Investment Rating - The investment rating for the company is "Outperform the Market" [5]. Core Views - The company is positioned to benefit from the ongoing semiconductor capacity migration to Singapore, which is seen as a safe haven amid geopolitical uncertainties [1][46]. - The company has secured significant semiconductor engineering orders in Singapore, indicating strong demand and potential for revenue growth [2][30]. - The valuation of the company is significantly lower than its peers, suggesting potential for revaluation as overseas business continues to grow [2][19]. Summary by Sections Investment Recommendations - The profit forecast has been raised, maintaining the "Outperform the Market" rating. The projected net profits for 2025-2027 are 477 million, 816 million, and 713 million yuan respectively, with corresponding earnings per share of 2.24, 3.83, and 3.34 yuan [3][4]. Financial Forecasts and Indicators - The company’s revenue is expected to grow significantly, with projected revenues of 3,201 million, 5,381 million, 4,570 million, 6,369 million, and 5,871 million yuan from 2023 to 2027, reflecting a growth rate of 5.3%, 68.1%, -15.1%, 39.4%, and -7.8% respectively [4]. - The company's EBIT margin is projected to improve from 10.1% in 2023 to 12.8% in 2027, indicating enhanced profitability [4]. Market Trends - Singapore is becoming a key hub for semiconductor manufacturing, contributing 10% of global semiconductor output and 20% of semiconductor equipment output, with a manufacturing output value exceeding 1,330 billion SGD (approximately 1,010 billion USD) in 2023 [33][34]. - The Singapore government is actively supporting the semiconductor industry through strategic fiscal policies, including a 180 billion SGD investment from 2021 to 2025 to bolster R&D and infrastructure [34][37]. Company Positioning - The company has a strong competitive edge in the semiconductor cleanroom engineering sector, leveraging its parent company's resources and expertise to expand its overseas market presence [11][12]. - The company has secured major contracts with leading semiconductor manufacturers, including UMC and VSMC, which are expected to significantly contribute to its revenue in the coming years [30][31].

Investment Rating - The industry rating is maintained as "Outperform the Market" [5] Core Insights - The construction sector has seen a significant increase in attention towards urban renewal, with undervalued large-cap stocks showing signs of stabilization. The sector's performance is driven by improved demand-side policy expectations and a shift away from excessive competition, benefiting both large and small-cap stocks. The report suggests focusing on high-growth segments such as urban renewal, coal chemical, nuclear power, and steel structures, while also considering the beta opportunities in large-cap stocks [1][13][14]. Summary by Sections Urban Renewal - Urban renewal is accelerating, with policies from the central government outlining goals and support measures. The focus includes the renovation of old residential areas, establishing safety management systems for buildings, and creating resilient and smart cities. The report identifies four key categories for investment: design and testing, construction and decoration, urban infrastructure renovation, and resilient/smart city initiatives, highlighting specific companies in each category [2][15][17]. Market Performance - The construction index rose by 2.77% in the week of July 7-11, outperforming the Shanghai and Shenzhen 300 index by 1.76 percentage points. Notable performers included Guosheng Technology (+42.98%), New City (+34.73%), and Beautiful Ecology (+34.46%) [4][21][26]. Investment Recommendations - The report emphasizes the cyclical opportunities arising from improved physical work volume in infrastructure. It suggests focusing on high-demand areas such as water conservancy, railways, and aviation, particularly in regions like Sichuan, Zhejiang, Anhui, and Jiangsu. Recommended companies include Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction and China Railway Construction [27][28]. Emerging Business Directions - The report highlights the growing demand for computing power driven by AI applications, recommending companies like Hainan Huatie for their transition into computing power leasing. It also notes the potential in cleanroom sectors due to the ongoing domestic replacement in the semiconductor industry, suggesting companies like Baicheng and Shenghui Integration [29][30]. Major Projects and Themes - The report identifies significant investment opportunities in major hydropower projects, deep-sea economy, and low-altitude economy, recommending companies involved in these sectors, such as China Power Construction and China Energy Engineering [32][30].

Summary of the Conference Call for 雅翔集成 Company Overview - 雅翔集成 is primarily engaged in semiconductor cleanroom system integration solutions, focusing on high-end cleanroom sectors including IC semiconductors and optoelectronics. The company possesses full EPCO capabilities from engineering design to maintenance, with a strong project experience [4][5]. Financial Performance and Projections - In 2024, 雅翔集成 expects a revenue growth rate of 56.79% and a net profit increase of 121.66%, benefiting from favorable exchange rates and high-quality orders. The gross profit margin is notably high, with nearly 50% of business coming from Singapore [2][7]. - The company signed new orders worth 36 billion in 2024, a nearly 50% decline year-on-year, but still maintains a backlog of approximately 30.31 billion by year-end [7]. - Operating cash flow for 2024 is projected to be 16 billion, an increase of 10.7 billion from 2023, with a net cash ratio of 252.68, reflecting a 73 percentage point improvement [8]. - The dividend payout ratio is close to 100% for 2023 and 2024, with a total dividend amount of 213 million, and a dividend yield of 3.4-3.5% [8]. Market Dynamics and Industry Trends - The semiconductor industry is experiencing a surge in demand driven by AI, with global sales expected to exceed 1 trillion by 2030. Equipment spending for wafer fabs is anticipated to reach 400 billion [2][9]. - The storage sector is seeing significant investment and construction demand, with 长鑫存储 planning to supply AI accelerators and data centers starting in 2026 [11]. - The U.S. semiconductor supply chain management is prompting major manufacturers to seek risk-averse strategies, benefiting investments in China's and Southeast Asia's semiconductor supply chains [14]. Competitive Positioning - 雅翔集成's revenue per employee and operational efficiency surpass those of competitors, with a high proportion of technical staff (88%-90%) and advanced digital management practices [3][15]. - The company is gradually shifting focus from mainland China to Singapore, targeting high-end semiconductor clients [15]. - In terms of valuation, 雅翔集成 is currently at a lower PE ratio of approximately 15 times, compared to competitors like 圣辉 (21 times) and 百成 (26-27 times), indicating a potential stock price increase of 30%-40% [17]. Future Outlook - Revenue and profit pressures are expected in 2025 due to order concentration, but significant performance improvements are anticipated in 2026 and 2027, with projected revenue growth rates of -15%, 24%, and 12% respectively [17]. - The global distribution of new wafer fabs in 2025 is projected to include three in China, two in Taiwan, one in Southeast Asia, and four in the U.S., indicating an acceleration in capacity expansion [12]. Conclusion - 雅翔集成 is positioned favorably within the semiconductor industry, with strong financial performance, a solid order backlog, and a strategic focus on high-growth markets. The company is recommended for investment due to its low valuation and robust cash flow and dividend potential [19].

Investment Overview - The company plans to invest RMB 20 million as a limited partner in the Xiamen Lianhe Phase IV Integrated Circuit Industry Venture Capital Fund, which primarily focuses on the semiconductor, ICT, new materials, and advanced manufacturing sectors [1][5] - The target fundraising size for the fund is RMB 500 million, with a duration of 5 years for investment, followed by a 2-year exit period, extendable by another 2 years [1][5] Fund Management and Structure - The general partner and fund manager is Xiamen Lianhe Equity Investment Fund Management Co., Ltd., established on June 8, 2017, with a registered capital of RMB 10 million [2] - The fund will invest at least 70% of its total raised capital in the specified sectors, with a limit of 20% for any single project investment [6][7] Impact on the Company - This investment will help the company to strategically position itself within the integrated circuit and advanced manufacturing industry chain, aiming for financial returns without affecting its normal operations [7] - The investment does not create any direct association with the company's main business and does not involve new related transactions or competition [7]

Group 1 - Guizhou Moutai has repurchased a total of 3.3821 million shares as of June 30, 2025, accounting for 0.2692% of the total share capital, with a total expenditure of 5.202 billion yuan [2] - Luxshare Precision is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global financing capabilities and governance transparency [2] - Huazhong Xinchuang has received a project notification from a leading domestic eVTOL manufacturer for the development and supply of an intelligent cockpit multimedia display system [3] Group 2 - Meinohua expects a net profit of 46 million to 52 million yuan for the first half of 2025, representing a year-on-year increase of 142.84% to 174.52% [4] - Jiangnan Water has received a report from shareholder Lianan Life Insurance indicating an increase in shareholding by 46.99 million shares, representing 5.03% of the total share capital [5] - Huasen Pharmaceutical has received approval for clinical trials of its CX001 sustained-release tablets, marking a milestone for its innovative drug development platform [6] Group 3 - Zongshen Power anticipates a net profit growth of 70% to 100% for the first half of the year [7] - Yutong Bus reported a sales volume of 5,919 units in June, a year-on-year increase of 24.79% [7] - Guangzhou Port expects a 7.0% year-on-year increase in container throughput for June 2025 [7] Group 4 - Data Port's shareholders plan to reduce their holdings by up to 1.74% and 0.26% of the company's shares [9] - Humanwell Healthcare's shareholder plans to increase its stake by 1% to 2% [9] - Nengte Technology plans to repurchase shares worth between 300 million to 500 million yuan [10]

证券代码：603929 证券简称：亚翔集成 公告编号：2025-024 亚翔系统集成科技（苏州）股份有限公司 关于签署海外机电工程项目订单暨关联交易的公告 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个 别及连带责任。 重要内容提示： 关联交易内容：L&K ENGINEERING CO., LTD. (SINGAPORE BRANCH)（以 下简称"台湾亚翔新加坡分公司"）将海外机电工程项目发包给亚翔系统集 成科技（苏州）股份有限公司新加坡分公司（英文名：L&K ENGINEERING(SUZHOU) CO.,LTD.SINGAPORE BRANCH）（以下简称苏州亚翔新加坡分公司），项目金额 约为人民币 1,581,700,000.00 元。 关联关系：台湾亚翔新加坡分公司为公司控股股东亚翔工程股份有限公 司之分公司，本次交易构成关联交易。本次交易未构成重大资产重组。 审议程序：本次交易已经公司第六届董事会第八次会议审议通过，关联 董事回避表决，本次交易在董事会审议前，已经独立董事专门会议审议通过， 且已经全体独立董事过半数同意。 ...

证券代码：603929 证券简称：亚翔集成 公告编号：2025-025 亚翔系统集成科技（苏州）股份有限公司 关于公司对外投资产业基金的公告 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个 别及连带责任。 重要内容提示： 一、对外投资概述 （一）对外投资的基本情况 投资标的名称：厦门联和四期集成电路产业创业投资基金合伙企业（有 限合伙）（以下简称"联和四期基金"，最终以工商登记名称为准） 投资金额：亚翔系统集成科技（苏州）股份有限公司（以下简称"公司" 或"亚翔集成"）拟以自有资金认缴出资人民币 2000 万元，约占基金总 认缴出资额的 4%（具体以占基金实际总募集出资额的比例为准）。 本次交易已经公司第六届董事会第八次会议审议通过，无需提交公司股 东大会审议。 本次投资事项不构成关联交易，不属于《上市公司重大资产重组管理办 法》规定的重大资产重组情形。 相关风险提示：行业集中风险、流动性风险、投资标的运营风险等（详 见本公告"六、对外投资的风险分析"）。 基于战略发展规划及产业布局需要，公司拟作为有限合伙人以自有资金 认缴出资人民币 ...

证券代码：603929 证券简称：亚翔集成 公告编号：2025-026 亚翔系统集成科技（苏州）股份有限公司 关于召开2025年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025年第一次临时股东大会 召开的日期时间：2025 年 7 月 24 日 10 点 30 分 召开地点：苏州工业园区方达街 33 号公司会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 24 日 股东大会召开日期：2025年7月24日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 至2025 年 7 月 24 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大 会召开 ...

本公司监事会及全体监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 担个别及连带责任。 证券代码：603929 证券简称：亚翔集成 公告编号：2025-023 亚翔系统集成科技（苏州）股份有限公司 第六届监事会第八次会议决议的公告 一、监事会会议召开情况 亚翔系统集成科技（苏州）股份有限公司（以下简称"公司"） 第六届监事会第八次会议于 2025 年 6 月 24 日以书面方式发出会议通 知和会议材料，并于 2025 年 7 月 2 日以现场及通讯方式召开。本次 监事会会议应到监事三名，实到监事三名，符合《公司法》和《公司 章程》的规定。会议由监事会主席王富琳先生主持。本次会议的召开 符合《公司法》、《上海证券交易所股票上市规则》 等有关法律、行 政法规、部门规章、规范性文件和《公司章程》的规定。会议决议合 法有效。会议经认真审议，情况如下： 1、审议通过《关于签署海外机电工程项目订单暨关联交易的议案》 表决结果：3 票同意、0 票反对、0 票弃权 公司之分公司与控股股东控股之分公司之间的关联交易，系正常 商业交易行为。该交易有助于提升公司在新加坡市场的业务 ...

证券代码：603929 证券简称：亚翔集成 公告编号：2025-022 亚翔系统集成科技（苏州）股份有限公司 第六届董事会第八次会议决议的公告 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个 别及连带责任。 一、董事会会议召开情况 亚翔系统集成科技（苏州）股份有限公司（以下简称"公司"或"亚翔 集成"）第六届董事会第八次会议于 2025 年 6 月 24 日以书面方式发出会议 通知和会议材料，并于 2025 年 7 月 2 日以现场及通讯的方式召开。本次会议 应出席会议董事 9 名，实际出席会议董事 9 名。本次会议由公司董事长姚祖 骧先生主持，公司监事和高级管理人员列席会议。议案《关于签署海外机电 工程项目订单暨关联交易的议案》因是关联交易，故董事姚祖骧、姚智怀回 避表决。 本次会议的召开符合《公司法》、《上海证券交易所股票上市规则》等有 关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。会议决 议合法有效。 二、董事会会议审议情况 审议结果：共表决 9 票，其中同意 9 票，反对 0 票，弃权 0 票 会议通知具体内容详 ...