Group 1 - A-shares experienced a slight increase before the National Day holiday and a mixed performance afterward, with 105 listed companies receiving institutional research during the period from September 29 to October 10 [1] - Approximately 60% of the companies that were researched achieved positive returns, with Deep Technology leading at a 29.68% increase, followed by ten other companies with gains exceeding 10% [1] Group 2 - Three companies, including Shouhua Environmental, Jiufeng Energy, and Jingchen Co., received over 100 institutional research visits, indicating strong interest from investors [2][3] - Shouhua Environmental, a flagship environmental company under Beijing State-owned Assets Supervision and Administration Commission, received 119 institutional visits, focusing on its water business and debt reduction progress [3] - Jiufeng Energy, which focuses on gas production and supply, received 110 institutional visits, with investors inquiring about its second-phase project and expected benefits [5] - Jingchen Co. also received 110 institutional visits, with a focus on its AI technology and its application in various fields [5][6] Group 3 - Huafeng Measurement and Control received 81 institutional visits, with investors interested in its order structure and the semiconductor industry's outlook for the second half of the year [7][8] - Huafeng Measurement and Control expects continued growth in its performance, driven by demand in data centers and power devices [8]

Core Viewpoint - The article discusses the recent trends in A-share market performance, highlighting the impact of institutional research on stock prices and the focus on specific companies that have attracted significant institutional interest [3][4]. Group 1: Market Trends - A-share market showed a slight increase before the National Day holiday and a mixed performance afterward [3]. - From September 29 to October 10, 105 listed companies received institutional research, with approximately 60% of these companies achieving positive returns [4]. Group 2: Institutional Research Highlights - Three companies, including 首创环保 (Shou Chuang Environmental Protection), 九丰能源 (Jiu Feng Energy), and 晶晨股份 (Jing Chen Co.), received over 100 institutional research visits [5][10][14]. - 首创环保 was queried about the expiration of its water business project concessions and strategies to mitigate risks, indicating a proactive approach to extending project durations through various measures [6][8]. - 九丰能源's second-phase project for coal-to-natural gas production attracted attention, with the company emphasizing a conservative approach to cost and revenue projections [10][12]. - 晶晨股份 reported significant advancements in AI technology, with 19 commercial chips featuring self-developed intelligent processing units, indicating a strong focus on R&D in AI-related fields [14]. Group 3: Company-Specific Insights - 首创环保 aims to leverage receivables to extend concession periods for quality projects, while also addressing debt reduction efforts with 8.18 billion yuan received for debt clearance in the first half of 2025 [8]. - 九丰能源's investment in a coal-to-natural gas project is projected to yield better-than-expected profitability due to conservative financial modeling [12]. - 华峰测控 (Hua Feng Measurement Control) received 81 institutional visits, with a focus on its order structure and the semiconductor industry's outlook, predicting continued growth driven by demand in AI computing and automotive electronics [15][17].

证券时报记者 聂英好 9月29日至10月10日4个工作日，共有105家上市公司接待机构调研。从赚钱效应看，约六成机构调研个股实现正收 益，其中深科技以29.68%的涨幅领先，先锋精科、威力传动、盛达资源、国电南自等10家公司涨超10%。 3家公司接待 机构调研均逾百家 热门调研标的方面，首创环保、九丰能源、晶晨股份3家公司接待百家以上机构，华峰测控、博瑞医药、威力传 动、永臻股份、瑞芯微等5家公司迎来超50家机构投资者。 首创环保接受119家机构调研，该公司是北京市国资委所属环保旗舰上市公司，主营业务涵盖污水处理、固废处 置、大气治理及再生能源等领域，拥有多项环保业务资质。在调研中，机构问及首创环保水务业务存量项目特许 经营期到期情况，以及如何规避风险等问题。 据了解，存量重资产项目特许经营期大多在20—30年，按签约年份推算，首创环保未来陆续会有项目特许经营期 到期。首创环保回应表示，对于区域营商环境看好的项目，首创拟利用应收账款抵扣转特许经营期延长措施，或 借助城市更新、厂网一体化等政策契机，积极参与相关项目，以此延长对优质项目运营资产的持有。 机构还询问首创环保上半年化债工作进展情况，首创环保表示，20 ...

每经记者｜蔡鼎 每经编辑｜董兴生 10月9日，港交所官网显示，A股科创板上市公司晶晨股份（688099.SH）向港交所首次呈交了IPO（首 次公开募股）申请文件，中金公司和海通国际为其联席保荐人。公司在港股上市的简称为"晶晨半导 体"。 《每日经济新闻》记者注意到，这距离晶晨股份9月5日召开董事会和监事会会议审议通过相关议案才过 去仅一个多月时间。公司当时称，赴港上市是为进一步提高公司资本实力和综合竞争力，深入推进公司 国际化战略。 招股书显示，晶晨半导体拟将此次港股IPO募集资金的约70%用于支持持续增长与提升研发能力、约 10%用于未来的全球客服服务体系建设、约10%用于推进"平台+生态系统"战略的战略投资与收购，剩 余约10%用于营运资金及一般公司用途。 20余家分销商撑起近八成营收 晶晨半导体成立于2003年7月，总部位于上海，为系统级半导体系统设计厂商，面向多个实际场景提供 智能终端控制与连接解决方案，包括智能多媒体与显示SoC（系统级芯片）主控芯片、AIoT（人工智能 物联网）SoC主控芯片、通信与连接芯片等。招股书援引弗若斯特沙利文的报告称，按2024年相关收入 计，晶晨半导体在专注于智能终端S ...

格隆汇10月9日丨晶晨股份(688099.SH)公布，截至2025年9月30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累计回购公司股份79.5289万股，占公司总股本的比例为0.1889%，回购成交的最高 价为70.50元/股，最低价为65.82元/股，支付的资金总额约为人民币5,495.18万元（不含佣金、过户费等 交易费用）。 ...

证券代码：688099 证券简称：晶晨股份 公告编号：2025-068 晶晨半导体(上海)股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日召 开第三届董事会第十五次会议，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》。同意公司使用自有资金通过上海证券交易所交易系统以集中竞 价交易方式回购部分公司已发行的人民币普通股 A 股，用于员工持股计划或股权 激励。公司拟用于回购的资金总额不低于人民币 5,000 万元（含）且不超过人民 币 10,000 万元（含），回购股份的价格不超过人民币 121.58 元/股（含），回购股 份的期限自董事会审议通过本次回购股份方案之日起 12 个月内。具体内容详见公 司于 2025 年 4 月 11 日在上海证券交易所网站（www.sse.com.cn）披露的《关于 以集中竞价交易方式回购股份的预案》（公告编号：2025-026）以及 2025 年 4 月 19 日披露的《关于以集中竞价方式回购股份的回购报告书》（公告编号：2025-034）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购 ...

金元顺安价值增长混合（620004）基金经理为孔祥鹏、韩辰尧。 截至发稿，孔祥鹏累计任职时间8年106天，现任基金资产总规模1.31亿元，任职期间最佳基金回 报-0.87%， 任职期间最差基金回报-11.58%。 韩辰尧累计任职时间2年224天，现任基金资产总规模7.88亿元，任职期间最佳基金回报8.02%， 任职期 间最差基金回报-9.27%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 10月9日，晶晨股份涨5.04%，截至发稿，报116.78元/股，成交10.49亿元，换手率2.22%，总市值491.76 亿元。 资料显示，晶晨半导体(上海)股份有限公司位于上海市浦东新区秀浦路2555号漕河泾康桥商务绿洲E5, 香港湾仔皇后大道东183号合和中心46楼，成立日期2003年7月11日，上市日期2019年8月8日，公司主营 业务涉及系统级SoC芯片及周边芯片的研发、设计与销售。主营业务收入构成为：销售商品99.98%，租 赁服务0.02%。 从基 ...

Core Viewpoint - Emphasis on the valuation expansion of domestic wafer foundries, driven by intensified demand and a price increase cycle in the storage sector [2] Market Performance - In the week before the holiday, the Shanghai Composite Index rose by 0.21%, while the electronics sector increased by 3.51%, with semiconductors up by 7.64%. In contrast, the Hang Seng Tech Index fell by 1.58% [2] - During the holiday period, Hong Kong's semiconductor sector performed well, with domestic foundries SMIC and Hua Hong Semiconductor reaching historical highs [2] Semiconductor Industry Insights - Domestic wafer foundry capabilities are advancing in both quantity and quality, driven by the growing demand for AI computing power and enhanced high-end chip design capabilities [2] - The increasing procurement by major companies like Deepseek, Alibaba, and Tencent highlights the necessity and scarcity of domestic high-end chip foundry capabilities [2] Storage Market Dynamics - The AI application Sora gained significant popularity during the holiday, and OpenAI partnered with AMD to expand computing power, indicating a competitive arms race among internet giants [2] - The NAND market is expected to see a rise in both volume and price due to increased demand from AI inference, with predictions of a 5-10% increase in contract prices for NAND Flash products in Q4 2025 [2] Capacity Growth Projections - From 2024 to 2028, China's wafer fab capacity is projected to grow at a CAGR of 8.1%, surpassing the global average of 5.3% [3] - The capacity growth for mainstream nodes (22nm-40nm) is expected to be particularly strong, with a CAGR of 26.5% [3] Company Developments - Yangtze Memory Technologies Co. (YMTC) completed its restructuring and is poised for expansion, with its valuation exceeding 160 billion yuan [4] - The establishment of the third phase of YMTC is expected to boost orders for domestic front-end equipment companies [4] AI Infrastructure Investments - Alibaba Cloud is accelerating its transformation into a full-stack AI service provider, with a three-year plan to invest 380 billion yuan in AI infrastructure [5] - The launch of the new AI server, designed to support multiple AI chips, reflects the growing demand for AI solutions [5] Investment Recommendations - Continued focus on domestic semiconductor companies such as SMIC, Hua Hong Semiconductor, and various storage firms like Demingli and Jiangbolong is advised [2][3][4] - In the consumer electronics sector, companies like Industrial Fulian and Xiaomi Group are highlighted for potential investment [6]

Core Viewpoint - The semiconductor company, Jingchen Co., is preparing for an IPO on the Hong Kong Stock Exchange after successfully listing on the A-share market, aiming to enhance its capital strength and international competitiveness [2][11]. Company Overview - Jingchen Co. was established in 2003 and listed on the A-share Science and Technology Innovation Board in 2019, with a current market capitalization exceeding 468 billion RMB after a nearly 62% increase in stock price this year [3]. - The company specializes in system-level semiconductor design, providing advanced control and connectivity solutions for various applications, including smart home, smart office, and automotive sectors [3][4]. Financial Performance - Revenue and profit figures for Jingchen Co. from 2022 to 2025 show a stable performance, with revenues of 55.45 billion RMB in 2022, projected to rise to 59.26 billion RMB in 2024, and profits of 7.32 billion RMB in 2022, expected to increase to 8.19 billion RMB in 2024 [4][5]. - The gross profit margin is projected to improve from 35.1% in 2022 to 37.1% in 2024, with a notable increase in the first half of 2025 [4]. Product Segmentation - The revenue contribution from smart multimedia and display SoC chips remains significant, accounting for 75.6% in 2022 and projected to decrease slightly to 70.9% in 2025 [5][6]. - AIoT SoC products are also gaining traction, with their revenue share increasing from 23.0% in 2022 to 26.7% in the first half of 2025 [7]. Geographic Revenue Distribution - A substantial portion of Jingchen Co.'s revenue comes from markets outside mainland China, with contributions rising from 84.5% in 2022 to 92.0% in the first half of 2025 [7][8]. Customer Dependency - The top five customers account for a significant portion of total revenue, with their contributions increasing from 57.9% in 2022 to 66.3% in the first half of 2025, indicating a high dependency on a few key clients [8]. Supply Chain Considerations - As a fabless semiconductor company, Jingchen Co. relies heavily on third-party suppliers for wafers and chip packaging, with the top five suppliers accounting for over 86% of procurement in recent years [9]. - The company faces risks related to supply chain disruptions, which could impact product delivery and costs [10]. Future Plans - If the IPO is successful, Jingchen Co. plans to allocate approximately 70% of the net proceeds to support growth and enhance R&D capabilities, with additional funds directed towards customer service, strategic investments, and general corporate purposes [11].

Core Insights - In September, a total of 335 companies on the Sci-Tech Innovation Board were investigated by institutions, with 17 companies receiving over 100 inquiries each [1] - The most investigated companies included Juhe Materials, Maiwei Bio, Juguang Technology, Lankai Technology, and Jingzhida, with inquiry counts of 370, 340, 305, 231, and 194 respectively [1] - Key sectors attracting attention were semiconductors, automation equipment, photovoltaic equipment, specialized equipment, and bioproducts [1] Company Developments - Juhe Materials announced plans to acquire SK Enpulse's blank mask business for 68 billion KRW, aiming to enhance its strategic layout and address domestic semiconductor material shortages [2][3] - Maiwei Bio formed a partnership with Aditum Bio to establish Kalexo Bio and secured a global exclusive licensing agreement for a cardiovascular siRNA drug [2] - Zhongkong Technology introduced the concept of "industrial embodied intelligence," aiming to integrate autonomous intelligence into the entire production process [3] Sector Focus - Institutions showed significant interest in companies within the chip interconnection, optical interconnection, battery, and energy storage sectors [4] - Lankai Technology is advancing its MXC chip and PCIe Retimer chip, which are crucial for AI server applications, enhancing bandwidth and reducing latency [5][6] - Xiatuo New Energy is focusing on solid-state battery materials and has achieved stable production of oxide solid-state electrolytes [7][8] Financial Performance - Hai Moxing reported a 350 million CNY inventory impairment in the first half of the year but expects improvement in the coming quarters [9] - Mei Ai Technology anticipates a long-term increase in overall gross margin, driven by a higher proportion of consumable products and expanding overseas market share [10] - Jingchen Co. noted a significant increase in inventory due to a surge in orders, with a record shipment volume in the second quarter [10]