证券代码：688110 证券简称：东芯股份 公告编号：2025-040 东芯半导体股份有限公司 关于变更持续督导保荐代表人的公告 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。 东芯半导体股份有限公司（以下简称"公司"）于近日收到国泰海通证券股份 有限公司（以下简称"国泰海通"）出具的《关于更换东芯半导体股份有限公司持 续督导保荐代表人的函》。作为公司首次公开发行并在科创板上市的保荐机构， 国泰海通原指定张坤先生、陈城先生为公司首次公开发行并在科创板上市项目保 荐代表人，负责保荐工作及持续督导工作，持续督导期至2024年12月31日止，因 公司募集资金尚未使用完毕，国泰海通对此未尽事项继续履行持续督导义务。 由于原保荐代表人张坤先生因个人工作变动，无法继续从事对公司的持续督 导工作，国泰海通委派保荐代表人程韬先生接替张坤先生继续履行持续督导工作。 具体内容详见公司于2025年7月24日披露的《关于变更持续督导保荐代表人的公 告》（公告编号：2025-035）。 由于原保荐代表人陈城先生因个人工作变动，无法继续从事对公司的持 ...

Market Overview - The Shanghai Composite Index rose by 0.50% on August 12, with 18 out of 28 sectors experiencing gains, led by the communication and electronics sectors, which increased by 2.24% and 1.88% respectively [1] - The defense and steel sectors saw the largest declines, with decreases of 1.03% and 0.83% [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 30.123 billion yuan, with 7 sectors seeing net inflows [1] - The electronics sector had the highest net inflow of funds, totaling 6.425 billion yuan, while the communication sector followed with a net inflow of 2.678 billion yuan [1] - The defense industry faced the largest net outflow, amounting to 7.052 billion yuan, followed by the non-ferrous metals sector with a net outflow of 6.483 billion yuan [1] Electronics Sector Performance - The electronics sector increased by 1.88%, with a total net inflow of 6.425 billion yuan, and out of 466 stocks in this sector, 276 rose while 184 fell [2] - Notably, 5 stocks hit the daily limit up, and 219 stocks experienced net inflows, with 28 stocks seeing inflows exceeding 100 million yuan [2] - The top three stocks by net inflow were Cambrian (19.77 billion yuan), Furi Electronics (6.41 billion yuan), and Industrial Fulian (5.25 billion yuan) [2] Electronics Sector Inflow and Outflow Rankings - The top inflow stocks included Cambrian (20.00% increase), Furi Electronics (10.03% increase), and Industrial Fulian (9.24% increase) [3] - The top outflow stocks were Xingsen Technology (-3.49% decrease), Jingwang Electronics (-4.21% decrease), and Dongxin Co., Ltd. (2.54% increase) [4]

Group 1 - The market appears lively with new stock subscriptions and leveraged funds actively participating, but underlying complexities exist that investors should be aware of [1][4] - Hongyuan Co., a wire manufacturing company, has shown impressive performance with a compound annual growth rate of 25.74% and has entered the supply chain of Vietnamese electric vehicle companies [2][4] - On August 8, the non-ferrous metal sector saw a net financing purchase of 359 million yuan, with stocks like Sunshine Power and Dongxin Co. becoming favorites among leveraged investors [2][3] Group 2 - Social security funds are shifting their investments towards new materials and high-end manufacturing, indicating a focus on hard technology sectors [4] - The trend of institutional investors behaving more like retail investors is noted, where they tend to hold positions unless significant profits are realized [5] - The importance of trading behavior over mere holding data is emphasized, as sustained buying pressure is necessary for stock price increases [5][6] Group 3 - In uncertain market conditions, large funds often adopt a "time for space" strategy, avoiding hasty price increases that could attract negative attention [6] - Ordinary investors may struggle with patience and may select the wrong stocks, often focusing solely on price trends rather than trading behaviors [6][10] - The analysis of "institutional inventory" data reveals active participation from institutional funds even during periods of price stagnation [10] Group 4 - A significant misconception among investors is the belief that the presence of institutional funds guarantees stock safety, while active trading participation is crucial [14][15] - The case of Kweichow Moutai illustrates that even with institutional holdings worth 27.054 billion yuan, the stock price can still decline if institutions are not actively trading [14][15] - Understanding the logic behind trading behaviors is essential for navigating complex market conditions successfully [15]

Group 1 - The main focus of the article is on the significant outflow of capital from specific stocks as of August 12, with the top 20 stocks experiencing the largest withdrawals [1] - The stocks with the highest capital outflow include Changcheng Military Industry (-0.51 billion), Northern Rare Earth (-0.48 billion), and Aerospace Science and Technology (-0.42 billion) [1] - Other notable stocks with substantial outflows include Tianqi Lithium (-0.39 billion), Jinfat Technology (-0.38 billion), and Shenghe Resources (-0.37 billion) [1] Group 2 - The total capital outflow from the top 20 stocks indicates a trend of investors pulling back from these companies, which may reflect broader market sentiments [1] - The data highlights the specific amounts withdrawn from each stock, providing insight into investor behavior and potential market shifts [1]

New Stock Issuance - Hongyuan Co., Ltd. (stock code: 920018) issued shares at a price of 9.17 on August 11, 2025[1] - China Shipbuilding Industry Corporation (stock code: 600150) has a cash acquisition request period from August 13 to August 15, 2025[1] - ST Kelly (stock code: 300326) has a tender offer period from July 17 to August 15, 2025[1] Rights and Announcements - China Heavy Industry (stock code: 601989) has a cash option declaration period starting August 13, 2025[1] - Fushun Special Steel (stock code: 600399) has a tender offer period from August 12 to September 10, 2025[1] - North Long Dragon (stock code: 301357) has an announcement link for further details[1] Market Volatility - Several stocks, including ST Xifa (stock code: 000752) and ST Aowei (stock code: 002231), are under observation for significant price fluctuations[1] - The report highlights abnormal fluctuations in stocks such as ST Songfa (stock code: 603268) and ST Yancheng (stock code: 603063)[2]

Core Viewpoint - Dongxin Co., Ltd. (688110.SH) announced a stock price fluctuation due to media reports regarding its investment in Lishuan Technology (Shanghai) Co., Ltd., which has launched its first self-developed GPU chip "7G100" and graphics card product Lisuan eXtreme [1] Group 1 - The GPU products from Lishuan Technology are primarily aimed at applications in personal computers, professional design, AIPC, cloud gaming, cloud rendering, and digital twins, rather than large model computing clusters [1] - The sales of these products are contingent upon product certification, customer onboarding, and mass production supply, all of which carry uncertainties [1] - The investment in Lishuan Technology is accounted for using the equity method and is not included in the consolidated financial statements of Dongxin Co., Ltd. [1] Group 2 - Lishuan Technology faces several risks including industrialization progress risk, market competition risk, product singularity risk, performance risk, ongoing operation risk, and funding flow risk [1] - Investors are advised to make cautious decisions and rationally approach market hot concepts while being aware of investment risks [1]

Core Viewpoint - Dongxin Co., Ltd. (688110) announced on August 11 that there have been reports regarding its investment in Lishuan Technology (Shanghai) Co., Ltd. and the launch of its first self-developed GPU chip "7G100" and graphics card product Lisuan eXtreme [1] Investment and Product Development - The products from Lishuan Technology are primarily aimed at applications in personal computers, professional design, AIPC, cloud gaming, cloud rendering, and digital twins, rather than large model computing clusters [1] - The sales of these products are subject to uncertainties as they require product certification, customer onboarding, and mass production supply [1] - Dongxin's investment in Lishuan Technology is accounted for using the equity method and is not included in the consolidated financial statements [1]

Core Viewpoint - The stock of Dongxin Semiconductor Co., Ltd. has experienced significant volatility, with a cumulative price increase of 126.59% from July 28 to August 11, 2025, raising concerns about potential risks associated with rapid price fluctuations [1][4]. Trading Anomalies - The company's stock price deviated by 30% over three consecutive trading days (August 7, 8, and 11, 2025), which is classified as abnormal trading activity according to Shanghai Stock Exchange regulations [1]. - As of August 11, 2025, the closing price was 84.63 CNY per share, with a rolling P/E ratio reported as negative, significantly diverging from the industry average P/E ratio of 43.43 [1][4]. Business Operations - The company reported a net loss of 59,241,841 CNY for Q1 2025, indicating ongoing financial challenges, and is expected to remain in a loss position for the first half of 2025 [1][2]. - The company confirmed that there have been no significant changes in its business operations or external environment that would justify the recent stock price increase [1][2]. Investment in Shanghai Lishuan Technology - The company has invested in Shanghai Lishuan Technology, which recently announced the launch of its first self-developed GPU chip "7G100" and graphics card product "Lisuan eXtreme" [1][2]. - The products are aimed at various applications, including personal computers and AI, but face uncertainties regarding market acceptance and sales due to the need for product certification and customer onboarding [1][3]. Risks Associated with Investment - The investment in Shanghai Lishuan Technology is subject to several risks, including industrialization progress, market competition, product singularity, performance, and ongoing operational funding [4][5][6][7]. - The GPU market is highly concentrated, with major players like NVIDIA and AMD dominating approximately 98% of the market share, posing significant competitive challenges for domestic GPU manufacturers [5][6]. Management Assurance - The board of directors has confirmed that there are no undisclosed significant matters that could impact the company's stock price, and no insider trading has occurred during the period of stock price volatility [2][3].

证券代码：688110 证券简称：东芯股份 公告编号：2025-039 东芯半导体股份有限公司 股票交易异常波动公告 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： 1 东芯半导体股份有限公司（以下简称"公司"或"上市公司"）股票交易连 续三个交易日内（2025 年 8 月 7 日、8 月 8 日、8 月 11 日）日收盘价格涨幅 偏离值累计达到 30%，根据《上海证券交易所交易规则》《上海证券交易所 科创板股票异常交易实时监控细则》的有关规定，属于股票交易异常波动情 形。 截至 2025 年 8 月 11 日，公司收盘价为 84.63 元/股，自 2025 年 7 月 28 日 至 2025 年 8 月 11 日，公司股价累计涨幅为 126.59%，超过大部分同行业公 司股价涨幅及上证指数涨幅，可能存在短期上涨过快出现的下跌风险。根据 中证指数有限公司官方网站发布的截至2025年8月11日的市盈率数据显示， 公司所属《中国上市公司协会上市公司行业统计分类指引》"C39 计算机、 通信和其他电子设备制造业" ...

今日，A股放量上攻，上证指数、深证成指、中证500等均创年内新高，中证1000则创2年多来新高。超4200 只个股下跌，成交温和放大至1.85万亿元。 盘面上，固态电池、消费电子、机器人概念、国防军工等板块表现活跃，贵金属、银行、影视院线、油服工 程等板块跌幅居前。 数据显示，计算机、电子、电力设备三行业均获得超百亿元主力资金净流入，医药生物获得逾85亿元净流 入，机械设备则连续8日获得净流入，基础化工、家用电器、纺织服饰等连续7日获得净流入。银行主力资金 净流出逾20亿元，公用事业、石油石化、钢铁等也净流出超亿元。 展望后市，中航证券指出，短期大涨后部分资金或有获利了结倾向，可能将造成近期波动加大，热点板块如 有回调依然应保持关注，同时滞涨标的机会也将逐步出现。后续仍存在"九三阅兵"以及四中全会等重要催 化，关注国内反内卷政策推进情况和"十五五"规划政策线索。 国投证券认为，当前基于流动性步入牛市的基础条件已经具备，大盘指数仍将在"银行搭台，多方唱戏"下维 持超预期强势，向上空间暂无法明确，眼下核心在于"重在结构"。当前以银行-微盘为代表的极致杠铃策略 尚存一定绝对收益空间，但超额有效性下滑；同时以相对低估 ...