第一条 为规范合肥新汇成微电子股份有限公司（以下简称"公司"）的 公司治理结构，保证股东依法行使股东权利，确保股东会高效、平稳、有序、规 范运作，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》等规定及《合肥新汇成微电子股份有限公司章程》（以下简称"公司 章程"），制定本规则。 第二条 公司严格按照法律、行政法规、公司章程及本规则的相关规定召 开股东会，保证股东能够依法行使权利。 第三条 公司董事会应当切实履行职责，认真、按时组织股东会。公司审 计委员会应当切实履行职责，必要时召集主持临时股东会。公司全体董事、审计 委员会委员应当勤勉尽责，确保股东会正常召开和依法行使职权。 合肥新汇成微电子股份有限公司股东会议事规则 合肥新汇成微电子股份有限公司 股东会议事规则 第一章 总则 第四条 股东会应当在《公司法》和公司章程规定的范围内行使职权。股 东会分为年度股东会和临时股东会。年度股东会每年召开一次，应当于上一会计 年度结束后的 6 个月以内举行。临时股东会不定期召开。有下列情形之一的，公 司在事实发生之日起 2 个月以内召开临时股东会： （一）董事人数不足《公司法》规定人数或者公司章 ...

合肥新汇成微电子股份有限公司董事会议事规则 合肥新汇成微电子股份有限公司 董事会议事规则 第一章 总则 第一条 为规范合肥新汇成微电子股份有限公司（以下简称"公司"）董事会 的议事内容、办法和程序，保证董事会正确行使职权，并不断提高董事会决策的 科学性、正确性和合规性，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》及《公司章程》等有关规定，制定本规则。 合肥新汇成微电子股份有限公司董事会议事规则 董事会会议通知按以下形式发出： （一）定期会议应以书面形式通知，书面通知包括以专人送出的邮件、挂号 邮件、传真、电报、电子邮件等方式； （二）临时会议原则上以书面形式通知，如时间紧急，可以电话、短信通知。 书面的董事会会议通知包括以下内容： 第二条 董事会是本公司常设决策机构，对股东会负责，在法律法规、公司 章程和股东会赋予的职权范围内行使职权，维护本公司及股东的合法权益。 第三条 董事会下设董事会办公室，处理董事会日常事务。董事会秘书兼任 董事会办公室负责人，保管董事会印章。董事会秘书可以指定证券事务代表等有 关人员协助其处理日常事务。 董事会设立审计委员会、提名委员会、战略委员 ...

Core Viewpoint - The company, Hefei Xinhui Microelectronics Co., Ltd., is strategically investing in the storage chip and advanced packaging sectors to capitalize on the growing demand driven by AI infrastructure, while also benefiting from the depreciation of the Renminbi. Group 1: Company Developments - On October 14, 2025, the company announced a significant investment, acquiring a 27.5445% stake in Hefei Xinfeng Technology Co., Ltd., and forming a strategic partnership with East China Technology (Suzhou) Co., Ltd. to expand into 3D DRAM and other storage chip packaging businesses [2] - The company is focusing on advanced packaging technologies, including Chiplet, Fan-out, 3D, and SiP, with a strong emphasis on customer-driven R&D [2] - As of June 30, 2025, the company reported a revenue of 866 million yuan, a year-on-year increase of 28.58%, and a net profit of 96.04 million yuan, reflecting a growth of 60.94% [9] Group 2: Business Overview - Hefei Xinhui Microelectronics specializes in high-end integrated circuit packaging and testing services, with its main products being integrated circuit packaging tests [3] - The company's revenue composition indicates that 90.25% comes from display driver chip packaging, while the remaining 9.75% is from other services [8] - As of the 2024 annual report, overseas revenue accounted for 54.15% of total revenue, benefiting from the depreciation of the Renminbi [4] Group 3: Market Position and Technical Analysis - The stock experienced a decline of 4.07% on October 28, 2025, with a trading volume of 632 million yuan and a market capitalization of 14.766 billion yuan [1] - The average trading cost of the stock is 16.76 yuan, with recent buying activity indicating weak accumulation; the stock is currently trading between resistance at 19.61 yuan and support at 15.00 yuan [7]

Core Viewpoint - The company, Hefei Xinhui Microelectronics Co., Ltd., is experiencing growth in its advanced packaging and testing services for integrated circuits, particularly in the context of increasing demand for storage chips and OLED technology, benefiting from the depreciation of the RMB [2][4]. Company Overview - Hefei Xinhui Microelectronics Co., Ltd. specializes in high-end advanced packaging and testing services for integrated circuits, with its main products being integrated circuit packaging and testing [3][8]. - The company was established on December 18, 2015, and went public on August 18, 2022. Its revenue composition includes 90.25% from display driver chip testing and 9.75% from other services [8]. Financial Performance - For the first half of 2025, the company achieved a revenue of 866 million yuan, representing a year-on-year growth of 28.58%, and a net profit attributable to shareholders of 96.04 million yuan, up 60.94% year-on-year [9]. - As of June 30, 2025, the company had a total of 20,300 shareholders, with an average of 28,512 circulating shares per person, reflecting a slight increase in shareholding concentration [9]. Market Position and Strategic Moves - The company has made significant investments, acquiring a 27.5445% stake in Hefei Xinfeng Technology Co., Ltd., and forming a strategic partnership with East China Technology (Suzhou) Co., Ltd. to expand into the 3D DRAM storage chip testing market [2]. - The company’s overseas revenue accounted for 54.15% of total revenue, benefiting from the depreciation of the RMB [4]. Technical Analysis - The average trading cost of the company's shares is 16.72 yuan, with the stock price currently fluctuating between resistance at 19.61 yuan and support at 15.00 yuan, indicating potential for range trading [7].

随着黄金价格飙升，第一年发放的键帽如今已翻近3倍，员工直呼"公司才是真正帮我做固定理财"。 影石创始人刘靖康在内部发言时曾表示，发黄金不是因为值钱，而是因为黄金有极强的稳定性，正如人 才是一家科技公司最稳固的根基。他认为，决定企业价值的并非某一项指标或数据，而是所有员工价值 的总和。 据证券时报报道，10月24日"程序员节"，深圳智能影像公司影石创新(Insta360)宣布，奖励员工21枚黄金 键帽作为节日礼物。其中，黄金空格键重35.02克，价值近4万元。据悉，该活动已经连续举办4年，累 计发放55个黄金键帽，有"C"键、"V"键、"Ctrl"键、"Shift"键、"Enter"键和空格键。 ...

Core Points - The Shanghai Composite Index closed at 3950.31 points, above the five-day moving average, with a gain of 0.71% [1] - The total trading volume of A-shares reached 1,991.617 billion yuan [1] - A total of 681 A-shares have prices that surpassed the five-day moving average, indicating positive market momentum [1] Stock Performance Summary - The top three stocks with the highest deviation rates from the five-day moving average are: - Kexiang Co., Ltd. (300903) with a deviation rate of 13.92% and a daily increase of 20.00% [2] - Aerospace Intelligent Equipment (300455) with a deviation rate of 13.15% and a daily increase of 19.98% [2] - Anhui Instrument Technology (688600) with a deviation rate of 10.85% and a daily increase of 14.27% [2] - Other notable stocks include: - Shenkong Co., Ltd. (688233) with a deviation rate of 10.55% and a daily increase of 17.34% [2] - Hengshuo Co., Ltd. (688416) with a deviation rate of 9.57% and a daily increase of 18.08% [2] - Lianyun Technology (688449) with a deviation rate of 9.44% and a daily increase of 13.22% [2]

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index reaching a 10-year high, closing up 0.71% at 3950.31 points [1][2] - The total market turnover was 1.99 trillion yuan, an increase of 330.9 billion yuan from the previous trading day, with over 3000 stocks rising [1] Sector Performance - The storage chip and semiconductor sectors experienced significant gains, with stocks like Baiwei Storage and TuoJing Technology hitting the daily limit [4] - The commercial aerospace sector also saw strong performance, with companies like Aerospace Intelligence and China Satellite reaching their daily limits [6] - Conversely, the coal sector faced a pullback, with major companies like Antai Group and Yunmei Energy dropping over 9% [8] Notable Stocks - Baiwei Storage (688525) rose by 10.70% to 119.10 yuan, with a total market value of 55.585 billion yuan, up 92.19% year-to-date [5] - TuoJing Technology (688072) increased by 10.55% to 286.00 yuan, with a market value of 80.413 billion yuan, up 86.44% year-to-date [5] - Aerospace Universe (688523) surged by 11.88% to 24.95 yuan, with a market value of 10.152 billion yuan, up 24.75% year-to-date [7] Industry Trends - The semiconductor industry is expected to enter a "super cycle" driven by the AI boom, with Morgan Stanley predicting significant growth in the storage chip sector [4] - Apple's upcoming AI glasses and strong demand for the iPhone 17 are contributing to a bullish outlook for the consumer electronics sector [6] - The commercial aerospace industry is entering a rapid development phase, supported by recent policy announcements [6] Economic Outlook - Long-term trends suggest a potential stabilization of the A-share market, with improving profit expectations and supportive policies likely to enhance valuations [9] - Short-term perspectives indicate a continuation of a strong market trend, driven by economic growth targets and potential liquidity easing measures [10]

Core Insights - The company is strategically investing in DRAM packaging through direct investment in Xinfeng Technology and establishing a partnership with Huadong Technology to expand its advanced packaging business focused on 3D DRAM [1][2] Investment Details - The direct investment involves acquiring an 18.4414% stake in Xinfeng Technology for RMB 90.4841 million [1] - The indirect investment includes participation in private equity funds to acquire an additional 44.5756% stake in Xinfeng Technology, resulting in a total ownership of 27.5445% [1] Strategic Partnership - The collaboration with Huadong Technology aims to leverage both companies' resources to enhance DRAM packaging capabilities and address the growing market demand for 3D DRAM solutions, particularly in the context of AI infrastructure [2] Xinfeng Technology's Capacity - Xinfeng Technology currently has a packaging capacity of approximately 20,000 wafers per month, with plans to increase this to 60,000 wafers per month by the end of 2027 [3] - The company is positioned as a key partner for Changxin Storage, particularly in LPDDR5 packaging, benefiting from the expansion of leading storage manufacturers [3] Financial Projections - Revenue projections for the company are estimated at RMB 1.78 billion, 2.05 billion, and 2.4 billion for the years 2025, 2026, and 2027, respectively, with net profits of RMB 190 million, 250 million, and 320 million [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Insights - The company is strategically investing in DRAM storage packaging through direct and indirect investments in Xinfeng Technology, aiming to enhance its capabilities in advanced packaging for 3D DRAM chips [4][11] - The partnership with Huadong Technology is expected to leverage both companies' resources to expand the 3D DRAM packaging business, addressing the growing market demand driven by AI infrastructure [5][11] - The company anticipates revenue growth, projecting revenues of 1.78 billion, 2.05 billion, and 2.40 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 186.49 million, 247.75 million, and 316.55 million yuan for the same years [8][10] Company Overview - The latest closing price of the company's stock is 15.93 yuan, with a total market capitalization of 137 billion yuan and a debt-to-asset ratio of 30.3% [3][10] - The company holds a significant stake of 27.5445% in Xinfeng Technology after recent investments, which positions it to influence the operations of Xinfeng without consolidating it into its financial statements [4][11] Financial Projections - The company is expected to achieve a revenue growth rate of 21.22% in 2024, followed by 18.83% in 2025, and 14.93% in 2026 [10][13] - The projected earnings per share (EPS) are expected to increase from 0.19 yuan in 2024 to 0.37 yuan in 2027 [10][13]

国庆假期刚过，无人机巨头大疆毫无征兆地开启"史上最大力度"促销，爆款云台相机Pocket 3直降900 元，部分产品降幅甚至近1500元。这记突如其来的"价格背刺"，让无数刚原价购入的用户瞬间破防，社 交媒体上"大疆 大冤种"的声浪一度将其送上热搜。 一场突如其来的降价，将深圳南山两家相距不过10公里的科技公司，推上了舆论的风口浪尖。 正当大疆因缺乏用户预期管理而焦头烂额时，一个意想不到的角色下场了。 它的竞争对手——影石创新（Insta360）的90后创始人刘靖康，在微博上演了一出"凡尔赛式道歉"。他 半开玩笑地表示，"可能有一部分因为我们影石的原因导致大疆降价"，并"诚恳"地为购买了大疆产品的 用户提供100元自家无门槛代金券，还抽奖送"全家桶"。 "抄家"背后，是增长焦虑 大疆与影石的战火，在今年夏天就已点燃。 7月，影石刚宣布进军无人机领域，大疆次日便官宣首款全景相机Osmo 360，直捣黄龙。此后，双方你 来我往，新品发布、价格对标、KOL争夺，战况不断升级。 这场"互攻腹地"的背后，是两家公司无法回避的增长瓶颈。 这堪称教科书级别的营销操盘，伤害性不大，侮辱性极强。影石用极低的成本，不仅蹭上了行业 ...