苏州盛科通信股份有限公司 简式权益变动报告书 上市公司名称：苏州盛科通信股份有限公司 股票上市地点：上海证券交易所 股票简称：盛科通信 股票代码：688702 信息披露义务人名称：国家集成电路产业投资基金股份有限公司 住所及通讯地址：北京市北京经济技术开发区景园北街 2 号 52 幢 7 层 718 室 股份变动性质：股份减持 签署日期：2025 年 9 月 24 日 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、法规编写本报告书。 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 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《证券法》、《收购办法》、准则 15 号的规定，本报告书已全面披露 了信息披露义务人在苏州盛科通信股份有限公司中拥有权益的股份变动情况； 截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没有通 过任何其他方式增加或减 ...

Group 1 - The core point of the article is that Shengke Communication (688702) announced a significant reduction in shareholding by the National Integrated Circuit Industry Investment Fund Co., Ltd. from 19.6% to 15% [1] - The reduction in shares amounted to a total of 18.8569 million shares during the period from January 14 to September 24 [1]

南财智讯9月24日电，盛科通信公告，国家集成电路产业投资基金股份有限公司（简称"产业基金"）因 自身经营管理需要，自2025年1月14日至2025年9月24日，通过集中竞价和大宗交易方式减持盛科通信股 份1885.69万股，占公司总股本的4.60%。本次减持后，产业基金持有盛科通信股份6150.02万股，占公 司总股本的15.00%。产业基金所持股份均为无限售条件流通股，不存在任何权利限制。产业基金未来 12个月内尚未有明确计划、协议或安排增加或减少其在公司中拥有的权益。 ...

Core Insights - The stock of Shengke Communication experienced a decline of 1.43% on September 23, with a trading volume of 992 million yuan [1] - The company reported a financing buy-in of 92.53 million yuan and a financing repayment of 107 million yuan on the same day, resulting in a net financing outflow of 14.92 million yuan [1] - As of September 23, the total margin balance for Shengke Communication was 581 million yuan, indicating a high level of financing activity [1] Financing Summary - On September 23, Shengke Communication had a financing buy-in of 92.53 million yuan, with a current financing balance of 574 million yuan, which represents 2.06% of its market capitalization [1] - The financing balance is above the 90th percentile level for the past year, indicating a high level of leverage [1] Short Selling Summary - On September 23, the company repaid 200 shares in short selling and sold 5,915 shares, amounting to a selling value of 810,000 yuan based on the closing price [1] - The short selling balance stood at 765,690 yuan, with a remaining short selling volume of 55,900 shares, also above the 90th percentile level for the past year [1] Company Overview - Shengke Communication, established on January 31, 2005, is located in Suzhou Industrial Park, Jiangsu Province, and was listed on September 14, 2023 [1] - The company's main business involves the research, design, and sales of Ethernet switch chips and related products, with revenue composition as follows: Ethernet switch chips 72.43%, Ethernet switch modules 11.94%, Ethernet switches 10.48%, customized solutions and others 3.18%, and licensing 1.97% [1] Shareholder Structure - As of June 30, the number of shareholders for Shengke Communication was 7,180, a decrease of 8.47% from the previous period [2] - The average number of circulating shares per shareholder increased by 9.25% to 28,062 shares [2] - Notable institutional holdings include the top ten circulating shareholders, with significant increases in holdings from certain ETFs and new entries among the top shareholders [2]

Summary of the Conference Call for 深格通信 Company Overview - 深格通信 focuses on Ethernet switch chips and modules, covering industrial parks, 5G, and data centers, and has entered the supply chains of major network equipment suppliers like 锐捷, 新华三, 中兴, and 迈普技术, indicating a broad market outlook [2][3][21] Core Business Model and Financial Performance - The company adopts a Fabric business model, outsourcing wafer production and testing to third-party manufacturers while focusing on backend design and solutions [2][6] - Revenue growth from 2019 to 2023 increased from 192 million to 1.037 billion, with a revenue of 508 million in the first half of the current year, driven by high demand for Ethernet switch chips [2][8] - Despite high R&D investments, the company has not yet turned a profit but expects to break even within the next one to two years as high-end chips ramp up production [8][24] Product and Technology Advantages - The product range includes Ethernet switch chips and modules, covering access, aggregation, and core layers, with a focus on high-performance architectures [4][5] - The company has developed proprietary CTC OS and supports the Sonic open-source network operating system, providing customized solutions [4][18] - The latest Arctic series chips have begun to be applied, with ongoing development for larger capacity switch chips [11][22] Market Position and Competitive Landscape - 深格通信 ranks first among domestic self-developed Ethernet switch chip manufacturers and is well-positioned to benefit from the growth in AI and data center demands [3][14] - The domestic Ethernet market is projected to reach 57.42 billion by 2025, with a compound annual growth rate (CAGR) of 10.8%, outpacing global growth [4][14] - The company competes effectively in the mid-to-high-end market, with products comparable to international competitors like 博通 and 思科 [17][22] Financial Metrics and Profitability - The gross margin for Ethernet switch modules reached 63.43%, while the switch business maintained a gross margin of around 60.72% in the first half of the year [9] - The company has shown good expense control, with a downward trend in operating expenses while maintaining high R&D investment [10] Future Outlook - The company is expected to expand its SKU offerings significantly, moving from hundreds to potentially millions of cards, and is well-positioned to benefit from the upcoming Scale Up market developments [23][24] - The anticipated growth in data center demand, particularly from major cloud providers, will continue to drive the need for Ethernet devices [15][21] Industry Characteristics - The Ethernet switch chip industry has high technical barriers and strong customer loyalty, with product life cycles lasting approximately 8-10 years, allowing for the recovery of initial R&D investments [19][20] Conclusion - Overall, 深格通信 is positioned for significant growth in the Ethernet switch chip market, with strong R&D capabilities, a solid product lineup, and a favorable market environment, leading to a positive long-term outlook [24]

Group 1: Chip ETF Performance - The Chip ETF Tianhong (159310) saw a peak increase of over 5%, currently up 4.53%, with a transaction volume of 18.4087 million yuan [3] - The ETF's net asset value has increased by 123.20% over the past year, ranking first among comparable funds [3] - Key component stocks such as Chip Yuan Co. (688521) rose by 18.02%, Haiguang Information (688041) by 14.17%, and Shengke Communication (688702) by 11.33% [3] Group 2: Sci-Tech Index ETF Performance - The Sci-Tech Index ETF Tianhong (589860) increased by 2.11%, with a turnover rate of 18.23% and a transaction volume of 59.0919 million yuan, indicating active market trading [4] - Major component stocks like Honglida (688330) surged by 20.00%, and Zhongke Lanyun (688332) by 19.02% [4] Group 3: Product Highlights - The Chip ETF Tianhong (159310) tracks the CSI Chip Industry Index, with top holdings including SMIC, Northern Huachuang, and Haiguang Information, with the estimated weight of Cambrian Technology at 12.26% [5] - The Sci-Tech Index ETF Tianhong (589860) covers 97% of the Sci-Tech board's market value, with over 80% allocation to strategic emerging industries such as semiconductors, AI, and biomedicine [5] Group 4: Market News - Moer Thread's IPO on the Sci-Tech board is scheduled for September 26, aiming to raise 8 billion yuan for AI and graphics chip development [5] - Xiaomi's fund has invested in Qichip Microelectronics, marking its fourth investment in the company, which has begun mass production of automotive-grade MCU products [5] - OpenAI and Luxshare Precision have agreed to jointly produce AI hardware devices, with prototypes in development [6]

Market Overview - On September 19, the large fund concept sector declined by 0.29% compared to the previous trading day, with Shengke Communication leading the decline [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Notable gainers in the large fund concept sector included Jiangbolong, which rose by 12.25% to a closing price of 127.95, with a trading volume of 269,700 shares and a transaction value of 3.41 billion [1] - Other gainers included Jingrui Electric Materials (+3.75%), Baiwei Storage (+2.74%), and Xingfu Electronics (+2.43%) [1] - Conversely, Shengshu Communication experienced the largest decline, falling by 7.55% to a closing price of 127.21, with a trading volume of 83,100 shares and a transaction value of 200.6 million [2] Capital Flow - The large fund concept sector saw a net outflow of 1.062 billion from institutional investors, while retail investors experienced a net inflow of 840 million [2][3] - The capital flow data indicates that institutional investors were net sellers, while retail investors were net buyers, suggesting differing market sentiments [2][3] Individual Stock Capital Flow - Baiwei Storage had a net inflow of 131 million from institutional investors, while it faced a net outflow of 131 million from speculative funds [3] - North Huachuang saw a net inflow of approximately 85.93 million from institutional investors, but also faced significant outflows from speculative and retail investors [3] - Jingrui Electric Materials experienced a net inflow of 67.69 million from institutional investors, while speculative funds and retail investors showed net outflows [3]

Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00% to 4.25% on September 17 [1] - The A-share and Hong Kong stock markets reacted positively, with all three major indices turning red, and the Sci-Tech Innovation 50 Index rising over 4% [1] - Over 2100 stocks in the Shanghai, Shenzhen, and Beijing markets saw gains [1] Group 2 - The semiconductor industry chain experienced significant gains, with companies like SMIC and Haiguang Information both rising over 6% and reaching historical highs [2] - Other semiconductor stocks such as Ruixin Micro and Huicheng Shares saw increases of over 10% [2][5] - The Sci-Tech Innovation 50 Index rose over 3%, with constituent stocks like Zhongwei Company and Haiguang Information increasing by over 8% and 7% respectively [3] Group 3 - The Hang Seng Index surpassed the 27,000-point mark, reaching its highest level since July 2021 [4]

Core Viewpoint - The semiconductor stocks in the A-share market experienced significant gains, with several companies reaching their daily limit up or showing substantial increases in share prices, indicating a strong market sentiment towards the semiconductor sector [1][2]. Company Performance - Huicheng Co., Ltd. (汇成股份) saw a 19.99% increase, with a total market capitalization of 13.7 billion [2]. - Liyang Chip (利扬芯片) rose by 16.53%, with a market cap of 7.958 billion [2]. - Zhongwei Company (中微公司) increased by 14.15%, with a market cap of 162.4 billion [2]. - New Xiangwei (新相微) gained 11.69%, with a market cap of 1.23 billion [2]. - Canxin Co., Ltd. (灿芯股份) rose by 10.06%, with a market cap of 954.1 million [2]. - Ruixin Microelectronics (瑞芯微) reached a 10% increase, with a market cap of 9.64 billion [2]. - Other notable performers include Shengke Communication (盛科通信) up by 9.90%, Beifang Huachuang (北方华创) up by 9.35%, and Haiguang Information (海光信息) up by 8.32% [2]. Industry Developments - On September 16, CCTV's "News Broadcast" highlighted the achievements of China Unicom's Sanjiangyuan Green Power Intelligent Computing Center project, which involves several domestic AI chip brands such as Alibaba's Pingtouge, Muxi Co., Ltd., and others that have signed or are expected to sign contracts [1].

Core Viewpoint - Shengke Communication's stock price increased by 5.06% to 131.98 CNY per share, with a total market capitalization of 54.112 billion CNY as of September 16 [1] Company Overview - Shengke Communication Co., Ltd. is located in Suzhou Industrial Park, Jiangsu Province, and was established on January 31, 2005. The company went public on September 14, 2023 [1] - The main business involves the research, design, and sales of Ethernet switch chips and related products. The revenue composition is as follows: Ethernet switch chips 72.43%, Ethernet switch chip modules 11.94%, Ethernet switches 10.48%, customized solutions and others 3.18%, and licensing 1.97% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Chuangjin Hexin has a significant position in Shengke Communication. The Chuangjin Hexin Chip Industry Stock Initiation A Fund (013339) increased its holdings by 198,000 shares in the second quarter, bringing the total to 511,500 shares, which accounts for 4.62% of the fund's net value, ranking as the ninth largest holding [2] - The fund was established on September 28, 2021, with a latest scale of 291 million CNY. Year-to-date returns are 23.48%, ranking 2151 out of 4222 in its category; one-year returns are 91.89%, ranking 664 out of 3804; and since inception, returns are 21.43% [2] - The fund manager, Liu Yang, has been in position for 3 years and 342 days, with total assets under management of 1.025 billion CNY. The best fund return during his tenure is 61.4%, while the worst is 3.54% [2]