Core Viewpoint - The company is actively expanding into humanoid robot applications, led by its subsidiary Shanghai Hongwei Aisai Semiconductor Co., Ltd, which focuses on the development of third-generation semiconductor power devices [1] Group 1: Company Developments - The R&D team of Shanghai Hongwei Aisai Semiconductor is developing GaN and SiC power devices, with a focus on a self-developed GaN product featuring 100V and 7mΩ [1] - The GaN product offers advantages such as high switching frequency, low loss, and compact size, aligning with the requirements for high power density and rapid response in humanoid robot joint drive systems [1] - The product has been sampled to downstream customers, although mass production has not yet been achieved [1]

Core Viewpoint - The company is actively expanding its semiconductor technology advantages into the emerging humanoid robot market, led by its subsidiary Shanghai Hongwei Aisai Semiconductor Co., Ltd [1] Group 1: Company Development - The company is focusing on humanoid robot applications, with a dedicated research and development team [1] - Shanghai Hongwei Aisai Semiconductor Co., Ltd specializes in the development of third-generation semiconductor power devices such as GaN and SiC [1] Group 2: Product Features - The self-developed GaN 100V/7mΩ product offers high switching frequency, low loss, and compact size, meeting the requirements for high power density, high response speed, and compact integration in humanoid robot joint drive systems [1] - The product has been sent to downstream customers for sampling but has not yet achieved mass production [1]

证券日报网讯 1月13日，宏微科技在互动平台回答投资者提问时表示，公司在可控核聚变领域尚未形成 销售收入。目前公司已与国内头部核聚变装置厂商、多家电源厂商达成合作，未来将聚焦于可控核聚变 装置中所需的关键功率器件，如背景磁场电源系统、脉冲电源系统、辅助加热电源系统等。但相关产品 的技术验证、市场拓展及商业化进程尚具有不确定性，请注意投资风险。 （编辑 丛可心） ...

Group 1 - The core viewpoint of the news is that Hongwei Technology has shown significant stock price performance and financial growth, indicating potential investment interest [1][2]. - As of January 12, Hongwei Technology's stock price increased by 2.07% to 34.55 CNY per share, with a trading volume of 349 million CNY and a market capitalization of 7.362 billion CNY [1]. - The company has experienced a stock price increase of 8.89% year-to-date, with notable gains of 39.03% over the past 20 days [1]. Group 2 - Hongwei Technology reported a revenue of 983 million CNY for the first nine months of 2025, reflecting a year-on-year growth of 0.35%, while the net profit attributable to shareholders was 5.366 million CNY, up 32.78% year-on-year [2]. - The company has a diverse revenue structure, with 73.83% from modules, 22.67% from single tubes, and 1.72% from chips, among other sources [1]. - Since its A-share listing, Hongwei Technology has distributed a total of 42.4917 million CNY in dividends, with 22.4976 million CNY in the last three years [3].

Group 1 - The core stock price of Hongwei Technology (688711) closed at 33.85 yuan on January 9, 2026, with an increase of 5.22% and a turnover rate of 8.24% [1] - The trading volume was 175,600 shares, with a total transaction amount of 589 million yuan [1] Group 2 - On January 9, 2026, the net outflow of main funds was 11.254 million yuan, while retail investors saw a net inflow of 8.1984 million yuan [2][3] - The company held its 19th meeting of the fifth board of directors on January 9, 2026, where it approved the adjustment of the investment subject and amount for temporarily idle self-owned funds for cash management [2] - The investment subject was adjusted to include the company and its controlling subsidiaries, with the investment limit increased from no more than 200 million yuan to no more than 500 million yuan for purchasing low-risk financial products [2] - The investment period is set for within 12 months from the date of board approval, and the funds can be used in a rolling manner [2]

Group 1 - The stock price of Jiangsu Hongwei Technology Co., Ltd. (688711) closed at 33.85 yuan on January 9, 2026, up 6.68% from 31.73 yuan the previous week, with a market cap of 7.213 billion yuan [1] - The company reached a one-year high of 35.3 yuan during intraday trading on January 9, 2026, with a low of 31.0 yuan on January 7, 2026 [1] - The total market capitalization ranks 135 out of 170 in the semiconductor sector and 2651 out of 5182 in the A-share market [1] Group 2 - The company announced the results of the convertible bond conversion, with a total of 340,000 yuan converted into company stock, resulting in 11,862 shares, which is 0.00780% of the total shares before conversion [1][3] - As of December 31, 2025, there remains 429.66 million yuan of convertible bonds unconverted, accounting for 99.92093% of the total issuance [1] - In the fourth quarter of 2025, 304,000 yuan of convertible bonds were converted, resulting in 10,662 shares [3] Group 3 - The company held a board meeting on January 9, 2026, and approved an adjustment to the investment subject and limit for temporarily idle self-owned funds for cash management [2] - The investment limit was increased from no more than 200 million yuan to no more than 500 million yuan, aimed at purchasing low-risk financial products with high safety and liquidity [2] - The investment period is set for 12 months from the date of board approval, with funds available for rolling use [2]

Core Viewpoint - Jiangsu Hongwei Technology Co., Ltd. has announced an adjustment in the use of temporarily idle self-owned funds for cash management, increasing the investment limit from 200 million RMB to 500 million RMB for purchasing low-risk financial products [1] Group 1: Stock Performance - As of January 9, 2026, Hongwei Technology's stock closed at 33.85 RMB, up 5.22% from the previous trading day, with a total market capitalization of 7.213 billion RMB [1] - The stock opened at 31.8 RMB, reached a high of 35.3 RMB, and a low of 31.5 RMB, with a trading volume of 5.89 billion RMB and a turnover rate of 8.24% [1] Group 2: Investment Management Announcement - The company held its 19th meeting of the fifth board of directors on January 9, 2026, where it approved the adjustment of the investment subject and limit [1] - The investment subject has been adjusted to include the company and its controlling subsidiaries, with the investment limit set for a period of 12 months from the date of board approval [1] - The funds will be used to purchase financial products from financial institutions that are high in safety and liquidity, with established risk control measures to ensure fund security [1]

证券代码：688711 证券简称：宏微科技 公告编号：2026-002 转债代码：118040 债券简称：宏微转债 江苏宏微科技股份有限公司 关于调整使用暂时闲置自有资金 进行现金管理的投资主体及投资额度的公告 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： ● 投资种类：安全性高、流动性好、具有合法经营资格的金融机构销售 的中低风险投资产品。 ● 投资主体：由江苏宏微科技股份有限公司（以下简称"公司"）调整 为公司及控股子公司。 ● 投资金额：使用不超过人民币2.00亿元调整为不超过人民币5.00亿元的 暂时闲置自有资金进行现金管理，在上述额度范围内，资金可以循环滚动使用。 ● 投资期限：自公司第五届董事会第十九次会议审议通过之日起12个月 内有效。 1 公司于2025年7月25日召开第五届董事会第十二次会议，审议通过《关于使 用部分暂时闲置自有资金进行现金管理的议案》，同意公司使用不超过人民币 2.00亿元的暂时闲置自有资金进行现金管理，购买安全性高、流动性好、具有 合法经营资格的金融机构销售的中低风险 ...

| 证券代码：688711 | 证券简称：宏微科技 | 公告编号：2026-001 | | --- | --- | --- | | 转债代码：118040 | 债券简称：宏微转债 | | 江苏宏微科技股份有限公司 可转债转股结果暨股份变动公告 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： 累计转股情况：截至 2025 年 12 月 31 日，"宏微转债"累计有人民币 340,000 元已转换为江苏宏微科技股份有限公司（以下简称"公司"）股票，转股数量为 11,862 股，占"宏微转债"转股前公司已发行股份总额的 0.00780%。 未转股可转债情况：截至 2025 年 12 月 31 日，"宏微转债"尚未转股的可 转债金额为 429,660,000 元，占"宏微转债"发行总量的 99.92093%。 本季度转股情况："宏微转债"自 2024 年 1 月 31 日开始转股。自 2025 年 10 月 1 日至 2025 年 12 月 31 日期间，"宏微转债"共有人民币 304,000 元已转换 为公司股票 ...

1. Report's Investment Rating for the Industry - No information provided regarding the industry's investment rating. 2. Core Views of the Report - Bullish on the equity market during the "Spring Rally". With the expected strengthening of underlying stocks and seasonal effects, there is a slight room for convertible bond valuations to increase. When selecting bonds, focus on the performance elasticity of the underlying stocks. For near - maturity convertible bonds, consider participating in the underlying stocks [27]. - In the stock market, in December 2025, the risk appetite was high. Looking ahead, the RMB appreciation expectation is strengthening, and with the end of the year - end ranking assessment of financial institutions, the "Spring Rally" is expected to gradually kick off. In January, if the market adjusts during the intensive performance forecast period, investors can buy on dips and focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - In the convertible bond market, in December 2025, the CSI Convertible Bond Index reached a new high since July 2015. Although the share of convertible bond ETFs continued to decline, the market premium rate increased. In the future, due to seasonal effects, some institutional investors may gradually increase their positions in January, and convertible bond valuations have a slight room for improvement [27]. 3. Summary of Each Section 3.1 2025 December Convertible Bond Market Review - **Stock and Bond Market Review**: In December, the equity market fluctuated upwards, and the bond market generally fluctuated. The Shanghai Composite Index rose for nearly 10 consecutive trading days in the middle and late - December, closing at 3963.68 on December 26, with a monthly increase of 1.27%. The 10 - year Treasury bond yield closed at 1.838% on December 26, up 0.10bp from the beginning of the month, and the 30 - year Treasury bond yield closed at 2.223%, up 3.32bp from the beginning of the month [4][8]. - **Convertible Bond Market Review**: The convertible bond market generally rose following the equity market. The premium rates of convertible bonds in all parity ranges increased, but convertible bond ETFs continued to face outflow pressure. Five convertible bonds announced downward revisions, one more than the previous month, and 10 convertible bonds announced forced redemptions, two less than the previous month. The CSI Convertible Bond Index closed at 493.2 on December 26, up 2.31% [5][8]. - **Industry Performance**: In the Shenwan industry classification, sectors such as national defense and military industry (+12.25%), communication (+10.55%), and non - bank finance (+8.27%) performed well, while sectors such as media (-4.77%), banks (-3.68%), and coal (-3.62%) declined [8]. 3.2 2026 January Convertible Bond Allocation Strategy - **Stock Market Outlook**: The RMB appreciation expectation is strengthening, and the "Spring Rally" is expected to start. In January, if the market adjusts during the performance forecast period, investors can buy on dips. Focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - **Convertible Bond Outlook**: Due to seasonal effects, some institutions may increase their positions in January. Convertible bond valuations have a slight room for improvement. When selecting bonds, relative - return funds should focus on high - probability sectors with a high - beta underlying stocks, and absolute - return funds should focus on high - odds sectors [27][28]. - **Bond Selection Suggestions**: For relative - return funds, focus on sectors such as lithium - battery materials, semiconductor equipment and materials, power semiconductors, high - quality auto parts, anti - involution industries, and securities. For absolute - return funds, focus on industry leaders with low valuations, sectors such as pig farming, power, and water supply, and convertible bond debt - to - equity conversion [28]. 3.3 2026 January "Top Ten Convertible Bonds" Portfolio | Convertible Bond Code | Convertible Bond Name | Underlying Stock Name | Industry | Balance (Billion Yuan) | Convertible Bond Price (Yuan) | Convertible Bond Parity (Yuan) | Conversion Premium Rate (%) | Rating | Recommendation Reason | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 113043.SH | Caitong Convertible Bond | Caitong Securities | Securities II | 37.99 | 133.52 | 109.71 | 21.70 | AAA | The securities sector will see a double - hit of valuation and profit in a bull market [30]. | | 123254.SZ | EVE Convertible Bond | EVE Energy | Battery | 49.98 | 167.64 | 134.65 | 24.51 | AA+ | The demand for energy storage is strong, and the shipment volume in the third quarter increased significantly year - on - year and quarter - on - quarter [30]. | | 113695.SH | Huachen Convertible Bond | Jiangsu Huachen | Power Grid Equipment | 4.60 | 160.16 | 122.10 | 31.17 | A+ | The company's new production capacity is put into operation just as the demand for energy storage is growing rapidly [30]. | | 113634.SH | Proya Convertible Bond | Proya | Cosmetics | 7.51 | 125.13 | 70.36 | 77.83 | AA | As a domestic beauty leader, its brand and product strength are outstanding, and its valuation at a historical low is expected to be restored [30]. | | 113616.SH | Will Semiconductor Convertible Bond | Will Semiconductor | Semiconductor | 24.32 | 124.07 | 78.35 | 58.36 | AA+ | The company is accelerating its introduction into intelligent driving and emerging markets and has launched new mobile phone products with strong competitiveness [30]. | | 118040.SH | Hongwei Convertible Bond | Hongwei Technology | Semiconductor | 4.30 | 149.72 | 116.17 | 28.88 | A | Power semiconductors benefit from the growth of power supply and energy storage demand [30]. | | 113674.SH | Huashe Convertible Bond | Huashe Group | Engineering Consulting Service II | 4.00 | 129.29 | 89.47 | 44.51 | AA | As a leader in infrastructure design, its main business is stabilizing, and intelligent design and low - altitude economy provide growth points [30]. | | 123222.SZ | Bojun Convertible Bond | Bojun Technology | Auto Parts | 2.44 | 224.63 | 194.72 | 15.36 | A+ | The growth of customer sales and the increase in ASP per vehicle drive up revenue and profit [30]. | | 113666.SH | Aima Convertible Bond | Aima Technology | Motorcycle and Others | 19.99 | 125.11 | 79.63 | 57.12 | AA | The new national standard may promote the market share of the two - wheeled vehicle leader [30]. | | 123247.SZ | Wankai Convertible Bond | Wankai New Materials | Plastics | 19.64 | 172.30 | 150.18 | 14.73 | AA | Under the "anti - involution" of bottle chips, the processing fee is expected to stabilize, and the company is entering the rPET blue - ocean market [30]. |