11月11日，立昂微盘中上涨2.03%，截至10:35，报36.64元/股，成交8.60亿元，换手率3.56%，总市值 245.99亿元。 资金流向方面，主力资金净流入2423.03万元，特大单买入7347.69万元，占比8.54%，卖出6651.98万 元，占比7.73%；大单买入1.94亿元，占比22.54%，卖出1.77亿元，占比20.53%。 立昂微所属申万行业为：电子-半导体-半导体材料。所属概念板块包括：MSCI中国、融资融券、中芯 国际概念、光伏玻璃、充电桩等。 截至9月30日，立昂微股东户数10.50万，较上期增加39.37%；人均流通股6394股，较上期减少28.25%。 2025年1月-9月，立昂微实现营业收入26.40亿元，同比增长15.94%；归母净利润-1.08亿元，同比减少 98.67%。 分红方面，立昂微A股上市后累计派现6.37亿元。近三年，累计派现3.42亿元。 立昂微今年以来股价涨47.92%，近5个交易日涨9.11%，近20日涨11.33%，近60日涨47.50%。 今年以来立昂微已经2次登上龙虎榜，最近一次登上龙虎榜为9月24日。 资料显示，杭州立昂微电子股份有限公司位 ...

2025年11月10日A股市场热点分化，大消费概念盘中异动拉升，免税、食品饮料板块领涨，中国中免涨 停，股价创近两年新高。消息面上，海南离岛免税新政实施首周(11月1日到7日)，海口海关共监管免税 购物金额5.06亿元，购物人数7.29万人次，同比分别增长34.86%、3.37%。 兴业证券表示，当前海外流动性收紧演变为系统性风险的概率不大，且随着相关解决方案逐步推进，其 对市场风险偏好的拖累已在缓解，A股在平稳的经济和政策预期支撑下或仍将具备韧性，继续"以我为 主"。 中金公司研报认为，展望2026年，国际货币秩序重构逻辑进一步强化，AI革命进入应用关键期，我国 创新产业迎来业绩兑现，上述趋势将继续支持中国资产表现。2026年A股市场风格可能更趋于均衡，驱 动这一切换的催化，主要来自经历过去三年去产能周期，叠加"反内卷"等政策推进，越来越多顺周期行 业有望接近供需平衡。建议关注三条主线：1）景气成长，2）外需突围，3）周期反转。 场内ETF方面，截至2025年11月10日 14:31，中证A500指数上涨0.18%，A500ETF龙头(563800)红盘蓄 势。成分股立昂微、九安医疗、中国中免、锦江酒店等纷 ...

Core Viewpoint - The semiconductor industry is experiencing a recovery, with a notable price increase in memory chips driven by demand from AI and other sectors [3][4][5]. Semiconductor Equipment ETF Performance - The Semiconductor Equipment ETF (561980) opened strong but closed lower, with a 1.00% increase and a trading volume exceeding 100 million [1]. - The ETF has seen a net inflow of 158 million yuan over the past four days, indicating strong investor interest [1]. - The ETF tracks a concentrated portfolio, with over 90% exposure to three major industries and a top ten concentration of 78% [1]. Memory Chip Price Increases - Major suppliers like Samsung and SK Hynix have announced price hikes of up to 30% for DRAM and NAND flash by Q4 2025, exceeding market expectations [4]. - SanDisk has also raised NAND flash contract prices by 50% in November, reflecting a broader trend of increasing memory chip prices [5]. - The price increases are attributed to reduced supply from major manufacturers exiting the low-end market and rising demand from AI applications [5]. AI and Computing Power Investment - The global investment in AI computing power is on the rise, with significant agreements such as OpenAI's $38 billion deal with Amazon for computing resources [6]. - Meta plans to invest $600 billion by 2028 in AI data centers and related infrastructure, indicating a strong commitment to AI development [6]. - The focus on AI infrastructure and chip suppliers is expected to benefit from the ongoing expansion of AI applications and technology [6]. Semiconductor Industry Outlook - The semiconductor equipment and materials sector is crucial for the industry's development, as it influences chip manufacturing processes and performance [5]. - The demand for integrated circuits is expected to grow due to advancements in AI, cloud computing, and big data, providing a favorable market environment for semiconductor equipment [5].

（文章来源：每日经济新闻） 每经AI快讯，11月10日，立昂微盘中涨停，涨幅10.02%，成交额超6亿元。 ...

内容概要：硅外延片是半导体制造核心材料，通过外延生长技术实现晶格匹配与参数精准调控，为集成 电路、功率器件提供性能支撑。当前，下游应用市场呈现强劲增长态势：2024年全国集成电路产量达 4514.2亿块，2025年1-9月产量达3818.9亿块，带动12英寸外延片需求；中国功率半导体市场规模2024年 增至1752.55亿元，新能源汽车、光伏等领域驱动8英寸及以上外延片需求爆发；半导体材料市场规模 2024年达134.6亿美元，硅外延片作为关键材料持续受益。我国硅外延片行业处于规模扩张与质量升级 关键期，2024年市场规模达124.4亿元，12英寸、8英寸产品主导市场，高端技术加速突破。企业格局 上，国际巨头主导高端市场，本土企业梯队化追赶，竞争焦点转向技术协同与产业链整合。未来，行业 将向高端化、自主化、多元化发展，技术迭代、产业链协同、应用拓展与宽禁带半导体布局将成为核心 方向。 上市企业：沪硅产业（688126.SH）、TCL中环（002129.SZ）、立昂微（605358.SH）、西安奕材 （688783.SH）、有研硅（688432.SH）、协鑫科技（03800.HK）、通威股份（600438.SH ...

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、募集资金基本情况 本公司经中国证券监督管理委员会《关于核准杭州立昂微电子股份有限公司公开发行可转 换公司债券的批复》(证监许可[2022]2345号)核准，由主承销商东方证券承销保荐有限公司（以 下简称"东方投行"）采用余额包销的方式，公开发行可转换公司债券3,390.00万张，每张面 值100元，共计募集资金人民币339,000.00万元，扣除承销和保荐费用(含税)1,060.00万元后 的募集资金 337,940.00万元，已由主承销商东方投行于2022年11月18日汇入本公司募集资金 监管账户。本次公开发行可转换公司债券发行承销保荐费及其他发行费用(不含税)共计人民币 1,187.59万元，本次公开发行可转换公司债券认购资金总额扣减上述发行费用(不含税)后募集 资金净额为人民币337,812.41万元。上述募集资金到位情况业经中汇会计师事务所(特殊普通 合伙)审验，并由其于2022年11月18日出具了《验资报告》(中汇会验[2022]7581号)。公司对 募集资金 ...

Group 1: Macroeconomic Overview - Industrial value-added is expected to grow by 5.5% year-on-year in October, with a decline in production PMI indicating a marginal retreat in production enthusiasm [3][21] - Trade figures for October predict a 3.0% year-on-year increase in both exports and imports, with imports expected to maintain resilience in the fourth quarter [3][22] - Inflation forecasts indicate that October CPI will remain flat year-on-year, while PPI is expected to decline by 2.2% [3][23][24] Group 2: Banking Sector Insights - The pressure to realize floating profits in banks is manageable this year, with state-owned banks showing better revenue progress compared to smaller banks [4] - Smaller banks are expected to have a stronger demand to realize floating profits due to significant declines in revenue from the gold market [4] Group 3: Semiconductor Industry Analysis - The semiconductor sector is projected to continue its optimistic growth trajectory, driven by AI and domestic substitution trends [5][7] - The storage segment is expected to see sustained high growth in contract prices in Q4 2025, with strong performance anticipated from various semiconductor companies [5][7] Group 4: Company-Specific Performance - Huatai Technology reported a 135% year-on-year increase in net profit for Q3 2025, driven by strategic acquisitions and industry fund establishment [7][8] - Juhua Co. achieved a 160% year-on-year increase in net profit for the first three quarters of 2025, with significant growth in refrigerant prices [15][29] - Sanhua Intelligent Controls reported a 40.9% year-on-year increase in net profit for the first three quarters of 2025, supported by cost reduction measures and diverse business expansion [16][33] Group 5: Construction and Infrastructure - China State Construction Engineering Corporation's revenue decreased by 4.2% year-on-year in the first three quarters of 2025, with a focus on the conversion of orders to support performance [25][26] - The company secured new contracts worth 30,383 billion yuan, with significant growth in energy and municipal engineering sectors [26][27] Group 6: Market Performance and Trends - The A-share electronic industry remains the largest heavy-weight sector with a 25.53% allocation, indicating a significant increase in investment interest [5] - The overall market indices showed positive movements, with the Shanghai Composite Index closing at 4007.76, up by 0.97% [10]

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company achieved a turnaround in profitability in Q3 2025, with a revenue increase of 19.09% year-on-year, resulting in a net profit of 0.19 billion yuan [1][2] - The semiconductor industry is experiencing a recovery, driven by increased demand from downstream customers and the company's efforts in market expansion and product optimization [2] - The company has implemented a debt-to-equity swap, with a small percentage of convertible bonds converted into shares [4] Financial Performance Summary - For the first three quarters of 2025, the company reported a total revenue of 2.64 billion yuan, a year-on-year increase of 15.94%, and an EBITDA of 0.797 billion yuan, up 18.92% year-on-year [1] - The company's semiconductor silicon wafer business generated a revenue of 1.976 billion yuan in the first three quarters, reflecting a year-on-year growth of 19.66% [3] - The sales volume of 6-inch wafers reached 14.53 million pieces, a year-on-year increase of 32.54% [3] Business Growth and Market Position - The company is expanding its production capacity, particularly in low-orbit satellite products, which have begun large-scale shipments [5] - The company has successfully entered various markets, including aerospace and defense, with its products being adopted by major domestic and international smartphone brands [5] - The average selling price of products increased by 15.25% year-on-year, despite a decrease in sales volume due to a strategic shift away from low-margin products [3] Future Revenue Projections - Revenue forecasts for the company are 3.772 billion yuan for 2025, 4.626 billion yuan for 2026, and 5.519 billion yuan for 2027, with expected net profits of -0.88 billion yuan, 0.37 billion yuan, and 0.74 billion yuan respectively [5]

Core Viewpoint - Hangzhou Lian Microelectronics Co., Ltd. announced the interest payment details for its convertible bonds, which will begin on November 14, 2025, covering the period from November 14, 2024, to November 13, 2025 [2][11]. Summary by Sections Convertible Bond Issuance Overview - The company issued convertible bonds on November 14, 2022, with a total issuance scale of 3.39 billion yuan (339 million) [2]. - The bonds have a face value of 100 yuan each and will be valid for six years, maturing on November 13, 2028 [2][3]. Interest Rate and Payment Details - The interest rates for the bonds are structured as follows: 0.3% for the first year, 0.5% for the second year, 1.0% for the third year, 1.5% for the fourth year, 1.8% for the fifth year, and 2.0% for the sixth year [3]. - The interest payment method is annual, with the first payment scheduled for November 14, 2025, amounting to 1.00 yuan per bond (including tax) for the third year [11][12]. Important Dates - The bondholders' registration date for interest payment is November 13, 2025, with the interest payment and ex-dividend date both set for November 14, 2025 [5][12]. Tax Implications - Individual investors are subject to a 20% personal income tax on the interest income, resulting in a net payment of 0.80 yuan per bond after tax [15]. - Non-resident enterprises are exempt from corporate income tax on interest income until December 31, 2025 [16]. Contact Information - The issuer is Hangzhou Lian Microelectronics Co., Ltd., with contact details provided for the legal department and the underwriter, Dongfang Securities Co., Ltd. [17].

7、面值和发行价格：本次发行的可转换公司债券每张面值为人民币 100 元，按面值发行。 证券代码：605358 证券简称：立昂微 公告编号：2025-052 债券代码：111010 债券简称：立昂转债 杭州立昂微电子股份有限公司 关于"立昂转债"2024 年付息公告 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： 杭州立昂微电子股份有限公司(以下简称"本公司")于 2022 年 11 月 14 日发行的可转换 公司债券将于 2025 年 11 月 14 日开始支付自 2024 年 11 月 14 日至 2025 年 11 月 13 日期间的 利息。根据本公司《可转换公司债券募集说明书》有关条款的规定，现将有关事项公告如下： 一、可转债发行上市概况 8、债券期限：本次发行的可转换公司债券的存续期限为自发行之日起 6 年，即自 2022 年 11 月 14 日至 2028 年 11 月 13 日。 可转债付息债权登记日：2025 年 11 月 13 日 可转债除息日：2025 年 11 月 14 日 可转债兑息日: ...