Core Viewpoint - The news highlights the performance of the STAR Market and the launch of Huawei's new AI SSD, indicating a growing interest in AI storage solutions and the potential for investment opportunities in the tech sector [3][4]. Group 1: STAR Market Performance - As of August 26, 2025, the STAR Market 100 Index rose by 0.61%, with notable increases in constituent stocks such as Huafeng Technology (up 13.04%) and Zhuhai Guanyu (up 12.17%) [3]. - The STAR 100 Index ETF saw a 0.78% increase, marking its third consecutive rise, with a latest price of 1.3 yuan [3]. - Over the past week, the STAR 100 Index ETF accumulated a 5.49% increase, with a trading volume of 99.8865 million yuan and a turnover rate of 1.36% [3][4]. Group 2: Investment Trends and Fund Performance - The STAR 100 Index ETF experienced a net inflow of 27.3865 million yuan over the last ten trading days, despite a recent net outflow of 6.55234 million yuan [4]. - The ETF's net asset value increased by 23.84% over the past six months, ranking it 514 out of 3544 in the index stock fund category [5]. - The ETF's management fee is 0.15%, and its tracking error is 0.020%, indicating a competitive cost structure and high tracking precision compared to similar funds [5][6]. Group 3: Huawei's AI SSD Launch - Huawei is set to launch a new AI SSD on August 27, targeting the AI storage market by addressing the limitations of traditional HBM with innovative technology [3]. - The new product aims to meet the demands for large capacity and high performance in AI training and inference processes, potentially revitalizing the AI storage market [3]. - Huawei plans to collaborate with integrated machine manufacturers to enhance the current market landscape, suggesting a strategic move to increase competitiveness in the AI storage sector [3]. Group 4: Domestic Computing Power Chain - The release of DeepSeek-V3.1 is expected to boost the domestic computing power chain, with significant growth anticipated in related infrastructure due to increased capital expenditure from domestic internet companies [4]. - The focus on domestic computing power and its supporting industries, such as optical modules and switches, is projected to maintain high demand and growth in the coming years [4].

睿创微纳（688002.SH）8月25日在投资者互动平台表示，人工智能现已渗透到各行各业，公司基于自 研的人工智能算法开发的红外产品，在低空、工业与公共安全、车载、机器人等多个领域均有较好的订 单情况；深耕人工智能技术可提高公司的产品竞争力，从而对公司业绩有边际提升。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司目前在人工智能领域是否有订单，预计该领 域未来对公司业绩是否有明显的边际提升？ ...

Core Viewpoint - The company has established stable partnerships with major domestic drone manufacturers and is actively exploring collaborations with emerging players in the drone sector [2] Group 1 - The company confirmed its stable cooperation with mainstream domestic drone manufacturers [2] - The company is also working to expand its customer base by engaging with new entrants in the drone industry [2]

格隆汇8月18日丨睿创微纳(688002.SH)在投资者互动平台表示，公司在微波领域，建立了完整产业链， 以T/R组件、相控阵子系统及整机产品切入微波领域，同时在底层的微波半导体方面持续建设核心竞争 力，公司全产业链微波产品均可应用于卫星互联网领域。目前，公司已完成卫星互联网宽带终端中频芯 片的客户评测及与基带芯片的联合调试，具备低轨宽带卫通终端应用能力；基于自研核心芯片及先进相 控阵天线技术，开展Ku及Ka频段低轨卫通相控阵终端产品研制。此外，公司专为空间激光通信场景研 制的短波红外模组，可用于快速捕获与追踪空间激光信标。卫星通信是微波业务的重要应用领域，公司 全方位布局，虽然当前收入规模较小，期望在未来能成为公司新的增长点。 ...

金融界消息 截至2025年8月14日收盘，睿创微纳（688002）报收于67.57元，下跌1.79%，换手率 1.04%，成交量4.80万手，成交金额3.27亿元。 天眼查商业履历信息显示，烟台睿创微纳技术股份有限公司，成立于2009年，位于烟台市，是一家以从 事其他制造业为主的企业。企业注册资本44730万人民币，实缴资本27230万人民币。公司法定代表人为 马宏。 通过天眼查大数据分析，烟台睿创微纳技术股份有限公司共对外投资了30家企业，参与招投标项目57 次，知识产权方面有商标信息113条，专利信息289条，此外企业还拥有行政许可35个。 来源：金融界 资金流向方面，今日主力资金净流出2061.93万元，占比成交额6.31%。其中，超大单净流出1918.45万 元、占成交额5.87%，大单净流出143.47万元、占成交额0.44%，中单净流出流出834.59万元、占成交额 2.55%，小单净流入2896.52万元、占成交额8.87%。 睿创微纳最新一期业绩显示，截至2025一季报，公司营业总收入11.37亿元、同比增长12.88%，归属净 利润1.46亿元，同比增长13.42%，扣非净利润1.33亿元， ...

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]

Investment Rating - The report rates the military industry as "Overweight" [5] Core Views - The military industry is expected to perform well in the long term due to increasing great power competition and rising defense expenditures [9][20] - Recent developments include the joint naval exercises between China and Russia, and the U.S. building a counter-drone defense system [8][20] - The report highlights the restructuring of China's aviation supply chain and the importance of domestic production capabilities in the aerospace sector [22][23] Summary by Sections Investment Highlights - Recommended stocks include: 1) Assembly: AVIC Shenyang Aircraft (600760.SH), AVIC Xi'an Aircraft (000768.SZ), AVIC South Lake (688552.SH) 2) Components: AVIC Optoelectronics (002179.SZ), Guobang Electronics (603678.SH), Ruichuang Micro-Nano (688002.SH) 3) Subsystems: AVIC Aircraft (600372.SH), North Navigation (600435.SH) 4) Materials and Processing: Feilihua (300395.SZ), Guangwei Composite (300699.SZ), Huayin Technology (688281.SH) [5][9][10] Market Performance - The defense military index rose by 5.24% from August 4 to August 8, outperforming the Shanghai Composite Index by 3.13 percentage points [11][12] - The military industry ranked 3rd out of 29 sectors during this period [12] Major News in the Military Industry - The joint naval exercises "Maritime Joint-2025" between China and Russia included real combat training and operational coordination [20][21] - The U.S. is developing a counter-drone defense system, with Ukraine being a testing ground for various technologies [8][9] - Japan is expanding its military influence through participation in multinational exercises, indicating a shift in its defense posture [28][30]

Core Points - The Shanghai Composite Index rose by 0.34%, while the Shanghai Military Industry Index increased by 0.37%, closing at 8877.18 points with a trading volume of 45.532 billion yuan [1] - The Shanghai Military Industry Index has seen a 10.23% increase over the past month, a 19.66% increase over the past three months, and a year-to-date increase of 22.58% [1] - The index includes listed companies primarily engaged in the military industry, selected from the ten major military groups and other related firms, reflecting the overall performance of military industry stocks in the Shanghai market [1] Index Composition - The top ten weighted companies in the Shanghai Military Industry Index are: China Shipbuilding (9.78%), AVIC Shenyang Aircraft (7.89%), China Heavy Industry (6.59%), Aero Engine Corporation (6.39%), Aerospace Electronics (3.56%), AVIC Avionics (3.52%), China Power (3.07%), Ruichuang Micro-Nano (2.9%), Western Superconducting (2.89%), and AVIC High-Tech (2.53%) [1] - The index is fully composed of companies listed on the Shanghai Stock Exchange, with an industry composition of 77.78% in industrials, 11.88% in information technology, 5.55% in materials, 3.34% in communication services, and 1.44% in consumer discretionary [1] Index Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio not exceeding 10% [2] - Weight factors are adjusted in accordance with the sample changes, remaining fixed until the next scheduled adjustment unless special circumstances arise [2]

Group 1 - The core viewpoint is that the recent rebound in the Sci-Tech Innovation Board is driven by two main factors: the opening up of overseas computing power targets and the implementation of AI plans in the US, which strengthens the logic of domestic substitution [1] - The AI industry chain continues to catalyze growth, with new models like GPT-5.0 and DeepSeek R2 expected to provide effective support [1] - Since July, major domestic and international companies have released performance reports, showing a clear growth trend driven by AI, with high demand for AI computing power and continuous introduction of significant technological events [1] Group 2 - The Sci-Tech 100 ETF fund closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index, which selects 100 securities with medium market capitalization and good liquidity from the Sci-Tech Innovation Board [2] - As of July 31, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board 100 Index account for 23.52% of the index, including companies like Borui Pharmaceutical and BeiGene [2]

Core Viewpoint - The announcement details the completion of the second vesting period for the first grant of the 2022 restricted stock incentive plan by Raytron Technology Co., Ltd, with 3,275,000 shares set to be listed on August 11, 2025 [2][4][15]. Group 1: Stock Listing and Vesting Details - The stock type being listed is for equity incentive, with a total of 3,275,000 shares to be listed [2][3]. - The listing date for the shares is August 11, 2025 [4][12]. - The shares are part of the first grant of the 2022 restricted stock incentive plan, with the second vesting period completed on August 5, 2025 [4][17]. Group 2: Decision-Making Process and Approval - The decision-making process for the stock vesting involved multiple meetings of the board and supervisory committee, with independent opinions provided [5][6][8]. - The initial grant was approved during the second extraordinary general meeting of shareholders on October 25, 2022 [6][7]. Group 3: Financial Impact and Share Capital Changes - Following the vesting, the total share capital of the company increased from 456,962,540 shares to 460,237,540 shares [13][21]. - The number of shares vested represents 0.72% of the total shares before the vesting [15]. - The net profit attributable to shareholders for Q1 2025 was reported at 145,818,960.66 yuan, with a basic earnings per share of 0.3205 yuan; the vesting will dilute this figure based on the new total share count [14][15]. Group 4: Convertible Bond Price Adjustment - The completion of the stock vesting triggered an adjustment in the conversion price of the company's convertible bonds, changing from 39.35 yuan to 39.21 yuan per share [19][21]. - The adjusted conversion price will take effect on August 8, 2025, following a temporary suspension of conversion on August 7, 2025 [19][21].