Core Insights - The National Big Fund holding concept rose by 2.67% as of the close on November 6, ranking second among concept sectors, with 46 stocks increasing in value, led by Saiwei Electronics, Aisen Co., and Shengke Communication, which rose by 13.14%, 10.38%, and 8.22% respectively [1] Market Performance - The top-performing concept sectors included Phosphate Chemicals with a 3.92% increase and the National Big Fund holding concept at 2.67%, while the Hainan Free Trade Zone saw a decline of 3.77% [1] - The National Big Fund holding concept experienced a net inflow of 2.862 billion yuan, with 36 stocks receiving net inflows, and 7 stocks exceeding 100 million yuan in net inflows [1] Stock Highlights - The stocks with the highest net inflows included SMIC with 688 million yuan, followed by Zhongwei Company, Chipone, and Northern Huachuang with net inflows of 368 million yuan, 302 million yuan, and 293 million yuan respectively [1] - Chipone, Jingce Electronics, and GeKongwei led in net inflow ratios at 13.03%, 12.08%, and 10.07% respectively [2] Detailed Stock Data - Notable stock performances included: - SMIC (688981) with a 4.23% increase and a turnover rate of 3.66% [2] - Zhongwei Company (688012) with a 4.26% increase and a turnover rate of 3.06% [2] - Chipone (688521) with a 3.97% increase and a turnover rate of 2.97% [2] - Stocks with significant declines included China Shipbuilding Special Gas (down 1.67%) and Beidou Star (down 0.07%) [4]

Market Overview - The Shanghai Composite Index rose by 0.97% on November 6, with 19 sectors experiencing gains, led by the non-ferrous metals and electronics sectors, which increased by 3.05% and 3.00% respectively [2] - The media and social services sectors saw the largest declines, with decreases of 1.35% and 1.11% [2] Capital Flow - The net inflow of capital in the two markets was 6.174 billion yuan, with 12 sectors receiving net inflows [2] - The electronics sector had the highest net inflow, totaling 12.224 billion yuan, while the non-ferrous metals sector followed with a net inflow of 3.647 billion yuan [2] Electronics Sector Performance - The electronics sector increased by 3.00%, with 362 out of 470 stocks in the sector rising, including 6 stocks hitting the daily limit [3] - A total of 266 stocks in the electronics sector experienced net capital inflows, with 33 stocks receiving over 100 million yuan in net inflows [3] - The top three stocks by net inflow were Shenghong Technology (1.623 billion yuan), Dongshan Precision (1.069 billion yuan), and Haiguang Information (942 million yuan) [3] Electronics Sector Capital Inflow - Key stocks with significant capital inflow included: - Shenghong Technology: +5.97%, 162.34 million yuan - Dongshan Precision: +10.00%, 106.91 million yuan - Haiguang Information: +7.96%, 94.17 million yuan [4] Electronics Sector Capital Outflow - Notable stocks with significant capital outflow included: - Wentai Technology: -4.78%, -239.91 million yuan - Daway Shares: +1.34%, -234.40 million yuan - OFILM: -1.26%, -193.21 million yuan [5]

Group 1 - Lumentum reported Q1 2026 earnings with revenue of $533.8 million, a year-over-year increase of 58% and a quarter-over-quarter increase of 11%, driven by demand from data centers, DCI, and coherent markets [1] - The supply capacity for Lumentum's current business is insufficient to meet demand, with the supply gap expanding from 20% to 25%-30% [1] - Demand for optical modules is being revised upwards, with expectations that the upstream optical chip shortage will continue to widen [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the STAR Market 50 Index account for 57.72% of the index, including companies like Cambricon, Haiguang Information, and SMIC [2] - The STAR Market 50 Index reflects the performance of the 50 most representative technology enterprises in the STAR Market, which are characterized by large market capitalization and good liquidity [2]

Core Viewpoint - The Sci-Tech ETF (588050) opened with a slight increase of 0.63%, indicating a positive market sentiment towards technology stocks [1] Group 1: ETF Performance - The Sci-Tech ETF (588050) opened at 1.435 yuan, reflecting a modest gain [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Sci-Tech 50 Index [1] - Since its inception on September 28, 2020, the ETF has returned -0.57%, while its return over the past month is -6.98% [1] Group 2: Major Holdings - Key stocks within the ETF include: - SMIC (中芯国际) up by 1.77% - Haiguang Information (海光信息) up by 2.25% - Cambrian (寒武纪) up by 2.82% - Lanke Technology (澜起科技) up by 1.30% - Zhongwei Company (中微公司) up by 1.42% - United Imaging Healthcare (联影医疗) up by 0.11% - Kingsoft Office (金山办公) down by 0.52% - Chipone (芯原股份) up by 2.41% - Roborock (石头科技) up by 0.33% - Transsion Holdings (传音控股) unchanged [1]

Core Viewpoint - The satellite industry in China is experiencing rapid advancements, with significant upcoming missions and increased investment in satellite technology and launch capabilities [1][2]. Group 1: Market Performance - The satellite sector saw a midday surge on November 6, with the Satellite Industry ETF (159218) rising by 0.42%, and several companies like Parker New Materials hitting the daily limit and others like Aerospace Microelectronics increasing by over 7% [1]. - As of November 5, the Satellite Industry ETF (159218) has received a net inflow of over 52 million yuan in the past five days [1]. Group 2: Upcoming Missions - China plans to conduct four significant space missions in 2026, including the Tianzhou-10, Shenzhou-22, Shenzhou-23, and the Mengzhou-1, with both the Mengzhou-1 crewed spacecraft and the Long March 10A rocket set for their inaugural flights [1]. - In 2024, China is expected to complete 68 orbital launches, with 35 rocket launches planned for the first half of 2025 and an accelerated frequency of satellite networking in the second half [1]. Group 3: Industry Developments - According to Zhongtai Securities, private companies are making strides in the reusable rocket sector, with potential breakthroughs in launch capacity expected between Q4 2025 and 2026, including multiple new rocket types [2]. - The Satellite Industry ETF (159218) tracks the CSI Satellite Industry Index, covering upstream and downstream companies involved in satellite manufacturing, launching, and navigation communication applications, with a year-to-date growth of 393.56% in ETF shares as of November 5 [2].

Core Viewpoint - The automotive chip sector is experiencing a significant rebound, with several companies seeing substantial stock price increases, indicating renewed investor interest and market optimism in this industry [1] Company Summaries - Geer Software has reached its daily limit increase in stock price, reflecting strong market performance and investor confidence [1] - Yuanjie Technology, Dongxin Co., Chip Original Co., Zhaoyi Innovation, Yangjie Technology, and Longxin Zhongke have also seen their stock prices rise, suggesting a broader positive trend within the automotive chip sector [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 2.255 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 36.64%, with a net profit attributable to shareholders of -347 million yuan. The single-quarter revenue reached a record high of 1.281 billion yuan, showing a year-on-year increase of 78.38% and a quarter-on-quarter increase of 119.26% [7] - The rapid growth in performance is driven by the chip design and mass production businesses, with chip design revenue reaching 428 million yuan, a quarter-on-quarter increase of 290.82% and a year-on-year increase of 80.23% [7] - The company signed new orders worth 1.593 billion yuan in the third quarter of 2025, a significant year-on-year increase of 145.80%, with AI-related orders accounting for approximately 65% [7] - The company expects to achieve revenues of 3.535 billion, 4.802 billion, and 6.393 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-sales ratios of 22.8, 16.8, and 12.6 times [7] Financial Performance Summary - Revenue for 2023 is projected at 2.338 billion yuan, with a revenue growth rate of -12.7%. The net profit attributable to shareholders is expected to be -296 million yuan, with a net profit growth rate of -501.6% [6] - For 2024, revenue is expected to be 2.322 billion yuan, with a slight decline in growth rate to -0.7%. The net profit is projected at -601 million yuan, reflecting a continued decline [6] - The company anticipates a significant recovery in 2025, with revenue expected to rise to 3.535 billion yuan, a growth rate of 52.3%, and a net profit of -192 million yuan, indicating a turnaround in profitability [6] - By 2026, revenue is projected to reach 4.802 billion yuan, with a growth rate of 35.8%, and a net profit of 48 million yuan, marking a positive shift towards profitability [6]

Core Viewpoint - The integrated circuit ETF (159546) opened with a decline of 2.02%, indicating a bearish trend in the sector [1] Group 1: ETF Performance - The integrated circuit ETF (159546) opened at 1.795 yuan [1] - Since its establishment on October 11, 2023, the fund has achieved a return of 82.41% [1] - The fund has experienced a decline of 9.04% over the past month [1] Group 2: Major Holdings Performance - Major stocks within the ETF showed significant declines, including: - SMIC down 2.49% [1] - Cambricon down 3.33% [1] - Haiguang Information down 2.54% [1] - Lattice Semiconductor down 3.74% [1] - GigaDevice down 5.33% [1] - OmniVision down 2.07% [1] - Chipone down 1.41% [1] - JCET down 3.16% [1] - Unisoc down 2.46% [1] - Tongfu Microelectronics down 3.35% [1]

Core Viewpoint - The stock of Chip Origin Co., Ltd. has experienced significant fluctuations, with a year-to-date increase of 186.15% but a recent decline of 10.58% over the past five trading days, indicating volatility in investor sentiment and market conditions [1][2]. Company Overview - Chip Origin Microelectronics (Shanghai) Co., Ltd. was established on August 21, 2001, and went public on August 18, 2020. The company specializes in providing platform-based, comprehensive, and one-stop chip customization services and semiconductor IP licensing services [2]. - The revenue composition of Chip Origin includes: 41.85% from chip volume business, 28.81% from IP licensing fees, 23.83% from chip design services, 5.21% from royalties, and 0.29% from other sources [2]. - The company is classified under the electronic-semiconductor-digital chip design sector and is associated with concepts such as ISP, NPU, Google, neural networks, and Baidu [2]. Financial Performance - For the period from January to September 2025, Chip Origin reported a revenue of 2.255 billion yuan, reflecting a year-on-year growth of 36.64%. However, the net profit attributable to shareholders was -347 million yuan, showing a year-on-year increase of 12.42% despite being negative [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Chip Origin reached 49,400, an increase of 94.49% from the previous period. The average number of circulating shares per shareholder decreased by 48.39% to 10,144 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest with 12.6965 million shares, marking a new entry. The Huaxia SSE STAR 50 ETF (588000) is the seventh largest with 12.3814 million shares, down by 7.1746 million shares from the previous period [3].

Core Viewpoint - The stock of Chip Origin Co., Ltd. has experienced significant fluctuations, with a year-to-date increase of 192.62% but a recent decline of 9.75% over the past five trading days, indicating volatility in investor sentiment and market conditions [1]. Company Overview - Chip Origin Microelectronics (Shanghai) Co., Ltd. was established on August 21, 2001, and went public on August 18, 2020. The company specializes in providing platform-based, comprehensive, and one-stop chip customization services and semiconductor IP licensing services [2]. - The revenue composition of Chip Origin includes: 41.85% from chip volume business, 28.81% from intellectual property licensing fees, 23.83% from chip design services, 5.21% from royalties, and 0.29% from other sources [2]. - As of September 30, 2025, the company reported a revenue of 2.255 billion yuan, a year-on-year increase of 36.64%, while the net profit attributable to shareholders was -347 million yuan, reflecting a year-on-year growth of 12.42% [2]. Market Performance - As of November 4, the stock price of Chip Origin was 153.42 yuan per share, with a market capitalization of 80.677 billion yuan. The trading volume was 871 million yuan, with a turnover rate of 1.11% [1]. - The stock has appeared on the daily trading leaderboard six times this year, with the most recent instance on September 22, where it recorded a net purchase of 523 million yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders of Chip Origin increased by 94.49% to 49,400, while the average circulating shares per person decreased by 48.39% to 10,144 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest with 12.6965 million shares, while Huaxia SSE STAR 50 ETF and E Fund SSE STAR 50 ETF have seen reductions in their holdings [3].