Group 1 - The core point of the article is that Shenghui Integrated (603163.SH) experienced a stock price increase of 2.91%, reaching a historical high of 115.120 yuan, with a total market capitalization of 11.512 billion yuan [1]

Group 1 - The core viewpoint of the news is that Shenghui Integrated (sh603163) reached its daily limit with a price of 111.86 yuan, reflecting a 10% increase and a total market value of 11.186 billion yuan, driven by growth in semiconductor orders, high-tech fundraising, and international expansion [1] Group 2 - The company provides services to the IC semiconductor and optoelectronic industries, with a backlog of orders amounting to 2.538 billion yuan, representing a year-on-year increase of 46.28%, with over 80% of these orders coming from IC semiconductors [1] - Shenghui Integrated plans to issue 550 million yuan in convertible bonds to invest in cleanroom projects in the semiconductor and optoelectronic fields, aligning with national industrial policies and facilitating business expansion [1] - The company's Southeast Asia business accounts for 35% of its operations, with projects in Vietnam and Thailand enhancing regional competitiveness and expanding market space [1] - Shenghui Integrated holds 74 patents, including 12 invention patents, and possesses strong technical reserves with EPCO full-process service capabilities [1] - On February 2, 2026, Guosheng Securities issued a report giving a "buy" rating, identifying the company as a leading provider of electronic cleanrooms and noting accelerated growth in its layout [1] - The recent performance of semiconductor cleanroom-related companies has been active due to industry development trends, contributing to the stock's limit-up performance [1] - Although specific technical information is not provided, the flow of funds may have played a role in driving the stock price up, as market funds are likely drawn to the stock due to the aforementioned positive factors [1]

Summary of Conference Call Records Industry Overview - The focus is on the cleanroom industry, particularly companies like Yaxing Integration and Shenghui Integration, which are leaders in this sector [1][2]. Key Insights and Arguments - **AI Demand and Capital Expenditure**: Recent financial reports from several overseas leaders have exceeded expectations, confirming the robust demand for AI and indicating that AI capital expenditures are entering an expansion phase. Cleanrooms, as a front-end infrastructure segment, are expected to see a corresponding increase in demand [1]. - **U.S. Semiconductor Investments**: The U.S. has significantly increased investments in the semiconductor manufacturing chain, attracting major companies like TSMC and Samsung to establish factories in the U.S. By the end of 2024, TSMC is expected to have invested $65 billion in the U.S. and announced an additional $100 billion investment in March 2025. Recent "tariff-for-investment" policies have led TSMC and other Taiwanese companies to commit to at least $250 billion in direct investments in the U.S., which is likely to drive rapid growth in regional cleanroom demand [1]. - **Southeast Asia Developments**: - **Singapore**: The RIE2030 initiative plans to invest SGD 37 billion over the next five years in key economic sectors like semiconductors, aiming to double the output of the semiconductor and related manufacturing industries by 2030. This initiative is attracting major players such as UMC, World Advanced, and Micron to establish factories [2]. - **Vietnam and Thailand**: These countries are leveraging labor cost advantages and industrial cluster benefits to accelerate the transfer of precision manufacturing (PCB) and other supply chains, leading to robust regional capital expenditures [2]. Supply Side Dynamics - Cleanroom production capacity is primarily concentrated in mainland China and Taiwan, with the top five companies holding nearly 40% of the market share. Mainland leaders like Shenzhen Sanda A are actively pursuing overseas expansion. However, there are potential restrictions on mainland capacity moving to the U.S., leading to a significant mismatch in supply and demand in the U.S. market. It is anticipated that there will be an accelerated introduction of Taiwanese cleanroom leaders to the U.S. market, with project profit margins expected to exceed expectations, contributing significantly to performance growth. Continuous recommendations are made for Yaxing Integration (a Taiwanese cleanroom leader securing multiple large contracts in Singapore) and Shenghui Integration (which has established a U.S. subsidiary and is expected to benefit from TSMC's orders) [2]. Risk Factors - Potential risks include a downturn in semiconductor capital expenditures, increased competition within the industry, and the possibility that expansion efforts in the U.S. may not meet expectations [3].

Core Insights - The report discusses the implementation of the "Tax Law Principle" and its implications for service industries such as internet and finance, indicating that current tax arrangements are unlikely to change significantly in the short term [2][3][12] - The real estate sector is experiencing a favorable shift in financing policies, with REITs and private placements opening new equity financing channels to alleviate financial pressures on real estate companies [3][13] Tax Law Implementation - The State Council approved the "Implementation Regulations of the Value-Added Tax Law of the People's Republic of China" on December 19, 2025, and subsequent announcements have clarified tax details, suggesting stability in tax arrangements for service industries [2][3][12] - The definition of "basic services" in telecommunications is evolving, with mobile data and internet broadband still classified as "value-added services" subject to a 6% VAT rate, while traditional voice services are recognized as "basic services" with a 9% VAT rate [2][3][12] Real Estate Sector Analysis - The financing environment for the real estate industry is improving, with a shift from debt financing to equity financing, including the introduction of REITs and private placements [3][13] - Recent regulatory changes, such as the gradual retreat from the "three red lines" policy, indicate a more supportive financing environment for real estate companies [13] - The report maintains a "positive" rating for the real estate sector, highlighting the potential for recovery in the industry as financing policies become more favorable [3][13] Investment Recommendations - The report recommends several quality real estate companies for investment, including China Jinmao, Poly Developments, and China Resources Land, among others, due to their potential for recovery and attractive valuations [13] - The report emphasizes the importance of monitoring the evolving financing landscape and the impact of government policies on the real estate market [3][13]

Group 1 - The core viewpoint of the article is that Shenghui Integrated (603163) will disclose the number of shareholders at specific time points in its periodic reports [1] Group 2 - The company responded to investor inquiries on its interactive platform regarding shareholder information [1]

Market Overview - The professional engineering sector experienced a decline of 3.74% on February 2, with Shenghui Integrated leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers included: - *ST Tianlong (300029): Closed at 5.38, up 4.26% with a trading volume of 105,200 shares and a turnover of 58.34 million yuan - Hongsheng Huayuan (601096): Closed at 5.52, up 3.95% with a trading volume of 1,531,900 shares and a turnover of 844 million yuan - Yongfu Co., Ltd. (300712): Closed at 28.79, up 3.08% with a trading volume of 76,500 shares and a turnover of 222 million yuan [1] - Major decliners included: - Shenghui Integrated (603163): Closed at 102.82, down 7.24% with a trading volume of 57,100 shares and a turnover of 59.8 million yuan - Yaxiang Integrated (603929): Closed at 146.90, down 7.20% with a trading volume of 58,300 shares and a turnover of 876 million yuan - China National Materials (600970): Closed at 10.60, down 7.18% with a trading volume of 580,700 shares and a turnover of 630 million yuan [2] Capital Flow - The professional engineering sector saw a net outflow of 934 million yuan from institutional investors, while retail investors experienced a net inflow of 641 million yuan [2] - Specific stock capital flows included: - Hongsheng Huayuan (601096): Net outflow of 30.68 million yuan from institutional investors - China National Materials (600970): Net inflow of 21.56 million yuan from institutional investors - Roman Co., Ltd. (605289): Net inflow of 13.67 million yuan from institutional investors [3]

- The quantitative factors that performed well in the broker gold stock pool over the past month include total market capitalization, single-quarter net profit growth rate, and analyst net upgrade ratio[3][30] - The quantitative factors that performed poorly in the broker gold stock pool over the past month include post-earnings announcement gap excess, single-quarter ROE, and intraday return rate[3][30] - The broker gold stock performance enhancement portfolio achieved an absolute return of 11.47% and an excess return of 4.15% relative to the partial equity hybrid fund index for the period from January 5, 2026, to January 30, 2026[5][43] - The broker gold stock performance enhancement portfolio ranked in the 16.69th percentile among active equity funds for the period from January 5, 2026, to January 30, 2026[5][43] - The broker gold stock index achieved a return of 7.60% for the period from January 5, 2026, to January 30, 2026, compared to a return of 7.32% for the partial equity hybrid fund index over the same period[24]

Core Viewpoint - Shenghui Integration (603163.SH) has announced a plan to issue convertible bonds to raise up to RMB 55 million, which will be used for high-tech industry projects [1][2]. Fundraising Details - The total amount to be raised from the issuance of convertible bonds is capped at RMB 55 million, including this amount [2]. - The net proceeds after deducting issuance costs will be allocated to several specific projects, including cleanroom engineering and electromechanical projects, with a total investment of RMB 113.43 million [1]. Project Allocation - The funds will be distributed among various projects as follows: - Clean Electromechanical Engineering: Total investment of RMB 384.45 million, using RMB 11 million from the raised funds - Dust-Free Room Engineering: Total investment of RMB 220.48 million, using RMB 6 million from the raised funds - Electromechanical Package: Total investment of RMB 126.01 million, using RMB 9.5 million from the raised funds - Electromechanical Engineering: Total investment of RMB 403.39 million, using RMB 28.5 million from the raised funds [1]. Bond Issuance Details - The bonds will have a face value of RMB 100 each and will be issued at par value, with a maturity of six years from the issuance date [3]. - The interest rate will be determined based on national policies, market conditions, and company specifics, with interest paid annually [3]. - The conversion period for the bonds will start six months after issuance and last until maturity, allowing bondholders to choose whether to convert their bonds into shares [3]. Previous Fundraising - Shenghui Integration previously raised RMB 54.5 million by issuing 20 million shares at RMB 27.25 per share on October 13, 2022, with a net amount of RMB 48.53 million after costs [4].

Core Viewpoint - Shenghui Integrated is a leading Taiwanese electronic cleanroom company, experiencing accelerated growth due to its strong positioning in packaging and precision manufacturing sectors [1] Company Overview - Shenghui Integrated has established a significant leadership position in the cleanroom sector, accumulating high-quality client resources including Daylight (Siliconware Precision Industries), Foxconn, Pegatron, and Wistron [1] - The company's revenue is projected to steadily expand to 2 billion yuan from 2018 to 2024, with a compound annual growth rate (CAGR) of 14% [1] Financial Performance - In Q1-Q3 of 2025, the company is expected to continue its rapid expansion, achieving revenue of 2.1 billion yuan, representing a year-on-year growth of 46% [1] - Forecasted net profits attributable to the parent company for 2025-2027 are 144 million, 230 million, and 347 million yuan, reflecting year-on-year growth rates of 26%, 59%, and 51% respectively [1] - Corresponding earnings per share (EPS) are projected to be 1.44, 2.30, and 3.47 yuan per share for the same period, with current price-to-earnings (PE) ratios of 77, 48, and 32 times [1] Market Dynamics - Strong capital expenditure in AI in the U.S. has led to a significant mismatch in cleanroom supply and demand [1] - The establishment of a U.S. subsidiary is expected to contribute significantly to the company's performance [1] - High demand in Southeast Asia, particularly in PCB and other capital expenditures, is anticipated to drive growth [1] - The backlog of orders at the end of Q4 has increased by 46%, which is expected to accelerate this year's performance growth [1] Investment Outlook - The company is viewed positively due to the anticipated breakthroughs in the U.S. market, leading to performance growth, and has been given a "buy" rating for the first coverage [1]

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage of the stock [4][6]. Core Insights - The company is a leading Taiwanese semiconductor cleanroom provider, with significant advantages in the packaging sector. It has established a strong position in cleanroom system integration, serving key clients in the semiconductor and precision manufacturing industries [1][14]. - The company has seen steady revenue growth, with a compound annual growth rate (CAGR) of 14% from 2018 to 2024, reaching a revenue of 2 billion yuan in 2024. The first three quarters of 2025 continued this trend with a revenue of 2.1 billion yuan, a year-on-year increase of 46% [1][4]. - The establishment of a subsidiary in the United States is expected to significantly contribute to the company's revenue, with potential orders from major clients like TSMC estimated to bring in 17.5 billion yuan in total contracts [3][4]. Company Overview - The company was founded in 2003 as a subsidiary of Taiwan's Shenghui and specializes in cleanroom system integration, covering the entire EPCO (Engineering, Procurement, Construction, and Operation) value chain [14]. - The business structure is primarily focused on cleanroom system integration, with downstream sectors including semiconductors (59%), precision manufacturing (31%), and others [1][14]. Financial Analysis - The company experienced a decline in net profit in 2024 due to fluctuations in gross margin, but it is expected to recover in 2025 with a projected net profit of 144 million yuan, a year-on-year increase of 26% [4][28]. - The gross margin has been under pressure, decreasing from 16% in 2020 to 13% in 2024, but is anticipated to improve as project structures optimize [28][35]. - The company has maintained a strong order backlog, with orders reaching 2.54 billion yuan by the end of Q4 2025, a 46% increase year-on-year, which is expected to drive revenue growth [4][47]. Industry Insights - The U.S. semiconductor capital expenditure is robust, with significant investments from major players like TSMC and Samsung, leading to a mismatch in cleanroom supply and demand [2][3]. - The Southeast Asian market is experiencing high demand for cleanroom services, driven by the expansion of semiconductor-related industries, with the company seeing substantial revenue growth from this region [3][4].