8月26日，生益电子跌2.18%，成交额15.95亿元。两融数据显示，当日生益电子获融资买入额2.17亿 元，融资偿还1.86亿元，融资净买入3150.42万元。截至8月26日，生益电子融资融券余额合计8.49亿 元。 融资方面，生益电子当日融资买入2.17亿元。当前融资余额8.41亿元，占流通市值的1.41%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，生益电子8月26日融券偿还1900.00股，融券卖出3400.00股，按当日收盘价计算，卖出金额 24.40万元；融券余量10.68万股，融券余额766.16万元，超过近一年90%分位水平，处于高位。 机构持仓方面，截止2025年6月30日，生益电子十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1172.95万股，相比上期增加394.54万股。大摩数字经济混合A（017102）退出十大流通股 东之列。 责任编辑：小浪快报 资料显示，生益电子股份有限公司位于广东省东莞市东城区(同沙)科技工业园同振路33号，成立日期 1985年8月2日，上市日期2021年2月25日，公司主营业务涉及各类印制电路板的研发、生产与销售业 务。 截至6月 ...

根据公开信息，养老基金在2025年二季度新进成为生益电子前十大流通股东，持股市值超过1亿元。公 司2025年上半年实现营业收入37.69亿元，同比增长91%；净利润5.31亿元，同比增长452.11%。报告期 内，公司持续加码AI服务器赛道，研发投入达1.95亿元，同比增长67.51%。 资金流向方面，8月26日生益电子主力资金净流出6472.81万元，占流通市值的0.11%。近五个交易日主 力资金累计净流入2.92亿元，占流通市值的0.49%。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 生益电子8月26日股价报71.76元，较前一交易日下跌1.60元，跌幅2.18%。当日开盘价为73.00元，最高 触及76.00元，最低下探至71.47元，成交量为218648手，成交金额15.95亿元。 生益电子主要从事印制电路板的研发、生产和销售，产品广泛应用于通信设备、网络设备、计算机、消 费电子等领域。公司总部位于广东省，是国内领先的PCB制造商之一。 ...

Core Viewpoint - Shengyi Electronics has shown significant stock price appreciation and strong financial performance in the first half of 2025, indicating robust growth potential in the electronic components industry [1][2]. Financial Performance - Shengyi Electronics reported a revenue of 3.769 billion yuan for the first half of 2025, representing a year-on-year increase of 91% [1]. - The net profit for the same period was 531 million yuan, reflecting a substantial year-on-year growth of 452.11% [1]. Stock Market Activity - As of August 25, 2025, Shengyi Electronics' stock price reached 73.36 yuan, up by 8.26 yuan or 12.69% from the previous trading day [1]. - The stock opened at 65.69 yuan, with a daily high of 74.98 yuan and a low of 64.52 yuan, with a trading volume of 344,426 hands and a total transaction amount of 2.39 billion yuan [1]. - On August 25, the net inflow of main funds into Shengyi Electronics was 82.3254 million yuan, with a cumulative net inflow of 397.0397 million yuan over the past five days [2]. Shareholder Activity - By the end of the second quarter, a pension fund entered the top ten circulating shareholders of Shengyi Electronics, holding 5.3339 million shares valued at 273 million yuan [1].

Market Performance - The component sector increased by 4.52% on August 25, with Shengyi Electronics leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Top Gainers in Component Sector - Shengyi Electronics (688183) closed at 73.36, up 12.69% with a trading volume of 344,400 shares and a transaction value of 2.39 billion [1] - Fangbang Co., Ltd. (688020) closed at 66.99, up 12.31% with a trading volume of 78,400 shares and a transaction value of 507 million [1] - Jingwang Electronics (603228) closed at 59.60, up 10.00% with a trading volume of 592,700 shares and a transaction value of 3.43 billion [1] - Victory Technology (300476) closed at 239.90, up 9.00% with a trading volume of 837,800 shares and a transaction value of 18.58 billion [1] - Other notable gainers include Shenzhen South Circuit (002916) and Dongshan Precision (002384), with increases of 7.46% and 7.32% respectively [1] Underperformers in Component Sector - Tianjin Pulin (002134) closed at 23.40, down 10.00% with a trading volume of 312,600 shares [2] - Jinsai Technology (871981) closed at 44.24, down 4.63% with a trading volume of 59,700 shares [2] - ST Dongjing (002199) closed at 10.93, down 3.10% with a trading volume of 73,900 shares [2] Capital Flow in Component Sector - The component sector saw a net inflow of 162 million from main funds, while retail investors experienced a net outflow of 236 million [2]

Core Insights - The recent disclosure of semi-annual reports by A-share listed companies reveals significant movements among institutional investors, particularly pension funds [1] Group 1: Institutional Investment Trends - In the second quarter, pension funds entered the top ten circulating shareholder lists of over 20 stocks [1] - The total market value of stocks newly held by pension funds, with a market value exceeding 100 million yuan, includes 11 companies: Hongfa Technology, Satellite Chemical, Shengyi Electronics, Yuyue Medical, Jereh Group, Angel Yeast, Taineng Technology, Huace Testing, Hisense Home Appliances, Gongda Electronics, and Cambridge Technology [1] - Additionally, pension funds also entered the top ten circulating shareholder lists of companies such as Weichai Heavy Machinery, Huafeng Aluminum, Luxi Chemical, Jingneng Electric Power, Nova Star Cloud, Fuda Co., Tianqin Equipment, Shanhaishan, Gaoxingxing, Jiuzhitang, Doli Technology, Zhongce Rubber, Weifeng Electronics, and Baolijia [1]

Group 1 - The recent disclosure of A-share listed companies' semi-annual reports reveals significant movements by institutional investors, with pension funds entering the top ten shareholders of 29 new stocks in Q2 [1] - Eleven stocks saw new holdings from pension funds with a market value exceeding 100 million yuan, including Satellite Chemical, Shengyi Technology, Hongfa Technology, Yuyue Medical, and others [1] - Additional companies that received new holdings from pension funds include Huafeng Aluminum, Guomai Culture, and others, indicating a broad interest in various sectors [1] Group 2 - Satellite Chemical reported a new holding value of 346 million yuan from pension funds, with a revenue of 23.46 billion yuan in H1 2025, marking a 20.93% year-on-year increase, and a net profit of 2.744 billion yuan, up 33.44% [2] - The company is focusing on high-end new materials and has applied for 122 patents, with 57 granted, and plans to invest 3 billion yuan in high-performance catalyst industrialization [2] - Shengyi Technology saw a new holding value of 273 million yuan, with H1 2025 revenue of 3.769 billion yuan, a 91% increase, and a net profit of 531 million yuan, up 452% [3] - The growth is attributed to the demand from AI servers and high-speed switches, with a 1.9 billion yuan investment to expand PCB production capacity [3] - Hongfa Technology received a new holding value of 248 million yuan, reporting H1 2025 revenue of 8.347 billion yuan, a 15.43% increase, and a net profit of 964 million yuan, up 14.19% [4] - The company benefits from improved downstream demand in consumer electronics and is expected to maintain steady growth [4]

生益电子股份有限公司 （二 O 二五年九月二日） 生益电子股份有限公司 2025 年第一次临时股东大会会议资料 生益电子股份有限公司 为了维护全体股东的合法权益，确保股东大会会议秩序和议事效率，保证股 东大会的顺利召开，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股东大会规则》以及《生益电子股份有限公司章程》《生益电子股份 有限公司股东大会议事规则》等相关规定，特制定生益电子股份有限公司（以下 简称"公司"）2025年第一次临时股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，务必 请出席大会的股东或其代理人或其他出席者准时到达会场签到确认参会资格。在 会议主持人宣布现场出席会议的股东和代理人人数及所持有表决权的股份总数 之前，会议登记应当终止。 三、会议按照会议通知上所列顺序审议、表决议案。 四、股东及股东代理人参加股东大会依法享有发言权、质询权、表决权等权 利。股东及股东代理人参加股东大会应认真履行其法定义务，不得侵犯公司 ...

Macro Insights - The economic growth rate in August is expected to be supported by exports and consumption policies, despite a significant slowdown in the real estate sector, with a target of 5% annual growth remaining achievable [1][15][12] - The industrial added value in July grew by 5.7% year-on-year, with the manufacturing sector showing resilience, particularly in high-tech products and equipment manufacturing [12][13] - Fixed asset investment growth slowed to 1.6% year-on-year in the first seven months, primarily due to a decline in real estate investment, which fell by 12% [13][14] Strategy Insights - Current channels for resident capital entering the market include increasing financing balances and active personal investor accounts, leading to a positive feedback loop in the market [2] - The "anti-involution" market trend can be analyzed through policy expectations and real-world transmission, indicating a shift from theme-driven to profit-driven market dynamics [2] - The technology and small-cap sectors are expected to continue outperforming as more external funds enter the market [2] Industry Reports - The consumer electronics sector is anticipated to see significant opportunities with the upcoming release of new products, particularly in AI-related applications [8] - The coal mining industry is experiencing a continuous improvement in fundamentals, with the price of thermal coal expected to rise [8] - The healthcare sector, particularly innovative drugs, is projected to maintain a positive outlook due to improved profitability [8]

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, serving as market indicators and highlighting the effectiveness of momentum and trend-following strategies [1][4][24] - As of August 22, 2025, the Shanghai Composite Index, Shenzhen Component Index, CSI 300, CSI 500, CSI 1000, CSI 2000, ChiNext Index, and Sci-Tech 50 Index all have a distance to their 250-day highs of 0.00%, indicating they are at their recent peaks [5][24] - Among the CITIC first-level industry indices, home appliances, defense and military, comprehensive, media, and computer industries are closest to their 250-day highs, while food and beverage, coal, real estate, banking, and consumer services are further away [8][24] Group 2 - A total of 1,606 stocks reached 250-day highs in the past 20 trading days, with the most significant numbers in the machinery, pharmaceuticals, and electronics sectors [2][13][24] - The highest proportion of new high stocks is found in the defense and military, non-ferrous metals, and pharmaceuticals industries, with respective proportions of 52.94%, 51.61%, and 44.88% [13][16] - The manufacturing and technology sectors have the most stocks reaching new highs this week, with respective counts of 512 and 403 [16][24] Group 3 - The report identifies 48 stocks that have shown stable new highs, with the technology and manufacturing sectors contributing the most, having 22 and 12 stocks respectively [3][21][25] - Within the technology sector, the electronics industry has the highest number of new high stocks, while the automotive industry leads in the manufacturing sector [21][25]

Group 1: Market Overview - The market experienced a strong upward trend, with the Shanghai Composite Index reaching 3825.76, up 1.45%, and the Shenzhen Component Index rising 2.07% [6] - The total trading volume in the Shanghai and Shenzhen markets was 2.55 trillion, an increase of 122.7 billion compared to the previous trading day [6] Group 2: AI Chip Sector - The release of DeepSeek-V3.1, which utilizes UE8M0 FP8 scale parameters, indicates a focus on the upcoming generation of domestic chips, enhancing the application of AI chips in the domestic computing ecosystem [7][8] - Companies like Haiguang Information and Cambrian Technology saw significant stock price increases, with both reaching the daily limit of 20% on August 22 [10] - The domestic AI chip market is expected to see a market share increase to 40% by 2025, with local suppliers benefiting from policy support [9] Group 3: Digital Currency - The upcoming China International Service Trade Fair will feature a digital RMB experience area, highlighting the growing interest in digital currency [25] - Companies like Yuyin Co. experienced stock price surges, with Yuyin Co. hitting the daily limit on August 22 due to its involvement in digital currency initiatives [27][30] Group 4: Semiconductor and PCB Industry - The demand for printed circuit boards (PCBs) is expected to surge due to the acceleration of AI infrastructure development, with significant investments projected for 2025-2026 [37] - Companies like Tongguan Copper Foil reported a stock price increase of 10.93% on August 22, driven by the demand for high-frequency and high-speed PCB materials [38] Group 5: Securities Sector - The securities sector is experiencing a recovery phase, with a current PB valuation of 1.56 times, indicating potential for valuation improvement [34][35] - Companies like Guiding Compass saw a stock price increase of 23.33% over five days, reaching a historical high [36]