Key Points - The report highlights a selection of stocks for October, including companies such as China Southern Airlines (600029.SH) and Contemporary Amperex Technology Co., Ltd. (300750.SZ) [1] - The macroeconomic analysis indicates that China's foreign trade has shown strong resilience, leading to a record high in the current account surplus for the first half of the year, while the surplus as a percentage of GDP remains within internationally recognized reasonable limits [2][4] - The solid-state battery technology is identified as the next generation of power batteries for electric vehicles, with significant advantages in safety and energy density, supported by government policies [6][7] - The solid-state battery equipment market is projected to grow rapidly, with an estimated global market size of 4 billion yuan in 2024, and expected to reach 107.94 billion yuan by 2030 [7] - Shengquan Group is recognized as a leading synthetic resin enterprise in China, expanding into biomass chemicals and electronic chemicals, with a robust growth trajectory driven by increasing demand in downstream sectors [10][11] - The demand for electronic resins is expected to rise significantly due to the growth of AI servers and the ongoing domestic substitution of electronic resins [10][11] - The report notes that the global market for silicon-based anode materials is projected to reach 30 billion yuan by 2025, driven by the increasing demand for electric vehicles and energy storage [12] - Shengquan Group's proprietary biomass refining technology is highlighted for its ability to achieve high-value utilization of biomass, contributing to a complete industrial chain [13]

合肥晶合集成电路股份有限公司 2025 年第二次临时股东会会议资料 2025 年第二次临时股东会 会议资料 2025 年 11 月 合肥晶合集成电路股份有限公司 2025 年第二次临时股东会会议资料 | | | | 2025 | 年第二次临时股东会会议须知 | 1 | | --- | --- | --- | | 2025 | 年第二次临时股东会会议议程 | 3 | | 2025 | 年第二次临时股东会会议议案 | 5 | | | 议案一 关于控股子公司增资扩股及公司放弃优先认购权暨关联交易的议案 | 5 | 证券代码：688249 证券简称：晶合集成 合肥晶合集成电路股份有限公司 合肥晶合集成电路股份有限公司 2025 年第二次临时股东会会议资料 合肥晶合集成电路股份有限公司 2025 年第二次临时股东会会议须知 为维护广大投资者的合法权益，确保合肥晶合集成电路股份有限公司（以下 简称"公司"或"晶合集成"）股东会的正常秩序和议事效率，保障股东在本次 股东会期间依法行使权利，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公 司股东会规则》以 ...

Core Viewpoint - The stock of Jinghe Integrated Circuit Co., Ltd. experienced a decline of 5.01%, trading at 33.17 CNY per share, with a total market capitalization of 66.544 billion CNY as of October 23 [1] Company Overview - Jinghe Integrated Circuit Co., Ltd. is located in Hefei, Anhui Province, and was established on May 19, 2015, with its listing date on May 5, 2023 [1] - The company primarily engages in 12-inch wafer foundry services, focusing on advanced process research and application, providing various process nodes and technology platforms [1] - The revenue composition of the company is as follows: 98.20% from integrated circuit wafer foundry, 1.32% from other services, and 0.48% from additional sources [1] Fund Holdings - Jin Xin Fund has a significant holding in Jinghe Integrated Circuit, specifically in the Jin Xin Transformation Innovation Mixed A Fund (002810), which reduced its holdings by 131,000 shares in the third quarter [2] - The fund currently holds 369,000 shares, representing 2.98% of its net asset value, ranking it as the ninth largest holding [2] - The estimated floating loss for the fund today is approximately 645,800 CNY [2] Fund Performance - Jin Xin Transformation Innovation Mixed A Fund was established on June 8, 2016, with a current size of 128 million CNY [2] - Year-to-date performance shows a return of 44.93%, ranking 1174 out of 8159 in its category; over the past year, it achieved a return of 57.24%, ranking 433 out of 8030 [2] - Since inception, the fund has delivered a return of 225.32% [2]

Company Overview - Jinghe Integrated Circuit Co., Ltd. is located in Hefei, Anhui Province, and was established on May 19, 2015. The company went public on May 5, 2023. Its main business involves 12-inch wafer foundry services, focusing on advanced process research and application, providing various process nodes and different technology platforms for customers [1]. Financial Performance - As of October 23, Jinghe Integrated's stock price fell by 5.01% to 33.17 CNY per share, with a trading volume of 662 million CNY and a turnover rate of 1.66%. The total market capitalization is 66.544 billion CNY [1]. - The company's revenue composition is primarily from integrated circuit wafer foundry services, accounting for 98.20%, with other supplementary services contributing 1.32% and additional services at 0.48% [1]. Fund Holdings - According to data, Guotou Ruijin Fund holds a significant position in Jinghe Integrated, with its fund, Guotou Ruijin SSE Sci-Tech Innovation Board Comprehensive Price Index Enhanced A (023903), owning 306,700 shares, representing 1.34% of the fund's net value, making it the eighth-largest holding. The estimated floating loss today is approximately 536,800 CNY [2]. - The fund was established on April 23, 2025, with a current scale of 162 million CNY and has achieved a return of 35.56% since inception [2]. Fund Management - The fund manager, Yin Ruifei, has a tenure of 12 years and 31 days, managing assets totaling 3.379 billion CNY, with the best fund return during his tenure being 274.12% and the worst at -22.36% [3]. - Co-manager Qian Han has been in the role for 2 years and 71 days, overseeing assets of 936 million CNY, with a best return of 35.49% and a worst return of 0.8% during his management period [3].

Core Insights - The report highlights a focus on the macroeconomic environment, indicating that the industrial added value in September showed a year-on-year growth of 6.5%, which is an increase compared to August and better than market expectations [6][8] - The report notes that the fixed asset investment growth rate for the first nine months of 2025 has fallen into negative territory, with a cumulative year-on-year decline of 0.5% [7][9] - The real estate sector is experiencing a decline in housing prices, with new home prices in 70 major cities decreasing by 0.4% month-on-month in September, and second-hand home prices also down by 0.6% [10][11] Macroeconomic Overview - In September, the industrial added value increased by 6.5% year-on-year, with manufacturing showing a cumulative growth of 6.8% for the first nine months [6][8] - The actual GDP growth for the first three quarters was 5.2%, with expectations to meet the annual target of 5.0% [6][9] - Fixed asset investment in the first nine months saw a decline of 0.5%, with private investment down by 3.1% [7][9] Real Estate Sector Analysis - The report indicates that in September, 63 out of 70 cities saw a month-on-month decline in new home prices, with an average drop of 0.47% [11][12] - The second-hand home prices in all 70 cities also experienced a decline, marking a significant trend as it is the first time in a year that all cities reported falling prices [10][11] - In first-tier cities, new home prices decreased by 0.3%, while second-hand home prices fell by 1.0%, indicating a more pronounced decline compared to second and third-tier cities [12][13] Investment Opportunities - The report lists a selection of stocks recommended for investment, including companies like Nanfang Airlines and Ningde Times, suggesting potential opportunities in the aviation and battery sectors [1] - The performance of various industry indices shows that the telecommunications and electronics sectors have seen significant gains, with increases of 4.90% and 3.50% respectively [4]

Market Overview - The net inflow of main funds in the Shanghai and Shenzhen markets reached 27.724 billion yuan, with the Sci-Tech Innovation Board seeing a net inflow of 3.374 billion yuan [1] - A total of 269 stocks experienced net inflows, while 320 stocks faced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 532 stocks rose, with four stocks hitting the daily limit, including Zhengyuan Dixin and Fangyuan Co., while 55 stocks declined [1] - Among the stocks with significant net inflows, 11 stocks had inflows exceeding 100 million yuan, with SMIC leading at 978 million yuan [2] Continuous Fund Flow - There are 27 stocks that have seen continuous net inflows for more than three trading days, with Kangwei Century leading at 13 consecutive days of inflow [2] - Conversely, 180 stocks have experienced continuous outflows, with Hangke Technology facing the longest streak at 14 consecutive days of outflow [2] Top Fund Inflows - The top stocks by net inflow include: - SMIC: 977.8 million yuan, with a flow rate of 9.89% and a price increase of 3.72% [2] - Haiguang Information: 457.1 million yuan, with a flow rate of 5.76% and a price increase of 3.57% [2] - Zhongwei Company: 308.7 million yuan, with a flow rate of 8.48% and a price increase of 2.61% [2] Notable Outflows - The stock with the highest net outflow is Huahong Company, which saw a net outflow of 287 million yuan and a price decrease of 0.62% [1] - Other notable outflows include Dongxin Co. and Jinghe Integration, with net outflows of 178 million yuan and 157 million yuan, respectively [1]

Core Viewpoint - The stock of Jinghe Integrated Circuit has shown significant volatility, with a year-to-date increase of 54.67% and a recent decline of 1.05% over the past five trading days, indicating a dynamic trading environment for the company [2]. Group 1: Stock Performance - As of October 21, the stock price of Jinghe Integrated Circuit reached 35.95 CNY per share, with a market capitalization of 721.21 billion CNY [1]. - The stock has experienced a 53.04% increase over the past 20 days and a 71.60% increase over the past 60 days [2]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 1.68 billion CNY on September 26 [2]. Group 2: Financial Performance - For the first half of 2025, Jinghe Integrated Circuit reported a revenue of 5.198 billion CNY, reflecting an 18.21% year-on-year growth, and a net profit of 332 million CNY, which is a 77.61% increase compared to the previous year [3]. - Since its A-share listing, the company has distributed a total of 194 million CNY in dividends [4]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders for Jinghe Integrated Circuit was 62,800, a decrease of 3.90% from the previous period [3]. - The top ten circulating shareholders include various ETFs, with notable changes in holdings, such as a decrease of 739,200 shares for the Huaxia SSE Sci-Tech 50 ETF and an increase of 696,700 shares for the E Fund SSE Sci-Tech 50 ETF [4].

Core Insights - The China Securities Digital Economy Theme Index (931582) has seen a strong increase of 2.48% as of October 20, 2025, with notable gains in constituent stocks such as Silan Microelectronics (600460) up 9.99%, China Resources Microelectronics (688396) up 7.34%, and Zhaoyi Innovation (603986) up 6.32% [1] - The Digital Economy ETF (560800) also rose by 2.62%, with a trading volume of 9.77 million yuan and a turnover rate of 1.42% [1] - The index reflects the overall performance of listed companies involved in digital economy infrastructure and high digitalization applications [2] Market Performance - As of September 30, 2025, the top ten weighted stocks in the China Securities Digital Economy Theme Index accounted for 54.31% of the index, including Dongfang Wealth (300059), SMIC (688981), and Cambricon (688256) [2] - The performance of individual stocks within the index shows a range of increases, with Dongfang Wealth at 1.33% and SMIC at 2.19% [4] Industry Trends - The demand for HBM products is increasing due to the growing computational power needs of AI large models, leading to a shift from 8-layer to 12-layer stacking, which complicates testing processes [1] - Domestic computing chip manufacturers are experiencing a surge in innovation, with many launching self-developed AI chips, indicating a significant acceleration in the domestic supply chain [1]

Group 1: TCL Technology - TCL Technology's registered capital increased from approximately 187.8 billion to about 208 billion RMB, with an increase of over 20 billion RMB [2][3]. - In the first half of the year, TCL Technology achieved revenue of 855.60 billion RMB, a year-on-year growth of 6.65%, and a net profit attributable to shareholders of 18.83 billion RMB, representing a year-on-year increase of 89.26% [4]. - The semiconductor display business generated revenue of 575.51 billion RMB, with a year-on-year growth of 15.38% and a gross margin of 20.30% [5]. Group 2: Crystal Integration - Crystal Integration announced that its subsidiary, Hefei Wanchip Integrated Circuit Co., Ltd., will undergo a capital increase, with the controlling shareholder Hefei Construction Investment Holding Group Co., Ltd. contributing 30 billion RMB [6][7]. - Following the capital increase, the registered capital of Hefei Wanchip will rise from 95.89 billion to 124.29 billion RMB [7]. - Crystal Integration will see its shareholding ratio decrease from 43.75% to 33.75%, but it will remain the largest shareholder of Hefei Wanchip [9].

合肥建投成立于2006年6月16日，为国有独资公司，注册资本1,329,800万元，法定代表人雍凤山，注册地址位于合肥市滨湖新区武汉路229号，经营范围涵 盖城市基础设施、能源、交通等项目投资运营、国有资产管理等，由合肥市人民政府国有资产监督管理委员会100%持股。财务数据显示，截至2025年6月 30日（未经审计），合肥建投资产总额77,128,751.57万元，净资产25,903,062.16万元；2025年1-6月营业收入2,409,132.63万元，净利润-98,107.31万元。 （二）标的公司皖芯集成 皖芯集成成立于2022年12月15日，注册资本958,855.383552万元，法定代表人邱显寰，注册地址位于合肥市新站区合肥综合保税区，主营业务包括集成电 路芯片及产品制造、销售、设计服务等。财务数据显示，截至2025年6月30日（经审计），皖芯集成资产总额1,396,566.23万元，净资产910,148.91万元； 2025年1-6月营业收入78,221.11万元，净利润-17,618.95万元。本次增资款将全部用于皖芯集成日常运营，包括购置设备、偿还主营业务相关债务等。 本次增资定价以评估为 ...