Core Points - Daotong Technology (688208.SH) announced the transfer of a total of 46% equity in Saifang Technology to seven employee stock ownership platforms, Daohuatongliao, and Zhao Guanjie for a total consideration of 108.56 million yuan [1] - The transfer of 11.50% equity to Daohuatongliao and Zhao Guanjie constitutes a related party transaction [1] - Following the completion of this transaction, the company will no longer hold any equity in Saifang Technology [1]

亮相华为 HC 大会，空地一体打开成长空间 道通科技(688208) 证券研究报告 计算机设备 / 公司点评 / 2025.09.21 投资评级:增持(维持) | 基本数据 | 2025-09-19 | | --- | --- | | 收盘价(元) | 38.09 | | 流通股本(亿股) | 6.70 | | 每股净资产(元) | 5.24 | | 总股本(亿股) | 6.70 | 最近 12 月市场表现 0% 33% 66% 99% 133% 166% 道通科技 沪深300 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 分析师 王妍丹 SAC 证书编号：S0160524040002 wangyd01@ctsec.com 相关报告 1. 《扣非净利润大增，业务全面转型 AI+》 2025-08-17 2. 《发布中报预告，上半年扣非净利润大 增》 2025-07-08 3. 《斩获北美 大单， 全年 成长可期》 2025-04-14 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | ...

Group 1 - The core viewpoint highlights the strong performance of the domestic AI industry chain, particularly the Sci-Tech Innovation Artificial Intelligence ETF (589520), which has shown a consistent upward trend over the past week [1] - Major component stocks such as Yuntian Lifei, Chipone, and Cambricon have experienced significant gains, indicating a positive market sentiment towards AI-related companies [1] - The Meta Connect conference is anticipated to showcase new AI glasses, with analysts optimistic about the long-term potential of AI and AR glasses as a key interaction interface [3] Group 2 - The urgency and importance of domestic computing power localization are increasing amid global tech competition, with expectations for rapid growth in domestic computing power demand by 2025 [4] - The domestic computing power chip market is projected to reach a trillion-level market size, driven by the need for self-sufficiency in technology [4] - The Sci-Tech Innovation Artificial Intelligence ETF is positioned to benefit from policy support and the trend of AI development, focusing on companies that are leaders in their respective segments [4][5] Group 3 - The ETF offers a low-threshold investment opportunity with a high degree of aggressiveness, as it has a 20% price fluctuation limit, allowing for efficient capital deployment during market surges [5] - The top ten holdings of the ETF account for over 70% of its weight, with the semiconductor sector representing more than half of the portfolio, indicating a concentrated investment strategy [5]

Group 1 - The core viewpoint of the news highlights the positive performance of the AI-focused ETF, with a 0.75% increase and significant trading activity, indicating a strong market interest in AI-related stocks [1][2] - Key stocks within the ETF include Stone Technology, which rose by 5.93%, Lingyun Optics with a 4.58% increase, and Sikan Technology up by 3.69%, showcasing the strong performance of leading companies in the AI sector [1] - The overall trading volume exceeded 21 million yuan, reflecting active market participation and robust liquidity [1] Group 2 - Huawei's announcement on September 16 outlines ten major technological trends for an intelligent world by 2035, predicting a 100,000-fold increase in total computing power and significant innovations in computing architecture and paradigms [1] - According to招商证券, both domestic and international demand for computing power remains high, with global AI infrastructure spending continuing at elevated levels, as evidenced by Nvidia's FY26Q2 performance meeting expectations [1] - Domestic computing companies are expected to continue delivering strong results, with recent developments such as Cambrian's capital increase approval and Haiguang's acquisition progress indicating confidence in future performance [1]

Core Points - The company announced a cash dividend of 0.58 yuan per share for the first half of 2025, approved at the shareholders' meeting on September 1, 2025 [2][3] - The total number of shares participating in the distribution is 660,228,781, leading to a total cash dividend payout of approximately 382.93 million yuan (including tax) [3][21] - The adjusted conversion price for the company's convertible bonds will be reduced from 22.55 yuan to 21.98 yuan per share, effective from September 23, 2025 [18][22] Dividend Distribution Details - The dividend distribution is based on a differentiated plan, with a payout of 5.8 yuan for every 10 shares held, without any capital reserve conversion or stock issuance [3][6] - The cash dividend will be distributed to all shareholders registered by the end of the trading day on the equity registration date [2][3] - The actual cash dividend per share, after adjustments, is approximately 0.57 yuan [6][21] Tax Implications - Individual shareholders holding shares for over one year will not be subject to personal income tax on the dividend, while those holding for less than one year will have tax withheld upon stock transfer [7][8] - For foreign institutional investors, a 10% withholding tax will apply, resulting in a net dividend of 0.5220 yuan per share [9] Convertible Bond Adjustments - The conversion of the company's convertible bonds will be suspended from September 16 to September 22, 2025, and will resume on September 23, 2025 [16][22] - The adjustment of the conversion price is in accordance with the company's bond issuance regulations and will reflect the cash dividend distribution [17][18]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Xin Yang Feng, Sen Qi Lin, Rui Feng New Materials, Sinopec, Ju Hua, Yang Nong Chemical, China National Offshore Oil Corporation, Tong Kun, Dao Tong Technology, and others [10]. Core Viewpoints - The report highlights significant price increases in products such as Epoxy Chloropropane (up 10.00%), Synthetic Ammonia (up 4.35%), and others, while products like Urea and Sulfur experienced notable declines [4][5][21]. - The ongoing geopolitical tensions, particularly the Russia-Ukraine conflict, and fluctuating international oil prices are influencing market dynamics, with a recommendation to focus on import substitution, domestic demand, and high-dividend stocks [6][22]. - The chemical industry is currently in a weak performance phase, with mixed results across sub-sectors due to past capacity expansions and weak demand, although some sectors like lubricants are performing better than expected [23]. Summary by Sections Price Movements - Significant price increases were observed in Epoxy Chloropropane (10.00%), Sulfur (4.59%), and Synthetic Ammonia (4.35), while Urea saw a decrease of 8.47% [4][5][21]. - The report notes that the overall chemical industry remains weak, with varying performance across different sub-sectors [22][23]. Investment Opportunities - The report suggests focusing on sectors likely to enter a growth cycle, such as Glyphosate, and emphasizes the importance of selecting stocks with strong competitive positions and growth potential [23]. - It highlights the resilience of domestic chemical fertilizer and certain pesticide sub-products, recommending companies like Hualu Hengsheng, Xin Yang Feng, and others for their stable demand [23]. Geopolitical and Economic Context - The report discusses the impact of geopolitical tensions on oil prices, with Brent crude oil priced at $66.99 per barrel and WTI at $62.69, reflecting a slight increase from the previous week [6][24]. - It anticipates that the international oil price will stabilize between $65 and $70, suggesting a cautious outlook for the market [6][24].

Group 1 - The company, Daotong Technology, announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 0.58 yuan per share (including tax) [2] - The record date for the dividend is set for September 22, 2025, and the ex-dividend date is September 23, 2025 [2]

| 股票代码：688208 | 股票简称：道通科技 | 公告编号：2025-069 | | --- | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | | 深圳市道通科技股份有限公司 第四届董事会第二十五次会议决议公告 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。 与会董事就各项议案进行了审议，并表决通过以下事项： 1、《关于实施 2025 年半年度权益分派调整"道通转债"转股价格的议案》 表决情况：同意 7 票，弃权 0 票，反对 0 票。 具体内容详见同日于上海证券交易所网站（www.sse.com.cn）披露的《关于实 施2025年半年度权益分派调整"道通转债"转股价格的公告》（公告编号：2025-070）。 深圳市道通科技股份有限公司董事会 2025 年 9 月 17 日 一、董事会会议召开情况 深圳市道通科技股份有限公司（以下简称"公司"）第四届董事会第二十五次会议 于 2025 年 9 月 16 日在公司会议室以现场结合通讯方式召开，会议通知于 2025 年 9 月 9 日以邮 ...

| 证券代码：688208 | 证券简称：道通科技 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：118013 | 债券简称：道通转债 | | | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/9/22 | 2025/9/23 | 2025/9/23 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 9 月 1 日的2025年第一次临时股东大会审议 通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 是否涉及差异化分红送转：是 每股分配比例 每股现金红利0.58元 相关日期 1. 发放年度：2025年半年度 2. 分派对象： 深圳市道通科技股份有限公司 2025年半年度权益分派实施公告 本公司董事会及全体董事保证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： 虚拟分派的每股现金红利=（参 ...

截至发稿，道通科技市值为257亿元。 每经AI快讯，道通科技（SH 688208，收盘价：38.33元）9月16日晚间发布公告称，公司第四届第二十 五次董事会会议于2025年9月16日在公司会议室以现场结合通讯方式召开。会议审议了《关于实施2025 年半年度权益分派调整"道通转债"转股价格的议案》等文件。 2024年1至12月份，道通科技的营业收入构成为：汽车电子行业占比76.76%，新能源行业占比22.04%， 其他业务占比1.2%。 每经头条（nbdtoutiao）——海拔4306米现"秦始皇密令"，获官方"身份认定"！古文字学家刘钊：秦人 寻仙采药足迹确至青藏高原 （记者 曾健辉） ...