Macro Strategy - The chemical sector has seen continuous catalysts on both supply and demand sides since 2024, with the current "anti-involution" trend enhancing the market outlook, driven by a favorable fundamental environment and potential valuation uplift from emerging industries [1][23] - More than half of the existing convertible bonds in the chemical sector are issued at the peak of the cycle, currently entering or about to enter the redemption period, coinciding with an upward cycle, leading to more proactive debt conversion measures [1][23] - The majority of chemical convertible bonds are small-cap, which, combined with their near-term characteristics, amplifies the asymmetry of returns [1][23] Currency Exchange Rate - The RMB central parity has shown a gradual appreciation trend, with the exchange rate expected to challenge the 7.15 range again, and the spot exchange rate may drop to the 7.10-7.15 range in August [1][25] - The recent strengthening of the RMB is supported by optimistic expectations from US-China trade negotiations and a robust domestic stock market [1][25] Anti-Involution Policy - The "anti-involution" price governance aims to address three main objectives: short-term regulation of price wars, medium-term capacity reduction to promote supply-demand balance, and long-term price recovery, particularly in PPI [2][26] - The previous supply-side reforms led to a 10-month recovery in PPI, and under neutral assumptions, a similar recovery may take 11-12 months, potentially reaching around 1.9% by September next year [2][26] Industry Rotation - The market is expected to remain optimistic in the third quarter, with a focus on sectors that align with upcoming policies and key events, particularly those benefiting from the "anti-involution" strategy [3][5] - Suggested sectors for investment include those with potential short-term demand improvements, such as photovoltaic, coal, and chemical industries, as well as technology sectors with recent catalysts [5][3] Company-Specific Insights - Xidi Microelectronics is positioned as a leading player in the analog chip sector, with a projected revenue growth of 32.10% year-on-year for the first three quarters of 2024, driven by significant contributions from its audio coil motor driver chip product line [11][12] - Minshida reported a 27.91% year-on-year revenue increase in its 2025 mid-year report, with expectations for continued growth in the transformer market driven by demand from sectors like new energy vehicles and wind power [13] - Gaomei's second-quarter performance is expected to turn profitable due to supply-side optimization driven by the "anti-involution" policy, with N-type silicon wafer prices rising to 1.1 yuan per piece [14][15]

Investment Rating - The report assigns an "Accumulate" rating to the company for the first time, considering its differentiated layout in solid-state battery solutions and potential benefits from the industrialization of solid-state batteries [11]. Core Viewpoints - The company, Xinyuren, is a leader in lithium battery drying equipment and is actively expanding into new energy and emerging fields, focusing on high-end equipment research, production, and sales [2][16]. - Xinyuren has developed a comprehensive product matrix covering all stages of liquid lithium battery manufacturing, including the innovative SDC coating machine, which offers competitive advantages in speed, uniformity, and efficiency [3][21]. - The company is launching a differentiated dry solution for halide electrolytes, aiming to benefit from the solid-state battery market by developing both energy-type and fast-charging-type solid-state electrolytes [4][56]. Summary by Sections 1. Company Overview - Xinyuren specializes in lithium-ion battery intelligent manufacturing equipment, focusing on drying and coating equipment, and has expanded into hydrogen fuel cells, optoelectronics, and medical fields [2][16]. - The company has established a strong technical advantage and market competitiveness through a three-in-one R&D system of high-end equipment, processes, and new materials [2][16]. 2. Product Development - The company has a complete product matrix that includes drying equipment, coating machines, roller cutting equipment, and hydrogen fuel cell equipment, providing diversified solutions for intelligent manufacturing [3][21]. - The SDC coating machine is noted for its fast coating speed and high utilization rate of coating liquid, enhancing its competitive position in the industry [3][21]. 3. Financial Performance - The company is expected to see a revenue of 5.83 billion yuan in 2025, with a projected growth of 21.5% in 2026 and 18.6% in 2027 [11][61]. - The forecasted net profit for 2025-2027 is 8.5 million yuan, 54.7 million yuan, and 79.4 million yuan respectively, with corresponding P/E ratios of 346, 54, and 37 [11][61]. 4. Market Position and Strategy - Xinyuren is positioned to benefit from the solid-state battery industry's growth, with a focus on developing low-cost, high-ion conductivity halide solid-state electrolytes [4][56]. - The company plans to establish a pilot production line within three years to validate its energy-type and fast-charging-type solid-state electrolytes [4][56].

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 2.07%, closing at 1054.20 points, with a total trading volume of 4.485 billion shares and a turnover of 151.892 billion yuan, resulting in an average turnover rate of 2.47% [1] - Among the tradable stocks on the STAR Market, 401 stocks closed higher, with 11 stocks increasing by over 10% and 40 stocks rising between 5% and 10%. Conversely, 185 stocks closed lower, with 1 stock declining by over 10% [1] Turnover Rate Analysis - The distribution of turnover rates shows that 22 stocks had a turnover rate between 10% and 20%, 91 stocks between 5% and 10%, 119 stocks between 3% and 5%, 289 stocks between 1% and 3%, and 68 stocks had a turnover rate of less than 1% [1] - The stock with the highest turnover rate was Xinyuren, which closed down by 5.16% with a turnover rate of 19.52% and a transaction amount of 317 million yuan. Other notable stocks included Saifen Technology and Qingyun Technology, with turnover rates of 16.87% and 15.62%, respectively [1] Sector Performance - In terms of industry, the pharmaceutical and biotechnology sector had the highest number of stocks with a turnover rate exceeding 5%, totaling 32 stocks, followed by the electronics and computer sectors with 27 and 20 stocks, respectively [2] - Among high turnover stocks, 62 experienced net inflows of main funds, with the highest net inflows recorded for Yuncong Technology, Youkede, and Gaomei Shares, amounting to 118 million yuan, 88.645 million yuan, and 73.8116 million yuan, respectively [2] Leverage Fund Movements - A total of 78 high turnover stocks received net purchases from leveraged funds, with notable increases in financing balances for Tiejian Heavy Industry, Shangwei New Materials, and Shijia Photon, which saw increases of 356 million yuan, 277 million yuan, and 218 million yuan, respectively [2] - Conversely, stocks such as Jinchengzi, Fuliwang, and Zhongke Lanyun experienced significant decreases in financing balances, with reductions of 30.322 million yuan, 27.8513 million yuan, and 25.3532 million yuan, respectively [2] Earnings Reports - Among high turnover stocks, one company reported a net profit increase of 2147.93%, while another company announced a half-year performance report with a net profit increase of 50.89% [2]

证券代码：688573 证券简称：信宇人 公告编号：2025-033 深圳市信宇人科技股份有限公司 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。 重要内容提示: ? 深圳市信宇人科技股份有限公司（以下简称"公司"）经审慎研究，对 公司现有核心技术人员进行调整：原核心技术人员蔡智园先生因工作调整，不再 认定为公司核心技术人员，但仍继续在公司任职。经公司管理层研究，新增认定 杨星先生为公司核心技术人员，其他核心技术人员未发生变化。 ? 本次核心技术人员调整不涉及专利权属纠纷或潜在纠纷，不会影响公司 专利权的完整，亦不会对公司持续经营能力、研发实力、核心竞争力产生重大不 利影响。 一、核心技术人员调整的具体情况 （三）保密及竞业限制情况 因蔡智园先生工作调整，公司不再认定其为核心技术人员，但后续仍在公司 任职。公司及公司董事会对蔡智园先生在担任公司核心技术人员期间为公司发展 所做出的贡献表示衷心感谢。 （一）蔡智园先生的基本情况 蔡智园，男，1972 年出生，中国国籍，无境外永久居留权，本科学历。1998 年毕业于中南大学，取 ...

民生证券股份有限公司 关于深圳市信宇人科技股份有限公司 核心技术人员调整的核查意见 （一）蔡智园先生的基本情况 蔡智园，男，1972 年出生，中国国籍，无境外永久居留权，本科学历。1998 年毕业于中南大学，取得机械设计与制造专业学士学位。1999 年 11 月至 2001 年 7 月，任职东莞致力电脑有限公司设计科长；2001 年 8 月至 2011 年 10 月， 任职富士康科技集团副经理；2011 年 11 月至 2014 年 11 月，任职华为技术有限 公司专案经理；2014 年 12 月至今，任职公司产品总监。 截至本核查意见出具日，蔡智园先生通过深圳市智慧树投资合伙企业（有限 合伙）间接持有公司股份 145,508 股（均为首发前限售流通股），占公司总股本 比例为 0.1489%。蔡智园先生将继续遵守《上海证券交易所科创板股票上市规则》 《上市公司股东减持股份管理暂行办法》《上海证券交易所上市公司自律监管指 引第 15 号——股东及董事、高级管理人员减持股份》等相关法律法规及公司首 次公开发行股票时所作的相关承诺。 （二）参与的研发项目和专利情况 截至本核查意见出具日，蔡智园先生作为发明人申请的专 ...

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 1.17%, closing at 1032.84 points, with a total trading volume of 4.548 billion shares and a turnover of 141.659 billion yuan, resulting in a weighted average turnover rate of 2.53% [1] - Among the tradable stocks on the STAR Market, 470 stocks closed higher, with 3 stocks increasing by over 10% and 36 stocks rising between 5% and 10%. Conversely, 111 stocks closed lower [1] - The highest turnover rate was recorded by Xinyuren at 20.25%, closing up by 1.89%, with a transaction amount of 340 million yuan. Other notable stocks included Qingyun Technology, which closed down by 2.81% with a turnover rate of 18.72% [1][3] Sector Analysis - In terms of sector performance, the pharmaceutical and biotechnology sector had the highest number of stocks with a turnover rate exceeding 5%, totaling 29 stocks. The electronics and machinery equipment sectors followed with 21 and 12 stocks, respectively [2] - Among high turnover stocks, 48 experienced net inflows of main funds, with the highest net inflows recorded for Aibo Medical (99.31 million yuan), Maolai Optical (78.81 million yuan), and ST Nuotai (67.05 million yuan) [2] Leverage Fund Movements - A total of 76 stocks with high turnover rates saw net purchases from leveraged funds, with significant increases in financing balances for Shangwei New Materials (247 million yuan), Dingtong Technology (203 million yuan), and Shijia Photon (174 million yuan) [2]

民生证券股份有限公司 关于深圳市信宇人科技股份有限公司 核心技术人员调整的核查意见 截至本核查意见出具日，蔡智园先生通过深圳市智慧树投资合伙企业（有限 合伙）间接持有公司股份 145,508 股（均为首发前限售流通股），占公司总股本 比例为 0.1489%。蔡智园先生将继续遵守《上海证券交易所科创板股票上市规则》 《上市公司股东减持股份管理暂行办法》《上海证券交易所上市公司自律监管指 引第 15 号——股东及董事、高级管理人员减持股份》等相关法律法规及公司首 次公开发行股票时所作的相关承诺。 （二）参与的研发项目和专利情况 1 截至本核查意见出具日，蔡智园先生作为发明人申请的专利均系依托公司平 台所产生的职务成果，所有权均归属于公司，不存在涉及职务成果、知识产权相 关的纠纷或潜在纠纷的情形，其岗位调整不影响公司专利等知识产权权属的完整 性。 （三）保密及竞业限制情况 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为深圳 市信宇人科技股份有限公司（以下简称"信宇人"或"公司"）首次公开发行股 票并在科创板上市的保荐机构，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 ...

证券代码：688573 证券简称：信宇人 公告编号：2025-033 深圳市信宇人科技股份有限公司 关于核心技术人员调整的公告 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。 重要内容提示: 深圳市信宇人科技股份有限公司（以下简称"公司"）经审慎研究，对 公司现有核心技术人员进行调整：原核心技术人员蔡智园先生因工作调整，不再 认定为公司核心技术人员，但仍继续在公司任职。经公司管理层研究，新增认定 杨星先生为公司核心技术人员，其他核心技术人员未发生变化。 本次核心技术人员调整不涉及专利权属纠纷或潜在纠纷，不会影响公司 专利权的完整，亦不会对公司持续经营能力、研发实力、核心竞争力产生重大不 利影响。 一、核心技术人员调整的具体情况 因蔡智园先生工作调整，公司不再认定其为核心技术人员，但后续仍在公司 任职。公司及公司董事会对蔡智园先生在担任公司核心技术人员期间为公司发展 所做出的贡献表示衷心感谢。 公司专案经理；2014 年 12 月至今，任职公司产品总监。 截至本公告披露日，蔡智园先生通过深圳市智慧树投资合伙企业（有限合伙） ...

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 0.83%, closing at 1016.27 points, with a total trading volume of 4.233 billion shares and a turnover of 141.488 billion yuan, resulting in an average turnover rate of 2.35% [1] - Among the tradable stocks on the STAR Market, 278 stocks closed higher, with 6 stocks rising over 10%, including Tiedao Construction Machinery, Fuxin Technology, and Shangwei New Materials, which hit the daily limit [1] - The distribution of turnover rates shows that 2 stocks had turnover rates exceeding 20%, 25 stocks had rates between 10% and 20%, and 75 stocks had rates between 5% and 10% [1] Stock Highlights - The stock with the highest turnover rate was Xinyuren, which closed up 6.63% with a turnover rate of 27.89% and a transaction amount of 477 million yuan [1] - Sairun Bio also performed well, closing up 9.60% with a turnover rate of 20.23% and a transaction amount of 216 million yuan [1] - Other notable stocks with high turnover rates included ST Nuotai, Yitang Co., and Zhongrun Optics, with turnover rates of 19.32%, 15.92%, and 15.17% respectively [1] Sector Analysis - In terms of sector performance, the pharmaceutical and biotechnology sector had the most stocks with a turnover rate exceeding 5%, totaling 29 stocks, followed by the electronics and computer sectors with 18 and 13 stocks respectively [2] - Among the high turnover stocks, 43 experienced net inflows of main funds, with ST Nuotai, Meidi West, and Fudan Zhangjiang seeing the largest net inflows of 258.61 million yuan, 83.74 million yuan, and 68.79 million yuan respectively [2] Leverage Fund Movements - A total of 74 stocks with high turnover rates received net purchases from leveraged funds, with Dingtong Technology, Weichip Bio, and Qianyan Bio seeing the largest increases in financing balances of 143 million yuan, 138 million yuan, and 118 million yuan respectively [2] - Conversely, stocks like Haibo Sichuang, Changyang Technology, and Jinchengzi experienced significant decreases in financing balances, with reductions of 208 million yuan, 34.31 million yuan, and 32.02 million yuan respectively [2]

Market Overview - As of July 22, the Shanghai Composite Index closed at 3581.86 points, up by 22.07 points, a rise of 0.62% [1] - The Shenzhen Component Index closed at 11099.83 points, increasing by 92.34 points, a rise of 0.84% [1] - The ChiNext Index closed at 2310.86 points, up by 13.97 points, a rise of 0.61% [1] High Turnover Stocks - A total of 105 A-shares had a turnover rate exceeding 20% on July 22 [1] - Notable stocks with high turnover rates include: - Fangzheng Valve (证券代码: 920082) with a turnover rate of 58.38% and a closing price of 27.44 yuan, up by 29.99% [1] - Beifang Changlong (证券代码: 301357) with a turnover rate of 54.29% and a closing price of 90.08 yuan, up by 8.50% [1] - Zhongshe Consulting (证券代码: 833873) with a turnover rate of 50.05% and a closing price of 11.52 yuan, up by 19.50% [1] Additional High Turnover Stocks - Other stocks with significant turnover rates include: - Tietuo Machinery (证券代码: 873706) with a turnover rate of 49.66% and a closing price of 31.21 yuan, up by 29.99% [1] - Feilu Co., Ltd. (证券代码: 300665) with a turnover rate of 49.62% and a closing price of 11.44 yuan, up by 10.21% [1] - Huadian New Energy (证券代码: 600930) with a turnover rate of 47.04% and a closing price of 7.73 yuan, up by 2.25% [1]