Core Insights - The company is actively developing and testing its second-generation 4G octa-core smartphone chip, which is expected to begin customer validation by the end of this year, featuring a 20 TOPS NPU and support for various high-bandwidth memory solutions [2][8]. Group 1: Company Performance and Fund Management - As of November 7, 2025, the top-performing fund of the company, QuanGuo XuYuan Mixed A, achieved a return of 33.25% over the past year [1]. - The company manages assets totaling 23.787 billion yuan across six funds, with five fund managers [1]. Group 2: Product Development and Market Strategy - The first-generation 4G octa-core SoC has been successfully launched in the market, with multiple clients and projects in progress, including a smartphone for G-Tab and others targeting the Middle East and North Africa [3][4]. - The company has a clear product roadmap for its smartphone SoC line, focusing on 5G-A and 6G development, as well as increasing investment in AI applications [5]. Group 3: Market Position and Competitive Advantage - The company has established a strong presence in the 5G RedCap market, with a comprehensive product range and a competitive edge in various terminal types [7]. - The company’s first-generation 4G octa-core chip is the only one in its category that supports multiple high-bandwidth memory types, which enhances its marketability [8]. Group 4: Financial Performance and Future Outlook - In Q3, the company reported revenue of 980 million yuan, with growth in various product segments, although custom business revenue saw a significant decline due to project complexities [11]. - The company has a robust order book for custom business, with a significant increase in orders for wearable and AI chips in 2025 compared to the previous year [11]. Group 5: AI and Technology Capabilities - The company possesses strong AI capabilities, with its NPU supporting various mainstream AI models and a full-stack development team [15]. - The company is actively developing technologies for smart glasses, leveraging its low-power chip expertise and diverse connectivity protocols [16].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Views - The company is a rare domestic player in the wireless communication baseband chip sector, focusing on cellular baseband chips and ASICs, which opens up growth opportunities [8][14]. - The company has a strong revenue growth trajectory, with expectations of turning profitable as technology matures and product layouts improve [8][30]. - The company is positioned to benefit from the rapid expansion of the cellular IoT market driven by 5G RedCap and other key technologies [8][48]. Summary by Sections Company Overview - The company specializes in cellular baseband technology and is actively expanding its business [14]. - It has developed a comprehensive range of chip products, including cellular baseband chips, smartphone SoC chips, non-cellular IoT chips, and ASIC services [8][19]. Market Position - The company is steadily increasing its market share in the domestic cellular baseband market, with a focus on both low-speed and high-speed IoT applications [8][59]. - The global cellular IoT market is expected to enter a high-growth phase from 2024 to 2030, with significant increases in connection numbers and module shipments [48][51]. Financial Analysis - The company has shown rapid revenue growth, with projected revenues of 33.86 billion yuan in 2024, reflecting a year-on-year increase of 30.23% [29]. - Despite being in a technology accumulation phase, the company is expected to narrow its losses and potentially achieve profitability in the coming years [30]. - The company has maintained high R&D expenditures, which are crucial for supporting its growth and innovation [41]. Product Development - The company is advancing its smartphone SoC chips, with significant progress expected in 2025, including the launch of a second-generation 4G octa-core chip [8][19]. - The ASIC business is also poised for growth, with a focus on high-demand areas such as smart wearables and cloud inference chips [8][19]. Revenue and Profitability Forecast - The company is projected to achieve revenues of 44.0 billion yuan in 2025, 60.0 billion yuan in 2026, and 75.8 billion yuan in 2027, with corresponding P/S multiples of 8, 6, and 5, respectively [1][8].

Core Viewpoint - Aojie Technology experienced a decline of 2.18% in stock price on November 12, with a trading volume of 468 million yuan, indicating a negative sentiment in the market [1] Financing Summary - On November 12, Aojie Technology had a financing buy-in amount of 34.33 million yuan and a financing repayment of 57.45 million yuan, resulting in a net financing outflow of 23.12 million yuan [1] - The total financing and securities lending balance for Aojie Technology reached 709 million yuan, with the financing balance accounting for 2.33% of the circulating market value, which is above the 80th percentile level over the past year, indicating a high level of financing [1] - In terms of securities lending, Aojie Technology repaid 1,192 shares and sold 1,900 shares on November 12, with a selling amount of 160,100 yuan, while the securities lending balance was 2,270 shares, valued at 2.2754 million yuan, which is below the 20th percentile level over the past year, indicating a low level of securities lending [1] Business Performance Summary - As of September 30, Aojie Technology had 23,400 shareholders, an increase of 12.16% from the previous period, while the average circulating shares per person decreased by 10.84% to 15,431 shares [2] - For the period from January to September 2025, Aojie Technology reported a revenue of 2.88 billion yuan, representing a year-on-year growth of 13.42%, while the net profit attributable to the parent company was -327 million yuan, showing a year-on-year increase of 20.62% [2] - Among the top ten circulating shareholders as of September 30, 2025, Galaxy Innovation Mixed A ranked fifth with 12.0049 million shares, marking a new entry, while Hong Kong Central Clearing Limited ranked seventh with 8.1694 million shares, an increase of 3.7429 million shares from the previous period [2]

Core Viewpoint - Aojie Technology experienced a slight decline in stock price, with significant trading activity and notable financing metrics indicating a mixed sentiment among investors [1][2]. Financing Summary - On November 11, Aojie Technology had a financing buy-in amount of 34.55 million yuan, with a net financing purchase of 9.89 million yuan after repayments [1]. - The total financing and margin trading balance reached 732 million yuan, representing 2.35% of the circulating market value, which is above the 90th percentile of the past year [1]. - The company had a low margin trading balance of 2.26 million yuan, with a margin trading volume of 26,300 shares, indicating a low level of short selling activity [1]. Business Performance Summary - As of September 30, Aojie Technology reported a revenue of 2.88 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 13.42% [2]. - The company recorded a net profit attributable to shareholders of -327 million yuan, which is a 20.62% increase compared to the previous period, indicating improved performance despite a loss [2]. - The main revenue sources for Aojie Technology include chip product sales (92.39%), custom chip services (6.64%), and semiconductor IP licensing (0.96%) [1]. Shareholder Information - The number of shareholders increased by 12.16% to 23,400, while the average circulating shares per person decreased by 10.84% to 15,431 shares [2]. - Notable institutional shareholders include Galaxy Innovation Mixed A, which is the fifth largest shareholder with 12.00 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 3.74 million shares [2].

融券方面，当日融券卖出2792.0股，融券偿还600.0股，融券净卖出2192.0股，融券余量3.06万股。 证券之星消息，11月10日，翱捷科技（688220）融资买入4274.38万元，融资偿还4131.92万元，融资净 买入142.46万元，融资余额7.2亿元，近3个交易日已连续净买入累计1265.46万元。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-11-10 | 142.46万 | 7.20亿 | 2.30% | | 2025-11-07 | 127.79万 | 7.19亿 | 2.25% | | 2025-11-06 | 995.21万 | 7.18亿 | 2.21% | | 2025-11-05 | -10.23万 | 7.08亿 | 2.23% | | 2025-11-04 | -818.58万 | 7.08亿 | 2.22% | 融资融券：目前，个人投资者参与融资融券主要需要具备2个条件：1、从事证券交易至少6个月；2、账 户资产满足前20个交易日日均资产50万。融资融券标的：上交所将主板标的 ...

Core Viewpoint - The company reported a revenue of 2.88 billion yuan for the first three quarters of 2025, showing a year-on-year increase of 13.42%, while the net profit attributable to shareholders was a loss of 327 million yuan, indicating a reduction in losses compared to the previous year [1][2]. Revenue Performance - In Q3 2025, the company achieved a revenue of 982 million yuan, reflecting a year-on-year growth of 11.07% but a slight quarter-on-quarter decline of 0.59% [1][2]. - The cumulative revenue for the first three quarters reached 2.88 billion yuan, marking a 13.42% increase year-on-year [1][2]. Profitability Improvement - The core business of cellular baseband chips saw a remarkable performance with a revenue increase of 25%, leading to a significant rise in gross profit margin, which improved the overall gross margin by 4.71 percentage points year-on-year and 3.44 percentage points quarter-on-quarter to 26.65% [2]. - The net loss attributable to shareholders in Q3 2025 narrowed to 82 million yuan, representing a year-on-year reduction in losses of 44.5% and a quarter-on-quarter reduction of 33.41% [2]. Customization Business Outlook - Despite a 60% year-on-year decline in revenue from chip customization and IP licensing in the first three quarters, the company has a strong order backlog, with contract liabilities increasing by 110 million yuan to 199 million yuan, indicating growth in deposits for customized chips and new large customer orders [3]. - The demand for ASIC customization services in areas such as smart wearables, edge AI, and RISC-V chips is on the rise, suggesting significant market expansion [3]. Market Growth Potential - The cellular baseband and smartphone SoC sectors are expected to experience long-term growth due to the continuous improvement in product competitiveness and successful entry into emerging fields such as AI toys and smart wearables [4]. - The company anticipates revenues of 3.88 billion, 5.89 billion, and 7.56 billion yuan for the years 2025 to 2027, with corresponding price-to-sales ratios of 10X, 6X, and 5X, maintaining a "buy" rating [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 2.88 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 13.42%. The net profit attributable to the parent company was a loss of 327 million yuan, showing a reduction in losses compared to the previous year [2][5]. - In Q3 2025, the company achieved a revenue of 982 million yuan, which is an 11.07% increase year-on-year but a slight decrease of 0.59% quarter-on-quarter. The net profit attributable to the parent company was a loss of 82 million yuan, with improvements in both year-on-year and quarter-on-quarter loss reduction [2][5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 2.88 billion yuan, with a year-on-year growth of 13.42%. The net profit attributable to the parent company was a loss of 327 million yuan, indicating a reduction in losses compared to the previous year [2][5]. - In Q3 2025, the company reported a revenue of 982 million yuan, which is an 11.07% increase year-on-year but a 0.59% decrease quarter-on-quarter. The net profit attributable to the parent company was a loss of 82 million yuan, reflecting a year-on-year reduction in losses by 44.5% and a quarter-on-quarter reduction by 33.41% [2][5]. Business Segments - The core business of cellular baseband chips showed significant performance, with revenue growth of 25% year-on-year and a substantial increase in gross profit margin, leading to an overall gross margin improvement of 4.71 percentage points year-on-year and 3.44 percentage points quarter-on-quarter, reaching 26.65% [11]. - The customized chip and IP licensing business experienced a 60% year-on-year decline in revenue due to long project cycles and delayed revenue recognition. However, the backlog of orders increased significantly, indicating strong future growth potential [11]. Market Outlook - The company is expected to see strong growth in its cellular baseband and smartphone SoC segments, with a projected revenue of 3.88 billion yuan in 2025, 5.89 billion yuan in 2026, and 7.56 billion yuan in 2027, corresponding to price-to-sales ratios of 10X, 6X, and 5X respectively [11].

- The report predicts the adjustment of sample stocks for the CSI 300, CSI 500, and STAR 50 indices in December 2025[1][6] - The CSI 300 Index selects companies with good operating conditions, no violations, no major financial report issues, and no significant stock price anomalies[7] - The CSI 500 Index excludes CSI 300 sample stocks and the top 300 stocks by average market value, selecting companies with good operating conditions and no major issues[9][10] - The STAR 50 Index selects companies listed on the STAR Market with good operating conditions, no violations, and no major financial report issues[13] - The report provides detailed predictions for stocks to be included and excluded from each index based on average market value and average trading volume[8][11][14]

- The report predicts adjustments to the constituent stocks of major indices, including CSI 300, CSI 500, CSI 1000, CSI 2000, SSE 50, and STAR 50, based on publicly available index compilation rules and data [5][10][16][18][20] - CSI 300 Index is constructed by selecting the top 50% stocks based on average daily trading volume over the past year, followed by the top 300 stocks ranked by average daily market capitalization, while adhering to a 10% adjustment limit, priority for old samples, and a 20% buffer zone rule [5] - The adjustment prediction for CSI 300 Index involves calculating the average daily market capitalization and trading volume of A-shares over the past year, excluding stocks with suspension, violations, or financial reporting issues [5] - The report defines a "shock coefficient" to measure the price impact and duration caused by passive index fund rebalancing, calculated as: $ Shock Coefficient = (Passive Buy Amount - Passive Sell Amount) / Average Daily Trading Volume $ This coefficient is applied to assess the impact of adjustments on stocks [6][9] - CSI 500 Index is constructed by excluding CSI 300 constituent stocks and the top 300 stocks by average daily market capitalization over the past year, followed by removing the bottom 20% stocks by average daily trading volume, and selecting the top 500 stocks by market capitalization, adhering to a 10% adjustment limit, priority for old samples, and a 10% buffer zone rule [10] - CSI 1000 Index is constructed by excluding CSI 800 constituent stocks, the top 300 stocks by market capitalization, and stocks with insufficient liquidity (bottom 20% by trading volume), selecting the top 1000 stocks by market capitalization over the past year [16] - CSI 2000 Index is constructed by excluding CSI 800 and CSI 1000 constituent stocks, the top 1500 stocks by market capitalization, and selecting the top 2000 stocks by market capitalization over the past year [16] - SSE 50 Index is constructed by selecting the top 50 stocks by market capitalization and liquidity from the Shanghai Stock Exchange, adhering to adjustment rules similar to other indices [18] - STAR 50 Index is constructed by selecting the top 50 stocks by market capitalization from STAR Market, excluding stocks with delisting risks, major violations, or low liquidity (bottom 10% by trading volume) [20] - The report predicts adjustments to the STAR 50 Index, with two stocks, Aojie Technology-U and Shengke Communication-U, being added [20] - The shock coefficients for the predicted adjustments are calculated for each stock, with the highest coefficients observed for stocks such as Guangqi Technology and Ningbo Port in CSI 300, and Sheneng Shares and Suzhou Supor in CSI 500 [7][11][19][21]

Group 1: Banking Sector - The report indicates that since 2022, banks have been utilizing diversified methods to accelerate the write-off and transfer of retail loans, which is expected to quickly clear existing non-performing assets [1][7][8] - As of Q2 2025, the total retail loan amount of listed banks reached 63.3 trillion yuan, accounting for 34.3% of total loans, with personal housing loans being the largest component [7][8] - The retail loan non-performing rate has been on the rise, reaching 1.29% in Q2 2025, which is an increase of 13 basis points from Q4 2024, indicating ongoing pressure on asset quality [7][8][9] Group 2: Electronics Sector - Aojie Technology - Aojie Technology reported a revenue of 28.80 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 13.4% [11][12] - The company’s core business, cellular baseband chips, saw a revenue growth of approximately 25%, significantly improving its gross margin [11][12] - Revenue projections for 2025, 2026, and 2027 are estimated at 44.12 billion yuan, 57.70 billion yuan, and 73.34 billion yuan respectively, with a corresponding price-to-sales ratio of 8, 6, and 5 times [12][13] Group 3: Computer Sector - Jingwei Hengrun - Jingwei Hengrun achieved a revenue of 44.64 billion yuan in the first three quarters of 2025, marking a year-on-year growth of 25.88% [15][16] - The company is expanding its smart port solutions, having successfully delivered automated driving vehicles to a significant client, indicating strong commercial traction [15][16] - Revenue forecasts for 2025, 2026, and 2027 are projected at 70.8 billion yuan, 90.9 billion yuan, and 109.1 billion yuan, with expected net profits of 0.61 billion yuan, 3.85 billion yuan, and 6.19 billion yuan respectively [15][16] Group 4: Power Equipment Sector - Terui De - Terui De reported a revenue of 98.34 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 10.53% [18][19] - The company’s net profit for the same period was 6.86 billion yuan, a significant increase of 53.55% year-on-year [18][19] - The company is expanding its overseas market presence, with a notable project completed in Saudi Arabia, enhancing its profitability [19][20] Group 5: Rare Earth Sector - Northern Rare Earth - Northern Rare Earth reported a revenue of 302.92 billion yuan for the first three quarters of 2025, a year-on-year increase of 40.50% [22][23] - The company’s net profit surged by 280.27% to 15.41 billion yuan, driven by rising rare earth prices [22][23] - The production of rare earth oxides increased by 93.45% year-on-year, indicating strong demand and operational efficiency [23][24] Group 6: Automotive Sector - BYD - BYD achieved a revenue of 566.27 billion yuan in the first three quarters of 2025, a year-on-year growth of 12.75% [25][26] - The company sold 3,260,146 vehicles in the same period, representing an 18.64% increase year-on-year [25][26] - Despite revenue growth, net profit decreased by 7.55% due to increased R&D expenses and reduced foreign exchange gains [25][26] Group 7: Non-Ferrous Metals Sector - Srey New Materials - Srey New Materials reported a revenue of 11.74 billion yuan for the first three quarters of 2025, a year-on-year increase of 21.74% [31][32] - The company’s net profit for the same period was 1.08 billion yuan, reflecting a growth of 37.74% [31][32] - The company is expanding its product offerings to meet the growing demands in commercial aerospace and medical imaging sectors [32]