Core Viewpoint - The National Integrated Circuit Industry Investment Fund Phase II has reduced its stake in Baiwei Storage by 4.646 million shares, representing 0.9955% of the company's total share capital, through block trading from October 9, 2025, to December 2, 2025 [1] Summary by Relevant Sections - **Share Reduction Details** - The National Integrated Circuit Industry Investment Fund Phase II executed a total reduction of 4.646 million shares [1] - This reduction accounts for approximately 0.9955% of Baiwei Storage's total share capital [1] - The timeframe for this reduction plan has now concluded [1]

证券代码：688525 证券简称：佰维存储 公告编号：2025-092 深圳佰维存储科技股份有限公司 上述股东的股份来源于公司首次公开发行前取得的股份，已全部解除限售并 上市流通。 减持计划的实施结果情况 2025 年 8 月 14 日，公司披露了《关于持股 5%以上股东以大宗交易方式减 持股份计划公告》。国家集成电路基金二期拟自 2025 年 9 月 5 日至 2025 年 12 月 4 日，通过上海证券交易所交易系统以大宗交易方式减持公司股份合计不超过 9,225,312 股，不超过公司股份总数 2.00%。公司于近日收到国家集成电路基金二 期发来的《股份减持结果告知函》，国家集成电路基金二期于 2025 年 10 月 9 日至 2025 年 12 月 2 日期间，通过大宗交易方式累计减持公司股份 4,646,000 股， 占公司总股本的比例为 0.9955%。截至目前，本次减持计划时间已届满。 关于持股 5%以上股东减持计划时间届满 暨减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要 ...

Core Viewpoint - The company Bawei Storage (688525.SH) announced that it received a notification from the National Integrated Circuit Fund Phase II regarding the results of a share reduction plan, indicating a significant decrease in its shareholding by the fund [1] Summary by Relevant Sections - **Share Reduction Details** - The National Integrated Circuit Fund Phase II reduced its holdings by a total of 4.646 million shares, which represents 0.9955% of the company's total share capital [1] - The reduction occurred between October 9, 2025, and December 2, 2025, through block trading [1] - **Current Status** - The share reduction plan has now reached its completion as the designated time frame has expired [1]

Core Viewpoint - The National Integrated Circuit Fund Phase II has reduced its stake in Baiwei Storage, impacting the company's shareholding structure and market perception [1] Shareholding Changes - Before the implementation of the reduction plan, the National Integrated Circuit Fund Phase II held 36,885,396 shares, accounting for 7.90% of the total share capital [1] - The reduction plan disclosed in 2025 indicates that the fund intends to reduce its holdings by up to 9,225,312 shares, which represents no more than 2% of the total shares, through block trading from October 9 to December 2, 2025 [1] - As of now, the reduction plan period has expired, and the shareholder has cumulatively reduced its holdings by 4,646,000 shares, which is 0.9955% of the total share capital, resulting in a total reduction amount of 491,187,808 yuan [1] - The current shareholding ratio of the National Integrated Circuit Fund Phase II has decreased to 6.9078% [1]

Core Viewpoint - The announcement details a shareholding change involving the National Integrated Circuit Industry Investment Fund II Co., Ltd., which has reduced its stake in Shenzhen Baiwei Storage Technology Co., Ltd. by approximately 0.9955% through a block trade, bringing its total shareholding down from 7.9033% to 6.9078% [3][4]. Group 1: Shareholding Change - The National Integrated Circuit Industry Investment Fund II Co., Ltd. has reduced its holdings by 4,646,000 shares, which represents 0.9955% of the total share capital of Shenzhen Baiwei Storage Technology Co., Ltd., calculated based on a total of 466,708,301 shares [3]. - The change in shareholding is consistent with the previously disclosed reduction plan, and it does not trigger any mandatory tender offer or affect the control of the company [4]. Group 2: Compliance and Disclosure - The company confirms that the information provided in the announcement is accurate and aligns with the obligations of information disclosure [2]. - The company and its shareholders will continue to comply with relevant regulations regarding share reductions and will fulfill their information disclosure obligations in a timely manner [5].

Core Viewpoint - The announcement details a shareholding change involving the National Integrated Circuit Industry Investment Fund II, which has reduced its stake in Shenzhen Bawei Storage Technology Co., Ltd. from 7.9033% to 6.9078% through a block trade, affecting 4,646,000 shares, representing 0.9955% of the total share capital [2][3]. Group 1: Shareholding Change - The National Integrated Circuit Industry Investment Fund II has executed a share reduction plan, selling 4,646,000 shares between October 9, 2025, and December 2, 2025 [2][3]. - The total share capital of Shenzhen Bawei Storage Technology Co., Ltd. is 466,708,301 shares, which serves as the basis for calculating the shareholding percentages [1][2]. Group 2: Compliance and Impact - The share reduction aligns with previously disclosed plans and does not trigger a mandatory tender offer or affect the company's control structure [3]. - The company and its shareholders will continue to comply with relevant regulations regarding share reductions and will fulfill their information disclosure obligations [3].

Core Viewpoint - The announcement from Baiwei Storage indicates that a major shareholder, the National Integrated Circuit Industry Investment Fund Phase II, has reduced its stake in the company as part of a pre-established plan, which will not significantly impact the company's operations or governance structure [3][4]. Group 1: Shareholder Actions - The National Integrated Circuit Industry Investment Fund Phase II held 36,885,396 shares, representing 7.9% of Baiwei Storage's total share capital of 466,708,301 shares before the reduction [3]. - Between October 9, 2025, and December 2, 2025, the fund reduced its holdings by 4,646,000 shares, which is 0.9955% of the total share capital, bringing its total holdings down to 32,239,396 shares, or 6.91% [3]. - This reduction in stake is in line with a previously disclosed plan and does not violate any commitments made by the shareholder [3][4]. Group 2: Impact on Company - The reduction in shareholding is characterized as a normal divestment and does not involve any issues related to the source of funds [4]. - The change in shareholding will not lead to any changes in the controlling shareholder or actual controller of the company, nor will it have a significant impact on the company's governance structure and ongoing operational capabilities [4].

Group 1 - Alibaba's major shareholders, including Hangzhou Haoyue, are reducing their stakes in YTO Express and Meikailong, with Meikailong's major shareholder planning to sell up to 130,641,979 shares, representing 3% of the total share capital, valued at approximately 345 million yuan [1] - YTO Express announced that Hangzhou Haoyue transferred 39.925 million shares between November 10 and November 27, 2025, accounting for 1.16% of the total share capital [1] Group 2 - Guizhou Bailing's actual controller, Jiang Wei, is under investigation by the China Securities Regulatory Commission for insider trading and violations related to stock transfers, although this investigation does not affect the company's operations [3] Group 3 - The People's Bank of China emphasizes the need to address "involution" in the financial industry and improve the transmission mechanism of monetary policy, advocating for better coordination between monetary policy and fiscal and industrial policies [4] Group 4 - FTSE Russell announced changes to the FTSE China A50 Index, including the addition of Luoyang Molybdenum and Sungrow Power, while removing Jiangsu Bank and SF Express, effective December 22, 2025 [6] Group 5 - In November, retail sales of passenger vehicles in China decreased by 7% year-on-year, totaling 2.263 million units, while the retail sales of new energy vehicles increased by 7% year-on-year, reaching 1.354 million units [7] Group 6 - The London Metal Exchange reported a significant increase in copper delivery applications, with a rise of 50,575 tons, marking the largest increase since 2013 [8] Group 7 - Over 20 cities in China have suspended or adjusted their vehicle replacement subsidy programs as the fourth batch of 69 billion yuan in national subsidies is being consumed [9] Group 8 - Li Auto launched its first AI smart glasses, Livis, priced at 1,999 yuan, with a government subsidy reducing the price to 1,699 yuan for orders placed by December 31 [10] Group 9 - Anyang Iron and Steel's subsidiary plans to apply for a trust loan of up to 600 million yuan, while Longbai Group has received approval for a 4 billion yuan technology innovation bond [12] Group 10 - The Hong Kong Securities and Futures Commission has suspended trading of Daxian Education due to serious exaggeration of bank balances in its financial statements [13] Group 11 - Moore Threads is set to be listed on the Science and Technology Innovation Board on December 5, 2025 [14] Group 12 - High Energy Environment plans to apply for an initial public offering of H-shares on the Hong Kong Stock Exchange to enhance its global strategy [15] - Wanlong Optoelectronics is planning a major asset restructuring involving the acquisition of control over Zhejiang Zhongkong Information Industry Co., with trading suspended [16] Group 13 - Baiwei Storage reported a reduction of 4.646 million shares by the National Integrated Circuit Industry Investment Fund II, decreasing its stake from 7.9033% to 6.9078% [17]

Capital Market Highlights - "China's Nvidia," Moore Threads, will be listed on the STAR Market on December 5, with Muxi Co.'s IPO subscription starting the same day at a price of 104.66 yuan, aiming to raise 3.899 billion yuan [2] - JPMorgan upgraded its rating on Chinese stocks from "neutral" to "overweight," stating that the risk of a significant rise in the Chinese stock market by 2026 is much higher than the risk of a significant decline, with a projected 19% upside for the MSCI China Index under base case scenarios [2] - The China Securities Regulatory Commission disclosed that companies like Shichuangyi, Shurui Robotics, and Niushidate have initiated A-share IPO counseling, all categorized as hard technology enterprises [2] Key Industry Sectors - In embodied intelligence, Tesla released a video of its Optimus humanoid robot running, achieving a personal best; Yushu published a new video verifying the reliability of its machine, with H2 performing a combat test against G2 [4] - In commercial aerospace, the Zhuque-3 reusable launch vehicle was launched into orbit, but the recovery test failed [4] - In the chip sector, Amazon's cloud division plans to launch its latest AI chip, Trainium3, claiming it provides computational power for AI models at a lower cost and higher efficiency compared to Nvidia's GPUs [4] Company Updates - The price of Feitian Moutai has dropped to 1,399 yuan, falling below the official guidance price [5] - JPMorgan increased its stake in Vanke's H-shares from 4.72% on November 27 to 5.23%, while Blackstone's holding rose from 4.83% to 5.45% [5] - Guizhou Bailing's actual controller is under investigation for insider trading, information disclosure violations, and transferring stocks in violation of restrictions [5] - Lens Technology is collaborating with several leading domestic and international clients to develop various AI edge hardware devices, including glasses, watches, wristbands, rings, and desktop models [5] - Microchip Technology, a wholly-owned subsidiary of Saiwei Electronics, plans to participate in establishing Chuxin Micro Technology [5] - Zhongshi Technology intends to acquire a 51% stake in Zhongshi Xun Cold to enhance its liquid cooling business ecosystem [5]

Group 1: Institutional Insights and Market Analysis - Foreign institutions have conducted over 9,000 investigations into A-share listed companies this year, signaling a positive outlook on Chinese assets [1][4] - Notable foreign institutions such as Point72 Asset Management and Goldman Sachs are leading in research frequency, focusing on technology innovation and high-end manufacturing as key sectors [1][4] Group 2: External Markets and Related Assets - On Wednesday, US stock indices closed higher, with the Dow Jones up 0.86%, Nasdaq up 0.17%, and S&P 500 up 0.30%; Tesla rose over 4% and Oracle over 3%, while Microsoft fell over 2% and Nvidia dropped 1% [2][5] - The Nasdaq China Golden Dragon Index fell 1.37%, with significant declines in stocks such as Aters down 9.38%, Haitian Network down 7.98%, Jinko Solar down 5.67%, and NIO down 4.97% [2][5] - In commodities, Shanghai tin futures rose 3.59% to 320,440 CNY/ton, the highest since April 2022, while LME three-month tin also increased by 4.21% to 40,685 USD/ton [2][5] Group 3: Important Announcements from Listed Companies - On December 3, Zhihong Home disclosed its shareholding increase; concurrently, 15 A-share listed companies, including Tengjing Technology, Dongfang Electric, and Shanxi Fenjiu, announced shareholding reduction plans [3][6]