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].

Core Viewpoint - The announcement details the upcoming listing and circulation of 1,500,000 shares from the strategic placement of Suzhou Shengke Communication Co., Ltd., which will be available for trading starting September 15, 2025, after a 24-month lock-up period [1][2]. Group 1: Listing Details - The total number of shares to be listed is 1,500,000, representing 0.37% of the company's total share capital [2][5]. - The shares are part of the strategic placement from the company's initial public offering (IPO) and will be released for trading after the expiration of the lock-up period [2][4]. - The listing date is set for September 15, 2025, due to September 14 being a non-trading day [1][4]. Group 2: Shareholder Information - The sole shareholder of the restricted shares is China International Capital Corporation's wholly-owned subsidiary, China CICC Wealth Securities Co., Ltd. [2]. - The lock-up period for these shares began on the date of the company's IPO and will last for 24 months [2][3]. Group 3: Compliance and Verification - The underwriting institution has confirmed that the shareholder has adhered to all commitments made during the IPO process [3]. - The company has not experienced any changes in share capital due to profit distribution or other factors since the formation of the restricted shares [2][3].

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：2025-021 关于首次公开发行部分战略配售限售股上市流通公告 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： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2023 年 7 月 13 日出具的《关于同意苏州盛科通信股份有限公司首次公开发行股票注册的批复》 （证监许可〔2023〕1534 号），同意苏州盛科通信股份有限公司（以下简称"公司"） 首次公开发行股票的注册申请。公司获准向社会公开发行人民币普通股 5,000 万股， 每股面值人民币 1.00 元，并于 2023 年 9 月 14 日上市。公司首次公开发行股票后， 总股本由 36,000 万股变更为 41,000 万股，其中有限售条件流通股 372,803,238 股， 无限售条件流通股 37,196,762 股。 本次股票上市类型为首发战略配售股份（限售期 24 月）；股票认购方式为网 下，上市股数为1,500,000股。本公司 ...

中国国际金融股份有限公司 关于苏州盛科通信股份有限公司 首次公开发行部分战略配售限售股上市流通的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为苏州 盛科通信股份有限公司（以下简称"盛科通信"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（2025 年修订）》 《上海证券交易所科创板股票上市规则（2025 年 4 月修订）》《上海证券交易所科创 板上市公司自律监管指引第 1 号——规范运作（2025 年 5 月修订）》等有关法律、行 政法规、部门规章及业务规则的要求，对盛科通信首次公开发行部分战略配售限售股 上市流通事项进行了核查，具体情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2023 年 7 月 13 日 出具的《关于同意苏州盛科通信股份有限公司首次公开发行股票注册的批复》（证监 许可〔2023〕1534 号），同意苏州盛科通信股份有限公司（以下简称"公司"）首次公 开发行股票的注册申请。公司获准向社会公开发行人民币普通股 5,000 万股，每股面 值人民币 1.00 元，并于 2 ...

Group 1 - The core viewpoint of the news is that 盛科通信 experienced a decline in stock price, dropping by 5.08% to 107.33 CNY per share, with a trading volume of 442 million CNY and a turnover rate of 2.00%, resulting in a total market capitalization of 44.005 billion CNY [1] - 盛科通信, established on January 31, 2005, and listed on September 14, 2023, specializes in the research, design, and sales of Ethernet switch chips and related products. The main revenue composition includes 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] Group 2 - 南方中证500ETF (510500) is among the top ten circulating shareholders of 盛科通信, having newly entered this list in the second quarter with 1.8585 million shares, accounting for 0.92% of the circulating shares. The estimated floating loss today is approximately 10.6863 million CNY [2] - The 南方中证500ETF (510500) was established on February 6, 2013, with a latest scale of 113.438 billion CNY. Year-to-date returns are 21.5%, ranking 1944 out of 4222 in its category, while the one-year return is 51.34%, ranking 1597 out of 3789. Since inception, the return is 130.54% [2]

Core Viewpoint - The stock of Suzhou Shengke Communication Co., Ltd. has experienced fluctuations, with a year-to-date increase of 31.90% but a recent decline of 15.98% over the past five trading days [1] Group 1: Company Overview - Suzhou Shengke Communication was established on January 31, 2005, and went public on September 14, 2023, focusing on the research, design, and sales of Ethernet switch chips and related products [2] - The main revenue composition includes 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%) [2] - The company is categorized under the electronic-semiconductor-digital chip design industry and is involved in sectors such as switches, margin financing, mid-market, chip concepts, and heavily invested funds [2] Group 2: Financial Performance - For the first half of 2025, Shengke Communication reported revenue of 508 million yuan, a year-on-year decrease of 4.56%, while the net profit attributable to shareholders was -23.69 million yuan, reflecting a year-on-year increase of 58.36% [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 8.47% to 7,180, while the average circulating shares per person increased by 9.25% to 28,062 shares [2] - The top ten circulating shareholders include notable funds such as the Harvest SSE STAR Chip ETF and the Nuwa Growth Mixed A, with some new entrants like the Southern CSI 500 ETF and the Dongfang Alpha Advantage Industry Mixed A [3]