Group 1 - The core point of the news is that Aiwai Electronics experienced a decline in stock price by 3.43% on January 29, with a trading volume of 444 million yuan, while financing activities showed a net buying of 28.15 million yuan [1] - As of January 29, the total balance of margin trading for Aiwai Electronics reached 609 million yuan, with financing balance accounting for 5.50% of the circulating market value, indicating a high level compared to the past year [1] - The company specializes in the research and sales of integrated circuit products, with revenue composition from high-performance mixed-signal chips (51.64%), power management chips (38.34%), and signal chain chips (9.89%) [1] Group 2 - As of September 30, the number of shareholders for Aiwai Electronics increased by 32.09% to 17,000, while the average circulating shares per person decreased by 24.29% to 7,967 shares [2] - For the period from January to September 2025, Aiwai Electronics reported a revenue of 2.176 billion yuan, a year-on-year decrease of 8.02%, while the net profit attributable to shareholders increased by 54.98% to 276 million yuan [2] - The company has distributed a total of 221 million yuan in dividends since its A-share listing, with cumulative distributions over the past three years amounting to 88.37 million yuan [2]

证券代码：688798 证券简称：艾为电子 公告编号：2026-015 上海艾为电子技术股份有限公司 关于开设募集资金专户并签署募集资金专户存储 三方监管协议的公告 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。 经中国证券监督管理委员会出具《关于同意上海艾为电子技术股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕2972 号）同 意，上海艾为电子技术股份有限公司（以下简称"公司"）向不特定对象发行 190,132.00 万元的可转换公司债券，期限为 6 年，每张面值为人民币 100 元，发 行数量 1,901,320 手（19,013,200 张）。本次发行的募集资金总额为人民币 190,132.00 万元，扣除不含税的发行费用 1,505.22 万元，实际募集资金净额为 188,626.78 万元。上述募集资金已于 2026 年 1 月 28 日全部到账，经立信会计师 事务所（特殊普通合伙）审验并于 2026 年 1 月 28 日出具了信会师报字[2026]第 ZA10054 号《上海艾为 ...

Group 1 - The core viewpoint of the news is the strong performance of the semiconductor sector, particularly the "full-chip" ETF launched by Huabao, which has seen significant price increases in its initial days of trading [1][3] - The Huabao ETF, which tracks the Shanghai Stock Exchange's semiconductor index, includes 50 stocks related to semiconductor materials, equipment, design, manufacturing, and testing, with over 90% of its weight in core areas like integrated circuits and semiconductor equipment [3][6] - The index has shown a remarkable annualized return of 17.93% since its inception, outperforming other semiconductor indices, with a lower maximum drawdown, indicating a better risk-return profile [5][6] Group 2 - The semiconductor sector is experiencing a resurgence, driven by strong demand for analog chips and microcontrollers, particularly due to the ongoing construction of AI data centers [3] - Notable stocks within the ETF, such as Yandong Microelectronics, Naxin Micro, and SIRUI, have shown significant price increases, with Yandong Micro leading with a rise of over 10% [1][3] - A recent development from Peking University involves a new chip based on resistive random-access memory (RRAM), which reportedly enhances computing speed by approximately 12 times and energy efficiency by over 228 times compared to current advanced digital chips [2]

Group 1 - The core viewpoint of the news is the strong performance of the Sci-Tech Innovation Chip ETF (华宝, 589190), which saw a price increase of 2.72% on its first day and continued to rise by over 1.5% on the second day, indicating a bullish trend in the semiconductor sector [1][7]. - The ETF includes 50 stocks related to semiconductor materials, equipment, design, manufacturing, packaging, and testing, with over 90% of its weight in core areas like integrated circuits and semiconductor equipment, showcasing a comprehensive layout in the chip industry [3][10]. - The index tracked by the ETF has shown significant annualized returns of 17.93% since its inception, outperforming similar indices and demonstrating a better risk-reward ratio [12][13]. Group 2 - Key stocks within the ETF, such as 燕东微, 纳芯微, and 艾为电子, have shown strong gains, with 燕东微 leading with an increase of over 10% [1][7]. - Recent advancements in chip technology, such as a new chip developed by Peking University's AI Institute, have demonstrated a 12-fold increase in computing speed and over 228 times improvement in energy efficiency compared to current digital chips, indicating ongoing innovation in the sector [10][12]. - Positive signals from major overseas semiconductor companies, like Texas Instruments, indicate a strong recovery in demand for analog chips and microcontrollers, driven by the booming AI data center construction [3][10].

Group 1 - Heng Rui Medicine's HRS-5346 tablets have been included in the list of breakthrough therapeutic varieties by the National Medical Products Administration, with a total R&D investment of approximately 76.3 million yuan [30][30] - Yuguang Jin Lead announced a significant short-term stock price increase of 45.01% over five consecutive trading days, raising concerns about the uncertainty of future silver prices [31] - Dongcai Technology's actual controller and vice chairman has been detained and investigated, but the company states that this will not significantly impact its normal operations [32] Group 2 - Aisen Co. plans to invest 2 billion yuan to establish an integrated circuit materials manufacturing base in East China, with the first phase expected to be operational by 2028 [33] - Jingpin Special Equipment has been banned from participating in procurement activities for the armed police force for three years, which will have a limited impact on its overall revenue [34] - Nanhua Futures' overseas subsidiary has obtained membership approval for the Nodal Exchange, allowing it to trade and clear related products [35] Group 3 - Zhong Rare Earth expects a net profit of 100 million to 130 million yuan in 2025, reversing a loss of 299 million yuan in the previous year due to market recovery and operational improvements [38] - Deep South Circuit anticipates a net profit increase of 68% to 78% in 2025, driven by growth in AI computing power and storage market demand [39] - Hai Xin Energy Science and Technology expects a net loss of 450 million to 640 million yuan in 2025, although this is an improvement from a loss of 954 million yuan the previous year [40] Group 4 - Nanya New Materials forecasts a net profit increase of 337% to 417% in 2025, attributed to the recovery in the copper-clad laminate industry [41] - CanSino Biologics expects a net profit of 24.5 million to 29 million yuan in 2025, driven by the growth of its quadrivalent meningococcal vaccine [42] - Zhiguang Electric anticipates a net profit of 110 million to 160 million yuan in 2025, reversing a loss of 326 million yuan due to rapid growth in its energy storage business [43] Group 5 - Dongfang Securities expects a net profit increase of 67.8% in 2025, supported by growth in its core investment banking and wealth management businesses [44] - King Long Motors forecasts a net profit of approximately 463.26 million yuan in 2025, reflecting a 193.68% increase due to steady growth in overseas markets [45] - Zhenray Technology expects a net profit increase of 529.64% to 642.26% in 2025, driven by demand in special integrated circuits and satellite communication markets [46] Group 6 - Yongding Co. anticipates a net profit of 200 million to 300 million yuan in 2025, representing an increase of 225.66% to 388.48% due to investment income from its joint ventures [47] - Xiamen Tungsten's preliminary report indicates a net profit of 2.311 billion yuan in 2025, a 35.08% increase driven by rising prices of tungsten and rare earth materials [48] - Guodun Quantum expects to achieve a net profit of around 5 million yuan in 2025, reversing a loss from the previous year due to growth in the quantum computing sector [49] Group 7 - Shijia Photon anticipates a net profit of approximately 342 million yuan in 2025, reflecting a growth of around 426% due to increased orders in optical chips and cables [50] - Ningbo Fubang expects a net profit of 50 million to 70 million yuan in 2025, with a significant increase of 3099.59% to 4379.43% driven by rising silver prices and non-recurring gains [51] - Huasheng Lithium Battery plans to adjust its share repurchase price limit from 32 yuan to 150 yuan per share, reflecting confidence in its future development [52]

证券代码：688798 证券简称：艾为电子 公告编号：2026-014 上海艾为电子技术股份有限公司 向不特定对象发行可转换公司债券发行结果公告 保荐人（主承销商）：中信建投证券股份有限公司 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、准确性和完整性承担个别及连带责任。 重要内容提示： | 类别 | 缴款认购数量 | 缴款认购金额 | 放弃认购数量 | 放弃认购金额 | | --- | --- | --- | --- | --- | | | （手） | （元） | （手） | （元） | | 网上社会公众投资者 | 467,417 | 467,417,000 | 7,888 | 7,888,000 | 三、 保荐人（主承销商）包销情况 上海艾为电子技术股份有限公司（以下简称"艾为电子"、"发行人"或"公司"） 向不特定对象发行可转换公司债券（以下简称"可转债"或"艾为转债"）已获得中国 证券监督管理委员会证监许可〔2025〕2972号文核准。公司聘请中信建投证券股 份有限公司（以下简称"中信建投证券"、"主承销商"或"保荐人（主承销商）"）为 本次发行 ...

艾为电子公告称，公司向不特定对象发行的可转债"艾为转债"已获核准，规模19.01亿元，债券代 码"118065"。原股东优先配售后的余额部分网上向公众投资者发售。原股东认购142.60万手，金额14.26 亿元；网上公众投资者缴款认购46.74万手，金额4.67亿元，放弃认购7888手，金额788.80万元。网上放 弃认购部分由保荐人中信建投证券包销，包销数量7888手，金额788.80万元，包销比例0.41%。 ...

Group 1 - Heng Rui Medicine's HRS-5346 tablet has been included in the list of breakthrough therapeutic varieties by the National Medical Products Administration, with a total R&D investment of approximately 76.3 million yuan [2] - Yu Guang Jin Lead announced a significant stock price increase of 45.01% over five trading days, expressing uncertainty about the future price of silver [3] - Dongcai Technology's actual controller and vice chairman has been detained for investigation, but the company states that this will not significantly impact its normal operations [4] Group 2 - Aisen Co. plans to invest 2 billion yuan to establish an integrated circuit materials manufacturing base in East China, with the first phase expected to be operational by 2028 [5] - Jingpin Special Equipment has been banned from participating in procurement activities for three years, but the impact on overall operations is considered limited [6] - Nanhua Futures' overseas subsidiary has obtained membership at the Nodal Exchange, allowing it to trade and clear related products [7] Group 3 - Di'er Laser is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy [8] - Zhong Rare Earth expects a net profit of 100 million to 130 million yuan in 2025, reversing a loss from the previous year due to market improvements [10] - Shen Nan Circuit anticipates a net profit increase of 68% to 78% in 2025, driven by demand in AI computing and smart automotive sectors [11] Group 4 - Hai Xin Energy Science and Technology expects a net loss of 450 million to 640 million yuan in 2025, although this is an improvement from the previous year's loss [12] - Nan Ya New Materials forecasts a net profit increase of 337% to 417% in 2025, attributed to a recovery in the copper-clad laminate industry [13] - CanSino expects a net profit of 24.5 million to 29 million yuan in 2025, driven by the growth of its quadrivalent meningococcal vaccine [14] Group 5 - Zhi Guang Electric anticipates a net profit of 110 million to 160 million yuan in 2025, reversing a previous loss due to growth in its energy storage business [15] - Dongfang Securities expects a net profit increase of 67.8% in 2025, benefiting from capital market opportunities [17] - Jinlong Automobile forecasts a net profit increase of 193.68% in 2025, supported by growth in overseas markets [18] Group 6 - Zhen Lei Technology expects a net profit increase of 529.64% to 642.26% in 2025, driven by demand in special integrated circuits [19] - Yong Ding Co. anticipates a net profit of 200 million to 300 million yuan in 2025, reflecting significant growth from investment income [20] - Xiamen Tungsten's preliminary report indicates a net profit of 2.311 billion yuan in 2025, a 35.08% increase year-on-year [21] Group 7 - Guo Dun Quantum expects a net profit of 5 million yuan in 2025, marking a return to profitability [22] - Shi Jia Photon forecasts a net profit increase of approximately 426% in 2025, driven by growth in optical chip orders [23] - Ningbo Fubang anticipates a net profit increase of 3099.59% to 4379.43% in 2025, largely due to rising silver prices and significant non-recurring gains [24] Group 8 - Huasheng Lithium Battery plans to adjust its share repurchase price limit from 32 yuan to 150 yuan per share [26] - Aonong Biological announced plans for multiple shareholders to reduce their stakes [28] - Pizaihuang's controlling shareholder intends to increase its stake by 300 million to 500 million yuan [29]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the week of January 19 - 23, the stock market had large - scale net outflows of funds from important index ETFs, but the main indices were still oscillating strongly. The bond market was affected by regulatory news and the central bank's actions, with the 10 - year Treasury bond rate falling. The convertible bond market generally rose, with the CSI Convertible Bond Index up 2.92% [1][7][8]. - In the context of strong equity market sentiment and tight supply - demand of convertible bonds, the convertible bond market continued to rise last week, with the CSI Convertible Bond Index hitting a new high in nearly 10 years. It is recommended to avoid the risks of individual bonds with high redemption pressure and limited upward driving force of the underlying stocks [2][17]. - Looking forward, although the valuation vulnerability of the convertible bond market has further increased, the upward trend of the equity market is clear, providing support for convertible bond valuation. In the coming week, it is advisable to focus on sectors with high performance certainty and low - valuation leading stocks in under - performing industries [3][18]. 3. Summary by Relevant Catalogs 3.1 Market Focus (January 19 - 23) - **Stock Market**: There were large - scale net outflows of funds from important index ETFs, but the main indices were oscillating strongly with daily trading volume above 2.5 trillion yuan. The "15th Five - Year Plan" for power grid investment boosted the power grid equipment sector, and precious metals rose significantly due to global geopolitical situations. Different sectors showed fragmented performance on different days, and most Shenwan primary industries rose, with building materials, petroleum and petrochemicals, etc. leading the gains, while banks, communication, etc. lagging behind [1][7][8]. - **Bond Market**: The economic data announced last week was in line with expectations. The mid - week capital situation was tight but improved after the central bank's intervention. News of regulatory intention to cool the equity market was favorable for the bond market sentiment. The 10 - year Treasury bond rate closed at 1.8298% on Friday, down 1.26bp from the previous week [1][7][8]. - **Convertible Bond Market**: Most convertible bond individual securities rose. The CSI Convertible Bond Index was up 2.92% for the week, the median price was up 3.01%, and the arithmetic average parity was up 3.66%. The overall conversion premium rate decreased by 0.96% compared with the previous week. The textile and clothing, steel, and petroleum and petrochemical sectors in the convertible bond market led the gains, while social services, media, etc. lagged behind. In terms of individual bonds, Jiamei, Fuxin, etc. had the top gains, while Dongshi, Yinbang, etc. had the top losses. The total trading volume of the convertible bond market last week was 4395.97 billion yuan, with an average daily trading volume of 879.19 billion yuan, a decrease from the previous week [1][8][12]. 3.2 Views and Strategies (January 26 - 30) - **Risk Avoidance**: Strengthen the expected management of individual bond redemptions. Due to the "unexpected redemptions" of some targets at the beginning of the week, the valuation of high - parity convertible bonds was compressed. It is recommended to avoid the risks of individual bonds with high redemption pressure and limited upward driving force of the underlying stocks by considering factors such as remaining term and short - term stock price demands [2][17]. - **Investment Suggestions**: Although the valuation vulnerability of the convertible bond market has increased, the upward trend of the equity market provides support for convertible bond valuation. In the week of January 26 - 30, it is advisable to focus on sectors with high performance certainty such as semiconductor equipment and materials, chemical industry, lithium battery, CXO, etc., and low - valuation leading stocks in under - performing industries for absolute return funds [3][18]. 3.3 Valuation Overview - As of January 23, the average conversion premium rates of equity - biased convertible bonds in different price ranges were at high percentile values since 2010 and 2021. The average YTM of debt - biased convertible bonds with a parity below 70 yuan was - 5.66%, at the 0%/1% percentile since 2010 and 2021. The average implied volatility of all convertible bonds and the difference between the implied volatility and the long - term actual volatility of the underlying stocks were also at high percentile values [19]. 3.4 Primary Market Tracking - **Last Week (January 19 - 23)**: Aiwei and Longjian convertible bonds announced their issuance, and no convertible bonds were listed. Aiwei Convertible Bond has a scale of 19.01 billion yuan, and Longjian Convertible Bond has a scale of 10 billion yuan [26][27]. - **Next Week (January 26 - 30)**: No convertible bonds are announced for issuance, and Lianrui Convertible Bond will be listed, with a scale of 6.95 billion yuan [28][29]. - **Overall Situation**: As of January 23, there were 97 convertible bonds to be issued, with a total scale of 1522.3 billion yuan, including 8 that have been approved for registration, with a total scale of 61.6 billion yuan [30].

证券代码：688798 证券简称：艾为电子 公告编号：2026-013 保荐人（主承销商）：中信建投证券股份有限公司 上海艾为电子技术股份有限公司 向不特定对象发行可转换公司债券 网上中签结果公告 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、准确性和完整性承担法律责任。 根据《上海艾为电子技术股份有限公司向不特定对象发行可转换公司债券发行 公告》，本次发行的发行人上海艾为电子技术股份有限公司（以下简称"艾为电 子"）及本次发行的保荐人（主承销商）中信建投证券股份有限公司于 2026 年 1 月 23 日（T+1 日）主持了艾为电子可转换公司债券（以下简称"艾为转债"）网 上发行中签摇号仪式。摇号仪式按照公开、公平、公正的原则在有关单位代表的监 督下进行，摇号结果经上海市东方公证处公证。现将中签结果公告如下： | 末尾位数 | 中签号码 | | --- | --- | | 末"5"位数 | 54552,79552,29552,04552 | | 末"6"位数 | 545563,670563,795563,920563,420563,295563,1705 ...