Market Overview - The Shanghai Composite Index closed at 3870.60 points, slightly above the six-month moving average, with a change of -0.12% [1] - The total trading volume of A-shares reached 25,483.12 billion yuan [1] Stocks Breaking the Six-Month Line - A total of 50 A-shares have surpassed the six-month moving average today, with notable stocks including Shanghai Construction, Yihualu, and Runjian Shares, showing divergence rates of 9.89%, 9.08%, and 9.07% respectively [1] - Stocks with smaller divergence rates that just crossed the six-month line include Zhuhai Port, Zhongzhou Special Materials, and Nanjing Chemical Fiber [1] Top Performers - Shanghai Construction (600170) saw a price increase of 9.96% with a turnover rate of 6.20% and a divergence rate of 9.89% [1] - Yihualu (300212) increased by 10.90% with a turnover rate of 12.71% and a divergence rate of 9.08% [1] - Runjian Shares (002929) rose by 9.99% with a turnover rate of 10.76% and a divergence rate of 9.07% [1] Additional Notable Stocks - Other significant gainers include Huafu Times (600169) with a 10.08% increase and a divergence rate of 7.82%, and Shang (002042) with a 10.06% increase and a divergence rate of 7.70% [1] - The stock of Fule New Materials (605488) rose by 10.01% with a divergence rate of 6.93% [1] Stocks with Lower Divergence Rates - Stocks like Zhonghuan Hailu (301040) and Baitong Energy (001376) showed increases of 1.91% and 1.55% respectively, with divergence rates of 1.09% and 1.00% [2] - Longyuan Construction (600491) increased by 1.91% with a divergence rate of 0.97% [2]

Group 1: Communication Industry Insights - The communication industry is experiencing a positive spillover effect from AI computing power, with both domestic and international demand resonating [5][7]. - In H1 2025, 226 listed companies in the communication sector reported a total revenue of 1,969.54 billion, a year-on-year increase of 11.2% [5]. - The overall gross margin for the communication industry in Q2 2025 was 25.2%, with a slight year-on-year decrease of 1.3 percentage points [5]. Group 2: Individual Company Performance - China Resources Beer - China Resources Beer is positioned as a leader in the Chinese beer industry, with a focus on high-end product strategies driving revenue per ton and profit margin improvements [9][10]. - The company’s revenue forecasts for 2025-2027 are 38.87 billion, 40.65 billion, and 42.20 billion respectively, with net profits expected to be 5.89 billion, 6.29 billion, and 6.79 billion [10]. - The implementation of a "three precision management" strategy has led to an increase in gross margin to 48.9% and net profit margin to 24.0% in H1 2025 [9][10]. Group 3: Company Performance - Peak Technology - Peak Technology achieved a revenue of 375 million in H1 2025, representing a year-on-year growth of 32.84% [13][14]. - The company is expanding into automotive and robotics sectors, with revenue forecasts for 2025-2027 set at 760 million, 949 million, and 1.212 billion respectively [14]. - The decline in net profit by 4.52% in H1 2025 was attributed to increased stock incentive expenses, but excluding this, net profit would have grown by 18.69% [14]. Group 4: Company Performance - Longxun Co., Ltd. - Longxun Co., Ltd. reported a revenue of 247 million in H1 2025, with a year-on-year increase of 11.35% [17][18]. - The company is focusing on automotive electronics, with expectations for revenue growth driven by the SerDes product line, which is entering full market promotion [18][19]. - Revenue forecasts for Longxun Co., Ltd. for 2025-2027 are 705 million, 1.119 billion, and 1.450 billion respectively [19]. Group 5: Company Performance - Fuzhijun Technology - Fuzhijun Technology achieved a revenue of 519 million in H1 2025, with a year-on-year increase of 18.10% [21][22]. - The company is focusing on the ultra-precision optical field, with significant growth in its subsidiary, achieving a revenue of 76.1 million in 2024, a year-on-year increase of 180.08% [23]. - Revenue forecasts for Fuzhijun Technology for 2025-2027 are 1.031 billion, 1.165 billion, and 1.306 billion respectively [23]. Group 6: Company Performance - Meixinsheng - Meixinsheng reported a revenue of 265 million in H1 2025, reflecting a year-on-year growth of 36.83% [25][26]. - The optical sensor business saw a significant increase in revenue, driven by demand from leading smartwatch brands [26]. - Revenue forecasts for Meixinsheng for 2025-2027 are 653 million, 1.043 billion, and 1.417 billion respectively [27].

汽车电子：公司 SerDes 产品进展顺利，汽车电子业务持续成长。1）车载 SerDes：综 合中国汽车工业协会、CINNO Research 等数据进行测算，我们预计 2025 年中国大陆车 载 SerDes 市场规模达到 10.88 亿美元，对应单车 SerDes 价值量 44.35 美元/辆。目前 车载 SerDes 市场被 ADI、TI 等国外厂商垄断，国内除慷智等少部分公司外产品均未产 生大规模营收。公司 SerDes 产品进展顺利，截至 25H1 车载 SerDes 芯片组进入全面市 场推广阶段，其中电动两轮车仪表盘、工业焊接 3D 摄像机等领域已逐步量产，有望于 25 年批量出货并于未来持续放量；此外公司已将 SerDes 芯片组拓展进入 eBike、摄像 云台、无人机等新领域，未来有望持续取得突破。2）汽车桥接芯片：24 年以来公司桥 接类的芯片在车载抬头显示和车载信息娱乐等系统的市场份额明显提升，25H1 公司持续 推进汽车体系建设和产品认证工作，截至 25H1 末共有 11 颗桥接类的芯片通过了 AEC-Q100 测试认证，其中 5 颗产品通过 Grade 2 认证，目前公司的桥接芯片在智 ...

中国国际金融股份有限公司 关于龙迅半导体（合肥）股份有限公司 2025 年半年度持续督导跟踪报告 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》 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关规定，中国 国际金融股份有限公司（以下简称"保荐机构"）作为龙迅半导体（合肥）股份有限公 司（以下简称"龙迅股份"、"公司"）持续督导工作的保荐机构，负责龙迅股份的持续 督导工作，并出具本持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具 | 保荐机构已建立并有效执行了持 续督导制度，并制定了相应的工 | | | 体的持续督导工作制定相应的工作计划 | | | | | 作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始 | 保荐机构已与龙迅股份签订《保 荐协议》，该协议明确了双方在持 | | | 前，与上市公司或相关当事人签署持续督导协议， | | | | 明确双方在持续督导期间的权利义务，并报上海证 | 续督导期间的权利和义务，并报 | | | ...

9月4日，龙迅股份跌5%，截至发稿，报67.60元/股，成交1.46亿元，换手率2.84%，总市值90.13亿元。 资料显示，龙迅半导体(合肥)股份有限公司位于安徽省合肥市经济技术开发区宿松路3963号智能装备科 技园B3栋，成立日期2006年11月29日，上市日期2023年2月21日，公司主营业务涉及高清视频信号处理 和高速信号传输芯片及相关IP的研发、设计和销售。主营业务收入构成为：高清视频桥接及处理芯片 94.23%，高速信号传输芯片5.47%，其他0.30%。 从基金十大重仓股角度 数据显示，汇泉基金旗下1只基金重仓龙迅股份。汇泉臻心致远混合A（013051）二季度增持1.8万股， 持有股数7.8万股，占基金净值比例为3.72%，位居第八大重仓股。根据测算，今日浮亏损失约27.77万 元。 汇泉臻心致远混合A（013051）成立日期2021年11月2日，最新规模8405.61万。今年以来收益9.88%， 同类排名5525/8180；近一年收益17.23%，同类排名5911/7978；成立以来亏损49.51%。 汇泉臻心致远混合A（013051）基金经理为梁永强、刘源。 截至发稿，梁永强累计任职时间16 ...

格隆汇9月9日丨龙迅股份(688486.SH)在互动平台表示，随着AI技术在各行业的深度应用，市场对于高 速数据传输、视频处理器及显示驱动技术的需求显著增长，公司芯片已成为Edge AI端智能感知和高性 能传输的重要组成部分，为AI系统的算力提升和场景扩展提供了有效支撑。凭借良好的性能和兼容 性，公司有多个芯片被纳入高通、三星、英特尔等世界领先主芯片厂商的参考设计平台。机器人行业发 展迅猛，公司视频桥接及处理芯片可以将视觉信息转换为语言模型可理解的输入，在视频-语言多模态 系统中，满足AI对复杂应用场景的感知需求。 ...

格隆汇9月9日丨龙迅股份(688486.SH)在互动平台表示，随着AI技术在各行业的深度应用，市场对于高 速数据传输、视频处理器及显示驱动技术的需求显著增长，公司芯片已成为Edge AI端智能感知和高性 能传输的重要组成部分，为AI系统的算力提升和场景扩展提供了有效支撑。凭借良好的性能和兼容 性，公司有多个芯片被纳入高通、三星、英特尔等世界领先主芯片厂商的参考设计平台。机器人行业发 展迅猛，公司视频桥接及处理芯片可以将视觉信息转换为语言模型可理解的输入，在视频-语言多模态 系统中，满足AI对复杂应用场景的感知需求。 ...

Core Insights - Syngenta Group reported a stable revenue of $14.5 billion for the first half of 2025, with a 2% increase when adjusted for constant currency [1] - The company's EBITDA reached $2.5 billion, marking a 24% year-over-year increase, and a 29% increase when adjusted for constant currency, with an EBITDA margin of 17.5%, up by 3.4 percentage points from the previous year [1] Financial Performance - Revenue remained flat at $14.5 billion compared to the same period last year [1] - EBITDA increased to $2.5 billion, reflecting a significant growth of 24% year-over-year [1] - EBITDA margin improved to 17.5%, an increase of 3.4 percentage points from the previous year [1] R&D and Innovation - The company intensified its investment in research and innovation, with over 800 new crop protection products approved globally during the reporting period [1] Operational Efficiency - Syngenta Group implemented cost control measures and enhanced productivity and operational efficiency, which contributed to the recovery of profit margins and improved cash flow [1] - The company leveraged its flexible manufacturing processes and global production network to adapt to market conditions and tariff changes, optimizing supply chain competitiveness [1]

证券代码：688486 证券简称：龙迅股份 公告编号：2025-042 龙迅半导体（合肥）股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 成立日期：2006年11月29日 住所：安徽省合肥市经济技术开发区宿松路3963号智能装备科技园B3栋 经营范围：集成电路、电子产品的研发设计、生产、销售及相关的技术咨询服务；计算机软硬件开发、 生产、销售及技术服务；自营和代理各类商品和技术的进出口业务（但国家限定企业经营或者禁止的商 品和技术除外）。 名称：龙迅半导体（合肥）股份有限公司 统一社会信用代码：913400007950924118 类型：股份有限公司（外商投资、上市） 法定代表人：陈峰 注册资本：壹亿叁仟叁佰叁拾贰万柒仟玖佰陆拾捌人民币元整 龙迅半导体（合肥）股份有限公司（以下简称"公司"）于2025年8月22日召开第四届董事会第六次会 议，审议通过了《关于变更公司注册资本、修订〈公司章程〉并办理工商变更登记的议案》。具体内容 详见公司于2025年8月23日披露于上海 ...

统一社会信用代码：913400007950924118 证券代码：688486 证券简称：龙迅股份 公告编号：2025-042 龙迅半导体（合肥）股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 龙迅半导体（合肥）股份有限公司（以下简称"公司"）于2025年8月22日召开 第四届董事会第六次会议，审议通过了《关于变更公司注册资本、修订 <公司章程> 并办理工商变更登记的议案》。具体内容详见公司于2025年8月23日披露于上海证券 交易所网站（www.sse.com.cn）的《龙迅股份关于变更公司注册资本、修订 <公司章> 程>并办理工商变更登记的公告》（公告编号：2025-041）。 近日，公司已完成工商变更登记，并取得了安徽省市场监督管理局换发的《营 业执照》，现将本次工商变更登记相关情况公告如下： 名称：龙迅半导体（合肥）股份有限公司 类型：股份有限公司（外商投资、上市） 法定代表人：陈峰 注册资本：壹亿叁仟叁佰叁拾贰万柒仟玖佰陆拾捌人民币元整 成立日期：2006年 ...