Core Viewpoint - Aiwai Electronics experienced a 5% decline in stock price, with a current price of 89.26 CNY per share and a total market capitalization of 20.809 billion CNY [1] Group 1: Company Overview - Aiwai Electronics, established on June 18, 2008, and listed on August 16, 2021, is located in Minhang District, Shanghai [1] - The company's main business involves the research and sales of integrated circuit products, with revenue composition as follows: 51.64% from high-performance mixed-signal chips, 38.34% from power management chips, 9.89% from signal chain chips, and 0.14% from other sources [1] Group 2: Shareholder Information - The largest circulating shareholder of Aiwai Electronics is the Jiashi Fund, which increased its holdings in the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF (588200) by 206,000 shares in the second quarter, now holding 2.2118 million shares, accounting for 1.63% of circulating shares [2] - The Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF (588200) was established on September 30, 2022, with a current scale of 27.806 billion CNY and has achieved a year-to-date return of 49.3% [2] Group 3: Fund Performance - Jiashi Green Theme Stock Initiation A (017744) holds 111,400 shares of Aiwai Electronics, representing 4.92% of the fund's net value, ranking as the ninth largest holding [3] - The Jiashi Green Theme Stock Initiation A (017744) was established on February 17, 2023, with a current scale of 38.1522 million CNY and has achieved a year-to-date return of 51.39% [3]

Core Viewpoint - Aiwai Electronics experienced a decline of 5.01% in stock price, reaching 94.33 CNY per share, with a total market capitalization of 21.99 billion CNY as of August 29 [1] Company Overview - Aiwai Electronics, established on June 18, 2008, and listed on August 16, 2021, is located in Minhang District, Shanghai. The company specializes in the research and sales of integrated circuit products [1] - The revenue composition of Aiwai Electronics includes: 51.64% from high-performance mixed-signal chips, 38.34% from power management chips, 9.89% from signal chain chips, and 0.14% from other sources [1] Shareholder Analysis - The largest shareholder among Aiwai Electronics' top ten circulating shareholders is the Jiashi Fund, which increased its holdings in the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF (588200) by 206,000 shares in the second quarter, totaling 2.21 million shares, representing 1.63% of circulating shares [2] - The Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF (588200) was established on September 30, 2022, with a current scale of 27.81 billion CNY. It has achieved a year-to-date return of 54.05%, ranking 180 out of 4222 in its category, and a one-year return of 154.56%, ranking 15 out of 3776 [2] Fund Performance - The fund manager of Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF (588200) is Tian Guangyuan, who has been in the position for 4 years and 175 days. The fund's total asset scale is 44.32 billion CNY, with the best return during his tenure being 127.14% and the worst being -47.29% [3] - Another Jiashi Fund, Jiashi Green Theme Stock Initiation A (017744), holds 111,400 shares of Aiwai Electronics, accounting for 4.92% of the fund's net value, ranking as the ninth largest holding. The fund was established on February 17, 2023, with a current scale of 38.15 million CNY [4] - Jiashi Green Theme Stock Initiation A (017744) has achieved a year-to-date return of 53.41%, ranking 191 out of 4222 in its category, and a one-year return of 128.47%, ranking 80 out of 3776 [4]

证券之星消息，8月26日，艾为电子（688798）融资买入1.17亿元，融资偿还1.13亿元，融资净买入 449.73万元，融资余额5.05亿元，近3个交易日已连续净买入累计4144.96万元，近20个交易日中有12个 交易日出现融资净买入。 融资融券余额5.08亿元，较昨日上涨0.92%。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-08-26 | 5.08亿 | 462.31万 | 0.92% | | 2025-08-25 | 5.03亿 | 1556.32万 | 3.19% | | 2025-08-22 | 4.88亿 | 2158.25万 | 4.63% | | 2025-08-21 | 4.66亿 | 4726.75万 | 11.29% | | 2025-08-20 | 4.19亿 | 7253.86万 | 20.95% | | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-26 | 449.73万 | 5.05 ...

上海艾为电子技术股份有限公司 关于开立募集资金现金管理专用结算账户的公告 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： 上海艾为电子技术股份有限公司（以下简称"公司"）于 2025 年 8 月 12 日 召开了第四届董事会第十三次会议和第四届监事会第十二次会议，审议通过了 《关于使用暂时闲置募集资金进行现金管理的议案》，同意公司使用额度不超过 人民币 9 亿元（含本数）的闲置募集资金进行现金管理，用于购买安全性高、流 动性好、满足保本要求的理财产品且该等现金管理产品不得用于质押，不用于以 证券投资为目的的投资行为，单个理财产品的投资期限不超过 12 个月，使用期 限自公司董事会审议通过之日起 12 个月之内有效，在上述额度和期限内，资金 可循环滚动使用。公司保荐人中信证券股份有限公司对上述事项发表了明确的同 意意见。本次事项无需提交股东大会审议。 具 体 内 容 详 见 公 司 于 2025 年 8 月 14 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）上披露的《上海艾为电 ...

Core Insights - Aiwai Electronics experienced a stock price increase of 1.96% on August 25, with a trading volume of 917 million yuan [1] - The company reported a financing net purchase of 15.54 million yuan on the same day, with a total financing and securities balance of 503 million yuan [1] - As of June 30, 2025, Aiwai Electronics achieved a revenue of 1.37 billion yuan, a year-on-year decrease of 13.40%, while net profit attributable to shareholders increased by 71.09% to 157 million yuan [2] Financing and Trading Activity - On August 25, Aiwai Electronics had a financing buy amount of 156 million yuan, with a current financing balance of 501 million yuan, representing 3.86% of the circulating market value [1] - The financing balance is above the 90th percentile level for the past year, indicating a high level of financing activity [1] - The company had a securities lending balance of 216.16 thousand yuan, also exceeding the 90th percentile level for the past year [1] Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders for Aiwai Electronics increased by 19.13% to 12,900, while the average circulating shares per person decreased by 15.77% to 10,524 shares [2] - The top ten circulating shareholders include new entrants such as Hong Kong Central Clearing Limited, holding 3.10 million shares [2] - HSBC Jintrust Dynamic Strategy Mixed A and HSBC Jintrust Low Carbon Pioneer Stock A saw reductions in their holdings, while the Jia Shi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF increased its holdings by 20.60% [2]

Group 1: Zhaoyi Innovation - Zhaoyi Innovation reported strong growth across various business lines in Q2 2024, with NOR Flash experiencing high single-digit growth, niche DRAM growing over 50%, MCU close to 20%, and sensor chips growing approximately 10% [1] - The company anticipates a quarter-on-quarter growth in Q3, with overall demand expected to rise throughout the year, particularly for niche DRAM, which is facing supply tightness [1] - The overall gross margin is expected to remain stable, with a slight increase in DRAM gross margin and moderate price increases for Flash products [1] - The demand for NOR Flash is driven by an increase in electronic product code volume, while supply constraints are expected to persist due to tight wafer manufacturing capacity [1] - The company is optimistic about customized storage technology, which offers performance advantages, and anticipates more industries and clients will adopt this solution [1] - MCU growth is projected in industrial control, energy storage, and high-end domestic replacement sectors, with new product revenue contributions expected to rise [1] - DDR4 8Gb revenue is expected to contribute one-third of DRAM revenue for the year, while LPDDR4 small-capacity products may see their revenue share increase to double digits [1] - The company has significant R&D investments and a large market potential, aiming to achieve revenue comparable to standard interface niche storage [1] - Zhaoyi Innovation has a first-mover advantage and strong relationships with strategic suppliers, ensuring capacity and process advantages [1] - The niche market remains stable, with production cuts from leading manufacturers creating growth opportunities, and the company plans to launch the LPDDR5 product line within two years [1] - The automotive MCU market is promising, with plans to introduce multi-core products and AI MCUs for AI applications [1] - The 45nm NOR Flash capacity is expected to ramp up, contributing 15% to revenue by year-end, with a complete product line expected by 2026 and a significant cost advantage due to a 20% reduction in chip area [1] Group 2: Aisen Co., Ltd. - Aisen Co., Ltd. has achieved multiple product breakthroughs in wafer, advanced packaging, semiconductor display, and IC substrate fields [2] - The company has successfully mass-produced 28nm process copper plating additives and is testing products in the 5-14nm range [2] - Negative photoresists for glass-based packaging have received mass production orders, and OLED array photoresists have passed validation [2] - Tenting rapid-fill copper plating products have been introduced into the HDI and SLP supply chains [2] - The TSV process relies on high-precision copper plating, and the company's TSV copper plating additives have achieved rapid, void-free filling [2] - Aisen has developed its own photoresist resin covering various types, forming a complete R&D system [2] - The IC substrate market is projected to reach $31 billion by 2030, with the company's copper plating products gradually being pushed into HDI, SLP, and IC substrate applications to increase localization rates [2]

Group 1 - The A-share semiconductor sector experienced a significant decline in the afternoon of August 25, with multiple stocks such as Aojie Technology, Xinyuan Micro, Aisen Co., and Jingyi Equipment dropping over 5% [1] - Other companies including Zhongwei Company, Huahai Chengke, SMIC, and Baiwei Storage also saw a shift to a downward trend [1]

Core Viewpoint - The cross-border payment sector in A-shares has seen significant gains, with multiple companies experiencing notable stock price increases [1] Group 1: Company Performance - Highwei Da has risen over 11% [1] - Shenzhou Information has reached a 10% limit up [1] - Electric Science Digital has increased by over 6% [1] - Small Commodity City has gained 5% [1] - Tianrongxin and Airong Software have both risen by over 4% [1] - Zhongyou Capital, Xinyada, and Sifang Jingchuang have all increased by over 3% [1]

Market Overview - The A-share market has shown strong performance, breaking through last year's high, with expectations for continued upward movement supported by reasonable valuations and new positive factors such as a potential interest rate cut by the Federal Reserve and a recovery in public fund issuance [2][3] - The weighted REITs index has decreased by 1.52% during the week of August 18-22, 2025, indicating a downward trend in the secondary market prices of publicly listed REITs [2] Credit Bonds - A total of 375 credit bonds were issued from August 18 to August 22, 2025, with a total issuance scale of 376.74 billion, reflecting a week-on-week increase of 12.45% [3] - The total transaction volume of credit bonds reached 1,286.40 billion, up 16.04% week-on-week, with commercial bank bonds, corporate bonds, and medium-term notes being the top three in transaction volume [3] Convertible Bonds - The CSI Convertible Bond Index increased by 2.8% during the week, with a year-to-date increase of 17.9%, slightly below the equity market performance [4] - Current valuations of convertible bonds are close to or exceed historical highs, yet the equity market remains robust, suggesting continued strong performance in the convertible bond market [4] High-end Manufacturing - Exports of engineering machinery maintained double-digit growth, with excavators, tractors, and mining machinery showing year-on-year increases of 24%, 30%, and 25% respectively [6] - The report suggests focusing on companies like QuanFeng Holdings, JuXing Technology, and Xugong Machinery due to their strong export performance [6] TMT Sector - The company SUTENG has seen rapid growth in its robotics business, indicating a successful strategic transformation [6] - The report highlights the importance of SUTENG's self-research technology and its competitive advantages in the ADAS and robotics ecosystem [6] Agriculture, Forestry, Animal Husbandry, and Fishery - The report notes a slight decline in pig prices, with the average price of live pigs at 13.75 yuan/kg, down 0.07% week-on-week [6] - The government has initiated pork storage measures to boost market sentiment, suggesting a potential recovery in pig prices [6] Medical and Biological Sector - The report recommends increasing allocations to the medical device sector, highlighting undervalued companies in Hong Kong and those with strong growth potential [7] - Companies like Weikang Medical and Mindray Medical are noted for their robust growth and research capabilities [7] Petrochemical Sector - The report indicates a significant market opportunity for the renovation of old refineries, with companies like Sinopec Engineering and PetroChina Engineering expected to benefit [7] - The report emphasizes the trend of "de-involution" in the refining industry, which may lead to a substantial market for dismantling and renovation [7] Basic Chemicals - The second phase of phosphate fertilizer export quotas has been allocated, with leading companies expected to benefit from high overseas prices [7] - The report anticipates continued high demand for high-grade phosphate rock in the short to medium term [7] Non-Banking Financials - AIA Insurance has seen new business value reach new highs, with stable growth in operating profits [10] - The report adjusts profit forecasts for AIA for 2025-2027, maintaining a "buy" rating [10] Real Estate - The property management sector shows steady growth, with a stable dividend outlook from companies like Yuexiu Services [10] - The report notes a slight decline in net profit but maintains a positive outlook due to strong project delivery from related companies [10] Electric New Energy - The report highlights the growth potential in the energy storage battery sector, with companies like Yiwei Lithium Energy expected to benefit from increased demand [24] - The company has adjusted its profit forecasts for 2025, reflecting a strong competitive position in the market [24] Textile and Apparel - The report indicates a decline in profit margins for companies like Li Ning, despite revenue growth [34] - The company is expected to maintain a strong brand presence, with a "buy" rating maintained [34]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Insights - The company reported a significant improvement in profitability, with a notable increase in net profit driven by management reforms and operational efficiency [2][4]. - New product launches in the first half of 2025 are expected to lay a solid foundation for future growth, including advancements in cooling solutions and automotive applications [3][4]. - The company is actively building a robust process platform and enhancing its competitive edge through collaboration with leading foundries and advancements in manufacturing processes [4]. Financial Performance Summary - For the first half of 2025, the company achieved revenue of 1.37 billion yuan, a year-on-year decrease of 13.4%, while net profit attributable to shareholders reached 157 million yuan, an increase of 71.09% [1]. - In Q2 2025, the company reported a revenue of 730 million yuan, down 9.45% year-on-year but up 14.02% quarter-on-quarter, with a net profit of 92 million yuan, reflecting a year-on-year increase of 66.09% and a quarter-on-quarter increase of 44.29% [2]. - The gross margin improved to 37.04%, up 8.14 percentage points year-on-year and 1.98 percentage points quarter-on-quarter [2]. Product and Market Development - The company launched several key new products in H1 2025, including high-performance mixed-signal chips and power management solutions, which contributed to its revenue streams [3]. - The new generation of piezoelectric micro-pump cooling solutions and automotive-grade LIN RGB atmosphere light driver SOC chips are expected to meet the demands of high-performance devices and automotive applications [3]. Profit Forecast and Valuation - The profit forecast for 2025-2026 has been adjusted to 395 million yuan and 548 million yuan, respectively, with a new estimate for 2027 at 710 million yuan [4]. - The projected price-to-earnings ratios for 2025-2027 are 55x, 40x, and 31x, respectively, reflecting the company's improving profitability and market potential for new products [4].