Investment Rating - The report maintains a "stronger than the market" rating for the electronic industry, indicating a positive outlook for the sector [2][31]. Core Viewpoints - The report expresses optimism regarding the overall opportunities in the computing power and storage industry chains, particularly focusing on domestic computing power and storage sectors. It highlights improvements in supply-side conditions for domestic computing chips and increasing demand driven by AI-related capital investments [2][31]. - The report anticipates a significant increase in demand for DRAM and NAND due to the continuous release of large models, with expectations for a major expansion year for storage in the upcoming year [2][31]. Summary by Sections Market Review - The electronic industry outperformed the overall market during the week of September 29-30, with the Shenwan Electronic Index rising by 2.78%, ranking 6th among 31 Shenwan industries. Year-to-date, the index has increased by 53.51%, ranking 3rd [12][31]. Weekly Focus - OpenAI's release of the Sora 2 model is expected to significantly increase demand for computing and storage capabilities. Additionally, Samsung and SK Hynix have signed an agreement to supply memory chips for OpenAI's data centers, indicating a growing collaboration in the AI sector [25][27]. - The report notes that Longxin Technology is progressing towards its IPO, which is anticipated to enhance its market presence in the DRAM sector [29][30]. - The report also mentions that major DRAM manufacturers have paused pricing for a week, which may lead to a price increase of over 30% in the fourth quarter [30][31]. Industry Opportunities - The report emphasizes the potential in the domestic computing power chain, highlighting key players such as Cambricon, Haiguang Information, and Chipone. It also points out the expected growth in the storage sector, particularly for NAND and DRAM, driven by new product launches from Yangtze Memory Technologies and Longxin [2][31]. - The overseas computing power chain is also noted for its rapid growth, with significant capacity expansions expected in PCB manufacturing [31]. Valuation - As of October 9, 2025, the electronic industry's valuation (PE-TTM) stands at 67.72 times, which is considered to be at a historical mid-level [20][23].

| 证券代码：688019 | 证券简称：安集科技 | 公告编号：2025-058 | | --- | --- | --- | | 债券代码：118054 | 债券简称：安集转债 | | 安集微电子科技（上海）股份有限公司 关于可转债投资者适当性要求的风险提示性公告 三、其他 投资者如需了解"安集转债"的详细情况，请查阅公司于 2025 年 4 月 2 日 在上海证券交易所网站（www.sse.com.cn）披露的《募集说明书》。 重要内容提示： 根据相关法律法规规定及《安集微电子科技（上海）股份有限公司向不 特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的约定， 安集微电子科技（上海）股份有限公司本次发行的"安集转债"自 2025 年 10 月 13 日起可转换为公司股份。 公司现就本次向不特定对象发行可转换公司债券，对不符合上海证券交 易所科创板股票投资者适当性要求的投资者所持"安集转债"不能转股的风险， 提示如下： 一、可转债发行上市概况 经中国证券监督管理委员会证监许可〔2024〕1555 号文同意注册，公司于 2025 年 4 月 7 日向不特定对象发行了 8,305,000 ...

安集微电子科技（上海）股份有限公司 关于可转债投资者适当性要求的风险提示性公告 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、准确性和完整性依法承担法律责任。 一、可转债发行上市概况 经中国证券监督管理委员会证监许可〔2024〕1555 号文同意注册，公司于 2025 年 4 月 7 日向不特定对象发行了 8,305,000 张可转换公司债券，每张面值为 人民币 100 元，发行总额为 83,050.00 万元，期限为 6 年。 经上海证券交易所自律监管决定书（[2025]89 号）文同意，公司可转换公司 债券于 4 月 25 日起在上海证券交易所挂牌上市交易，债券简称"安集转债"，债 券代码"118054"。 根据有关规定和公司《募集说明书》的约定，公司本次发行的"安集转债" 的转股期限为：自发行结束之日（2025 年 4 月 11 日，T+4 日）起满六个月后的 第一个交易日（2025 年 10 月 11 日（非交易日顺延至下一个交易日，即 2025 年 10 月 13 日））起至可转债到期日（2031 年 4 月 6 日）止。 二、不符合科创板股票 ...

Core Insights - The event "I am a Shareholder - Visiting Shanghai Stock Exchange Listed Company - Anji Technology" was organized by Huafu Securities to enhance investor engagement and understanding of the company's innovation and operational capabilities [1][3] Group 1: Company Overview - Investors were introduced to Anji Technology's core technological strengths through a visit to the R&D cleanroom, showcasing advanced research equipment and rigorous processes that reflect the company's commitment to technological innovation [1] - The company’s current operational status, core business progress, technological R&D achievements, and future strategic plans were elaborated upon by the board secretary, providing investors with a clearer understanding of Anji Technology's competitive advantages and growth prospects [3] Group 2: Investor Engagement - The interactive Q&A session was characterized by active participation from investors, who raised questions regarding Anji Technology's R&D breakthroughs, market strategies, financial data, and industry chain collaboration [4] - The management team responded to investor inquiries with detailed and professional insights, fostering a closer relationship between the company and its investors, and enhancing their understanding of the industry outlook and corporate development logic [4] Group 3: Future Initiatives - Huafu Securities plans to continue the "I am a Shareholder" series, creating more quality communication platforms to connect investors with various listed companies in Shanghai, aiming to explore corporate value and share opportunities in the capital market [4]

Group 1 - The event "I am a shareholder" organized by Huafu Securities aimed to strengthen communication between investors and listed companies, focusing on protecting the rights of small and medium investors [1][6] - Investors visited the R&D cleanroom of Anji Technology, gaining insights into the company's core technological capabilities and commitment to innovation [1][3] - The CEO, Yang Xun, provided a detailed overview of Anji Technology's current operations, core business progress, technological achievements, and future strategic plans during the discussion session [3][6] Group 2 - Investors actively engaged in a Q&A session, asking about Anji Technology's R&D breakthroughs, market strategies, financial data, and industry chain collaboration [3][6] - The event concluded with a commemorative award presented to Anji Technology, emphasizing the significance of the shareholder identity and the role of investors as participants in the company's growth [6] - Anji Technology is a high-end semiconductor materials company focused on providing optimal solutions for chip manufacturing processes, with a comprehensive "3+1" technology platform covering various applications [9]

Group 1 - The company, Anji Microelectronics Technology (Shanghai) Co., Ltd., has issued convertible bonds named "Anji Convertible Bonds" with a total issuance amount of 83,050 million RMB, consisting of 8,305,000 bonds at a face value of 100 RMB each, with a term of 6 years [2][3] - The convertible bonds will be listed and traded on the Shanghai Stock Exchange starting from April 25, 2025, under the bond code "118054" [2][3] - The conversion period for the bonds will begin on October 13, 2025, and will last until the maturity date on April 6, 2031 [3] Group 2 - Investors participating in the convertible bond conversion must meet the suitability requirements for investors in the Sci-Tech Innovation Board; otherwise, they will not be able to convert their bonds into company shares [4] - The company emphasizes the risk that investors who do not meet the suitability requirements may face, which could prevent them from converting their bonds [4] Group 3 - For detailed information regarding the "Anji Convertible Bonds," investors are encouraged to refer to the prospectus disclosed on the Shanghai Stock Exchange website on April 2, 2025 [5]

Market Overview - The electronic chemicals sector increased by 0.96% on September 29, with Guangxin Materials leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Top Performers - Guangxin Materials (300537) closed at 24.92, up 6.04% with a trading volume of 150,400 shares and a transaction value of 372 million yuan [1] - Guanggang Gas (688548) closed at 12.36, up 4.66% with a trading volume of 396,800 shares and a transaction value of 490 million yuan [1] - Anji Technology (610889) closed at 232.35, up 4.14% with a trading volume of 59,100 shares and a transaction value of 1.327 billion yuan [1] Underperformers - Tongyu New Materials (301630) closed at 203.43, down 2.74% with a trading volume of 13,600 shares and a transaction value of 280 million yuan [2] - Glinda (603931) closed at 29.05, down 2.19% with a trading volume of 56,900 shares and a transaction value of 166 million yuan [2] - Xilong Science (002584) closed at 9.11, down 2.15% with a trading volume of 531,500 shares and a transaction value of 488 million yuan [2] Capital Flow - The electronic chemicals sector experienced a net outflow of 635 million yuan from institutional investors, while retail investors saw a net inflow of 623 million yuan [2][3] - Speculative funds had a net inflow of 11.18 million yuan [2][3] Individual Stock Capital Flow - Anji Technology (61088888) had a net inflow of 75.64 million yuan from institutional investors, while it faced a net outflow of 69.91 million yuan from speculative funds [3] - Guangxin Materials (300537) saw a net inflow of 26.88 million yuan from institutional investors, with a net outflow of 17.48 million yuan from speculative funds [3] - Light Optoelectronics (688150) had a net inflow of 8.39 million yuan from institutional investors, with a net outflow of 5.21 million yuan from speculative funds [3]

| 证券代码：688019 | 证券简称：安集科技 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：118054 | 债券简称：安集转债 | | 安集微电子科技（上海）股份有限公司 关于可转债投资者适当性要求的风险提示性公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 根据相关法律法规规定及《安集微电子科技（上海）股份有限公司向不 特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的约定， 安集微电子科技（上海）股份有限公司本次发行的"安集转债"自 2025 年 10 月 13 日起可转换为公司股份。 公司现就本次向不特定对象发行可转换公司债券，对不符合上海证券交 易所科创板股票投资者适当性要求的投资者所持"安集转债"不能转股的风险， 提示如下： 一、可转债发行上市概况 二、不符合科创板股票投资者适当性要求的公司可转债投资者所持本次可 转债不能转股的风险 公司为科创板上市公司，本次向不特定对象发行可转换公司债券，参与可转 债转股的投资者，应当符 ...

数据显示，银华基金旗下1只基金重仓安集科技。科创100（588190）二季度持有股数41.59万股，占基 金净值比例为2%，位居第七大重仓股。根据测算，今日浮盈赚取约464.11万元。 9月29日，安集科技涨5%，截至发稿，报234.28元/股，成交13.27亿元，换手率3.51%，总市值394.89亿 元。 资料显示，安集微电子科技(上海)股份有限公司位于上海市浦东新区华东路5001号金桥综合保税区T6-5 幢，成立日期2006年2月7日，上市日期2019年7月22日，公司主营业务涉及关键半导体材料的研发和产 业化。 从基金十大重仓股角度 截至发稿，马君累计任职时间13年29天，现任基金资产总规模333.04亿元，任职期间最佳基金回报 144.61%， 任职期间最差基金回报-75.62%。 张亦驰累计任职时间4年129天，现任基金资产总规模77.81亿元，任职期间最佳基金回报53.59%， 任职 期间最差基金回报-35.59%。 责任编辑：小浪快报 科创100（588190）成立日期2023年9月6日，最新规模31.55亿。今年以来收益51.67%，同类排名 511/4221；近一年收益95.04%，同类排 ...

25 September 2025 | 12:59PM HKT Equity Research Anji Micro (688019.SS): CMP Slurry shipment ramp up on new applications and advanced solution; Neutral Anji Micro is expanding CMP slurry and wet chemical products towards advanced nodes, through collaboration with clients to enhance technology and provide customized solution. The company serves leading memory and logic to clients in the China market, with revenues from its top five clients accounting for 75%/ 71% of total revenues in 2024/1H25. With new produ ...