Group 1 - The "Second Golden Kylin Best Investment Advisor Selection" event is currently ongoing, with over 3,000 professional investment advisors participating in simulated trading competitions [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, expand services, and enhance skills, thereby promoting the healthy development of China's wealth management industry [1] Group 2 - The top 10 stocks by purchase frequency as of September 30 include Huabang Health, Sairis, and Jina Technology, with the semiconductor ETF being the most favored [2] - The top 10 stocks by purchase amount include Sairis, Sanhua Intelligent Control, and Jiaze New Energy, indicating strong interest in these companies [3] - The data for the top purchased stocks and ETFs is based on the frequency and amount of purchases made by all participating contestants [4] Group 3 - The competition includes categories for stock simulation, on-site ETF simulation, and public fund simulation, with specific trading rules regarding holding proportions, maximum drawdown, and rebalancing frequency [5] - All data presented is based on simulated trading and does not reflect actual trading situations, serving only as a reference [5]

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 1.24%, closing at 1474.49 points, with a total trading volume of 5.328 billion shares and a turnover of 269.68 billion yuan, resulting in an average turnover rate of 2.84% [1] - Among the tradable stocks on the STAR Market, 237 stocks closed higher, with 5 stocks rising over 10%, including Pinming Technology and Shangwei New Materials, which hit the daily limit [1] - The distribution of turnover rates shows that 4 stocks had turnover rates exceeding 20%, 25 stocks had rates between 10% and 20%, and 93 stocks had rates between 5% and 10% [1] Stock Highlights - The stock with the highest turnover rate was Xingfu Electronics, which closed down by 2.70% with a turnover rate of 32.05% and a transaction amount of 0.923 billion yuan [1] - Zhongrun Optics closed up by 6.78% with a turnover rate of 23.69% and a transaction amount of 0.579 billion yuan [1] - Other notable stocks with high turnover rates include Canxin Co., Zhongke Lanyun, and Shenkong Co., with turnover rates of 21.01%, 20.20%, and 19.28% respectively [1] Sector Analysis - In terms of sector performance, the electronics sector had the most stocks with a turnover rate exceeding 5%, totaling 56 stocks, followed by the computer and machinery equipment sectors with 20 and 15 stocks respectively [2] - Among the stocks with high turnover rates, 61 stocks increased in price today, with the largest gains seen in Pinming Technology (20.01%), Canxin Co. (10.93%), and Canqian Technology (10.82%) [2] Fund Flow - In terms of fund flow, 48 stocks with high turnover rates experienced net inflows from main funds, with the largest inflows seen in Aters (0.225 billion yuan), Huafeng Technology (0.209 billion yuan), and Jucheng Co. (0.173 billion yuan) [2] - Conversely, the stocks with the largest net outflows included SMIC (1.11 billion yuan), Dongxin Co. (0.42 billion yuan), and Jinhui Integration (0.371 billion yuan) [2] Leverage Fund Movements - A total of 77 stocks with high turnover rates received net purchases from leveraged funds, with notable increases in financing balances for SMIC (1.944 billion yuan), Tengjing Technology (0.320 billion yuan), and Baiwei Storage (0.299 billion yuan) [2] - Stocks with significant decreases in financing balances included Jiayuan Technology (0.109 billion yuan), Aters (0.098 billion yuan), and Yuntian Lefe (0.087 billion yuan) [2]

Core Insights - The semiconductor sector experienced a slight increase of 0.48% on September 25, with Canxin Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Semiconductor Sector Performance - Canxin Co., Ltd. (688691) saw a closing price of 93.51, with a significant increase of 10.93% and a trading volume of 150,100 shares [1] - Other notable gainers included: - Lian Microelectronics (605358) at 36.34, up 9.99% with a volume of 438,200 shares [1] - Jinghe Integrated (688249) at 28.21, up 9.94% with a volume of 1,110,000 shares [1] - Siwei Technology (688213) at 116.00, up 7.90% with a volume of 147,500 shares [1] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 8.498 billion yuan from institutional investors, while retail investors saw a net inflow of 5.195 billion yuan [2] - The top stocks by net inflow from retail investors included: - Changdian Technology (600584) with a net inflow of 34.3667 million yuan [3] - Unigroup Guowei (002049) with a net inflow of 26.3 million yuan [3] - Haiguang Information (688041) with a net inflow of 20.6 million yuan [3]

Company Overview - Company Name: Canxin Semiconductor (Shanghai) Co., Ltd. [1] - Abbreviation: Canxin [1] - Stock Code: 688691.SH [1] - IPO Application Date: December 19, 2022 [1] - Listing Date: April 11, 2024 [1] - Listing Board: Shanghai Stock Exchange Sci-Tech Innovation Board [1] - Industry: Software and Information Technology Services [1] - IPO Sponsor: Haitong Securities [1] - Legal Advisor: Shanghai Jintiancheng Law Firm [1] - Audit Firm: Rongcheng Accounting Firm (Special General Partnership) [1] Regulatory and Performance Evaluation - Disclosure Evaluation: The company was required to clarify the authenticity and completeness of related party transactions and disclose any significant litigation or arbitration matters [1] - Regulatory Penalties: No penalties were imposed [2] - Public Supervision: No deductions for public supervision [2] - Listing Cycle: The average listing cycle for A-share companies in 2024 is 629.45 days, while Canxin's cycle is 479 days, which is below the average [2] - Multiple Applications: The company does not belong to this category and received no deductions [3] Financial Metrics - Issuance Costs: The underwriting and sponsorship fees amount to 47.664 million yuan, with a commission rate of 8.00%, higher than the average of 7.71% [3] - Initial Listing Performance: The stock price increased by 150.25% on the first day of listing [4] - Three-Month Performance: The stock price rose by 168.43% within three months post-listing [5] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 25.12 times, significantly lower than the industry average of 53.50 times, representing 46.95% of the industry average [6] - Actual Fundraising: Expected fundraising was 675 million yuan, while actual fundraising was 596 million yuan, a decrease of 11.67% [7] Post-Listing Performance - Short-Term Financial Performance: In 2024, the company's revenue decreased by 18.77% year-on-year, and net profit attributable to shareholders fell by 64.19%, with non-recurring net profit down by 69.84% [8] - Subscription and Underwriting Rates: The abandonment rate was 0.16% [9] Overall Evaluation - Total Score: Canxin's IPO project received a total score of 81.5, classified as Grade B [9] - Negative Factors: The score was impacted by the need for improved disclosure quality, high issuance cost ratio, reduced actual fundraising amount, and declining revenue and net profit in the first accounting year [9]

Core Insights - On September 22, brokerages set target prices for listed companies, with notable increases for Gao Weida, SAIC Motor, and Haitian Flavoring, showing target price increases of 98.76%, 37.72%, and 27.18% respectively, across the software development, passenger vehicle, and seasoning industries [1][3] Group 1: Target Price Increases - Gao Weida received a target price of 51.50 yuan, reflecting a target price increase of 98.76% [3] - SAIC Motor's target price was set at 26.25 yuan, indicating a 37.72% increase [3] - Haitian Flavoring's target price reached 50.25 yuan, with a 27.18% increase [3] Group 2: Rating Adjustments - One company, Tebian Electric Apparatus, had its rating upgraded from "Hold" to "Strong Buy" by China Merchants Securities [4] - One company, Jiangling Motors, had its rating downgraded from "Buy" to "Hold" by Industrial Securities [5] Group 3: First Coverage - On September 22, brokerages initiated coverage on nine companies, including Jiangling Motors with a rating of "Hold" from Industrial Securities, and Ximai Food with a "Hold" rating from Shanxi Securities [6] - Gao Weida received a "Buy" rating from Dongwu Securities [6] - Other companies receiving coverage include Hengxin Life with a "Hold" rating and Xianglou New Materials with a "Hold" rating [6]

Group 1 - On September 22, 2025, Canshin Co., Ltd. executed a block trade of 175,000 shares, with a transaction amount of 14.1417 million yuan, accounting for 1.28% of the total transaction volume for that day [1] - The transaction price was 80.81 yuan, which represents a discount of 1.5% compared to the market closing price of 82.04 yuan [1] Group 2 - The block trade involved institutional investors, indicating a strategic move by significant market players [2] - The transaction details show a volume of 175,000 shares traded at a price of 80.81 yuan, with a total transaction value of 14.1417 million yuan [2]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company has seen a year-on-year increase in the number of completed chip tape-out verification projects, establishing a foundation for mass production business, supported by a robust order backlog for future growth [4]. - In the first half of 2025, the company achieved operating revenue of 282 million yuan, although it experienced a year-on-year decline due to fluctuations in customer demand. However, the revenue from chip design business showed a growth trend [4]. - The company reported a comprehensive gross margin of 18.49% in the first half of 2025, a decrease attributed to a lower proportion of custom service revenue, which typically has a higher gross margin [4]. - The company has a total order backlog of 861 million yuan as of June 30, 2025, with 307 million yuan from chip design business and 554 million yuan from mass production business, indicating strong future growth potential [4]. Financial Summary - The latest closing price of the company's stock is 75.80 yuan, with a total market capitalization of 9.1 billion yuan and a circulating market value of 5.4 billion yuan [3]. - The company’s earnings per share (EPS) for 2025 is projected to be -0.90 yuan, with expected revenues of 652 million yuan, a significant decline of 40.14% compared to the previous year [10]. - The company is expected to achieve revenues of 1 billion yuan in 2026 and 1.3 billion yuan in 2027, with a return to profitability projected in 2026 with a net profit of 37.24 million yuan [8][10].

Core Viewpoint - The announcement details the results of a share transfer by major shareholders of CanSemi Semiconductor (Shanghai) Co., Ltd., indicating a reduction in their combined shareholding from 6.02% to 4.99% through a block trade at a price of 61.88 yuan per share for a total of 1,240,000 shares [1][2][7]. Shareholder Transfer Details - The transfer price was set at 61.88 yuan per share, with a total of 1,240,000 shares being transferred [1][7]. - The controlling shareholders, directors, and senior management did not participate in this share transfer [2]. - The transfer does not trigger a mandatory tender offer, and there will be no change in the company's controlling shareholder or actual controller [2][7]. Shareholding Changes - After the transfer, the combined shareholding of Hai Tong Innovation Investment Co., Ltd., Liaoning Zhongde Industrial Equity Investment Fund Partnership, and Huzhou Yuntong Equity Investment Partnership will decrease from 6.02% to 4.99% [2][4]. - The specific share reductions include Hai Tong Innovation reducing by 460,000 shares (0.38%), Liaoning Zhongde by 650,000 shares (0.54%), and Huzhou Yuntong by 130,000 shares (0.11%) [4][5]. Transfer Process - The transfer process involved sending subscription invitations to 221 institutional investors, including 70 fund management companies and 46 securities firms [6]. - A total of 12 valid bids were received during the subscription period, leading to the final allocation of shares to 8 investors [7]. Compliance and Verification - The transfer process was reviewed by Guotai Junan Securities Co., Ltd., which confirmed that it adhered to relevant laws and regulations, ensuring fairness and compliance with market standards [8].

信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司收购管理办法》（以下简称"《收购办法》"）、《公开发行证券的公 司信息披露内容与格式准则第 15 号——权益变动报告书》（以下简称"《准则 15 号》"）及相关的法律、法规和规范性文件编制本报告书。 灿芯半导体（上海）股份有限公司 简式权益变动报告书 上市公司名称：灿芯半导体（上海）股份有限公司 股票上市地点：上海证券交易所 股票简称：灿芯股份 股票代码：688691 信息披露义务人 1：海通创新证券投资有限公司 住所/通讯地址：上海市静安区常德路 774 号 2 幢 107N 室 信息披露义务人 2：辽宁中德产业股权投资基金合伙企业（有限合伙） 住所/通讯地址：上海市黄浦区广东路 689 号 14 楼 18-25 室 信息披露义务人 3：湖州赟通股权投资合伙企业（有限合伙） 住所/通讯地址：上海市黄浦区广东路 689 号 14 楼 18-25 室 股份变动性质：股份减少（询价转让） 签署日期：2025 年 9 月 19 日 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义 ...

证券代码：688691 证券简称：灿芯股份 公告编号：2025-028 灿芯半导体（上海）股份有限公司 股东询价转让结果报告书 暨持股 5%以上股东权益变动触及 5%整数倍的提示性 公告 海通创新证券投资有限公司（以下简称"海通创新投"）、辽宁中德产业股权投 资基金合伙企业（有限合伙）（以下简称"辽宁中德"）、湖州赟通股权投资合伙企业 （有限合伙）（以下简称"湖州赟通"）（以上股东合称"出让方"、"转让方"）保证向 灿芯半导体（上海）股份有限公司（以下简称"灿芯股份"、"公司"）提供的信息内 容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整 性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示 一、 转让方情况 1 本次询价转让的价格为61.88元/股，转让的股票数量为1,240,000股。 公司控股股东、实际控制人、董事及高级管理人员不参与本次询价转让。 本次权益变动属于减持，不触及要约收购，本次转让不会导致公司控股 股东、实际控制人发生变化。 本次权益变动后，转让方海通创新投、辽宁中德、湖州赟通合计的持股 比例由6.02%减少至4. ...