Core Insights - The Sci-Tech Innovation Board (STAR Market) is positioned to support technology innovation enterprises that align with national strategies and possess core technologies recognized in the market [1][2] - Many companies listed on the STAR Market have showcased their core technologies in their semi-annual reports, indicating their leading positions within their respective industries [1][3] - The core technologies of STAR Market companies are seen as a significant growth driver, reflecting their potential for substantial development [1][3] Company Highlights - Ruichuang Micro-Nano disclosed seven core technologies, including non-refrigerated infrared sensor focal plane array sensitive material preparation, all in mass production [1] - Huaxing Yuanchuang reported advantages in software, structure, and hardware development, with ten core technologies, including flexible OLED Mura compensation technology, achieving a Mura compensation rate of 98% [2] - Cambrian is one of the few companies globally that comprehensively masters core technologies in general-purpose intelligent chips and their foundational system software [2] Industry Trends - The STAR Market is home to many leading Chinese technology companies, some of which have broken international monopolies, contributing to the domestic replacement of foreign technologies [2][3] - The average R&D investment of STAR Market companies was 18.53% of their operating income in the first half of 2020, an increase of 6 percentage points from the previous year, totaling 12.9 billion yuan [3] - Companies like China Resources Microelectronics and Lanke Technology have made significant advancements in their respective fields, such as the production of SiC wafers and DDR5 memory chips [4] Future Directions - Companies are focusing on monetizing their technologies by hiring emerging technology experts and researchers to align product development with industry needs [5]

Core Viewpoint - The upcoming unlocking of shares for the first batch of companies listed on the Sci-Tech Innovation Board (STAR Market) is expected to have limited impact on the secondary market, as many major shareholders are voluntarily extending their lock-up periods or committing not to sell their shares immediately after the unlocking, reflecting confidence in the long-term value of their companies [1][2][4]. Group 1: Shareholder Actions - Nine companies have announced that their major shareholders will extend the lock-up period by 6 to 12 months or commit not to sell shares for six months post-unlocking, representing a market value of 808 billion yuan, which is over 40% of the total theoretical unlocking market value for the first batch of 25 companies [2][4]. - Major shareholders of companies like China Communication Signal and Rongbai Technology have voluntarily chosen not to unlock their shares, indicating strong confidence in their companies' future [2][3]. Group 2: Market Impact and Stability - The unlocking of shares does not equate to immediate selling, as different shareholders have varying intentions regarding exiting their positions, and any selling will be subject to strict regulations [4][5]. - The potential selling pressure from unlocking is mitigated by the fact that major shareholders and executives are limited in how much they can sell within a specified timeframe, which helps maintain market stability [3][4]. Group 3: Long-term Investment Value - The overall performance of companies on the STAR Market has shown strong growth, with a compound annual growth rate of 28% in revenue and 70% in net profit from 2019 to 2021, indicating robust long-term investment potential [6]. - The STAR Market is expected to attract long-term capital as liquidity improves post-unlocking, creating favorable conditions for institutional investors [6][7]. Group 4: Regulatory Environment - The STAR Market has implemented a unique inquiry transfer system for share reductions, which has proven effective in maintaining market stability and minimizing price fluctuations during share sales [5][6]. - Recent regulatory developments, such as the introduction of market-making trading rules, are anticipated to enhance liquidity and reduce market volatility, further supporting the STAR Market's growth and stability [7].

Core Points - The Shanghai Composite Index closed at 3653.50 points, above the annual line, with a gain of 0.51% [1] - The total trading volume of A-shares reached 1,149.623 billion yuan [1] - A total of 69 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] Summary of Stocks Breaking the Annual Line - The stocks with the highest deviation rates include: - Shen Zhen Zhi Ye A: 5.97% deviation, closing price 6.97 yuan, with a daily increase of 7.07% and turnover rate of 4.64% [1] - De Fang Na Mi: 5.54% deviation, closing price 35.42 yuan, with a daily increase of 8.25% and turnover rate of 8.20% [1] - An Da Ke Ji: 5.19% deviation, closing price 5.86 yuan, with a daily increase of 5.78% and turnover rate of 6.58% [1] - Other notable stocks with smaller deviation rates include: - Hua Xi Biological: just above the annual line [1] - Yuan Zuo Shares: just above the annual line [1] - Pu Rui Eye Care: just above the annual line [1] Additional Stock Data - Other stocks with significant performance include: - Zhu Hai Guan Yu: 4.33% deviation, closing price 15.64 yuan, daily increase of 6.76% [1] - San Wei Gu Fen: 4.27% deviation, closing price 12.50 yuan, daily increase of 7.76% [1] - Tian Li Lithium Energy: 2.96% deviation, closing price 30.04 yuan, daily increase of 4.05% [1]

（文章来源：每日经济新闻） 华兴源创（SH 688001，最新价：26.86元）8月1日晚间发布公告称，截至2025年7月31日，公司通过上 海证券交易所交易系统以集中竞价交易方式回购公司股份约121万股，占公司总股本约4.45亿股的比例 为0.2718%，回购成交的最高价为34.78元/股，最低价为22.66元/股，支付的资金总额为人民币约3351万 元。 ...

Group 1 - Suzhou Huaxing Yuanchuang Technology Co., Ltd. has obtained a patent for a "card extraction mechanism and testing machine," with the patent announcement number CN223180240U, applied for on June 2024 [1] - The patent describes a card extraction mechanism that includes a rotating component and a lever, designed to facilitate the extraction of circuit boards from a chassis without causing damage [1] - The mechanism allows for increased operational space during the extraction process, enhancing efficiency and safety in handling circuit boards [1] Group 2 - Suzhou Huaxing Yuanchuang Technology Co., Ltd. was established in 2005 and is primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of 441.984511 million RMB and has invested in 17 enterprises [2] - The company has participated in 215 bidding projects and holds 1,388 patent records along with 182 trademark records [2]

Group 1 - The company approved a share repurchase plan on November 14, 2024, allowing for the repurchase of shares using self-owned funds and a special loan from a bank, with a total loan amount not exceeding RMB 35 million [2] - The repurchase price is set at a maximum of RMB 47.00 per share, with a total repurchase fund amount adjusted to not less than RMB 40 million and not exceeding RMB 80 million [3] - As of July 31, 2025, the company has repurchased 1,210,715 shares, accounting for 0.2718% of the total share capital, with a total payment of RMB 33,509,939.85 [4] Group 2 - The company will continue to make repurchase decisions based on market conditions and will fulfill information disclosure obligations in a timely manner [6]

Group 1 - The company, Huaxing Yuanchuang, announced a share buyback of 1,210,715 shares, which represents 0.2718% of its total share capital of 445,377,843 shares [2]

苏州华兴源创科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 | 回购方案首次披露日 | 2024/11/15 | | | | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 11 月 14 日~2025 | 年 11 | 月 13 日 | | 预计回购金额 | 4,000万元~8,000万元 | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | 累计已回购股数 | □为维护公司价值及股东权益 1,210,715股 | | | | 累计已回购股数占总股本比例 | 0.2718% | | | | 累计已回购金额 | 33,509,939.85元 | | | | 实际回购价格区间 | 22.66元/股~34.78元/股 | | | 重要内容提示： 一、 回购股份的基本情况 证券代码：688001 证券简称：华兴源创 公告编号：2025-034 公司于 2025 年 1 月 ...

Summary of Key Points - The company Huaxing Yuanchuang (688001.SH) announced a share buyback program, repurchasing a total of 1,210,715 shares [1] - This repurchase represents 0.2718% of the company's total share capital of 445,377,843 shares [1] - The highest price paid for the shares was 34.78 RMB per share, while the lowest price was 22.66 RMB per share [1] - The total amount spent on the buyback was 33,509,939.85 RMB, excluding stamp duty and transaction commissions [1]

Core Viewpoint - The company plans to engage in foreign exchange derivative trading to mitigate foreign exchange market risks and enhance financial stability, with a maximum daily trading amount of up to 50 million USD or equivalent currencies [1][2][7]. Group 1: Trading Purpose and Types - The primary purpose of the trading is to effectively hedge against foreign exchange market risks and prevent significant fluctuations in exchange rates from impacting the company's operations [1][2]. - The company intends to conduct various types of foreign exchange derivative transactions, including but not limited to forward contracts, swaps, and options [1][2]. Group 2: Trading Amount and Currency - The maximum daily trading amount for the company and its subsidiaries is set at 50 million USD or equivalent foreign currencies, with the settlement currencies limited to USD, JPY, or other equivalent currencies [1][2][7]. - The trading limit is valid for 12 months from the date of board approval, and the amount can be used in a rolling manner within this period [2][4]. Group 3: Approval Process and Feasibility - The board of directors and the supervisory board approved the proposal for foreign exchange derivative trading on July 1, 2025, and authorized the general manager to execute the transactions [2][4][7]. - The company has established a comprehensive internal control and risk management system to ensure the feasibility of the trading activities, which are based on actual business needs [4][6]. Group 4: Financial Impact and Accounting Treatment - The foreign exchange derivative trading aims to enhance the company's ability to manage foreign exchange volatility risks, thereby protecting the company's operational performance and shareholder interests [6][7]. - The company will account for the foreign exchange derivative transactions in accordance with relevant accounting standards [6].