上证指数周四低开后高走，再度创出新高走势，看来美联储降息后，A股市场指数依然高涨，但是个股却出现了跌多涨少的局面。一方面，美联储承认劳动 力市场走弱并开启降息。但另一方面，其发布的经济预测却显示通胀上行、仍处于较高位。随后鲍威尔在记者会上将此次降息定义为"风险管理"，这又被市 场解读为鹰派立场。午后注意上证指数能否在3900点之上稳住。 创业板指数周四反弹力度相对较差，低开后一度拉升翻红，但是早盘力度较差，中小盘个股下跌是主要的拖累原因之一。美股受到的影响不大，大宗商品受 到的影响也较为有限。后期美联储的独立性仍是市场关注的焦点，降息这一因素对市场的影响有所减轻。从券商股的表现看，权重个股遭遇卖盘压力，凸显 国家队有意维持慢牛的节奏，但是市场情绪之亢奋，与之形成鲜明的对比。午后注意创业板指数能否在3150点之上稳住。 三大指数集体低开，两市开盘红盘个股千余只，题材板块方面汽车服务、家电零部件、风电设备等板块表现较强，稀有金属、工业金属、多元金融等板块表 现较差。芯片股延续强势，利扬芯片、汇成股份等超10股涨超10%，万通发展、瑞芯微等跟涨，央视播出了中国联通三江源绿电智算中心项目建设成效。其 中，国产算力部分 ...

证券时报·数据宝统计，截至上午10:28，今日沪指涨0.41%，A股成交量770.57亿股，成交金额12089.51 亿元，比上一个交易日增加5.75%。个股方面，2446只个股上涨，其中涨停64只，2797只个股下跌，其 中跌停2只。从申万行业来看，电子、汽车、机械设备等涨幅最大，涨幅分别为3.03%、1.74%、 1.25%；有色金属、煤炭、石油石化等跌幅最大，跌幅分别为1.34%、1.16%、1.07%。（数据宝） 今日各行业表现（截至上午10:28） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 电子 | 3.03 | 2442.63 | 4.02 | 汇成股份 | 19.99 | | 汽车 | 1.74 | 821.90 | 7.73 | 德众汽车 | 30.00 | | 机械设备 | 1.25 | 1088.43 | -2.46 | 锐奇股份 | 20.02 | | 国防军工 | 1.23 | 256.73 | 18.66 | 超卓航科 | 10.21 ...

Core Viewpoint - The A-share market experienced a significant rise on September 18, with the electronic and automotive sectors leading the surge, indicating strong investor interest and potential growth in these industries [1][4][13]. Market Overview - The Shanghai Composite Index approached 3900 points, closing up 0.45%, while the Shenzhen Component and ChiNext Index rose by 0.79% and 0.49%, respectively [1]. - The Sci-Tech 50 Index saw a notable increase of over 4.6% during the day, closing up 3.4% with a trading volume of 829.64 billion CNY [2][3]. Sector Performance - The electronic, communication, automotive, and machinery equipment sectors showed strong performance, with significant activity in concepts like optical modules, semiconductor equipment, and advanced packaging [4][6]. - Over 2700 stocks in the market rose, with total trading volume reaching 1.72 trillion CNY, indicating increased market activity compared to the previous day [3]. Electronic Sector Highlights - The electronic sector saw a collective rise, particularly in chip and computing power stocks, with several companies hitting the daily limit up, including Huicheng Co., Heertai, and others [7][11]. - Industrial Fulian reached a new historical high of 67.23 CNY per share, with a total market capitalization of 1.34 trillion CNY [8][9]. Automotive Sector Highlights - The automotive sector also experienced a surge, with multiple stocks, including Suoao Sensor and Wanxiang Qianchao, hitting the daily limit up [14][15]. - The Ministry of Industry and Information Technology has been actively promoting standards for intelligent connected vehicles, which is expected to enhance industry growth and regulatory compliance [16]. - The passenger car market in China showed robust performance, with sales reaching 18.35 million units from January to August 2025, marking a 14% year-on-year increase [17].

Group 1 - The core point of the news is that Huicheng Co., Ltd. has seen significant stock performance, with a price increase of 19.99% on September 18, reaching 16.27 yuan, and a trading volume of 9.60 billion yuan [2][3] - Among the stocks on the Sci-Tech Innovation Board, 401 stocks were reported to be rising, with 9 stocks having an increase of over 10%, including Huicheng Co., Ltd., Liyang Chip, and GuoDun Quantum [2] - The stock market showed a mixed performance, with 176 stocks declining, including Jiahua Technology, Haibosi Chuang, and Zhejiang Haideman, which fell by 4.25%, 3.80%, and 3.69% respectively [2] Group 2 - The net inflow of main funds for Huicheng Co., Ltd. was 27.32 million yuan on the previous trading day, with a total net inflow of 64.43 million yuan over the past five days [3] - The latest margin trading data shows that as of September 17, the total margin balance for the stock was 809 million yuan, with a financing balance of 808 million yuan, an increase of 2.54% from the previous trading day [3] - The company's semi-annual report released on August 26 indicated that it achieved an operating income of 866 million yuan in the first half of the year, a year-on-year increase of 28.58%, and a net profit of 96.04 million yuan, a year-on-year increase of 60.94% [3] Group 3 - In terms of institutional ratings, the stock received buy ratings from two institutions in the past month, with Huahuan Securities giving a buy rating and a target price of 16.90 yuan on August 31 [3] - Guotai Junan Securities also issued an "increase holding" rating for the company on August 25 [3]

Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00% to 4.25% on September 17 [1] - The A-share and Hong Kong stock markets reacted positively, with all three major indices turning red, and the Sci-Tech Innovation 50 Index rising over 4% [1] - Over 2100 stocks in the Shanghai, Shenzhen, and Beijing markets saw gains [1] Group 2 - The semiconductor industry chain experienced significant gains, with companies like SMIC and Haiguang Information both rising over 6% and reaching historical highs [2] - Other semiconductor stocks such as Ruixin Micro and Huicheng Shares saw increases of over 10% [2][5] - The Sci-Tech Innovation 50 Index rose over 3%, with constituent stocks like Zhongwei Company and Haiguang Information increasing by over 8% and 7% respectively [3] Group 3 - The Hang Seng Index surpassed the 27,000-point mark, reaching its highest level since July 2021 [4]

Core Viewpoint - The semiconductor stocks in the A-share market experienced significant gains, with several companies reaching their daily limit up or showing substantial increases in share prices, indicating a strong market sentiment towards the semiconductor sector [1][2]. Company Performance - Huicheng Co., Ltd. (汇成股份) saw a 19.99% increase, with a total market capitalization of 13.7 billion [2]. - Liyang Chip (利扬芯片) rose by 16.53%, with a market cap of 7.958 billion [2]. - Zhongwei Company (中微公司) increased by 14.15%, with a market cap of 162.4 billion [2]. - New Xiangwei (新相微) gained 11.69%, with a market cap of 1.23 billion [2]. - Canxin Co., Ltd. (灿芯股份) rose by 10.06%, with a market cap of 954.1 million [2]. - Ruixin Microelectronics (瑞芯微) reached a 10% increase, with a market cap of 9.64 billion [2]. - Other notable performers include Shengke Communication (盛科通信) up by 9.90%, Beifang Huachuang (北方华创) up by 9.35%, and Haiguang Information (海光信息) up by 8.32% [2]. Industry Developments - On September 16, CCTV's "News Broadcast" highlighted the achievements of China Unicom's Sanjiangyuan Green Power Intelligent Computing Center project, which involves several domestic AI chip brands such as Alibaba's Pingtouge, Muxi Co., Ltd., and others that have signed or are expected to sign contracts [1].

Group 1 - The semiconductor sector experienced an initial surge, with companies such as Liyang Chip and Huicheng Co., Ltd. rising over 10% [1] - Other companies including New Semiconductor, Ruixin Micro, Weicai Technology, Longxin Technology, and Aojie Technology also saw increases in their stock prices [1]

国泰海通证券股份有限公司 国泰海通证券股份有限公司（以下简称"保荐机构"或"国泰海通"）担任 汇成股份持续督导保荐机构，持续督导期间为 2022 年 8 月 18 日至 2026 年 12 月 31 日。 在 2025 年 1 月 1 日至 2025 年 6 月 30 日持续督导期内（以下简称"本持续 督导期间"），保荐机构及保荐代表人按照《证券发行上市保荐业务管理办法》 1 （以下简称"保荐办法"）、《上海证券交易所科创板股票上市规则》（以下简 称"上市规则"）等相关规定，通过日常沟通、定期回访、现场检查、尽职调查 等方式进行持续督导，现就 2025 年半年度持续督导情况报告如下： 2 项目 工作内容 1、建立健全并有效执行持续督导工作制度，针 对公司的具体情况确定持续督导的内容和重 点，督导公司履行有关上市公司规范运作、信 守承诺和信息披露等义务，审阅信息披露文件 及向中国证监会、证券交易所或其他机构提交 的其他文件，并按保荐办法要求承担相关持续 督导工作。 保荐机构已建立健全并有效执行持续督导工 作制度，针对公司的具体情况确定持续督导的 内容和重点，督导公司履行有关上市公司规范 运作、信守承诺和信息披露 ...

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]