异动分析 先进封装+存储芯片+芯片概念+人民币贬值受益+专精特新 1、据2023年2月投资者关系活动记录表： Chiplet先进封装技术是凸块制造、Fan-out、3D、SiP等高端先 进封装技术的集合，公司掌握的凸块制造技术是Chiplet的基础之一。在研发端，公司将以客户需求为导 向，基于凸块制造技术，纵向拓展技术边界，积极布局Fan-out、2.5D/3D、SiP等高端先进封装技术。 2、2025年4月3日公告：公司投入大量资金持续建设研发中心、吸纳技术人才，研发凸块制造技术及车 规级芯片、存储芯片等其他细分领域封装技术。 本报告期研发投入 8,940.69万元，较上年同期增长 13.38%。 3、合肥新汇成微电子股份有限公司的主营业务是集成电路高端先进封装测试服务。公司的主要产品是 集成电路封装测试。 4、根据2024年年报，公司海外营收占比为54.15%，受益于人民币贬值。 5、专精特新"小巨人"企业是全国中小企业评定工作中最高等级、最具权威的荣誉称号，是指专注于细 分市场、创新能力强、市场占有率高、掌握关键核心技术、质量效益优的排头兵企业，对于提升中小企 业自身的竞争力，以及提升产业链、供应链稳定 ...

Group 1 - The 2025 IFA (International Consumer Electronics Fair) has opened, showcasing significant competition between DJI and Insta360, with their booths located next to each other [2] - Insta360 recently unveiled its panoramic drone, the Antigravity A1, which will be released in January 2024, although pricing details have not yet been disclosed [2] - DJI highlighted its latest products, including the DJI Mic 3 wireless microphone and Osmo 360 panoramic camera, along with various drones and imaging devices, while its new vacuum robot is expected to launch in overseas markets by the end of the year [2]

Core Viewpoint - The company, Hefei Xinhui Microelectronics Co., Ltd., is experiencing growth in its advanced packaging and testing services for integrated circuits, benefiting from the depreciation of the RMB and its recognition as a "specialized, refined, distinctive, and innovative" enterprise [2][3][5]. Group 1: Company Overview - Hefei Xinhui Microelectronics was established on December 18, 2015, and went public on August 18, 2022, focusing on advanced packaging and testing services for display driver chips [7]. - The company's main revenue source comes from display driver chip testing, accounting for 90.25% of total revenue, with other services making up 9.75% [7]. - As of June 30, 2025, the company reported a revenue of 866 million yuan, representing a year-on-year growth of 28.58%, and a net profit of approximately 96.04 million yuan, up 60.94% year-on-year [8]. Group 2: Market Position and Recognition - The company has been recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise, which enhances its competitiveness and stability within the industry [3][5]. - The company has a significant overseas revenue share of 54.15%, benefiting from the depreciation of the RMB [4][5]. Group 3: Technical and Financial Analysis - The company is actively expanding its technology boundaries in advanced packaging, focusing on customer needs and developing high-end packaging technologies such as Fan-out, 2.5D/3D, and SiP [2]. - The average trading cost of the company's shares is 13.15 yuan, with current price levels between resistance at 14.42 yuan and support at 10.80 yuan, indicating potential for range trading [6].

证券日报网讯 9月2日晚间，汇成股份发布公告称，公司及子公司不存在逾期或涉及诉讼的对外担保事 项。 （文章来源：证券日报） ...

Investment Rating - The report indicates a positive investment outlook for the smart imaging devices industry, highlighting significant growth potential in the coming years [5][29]. Core Insights - The global smart imaging devices market is projected to grow at a compound annual growth rate (CAGR) of 18.9% from 2020 to 2024, reaching a market size of 62.651 billion yuan by 2024, before slowing to 5.8% growth from 2025 to 2029, with an expected market size of 98.62 billion yuan by 2029 [5][29][31]. - China remains a core market, with a shipment volume share of 17.4% in 2024, while the Asia-Pacific region (excluding China) is expected to see a recovery in growth, accounting for 15.0% [5][18]. - The industry is characterized by a highly concentrated competitive landscape, with the top three companies (CR3) holding a combined market share of 78.9% in 2024, indicating strong market control by leading players [7][36]. Market Overview - Smart imaging devices include handheld devices (such as panoramic cameras and action cameras) and non-handheld devices (such as drones and photography gimbals), with over 80% domestic market share in consumer-grade panoramic cameras held by Chinese brands [4][5]. - The global market for smart imaging devices is expected to experience a shift from explosive growth to stable growth as the market matures, with increased competition and market saturation impacting new user acquisition [31][36]. Industry Chain Analysis - The smart imaging devices industry chain consists of upstream (raw materials and core components suppliers), midstream (brand manufacturers), and downstream (application scenario customers) segments [6][9]. - Key components in the upstream segment include CMOS image sensors, optical lenses, DSP chips, and lithium batteries, with CMOS sensors accounting for 52% of costs [6][10]. Competitive Landscape - The leading companies in the smart imaging devices market include Insta360, DJI, and GoPro, with Insta360 experiencing significant market share growth from 28.4% in 2023 to 35.6% in 2024 [7][36]. - GoPro's market share decreased from 38.2% to 30.1%, while DJI's share fell from 19.1% to 13.2% during the same period [7][36]. Regional Insights - The global shipment volume of smart imaging devices has shown fluctuations, with China maintaining a high volume, while the U.S., Japan, and Europe have seen declines due to inflation and market saturation [18][29]. - The outdoor sports camera market is expanding, with shipments expected to rise from 18.07 million units in 2020 to 50 million units by 2024, driven by the growing number of outdoor enthusiasts [28].

为满足全资子公司江苏汇成办理银行授信业务需要，2025 年 9 月 2 日，公 司与招商银行股份有限公司扬州分行（以下简称"招商银行扬州分行"）签订 了《最高额不可撤销担保书》，为江苏汇成向招商银行扬州分行申请授信业务 提供最高额为人民币 4,000.00 万元的连带责任保证担保。 公司已于 2025 年 3 月 26 日召开第二届董事会第九次会议和第二届监事会 第八次会议，审议通过了《关于授信及担保额度预计的议案》，并授权公司法 定代表人或其指定的授权代理人在经批准的授信及担保额度内，为公司办理授 信及担保事项签署相关合同文件，预计担保额度不超过人民币 5 亿元。具体内 | 证券代码：688403 | 证券简称：汇成股份 | 公告编号：2025-053 | | --- | --- | --- | | 转债代码：118049 | 转债简称：汇成转债 | | 合肥新汇成微电子股份有限公司 关于为全资子公司提供担保的进展公告 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。 重要内容提示： 被担保人名称：江苏汇成光电有限公司（以 ...

Group 1 - A significant number of high-profile stocks, including Jingwang Electronics, Changfei Fiber, and Jimin Health, have hit the daily limit down [1] - Over 30 stocks, such as Tianfu Communication and Huahong Company, have experienced declines exceeding 10% [1]

9月2日，汇成股份跌5.07%，截至发稿，报12.91元/股，成交2.49亿元，换手率2.25%，总市值108.47亿 元。 截至发稿，储雯玉累计任职时间10年118天，现任基金资产总规模7727.35万元，任职期间最佳基金回报 30.59%， 任职期间最差基金回报2.91%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，长城基金旗下1只基金重仓汇成股份。长城久恒混合A（200001）二季度持有股数22.62万 股，占基金净值比例为3.52%，位居第八大重仓股。根据测算，今日浮亏损失约15.61万元。 长城久恒混合A（200001）成立日期2003年10月31日，最新规模6609.27万。今年以来收益57.77%，同 类排名537/8184；近一年收益110.1%，同类排名258/7971；成立以来收益599.25%。 长城久恒混合A（200001）基金经理为储雯玉。 资料显示，合肥新汇成微电子股份有限公司位于安徽省合肥市新站区合肥综合保 ...

Core Insights - In the past five trading days (August 25 to August 29), 16 companies experienced significant shareholder increases, totaling 80.81 million shares and an aggregate increase amount of 792 million yuan [1] - During the same period, 131 companies had significant shareholder reductions, with a total reduction amount of 9.688 billion yuan [1] Summary by Category Shareholder Increases - The top three companies by increase amount are: - Tongji Technology: 26.07 million shares, 29.22 million yuan - Huaxi Biological: 2.12 million shares, 12.15 million yuan - Huicheng Co., Ltd.: 8.35 million yuan [1] - Four companies had more than two increases in the past five days, including Lujiazui (7 times), Huaxi Biological (3 times), and Chengdu Bank (2 times) [1] Market Performance - The average increase for stocks with shareholder increases was 0.82%, which was weaker than the Shanghai Composite Index during the same period [2] - The top gainers included Tongji Technology (9.58%), Kailer Co., Ltd. (8.44%), and Antong Holdings (8.00%) [2] - The top decliners were Mingguan New Materials (-7.44%) and Jinxi Vehicle Axle (-6.30%) [2] Fund Flow - The stocks with significant shareholder increases saw net fund outflows, with the largest outflows from Jihua Group (275 million yuan) and Three Gorges Energy (235 million yuan) [2]

Group 1 - The core viewpoint of the news is that a well-known private equity firm, Huansheng Quantitative, has conducted research on a listed company, Huicheng Co., which has shown significant growth in revenue and profit in the first half of the year [1] - Huicheng Co. reported a year-on-year revenue growth of 28.58%, reaching 866 million yuan, and a net profit attributable to shareholders growth of 60.94%, amounting to 96.04 million yuan [1] - The revenue share of MOLED products increased from less than 20% in 2024 to over 25% in the first half of 2025, with its packaging and testing gross margin higher than other products and the company's average [1] - The electronic price tag IC packaging and testing business accounted for over 10% of revenue in the first half of 2025, contributing positively to the company's profitability [1] - The automotive display chip project is currently in the construction phase, with equipment expected to be in place by early 2026, while 2025 will focus on customer validation without significant performance contributions [1] - New business initiatives are still in the planning stage, and the company aims to actively promote related progress [1] Group 2 - Huansheng Quantitative, also known as Jiu Zhang Asset, is a hedge fund company that relies on mathematics and computer science for quantitative investment, founded in 2008 [2] - The company is a leader in financial derivatives trading and design in China, known for its innovative research and practices in quantitative hedging [2] - Huansheng Quantitative maintains high legal and ethical standards, leveraging science and technology to explore innovative research that is often unimaginable to others [2] - The team consists of top talents from various fields, including early quantitative traders, award-winning professionals, and experts in artificial intelligence and big data [2] - The firm aims to become a world-class quantitative investment company and promote the healthy development of quantitative hedge funds in China [2]