天眼查工商信息显示，近日，广东智勤精密装备有限公司成立，法定代表人为王仕超，注册资本2000 万，经营范围含智能基础制造装备制造、智能基础制造装备销售、智能家庭消费设备制造、可穿戴智能 设备制造、智能仪器仪表制造、电子专用设备制造、半导体器件专用设备制造等。股东信息显示，该公 司由华勤技术全资持股。 ...

Core Viewpoint - The article discusses the performance of deep value fund managers during different market conditions, highlighting their underperformance in the current bull market compared to growth-style fund managers, particularly in sectors like technology and innovation [4][20]. Group 1: Performance Comparison - In the past three years of bear markets, deep value fund managers performed relatively well, with many managing over 10 billion in assets [5]. - As of September 24, 2023, mainstream deep value fund managers like Xu Yan and Jiang Cheng had annual returns below 20%, while the average return of the CSI Active Equity Fund Index reached 34.11% [6][12]. - The article notes that deep value fund managers typically focus on low-valuation, stable companies, which leads to lower returns in bull markets but better performance in bear markets [14][19]. Group 2: Investment Philosophy - Deep value fund managers invest from an owner's perspective, focusing on long-term intrinsic value rather than short-term market fluctuations [16]. - They emphasize "quality and price," seeking high-quality companies that are undervalued due to market sentiment [17]. - Safety margins are crucial in their investment decisions, as they aim to protect against errors and downside risks [17][18]. Group 3: Market Trends and Strategies - The current bull market has favored growth-style funds, particularly those heavily invested in technology, with some achieving over 200% annual returns [7]. - Deep value fund managers often hold significant positions in traditional sectors like finance and real estate, which have underperformed in the current market [14][19]. - The article suggests that deep value funds should be considered for core portfolio allocations, especially for conservative investors [23][24]. Group 4: Selection Criteria - Not all low-valuation stocks represent deep value; some may belong to contrarian or cyclical strategies [29]. - Investors should focus on the stability of deep value fund managers' styles, as many have shifted towards growth or other strategies over time [36][38]. - The article advises that deep value funds can serve as a bottom-layer allocation in a diversified portfolio, balancing risk and return [24][26].

Core Viewpoint - The establishment of Guangdong Zhixin Precision Equipment Co., Ltd. by Huaqin Technology indicates a strategic expansion into the semiconductor device sector, reflecting the company's commitment to diversifying its business operations [1] Company Summary - Guangdong Zhixin Precision Equipment Co., Ltd. has been registered with a capital of 20 million yuan, focusing on manufacturing specialized equipment for semiconductor devices, mobile communication devices, and terminal testing equipment [1] - Huaqin Technology (603296) holds 100% ownership of the newly established company, showcasing its investment in advanced technology and equipment manufacturing [1] Industry Summary - The new subsidiary's focus on semiconductor device manufacturing aligns with the growing demand for advanced technology in the telecommunications and electronics sectors, positioning Huaqin Technology to capitalize on industry trends [1]

Core Viewpoint - Emphasis on the valuation expansion of domestic wafer foundries, driven by intensified demand and a price increase cycle in the storage sector [2] Market Performance - In the week before the holiday, the Shanghai Composite Index rose by 0.21%, while the electronics sector increased by 3.51%, with semiconductors up by 7.64%. In contrast, the Hang Seng Tech Index fell by 1.58% [2] - During the holiday period, Hong Kong's semiconductor sector performed well, with domestic foundries SMIC and Hua Hong Semiconductor reaching historical highs [2] Semiconductor Industry Insights - Domestic wafer foundry capabilities are advancing in both quantity and quality, driven by the growing demand for AI computing power and enhanced high-end chip design capabilities [2] - The increasing procurement by major companies like Deepseek, Alibaba, and Tencent highlights the necessity and scarcity of domestic high-end chip foundry capabilities [2] Storage Market Dynamics - The AI application Sora gained significant popularity during the holiday, and OpenAI partnered with AMD to expand computing power, indicating a competitive arms race among internet giants [2] - The NAND market is expected to see a rise in both volume and price due to increased demand from AI inference, with predictions of a 5-10% increase in contract prices for NAND Flash products in Q4 2025 [2] Capacity Growth Projections - From 2024 to 2028, China's wafer fab capacity is projected to grow at a CAGR of 8.1%, surpassing the global average of 5.3% [3] - The capacity growth for mainstream nodes (22nm-40nm) is expected to be particularly strong, with a CAGR of 26.5% [3] Company Developments - Yangtze Memory Technologies Co. (YMTC) completed its restructuring and is poised for expansion, with its valuation exceeding 160 billion yuan [4] - The establishment of the third phase of YMTC is expected to boost orders for domestic front-end equipment companies [4] AI Infrastructure Investments - Alibaba Cloud is accelerating its transformation into a full-stack AI service provider, with a three-year plan to invest 380 billion yuan in AI infrastructure [5] - The launch of the new AI server, designed to support multiple AI chips, reflects the growing demand for AI solutions [5] Investment Recommendations - Continued focus on domestic semiconductor companies such as SMIC, Hua Hong Semiconductor, and various storage firms like Demingli and Jiangbolong is advised [2][3][4] - In the consumer electronics sector, companies like Industrial Fulian and Xiaomi Group are highlighted for potential investment [6]

Core Viewpoint - The announcement details the results of the 2025 restricted stock incentive plan of Huqin Technology Co., Ltd, including the number of shares granted, the grant price, and the conditions surrounding the stock options [2][8]. Summary by Sections 1. Restricted Stock Grant Details - The registration date for the reserved grant of restricted stock is September 25, 2025 [2]. - A total of 440,350 shares were granted to 88 incentive recipients at a price of 39.96 yuan per share [2][8]. - The actual number of shares granted was reduced from 464,350 to 440,350 due to three recipients forfeiting their rights to 24,000 shares [2]. 2. Incentive Plan Conditions - The effective period of the incentive plan is up to 48 months from the completion of the registration [5]. - The lock-up period for the granted shares is set at 12, 24, and 36 months, during which recipients cannot transfer or use the shares as collateral [6]. 3. Financial Aspects - The total funds raised from the stock incentive plan amount to 17,596,386 yuan, with a reduction in treasury stock and capital reserve [8]. - The company’s registered capital remains at 1,015,754,580 yuan after the stock incentive [8]. 4. Registration and Compliance - The stock grant registration has been completed with the China Securities Depository and Clearing Corporation, and the company received the securities change registration certificate on September 29, 2025 [9]. - The completion of the stock registration will not change the control of the company’s major shareholders [10]. 5. Impact on Financial Status - The incentive plan will incur costs that will be recognized in the company's regular profit and loss statements over the vesting period [12].

据港交所文件：华勤技术股份有限公司向港交所提交上市申请书。 ...

Core Viewpoint - Huqin Technology announced the completion of the reserved grant registration for its 2025 restricted stock incentive plan, indicating a strategic move to motivate and retain key personnel through equity incentives [1] Group 1 - The reserved grant registration date for the restricted stock plan is September 25, 2025 [1] - The total number of shares registered for the reserved grant is 440,350 shares [1]

Group 1 - Company Huqin Technology submitted its prospectus to the Hong Kong Stock Exchange for a secondary listing on September 16, 2025, aiming to raise funds for global expansion [1] - Five employee shareholding platforms reduced their holdings by 3.83% between August 28 and September 17, 2025, cashing out a total of 3.578 billion yuan [2] - The reduction in shareholding led to all five platforms holding less than 5% of the company, thus no longer being classified as significant shareholders [2] Group 2 - Huqin Technology achieved over 100 billion yuan in revenue in 2024, with a 113.06% year-on-year increase in the first half of 2025, reaching 83.939 billion yuan [3] - Despite the revenue growth, the company's net profit margin decreased from 2.65% in 2024 to 2.25% in 2025, and gross margin fell from 9.30% to 7.67% [3] - The company's business model of "exchanging price for volume" is under pressure, with high-performance computing and smart terminal businesses contributing nearly 90% of revenue but having low gross margins [3] Group 3 - Market opinions are divided regarding the large-scale cash-out by employee shareholding platforms, with some viewing it as a reasonable reward for employees, while others see it as a sign of caution regarding the company's valuation and future prospects [4] - As of September 29, 2025, Huqin Technology's total market capitalization on the A-share market was 105.3 billion yuan, with ongoing focus on the H-share listing process and fund movements [4]

证券代码：603296 证券简称：华勤技术 公告编号：2025-095 华勤技术股份有限公司 关于 2025 年限制性股票激励计划预留授予结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： ●限制性股票预留授予登记日：2025 年 9 月 25 日 ●限制性股票预留授予登记数量：44.0350 万股 根据《上市公司股权激励管理办法》的规定，按照上海证券交易所、中国证 券登记结算有限责任公司上海分公司的有关要求，华勤技术股份有限公司（以下 简称"公司"）于近日在中国证券登记结算有限责任公司上海分公司办理完成公 司 2025 年限制性股票激励计划（以下简称"激励计划"）的预留授予登记工作， 现将相关事项公告如下： 一、限制性股票授予情况 公司于 2025 年 8 月 4 日召开第二届董事会第十七次会议、第二届监事会第 十四次会议，审议通过了《关于向公司 2025 年限制性股票激励计划激励对象授 予预留部分限制性股票的议案》，公司董事会认为本激励计划规定的限制性股票 预留授予条件已经成就，同意以 2025 年 ...

Core Points - The company announced the results of its 2025 restricted stock incentive plan, with the grant date set for August 4 [1] - Originally planned to grant 464,350 shares to 91 incentive recipients, but due to three individuals waiving their subscription, 440,350 shares were actually granted to 88 individuals [1] - The grant price was set at 39.96 yuan per share, with shares sourced from secondary market repurchases [1] Summary by Sections - **Grant Details** - The maximum validity period for the granted shares is 48 months, with a lock-up period divided into 12, 24, and 36 months [1] - The release ratios for the lock-up period are 30%, 30%, and 40% respectively [1] - **Financial Aspects** - As of August 26, the company received subscription funds amounting to 17,596,386 yuan [1] - The registration was completed on September 25, and the fundraising will be used to supplement working capital [1] - The incentive cost will be recognized in stages [1]