Core Viewpoint - Lianyun Technology, a leading domestic data storage main control chip and AIoT signal processing chip design company, is set to be listed on the Shanghai Stock Exchange on November 29, 2024, with a focus on consumer electronics, industrial control, and smart IoT sectors [1] Financial Performance - In Q3 2025, Lianyun Technology reported revenue of 921 million yuan, ranking 29th among 48 companies in the industry, significantly lower than the top competitor, Haowei Group, which had revenue of 21.783 billion yuan [2] - The main business revenue composition includes data storage main control chip revenue of 522 million yuan (85.68%), AIoT signal processing and transmission chip revenue of 71.75 million yuan (11.77%), and other income of 15.57 million yuan (2.55%) [2] - The net profit for the same period was 90.06 million yuan, ranking 25th in the industry, with a substantial gap compared to Haowei Group's net profit of 3.199 billion yuan [2] Financial Ratios - As of Q3 2025, Lianyun Technology's debt-to-asset ratio was 19.02%, lower than the industry average of 24.46%, indicating strong solvency [3] - The gross profit margin was 51.40%, higher than the industry average of 36.52%, reflecting robust profitability [3] Management Compensation - The chairman, Fang Xiaoling, received a salary of 1.1704 million yuan in 2024, a decrease of 30,400 yuan from 2023 [4] - The general manager, Li Guoyang, earned 1.0076 million yuan in 2024, an increase of 10,700 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.58% to 15,500, with an average holding of 4,514.09 shares, a decrease of 1.55% [5] - New major shareholders include various mutual funds, with specific holdings detailed [5] Business Highlights - Tianfeng Securities noted that Lianyun Technology is a leader in China's storage main control sector, with a 141.76% year-on-year increase in non-recurring net profit for the first three quarters of 2025 [6] - Key product developments include the upcoming MAP1606 main control chip and advancements in UFS series embedded storage main control chips [6] - Revenue forecasts for 2025, 2026, and 2027 have been adjusted upward, with expected revenues of 1.38 billion, 1.696 billion, and 2.08 billion yuan respectively [6]

10月29日，联芸科技跌3.66%，成交额6.00亿元。两融数据显示，当日联芸科技获融资买入额8690.87万 元，融资偿还5538.65万元，融资净买入3152.22万元。截至10月29日，联芸科技融资融券余额合计4.55 亿元。 截至10月20日，联芸科技股东户数1.51万，较上期增加3.02%；人均流通股4627股，较上期减少2.94%。 2025年1月-9月，联芸科技实现营业收入9.21亿元，同比增长11.59%；归母净利润9005.67万元，同比增 长23.05%。 机构持仓方面，截止2025年9月30日，联芸科技十大流通股东中，嘉实上证科创板芯片ETF（588200） 位居第二大流通股东，持股156.58万股，为新进股东。诺安积极回报混合A（001706）位居第五大流通 股东，持股85.45万股，为新进股东。泰康新锐成长混合A（014287）位居第六大流通股东，持股67.81 万股，为新进股东。诺安稳健回报混合A（000714）位居第八大流通股东，持股54.94万股，为新进股 东。招商丰盈积极配置混合A（009362）退出十大流通股东之列。 责任编辑：小浪快报 融资方面，联芸科技当日融资买入869 ...

Group 1 - The overall probability of achieving long-term excess returns in the consumer sector is greater compared to other industries, with consumer stocks serving as a stable "ballast" [1][18][19] - The food and beverage, and home appliance sectors show a trend of excess returns that can be divided into two phases: pricing boom and pricing stability, with ROE growth surpassing the overall market [1][19] - The electrical equipment sector benefits from sustained demand and has a higher historical probability of achieving long-term excess returns compared to other cyclical industries [1][19] Group 2 - Recent industry trends indicate that coal, oil and petrochemicals, electrical equipment, machinery, electronics, pharmaceuticals, textiles, automotive, non-bank finance, public utilities, and retail are on an upward trajectory, while food and beverage, home appliances, banking, real estate, and environmental protection are declining [2][22] - The report predicts that industries such as rail transit equipment, automotive parts, commercial vehicles, and lighting equipment will perform well in the next four weeks [2][22] Group 3 - The convertible bond market saw an increase this week, with the China Securities convertible bond index rising by 1.47% and the weighted average rising by 1.37% [3][28] - The overall market weighted average conversion value increased to 101.05 yuan, with a conversion premium rate of 40.44% [3][28][29] - The report highlights that sectors like defense, electronics, and computers led the market gains, while communications and beauty care lagged [3][28] Group 4 - The report on Dinglong Co. indicates a projected revenue of approximately 945 million yuan for Q3 2025, with a year-on-year growth of about 4.20% [7] - The CMP polishing pad business is expected to continue growing, with a 51% increase in revenue for the first three quarters of 2025 compared to the previous year [7] - The semiconductor display materials segment is also seeing a steady increase in market share, with new products receiving positive feedback [7] Group 5 - Yangjie Technology reported a revenue of 5.348 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 20.89% [8] - The company is focusing on expanding its market presence in automotive electronics and artificial intelligence, which are driving order and shipment growth [8] - The forecast for net profit for 2025-2027 is set at 1.256 billion, 1.485 billion, and 1.728 billion yuan respectively [8]

公司报告 | 季报点评 联芸科技（688449） 证券研究报告 Q3 扣非净利增超 230%，高端主控芯片放量叠加存储涨价 事件：公司公布2025年第三季度报告。公司2025Q3 收入3.11 亿元（yoy+4.36%）， 归母净利润实现 0.34 亿元（yoy+5.93%），扣非归母净利润实现 0.27 亿元 （yoy+234.57%）。2025 年前三季度，公司实现营业收入9.21 亿元（yoy+11.59%）， 归母净利润实现 0.9 亿元（yoy+23.05%），扣非归母净利润实现 0.62 亿元 （yoy+141.76%）。 点评：中国存储主控龙头，2025Q1-Q3扣非净利润同比增加 141.76%。2025Q3 公司营收和归母净利润增长主要系：受下游需求增长影响，公司营收同比增长， 同时由于高毛利产品收入占比增加，进一步带动公司综合毛利率上升，使得归 属于上市公司股东的扣除非经常性损益的净利润大幅增加。 PCIe 4.0/5.0 SSD 主控性能能效双提升，PCIe 4.0 SSD 主控芯片：在 MAP1602 芯片已实现规模商用的基础上，新一代 MAP1606 主控芯片即将推 出。该芯片将 N ...

Group 1 - The core viewpoint of the articles highlights a significant surge in the A-share market for storage chip concept stocks, driven by an unprecedented shortage and price increase in the storage chip market, primarily influenced by AI demand [1][2] - Notable stocks include Dawi Co., which reached a daily limit increase of 10.02%, and Shanghai Xinyang, which rose by over 7%, among others experiencing gains of over 6% [1][2] - The price increase cycle for storage chips is reported to be unusually prolonged, with some manufacturers halting price quotes for certain DRAM and Flash production lines [1] Group 2 - The article provides a detailed table of stock performance, indicating that Dawi Co. has a total market value of 6.074 billion and a year-to-date increase of 88.77% [2] - Shanghai Xinyang has a market capitalization of 20.3 billion with a year-to-date increase of 75.03% [2] - Other companies like Lianyun Technology and Jingzhida also show significant year-to-date increases of 60.13% and 142.27%, respectively, reflecting strong market performance [2]

Core Viewpoint - The A-share market for storage chip concept stocks has seen a collective rise, driven by a significant shortage and price increase in the storage chip market, primarily fueled by AI demand [1][2]. Group 1: Market Performance - Major stocks such as Daway Co. (002213) reached a limit up of 10.02%, with a total market value of 6.074 billion [2]. - Shanghai Xinyang (300236) increased by 7.16%, with a market capitalization of 20.3 billion [2]. - Other notable performers include Lianyun Technology (688449) up 6.93% (30.1 billion), Jingzhida (688627) up 6.78% (16.5 billion), and Purang Co. (688766) up 6.60% (22.5 billion) [2]. Group 2: Market Dynamics - The storage chip market is currently experiencing an unprecedented shortage and price surge driven by AI, which began in the first half of the year and is intensifying in the fourth quarter [1][2]. - Industry insiders report that some storage manufacturers have adopted a strategy of pausing quotes for certain DRAM and Flash production lines, indicating a significant shift in market dynamics [1][2].

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 experienced a significant upward movement on October 24, with the Shanghai Composite Index breaking previous highs, reaching 3946.16 points, a new annual high. The index closed up 0.42%, while the Shenzhen Component Index rose by 1.3% and the ChiNext Index increased by 2.09% [1][2]. Sector Performance - The storage chip sector saw substantial gains, with companies like Changsha Chip and Puran Co. achieving new highs. The commercial aerospace sector also experienced a strong surge, with multiple stocks hitting the daily limit [1][4]. - Conversely, the coal sector faced a collective decline, with companies such as Antai Group and Yunmei Energy hitting the daily limit down [3]. Commercial Aerospace Developments - The commercial aerospace sector is witnessing a boom, with several stocks, including Tongyi Aerospace and Aerospace Intelligent Equipment, experiencing significant price increases. The sector is expected to benefit from the acceleration of domestic commercial rocket launches and IPO processes for various companies [4][7]. Storage Chip Market Dynamics - The storage chip market is on an upward trajectory, driven by increased capital expenditure from major internet companies like Alibaba and ByteDance in AI infrastructure. This trend is expected to enhance the market share of domestic storage manufacturers [9]. Foreign Investment Sentiment - Foreign institutions are optimistic about the A-share market's future. Analysts from Zhongyin Securities and Galaxy Securities highlight the potential for a market rebound supported by macroeconomic policies and improved investor confidence [11][12]. - Major foreign investment firms, including Goldman Sachs and Morgan Stanley, have expressed positive outlooks for the Chinese market, predicting a slow bull market and increased allocations to Chinese equities by global investors [13][14].

10月24日，联芸科技涨5.35%，截至发稿，报56.89元/股，成交8961.12万元，换手率2.28%，总市值 261.69亿元。 资料显示，联芸科技(杭州)股份有限公司位于浙江省杭州市滨江区西兴街道阡陌路459号C楼C1-604室， 成立日期2014年11月7日，上市日期2024年11月29日，公司主营业务涉及联芸科技是一家提供数据存储 主控芯片、AIoT信号处理及传输芯片的平台型芯片设计企业。主营业务收入构成为：数据存储主控芯 片产品85.68%，AIoT信号处理及传输芯片产品11.77%，其他2.55%。 泰康新锐成长混合A（014287）成立日期2022年12月9日，最新规模7.95亿。今年以来收益64.35%，同 类排名307/8154；近一年收益60.81%，同类排名347/8025；成立以来收益38.96%。 泰康新锐成长混合A（014287）基金经理为韩庆。 截至发稿，韩庆累计任职时间2年321天，现任基金资产总规模9.9亿元，任职期间最佳基金回报 38.87%， 任职期间最差基金回报35.76%。 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 ...

截至10月10日，联芸科技股东户数1.47万，较上期减少5.32%；人均流通股4767股，较上期增加5.62%。 2025年1月-9月，联芸科技实现营业收入9.21亿元，同比增长11.59%；归母净利润9005.67万元，同比增 长23.05%。 机构持仓方面，截止2025年9月30日，联芸科技十大流通股东中，嘉实上证科创板芯片ETF（588200） 位居第二大流通股东，持股156.58万股，为新进股东。诺安积极回报混合A（001706）位居第五大流通 股东，持股85.45万股，为新进股东。泰康新锐成长混合A（014287）位居第六大流通股东，持股67.81 万股，为新进股东。诺安稳健回报混合A（000714）位居第八大流通股东，持股54.94万股，为新进股 东。招商丰盈积极配置混合A（009362）退出十大流通股东之列。 融券方面，联芸科技10月17日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元。 资料显示，联芸科技(杭州)股份有限公司位于浙江省杭州市滨江区西兴街道阡陌路459号C楼C1-604室， 成立日期2014年11月7日，上市 ...