Core Viewpoint - Institutions remain optimistic about the technology sector as the main investment line for 2026, focusing on areas such as AI, embodied intelligence, solid-state batteries, semiconductors, and controllable nuclear fusion [4][5]. Summary by Category Market Outlook - The current A-share market is expected to show upward momentum in 2026, with valuations considered relatively reasonable compared to global equity markets [3][6]. - Institutions predict a "slow bull" market in 2026, driven by macroeconomic recovery and positive policy adjustments [6][7]. Investment Themes - The three main investment directions identified are technology leadership, domestic demand recovery, and cyclical recovery, with a strong focus on the five major technology sectors [5][6]. - Specific sectors such as AI, solid-state batteries, and semiconductors are highlighted as having significant growth potential, particularly in the context of new productivity [5][10]. Performance Metrics - Year-to-date, indices related to solid-state batteries and nuclear fusion have increased by over 55%, while AI and semiconductor indices have risen by over 30% [7]. - The net profit growth for the five major technology sectors has significantly improved, with AI and semiconductor sectors seeing net profit increases exceeding 50% year-on-year in the first three quarters [7][10]. Company Insights - A total of 24 technology companies are identified as having the potential for dual recovery in valuation and profit, with specific criteria for selection including a forecasted P/E ratio discount of over 30% and expected net profit growth exceeding 30% [10][11]. - Notable companies include Weijie Chuangxin, Hongdu Aviation, and New Xiangwei, which are projected to have substantial profit growth in the coming years [10][11][13].

Core Viewpoint - Institutions remain optimistic about the technology sector as the main investment theme for 2026, driven by improving fundamentals and industry highlights, indicating significant potential for market growth [5][6]. Investment Themes - The three main investment directions identified are technology leadership, domestic demand recovery, and cyclical recovery, with a focus on five key technology areas: AI, embodied intelligence, solid-state batteries, semiconductors, and controllable nuclear fusion [7][8]. Economic and Market Outlook - Various institutions predict a "slow bull" market for 2026, with macroeconomic conditions expected to improve and a focus on fiscal policies to stimulate demand [9]. - The A-share market is anticipated to show upward momentum, supported by stable macro policies and a recovery in corporate earnings [9][10]. Performance of Technology Sectors - The five key technology sectors have shown significant excess returns this year, with indices for solid-state batteries and nuclear fusion rising over 55%, while AI and semiconductor indices increased by over 30% [10]. - The net profit growth for these sectors in the first three quarters of this year has significantly improved compared to the previous year, with AI and semiconductor sectors seeing net profit increases exceeding 50% [10]. Valuation and Profit Recovery - A total of 24 technology stocks are identified as having the potential for both valuation and profit recovery, with many expected to see a forecasted net profit growth of over 30% for 2025 and 2026 [12][13]. - Specific companies, such as Weijie Chuangxin and Xinxiangwei, are highlighted for their significant valuation discounts and strong growth prospects in the semiconductor and OLED sectors, respectively [12][13]. Key Companies and Predictions - Companies like Huatian Technology and Del's shares are projected to have substantial net profit growth, driven by increased orders in automotive electronics and advanced packaging [13][14]. - The table of 24 companies indicates various forecasted P/E ratios and expected profit growth, showcasing the potential for investment in these technology stocks [15].

证券代码：688593 证券简称：新相微 公告编号：2025-083 一、核查的范围与程序 （一）核查对象为本次激励计划的内幕信息知情人。 （二）本次激励计划的内幕信息知情人均已登记于《内幕信息知情人登记表》。 （三）公司向中国证券登记结算有限责任公司上海分公司就核查对象在自查 期间买卖股票的情况进行了查询确认，并由中国证券登记结算有限责任公司上海 分公司出具了《信息披露义务人持股及股份变更查询证明》和《股东股份变更明 细清单》。 二、核查对象买卖公司股票情况说明 上海新相微电子股份有限公司 关于2025年限制性股票激励计划内幕信息知情人 买卖公司股票情况的自查报告 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。 上海新相微电子股份有限公司（以下简称"公司"）于 2025 年 11 月 3 日召 开第二届董事会第十三次会议，审议通过了《关于公司<2025 年限制性股票激励 计划（草案）>及其摘要的议案》等相关议案，并于 2025 年 11 月 4 日在上海证 券交易所网站（www.sse.com.cn）披露了相关公告。 根 ...

证券代码：688593 证券简称：新相微 公告编号：2025-082 上海新相微电子股份有限公司 2025年第一次临时股东会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 11 月 20 日 （二） 股东会召开的地点：上海市徐汇区苍梧路 10 号 T3 办公楼 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 128 | | --- | --- | | 普通股股东人数 | 128 | | 2、出席会议的股东所持有的表决权数量 | 297,797,276 | | 普通股股东所持有表决权数量 | 297,797,276 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 65.3696 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 65.3696 | （四） 表决 ...

法律意见书 法律意见书 信达科会字（2025）第 057 号 致：上海新相微电子股份有限公司（下称"贵司"或"公司"） 广东信达律师事务所（以下简称"信达"）接受贵司的委托，指派信达律师 出席公司 2025 年第一次临时股东会（以下简称"本次股东会"），对本次股东会 的合法性进行见证，并出具《广东信达律师事务所关于上海新相微电子股份有 限公司 2025 年第一次临时股东会的法律意见书》（以下简称"本法律意见书"）。 信达律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市 公司股东会规则》（下称"《股东会规则》"）等法律法规和规范性文件以及《上 海新相微电子股份有限公司章程》（以下简称"《公司章程》"）的规定，对贵公 司本次股东会的召集、召开程序、出席会议人员及召集人的资格、表决程序和 1 中国 深圳 福田区 益田路6001号 太平金融大厦11-12楼 邮政编码：518038 11-12/F, TAIPING FINANCE TOWER, YITIAN ROAD 6001, FUTIAN DISTRICT, SHENZHEN, P. R. CHINA 电话（Tel）：（0755）88265288 ...

Core Viewpoint - The company has approved the 2025 Restricted Stock Incentive Plan, which includes a list of proposed incentive recipients, following legal and regulatory requirements [1][5]. Disclosure and Verification - The company publicly disclosed the details of the 2025 Restricted Stock Incentive Plan and the list of proposed recipients on the Shanghai Stock Exchange website on November 4, 2025 [1]. - The proposed recipients' names and positions were announced internally via DingTalk from November 4 to November 13, 2025, allowing employees to provide feedback [2]. - No objections were raised by employees regarding the proposed recipients during the public disclosure period [3]. Verification Process - The Board's Compensation and Assessment Committee verified the proposed recipients' qualifications, including their employment contracts and positions within the company [4]. - The committee confirmed that all proposed recipients meet the qualifications set forth by relevant laws and regulations [5]. Compliance with Regulations - The proposed recipients do not fall under any disqualifying conditions as outlined in the management regulations, such as being deemed inappropriate candidates by regulatory bodies within the last 12 months [6]. - The incentive plan includes directors, senior management, key technical personnel, and other essential employees, excluding certain family members of major shareholders and independent directors [7]. - The committee concluded that the proposed recipients' information is accurate and does not contain any misleading elements [7].

Core Viewpoint - The Shanghai Xinxiangwei Electronics Co., Ltd. has approved the 2025 Restricted Stock Incentive Plan and has publicly disclosed the list of proposed incentive recipients, ensuring compliance with relevant laws and regulations [1][5]. Disclosure and Verification - The company publicly disclosed the draft of the 2025 Restricted Stock Incentive Plan and related documents on the Shanghai Stock Exchange website on November 4, 2025 [1]. - From November 4 to November 13, 2025, the company announced the names and positions of the proposed incentive recipients internally, allowing employees to provide feedback [2]. - No objections were raised by employees regarding the proposed incentive recipients by the end of the public notice period [3]. Verification Process - The Board's Compensation and Assessment Committee verified the proposed recipients' qualifications, including their identity documents and employment contracts [4]. - The committee confirmed that all proposed recipients meet the qualifications stipulated by relevant laws and the company's articles of association [5]. - The proposed recipients do not fall under any disqualifying conditions as outlined in the management regulations [6][7]. Recipient Details - The proposed recipients include directors, senior management, core technical personnel, and key employees deemed necessary for incentives, including the actual controller Peter Hong Xiao and his associate Zhou Jian [7]. - The list excludes immediate family members of major shareholders and independent directors [7].

证券代码：688593 证券简称：新相微 公告编号：2025-081 上海新相微电子股份有限公司 董事会薪酬与考核委员会关于公司2025年限制性股票激励 计划激励对象名单的核查意见及公示情况说明 本公司董事会薪酬与考核委员会及全体委员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。 公司于2025年11月4日至2025年11月13日通过公司钉钉内部公告对本次拟激 励对象的姓名和职务进行了公示，公示期间共计10天，公司员工可通过书面方式 或邮件方式向公司董事会薪酬与考核委员会反馈意见。 截至公示期满，公司董事会薪酬与考核委员会未收到任何员工对本次激励计 划拟激励对象提出的异议。 （二）董事会薪酬与考核委员会对拟激励对象的核查方式 公司董事会薪酬与考核委员会核查了本次拟激励对象的名单、身份证件、拟 激励对象与公司（含分公司及子公司）签订的劳动合同或聘用合同或劳务合同、 拟激励对象在公司（含分公司及子公司）担任的职务及其任职情况等。 二、董事会薪酬与考核委员会核查意见 根据《管理办法》《公司章程》及公司对拟激励对象名单及职务的公示情况， 并结合董事会 ...

Core Viewpoint - The major shareholder, Kexin (Hong Kong) Co., Ltd., has completed a share reduction plan, decreasing its stake in Shanghai Xinxiang Microelectronics Co., Ltd. from 6.23% to 5.23% through the sale of 4,595,294 shares, which is 1% of the total share capital [2][5]. Group 1: Shareholder Information - Before the reduction plan, Kexin held 28,619,320 shares, representing 6.23% of the total share capital of the company [1]. - After the completion of the reduction plan, Kexin now holds 24,024,026 shares, which is 5.23% of the total share capital [2]. Group 2: Reduction Plan Implementation - The reduction plan was disclosed on September 30, 2025, with a maximum reduction of 4,595,294 shares [2]. - As of November 12, 2025, Kexin successfully reduced its holdings by the planned amount, confirming that the actual reduction matched the previously disclosed plan [5]. - The reduction was executed through a centralized bidding process, and the plan was completed without any early termination [4][5].

Core Points - The company, Shanghai Xinxiangwei Electronics Co., Ltd., announced a share reduction plan by its shareholder, Kexin Chip (Hong Kong) Co., Ltd. [2] - Before the implementation of the reduction plan, Kexin Chip held 28,619,320 shares, accounting for 6.23% of the company's total share capital [2] - As of November 12, 2025, Kexin Chip has reduced its holdings by 4,595,294 shares, which is 1% of the total share capital, completing the reduction plan [2] - After the reduction, Kexin Chip holds 24,024,026 shares, representing 5.23% of the total share capital [2]