Group 1 - The core viewpoint of the news is that兆易创新 has shown significant stock performance and financial growth in 2025, with a notable increase in revenue and net profit compared to the previous year [2][3] - As of December 31, 2025, the stock price of 兆易创新 increased by 111.09% year-to-date, with a market capitalization of 1500.86 billion yuan [1] - The company has been actively traded, with a recent trading volume of 31.49 billion yuan and a turnover rate of 2.13% [1] Group 2 - 兆易创新's main business involves the research, sales, and technical support of integrated circuit storage chips, with storage chips accounting for 68.55% of its revenue [2] - For the period from January to September 2025, the company achieved an operating income of 68.32 billion yuan, representing a year-on-year growth of 20.92%, and a net profit attributable to shareholders of 10.83 billion yuan, up 30.18% year-on-year [2] - The company has distributed a total of 19.48 billion yuan in dividends since its A-share listing, with 6.39 billion yuan distributed in the last three years [3] Group 3 - As of September 30, 2025, the number of shareholders of 兆易创新 increased to 157,500, reflecting a growth of 14.31% [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the second-largest shareholder, holding 30.29 million shares [3] - The company is categorized under the electronic-semiconductor-digital chip design industry and is involved in various concept sectors including analog chips and automotive electronics [2]

Summary of Key Points Core Viewpoint - As of December 30, the total market financing balance reached 2.54 trillion yuan, reflecting a slight increase from the previous trading day, indicating ongoing investor interest in the market [1]. Financing Balances - The financing balance for the Shanghai Stock Exchange was 1.28 trillion yuan, up by 43.20 million yuan, while the Shenzhen Stock Exchange saw a decrease of 6.16 million yuan to 1.25 trillion yuan. The Beijing Stock Exchange's financing balance decreased by 2.17 million yuan to 79.91 million yuan [1]. Individual Stock Performance - On December 30, 1,835 stocks received net financing purchases, with 508 stocks having net purchases exceeding 10 million yuan. Notably, 37 stocks had net purchases over 100 million yuan, with C Qiang Yi leading at 549.13 million yuan [1][2]. - Other significant net purchases included Sanhua Intelligent Controls at 376.82 million yuan and Zhaoyi Innovation at 265.87 million yuan [2]. Industry Analysis - The industries with the highest concentration of stocks receiving net financing purchases over 100 million yuan were electronics, machinery, and defense, with 11, 5, and 3 stocks respectively [1]. - The distribution of large net purchase stocks included 23 from the main board, 9 from the ChiNext board, and 5 from the Sci-Tech Innovation board [1]. Financing Balance to Market Value Ratio - The average ratio of financing balance to market value for stocks with significant net purchases was 4.78%. C Qiang Yi had the highest ratio at 9.98%, followed by Dianguang Media at 9.51% and Xichuang Data at 8.38% [2].

Group 1 - As of December 30, the margin balance of A-shares reached 25,552.84 billion yuan, an increase of 35.5 billion yuan from the previous trading day, accounting for 2.59% of the A-share circulating market value [1] - The trading volume of margin financing on the same day was 2,300.23 billion yuan, a decrease of 0.3 billion yuan from the previous trading day, representing 10.63% of the total A-share trading volume [1] - Among the 31 primary industries, 20 experienced net financing inflows, with the automotive industry leading at a net inflow of 1.177 billion yuan [1] Group 2 - A total of 37 individual stocks had net financing inflows exceeding 100 million yuan, with Qiangyi Co., Ltd. leading at a net inflow of 549 million yuan [1] - Other notable stocks with significant net financing inflows included Sanhua Intelligent Controls, Zhaoyi Innovation, Xiechuang Data, China Satellite Communications, Kweichow Moutai, SMIC, Saiwei Electronics, Huichuan Technology, and Fulongma [1][2] - The report from Yongxing Securities indicates continued policy support for automotive consumption, alongside steady growth in new energy vehicle sales, maintaining an "overweight" rating for the automotive industry [2]

Group 1 - The core point of the news is that兆易创新 experienced a decline of 1.12% on December 31, with a stock price of 217.75 yuan per share, a trading volume of 1.556 billion yuan, a turnover rate of 1.05%, and a total market capitalization of 145.424 billion yuan [1] - 兆易创新科技集团股份有限公司, established on April 6, 2005, and listed on August 18, 2016, focuses on the research, sales, and technical support of integrated circuit storage chips, with its main business revenue composition being: storage chips 68.55%, microcontrollers 23.11%, sensors 4.65%, analog products 3.67%, and technical services and other income 0.02% [1] Group 2 - From the perspective of the top ten holdings of funds, 尚正基金 has one fund heavily invested in 兆易创新, specifically the 尚正研究睿选混合发起A (023397), which increased its holdings by 1,300 shares in the third quarter, totaling 7,100 shares, accounting for 8.38% of the fund's net value, making it the third-largest holding [2] - The 尚正研究睿选混合发起A fund was established on February 18, 2025, with a latest scale of 16.4659 million yuan and a cumulative return of 32.18% since inception [2] Group 3 - The fund manager of 尚正研究睿选混合发起A is Zhang Zhimei, who has been in the position for 8 years and 27 days, with a total fund asset size of 253 million yuan, achieving a best fund return of 121.21% and a worst return of -29.86% during her tenure [3] - The co-manager, Li Rui, has been in the position for 317 days, managing assets of 18.0713 million yuan, with a best return of 32.03% and a worst return of 2.76% during his tenure [3]

Summary of Key Points Core Viewpoint - As of December 30, the total market financing balance reached 2.54 trillion yuan, reflecting a slight increase from the previous trading day, indicating ongoing investor interest in the market [1]. Group 1: Market Financing Overview - The financing balance in the Shanghai market was 1.2782 trillion yuan, up by 432 million yuan from the previous day, while the Shenzhen market's financing balance was 1.2522 trillion yuan, down by 61.6 million yuan [1]. - The financing balance for the Beijing Stock Exchange was 7.991 billion yuan, decreasing by 21.69 million yuan [1]. Group 2: Individual Stock Performance - On December 30, a total of 1,835 stocks received net financing purchases, with 508 stocks having net purchases exceeding 10 million yuan, and 37 stocks exceeding 100 million yuan [1]. - The stock "C Qiang Yi" led with a net purchase of 549.13 million yuan, followed by "San Hua Zhi Kong" and "Zhao Yi Chuang Xin" with net purchases of 376.82 million yuan and 265.87 million yuan, respectively [2]. Group 3: Industry and Sector Analysis - The industries with the highest concentration of stocks receiving net financing purchases over 100 million yuan included electronics, machinery equipment, and national defense, with 11, 5, and 3 stocks respectively [1]. - Among the stocks with significant net purchases, the main board had 23 stocks, the ChiNext board had 9 stocks, and the Sci-Tech Innovation board had 5 stocks [1]. Group 4: Financing Balance and Market Capitalization - The average financing balance as a percentage of the circulating market value for stocks with significant net purchases was 4.78%, with "C Qiang Yi" having the highest ratio at 9.98% [2]. - Other stocks with high financing balance ratios included "Dian Guang Chuan Mei" at 9.51%, "Xie Chuang Shu Ju" at 8.38%, and "Lan Se Guang Biao" at 7.91% [2].

Core Insights - The report highlights the performance of stock recommendations from various brokerages, with 10 brokerages achieving over 50% returns in 2025, showcasing their ability to identify and recommend stocks early in the market cycle [2][3]. Group 1: Brokerage Performance - The highest cumulative return was achieved by Guoyuan Securities at 83.73%, followed by Northeast Securities and Kaiyuan Securities with returns of 67.47% and 67% respectively [2]. - Other brokerages such as Dongxing Securities, Huaxin Securities, and China Merchants Securities also reported returns exceeding 60%, while Everbright Securities, Dongguan Securities, Guotai Junan, and Changcheng Securities had returns above 50% [2]. Group 2: Stock Selection Strategy - The success of these brokerages is attributed to their strategy of identifying stocks at low points and consistently recommending them, which has led to significant gains [4][5]. - For instance, Kaiyuan Securities recommended Xinyisheng for four consecutive months, resulting in a total increase of 440% from May to August [6]. Group 3: Popular Stocks - Tencent Holdings emerged as the most recommended stock, being favored by around seven brokerages each month, making it the most popular stock of the year [7]. - The report indicates that the most popular stocks varied throughout the year, with technology stocks dominating in the first quarter, consumer stocks in the second, financial stocks in the third, and a return to technology stocks in the fourth quarter [7].

Group 1 - The A-share and Hong Kong stock markets showed a growth style leading the rally in December, with the ChiNext and North Star 50 indices rising over 5% [1] - The core drivers for the cyclical sector include economic recovery expectations and the revaluation of strategic resources, particularly benefiting from global manufacturing recovery and resource security themes [1][2] - The growth style focuses on technological self-reliance and new productivity, with capital concentrating on sectors like defense, communication, and AI-related high-end manufacturing [1][2] Group 2 - In January, the A-share market will enter a critical data verification period, influenced by policy effects, macro data, corporate performance, and liquidity changes, leading to potential increased volatility [2] - Key sectors such as defense, 6G, and satellite internet will require performance or order validation to digest previous gains, while commercial aerospace and AI computing sectors may still present active opportunities [2] - Strategic resource segments, especially rare metals like antimony, tungsten, and rare earths, are being revalued by the market due to their essential role in advanced technology breakthroughs [2] Group 3 - The company has excellent asset allocation in mineral resources, with a projected CAGR of 24% for copper production and 12% for gold production from 2020 to 2024, leading in growth among major copper/gold mining companies [6] - The company has successfully completed several significant acquisitions, contributing to production and profit, with ongoing projects expected to support sustainable growth in copper and gold businesses [6][8] - The company has effectively controlled costs, with production costs for copper and gold remaining competitive, positioning it within the top 20% globally [7] Group 4 - The company is benefiting from a stable coal production capacity of 48 million tons/year and has seen an increase in profitability due to low extraction costs and high long-term contracts [18] - The company is expanding its electrolytic aluminum capacity, with a projected increase to 121,000 tons/year by the end of 2025, supported by cost advantages from proximity to coal sources [19] - The company is actively promoting clean energy transition, with significant growth in renewable energy installations, aiming for 700,000 kW by the end of the 14th Five-Year Plan [19] Group 5 - The company is a leading supplier of air conditioning refrigeration valves, with rapid growth in automotive and humanoid robot businesses, actively developing new growth curves [47] - The company achieved a revenue of 240.29 billion yuan in the first three quarters of 2025, with a year-on-year increase of 16.86%, and a net profit of 32.42 billion yuan, up 40.85% [47] - The company is focusing on the development of robotic components, with plans for overseas mass production to strengthen its position in the global supply chain [49]

Core Viewpoint - The company,兆易创新, is set to launch a global offering of H-shares, with a total of 28.916 million shares being offered, subject to adjustments based on demand and over-allotment options [1] Group 1: Offering Details - The initial arrangement includes a public offering of 2.8916 million shares in Hong Kong, accounting for approximately 10% of the total global offering [1] - The international offering will consist of 26.0242 million shares, representing about 90% of the total global offering [1] - The price range for the H-share issuance is preliminarily set between HKD 132 and HKD 162 [1] Group 2: Timeline - The Hong Kong public offering is scheduled to commence on December 31, 2025, and is expected to conclude on January 8, 2026 [1] - The issuance price is anticipated to be announced by January 12, 2026 [1] - The H-shares are expected to be listed and commence trading on the Hong Kong Stock Exchange on January 13, 2026 [1]

Core Viewpoint - The company,兆易创新, is set to launch a global offering of H-shares, with a total of 28.916 million shares being offered, subject to adjustments based on demand and over-allotment options [1] Group 1: Offering Details - The initial arrangement includes a public offering of 2.8916 million shares in Hong Kong, accounting for approximately 10% of the total global offering [1] - The international offering will consist of 26.0242 million shares, representing about 90% of the total global offering [1] - The price range for the H-share issuance is preliminarily set between 132 HKD and 162 HKD [1] Group 2: Timeline - The Hong Kong public offering is scheduled to commence on December 31, 2025, and is expected to conclude on January 8, 2026 [1] - The issuance price is anticipated to be announced by January 12, 2026 [1] - The H-shares are expected to be listed and commence trading on the Hong Kong Stock Exchange on January 13, 2026 [1]

证券代码：603986 证券简称：兆易创新 公告编号：2025-072 兆易创新科技集团股份有限公司 关于刊发 H 股招股说明书、H 股发行价格区间及 H 股 香港公开发售等事宜的公告 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法律责任。 兆易创新科技集团股份有限公司（以下简称"公司"）正在进行申请公开发 行境外上市外资股（H 股）并在香港联合交易所有限公司（以下简称"香港联交 所"）主板上市（以下简称"本次发行上市"）的相关工作。 2025 年 6 月 19 日，公司向香港联交所递交了本次发行上市的申请，并于同 日在香港联交所网站刊登了申请资料。具体内容请详见公司于 2025 年 6 月 20 日在上海证券交易所网站（http://www.sse.com.cn）披露的《兆易创新关于向香 港联交所递交 H 股发行上市的申请并刊发申请资料的公告》（公告编号： 2025-034）。 2025 年 12 月 9 日，公司收到中国证券监督管理委员会（以下简称"中国证 监会"）出具的《关于兆易创新科技集团股份有限公司境外发行上市备案通知书》 ...