Core Viewpoint - Anji Microelectronics Co., Ltd. has announced its 2024 annual profit distribution plan, which includes a cash dividend and a capital increase through stock transfer, approved at the shareholders' meeting on May 14, 2025 [1][2]. Summary by Relevant Sections Profit Distribution and Capital Increase Plan - The company plans to distribute a cash dividend of 4.50 RMB per 10 shares (including tax) and to increase capital by transferring 3 shares for every 10 shares held, without issuing new shares [2][3]. - The total number of shares eligible for distribution is 129,090,465 after deducting 122,809 shares held in the company's repurchase account, resulting in a total cash dividend payout of approximately 58,090,709.25 RMB (including tax) [3][4]. Share Capital Changes - Following the capital increase, the total share capital will rise to 167,940,414 shares, with the increase based on the final registration results from China Securities Depository and Clearing Corporation [3][10]. - The earnings per share for the 2024 fiscal year, calculated on the new total share capital, is projected to be 3.18 RMB [11]. Relevant Dates - Key dates for the distribution include the record date, ex-dividend date, and cash dividend payment date, which are to be announced [5][6]. Tax Implications - For individual shareholders, the actual cash dividend received will depend on the holding period, with different tax treatments based on the duration of shareholding [7][8]. - For qualified foreign institutional investors (QFII), a withholding tax of 10% will apply, resulting in a net cash dividend of 0.405 RMB per share [8][9]. Shareholder Communication - Shareholders with inquiries regarding the profit distribution can contact the company's securities department at the provided phone number [11].

| 股权登记日 | 除权（息）日 | 新增无限售条件流 | 现金红利发放日 | | --- | --- | --- | --- | | | | 通股份上市日 | | | 2025/6/13 | 2025/6/16 | 2025/6/16 | 2025/6/16 | | 证券代码：688019 | 证券简称：安集科技 | 公告编号：2025-035 | | --- | --- | --- | | 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2024年年度权益分派实 施公告 本公司董事会及全体董事保证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： 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司2025 年 5 月 14 日的2024年年度股东大 会审议通过。 二、 分配、转增股本方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的 ...

| 证券代码：688019 | 证券简称：安集科技 公告编号：2025-036 | | --- | --- | | 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 调整前转股价格：168.11 元/股 调整后转股价格：129.00 元/股 转股价格调整起始日期：2025 年 6 月 16 日 信息披露媒体披露的公司《2024 年年度权益分派实施公告》（公告编号：2025-035）。 根据公司《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》"）相关条款的规定，在"安集转债"发行之后，当公司发生派送股 票股利、转增股本、增发新股（不包括因本次发行的可转换公司债券转股而增加 的股本）、配股、派送现金股利等情况，公司将按上述条件出现的先后顺序，依 次对转股价格进行调整。 本次权益分派实施后，"安集转债"转股价格将进行调整，符合《募集说明 书》的有关规定。 二、转股价格调整情况 关于"安集转债"转股价格调整的提示性公告 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 ...

申万宏源证券承销保荐有限责任公司 关于安集微电子科技（上海）股份有限公司 差异化权益分派事项的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"保荐人"）作为安集微 电子科技（上海）股份有限公司（以下简称"公司"、"安集科技"）的保荐机 构，根据《中华人民共和国公司法》《中华人民共和国证券法》《证券发行上市 保荐业务管理办法》《上海证券交易所上市公司自律监管指引第7号——回购股 份（2025年3月修订）》等有关规定，对安集科技2024年年度利润分配及资本公 积转增股本方案涉及的差异化权益分派事项进行了审慎核查，具体情况如下： 一、本次差异化权益分派的原因 2023 年 8 月 30 日，公司召开第三届董事会第五次会议，审议通过了《关于 以集中竞价交易方式回购公司股份方案的议案》，同意公司自董事会审议通过本 次回购股份方案之日起 12 个月内使用自筹资金通过集中竞价交易方式进行股份 回购。回购股份将用于员工持股及/或股权激励计划，回购资金总额不低于人民 币 1,000 万元（含）且不超过人民币 2,000 万元（含）。 上述回购方案已实施完毕，截至 2025 年 5 月 23 日，公司通过上海证券交易 所交 ...

Core Viewpoints - The market in June is expected to remain in a consolidation phase, with large-cap stocks likely to see a recovery. Domestic demand momentum is anticipated to improve marginally, while April's industrial profits continued to show a recovery trend but experienced a decline in both volume and price. The cost decline was the main driver of profit growth in April. PMI data for May indicates a slight recovery in domestic production demand compared to April. It is expected that growth-stabilizing policies will be implemented alongside resilient external demand, and the trend of weak inventory replenishment is likely to continue in the second quarter. However, global trade policies remain uncertain, compounded by concerns over rising US debt rates, which may pressure market sentiment in the short term. In June, various growth-stabilizing policies are expected to accelerate, maintaining a cautious and oscillating market environment. Key areas to watch for a breakthrough include developments in overseas tariffs and the implementation of domestic growth-stabilizing policies in June [4][10][12]. June Stock Recommendations - The June stock selection by the report includes: - SF Express (Transportation) - Anji Technology (Chemicals) - Bairen Medical (Pharmaceuticals) - Lingnan Holdings (Social Services) - Qingdao Beer (Food and Beverage) - Suochen Technology (Computers) [10][12]. Industry Summaries Transportation Industry: SF Express - SF Express reported a net profit of 2.234 billion yuan in Q1 2025, reflecting a steady growth trend. The company achieved a total express volume of 3.56 billion parcels, a year-on-year increase of 19.7%, with revenue reaching 69.85 billion yuan, up 6.9% year-on-year. The profit growth was primarily driven by the continuous improvement of the product matrix and enhanced service competitiveness. The company also focused on cost control through operational model reforms and network optimization, achieving a gross profit margin of 13.3%, an increase of 0.1 percentage points year-on-year [12][13]. Chemical Industry: Anji Technology - Anji Technology experienced rapid growth in revenue and net profit in 2024 and Q1 2025, driven by increased market coverage and new product introductions. The gross profit margin for 2024 was 58.45%, with a net profit margin of 29.08%. In Q1 2025, the gross profit margin was 55.70%, and the net profit margin was 30.96%. The company is seeing a steady increase in its global market share for polishing liquids, with a projected market size growth for semiconductor CMP polishing materials [14][15]. Pharmaceutical Industry: Bairen Medical - Bairen Medical reported rapid growth in revenue and profit in 2024, with significant increases in its three main business segments. The heart valve replacement and repair segment saw a year-on-year growth of 64.28%. The company is expected to maintain high growth rates in 2025, driven by the approval of its first interventional valve product, which offers significant advantages in terms of operation and safety [17][18]. Social Services Industry: Lingnan Holdings - Lingnan Holdings achieved a revenue of 4.309 billion yuan in 2024, a year-on-year increase of 25.43%, and a net profit of 150 million yuan, up 116.08%. The company’s travel agency operations and hotel management segments are expected to continue growing, particularly with the recovery of inbound tourism and the expansion of hotel management projects [20][21]. Food and Beverage Industry: Qingdao Beer - Qingdao Beer faced pressure on volume and price in Q3 2024, with a year-on-year decline in sales volume of 7.0%. However, the company benefited from a decrease in raw material costs, leading to an improvement in gross profit margins. Future growth is anticipated as restaurant demand recovers, supported by the company's strong brand and distribution network [23][24]. Computer Industry: Suochen Technology - Suochen Technology reported a revenue of 39 million yuan in Q1 2025, a year-on-year increase of 21.73%. The company is focusing on enhancing its CAE software capabilities and exploring AI applications in various fields. The engineering simulation software segment has shown significant growth, contributing to an overall increase in the company's gross profit margin [25][26][27].

Strategy Overview - The market in June is expected to remain in a state of waiting for a breakthrough, with large-cap stocks likely to see a recovery. Domestic demand momentum is anticipated to improve marginally, although April's industrial profits showed a decline in both volume and price, with cost reductions being the main driver for profit growth. The PMI for May indicates a slight recovery in domestic production demand compared to April. It is expected that growth-stabilizing policies will be implemented alongside resilient external demand, continuing the trend of weak inventory replenishment in the second quarter. However, global trade policies remain uncertain, compounded by concerns over rising US debt rates, which may pressure market sentiment in the short term. In June, various growth-stabilizing policies are expected to accelerate, maintaining a volatile consolidation pattern in the market. Key areas to monitor for a breakthrough include overseas tariff developments and the implementation of domestic growth-stabilizing policies in June. [5][7] June Stock Recommendations - The June stock selection by Zhongyin Securities includes: - SF Express (Transportation) - Anji Technology (Chemicals) - Bairen Medical (Healthcare) - Lingnan Holdings (Social Services) - Qingdao Beer (Food and Beverage) - Suochen Technology (Computers) [14][16] Performance Review of May Stock Selection - The stock selection for May outperformed the market, with notable performances from Jiemian Express-W and Yiwei Lithium Energy, both achieving over 10% monthly returns. The absolute return of the May stock selection was 3.87%, outperforming the market benchmark (CSI 300) by 2.02 percentage points. Three stocks achieved excess returns of over 5% compared to the CSI 300. [9] Company-Specific Insights SF Express (Transportation) - In Q1 2025, SF Express reported a net profit of 2.234 billion yuan, reflecting a stable growth trend. The company achieved a total express volume of 3.56 billion parcels, a year-on-year increase of 19.7%, with revenue reaching 69.85 billion yuan, up 6.9% year-on-year. The net profit increased by 16.87% year-on-year, driven by continuous improvement in product matrix and service competitiveness. The gross profit margin was 13.3%, slightly up by 0.1 percentage points. [16][17] Anji Technology (Chemicals) - Anji Technology is expected to see rapid growth in revenue and net profit in 2024, driven by increased market coverage and new product introductions. The gross margin for 2024 is projected at 58.45%, up 2.64 percentage points year-on-year. The company’s polishing liquid revenue reached 1.545 billion yuan in 2024, a year-on-year increase of 43.73%. The global semiconductor CMP polishing materials market is expected to grow from 3.42 billion USD in 2024 to 3.62 billion USD in 2025. [19][20] Bairen Medical (Healthcare) - Bairen Medical reported rapid growth in Q4 2024 and Q1 2025, with significant increases in revenue across all three major business segments. The heart valve replacement and repair segment saw a year-on-year growth of 64.28%. The approval of the TAVR product in August 2024 is expected to drive further growth in 2025. [24][25] Lingnan Holdings (Social Services) - Lingnan Holdings achieved a revenue of 4.309 billion yuan in 2024, a year-on-year increase of 25.43%, with a net profit of 150 million yuan, up 116.08%. The travel agency and hotel management segments are expected to continue growing, particularly with the recovery of inbound tourism. [29][30] Qingdao Beer (Food and Beverage) - Qingdao Beer faced challenges in 2024 with a volume decline of 7.0% and a slight price increase of 0.5%. The company’s gross margin improved due to lower raw material costs, but net profit margin slightly decreased. Future growth is anticipated as restaurant demand recovers. [34][35] Suochen Technology (Computers) - Suochen Technology reported a revenue of 39 million yuan in Q1 2025, a year-on-year increase of 21.73%. The company is focusing on enhancing its CAE software capabilities and exploring AI applications in various fields. [38][39][40]

Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The industry has been significantly impacted by tariff-related policies and fluctuations in crude oil prices. Key areas to focus on in June include safety regulation policies, supply chain changes in the pesticide and intermediate sectors, performance fluctuations due to "export rush," the importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies [1][10] Summary by Sections Industry Dynamics - As of June 1, the average price tracking 100 chemical products showed that 23 products increased in price, 45 decreased, and 32 remained stable. The month-on-month average price changes were 26.73% up, 63.00% down, and 10.27% stable. The products with the highest weekly price increases included hydrochloric acid (up 31% in the Yangtze River Delta) and TDI, while those with the largest decreases included soft foam polyether and liquid chlorine [9][32] Oil and Gas Market - International oil prices have decreased, with WTI crude futures closing at $60.79 per barrel (down 1.20%) and Brent crude at $63.90 per barrel (down 1.36%). The U.S. crude oil production averaged 13.47 million barrels per day, an increase of 2.7% year-on-year. Gasoline and distillate demand in the U.S. has increased, with total refined oil demand averaging 19.89 million barrels per day, down 0.2% year-on-year [9][10] Chlorantraniliprole Industry - The chlorantraniliprole industry has experienced capacity damage, with the largest producer, Youdao Chemical, having a production capacity of 11,000 tons. The market supply has significantly reduced, and current inventory levels are low due to previous market conditions. The price for chlorantraniliprole is expected to rise to 250,000-280,000 yuan per ton in the short term [9][10] Acrylic Acid Market - The price of acrylic acid has decreased, with the average market price at 7,050 yuan per ton, down 8.44% from the previous week. Supply has increased due to the resumption of production in Shandong, while downstream demand remains cautious [9][10] Investment Recommendations - As of June 1, the SW basic chemical sector's P/E ratio (TTM excluding negative values) is 21.66, at the 58.33% historical percentile. The oil and petrochemical sector's P/E ratio is 10.81, at the 13.47% historical percentile. Key investment themes include the sustained high prices of crude oil, rapid development in downstream industries, and the potential for recovery in demand due to policy support [10][11]

以最新收盘价计算，科创板平均股价为29.47元，其中股价超100元的有36只，股价最高的是寒武纪。 | 688012 | 中微公司 | 175.01 | -0.96 | 0.67 | 电子 | | --- | --- | --- | --- | --- | --- | | 688019 | 安集科技 | 170.44 | -1.91 | 1.22 | 电子 | | 688615 | 合合信息 | 153.46 | -2.57 | 2.42 | 计算机 | | 688120 | 华海清科 | 147.82 | -2.83 | 1.02 | 电子 | | 688072 | 拓荆科技 | 147.41 | -2.76 | 0.60 | 电子 | | 688536 | 思瑞浦 | 145.01 | -4.54 | 2.28 | 电子 | | 688271 | 联影医疗 | 137.43 | -0.59 | 0.58 | 医药生物 | | 688041 | 海光信息 | 136.13 | 0.00 | 0.00 | 电子 | | 688200 | 华峰测控 | 135.50 | -2.19 | 0.55 | 电子 | ...

Core Viewpoint - The Chinese innovative pharmaceutical industry is transitioning from imitation to original innovation, with significant growth in outbound transactions and a promising future for internationalization [4] Group 1: Market Performance - As of May 29, 2025, the Sci-Tech Innovation Board 100 Index (000698) rose by 1.63%, with notable increases in constituent stocks such as Borui Pharmaceutical (688166) up 9.66% and Zhixiang Jintai (688443) up 6.57% [3] - The Sci-Tech 100 Index ETF (588030) increased by 1.60%, with a latest price of 0.95 yuan and a turnover rate of 1.16%, totaling 71.56 million yuan in transactions [3] - Over the past year, the average daily transaction volume of the Sci-Tech 100 Index ETF reached 424 million yuan, ranking first among comparable funds [3] Group 2: Fund Growth and Performance - The Sci-Tech 100 Index ETF saw a significant increase in scale, growing by 94.45 million yuan over the past two weeks, ranking second among comparable funds [4] - In the past week, the ETF's shares increased by 99 million, also ranking first among comparable funds [5] - The ETF has experienced a net inflow of 71.08 million yuan over the last five trading days, indicating strong investor interest [5] Group 3: Financial Metrics - As of May 28, 2025, the Sci-Tech 100 Index ETF's net value increased by 19.94% over the past year, with a maximum monthly return of 27.67% since inception [5] - The ETF's management fee is 0.15% and the custody fee is 0.05%, making it the lowest among comparable funds [5] - The tracking error for the ETF over the past six months is 0.016%, indicating high tracking precision compared to similar funds [5] Group 4: Industry Insights - From the beginning of 2025 to the present, the total outbound transaction amount for innovative drugs has reached 45.5 billion USD, with upfront payments totaling 2.2 billion USD, suggesting a record year ahead [4] - Most domestic innovative drugs currently in the U.S. are in clinical stages, with significant potential for future growth as they progress towards commercialization [4]

Core Viewpoint - The article highlights the increasing focus of brokerage firms on various sectors, particularly electronics, pharmaceuticals, non-ferrous metals, and defense industries, with significant changes in stock ratings and research activities since May. Group 1: Brokerage Research Focus - Brokerage firms have conducted research on over 670 listed companies since May, with high attention on sectors like electronics, pharmaceuticals, and non-ferrous metals, as well as a notable rise in interest in the defense industry [1][5][7]. - The electronics sector has seen over 90 companies researched, with firms like Anji Technology and Huanxun Technology receiving attention from more than 25 brokerages [4][5]. - The pharmaceutical sector has also gained traction, with nearly 60 companies being researched, including Huadong Medicine and Sunlight Nuohe, which are focusing on innovative drug pipelines [5][6]. Group 2: Stock Rating Adjustments - Since May, nearly 50 stocks have had their ratings changed, with 17 stocks being upgraded, such as Sifang Co. and Weicai Technology, indicating a positive outlook on their business developments [2][10]. - Conversely, over 30 stocks have seen downgrades, including Wentai Technology and Tongwei Co., due to concerns over profitability and market conditions affecting their respective sectors [2][11]. - The adjustments in ratings reflect a dynamic response to market conditions and company performance, with analysts actively reassessing their forecasts [10][11].