Core Points - The Sci-Tech Innovation Board (STAR Market) index rose by 1.40%, closing at 1430.00 points, with a total trading volume of 4.307 billion shares and a turnover of 208.487 billion yuan [1] - Among the tradable stocks on the STAR Market, 469 stocks closed higher, with 7 stocks increasing by over 10% and 39 stocks rising between 5% and 10% [1] - The highest turnover rate was recorded by CanSemi Technology at 22.50%, despite a closing drop of 0.30% [1][3] - In terms of sector performance, the electronics sector had the most stocks with a turnover rate exceeding 5%, totaling 29 stocks [2] Trading Activity - The average turnover rate for the STAR Market was 2.27%, with 111 stocks closing lower [1] - A total of 29 stocks with high turnover rates experienced net inflows of main funds, with Dongxin Technology, Jinpan Technology, and Aters receiving the highest net inflows of 264 million yuan, 258 million yuan, and 140 million yuan respectively [2] - Conversely, West Superconductor, Huicheng Technology, and Jucheng Technology saw the largest net outflows, amounting to 328 million yuan, 246 million yuan, and 140 million yuan respectively [2] Stock Performance - Notable performers included Jinpan Technology, which surged by 20.00%, and Mingde Medical, which rose by 12.00% [1] - The stocks with the highest turnover rates included CanSemi Technology, Guangda Special Materials, and Haocen Software, with turnover rates of 22.50%, 17.15%, and 15.64% respectively [1][3] - Stocks with significant declines included Guangda Special Materials, which fell by 9.95%, and Jingsong Intelligent, which dropped by 6.21% [1]

Market Overview - The semiconductor sector rose by 1.67% on October 15, with Hengshuo Co. leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Top Gainers in Semiconductor Sector - Henglian Co. (688416) closed at 59.31, up 11.21% with a trading volume of 94,800 shares and a transaction value of 530 million [1] - Xinjieneng (605111) closed at 40.13, up 10.01% with a trading volume of 920,300 shares and a transaction value of 3.651 billion [1] - Pudian Co. (688766) closed at 109.70, up 8.61% with a trading volume of 104,500 shares and a transaction value of 1.087 billion [1] - Yangjie Technology (300373) closed at 66.08, up 8.42% with a trading volume of 433,300 shares and a transaction value of 3.456 billion [1] Top Losers in Semiconductor Sector - Zhichun Technology (603690) closed at 37.00, down 8.48% with a trading volume of 1,205,900 shares and a transaction value of 451.8 million [2] - Fuchuang Precision (688409) closed at 80.35, down 6.61% with a trading volume of 93,700 shares and a transaction value of 759 million [2] - Zhongke Feicai (688361) closed at 124.99, down 6.51% with a trading volume of 119,800 shares and a transaction value of 1.494 billion [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 4.655 billion from institutional investors, while retail investors saw a net inflow of 4.888 billion [2][3] - Notable net inflows from retail investors were observed in Haiguang Information (688041) with 215.74 million and Xinjieneng (605111) with 270 million [3] Summary of Individual Stocks - Haiguang Information (688041) had a net inflow of 714 million from institutional investors, while it faced a net outflow of 693 million from speculative funds [3] - Xinjieneng (605111) saw a net inflow of 650 million from institutional investors, with a significant outflow from speculative funds [3] - Dongxin Co. (688110) had a net inflow of 263 million from institutional investors, while it faced outflows from both speculative and retail investors [3]

Core Points - Hengshuo Semiconductor Co., Ltd. experienced a stock price increase of 5.89%, reaching 56.47 CNY per share, with a trading volume of 271 million CNY and a turnover rate of 7.89% [1] - The company, established on February 13, 2015, and listed on August 29, 2022, focuses on the research, design, and sales of storage chips and MCU chips, with storage chips accounting for 83.57% of its revenue [1] Shareholder Analysis - Huaxia Fund's Huaxia Industry Prosperity Mixed A Fund (003567) is among the top ten circulating shareholders of Hengshuo, having increased its holdings by 2.2982 million shares in Q2, now holding 3.1436 million shares, representing 6.54% of circulating shares [2] - The fund has achieved a year-to-date return of 50.05% and a one-year return of 60.74%, ranking 638 out of 8161 and 418 out of 8015 respectively [2] Fund Performance - The fund manager of Huaxia Industry Prosperity Mixed A Fund is Zhong Shuai, who has been in the position for 5 years and 81 days, with a total asset scale of 8.253 billion CNY [3] - During his tenure, the best fund return was 177.5%, while the worst was -2.4% [3] Top Holdings - Huaxia Fund's Huaxia Zhaoxin Hongrui Mixed A Fund (018730) also holds a significant position in Hengshuo, having increased its holdings by 44,900 shares in Q2, now holding 268,500 shares, which is 5.74% of the fund's net value [4] - The fund has achieved a year-to-date return of 46.26% and a one-year return of 69.85%, ranking 899 out of 8161 and 239 out of 8015 respectively [4]

Core Insights - The A-share market has seen a significant rise in storage chip stocks, with notable increases in share prices for several companies [1] Group 1: Stock Performance - Hengshuo Co., Ltd. experienced a rise of 12.60%, with a total market capitalization of 4.98 billion and a year-to-date increase of 53.97% [2] - Chengdu Huami saw an increase of 8.27%, with a market cap of 32.4 billion and a year-to-date rise of 64.97% [2] - Pulang Co., Ltd. rose by 7.92%, with a market cap of 16.1 billion and a year-to-date increase of 51.37% [2] - Dongxin Co., Ltd. increased by 6.99%, with a market cap of 47.4 billion and a remarkable year-to-date rise of 330.52% [2] - Langke Technology rose by 5.35%, with a market cap of 5.764 billion and a year-to-date increase of 24.50% [2] - Yintang Intelligent Control increased by 4.45%, with a market cap of 11.5 billion and a year-to-date rise of 24.54% [2] - Xiechuang Data also saw a rise of 4.45%, with a market cap of 52.8 billion and a year-to-date increase of 100.26% [2] - Other companies like Hangzhou Kelin and Tongyou Technology also showed positive performance with increases of 3.41% and 3.17% respectively [2] Group 2: Market Indicators - The formation of a MACD golden cross signal indicates a positive trend in the stock prices of these companies [1]

Core Viewpoint - Hengshuo Co., Ltd. experienced a significant decline in stock price, with a drop of 6.04% on October 10, 2023, and a trading volume of 397 million yuan, indicating potential investor concerns and market volatility [1]. Financing Summary - On October 10, 2023, Hengshuo Co., Ltd. had a financing buy-in amount of 40.21 million yuan, while the financing repayment was 61.80 million yuan, resulting in a net financing outflow of 21.59 million yuan [1]. - The total financing and securities balance for Hengshuo Co., Ltd. reached 242 million yuan, accounting for 6.71% of its circulating market value, which is above the 90th percentile level over the past year, indicating a high financing level [1]. - There were no shares sold or repaid in the securities lending market on the same day, with a total securities lending balance of 0, also reflecting a high level compared to the 80th percentile over the past year [1]. Company Profile - Hengshuo Semiconductor (Hefei) Co., Ltd. was established on February 13, 2015, and went public on August 29, 2022. The company is located in Hefei, Anhui Province, and specializes in the research, design, and sales of storage chips and MCU chips [1]. - The revenue composition of Hengshuo Co., Ltd. is primarily from storage chips (83.57%), followed by microcontrollers and other products (16.37%), with minimal contributions from other business areas (0.06%) [1]. Shareholder and Financial Performance - As of June 30, 2025, Hengshuo Co., Ltd. had 7,951 shareholders, a decrease of 8.30% from the previous period, while the average number of circulating shares per person increased by 9.72% to 6,048 shares [2]. - For the first half of 2025, Hengshuo Co., Ltd. reported an operating income of 174 million yuan, a year-on-year decrease of 1.79%, and a net profit attributable to shareholders of -70.78 million yuan, reflecting a year-on-year increase of 4.80% [2]. - Among the top ten circulating shareholders, Huaxia Industry Prosperity Mixed A (003567) is the second-largest shareholder, holding 3.14 million shares, an increase of 2.30 million shares compared to the previous period [2].

Core Viewpoint - The semiconductor stocks experienced a significant decline, with several companies seeing drops exceeding 10% due to adjustments in margin financing rates related to high static price-to-earnings ratios [1] Group 1: Stock Performance - Dongxin Co. and Baiwei Storage fell over 11% - Yandong Micro and Jinghe Integration dropped over 10% - Demingli, Huahong, and Purun shares decreased over 8% - Lianyun Technology and Chiplink Integration fell over 7% - Other companies like Hengsuo, Aojie Technology, and Zhongke International saw declines over 6% [1] Group 2: Margin Financing Adjustments - On October 9, margin financing rates for stocks like Zhongke International and Baiwei Storage were reduced to 0 due to their static price-to-earnings ratios exceeding 300 times - Multiple brokerages clarified that this adjustment is a routine operation based on exchange rules established in 2016, applicable to all A-share stocks with similar high static price-to-earnings ratios [1]

Group 1 - The company has approved a share repurchase plan with a total fund amount between RMB 30 million and RMB 60 million, with a maximum repurchase price of RMB 52.51 per share, to be executed within 12 months from the board's approval date [2][3] - As of September 30, 2025, the company has repurchased 813,407 shares, accounting for 0.98% of the total share capital, with a total expenditure of RMB 29,313,021.08, at prices ranging from RMB 31.53 to RMB 39.60 per share [3] Group 2 - The company has conducted an internal public notice regarding its 2025 restricted stock incentive plan, allowing employees to provide feedback within a 10-day period [8][9] - The remuneration and assessment committee has verified that the individuals included in the incentive plan meet all legal and regulatory requirements, confirming their eligibility as incentive recipients [11][13]

证券代码：688416 证券简称：恒烁股份 公告编号：2025-047 恒烁半导体（合肥）股份有限公司 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/11/30 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 2024 28 11 | 11 | 月 | 日~2025 | 年 | 月 | 27 | 日 | | 预计回购金额 | 3,000万元~6,000万元 | | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | ...

（一）公司于 2025 年 9 月 25 日在上海证券交易所网站（www.sse.com.cn） 上披露了《恒烁半导体（合肥）股份有限公司 2025 年限制性股票激励计划（草 案）》（以下简称"《激励计划（草案）》"）及其摘要、《恒烁半导体（合肥） 股份有限公司 2025 年限制性股票激励计划实施考核管理办法》以及《恒烁半导 体（合肥）股份有限公司 2025 年限制性股票激励计划激励对象名单》（以下简 称"《激励对象名单》"）等公告。 （二）公司对激励对象的内部公示情况 证券代码：688416 证券简称：恒烁股份 公告编号：2025-048 恒烁半导体（合肥）股份有限公司 董事会薪酬与考核委员会关于公司 2025 年限制性股票激 励计划激励对象名单的公示情况说明及核查意见 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。 恒烁半导体（合肥）股份有限公司（以下简称"公司"）于 2025 年 9 月 24 日召开第二届董事会第十一次会议审议通过了《关于<公司 2025 年限制性股票激 励计划（草案）>及其摘要的议案》》等相关议案 ...

Market Overview - A-shares saw a rise in all three major indices, with the ChiNext Index increasing by over 1% during the morning session, closing at 3878.13 points for the Shanghai Composite Index, up 0.4% [1][3] - The total trading volume in the Shanghai and Shenzhen markets reached 1.36 trillion yuan, an increase of 763 billion yuan compared to the previous trading day [3] Sector Performance - The technology sector experienced broad gains, particularly in the semiconductor and storage chip segments, with the storage index rising by 5.81% [5] - The aerospace and military, as well as non-ferrous metal sectors, saw significant increases, while the financial sector experienced a pullback [3][12] Key Stocks in Semiconductor Sector - Notable stocks included Jiangbolong, which hit the daily limit with a 20% increase, and Huahong Semiconductor, which rose by 15.16% [5][8] - Other companies such as Deep Technology and Demingli also recorded significant gains, with increases of 10% [5][8] Battery Sector Performance - The solid-state battery concept sector continued to rise, with lithium battery electrolyte and cathode segments also showing strong performance [10] - Stocks like Shida Shenghua and Tianji Co. reached their daily limit with a 10% increase [11] Non-Ferrous Metals Sector - The non-ferrous metals sector remained strong, with cobalt and nickel indices showing notable gains [12][14] - Companies such as Shengtun Mining and Hanrui Cobalt saw increases of 9.7% and 5%, respectively [14] Precious Metals Market - The precious metals sector also saw an uptick, with spot gold prices surpassing $3860 per ounce, marking a significant increase of over $100 this week [16][17]