Market Overview - A-shares experienced a strong rally on September 29, with the Shanghai Composite Index rising over 1% at one point, and the ChiNext Index increasing over 3% [2] - The Shanghai Composite Index closed up 0.9% at 3862.53 points, the Shenzhen Component Index rose 2.05% to 13479.43 points, and the ChiNext Index increased 2.74% to 3238.01 points, with total market turnover nearing 2.2 trillion yuan [2] Brokerage Sector Performance - The brokerage sector surged, with an increase of over 7% at one point and closing up over 5% [3] - Notable stocks included Huatai Securities, Guosheng Securities, and GF Securities hitting the daily limit, while CITIC Securities approached the limit with a nearly 6% rise [3] Hong Kong Market - In the Hong Kong market, major brokerage firms such as GF Securities, Huatai Securities, and CITIC Securities saw their shares rise over 10% [4] Institutional Insights - Institutions suggest that the brokerage sector is likely to attract market attention during the third-quarter earnings disclosure period, benefiting from both strong performance and valuation recovery [5] Solid-State Battery Sector - The solid-state battery concept saw significant gains, with Wanrun New Energy hitting a 20% limit up, and other companies like Hunan Yuno and Haibo Technology also experiencing substantial increases [6] - The solid-state battery technology is advancing towards commercialization, with significant developments reported by Tsinghua University and companies like Panasonic and SK On [9]

Group 1 - The A-share market showed a slight increase this week, with the Shanghai Composite Index up 0.21%, the Shenzhen Component Index up 1.06%, and the ChiNext Index up 1.96% [1] - Open-source Securities suggests that the technology sector is likely to perform well during the National Day holiday, with a focus on high P/E ratio stocks post-holiday [1] - Key sectors for investment include technology growth in military industry, AI hardware, semiconductors, and financial technology [1] Group 2 - Huajin Securities indicates that the A-share market may continue to experience a volatile trend in the short term, with limited risks during the holiday [2] - Recommended sectors for investment include electronics, communications, machinery, and new energy, which are expected to see fundamental improvements [2] Group 3 - Everbright Securities anticipates that the market will likely continue to rise after the National Day holiday, supported by reasonable valuations and liquidity-driven trends [3] - The TMT sector is highlighted as a key focus for mid to long-term investment, with several catalysts expected to drive growth [3] Group 4 - Caitong Securities emphasizes the continuation of favorable catalysts, suggesting investors hold stocks during the holiday [4] - The report notes that domestic economic stability and structural reforms are expected to contribute to market growth, with a focus on technology and new consumption sectors [4] Group 5 - Shenwan Hongyuan points out that October is likely to see a resurgence in structural heat, driven by policy layouts and technological advancements [5] - Key investment areas include overseas computing power, innovative pharmaceuticals, and energy storage, with significant potential for absolute returns [5]

Core Viewpoint - Huatian Technology announced plans to issue shares and cash to acquire assets and raise supporting funds, involving a related party transaction with Huayi Microelectronics, a subsidiary of its controlling shareholder, Tianshui Huatian Electronics Group. The transaction is not expected to constitute a major asset restructuring or a reverse listing but is classified as a related party transaction [1]. Group 1: Transaction Details - The transaction involves Huayi Microelectronics, which has previously attempted an IPO but failed in June 2023. The company specializes in the research, production, and sales of semiconductor power devices [2][4]. - Huatian Technology has signed a share acquisition intention agreement with the main transaction counterparties and will suspend trading from September 25, 2025, with a plan to disclose the transaction scheme within 10 trading days [1]. Group 2: Financial Performance of Huayi Microelectronics - Huayi Microelectronics reported revenues of 847 million yuan, 1.16 billion yuan, and 1.16 billion yuan for the years 2020, 2021, and 2022, respectively. However, it experienced a net profit decline, with a loss of 43.21 million yuan in 2022 [4][5]. - The company’s financial struggles are evident, as it failed to respond to the first round of inquiries during its IPO process, leading to the termination of its IPO in June 2024 [2][4]. Group 3: Financial Performance of Huatian Technology - Huatian Technology's revenue grew from 12.1 billion yuan in 2021 to 14.46 billion yuan in 2024, but its net profit decreased from 1.416 billion yuan to 616 million yuan during the same period. The net profit, excluding non-recurring gains and losses, fell from 1.1 billion yuan to 33.42 million yuan, with a loss of 308 million yuan in 2023 [7][8]. - In the first half of 2025, Huatian Technology reported a net profit of 227 million yuan, but continued to incur losses when excluding non-recurring gains and losses [9][10]. Group 4: Government Support and Shareholder Information - Huatian Technology's financial performance heavily relies on government subsidies and tax incentives, which amounted to approximately 360 million yuan and 66.58 million yuan, respectively, in the first half of 2025 [11]. - As of June 30, 2025, Huatian Technology had over 400,000 shareholders, indicating a broad base of retail investors [14][16].

Group 1 - The core point of the news is that Huatiankeji is planning to acquire Huayi Microelectronics, a semiconductor power device company, leading to a suspension of its stock trading [1][2] - Huayi Microelectronics is a significant subsidiary of Huatiankeji's controlling shareholder, Huatiangroup, and specializes in semiconductor power devices with a notable market share in the domestic electric vehicle controller market [2] - Huatiankeji reported a revenue of 7.78 billion yuan in the first half of the year, representing a year-on-year growth of 15.81%, and a net profit attributable to shareholders of 226 million yuan, up 1.68% year-on-year [2] Group 2 - The company anticipates steady growth in orders and operational performance due to the overall recovery of the semiconductor industry by the first half of 2025, with significant increases in automotive electronics and memory orders [2] - AI-driven high-performance computing demand is expected to be a core growth engine for the semiconductor industry, reshaping demand structures and driving technological upgrades in chip manufacturing and packaging testing [2] - The company plans to continue technological innovation and advanced packaging technology research, focusing on specific fields and actively developing CPO packaging technology as a new growth area [3]

Group 1: Company Announcements - Huatian Technology (002185) is planning to acquire equity in Huayi Microelectronics and will suspend trading from September 25, 2025. The transaction is in the planning stage and is expected to involve issuing shares and cash payments [2] - Wanhui High-tech expects a net profit increase of 70%-110% for the first three quarters of 2025, projecting a profit of 340 million to 420 million yuan, driven by increased export volumes and improved product margins [3] - Jingzhida has delivered its first high-speed testing machine to a key domestic client, enhancing its competitive advantage in the semiconductor storage testing market [4] - Pinming Technology has terminated its planned change of control and will resume trading on September 25, 2025, after failing to reach an agreement with the counterparty [5] Group 2: Financial and Operational Updates - Huatian Technology's acquisition of Huayi Microelectronics is expected to be an associated transaction and not a major asset restructuring [2] - Wanhui High-tech's profit growth is attributed to strategic sales adjustments and significant increases in export volumes of PVA and other products, alongside a decrease in raw material prices [3] - Jingzhida's comprehensive layout in semiconductor testing equipment positions it to provide systematic solutions to clients [4] - Pinming Technology's decision to terminate the control change was made to protect the interests of all shareholders [5] Group 3: Capital Market Activities - A proposed stock issuance by International Industry aims to raise up to 662 million yuan for working capital, with shares priced at 4.59 yuan each [7] - China Giant plans to repurchase shares for an employee incentive plan, with a maximum repurchase price of 22 yuan per share, totaling up to 880 million yuan [10] - New Point Software intends to repurchase shares at a maximum price of 42 yuan per share, with a total amount between 30 million and 50 million yuan [10]

Group 1 - The core point of the news is that Huada Technology is planning to acquire Huayi Microelectronics, a subsidiary of its controlling shareholder, to enhance its semiconductor power device capabilities [1][2]. - The acquisition involves issuing shares and cash payments, along with raising supporting funds, and is classified as a related party transaction [1][2]. - The trading of Huada Technology's shares will be suspended starting September 25, 2025, to protect investor interests due to uncertainties surrounding the transaction [2]. Group 2 - Huada Technology specializes in integrated circuit packaging and testing services, providing a wide range of products for various applications including consumer electronics and automotive electronics [3]. - In the first half of 2025, the semiconductor industry showed signs of recovery, leading to a steady increase in market demand for packaging and testing services, resulting in a 15.81% year-on-year revenue growth to 7.78 billion yuan [4]. - The company achieved a net profit of 226 million yuan in the first half of 2025, with a significant increase in orders from automotive electronics and memory sectors [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 承董事局命 申萬宏源（香港）有限公司 執行董事兼行政總裁 梁鈞 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股份代號：218） 股東特別大會通告 茲通告申萬宏源（香港）有限公司（「本公司」）謹訂於二零二五年十月十五日（星期三）上午 十時正假座香港皇后大道東1號太古廣場3座6樓舉行股東特別大會（「股東特別大會」），以 處理下列事項： 普通決議案 1. 考慮及酌情批准下列決議案： (i) 委任李守偉先生為本公司執行董事；及 2. 授權本公司董事會釐定董事酬金（如有）。 SHENWAN HONGYUAN (H.K.) LIMITED 申萬宏源（香港）有限公司 香港，二零二五年九月二十三日 於本通告日期，本公司董事局由八位董事組成，其中吳萌女士、梁鈞先生及胡憬先生為 執行董事；張磊先生及張英女士為非執行董事；而郭琳廣先生、劉持金先生及趙麗娟女 士為獨立非執行董事。 – 1 – 附註： – 2 – ...

SHENWAN HONGYUAN (H.K.) LIMITED 申萬宏源（香港）有限公司 (Incorporated in Hong Kong with limited liability) （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） (Stock code 股份代號：218) Should you have any queries in relation to this letter, please call the telephone hotline of the Company's Share Registrar at (852) 2980 1333 during business hours (9:00 a.m. to 5:00 p.m. from Monday to Friday, excluding public holidays) or send an email to 218-ecom@vistra.com. Yours faithfully, For and on behalf of Shenwan Hongyuan (H.K.) Limited Liang Jun Execut ...

SHENWAN HONGYUAN (H.K.) LIMITED （註5） ： 218 適用於二零二五年十月十五日舉行之股東特別大會之代表委任表格 本人╱吾等 （註1） 地址為 為申萬宏源（香港）有限公司（「本公司」）持有 股股份 （註2） 之登記持有人， 茲委任 （註3） 地址為 或如其未能出席，則委任大會主席或本公司任何一位董事或公司秘書為本人╱吾等之代表，代表本人╱吾等出席本公司謹訂 於二零二五年十月十五日（星期三）上午十時正假座香港皇后大道東1號太古廣場三座六樓舉行之股東特別大會（及其任何續 會），並按下列指示投票，或如未有作出任何指示，則由本人╱吾等之代表自行酌情投票。 | 1. | 委任李守偉先生為本公司執行董事 | | | | | | --- | --- | --- | --- | --- | --- | | 2. | 普通決議案 授權本公司董事會釐定董事酬金（如有） | 贊成 | （註4） | 反對 | （註4） | 日期： 簽署 附註： 1. 請用正楷填上全名及地址。 收集個人資料聲明 本代表委任表格所指的「個人資料」具有《個人資料（私隱）條例》（第486章）（「私隱條例」）賦予「個人資料」之 ...

SHENWAN HONGYUAN (H.K.) LIMITED 申萬宏源（香港）有限公司 (Incorporated in Hong Kong with limited liability) （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） (Stock code 股份代號：218) NOTIFICATION LETTER 通知信函 23 September 2025 Should you have any queries in relation to this letter, please call the telephone hotline of the Company's Share Registrar at (852) 2980 1333 during business hours (9:00 a.m. to 5:00 p.m. from Monday to Friday, excluding public holidays) or send an email to 218-ecom@vistra.com. Yours faithfully, For and on behalf of Shenw ...