Core Viewpoint - Hongwei Technology (688711) announced a procurement contract with a leading domestic electric vehicle manufacturer, enhancing its market position in the SiC product sector [1] Group 1 - The subsidiary, Changzhou Xindongneng Semiconductor Co., Ltd., signed a procurement contract with a top domestic electric vehicle client [1] - This collaboration expands the company's share in the SiC product field, reinforcing its market competitiveness [1]

Core Viewpoint - The company, Hongwei Technology (688711.SH), has signed a procurement contract with a leading domestic electric vehicle manufacturer, indicating recognition of its R&D capabilities, supply chain efficiency, and product quality [1] Group 1: Contract Details - The procurement contract was signed with a prominent domestic high-end independent automotive brand [1] - This collaboration is expected to expand the company's market share in the SiC product sector [1] Group 2: Impact on Business - Successful conversion of subsequent orders is anticipated to positively affect the company's operational performance [1] - The specific financial impact and timing will depend on the details of the orders [1]

证券代码：688711 证券简称：宏微科技 公告编号：2025-077 转债代码：118040 债券简称：宏微转债 二、对公司的影响 上述车企客户是国内领先的高端自主汽车品牌，本次合作体现了客户对公司 研发能力、供应链能力及产品质量的认可，进一步扩大了公司在 SiC 产品领域的 配套份额，巩固和提高了公司的市场竞争力；如后续订单陆续顺利转化，预计将 对公司经营业绩产生积极影响，具体影响金额及影响时间将视订单的具体情况而 定。 三、风险提示 上述合同不构成实质订单，该合同履行实施过程中可能存在受宏观经济形势、 行业政策及市场环境变化等因素影响，可能存在履行效果不达预期或者合作终止 的风险。 公司将密切关注后续相关具体事项的进展，并按照《上海证券交易所科创板 1 江苏宏微科技股份有限公司 关于控股子公司获得车企客户项目定点进展暨签 订《采购合同书》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。 一、基本情况 江苏宏微科技股份有限公司（以下简称"公司"）控股子公司常州芯动能半 导体有限公司（以下简称"芯动能"）与国内某新 ...

Core Viewpoint - The announcement indicates that the subsidiary, Chip Dynamics, has signed a framework procurement contract with a leading domestic electric vehicle customer, reflecting recognition of its R&D capabilities, supply chain efficiency, and product quality [1] Group 1: Contract Details - The contract is a framework agreement and does not specify exact quantities or monetary values [1] - This collaboration is expected to enhance the company's market share in the SiC product sector [1] Group 2: Impact on Company Performance - Successful conversion of future orders from this contract is anticipated to positively impact the company's operational performance [1]

Core Viewpoint - The company, Hongwei Technology, has not established a direct commercial partnership with NVIDIA, indicating a focus on independent product development in the high-voltage direct current (HVDC) sector [1] Group 1: Company Developments - Hongwei Technology is responding to the demand for high-voltage platforms in the HVDC field, specifically for 240V/±400V/400V/800V applications [1] - The company offers a 1700V GWB module product that is compatible with solid-state transformers (SST) [1] - Hongwei Technology plans to launch multiple SiC and GaN device products for use in HVDC power systems, aiming to enhance the supply of efficient power devices in high-voltage, high-power scenarios [1]

Group 1 - The core point of the news is that Jiangsu Hongwei Technology Co., Ltd. experienced a 5.1% drop in stock price, closing at 24.00 CNY per share, with a trading volume of 114 million CNY and a turnover rate of 2.18%, resulting in a total market capitalization of 5.114 billion CNY [1] - The company, established on August 18, 2006, and listed on September 1, 2021, specializes in the design, research and development, production, and sales of power semiconductor chips, including IGBT and FRED [1] - The revenue composition of the company's main business includes modules (packaging) at 73.83%, single tubes (packaging) at 22.67%, chips at 1.72%, entrusted processing business at 1.62%, and others at 0.15% [1] Group 2 - From the perspective of fund holdings, only one fund under Wan Jia Fund has a significant position in Hongwei Technology, specifically the Wan Jia Guo Zheng 2000 ETF, which held 190,100 shares in the second quarter, accounting for 0.41% of the fund's net value [2] - The Wan Jia Guo Zheng 2000 ETF, established on June 29, 2022, has a latest scale of 808 million CNY and has achieved a year-to-date return of 27.25%, ranking 1763 out of 4218 in its category [2] - The fund manager, Yang Kun, has a tenure of 6 years and 2 days, with a total asset scale of 14.776 billion CNY, and the best fund return during his tenure is 81.38% while the worst is -32.3% [2]

Core Viewpoint - The controlled nuclear fusion sector continues to decline, with multiple stocks experiencing significant drops in value [1] Group 1: Stock Performance - Companies such as Aerospace Morning Light and Hongwei Technology saw declines exceeding 8% [1] - Over 20 stocks, including Guoguang Electric, Xuguang Electronics, Yongding Co., Hezhuan Intelligent, Hahuan Huaton, and China Nuclear Construction, fell by more than 5% [1]

Market Overview - The Sci-Tech Innovation Board (STAR Market) index fell by 4.26%, closing at 1410.30 points, with a total trading volume of 5.619 billion shares and a turnover of 283.55 billion yuan, resulting in an average turnover rate of 2.96% [1] - Among the tradable stocks on the STAR Market, 80 stocks closed higher, with 3 stocks increasing by 5% to 10%, while 504 stocks closed lower, with 8 stocks declining by over 10% [1] Trading Activity - The highest turnover rate was recorded by Canxin Semiconductor at 26.34%, closing down 0.07%, with a trading volume of 2.838 billion yuan. Other notable stocks included Xianfeng Precision Technology with a turnover rate of 23.55% and a decline of 9.94%, and Xingfu Electronics with a turnover rate of 17.58% and a decline of 7.60% [1][3] - In terms of turnover rates, 2 stocks had rates exceeding 20%, 18 stocks had rates between 10% and 20%, and 105 stocks had rates between 5% and 10% [1] Sector Performance - The electronics sector had the highest number of stocks with turnover rates exceeding 5%, totaling 54 stocks, followed by the power equipment and computer sectors with 19 and 16 stocks, respectively [2] - Among high turnover stocks, 46 experienced net inflows of main funds, with the highest inflows seen in Guodun Quantum, Xibu Superconductor, and Sainuo Medical, with net inflows of 280 million yuan, 219 million yuan, and 202 million yuan, respectively [2] Leverage Fund Movements - A total of 72 stocks with high turnover received net purchases from leveraged funds, with notable increases in financing balances for Huahong Semiconductor, Yandong Micro, and Xibu Superconductor, which saw increases of 1.035 billion yuan, 444 million yuan, and 428 million yuan, respectively [2]

Group 1: Industry Overview - The compact fusion energy experimental device (BEST) project in Hefei, Anhui, has made significant progress during the National Day holiday, leading to increased market interest in controllable nuclear fusion concepts [1][4] - Controllable nuclear fusion aims to replicate the sun's energy generation mechanism on Earth, with the potential to provide nearly limitless clean energy if successfully commercialized [3][9] - The fusion energy research in China is transitioning from basic science to engineering practice, with substantial technological breakthroughs achieved [3][4] Group 2: Company Developments - Several domestic companies have made notable advancements in the controllable nuclear fusion sector, with Hezhong Intelligent delivering the first batch of gravity supports for the BEST vacuum chamber [6] - Zhongzhou Special Materials won a contract worth 180 million yuan for the BEST vacuum chamber support components, with this project accounting for 40% of its nuclear power revenue [6] - Southeast Network Framework has secured a contract for embedded components for a fusion energy project, indicating ongoing participation in the sector [7] Group 3: Policy and Market Potential - The Chinese government has been actively promoting the nuclear fusion industry through various policies, including the inclusion of fusion in key development areas and establishing safety regulations [8] - The controllable nuclear fusion market is projected to become a trillion-dollar industry by 2050, with significant growth in global investments from 1.9 billion USD in 2021 to an estimated 9.7 billion USD by 2025 [9]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The controlled nuclear fusion sector is experiencing steady progress in research and construction, with continuous order releases, indicating a positive long-term development outlook [8][35] - The BEST device construction has fully commenced, and the core component bidding is expected to accelerate [6][22] - Recent breakthroughs in plasma discharge frequency and intensity by Zap Energy mark significant advancements towards commercialization [20][21] Summary by Sections Sector Review - In the week of October 9-10, 2025, most segments within the controlled nuclear fusion sector saw price increases, with notable gains in individual stocks such as Hahai Huadong (+29.6%), Hezhuan Intelligent (+21.0%), and Antai Technology (+21.0%) [5][15] - The magnetic materials segment rose by 10.9%, vacuum chamber and metal forgings by 10.8%, and upstream metal materials by 7.6% [17] Industry Dynamics - The BEST device's key component, the Dewar base, has been successfully installed, marking a new phase in the project [22] - Germany announced a €2 billion fusion action plan aimed at establishing a demonstration reactor by the 2040s [25] - Gauss Fusion released a concept design report for Europe's first commercial fusion power plant, with an estimated investment of €15-18 billion [31] Company Developments - Hangyang Group won a bid for a low-temperature liquid helium testing system project, which is crucial for the controlled nuclear fusion low-temperature system [34] Weekly Perspective - The ongoing development of nuclear fusion devices and the release of orders are viewed positively for the sector's long-term prospects, with a focus on core components such as magnets, main units, and power supplies [35]