Group 1 - The core point of the article is that Shengke Communication (688702.SH) announced a reduction in shareholding by the National Integrated Circuit Industry Investment Fund Co., Ltd. from 17.00% to 16.00% [1] - The share reduction involved 4.1 million shares being sold through centralized bidding from August 26, 2025, to September 11, 2025 [1] - The change in equity ownership triggered a 1% threshold adjustment [1]

苏州盛科通信股份有限公司 证券代码：688702 证券简称：盛科通信 公告编号：2025-022 3.一致行动人信息 | 权益变动方向 | 比例增加□ | | 比例减少☑ | | --- | --- | --- | --- | | 权益变动前合计比例 | 17.00% | | | | 权益变动后合计比例 | 16.00% | | | | 本次变动是否违反已作出的承 | 是□ | 否☑ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | ☑其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明） | 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 股东国家集成电路产业投资基金股份有限公司保证向本公司提供的信息 真实、准确、完整，没有虚假记载、误导性陈 ...

Group 1 - The core point of the article is that Shengke Communication (688702.SH) announced a reduction in shareholding by the National Integrated Circuit Industry Investment Fund Co., Ltd. [1] - The reduction occurred between August 26, 2025, and September 11, 2025, with the fund selling 4.1 million shares [1] - Following the sale, the fund's shareholding percentage decreased from 17.00% to 16.00%, indicating a change that touches the 1% threshold [1]

Group 1 - The core viewpoint is that the 科创100ETF fund has shown significant growth, with a 3.63% increase and a total scale of 57.64 billion, making it the largest in its category [1][2] - Semiconductor stocks are experiencing a strong performance, driven by Oracle's announcement of a 359% year-on-year increase in unmet performance obligations, reaching 455 billion [1] - The ongoing global AI computing power competition is expected to drive demand in the semiconductor and consumer electronics sectors, with a focus on innovation and recovery in demand [1] Group 2 - The 科创100ETF fund closely tracks the 上证科创板100 index, which selects 100 securities from the Sci-Tech Innovation Board based on market capitalization and liquidity [2] - As of August 29, 2025, the top ten weighted stocks in the 上证科创板100 index account for 23.82% of the index, including companies like 东芯股份 and 华虹公司 [2]

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [1] Core Viewpoints - The current strength of domestic computing power is not the end of the "domestic computing power" market, but rather a preparation for a healthier rise in the next round. Recent signs indicate a potential "start" [1] - Active developments in the industry include major internet companies placing GPU orders, which fosters positive sentiment [1] - Companies are actively pursuing capital operations, such as Cambricon's fundraising approval and Haiguang's acquisition of Shuguang [2] - Major moves by downstream internet companies, such as Alibaba's strategic partnerships and AI ecosystem developments, suggest optimistic expectations for AI in the coming year [1] Summary by Sections Industry Trends - The report highlights a significant upcoming market trend driven by AI, with companies like Cambricon and Haiguang expected to open new market spaces [2] - The perspective on AI chips is shifting, with new product launches indicating a fresh evaluation framework for existing chips [2] - The report notes a strong correlation between domestic and overseas markets, with positive demand for ASICs and significant orders contributing to company valuations [2] Investment Recommendations - The report recommends focusing on companies such as Cambricon, Haiguang Information, Chipone, and Shengke Communication for investment opportunities [2] - Specific company metrics include: - Cambricon: Market cap of 532.56 billion, projected EPS growth from -1.08 to 9.62 [7] - Haiguang Information: Market cap of 427.75 billion, projected EPS growth from 0.83 to 1.85 [7] - Chipone: Market cap of 80.43 billion, projected EPS growth from -1.14 to 0.39 [7] - Shengke Communication: Market cap of 43.36 billion, projected EPS growth from -0.17 to 0.08 [7]

Core Viewpoint - The A-share market shows a strong upward trend, with significant gains in sectors such as computing hardware, semiconductors, and liquid-cooled servers, while sports and precious metals sectors remain sluggish [3][4]. Market Performance - The Shanghai Composite Index rose by 1.12%, the Shenzhen Component Index increased by 2.63%, and the ChiNext Index surged by 4.31% [3]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.48 trillion yuan, an increase of 193.8 billion yuan compared to the previous trading day, with over 3,300 stocks rising [4]. Sector Highlights - Notable sectors with significant gains include: - Components: +6.54% - Co-packaged optics (CPO): +6.13% - AI 50 Index: +4.83% - PCB concept: +4.40% - Fiber optic concept: +4.11% [4]. - Semiconductor stocks, particularly computing chips, experienced a notable surge, with companies like Haiguang Information nearing a 20% limit up [6][13]. Individual Stock Movements - Industrial Fulian reached a new historical high, increasing by 8.78% to 58.38 yuan [9]. - In the pork sector, stocks such as Bangji Technology and Lihua Shares saw significant increases, with Bangji Technology hitting the daily limit up [11][12]. International Market Influence - OpenAI reportedly signed a deal to purchase $300 billion worth of computing power from Oracle over five years, leading to a 36% surge in Oracle's stock, which added approximately $250 billion to its market capitalization in a single day [13].

Group 1 - The core viewpoint indicates that the recent rebound in domestic computing power is not the end of the "domestic computing power" market, but rather a period of capital adjustment to prepare for a healthier next round of growth [1] - The next phase of the "domestic computing power" market is expected to be a large-scale market that can be fully participated in, with recent signs of "activation" emerging [1] - Active news and industry developments are noted, including expectations for GPU orders from major internet companies, which are fostering positive sentiment [1] Group 2 - Companies are actively advancing capital operations, with Cambrian receiving approval for a private placement from the CSRC, and Haiguang pushing forward with the acquisition of Shuguang while launching a broad equity incentive plan [1] - Significant actions from downstream internet companies are highlighted, such as Alibaba's launch of a comprehensive strategy, including the release of the high-parameter model QwenMaxPreview and ongoing efforts in the AI ecosystem [1] - The optimistic outlook for Alibaba's AI initiatives in the coming year is emphasized [1] Group 3 - As of September 11, 2025, the STAR Market Chip Index (000685) surged by 5.59%, with notable increases in component stocks such as Haiguang Information (688041) up 16.80% and Yuanjie Technology (688498) up 15.68% [2] - The STAR Market Chip ETF Index (588920) rose by 5.46%, reflecting the overall performance of representative semiconductor industry listed companies on the STAR Market [2] - The top ten weighted stocks in the STAR Market Chip Index account for 62.02% of the index, including companies like Cambrian (688256) and Haiguang Information (688041) [2]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is positioned as a leading domestic Ethernet switch chip manufacturer, benefiting from the acceleration of the domestic computing power chain [5][7] - The company has shown significant improvement in its financial performance, with a notable increase in gross margin and a reduction in net losses [7] - The company is focusing on high-end product development while also expanding its mid-to-low-end product offerings, supported by strong R&D investments [7] Financial Data and Earnings Forecast - Total revenue is projected to grow from 1,340 million yuan in 2025 to 2,374 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 33% [6][9] - The company is expected to achieve a net profit of 57 million yuan in 2026 and 129 million yuan in 2027, indicating a significant turnaround from previous losses [6][9] - The gross margin is forecasted to improve from 43.5% in 2025 to 43.5% in 2027, driven by product mix optimization and supply chain improvements [6][9]

Core Points - The company is set to list 1,500,000 shares as part of its initial public offering (IPO) with a lock-up period of 24 months [2][3] - The total number of shares available for trading will be 1,500,000, with the listing date scheduled for September 15, 2025 [2][6] - The shares being listed are part of the strategic placement and are held by a single shareholder, China International Capital Corporation's subsidiary [3][4] Summary by Sections Listing Details - The company has received approval from the China Securities Regulatory Commission for its IPO, allowing it to issue 50 million shares at a par value of RMB 1.00 each [2] - Post-IPO, the total share capital will increase from 36 million to 41 million shares, with 372,803,238 shares subject to trading restrictions and 37,196,762 shares freely tradable [2] Lock-up Period - The lock-up period for the strategic placement shares is 24 months, starting from the date of the company's IPO [3][4] - The shareholder holding the restricted shares is China International Capital Corporation's subsidiary, which will have 1,500,000 shares, representing 0.37% of the total share capital [3] Compliance and Verification - The underwriter has confirmed that the shareholder has adhered to all commitments made during the IPO process, and the listing of the restricted shares complies with relevant regulations [5] - The company has ensured that all disclosures regarding the listing of restricted shares are accurate and complete [5]

Core Viewpoint - The report outlines the verification opinion of China International Capital Corporation regarding the listing and circulation of strategic placement restricted shares of Suzhou Shengke Communication Co., Ltd. after its initial public offering on the Sci-Tech Innovation Board [1][2]. Group 1: Listing and Circulation of Restricted Shares - The restricted shares being listed are part of the strategic placement from the company's initial public offering, with a total of 1,500,000 shares set to be released for trading on September 15, 2025 [2][3]. - The total number of shares issued in the IPO was 50 million, with a par value of RMB 1.00 per share, resulting in a total share capital of 37,196,762 shares after the IPO [1][2]. - The restricted shares are held by China International Capital Corporation's wholly-owned subsidiary, China CICC Wealth Securities Co., Ltd., and the lock-up period is 24 months from the date of listing [2][3]. Group 2: Compliance and Commitments - The shareholders of the restricted shares have adhered to all commitments made during the IPO process, with no breaches affecting the listing of these shares [3][4]. - The verification by the sponsor institution confirms that the listing and circulation of the restricted shares comply with relevant regulations and guidelines [4].