Summary of Key Points Core Viewpoint - On September 29, a total of 15 stocks from the STAR Market experienced block trading, with a cumulative transaction amount of 1.004 billion yuan, indicating active trading in the sector [1]. Group 1: Trading Activity - There were 34 block trades executed, with a total trading volume of 20.8766 million shares [1]. - The stock with the highest transaction amount was Haiguang Information, which had 2 block trades totaling 1.538 million shares and a transaction amount of 366 million yuan [1]. - Other notable stocks in terms of transaction amounts included Hehe Information and Ruikeda, with transaction amounts of 294 million yuan and 89.748 million yuan, respectively [1]. Group 2: Price Performance - The STAR 50 Index rose by 1.35% on the same day, with 404 stocks (68.82%) in the STAR Market experiencing price increases [1]. - The average increase for stocks involved in block trading was 2.75%, with the highest gainers being Fuzhijie Environmental and Wanrun New Energy, both up by 20% [1]. - Conversely, the stocks with the largest declines included Aolaide, Hehe Information, and Hehui Optoelectronics, which fell by 3.13%, 3.08%, and 2.73%, respectively [1]. Group 3: Institutional Participation - Among the block trades, there were 6 transactions involving institutional buyers or sellers, covering 4 stocks [2]. - The stocks with the highest institutional buying amounts were Aters, Haiguang Information, and Aohua Endoscopy, with respective amounts of 11.6 million yuan, 9.1382 million yuan, and 7.0166 million yuan [2]. - In terms of capital flow, 6 stocks saw net inflows from major funds, with Wanrun New Energy, Aters, and Hanwujing receiving net inflows of 105 million yuan, 90.9064 million yuan, and 61.6191 million yuan, respectively [2].

Group 1 - The core transaction of Ruikeda on September 29 involved a block trade of 1.2 million shares, amounting to 89.748 million yuan, with a transaction price of 74.79 yuan per share [2][3] - The buyer of the block trade was CITIC Securities Co., Ltd. Shanghai Branch, while the seller was Goldman Sachs (China) Securities Limited Shanghai Pudong New District Century Avenue Securities Branch [2][3] - Over the past three months, Ruikeda has recorded a total of 2 block trades, with a cumulative transaction amount of 93.738 million yuan [2] Group 2 - As of September 29, Ruikeda's closing price was 74.79 yuan, reflecting a decrease of 0.28%, with a daily turnover rate of 3.22% and a total trading volume of 495 million yuan [2] - The stock has experienced a cumulative decline of 9.76% over the past five days, with a total net outflow of 166 million yuan during the same period [2] - The latest margin financing balance for Ruikeda is 1.015 billion yuan, which has increased by 36.314 million yuan, representing a growth of 3.71% over the past five days [3]

9月29日，瑞可达大宗交易成交120万股，成交额8974.8万元，占当日总成交额的15.34%，成交价74.79 元，较市场收盘价74.79元持平。 | De 200 million for 110 very | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券商标 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | 是否为专场 | | 025-09-29 | 瑞可达 | 688800 | 74.79 8974.8 | 120 | 去筒里킬劈毁有限 | 觀龍點 | 180 | ...

Market Overview - The other electronic sector experienced a decline of 3.39% on September 26, with Ruikeda leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers included: - Guoli Electronics (688103) with a closing price of 71.61, up 1.37% [1] - Jingquan Technology (002885) at 19.16, up 1.11% [1] - Significant decliners included: - Ruikeda (688800) at 75.00, down 7.44% [2] - Weixiu Electronics (301328) at 47.25, down 5.42% [2] Trading Volume and Capital Flow - The total net outflow of main funds in the other electronic sector was 2.433 billion yuan, while retail investors saw a net inflow of 2.154 billion yuan [2][3] - The trading volume for Guoli Electronics was 24,500 hands with a transaction amount of 177 million yuan [1] Individual Stock Capital Flow - Guoli Electronics had a main fund net inflow of 22.33 million yuan, accounting for 12.59% of its total [3] - Other stocks like Igor (002922) and Clean Beauty Technology (002859) showed mixed capital flows, with Igor seeing a net inflow of 16.36 million yuan from retail investors [3]

Core Viewpoint - NVIDIA is a leading global computer technology company focused on GPU and AI computing, providing hardware, software, and solutions [1] Group 1: Industrial Fulian - Industrial Fulian provides AI server and GPU accelerator card assembly services for NVIDIA [1] - The company was listed on the Shanghai Stock Exchange in June 2018 and specializes in high-end smart manufacturing and industrial internet solutions [1] - In the past year, Industrial Fulian achieved a revenue of 609.135 billion, a year-on-year increase of 27.88%, with a five-year compound annual growth rate (CAGR) of 8.98% [3] Group 2: Ruikeda - Ruikeda specializes in the development of RF blind-mate connectors for 5G, becoming the preferred solution for 5G base station AAU connectors [5] - The company was listed on the Shanghai Stock Exchange in July 2021 and focuses on connector products [5] - In 2024, Ruikeda's total revenue reached 2.415 billion, a year-on-year increase of 55.29%, with a five-year CAGR of 41.03% [6] Group 3: Wolong Materials - Wolong Materials is a leading domestic company engaged in the research and manufacturing of polymer radiation-modified new materials, supplying high-density copper cables to NVIDIA [7] - The company was listed on the Shenzhen Stock Exchange in April 2007 [7] - In 2024, Wolong Materials achieved a total revenue of 6.927 billion, a year-on-year increase of 21.03%, with a five-year CAGR of 14.04% [10] Group 4: Huitian Technology - Huitian Technology is one of the largest and most technically advanced PCB manufacturers in China, with a high market share in AI server motherboards [14] - The company was listed on the Shenzhen Stock Exchange in August 2010 [14] - In 2024, Huitian Technology's total revenue was 13.342 billion, a year-on-year increase of 49.26%, with a five-year CAGR of 15.64% [16] Group 5: Yingweike - Yingweike is a leading provider of precision temperature control energy-saving equipment, with over 50% market share in MLCP cold plates, compatible with NVIDIA's GB300 high-pressure circulation system [18] - The company was listed on the Shenzhen Stock Exchange in December 2016 [18] - In 2024, Yingweike achieved a total revenue of 4.589 billion, a year-on-year increase of 30.04%, with a five-year CAGR of 28.12% [21] Group 6: Zhongji Xuchuang - Zhongji Xuchuang is a global leader in optical module solutions and an important supplier of NVIDIA's 800G optical modules [22] - The company was listed on the Shenzhen Stock Exchange in April 2012 [24] - In 2024, Zhongji Xuchuang's total revenue reached 23.862 billion, a year-on-year increase of 122.64%, with a five-year CAGR of 35.64% [24] Group 7: Tianfu Communication - Tianfu Communication is a leader in the optical fiber connection niche market and an important supplier of NVIDIA's 800G optical modules [27] - The company was listed on the Shenzhen Stock Exchange in February 2015 [27] - In 2024, Tianfu Communication achieved a total revenue of 3.252 billion, a year-on-year increase of 67.74%, with a five-year CAGR of 38.91% [30] Group 8: Shenghong Technology - Shenghong Technology is among the top 100 PCB manufacturers globally, having launched several AI server-related products, with some already in mass supply to NVIDIA [31] - The company was listed on the Shenzhen Stock Exchange in June 2015 [33] - In 2024, Shenghong Technology's total revenue was 10.731 billion, a year-on-year increase of 35.31%, with a five-year CAGR of 17.66% [35]

Group 1 - The joint venture established by the company and Ruikeda has commenced normal operations [1] - The main products of the joint venture are AEC products [1]

IPO and Refinance Review Results - During the week of September 15-19, three companies were reviewed for IPO, with two approved and one postponed [1] - The postponed company, Youxun Co., Ltd., is the third company this year to face a delay in the Sci-Tech Innovation Board IPO review [1] - Yuan Chuang Co., Ltd. and Xin Guang Yi Co., Ltd. were both approved for their IPOs, with proposed fundraising amounts of 485.13 million yuan and 638.38 million yuan respectively [1][2] Company Profiles - Youxun Co., Ltd. specializes in the research, design, and sales of optical communication front-end transceiver chips, with a focus on domestic market leadership in optical communication chip design [2][3] - Yuan Chuang Co., Ltd. is engaged in the research, production, and sales of rubber track products, primarily serving agricultural and engineering sectors [9][10] - Xin Guang Yi Co., Ltd. focuses on high-performance special functional materials, including anti-overflow special films [12][13] Financial Performance - Youxun Co., Ltd. reported a net profit of 47.96 million yuan for the last year, with total assets of 844.94 million yuan as of June 30, 2025 [5] - Yuan Chuang Co., Ltd. achieved a net profit of 154.66 million yuan for the last year, with total assets of 1,989.88 million yuan as of December 31, 2024 [11] - Xin Guang Yi Co., Ltd. reported a net profit of 115.70 million yuan for the last year, with total assets of 836.05 million yuan as of December 31, 2024 [14] Fundraising Projects - Youxun Co., Ltd. plans to invest 80.91 million yuan in projects related to next-generation access networks and high-speed data center chips [6] - Yuan Chuang Co., Ltd. intends to use 63.84 million yuan for functional materials projects [15] - Xin Guang Yi Co., Ltd. aims to allocate 63.84 million yuan for its functional materials project [15] Review Meeting Inquiries - Youxun Co., Ltd. faced inquiries regarding the sustainability of its operating performance and potential risks related to declining gross margins [7] - Yuan Chuang Co., Ltd. was questioned about market competition and the impact of various factors on its revenue and profit margins [12] - Xin Guang Yi Co., Ltd. was asked to clarify the sustainability of its business performance based on its core technologies and market demand [16]

Company Overview - Suzhou Ruikeda Connection System Co., Ltd. is a high-tech enterprise specializing in the research, development, production, sales, and service of connector products, established on January 11, 2006, and listed on July 22, 2021 [1] - The company's main business revenue composition includes: 91.47% from new energy connectors, 3.96% from communication connectors, 3.01% from other connectors, and 1.57% from other supplementary products [1] Financial Performance - As of June 30, 2025, Ruikeda achieved operating revenue of 1.525 billion yuan, representing a year-on-year growth of 59.15%, and a net profit attributable to shareholders of 157 million yuan, with a year-on-year increase of 141.64% [2] - The company has distributed a total of 164 million yuan in dividends since its A-share listing, with 130 million yuan distributed over the past three years [3] Stock Market Activity - On September 19, Ruikeda's stock price decreased by 2.01%, closing at 79.39 yuan per share, with a trading volume of 545 million yuan and a turnover rate of 3.30%, resulting in a total market capitalization of 16.328 billion yuan [1] - The stock has increased by 107.13% year-to-date, with a 4.06% rise over the last five trading days, a 9.67% increase over the last 20 days, and a 62.38% increase over the last 60 days [1] - The number of shareholders increased by 25.14% to 16,200 as of June 30, 2025, with an average of 12,713 circulating shares per person, up by 3.75% [2] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include Hai Futong Stock Mixed Fund as the sixth largest shareholder with 1.8938 million shares, and Hong Kong Central Clearing Limited as the eighth largest shareholder with 1.5765 million shares, which decreased by 1.0993 million shares compared to the previous period [3] - New entrants among the top ten shareholders include Huashang Advantage Industry Mixed Fund and the exit of Financial Advantage Industry Rotation Mixed Fund and Fortune Innovation Technology Mixed Fund [3]

Market Overview - On September 18, the other electronic sector declined by 1.33%, with Baibang Technology leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the other electronic sector included: - Zhongrong Electric (301031) with a closing price of 112.38, up 6.59% and a trading volume of 70,500 shares, totaling 785 million yuan [1] - Shihua Technology (688093) closed at 42.80, up 4.21% with a trading volume of 87,800 shares, totaling 375 million yuan [1] - Haoshanghao (001298) closed at 36.40, up 2.30% with a trading volume of 311,900 shares, totaling 112.5 million yuan [1] - Conversely, significant decliners included: - Zibang Technology (300736) closed at 14.25, down 6.25% with a trading volume of 144,000 shares, totaling 210 million yuan [2] - Shannon Chip (300475) closed at 75.51, down 3.69% with a trading volume of 486,200 shares, totaling 374.7 million yuan [2] - Igor (002922) closed at 20.94, down 3.59% with a trading volume of 198,900 shares, totaling 422 million yuan [2] Capital Flow - The other electronic sector experienced a net outflow of 1.075 billion yuan from institutional investors, while retail investors saw a net inflow of 1.136 billion yuan [2][3] - Key stocks with notable capital flows included: - Haoshanghao (001298) had a net inflow of 61.88 million yuan from institutional investors, while retail investors had a net outflow of 16.27 million yuan [3] - Zhongrong Electric (301031) saw a net inflow of 24.68 million yuan from institutional investors, with retail investors also experiencing a net outflow of 10.87 million yuan [3] - Jingquan Technology (002885) had a net inflow of 19.81 million yuan from institutional investors, while retail investors had a net outflow of 25.59 million yuan [3]

Market Performance - The other electronic sector increased by 1.35% on September 17, with Ruikeda leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Gainers - Ruikeda (688800) closed at 82.10, up 6.64% with a trading volume of 211,900 shares and a turnover of 1.759 billion [1] - Shihua Technology (688093) closed at 41.07, up 5.31% with a trading volume of 71,200 shares and a turnover of 292 million [1] - Fuxin Technology (688662) closed at 47.78, up 4.39% with a trading volume of 37,000 shares and a turnover of 178 million [1] - Xiangnan Chip Creation (300475) closed at 78.40, up 4.31% with a trading volume of 480,800 shares and a turnover of 3.741 billion [1] Other Notable Stocks - Walden Nuclear Materials (002130) closed at 28.09, up 2.89% with a trading volume of 1,568,900 shares and a turnover of 4.403 billion [1] - Igor (002922) closed at 21.72, up 2.65% with a trading volume of 188,200 shares and a turnover of 404 million [1] Fund Flow Analysis - The other electronic sector experienced a net outflow of 10.8287 million from institutional funds, while retail investors saw a net inflow of 14 million [2] - The top stocks with significant fund flows included Walden Nuclear Materials with a net inflow of 200 million from institutional funds [3] and Xiangnan Chip Creation with a net outflow of 97.6469 million from retail investors [3]