Market Overview - On February 2, the software development sector declined by 2.76%, with Xinghuan Technology leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers in the software development sector included: - Tongda Hai (301378) with a closing price of 44.50, up 12.63% [1] - ST Renzihang (300311) at 4.98, up 3.97% [1] - Green Alliance Technology (300369) at 8.38, up 3.46% [1] - Significant decliners included: - Xingbei Technology (688031) at 182.41, down 13.11% [2] - Deepin Technology (300454) at 144.22, down 10.24% [2] - Keda Guochuang (300520) at 40.94, down 9.56% [2] Capital Flow - The software development sector experienced a net outflow of 2.975 billion yuan from institutional investors, while retail investors saw a net inflow of 2.357 billion yuan [2][3] - Key stocks with notable capital flows included: - Daily Interaction (300766) with a net inflow of 1.21 billion yuan from institutional investors [3] - Tongda Hai (301378) with a net inflow of 608.17 million yuan from institutional investors [3] - Green Alliance Technology (300369) with a net inflow of 288.85 million yuan from institutional investors [3]

Group 1 - The core viewpoint of the news highlights the performance of the Sci-Tech Artificial Intelligence ETF (589010), which has seen a decline of 1.111% since opening, with a latest price of 1.602 yuan [1] - The ETF tracks 30 constituent stocks, with 22 stocks experiencing declines, notably Yuntian Lifei dropping over 9%, and Xinghuan Technology and Obsidian Optical falling over 4%, indicating significant pressure on the market [1] - The liquidity of the ETF is moderate, with a trading volume of 26.95 million yuan and a turnover rate of 1.07% [1] Group 2 - Dongwu Securities notes a shift in the overseas AI market from rapid expansion to a new cycle focused on demand realization and efficiency competition, with localized bubbles rather than systemic collapse [2] - There is a narrowing of the technology gap between China and the U.S. to 6-9 months, with a focus on real monetization and cost advantages in investment [2] - The Sci-Tech Artificial Intelligence ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, covering high-quality enterprises across the entire industry chain, benefiting from high R&D investment and policy support [2]

Summary of Key Points Core Viewpoint - Next week (February 2 to 6), a total of 42 stocks will be unlocked, with a total unlock market value of 103.42 billion yuan [1][2]. Group 1: Unlock Market Value and Stock Information - The total number of shares to be unlocked is 4.611 billion shares, with a total unlock market value calculated at 103.42 billion yuan based on the latest closing prices [2]. - Among the 42 stocks, 17 have an unlock market value exceeding 100 million yuan, with three stocks exceeding 10 billion yuan: Xinda Securities, Zhongwei Semiconductor, and Yangtze Power [3]. Group 2: Major Stocks with High Unlock Values - Xinda Securities has the highest unlock market value at 44.879 billion yuan, with 2.551 billion shares unlocked, accounting for 78.67% of its total share capital [3]. - Zhongwei Semiconductor will unlock 231 million shares, representing 57.77% of its total share capital, with an unlock market value of 13.381 billion yuan. The stock has seen a significant increase of over 67% since January 20, following a price increase announcement for its products [3]. - Yangtze Power will unlock 461 million shares, accounting for 1.88% of its total share capital, with an unlock market value of 12.151 billion yuan [3]. Group 3: Other Notable Stocks - Yipuli, Guobang Pharmaceutical, and Xinghuan Technology-U have high unlock market values of 7.618 billion yuan, 7.060 billion yuan, and 5.703 billion yuan, respectively [4]. - Eleven stocks have an unlock quantity that exceeds 10% of their total share capital, with several stocks like Honghai Technology, Xinda Securities, and Zhongwei Semiconductor exceeding 40% [4]. - Honghai Technology has an unlock quantity that is nearly 80% of its total share capital, with an expected decline in net profit for 2025 [4]. Group 4: Performance of Stocks - Stocks that have seen significant price increases this year include Aotewi, Zhaojin Gold, Xinghuan Technology-U, Zhongwei Semiconductor, and Xinyuan Technology, all with increases exceeding 40% [4]. - Aotewi and Zhaojin Gold have both seen price increases around 100%, although their unlock quantities are relatively low [4]. - Xinghuan Technology-U has a year-to-date increase of over 94%, with an expected net loss for 2025 [5].

Group 1: Profit Forecasts - Dongcai Technology expects a net profit of approximately 300 million yuan for 2025, representing a year-on-year increase of about 65.73% [1] - Aerospace Electronics anticipates a net profit of 192 million to 247 million yuan for 2025, a decrease of 55% to 65% year-on-year [2] - Oulai New Materials forecasts a loss of 33 million to 48 million yuan for 2025, compared to a profit of 28.17 million yuan in the previous year [3] - Jiu Ding New Materials projects a net profit of 85 million to 98 million yuan for 2025, reflecting a year-on-year increase of 187.68% to 231.68% [5] - Chuan Yi Technology expects a net profit of 78 million to 103 million yuan for 2025, reversing a loss of 73.47 million yuan from the previous year [6] - Ju Yi Technology anticipates a net profit of 70 million to 105 million yuan for 2025, representing a year-on-year increase of 228.36% to 392.54% [7] - ST Xifa forecasts a net profit of 110 million to 160 million yuan for 2025, a year-on-year increase of 319.91% to 510.77% [19] - Light Media expects a net profit of approximately 1.5 billion to 1.9 billion yuan for 2025, reflecting a year-on-year increase of 413.67% to 550.65% [34] - Tianqi Lithium anticipates a profit of 369 million to 553 million yuan for 2025, compared to a loss of 7.905 billion yuan in the previous year [31] Group 2: Loss Forecasts - Star Ring Technology expects a loss of 220 million to 250 million yuan for 2025, with a projected revenue of 420 million to 450 million yuan, a year-on-year increase of 13.06% to 21.13% [9] - Filinger anticipates a loss of 65 million to 85 million yuan for 2025, compared to a loss of 37.31 million yuan in the previous year [10] - Jiahe Meikang forecasts a loss of 240 million to 280 million yuan for 2025, compared to a loss of 256 million yuan in the previous year [11] - Light Textile City expects a loss of 15 million to 22.5 million yuan for 2025 [23] - Ailon Technology anticipates a profit of 14.96 million to 22.44 million yuan for 2025, reversing a loss of 21.70 million yuan from the previous year [24] - ST Yun Chuang forecasts a loss of 139 million to 149 million yuan for 2025, with projected revenue of 53.5 million to 57.5 million yuan, a year-on-year increase of 6.15% to 14.09% [42] - Meike Home expects a loss of 1.2 billion to 1.8 billion yuan for 2025, compared to a loss of 864 million yuan in the previous year [36] Group 3: Shareholder Actions - Huafeng Chemical announced that shareholders plan to reduce their holdings by no more than 0.73% of the company's shares [8] - Naxinwei disclosed that shareholders plan to reduce their holdings by no more than 1.75% of the company's shares [12] - Shikong Technology announced that a shareholder plans to reduce their holdings by no more than 3% of the company's shares [13] - Yandong Micro disclosed that a shareholder plans to reduce their holdings by no more than 1% of the company's shares [37] - Daily Interaction announced that shareholders plan to reduce their holdings by no more than 0.135% of the company's shares [41]

Core Viewpoint - The announcement details the listing and circulation of restricted shares for Star Ring Technology (Shanghai) Co., Ltd., with a total of 27,163,372 shares set to be released on February 6, 2026, following a 36-month lock-up period since the company's initial public offering [2][4][23]. Group 1: Listing Details - The total number of shares to be listed is 27,163,372, which represents 22.4239% of the company's total shares [5][23]. - The shares being released are part of the restricted shares held by major shareholders, including the controlling shareholder Sun Yuanhao and others [5][23]. - The shares will be available for trading starting from February 6, 2026 [4][25]. Group 2: Financial Performance Forecast - The company expects to achieve an operating income of between 420 million yuan and 450 million yuan for the year 2025, reflecting an increase of 48.51 million yuan to 78.51 million yuan compared to the previous year, which is a year-on-year growth of 13.06% to 21.13% [27][28]. - The projected net loss for 2025 is estimated to be between 250 million yuan and 220 million yuan, indicating a reduction in losses by 93.46 million yuan to 123.46 million yuan compared to the previous year, which translates to a year-on-year decrease in losses of 27.21% to 35.95% [28][30]. - The expected net loss after excluding non-recurring gains and losses is projected to be between 270 million yuan and 240 million yuan, with a reduction in losses of 109.76 million yuan to 139.76 million yuan compared to the previous year, representing a year-on-year decrease in losses of 28.90% to 36.80% [28][30]. Group 3: Shareholder Commitments - Major shareholders have committed to not transferring or managing their shares for 36 months post-listing, and they will not propose share buybacks during this period [9][13][15]. - After the lock-up period, shareholders are allowed to reduce their holdings, but the annual reduction cannot exceed 2% of the total shares held prior to the IPO during the fourth and fifth fiscal years [9][13][15]. - Shareholders must comply with legal regulations regarding shareholding and changes in shareholding, and any violation of these commitments will result in the proceeds from the sale of shares being returned to the company [11][16][20].

Group 1 - The company Xinghuan Technology announced that approximately 27.16 million restricted shares will be unlocked and listed for circulation on February 6, 2026, representing about 22.42% of the company's total share capital [1] Group 2 - The investigation into the "Jie Wo Rui" redemption crisis on the Shuibei Gold platform reveals a 40-fold leverage bet, indicating that as gold prices rise, the platform incurs greater losses [1] - Investors have expressed dissatisfaction with the proposed redemption plan, which offers a principal repayment at a 20% discount [1]

证券代码：688031 证券简称：星环科技 公告编号：2026-005 星环信息科技（上海）股份有限公司 首次公开发行部分限售股上市流通的公告 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： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 27,163,372股。 本次股票上市流通总数为27,163,372股。 本次股票上市流通日期为2026 年 2 月 6 日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会 2022 年 8 月 23 日出具的《关于同意星环信息 科技（上海）股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕 1923 号），公司首次向社会公开发行人民币普通股（A 股）股票 3,021.0600 万股， 并于 2022 年 10 月 18 日在上海证券交易所科创板挂牌上市，发行完成后总股本为 12,084.2068 万股，其中有限售条件流通股 9,430.0863 万股，无限售条件流通股 2,654.1205 万股。 本次上市流通的限售股为首次公开发 ...

中国国际金融股份有限公司 关于星环信息科技（上海）股份有限公司 首次公开发行部分限售股上市流通的核查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为星环信息科技（上海）股 份有限公司（以下简称"星环科技"或"公司"）首次公开发行股票并在科创板上市的 保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关法 律法规和规范性文件的要求，对星环科技首次公开发行部分限售股解禁上市流通事宜进 行了核查，发表核查意见如下： 公司于 2025 年 3 月 7 日完成了 2023 年限制性股票激励计划首次授予部分第一个 归属期的股份登记工作，新增无限售流通股 287,448 股，股份总数变更为 121,129,516 股。具体内容详见公司于 2025 年 3 月 11 日在上海证券交易所网站（www.sse.com.cn） 披露的《关于 2023 年限制性股票激励计划首次授予部分第一个归属期归属结果暨股票 上市公告》（公告编号：2025-008）。 公司于 2025 年 9 月 19 日完成了 2023 年限制性股 ...

证券代码：688031 证券简称：星环科技 公告编号：2026-004 星环信息科技（上海）股份有限公司 2025 年年度业绩预告 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： 一、本期业绩预告情况 （一）业绩预告期间 （1）经公司财务部门初步测算，公司预计 2025 年度实现营业收入为 42,000 万元至 45,000 万元，与上年同期相比，收入增加 4,850.80 万元至 7,850.80 万元， 同比增收 13.06%至 21.13%。 （2）公司预计 2025 年度实现归属于母公司所有者的净利润为-25,000 万元 至-22,000 万元，与上年同期相比，亏损减少 9,346.28 万元至 12,346.28 万元，同 比减亏 27.21%至 35.95%。 （3）公司预计 2025 年度实现归属于母公司所有者扣除非经常性损益后的净 利润为-27,000 万元至-24,000 万元，与上年同期相比，亏损减少 10,975.94 万元 至 13,975.94 万元，同比减亏 28.90%至 3 ...

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