% [3] - The total market turnover was 1.59 trillion yuan, slightly lower than the previous day, with 4545 stocks declining and 840 stocks rising [5] Sector Performance - The aerospace, banking, shipping, and environmental protection sectors showed gains, while sectors like automotive, communication, and media struggled [5] - The banking sector led the gains among major industries, with Shanghai Pudong Development Bank rising over 4% and Nanjing Bank up over 3% [10][11] Concept Stocks - Rare earth, photolithography, and semiconductor concept stocks performed well, with rare earth stocks rising by 7.77% and photolithography stocks by 6.10% [6] - Domestic software stocks surged, with Rongji Software and China Software hitting the daily limit, and Chengmai Technology and Kingsoft Office also seeing significant increases [15] Notable Stocks - WuXi Biologics fell over 9%, while WuXi AppTec and Sunny Optical Technology dropped more than 8%, leading the decline in the Hang Seng Index [9] - Environmental stocks like Huicheng Environmental Protection and Huahong Technology saw significant gains, with Huicheng Environmental Protection hitting the daily limit [12] Recent Developments - The Ministry of Commerce announced new export controls on certain rare earth-related items, which has sparked discussions in the market [17] - The upcoming Bay Area Semiconductor Industry Ecological Expo is expected to attract attention, with Shenzhen's semiconductor companies participating [19]

Company Performance - Tonghui Electronics' stock price reached a historical high, increasing by 17.13% to 39.80 yuan, with a trading volume of 2.234 million shares and a transaction value of 83.6508 million yuan, resulting in a turnover rate of 2.66% [2] - The latest total market capitalization of Tonghui Electronics in A-shares is 6.38 billion yuan, with a circulating market capitalization of 3.342 billion yuan [2] - The company reported a revenue of 101 million yuan for the first half of the year, representing a year-on-year growth of 16.81%, and a net profit of 29.3099 million yuan, which is a year-on-year increase of 55.40% [2] Industry Overview - The machinery equipment industry, to which Tonghui Electronics belongs, experienced an overall decline of 3.93%, with 14 stocks rising, including Tonghui Electronics, New Lai Materials, and Jiuling Technology, which saw increases of 17.13%, 13.27%, and 10.94% respectively [2] - Conversely, 576 stocks in the industry declined, with the largest drops seen in Lvdiao Feng, Zhongjian Technology, and Shanke Intelligent, with declines of 11.99%, 10.00%, and 9.41% respectively [2] Margin Trading Data - As of October 10, the latest margin trading balance for Tonghui Electronics was 30.5583 million yuan, with a financing balance of 30.5583 million yuan, reflecting a decrease of 3.7659 million yuan over the past 10 days, which is a decline of 10.97% [2]

Summary of Key Points Core Viewpoint The trading activity on the Beijing Stock Exchange (BSE) showed a significant decrease in transaction volume and value on September 26, with a total trading volume of 799 million shares and a transaction value of 19.456 billion yuan, down by 1.469 billion yuan compared to the previous trading day. Despite this decline, 80 stocks closed higher, indicating some resilience in the market. Trading Activity - The total trading volume on the BSE was 799 million shares, with a transaction value of 19.456 billion yuan, reflecting a decrease of 1.469 billion yuan from the previous day [1]. - Among the traded stocks, 80 closed higher, accounting for 28.99% of the total tradable stocks [1]. - The stocks with the highest closing gains included Jinhua New Materials (up 29.98%), Wuxin Tunnel Equipment (up 7.98%), and Silane Technology (up 7.54%) [1][2]. - Conversely, 193 stocks closed lower, with Jinhao Medical leading the declines at 11.00% [1]. Stock Performance - Jinhua New Materials had the highest trading volume at 1.158 billion yuan and a turnover rate of 74.80% [1]. - Other notable stocks in terms of trading volume included Wuxin Tunnel Equipment (572.73 million yuan) and Naconoer (504.29 million yuan) [1]. - The trading activity showed that 15 stocks had a turnover rate exceeding 10%, with three stocks exceeding 20% [1]. Market Dynamics - The overall market sentiment was mixed, with a notable number of stocks experiencing significant price fluctuations [1][2]. - The trading data indicates a potential shift in investor sentiment, as evidenced by the number of stocks that experienced both gains and losses [1][2]. Conclusion The BSE experienced a decline in trading activity on September 26, yet a portion of stocks demonstrated resilience with notable gains. The market dynamics suggest a complex environment where investor sentiment may be shifting, warranting close observation of future trading patterns and stock performances [1][2].

投资者关系活动记录表 证券代码：833509 证券简称：同惠电子 公告编号：2025-092 常州同惠电子股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 现场参观和座谈交流 二、 投资者关系活动情况 活动时间：2025 年 9 月 16 日 活动地点：常州同惠电子股份有限公司 参会单位及人员：华夏基金、开源证券、东吴证券、中信证券、国盛证券、 交睿投资、均泰基金、常州高新投、上海证券报及数名个人投资者 上市公司接待人员：董事长赵浩华先生、董事会秘书王恒斌先生、董事唐玥 女士、董事高志齐先生、副总经理赵昕喆先生、证券事务代表刘敏捷先生 三、 投资者关系活动主要内容 问题 1、公司的研发战略是什么，目前公司在研以及即将推出的新产品有哪 些，请简要介绍一下？ 回复：尊敬的投资者，您好！ 在研发战略层面，公司始终秉持着三个核心战略： （1）面向世界测量科技发展前沿，确保技 ...

Investment Rating - The report maintains a positive outlook on the mid-term market performance of the Beijing Stock Exchange, indicating a "structural opportunity" in the market [3][4]. Core Insights - The market showed resilience with a trading volume of 37.96 billion yuan on September 4, 2025, an increase of 5.94 billion yuan from the previous trading day. The North Exchange 50 Index closed at 1538.98, down 0.80%, with a PE_TTM of 75.35 times [1][7]. - Among the 274 companies listed on the North Exchange, 191 saw an increase in stock prices, while 82 experienced declines. The top five gainers included Hongyu Packaging, Tianhong Lithium, Lijia Technology, Runpu Food, and Hongzhi Technology, each rising by 30% or more [1][16]. - The report highlights the strong performance of specialized and innovative companies in the new energy materials sector, as well as the resilience of consumer service companies [3]. Summary by Sections Market Review - On September 4, 2025, the North Exchange A-share trading volume reached 37.96 billion yuan, up 5.94 billion yuan from the previous day. The North Exchange 50 Index closed at 1538.98, down 0.80%, with a PE_TTM of 75.35 times. The specialized and innovative index closed at 2666.79, down 1.16% [1][7]. Important News - The Ministry of Industry and Information Technology and the State Administration for Market Regulation announced an action plan to boost the electronic information manufacturing industry, aiming for a revenue growth rate exceeding 5% by 2026 and a server industry scale exceeding 400 billion yuan [2][19]. - The State Council aims for the sports industry to exceed 7 trillion yuan by 2030, fostering world-class sports enterprises and events [2][20]. Key Company Announcements - Haomiao Technology announced the acquisition of a patent for a high-flow multifunctional smoke exhaust device, enhancing its competitive edge [2][21]. - Biyang Technology announced the lifting of restrictions on 45,000 shares, accounting for 0.0261% of its total share capital [2][22]. - Boshun Biological reported using 16 million yuan of idle funds to purchase structured deposit products with an expected annual yield of 1.64% [2][23].