Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - ETFs are becoming a "super hub" connecting the market and investors, and their development is a major trend. Analyzing the penetration of ETF holdings and trading helps understand the interaction between ETFs and corresponding stocks [1]. - The impact of ETFs on the equity market can be divided into four quadrants based on ETF持仓占比 and ETF成交占比, which reflect the holding and trading influence of ETFs on stocks respectively [2][10]. - ETFs show strong configuration and trading willingness in traditional industries such as banking, coal, and non - bank finance. Market preference may be shifting towards low - valuation, high - dividend sectors [2][3]. Summary by Relevant Catalogs I. ETF's Influence Mechanism on the Equity Market - The influence of ETFs on the equity market is divided into four scenarios according to the low/high of ETF持仓占比 and ETF成交占比: weak influence, stable ballast, high - active trader, and strong influence [2]. II. Industry Perspective - ETFs are actively traded and have a high持仓占比 in traditional industries like banking, coal, and non - bank finance. In August, the banking sector had a 20.55%成交占比 and 10.48%持仓占比; the coal sector had a 16.81%成交占比 and 11.11%持仓占比; the non - bank finance sector had an 11.60%成交占比 and 11.76%持仓占比 [2]. - From July to August, the trading activity and持仓占比 of ETFs in cyclical industries such as coal, banking, and petroleum and petrochemicals increased significantly, while those in technology - growth sectors like electronics and computers decreased, possibly due to market style switching [3]. III. Individual Stock Perspective - Among the top 30 stocks in terms of ETF持仓, ETFs have a high degree of pricing power as the ETF持仓占 their free - float market value exceeds 10%, and stock price fluctuations are highly correlated with ETF redemptions and position adjustments [11]. - The stocks with high ETF持仓 are concentrated in industries, mainly in the semiconductor industry chain, followed by the pharmaceutical and biological industry, and also include some new energy, artificial intelligence, and software stocks [12]. - The market capitalization of stocks heavily held by ETFs varies widely, covering large - cap giants and medium - sized growth companies. These stocks are mostly leading companies in niche industries and are favored by ETFs, especially those from the Science and Technology Innovation Board [13].

Company Overview - Huahai Qingke Co., Ltd. is located in Tianjin, established on April 10, 2013, and listed on June 8, 2022. The company specializes in the research, production, sales, and technical services of semiconductor equipment [1] - The main business revenue composition includes 87.70% from CMP/thinning equipment sales and 12.30% from other products and services [1] Stock Performance - On September 2, Huahai Qingke's stock fell by 5.01%, trading at 121.75 CNY per share, with a transaction volume of 702 million CNY and a turnover rate of 1.58%. The total market capitalization is 43.027 billion CNY [1] Fund Holdings - According to data, one fund under Huatai-PineBridge holds a significant position in Huahai Qingke. The Huatai-PineBridge SSE STAR Market Chip ETF (588750) held 216,900 shares in the second quarter, accounting for 2.39% of the fund's net value, ranking as the tenth largest holding [2] - The Huatai-PineBridge SSE STAR Market Chip ETF (588750) was established on December 18, 2024, with a latest scale of 1.533 billion CNY. Year-to-date, it has achieved a return of 51.58%, ranking 302 out of 4222 in its category [2] Fund Manager Performance - The fund manager of the Huatai-PineBridge SSE STAR Market Chip ETF (588750) is Sun Hao, who has been in the position for 2 years and 6 days. The total asset scale of the fund is 13.434 billion CNY, with the best return during his tenure being 121.92% and the worst return being 3.87% [3]

Group 1 - Huahai Qingke, a high-end semiconductor equipment supplier under Sichuan Energy Development Group, plans to issue H-shares and list on the Hong Kong Stock Exchange, potentially becoming the first company under the group to achieve dual listing in A+H [1][2] - The company specializes in the upstream key industrial chain of integrated circuit manufacturing, offering products such as CMP equipment, thinning equipment, cutting equipment, edge polishing equipment, ion implantation equipment, wet equipment, wafer regeneration, key consumables, and maintenance services [1] - In the first half of this year, Huahai Qingke achieved revenue of 1.95 billion yuan, a year-on-year increase of 30.28%, and a net profit of 505 million yuan, a year-on-year increase of 16.82% [1] Group 2 - The H-share listing aims to accelerate the company's international strategy and overseas business layout, attract international R&D and management talent, enhance competitiveness and brand image, optimize capital structure, and improve overseas financing capabilities [2] - This move reflects Sichuan Energy Development Group's efforts to promote industrial internationalization and support its subsidiaries in expanding global markets [2] - Since its establishment in February 2023, Sichuan Energy Development Group has focused on strengthening comprehensive energy and developing advanced manufacturing, high-end chemicals, and healthcare industries, with Huahai Qingke being a key enterprise in the advanced manufacturing sector [2]

Core Viewpoint - Huahai Qingke experienced a decline of 3.07% on August 29, with a trading volume of 1.112 billion yuan, indicating market volatility and investor sentiment towards the company [1]. Financing Summary - On August 29, Huahai Qingke had a financing buy-in amount of 165 million yuan and a financing repayment of 152 million yuan, resulting in a net financing buy of 13.3 million yuan [1]. - As of August 29, the total financing and securities lending balance for Huahai Qingke was 1.234 billion yuan, with the financing balance at 1.226 billion yuan, accounting for 2.75% of the circulating market value, which is above the 90th percentile of the past year [1]. - In terms of securities lending, on August 29, Huahai Qingke repaid 1,845 shares and sold 4,000 shares, with a selling amount of 504,000 yuan, while the securities lending balance was 7.8832 million yuan, exceeding the 70th percentile of the past year [1]. Business Performance Summary - As of June 30, Huahai Qingke had 13,600 shareholders, a decrease of 10% from the previous period, while the average circulating shares per person increased by 54.75% to 17,452 shares [2]. - For the first half of 2025, Huahai Qingke reported a revenue of 1.95 billion yuan, representing a year-on-year growth of 30.28%, and a net profit attributable to shareholders of 505 million yuan, up 16.82% year-on-year [2]. - Since its A-share listing, Huahai Qingke has distributed a total of 271 million yuan in dividends [2]. Institutional Holdings Summary - As of June 30, 2025, among the top ten circulating shareholders of Huahai Qingke, Huaxia SSE Sci-Tech Innovation Board 50 ETF (588000) ranked as the fourth largest shareholder with 8.9168 million shares, an increase of 904,700 shares from the previous period [2]. - E-Fund SSE Sci-Tech Innovation Board 50 ETF (588080) was the seventh largest shareholder with 6.8629 million shares, up by 1,149,700 shares [2]. - Harvest SSE Sci-Tech Innovation Board Chip ETF (588200) ranked ninth with 3.9337 million shares, an increase of 873,800 shares [2].

Core Viewpoint - Huahai Qingke (688120.SH), a leading domestic semiconductor CMP equipment supplier, plans to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its international strategy and overseas business layout [1][4]. Group 1: Financial Performance - In the first half of 2025, Huahai Qingke achieved operating revenue of 1.95 billion yuan, a year-on-year increase of 30.28%, and a net profit attributable to shareholders of 505 million yuan, up 16.82% [2][3]. - For the year 2024, the company reported operating revenue of 3.406 billion yuan, a growth of 35.82%, and a net profit of 1.023 billion yuan, increasing by 41.40% [2][3]. - The company's cash flow from operating activities in the first half of 2025 increased by 6.17% to 395 million yuan [3]. Group 2: Business Strategy and Development - Huahai Qingke focuses on R&D and production capacity enhancement to strengthen its core competitiveness, particularly in CMP products, which are essential for integrated circuit manufacturing [3][4]. - The company has a comprehensive platform strategy that includes equipment and services, with products widely used in integrated circuits, advanced packaging, and other manufacturing processes [2][3]. - The company is expanding its production base and optimizing its industrial layout, with a new factory in Beijing and a project in Kunshan to increase wafer regeneration capacity [7]. Group 3: Intellectual Property and R&D Investment - As of June 30, 2025, Huahai Qingke has obtained 500 authorized patents and 39 software copyrights, emphasizing its commitment to technological innovation [6]. - The company's R&D investment in the first half of 2025 was 246 million yuan, a year-on-year increase of 40.44%, accounting for 12.63% of its operating revenue [6]. Group 4: Market Position and Future Outlook - If successful in its Hong Kong listing, Huahai Qingke will be the first company under Sichuan Energy Development Group to be listed on both A-share and Hong Kong markets, enhancing its international brand image and capital structure [4]. - The company has a strong order backlog, with contract liabilities reaching 1.755 billion yuan, a 30.81% increase, supporting its ongoing performance [7].

Group 1 - A-share companies are increasingly planning to list in Hong Kong, indicating a trend in the market [1] - A total of 29 A-share listed companies have disclosed plans for Hong Kong listings this month [1] - Notable companies involved in this trend include Huaxin Cement, Shengbang Co., Dongcheng Pharmaceutical, and others [1]

Core Viewpoint - Huahai Qingke (688120) reported a year-on-year increase in both revenue and net profit for the first half of 2025, indicating positive growth trends in its financial performance [1]. Financial Performance - The total operating revenue for the first half of 2025 reached 1.95 billion yuan, a year-on-year increase of 30.28% compared to 1.497 billion yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was 505 million yuan, reflecting a year-on-year growth of 16.82% from 433 million yuan [1]. - In Q2 2025, the operating revenue was 1.037 billion yuan, up 27.05% year-on-year, while the net profit for the same quarter was 272 million yuan, an increase of 18.01% [1]. Profitability Metrics - The gross profit margin improved to 46.08%, a rise of 6.26% year-on-year, while the net profit margin decreased to 25.92%, down 10.33% [1]. - The total of selling, administrative, and financial expenses amounted to 223 million yuan, accounting for 11.46% of revenue, which is a significant increase of 57.02% year-on-year [1]. Shareholder Metrics - Earnings per share (EPS) increased to 2.14 yuan, a growth of 16.94% compared to 1.83 yuan in the previous year [1]. - The book value per share decreased to 29.52 yuan, down 20.22% year-on-year [1]. - Operating cash flow per share was reported at 1.67 yuan, a decline of 28.72% from the previous year [1]. Investment Insights - The company's return on invested capital (ROIC) was 15.16%, indicating strong capital returns, with a historical median ROIC of 13.75% since its listing [3]. - The company has shown a history of fluctuating financial performance, with three years of losses since its IPO, suggesting a potentially fragile business model [3]. - Analysts expect the company's performance in 2025 to reach 1.358 billion yuan, with an average EPS forecast of 3.84 yuan [3]. Fund Holdings - The largest fund holding Huahai Qingke is the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, which has recently increased its position [4]. - Other notable funds include Yinhua Integrated Circuit Mixed A and Southern Information Innovation Mixed A, with varying changes in their holdings [4].

Group 1 - The company held its 10th meeting of the second Supervisory Board, which was conducted via communication, with all 5 supervisors present, ensuring compliance with relevant laws and regulations [1] - The Supervisory Board approved the 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's actual situation and complies with legal requirements [1][2] - The board also approved the special report on the storage and actual use of raised funds for the first half of 2025, confirming compliance with regulations and no misuse of funds [2] Group 2 - The board agreed to cancel the Supervisory Board and transfer its powers to the Audit Committee of the Board, while also approving a capital increase of 4.90 shares for every 10 shares held, totaling 115,743,812 shares [2][3] - The proposal to change the registered capital and amend the company's articles of association will be submitted to the shareholders' meeting for approval [3]

Meeting Information - The shareholder meeting is scheduled for September 16, 2025, at 14:30 [3][4] - The location of the meeting is Room 2102, Building 2, No. 11 Ju Xing Road, Xian Shui Gu Town, Tianjin [3][4] - Voting will be conducted through both on-site and online methods [3][4] Voting Procedures - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, available from 9:15 to 15:00 on the day of the meeting [3][4] - Shareholders must complete identity verification to vote on the online platform [4] - Duplicate voting through different methods will be counted only once, based on the first vote [4] Agenda Items - The meeting will discuss the following non-cumulative voting proposals: 1. Proposal to cancel the supervisory board and amend the registered capital and company articles [2] 2. Proposal to authorize the board and management to handle share repurchase matters [2] - These proposals were approved in the board and supervisory meetings held on August 28, 2025 [2] Attendance Requirements - Shareholders registered by the close of trading on September 9, 2025, are eligible to attend [4][5] - Registration for attendance will occur on September 11, 2025, from 8:30 to 11:30 and 13:00 to 16:30 [5] - Attendees must present valid identification and any necessary authorization documents if represented by a proxy [5] Additional Information - Shareholders are responsible for their own travel and accommodation expenses [9] - Contact information for the company is provided for any inquiries regarding the meeting [9]

Core Viewpoint - The report outlines the continuous supervision and guidance provided by Guotai Junan Securities for Huahai Qingke Co., Ltd. during the first half of 2025, emphasizing the company's compliance with regulations and its operational performance [2][9]. Summary by Sections Continuous Supervision Work - The sponsor has established a continuous supervision system to ensure the company adheres to regulatory obligations, including information disclosure and operational compliance [2][3]. - The sponsor has assisted the company in developing internal systems and decision-making processes to meet legal and regulatory requirements [3][4]. - The company has maintained transparency in its information disclosure, ensuring it is accurate, complete, and timely [3][4]. Financial Performance - For the first half of 2025, the company reported a revenue of approximately RMB 1.95 billion, a year-on-year increase of 30.28% [17]. - The total profit reached approximately RMB 549.78 million, reflecting an 11.66% increase compared to the previous year [17]. - The net profit attributable to shareholders was approximately RMB 505 million, marking a 16.82% increase [17]. R&D and Innovation - The company has a strong focus on R&D, with R&D expenses accounting for 12.63% of revenue, an increase from 11.72% in the previous year [17][22]. - The company has developed a robust R&D team of 722 members, representing 31.99% of its total workforce [19][20]. - The company has obtained 500 patents and 39 software copyrights, showcasing its commitment to innovation [19][20]. Risk Management - The company faces risks related to core competitiveness, including potential talent loss and technological advancements in the semiconductor equipment industry [9][10]. - The company has established a quality management system to ensure product quality and customer satisfaction [20][21]. - The company is exposed to financial risks, particularly concerning accounts receivable and customer concentration [12][13]. Use of Raised Funds - The company raised a total of RMB 364.43 million through its IPO, with a net amount of RMB 348.99 million after deducting issuance costs [2][23]. - As of June 30, 2025, the company has utilized RMB 111.58 million of the raised funds for designated projects [23]. - The company has ensured compliance with regulations regarding the management and use of raised funds [23].