Group 1 - The core point of the news is that the main funds in the Shanghai and Shenzhen markets saw a net inflow of 34.518 billion yuan, with the Sci-Tech Innovation Board experiencing a net inflow of 2.309 billion yuan [1] - A total of 230 stocks on the Sci-Tech Innovation Board saw net inflows, while 358 stocks experienced net outflows [1] - Among the stocks with significant net inflows, Haiguang Information led with a net inflow of 2.467 billion yuan, followed by Shijia Photon and Dingtong Technology with net inflows of 369 million yuan and 234 million yuan respectively [1] Group 2 - There are 37 stocks that have seen continuous net inflows for more than three trading days, with Hanwujing leading at 17 consecutive days of inflow [2] - Conversely, 150 stocks have experienced continuous net outflows, with Xianfeng Precision leading at 14 consecutive days of outflow [2] - The top three stocks by net inflow include Haiguang Information, Shijia Photon, and Dingtong Technology, with inflows of 246.719 million yuan, 36.891 million yuan, and 23.406 million yuan respectively [2] Group 3 - The overall market performance shows that 524 stocks on the Sci-Tech Innovation Board rose, with six stocks hitting the daily limit up, including Juguang Technology and Tengjing Technology [1] - The stock with the largest net outflow was BeiGene, which saw a net outflow of 229 million yuan and a decline of 3.73% [1] - Other notable stocks with significant net outflows include Jiayuan Technology and Tianyue Advanced, with outflows of 215 million yuan and 147 million yuan respectively [1]

Group 1 - The core viewpoint of the news is that Lianyun Technology has seen a stock price increase of 5.37%, reaching 47.26 CNY per share, with a total market capitalization of 21.74 billion CNY as of the report date [1] - Lianyun Technology, established on November 7, 2014, is a platform chip design company based in Hangzhou, Zhejiang Province, specializing in data storage main control chips and AIoT signal processing and transmission chips [1] - The revenue composition of Lianyun Technology is as follows: 85.68% from data storage main control chip products, 11.77% from AIoT signal processing and transmission chip products, and 2.55% from other sources [1] Group 2 - Among the top circulating shareholders of Lianyun Technology, a fund under China Merchants Fund, specifically the China Merchants Fengying Active Allocation Mixed A (009362), has entered the top ten shareholders, holding 320,800 shares, which is 0.46% of the circulating shares [2] - The China Merchants Fengying Active Allocation Mixed A fund was established on July 29, 2020, with a current scale of 687 million CNY, achieving a year-to-date return of 20.24% and a one-year return of 51.29% [2] - The fund manager, Wen Zhongyang, has a tenure of 5 years and 116 days, with a best fund return of 48.62% during his management, while the other manager, Guo Rui, has a tenure of 13 years and 67 days, achieving a best fund return of 119.99% [3]

Core Viewpoint - 联芸科技 has shown a mixed performance in the stock market, with a slight decline in share price and notable financing activities, indicating potential investor interest and market dynamics [1][2]. Financing Activities - On September 10, 联芸科技 experienced a financing buy-in of 11.57 million yuan, with a net financing buy of 1.66 million yuan, while the total financing and securities balance reached 270 million yuan [1]. - The current financing balance of 270 million yuan accounts for 8.59% of the circulating market value [1]. Company Overview - 联芸科技, established on November 7, 2014, is located in Hangzhou, Zhejiang Province, and specializes in platform-based chip design, focusing on data storage main control chips and AIoT signal processing and transmission chips [1]. - The revenue composition of the company includes 85.68% from data storage main control chips, 11.77% from AIoT signal processing and transmission chips, and 2.55% from other products [1]. Shareholder Information - As of August 29, the number of shareholders for 联芸科技 increased by 1.38% to 15,100, while the average circulating shares per person decreased by 1.36% to 4,633 shares [2]. - By June 30, 2025, the top ten circulating shareholders included a new entrant, 招商丰盈积极配置混合A, holding 320,800 shares, while 长城久嘉创新成长混合A exited the top ten list [2]. Financial Performance - For the first half of 2025, 联芸科技 reported a revenue of 610 million yuan, reflecting a year-on-year growth of 15.68%, and a net profit attributable to shareholders of 56.14 million yuan, which is a 36.38% increase compared to the previous year [2].

9月8日，联芸科技跌1.02%，成交额1.51亿元。两融数据显示，当日联芸科技获融资买入额1263.44万 元，融资偿还1815.90万元，融资净买入-552.46万元。截至9月8日，联芸科技融资融券余额合计2.66亿 元。 截至8月29日，联芸科技股东户数1.51万，较上期增加1.38%；人均流通股4633股，较上期减少1.36%。 2025年1月-6月，联芸科技实现营业收入6.10亿元，同比增长15.68%；归母净利润5613.50万元，同比增 长36.38%。 机构持仓方面，截止2025年6月30日，联芸科技十大流通股东中，招商丰盈积极配置混合A（009362） 位居第九大流通股东，持股32.08万股，为新进股东。长城久嘉创新成长混合A（004666）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1263.44万元。当前融资余额2.66亿元，占流通市值的8.20%。 融券方面，联芸科技9月8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 ...

Key Points - The core viewpoint of the article highlights the financial performance and strategic measures of Lianyun Technology, including its revenue growth and the establishment of a foreign exchange hedging management system [1][3]. Group 1: Trading Information - On September 5, Lianyun Technology (688449) closed at 46.88 yuan, up 4.6%, with a turnover rate of 7.42%, a trading volume of 51,900 shares, and a transaction amount of 239 million yuan [1]. - On the same day, the main funds had a net outflow of 5.96 million yuan, while retail investors saw a net inflow of 19.30 million yuan [3]. Group 2: Company Announcements - Lianyun Technology has established a foreign exchange hedging management system to regulate related business and information disclosure, aiming to prevent exchange rate and interest rate risks. The system prohibits speculation and arbitrage, allowing transactions only with qualified financial institutions [1][3]. - According to the semi-annual tracking report by CITIC Securities, Lianyun Technology reported a revenue of 610 million yuan for the first half of 2025, representing a year-on-year growth of 15.68%. The net profit increased by 36.38% to 56.14 million yuan, while the non-recurring net profit surged by 99.18% to 35.09 million yuan [1][3].

Core Points - The company has established a system for managing foreign exchange hedging business to mitigate foreign currency exchange and interest rate risks, ensuring asset safety [1][2] - The foreign exchange hedging activities are strictly regulated and must align with the company's operational needs, prohibiting speculative trading [2][3] - The financial department is responsible for executing the foreign exchange hedging business, with specific approval processes in place for transactions exceeding certain thresholds [3][4] Group 1: General Principles - The company adheres to principles of legality, prudence, safety, and effectiveness in its foreign exchange hedging activities [2] - Transactions are limited to approved financial institutions, and the company must not engage in illegal speculation or arbitrage [2][3] - Hedging contracts must not exceed the budgeted foreign currency amounts for receipts or payments [2][3] Group 2: Approval Authority - The financial department prepares an annual foreign exchange hedging plan based on the company's operational forecast [3] - Any hedging transaction that exceeds 50% of the latest audited net profit or 5 million RMB must be approved by the board and potentially the shareholders [3][4] - The company must maintain strict adherence to approved transaction limits and seek further approval for any excess [3][4] Group 3: Management and Internal Processes - The board of directors and shareholders are the decision-making bodies for foreign exchange hedging activities [4] - The financial department is tasked with planning, executing, and managing the hedging operations, while the internal audit department oversees compliance and effectiveness [4][5] - A clear internal process is established for forecasting foreign currency needs and executing hedging transactions [5][6] Group 4: Risk Management and Reporting - The financial department must report any significant risks or changes in market conditions that could impact hedging activities [6][7] - Regular assessments of the risks associated with hedging transactions are required, with immediate reporting to the board in case of major risks [6][7] - The internal audit department is responsible for reviewing the compliance and performance of the hedging activities [7] Group 5: Information Disclosure and Record Keeping - The company is obligated to disclose relevant information regarding its foreign exchange hedging activities as per regulatory requirements [7][8] - Documentation related to hedging transactions must be properly maintained by the financial department [7][8] - Any significant risks or losses must be disclosed in accordance with regulatory standards [7][8]

关于联芸科技（杭州）股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐人名称：中信建投证券股份有限 | 上市公司名称：联芸科技（杭州）股份 | | --- | --- | | 公司 | 有限公司 | | 保荐代表人姓名：包红星 | 联系方式：010-56052591 联系地址：北京市朝阳区景辉街 号院 16 | | | 1 号楼泰康集团大厦 11 层 | | 保荐代表人姓名：郭泽原 | 联系方式：010-56052363 | | | 联系地址：北京市朝阳区景辉街 16 号院 | | | 1 号楼泰康集团大厦 11 层 | 经中国证券监督管理委员会（简称"中国证监会"）"证监许可〔2023〕1012 号文"批准，联芸科技（杭州）股份有限公司（简称"公司"或"联芸科技"） 首次公开发行股票并在科创板上市。本次公司发行新股的发行价为 11.25 元/股， 募集资金总额为 112,500.00 万元，扣除发行费用 9,163.42 万元后，实际募集资金 净额为 103,336.58 万元。本次公开发行股票于 2024 年 11 月 29 日在上海证券交 易所上市。中信建投证券股份有限公司（简称"中信建投证券" ...

联芸科技（杭州）股份有限公司 外汇套期保值业务管理制度 第二条 本制度所称的外汇套期保值业务是指为满足公司正常生产经营需要， 在金融机构办理的规避和防范汇率或利率风险的各项外汇套期保值业务，包括但不 限于外汇远期、外汇掉期、外汇期权、利率掉期等业务。 第三条 本制度适用于公司合并报表范围内的子公司（以下简称"子公司"）。 未经公司同意，子公司不得从事外汇套期保值业务。子公司开展外汇套期保值业务， 应当参照本制度相关规定，履行相关审批和信息披露义务。 第四条 公司外汇套期保值业务除遵守国家相关法律、法规及规范性文件的 规定外，还应遵守本制度的相关规定。 第二章 外汇套期保值业务的基本原则 第五条 公司从事外汇套期保值业务遵循合法、审慎、安全、有效的原则， 所有外汇套期保值业务均以正常生产经营为基础，以具体经营业务为依托，且衍生 品品种仅限于与公司生产经营相关的外汇，以规避和防范汇率或利率风险为目的。 第六条 公司进行外汇套期保值业务只允许与经国家外汇管理局和中国人民 银行批准、具有外汇套期保值业务经营资格的金融机构进行交易，不得与前述金融 机构之外的其他组织或个人进行交易，不得进行非法投机与套利交易。 第七条 ...

Core Viewpoint - The company, 联芸科技, is actively advancing its product offerings in the data storage controller chip sector, with significant developments in PCIe5.0 and UFS3.1 technologies, while also managing inventory levels to respond to market demands effectively [2][3][5]. Group 1: Product Development - The new generation PCIe5.0 8-channel controller chip has achieved scale shipments, indicating strong market acceptance [5]. - The latest PCIe5.0 4-channel controller chip is in the critical customer validation phase, having gained recognition and cooperation intentions from several well-known storage manufacturers [2]. - The UFS3.1 controller chip is currently undergoing customer-side validation, aimed at applications in smartphones and tablets [2][5]. Group 2: Market Strategy - The company is strategically increasing inventory levels as a proactive measure to address long delivery cycles in the chip industry and to seize high-value market opportunities [3][5]. - The company is focusing on continuous innovation in key technologies related to data storage controller chips and IoT signal processing and transmission chips [3][6]. Group 3: Financial Performance - The company has seen a significant improvement in operating cash flow year-on-year, although it has not yet turned positive, primarily due to proactive inventory buildup [3]. - Management expenses have increased year-on-year, mainly due to rising share-based payment costs, while financial expenses have also risen due to foreign currency fluctuations related to overseas wafer procurement and IP licensing fees [4]. Group 4: Competitive Positioning - The company is committed to enhancing its core competitiveness by increasing R&D investment and launching competitive new products to solidify its industry position [4][6]. - The revenue share of higher-margin PCIe Gen4 SSD controller chips is continuously increasing, contributing to the overall improvement in the company's gross margin [6].

Core Viewpoint - The company has successfully achieved large-scale shipments of its next-generation PCIe 5.0 8-channel controller chip, which is characterized by high performance and low power consumption [1] Group 1 - The latest generation PCIe 5.0 4-channel controller chip is currently in a critical stage of customer validation [1]