Core Viewpoint - The stock of Yaxiang Integration (603929.SH) experienced an abnormal trading fluctuation, with a cumulative closing price increase of over 20% over two consecutive trading days on December 11 and 12, 2025 [1] Group 1 - The company disclosed that its shareholder, EVER CREATIVE, announced a share reduction plan on September 2, 2025 [1] - The reduction period for EVER CREATIVE's shareholding is from September 23, 2025, to December 22, 2025 [1] - On December 11, 2025, EVER CREATIVE reduced its holdings by 414,000 shares [1]

证券代码：603929 证券简称：亚翔集成 公告编号：2025-051 亚翔系统集成科技（苏州）股份有限公司 股票交易异常波动公告 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： 亚翔系统集成科技（苏州）股份有限公司（以下简称"公司"）股票于 2025 年 12 月 11 日、12 月 12 日连续两个交易日内日收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动 情形。 经公司自查，并书面征询控股股东及实际控制人，截止本公告披露日， 确认不存在应披露而未披露的重大信息。 二级市场交易风险：截至 2025 年 12 月 12 日收盘，公司收盘价格为 89.19 元。根据中证指数网（www.csindex.com.cn）发布的数据，公司所属行业"E 建 筑业"门类下的"E49建筑安装业"最新市净率为4.27倍，公司最新市净率为10.20 倍，公司市净率高于行业平均水平。当前公司股票价格短期涨幅较大，可能 存在非理性炒作，敬请广大投资者注意二级市场交易风险，理性决策, ...

Group 1 - The core point of the article is that Yaxiang Integrated (603929.SH) announced a significant stock price fluctuation, with a cumulative increase of over 20% in closing prices over two consecutive trading days on December 11 and 12, 2025, indicating abnormal trading activity [1] - The company disclosed a share reduction plan by its shareholder, EVER CREATIVE, which is set to take place from September 23 to December 22, 2025 [1] - On December 11, 2025, EVER CREATIVE reduced its holdings by 414,000 shares, prompting a warning to investors about the risks associated with shareholder reductions [1]

Core Viewpoint - The Shanghai Composite Index rose by 0.41%, with 60 stocks reaching historical closing highs, indicating a positive market sentiment and strong performance in specific sectors [1][2]. Group 1: Market Performance - Among the tradable A-shares today, 2,683 stocks increased in price, accounting for 49.28%, while 2,612 stocks decreased, making up 47.98% [1]. - A total of 83 stocks hit the daily limit up, while 27 stocks hit the limit down [1]. - The average closing price of stocks that reached historical highs was 70.64 yuan, with 11 stocks priced over 100 yuan and 22 stocks priced between 50 yuan and 100 yuan [1]. Group 2: Sector Analysis - The sectors with the highest concentration of stocks reaching historical highs included machinery equipment (13 stocks), electronics (13 stocks), and power equipment (6 stocks) [1]. - Notable stocks with significant price increases included Tianli Composite, Chaojie Co., and Boying Special Welding, with daily increases of 30%, 20%, and 19.99% respectively [2]. Group 3: Capital Flow - The total net inflow of main funds into stocks that reached historical highs was 3.564 billion yuan, with 38 stocks experiencing net inflows [2]. - The stocks with the highest net inflows included Dongshan Precision (1.12 billion yuan), Shijia Photon (458 million yuan), and Shunhao Co. (374 million yuan) [2]. - Conversely, 19 stocks saw net outflows, with Yongding Co. leading at 576 million yuan [2]. Group 4: Market Capitalization - The average total market capitalization of stocks that reached historical highs was 31.271 billion yuan, while the average circulating market capitalization was 27.688 billion yuan [2]. - Stocks with the highest total market capitalization included Dongshan Precision (155.43 billion yuan), Cangge Mining (113.97 billion yuan), and Guodian Power (105.23 billion yuan) [2]. Group 5: Stock Performance Highlights - Notable stocks that reached historical highs included: - Tianli Composite: 60.84 yuan, up 30% - Chaojie Co.: 96.78 yuan, up 20% - Boying Special Welding: 57.62 yuan, up 19.99% [3][4]. - Other significant performers included Sui Rui New Materials and Qiaoyuan Co., with increases of 17.58% and 16.89% respectively [2].

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日专业工程板块主力资金净流入1.4亿元，游资资金净流出6028.42万元，散户资 金净流出7992.2万元。专业工程板块个股资金流向见下表： 证券之星消息，12月12日专业工程板块较上一交易日上涨1.24%，亚翔集成领涨。当日上证指数报收于 3889.35，上涨0.41%。深证成指报收于13258.33，上涨0.84%。专业工程板块个股涨跌见下表： ...

Investment Rating - The report maintains an investment rating of "Buy" for the company [1] Core Insights - The company reported a significant increase in consolidated revenue for November, reaching 8.509 billion New Taiwan Dollars (approximately 1.923 billion RMB), which reflects a year-on-year increase of 169.57% and a month-on-month increase of 20.4% [2][4] - The strong revenue growth is attributed to the peak construction period of major engineering orders, particularly in the semiconductor sector, which accounted for 99% of new orders signed in the first five months of 2025 [2][3] - The company is expected to continue experiencing high revenue growth in the fourth quarter due to the recognition of engineering order revenues [3] Summary by Sections Revenue Performance - For the first eleven months of 2025, the company achieved a cumulative revenue of 67.238 billion New Taiwan Dollars (approximately 15.197 billion RMB), representing a year-on-year increase of 9.5% [2] - The combined revenue for October and November 2025 showed a year-on-year increase of 117.9%, building on a strong base from the third quarter [2] Order Book and Market Position - The company signed new orders totaling 95.8 billion New Taiwan Dollars in the first five months of 2025, a 39.1% increase compared to the entire year of 2024 [2] - The majority of new orders are concentrated in Southeast Asia, with a significant project in Singapore contributing to the order book [3] Profitability and Forecast - In the third quarter of 2025, the company reported a net profit of 282 million RMB, with a gross margin of 27.51%, reflecting a substantial year-on-year increase [4] - The report projects a compound annual growth rate (CAGR) of 27% for net profit from 2025 to 2027, with expected net profits of 791 million RMB, 1.017 billion RMB, and 1.303 billion RMB for the respective years [5] Valuation - The target price for the company's stock has been raised to 95.40 RMB, based on a 20x price-to-earnings (P/E) ratio for 2026, reflecting an increase from the previous target of 64.65 RMB [5]

Core Viewpoint - As of December 10, 2025, the number of shareholders for Yaxiang Integrated is projected to be 14,569 [2] Summary by Categories - **Company Information** - Yaxiang Integrated has confirmed through an interactive platform that it will have 14,569 shareholders by December 10, 2025 [2] - **Investor Engagement** - The company actively engages with investors by responding to inquiries on its interactive platform [2]

Market Overview - The professional engineering sector experienced a decline of 0.24% on December 11, with the leading drop attributed to the Dayang Group [1] - The Shanghai Composite Index closed at 3873.32, down 0.7%, while the Shenzhen Component Index closed at 13147.39, down 1.27% [1] Stock Performance - Notable gainers in the professional engineering sector included: - Yaxiang Integration (603929) with a closing price of 81.08, up 10.00% on a trading volume of 62,300 shares and a transaction value of 486 million [1] - Aiman Co. (605289) closed at 75.70, up 7.74% with a trading volume of 82,600 shares and a transaction value of 621 million [1] - Nenghui Technology (301046) closed at 32.73, up 4.47% with a trading volume of 170,300 shares and a transaction value of 556 million [1] Capital Flow - The professional engineering sector saw a net outflow of 265 million from institutional investors, while retail investors contributed a net inflow of 250 million [2] - The sector's capital flow indicated that retail investors were more active compared to institutional investors, with a net inflow of 15.45 million from speculative funds [2] Individual Stock Capital Flow - Key stocks with significant capital flow included: - Yaxiang Integration (603929) had a net inflow of 42.23 million from institutional investors, while it faced a net outflow of 9.56 million from speculative funds [3] - Aiman Co. (605289) experienced a net inflow of 27.00 million from institutional investors but a net outflow of 47.47 million from speculative funds [3] - Nenghui Technology (301046) saw a net inflow of 25.81 million from institutional investors, with a net outflow of 17.36 million from speculative funds [3]

Market Overview - The Shanghai Composite Index fell by 0.70%, dropping below 3900 points, while the ChiNext and Shenzhen Composite Indexes both declined by over 1% [1] - More than 4300 stocks in the two markets experienced declines, with notable increases in stocks like Moer Thread, which surged nearly 30% [1] Aerospace and Defense - Aerospace Power has seen three consecutive trading days of gains, indicating strong market interest [3] - The company is a subsidiary of the China Aerospace Science and Technology Corporation, primarily engaged in the development of liquid rocket engines [3] Telecommunications and Technology - DreamNet Technology launched a rich media communication service for 5G, integrating various communication methods [5] - The company collaborates with Alibaba for cloud computing, enhancing its capabilities in key industries such as finance and public utilities [5] Energy and Utilities - Companies in the cable sector, such as Tongguang Cable, have seen significant stock price increases due to their involvement in national grid projects [3] - The company produces OPGW cables used in high-voltage power projects, integrating AI for improved fault location accuracy [3] Consumer Goods - Dongbai Group has maintained a strong market presence with six consecutive trading days of gains, focusing on retail and commercial real estate [5][7] - The company primarily operates in the department store sector while also engaging in property development and leasing [7] Renewable Energy - China Tianying is a leader in the domestic waste incineration power generation sector, with advancements in energy storage technology [7] - The company is expanding its operations into distributed photovoltaic power generation and wind energy [7] Robotics - Jiafeng Co. is involved in the precision reduction gear manufacturing for industrial robots, indicating growth in the robotics sector [7] - The company aims to provide standardized products and custom solutions for robot manufacturers [7] Real Estate - Vanke is reportedly discussing bond extension matters, indicating ongoing financial restructuring efforts [8] - The company is facing challenges but is actively seeking solutions to stabilize its financial position [8]

Group 1 - The ChiNext Index experienced a decline in the afternoon after rising over 1% in the morning [1] - The North Stock 50 Index saw a significant increase, rising over 5% [2] - The stock of Tianli Composite surged by 30%, hitting the daily limit [2] Group 2 - The controlled nuclear fusion concept stocks saw a short-term rally, with Haohan Huaton rising over 10%, and Shenghui Technology and Xuguang Electronics also gaining [3] - Semiconductor equipment stocks strengthened, with Yaxiang Integration hitting the daily limit and reaching a historical high, while other stocks like Zhongke Feicai, Xuguang Electronics, Shenghui Integration, Huahai Qingke, and Jingce Electronics also rose [3] - According to the International Semiconductor Industry Association, the global semiconductor equipment shipment value is expected to grow by 11% year-on-year to $33.66 billion by Q3 2025, with a quarter-on-quarter increase of 2% [3] Group 3 - In the Hong Kong stock market, the Hang Seng Technology Index expanded its decline to 1%, while the Hang Seng Index experienced a slight drop [4]