Core Viewpoint - The A-share market saw a significant rise in storage chip stocks on November 28, with multiple companies experiencing notable gains in their stock prices [1]. Group 1: Stock Performance - LeiKe Defense (雷科防务) reached a limit-up with a gain of 10.06%, bringing its total market value to 10.1 billion [2]. - HuiCheng Co., Ltd. (汇成股份) increased by 9.16%, with a total market capitalization of 13 billion [2]. - Jingyi Equipment (京仪装备) rose by 8.93%, achieving a market value of 16.1 billion [2]. - Shanghai Xinyang (上海新阳) saw a gain of 5.31%, with a market cap of 17.8 billion [2]. - Benhai Materials (本海道材) increased by 4.29%, with a total market value of 48 billion [2]. - JingSheng Co., Ltd. (晶升股份) rose by 4.21%, with a market capitalization of 4.893 billion [2]. - Aerospace Intelligent Equipment (航天智装) increased by 3.35%, with a market value of 18.4 billion [2]. - Kexiang Co., Ltd. (科翔股份) saw a gain of 3.26%, with a market cap of 6.963 billion [2]. - Zhenhua Wind Power (振华风光) increased by 3.28%, with a market value of 11.6 billion [2]. - Jiangbolong (江波龙) rose by 3.17%, achieving a market capitalization of 103.4 billion [2]. - Chengbang Co., Ltd. (诚邦股份) increased by 2.98%, with a market value of 4.014 billion [2]. - Baiwei Storage (佰维存储) rose by 3.05%, with a total market capitalization of 49.4 billion [2]. Group 2: Year-to-Date Performance - LeiKe Defense (雷科防务) has a year-to-date increase of 75.69% [2]. - HuiCheng Co., Ltd. (汇成股份) has risen by 70.56% year-to-date [2]. - Jingyi Equipment (京仪装备) has a year-to-date increase of 95.82% [2]. - Shanghai Xinyang (上海新阳) has risen by 53.52% year-to-date [2]. - Benhai Materials (本海道材) has a year-to-date increase of 24.27% [2]. - JingSheng Co., Ltd. (晶升股份) has risen by 26.44% year-to-date [2]. - Aerospace Intelligent Equipment (航天智装) has a year-to-date increase of 97.45% [2]. - Kexiang Co., Ltd. (科翔股份) has a year-to-date increase of 110.14% [2]. - Zhenhua Wind Power (振华风光) has risen by 13.42% year-to-date [2]. - Jiangbolong (江波龙) has a remarkable year-to-date increase of 186.81% [2]. - Chengbang Co., Ltd. (诚邦股份) has a year-to-date increase of 223.19% [2]. - Baiwei Storage (佰维存储) has risen by 70.91% year-to-date [2].

Core Viewpoint - The A-share market has seen a significant rise in storage chip stocks, indicating positive market sentiment in this sector [1] Group 1: Stock Performance - LeiKe Defense has reached the daily limit increase [1] - HuiCheng Co. has risen over 9% [1] - JingYi Equipment has increased by more than 8% [1] - Shanghai XinYang has gained over 5% [1] - HuaHai QingKe and JingSheng Co. have both risen over 4% [1] - Aerospace Intelligence and KeXiang Co. have increased by over 3% [1] - ZhenHua Wind Power, JiangBoLong, ChengBang Co., and BaiWei Storage have also seen gains of over 3% [1]

Core Viewpoint - The incident involving the removal of the影石 brand storefront at Hunan Photography City highlights escalating competition and potential anti-competitive practices in the drone and camera market, particularly between影石 and大疆 [1][4][5]. Group 1: Incident Overview - On November 19, unidentified individuals forcibly removed the影石 brand signage from a store operated by a dealer who had invested nearly 1 million yuan in renovations [1][4]. - The property management had previously informed the dealer of an unknown "exclusive agreement" that prohibited the entry of competing brands, specifically naming影石 andInsta360 as direct competitors to大疆 [1][4]. Group 2: Legal and Market Implications - Legal experts suggest that the exclusive agreement may violate anti-monopoly laws, categorizing it as an invalid anti-competitive agreement [4]. - The incident is part of a broader competitive landscape, with影石's chairman previously commenting on大疆's monopolistic tendencies in the consumer electronics sector [5][6]. Group 3: Market Dynamics - A report from久谦咨询 indicated that大疆 captured 43% of the global market share in the panoramic camera segment within three months of launching its first product, intensifying competition with影石 [5]. - The competitive tension is evident as both online and offline confrontations escalate, reflecting the fierce rivalry in the market [6].

Core Insights - Insta360 has officially announced the pre-order for its first product under the Antigravity brand, the Antigravity A1, which is the world's first 8K panoramic drone, set to be unveiled on December 4 [1][4] - The pre-order period has started earlier than the previously anticipated January timeline, indicating the company's confidence in its product [4] - The launch of the Antigravity A1 marks Insta360's full entry into the consumer drone market after completing technology validation and market cultivation [4] Company Overview - Insta360 holds a 67.2% global market share in the panoramic imaging sector, leveraging its technological expertise to introduce a new category of panoramic drones [4] - The Antigravity A1 features a dual panoramic fisheye lens design, integrating Insta360's panoramic stitching technology, and is referred to as a "flying panoramic camera" [4] Industry Context - The introduction of the Antigravity A1 is expected to create a new niche in the consumer drone market, injecting innovation into the industry [4] - Competition in the consumer drone and smart wearable camera sectors is anticipated to intensify, especially with DJI's entry into the panoramic camera market [4]

股票简称：汇成股份 债券简称：汇成转债 股票代码：688403 债券代码：118049 国泰海通证券股份有限公司 关于合肥新汇成微电子股份有限公司 向不特定对象发行可转换公司债券 第三次临时受托管理事务报告 （2025 年度） 受托管理人 （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年十一月 1 重要声明 本报告依据《可转换公司债券管理办法》《公司债券发行与交易管理办法》 《合肥新汇成微电子股份有限公司向不特定对象发行可转换公司债券受托管理 协议》（以下简称"《受托管理协议》"）《合肥新汇成微电子股份有限公司向不特 定对象发行可转换公司债券募集说明书》（以下简称"募集说明书"）等相关规定 和约定、公开信息披露文件，以及合肥新汇成微电子股份有限公司（以下简称"公 司""汇成股份"或"发行人"）出具的相关说明文件以及提供的相关资料等，由 本次可转债受托管理人国泰海通证券股份有限公司（以下简称"受托管理人"、 "国泰海通"）编制。国泰海通对本报告中所包含的从上述文件中引述内容和信 息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做出 任何保证或承担任何责任。 本报告不构成对投资者进行 ...

| 证券代码：688403 | 证券简称：汇成股份 | 公告编号：2025-064 | | --- | --- | --- | | 转债代码：118049 | 转债简称：汇成转债 | | 说明会问题征集：投资者可于 2025 年 12 月 4 日 13:00 前访问网址 https://eseb.cn/1turmyiAsMM 或使用微信扫描下方小程序码进行会前提问，合肥 新汇成微电子股份有限公司（以下简称"公司"）将通过本次业绩说明会，在信 息披露允许范围内就投资者普遍关注的问题进行解答和说明。 一、说明会类型 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： 公司已于 2025 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）披 露了《2025 年第三季度报告》。为便于广大投资者更加全面深入地了解公司经 营发展情况，公司定于 2025 年 12 月 4 日（星期四）15:30～16:30 在"价值在线" 1/3 合肥新汇成微电子股份有限公司 关于召开 2025 年第三季度业绩说明会 ...

Core Insights - The report highlights a significant transformation in China's cross-border e-commerce from "price competition" to "value creation" driven by innovation and AI empowerment [1][3][6] - With the Z generation's online shopping population expected to reach 90.3%, Chinese sellers are shifting focus from low-price strategies to product innovation, technology upgrades, and brand building [1][6][3] Innovation and Product Development - 64% of Chinese sellers are prioritizing new product categories or iterations of existing products, with 35% of sales coming from new selections made within the last year, indicating that innovation is the core growth driver [1][7] - Over 88% of outbound products are self-innovated, with 32% being globally first-released categories, showcasing strong R&D capabilities in cutting-edge fields like AI and new-generation information technology [1][13][14] - Brands are leveraging user feedback throughout the product development cycle, employing agile development models to reduce trial-and-error costs and shorten product development timelines [2][28][30] AI and Data Utilization - More than 60% of top brands utilize AI tools for consumer insights, product selection analysis, and product optimization, while 45% of Chinese sellers apply generative AI for service and product innovation [2][52] - AI is enhancing product innovation by identifying trends from vast data sets, improving supply chain management, marketing, and user experience, leading to significant increases in conversion rates and brand visibility [2][52][55] Global Expansion Strategies - 94% of brands plan to promote innovative products across more international platforms, with 78% having successfully entered multiple Amazon markets [3][38] - Companies are adopting a "validate-replicate-localize" strategy to quickly adapt to different regional consumer habits and certification requirements, transforming successful experiences into global growth momentum [3][40] - 81% of enterprises intend to invest over 10% of their revenue in R&D to build patent barriers around core technologies, thereby enhancing their competitiveness in the global market [3][44] Future Outlook - The cross-border e-commerce sector in China is entering a new development phase driven by innovation and brand empowerment, with expectations for sustainable growth and increased global recognition of Chinese brands [3][1][6]

Core Viewpoint - The company, Hefei Xinhui Microelectronics Co., Ltd., is strategically expanding its business in the semiconductor industry, particularly in advanced packaging and storage chip sectors, to capitalize on the growing demand driven by AI infrastructure [2][3]. Company Overview - Hefei Xinhui Microelectronics Co., Ltd. specializes in high-end integrated circuit packaging and testing services, with its main products being integrated circuit packaging tests [3]. - The company was established on December 18, 2015, and went public on August 18, 2022. Its main business revenue composition includes 90.25% from display driver chip packaging and 9.75% from other services [8]. Recent Developments - On October 14, 2025, the company announced a significant investment in Hefei Xinfeng Technology Co., Ltd., acquiring a 27.5445% stake and forming a strategic partnership to expand into 3D DRAM and other storage chip packaging services [2]. - The company is focusing on advanced packaging technologies, including Chiplet, Fan-out, 2.5D/3D, and SiP, to meet customer demands and enhance its technological capabilities [2]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 1.295 billion yuan, representing a year-on-year growth of 21.05%, and a net profit attributable to shareholders of 124 million yuan, up 23.21% year-on-year [9]. - As of September 30, 2024, the company's overseas revenue accounted for 54.15%, benefiting from the depreciation of the RMB [4]. Market Activity - On November 21, the company's stock price fell by 6.71%, with a trading volume of 359 million yuan and a turnover rate of 3.17%, leading to a total market capitalization of 11.085 billion yuan [1].

| 证券代码：688403 | 证券简称：汇成股份 | 公告编号：2025-063 | | --- | --- | --- | | 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 关于不提前赎回"汇成转债"的公告 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： 合肥新汇成微电子股份有限公司（以下简称"公司"）股票自 2025 年 10 月 30 日至 2025 年 11 月 19 日期间，满足连续三十个交易日中有十五个交易日的收盘价不低 于"汇成转债"当期转股价格 7.61 元/股的 130%（含 130%），即 9.89 元/股，已触发 "汇成转债"有条件赎回条款。 公司于 2025 年 11 月 19 日召开第二届董事会第十五次会议，审议通过了《关 于不提前赎回汇成转债的议案》，董事会决定本次不行使"汇成转债"的提前赎回权利， 不提前赎回"汇成转债"。 未来三个月内（即 2025 年 11 月 20 日至 2026 年 2 月 19 日期间），若"汇成转 债"再次触 ...

一、可转换公司债券的基本情况 （一）可转换公司债券的发行情况 国泰海通证券股份有限公司 关于合肥新汇成微电子股份有限公司 不提前赎回汇成转债的专项核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 合肥新汇成微电子股份有限公司（以下简称"汇成股份"或"公司"）首次公开 发行股票并上市及向不特定对象发行可转换公司债券的持续督导机构，根据《证 券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》《可转 换公司债券管理办法》和《上海证券交易所上市公司自律监管指引第 12 号—— 可转换公司债券》等有关规定，对公司不提前赎回汇成转债的事项进行了核查， 核查情况及核查意见如下： 根据中国证券监督管理委员会出具的《关于同意合肥新汇成微电子股份有限 公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2024〕883 号）， 公司获准于 2024 年 8 月 7 日向不特定对象发行 11,487,000 张可转换公司债券， 每张面值为人民币 100.00 元，按面值发行，发行总额 114,870.00 万元。本次发 行的可转换公司债券的期限为自发行之日起六年，即自 2024 年 ...