Core Insights - November automotive sales reached 3.429 million units, a year-on-year increase of 3.4%. Cumulative sales from January to November totaled 31.127 million units, reflecting an 11.4% year-on-year growth [1][2] - The comprehensive inventory coefficient for automotive dealers in November was 1.6, up 41.4% year-on-year and 34.2% month-on-month. The inventory warning index stood at 55.6%, an increase of 3.8 percentage points year-on-year and 3 percentage points month-on-month [2] Sales Performance - In November, the sales of new energy vehicles (NEVs) reached 1.823 million units, marking a 20.6% year-on-year increase, with a penetration rate of 53.2%. From January to November, NEV sales totaled 14.78 million units, up 31.2% year-on-year, with a penetration rate of 47.5% [2] Investment Strategy - The automotive sector should focus on undervalued leading companies in vehicle manufacturing and parts due to performance improvements. Key areas of interest include: - Domestic car manufacturers with first-mover advantages in the NEV sector, such as BYD, Changan Automobile, Geely, and Li Auto [3] - Stable performance low-valuation leading parts manufacturers like Huayu Automotive and Fuyao Glass [3] - Core players in the electrification and intelligentization sectors, including Desay SV, Ruikeda, Kobot, and Bertley [3] - Opportunities arising from domestic circulation and local replacements, such as Lingdian Electric Control, Sanhua Intelligent Control, Xingyu Co., and Shangsheng Electronics [3] - Strong vehicle manufacturers driving demand for core components, including Top Group, Wencan Co., and Xusheng Group [3] Market Overview - The automotive sector experienced a weekly change of 0.16%, ranking 9th among 31 sectors. The automotive industry outperformed the CSI 300 index during the week [5] - The weekly performance of major indices was as follows: Shanghai Composite Index -0.34%, CSI 300 -0.08%, Shenzhen Component Index 0.84%, and ChiNext Index 2.74% [5] - In sub-sectors, the weekly performance was: automotive services -5.23%, automotive parts 0.11%, passenger vehicles 0.23%, commercial vehicles 0.25%, and motorcycles and others 1.70% [5] Top Performing Stocks - The top five performing stocks in the automotive sector for the week were: Chaojie Co., Huamao Technology, Yueling Co., Huapei Power, and Zhenghe Industrial [6] Underperforming Stocks - The bottom five performing stocks in the automotive sector for the week were: Xiamen Xinda, Rongtai Co., Longji Machinery, Kailong High-Tech, and Disengli [7]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - Last week (December 8 - December 12), the A - share market was volatile. Two important meetings boosted market risk appetite, and trading volume increased. AI hardware and commercial aerospace led the gains, while coal and petroleum and petrochemical sectors lagged. The bond market slightly recovered, with the 10 - year Treasury bond yield at 1.84% on Friday, down 0.84bp from the previous week. The convertible bond market had most individual bonds closing lower, with the CSI Convertible Bond Index up 0.20% for the week, the median price up 0.10%, and the calculated arithmetic average parity down 0.35%. The overall conversion premium rate increased by 2.20% compared to the previous week [1][6][7]. - Some issuers showed a strong willingness to convert. The convertible bond market followed the stock market's volatility last week. Despite the significant adjustment of the micro - cap stock index, the CSI Convertible Bond Index closed slightly higher, showing strong resilience and improved trading volume. Several issuers of near - maturing convertible bonds proposed downward revisions, and the pricing after the proposed downward revisions varied based on the remaining term and industry fundamentals [2][15]. - Looking ahead, with the end - of - year important meetings and the Fed's rate cut settled, the market will enter a policy vacuum period. Relative return investors are advised to make small - position balanced allocations of non - redeemable and appropriately - priced equity - biased convertible bonds in sectors such as power, storage, semiconductor equipment and materials for domestic substitution, commercial aerospace, and humanoid robots. Absolute return investors should focus on high - volatility stocks under 130 yuan or industry leaders with historically low valuations in sectors like two - wheeled vehicles, cosmetics, and breeding [2][15]. 3. Summaries by Related Catalogs Market Focus (December 8 - December 12) Stock Market - A - shares were volatile. The trading volume exceeded 2 trillion on Monday and Friday. The Shanghai Composite Index rose 0.54% on Monday, fell 0.37% on Tuesday, fell 0.23% on Wednesday, fell 0.7% on Thursday, and rose 0.41% on Friday. The Shenzhen Component Index rose 1.39% on Monday, fell 0.39% on Tuesday, rose 0.29% on Wednesday, fell 1.27% on Thursday, and rose 0.84% on Friday. The ChiNext Index rose 2.6% on Monday, rose 0.61% on Tuesday, fell 0.02% on Wednesday, fell 1.41% on Thursday, and rose 0.97% on Friday [1][6]. - Most Shenwan primary industries closed lower. Communication (6.27%), national defense and military industry (2.80%), electronics (2.63%), machinery and equipment (1.38%), and power equipment (1.19%) led the gains, while coal (-3.64%), petroleum and petrochemical (-3.52%), steel (-2.89%), and real estate (-2.62%) lagged [7]. Bond Market - After the Politburo meeting and the Central Economic Work Conference, the moderately loose monetary policy remained unchanged, and inflation data showed a continued price improvement trend. The bond market slightly recovered, with the 10 - year Treasury bond yield at 1.84% on Friday, down 0.84bp from the previous week [1][7]. Convertible Bond Market - Most individual convertible bonds closed lower. The CSI Convertible Bond Index rose 0.20% for the week, the median price rose 0.10%, and the arithmetic average parity fell 0.35%. The overall conversion premium rate increased by 2.20%. The arithmetic average conversion premium rates of convertible bonds with parities in [90,100), [100,110), and [110,120) changed by +2.09%, -1.73%, and +0.20%, respectively, and were at the 94%, 96%, and 89% quantiles since 2023 [1][7]. - Most convertible bond industries closed lower. Building materials (+6.14%), national defense and military industry (+4.27%), power equipment (+1.25%), and beauty care (+0.94%) led the gains, while social services (-2.32%), coal (-2.12%), commercial and retail (-1.52%), and basic chemicals (-1.31%) lagged [8]. - The top - rising individual convertible bonds were Zai 22 (commercial aerospace), Huamao (computing power), Weidao (semiconductor equipment), Jize (green alcohol), and Hangyu (commercial aerospace). The top - falling individual convertible bonds were Yingbo (low - altitude economy & announced strong redemption), Hongtu (satellite application), Huarui (CNC cutting tools), Sanfang (polyester chips), and Yake (automobile aluminum) [1][10]. - The total trading volume of the convertible bond market last week was 285.692 billion yuan, with an average daily trading volume of 57.138 billion yuan, an increase from the previous week [13]. Valuation - As of December 12, 2025, for equity - biased convertible bonds, the average conversion premium rates for parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 45.18%, 34.97%, 27.88%, 20.1%, 10.88%, and 13.62%, respectively, at the 94%/90%, 94%/95%, 94%/95%, 91%/90%, 70%/53%, and 97%/98% quantiles since 2010/2021. - For debt - biased convertible bonds, the average YTM for parities below 70 yuan was -3.48%, at the 2%/6% quantiles since 2010/2021. - The average implied volatility of all convertible bonds was 43.46%, at the 88%/91% quantiles since 2010/2021. The difference between the convertible bond's implied volatility and the stock's long - term actual volatility was 2.31%, at the 84%/85% quantiles since 2010/2021 [16]. Primary Market Tracking New Issuance and Listing - Last week (December 8 - December 12), Aohong, Shenyu, Tianzhun, and Dingjie convertible bonds announced issuance, while Maolai and Ruike convertible bonds were listed. - Aohong Convertible Bond (111024.SH): The underlying stock is Aohong Electronics (605058.SH), in the electronics industry. The issuance scale is 580 million yuan, with a credit rating of AA -. The funds will be used for the construction of a production base in Thailand [23]. - Shenyu Convertible Bond (123262.SZ): The underlying stock is Shenyu Co., Ltd. (300563.SZ), in the communication industry. The issuance scale is 500 million yuan, with a credit rating of AA -. The funds will be used for the construction of data lines in the intelligent field [24]. - Tianzhun Convertible Bond (118062.SH): The underlying stock is Tianzhun Technology (688003.SH), in the machinery and equipment industry. The issuance scale is 872 million yuan, with a credit rating of AA -. The funds will be used for R & D and industrialization projects in industrial vision equipment, semiconductor metrology equipment, and intelligent driving and embodied intelligent controllers [25][26]. - Dingjie Convertible Bond (123263.SZ): The underlying stock is Dingjie Digital Intelligence (300378.SZ), in the computer industry. The issuance scale is 828 million yuan, with a credit rating of AA. The funds will be used for the Dingjie Digital Intelligence Ecological Empowerment Platform project and to supplement working capital [27]. - Maolai Convertible Bond (118061.SH): The underlying stock is Maolai Optics (688502.SH), in the electronics industry. The issuance scale is 563 million yuan, with a credit rating of A+. The funds will be used for ultra - precision optical production and processing projects, ultra - precision optical technology R & D centers, and to supplement working capital [28]. - Ruike Convertible Bond (118060.SH): The underlying stock is Ruike Da (688800.SH), in the electronics industry. The issuance scale is 1 billion yuan, with a credit rating of AA -. The funds will be used for the renovation and upgrade of high - frequency and high - speed connection systems, intelligent energy connection systems, and to supplement working capital [29]. Future Issuance and Listing - As of December 12, there were no announcements of convertible bond issuances or listings for the next week (December 15 - December 19). - Last week, one company (Shuangle Co., Ltd.) was approved for registration, two companies (Tonglian Precision and Xianghe Industry) passed the listing committee review, three companies (Suzhou Tianmai, Baoti Co., Ltd., and Zhongqi Co., Ltd.) were accepted by the exchange, and two companies (Hubei Yihua and Zhaomin Technology) passed the shareholders' meeting. There were no new board - proposed enterprises. - As of now, there are 92 convertible bonds waiting to be issued, with a total scale of 146.43 billion yuan, including 3 approved for registration with a total scale of 2.5 billion yuan and 9 that have passed the listing committee review with a total scale of 9.99 billion yuan [30].

Core Viewpoint - Suzhou Ruikeda Connection System Co., Ltd. is issuing convertible bonds totaling 1 billion yuan, with a focus on expanding its market presence in the fields of new energy, communication, and industrial applications [5][24][32]. Overview - The convertible bonds will be listed on December 12, 2025, with a maturity period of six years from November 14, 2025, to November 13, 2031 [2][3]. - The total issuance amount is 1 billion yuan, with 10 million bonds issued at a face value of 100 yuan each [5][24]. - The bonds will be rated AA- by China Chengxin International Credit Rating Co., Ltd., with a stable outlook [4][34]. Company Background - The company specializes in the research, production, and sales of connection system products, and has developed a complete product chain including connectors, components, and modules [12][13]. - It has established itself as a key supplier in the new energy vehicle sector, providing comprehensive connection system solutions [15][20]. - The company aims to become a leader in the global connector industry, focusing on customer value and innovation [18][19]. Business Strategy - The company plans to deepen its focus on the communication and new energy sectors, enhancing its market share and product offerings [19][20]. - It will continue to invest in product research and development, targeting new business areas such as AI, data centers, and 6G communication [19][20]. - The company is also pursuing international expansion to provide products and services globally [19][20]. Financial Details - The bonds will have a tiered interest rate structure, starting at 0.20% in the first year and increasing to 2.00% by the sixth year [34]. - The initial conversion price for the bonds is set at 73.85 yuan per share [44]. - The total estimated issuance costs are approximately 11.15 million yuan [28].

股票简称：瑞可达 股票代码：688800 苏州瑞可达连接系统股份有限公司 Suzhou Recodeal Interconnect System Co.,Ltd. （苏州市吴中区吴淞江科技产业园淞葭路 998 号） 向不特定对象发行可转换公司债券 上市公告书 保荐机构（主承销商） （注册地址：苏州工业园区星阳街 5 号） 二〇二五年十二月 苏州瑞可达连接系统股份有限公司 上市公告书 第一节 重要声明与提示 苏州瑞可达连接系统股份有限公司（以下简称"瑞可达"、"发行人"或"公 司"）及全体董事、高级管理人员承诺募集说明书及其他信息披露资料不存在任何 虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性承担相应的法 律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证上市公告书中财务会 计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请文 件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利 能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明 均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变 ...

Core Viewpoint - The High-Speed Copper Connection Index experienced a rise of over 2% during intraday trading on December 9, indicating positive market sentiment in the copper connection sector [1] Company Performance - Baoshen Co., Ltd. reached the daily limit up, reflecting strong investor interest and confidence in the company's performance [1] - Shaanxi Huada also hit the daily limit up, suggesting robust market activity and potential growth prospects [1] - Zhishang Technology saw an increase of 7.94%, indicating a positive trend in its stock performance [1] - Yidong Electronics experienced a rise of 4.04%, showcasing investor optimism in the company's future [1] - Ruikeda's stock increased by 3.78%, further highlighting the overall positive movement in the sector [1]

Group 1 - The closing price of Ruikeda (688800) on December 8 was 86.77 yuan, reaching the daily limit with a trading volume of 21.06 billion yuan and a turnover rate of 12.31% [2] - The stock was listed on the daily trading list due to a price increase of 15% at the close [2] - The top five trading departments accounted for a total transaction of 7.92 billion yuan, with a net buying amount of 2.51 billion yuan [2] Group 2 - The main capital inflow for the stock was 19.29 million yuan throughout the day [3] - The largest buying department was the Shanghai Stock Connect, with a buying amount of 282.07 million yuan [3] - The largest selling department was also the Shanghai Stock Connect, with a selling amount of 87.38 million yuan [3]

Market Overview - The main board saw significant gains with stocks like Dahua Intelligent (+10.03%), Junya Technology (+10.03%), and Huamai Technology (+10.02%) leading the rise [1] - The ChiNext board also performed well, with Zhishang Technology (+20.00%), Dongtian Micro (+20.00%), and Rongke Technology (+20.00%) showing strong increases [1] - The Sci-Tech Innovation board was led by Ruikeda (+20.00%), Saiwei Microelectronics (+18.82%), and Changguang Huaxin (+15.26%) [1] - Active sub-industries included SW Communication Network Equipment and Devices (+6.84%) and SW Other Electronics III (+4.77%) [1] Domestic News - New Sound Semiconductor Co., Ltd. completed a C-round financing of 269 million yuan, planning to invest over 150 million yuan in capacity expansion at its Jiaxing production base, aiming to increase BAW filter annual production capacity to 1 billion units [1] - Hengxuan Technology reported smooth progress in the development of its next-generation low-power high-performance wearable chip, the BES6000 series, expected to enter the sample delivery stage in the first half of next year [1] - Visionox announced at Tsinghua University's forum that its fourth-generation pTSF technology has achieved mass production, marking a significant advancement in OLED key materials in China [1] - China's integrated circuit exports reached 1.29 trillion yuan in the first 11 months of this year, a year-on-year increase of 25.6%, significantly outpacing the overall export growth rate [1] Company Announcements - Jieshun Technology announced it won the operation project for the underground parking lot of Zhengzhou Longhu Financial Center, expecting operational revenue exceeding 70 million yuan over a six-year contract period [2] - GoerTek reported progress in the equity transaction of GoerTek Optical Technology Co., Ltd., with all preconditions for the share exchange transaction being met by December 9, 2025 [2] - Naxin Micro announced its first share buyback through centralized bidding, repurchasing 344,547 shares, accounting for 0.21% of the total share capital, with a total buyback amount of 53.74 million yuan [2] - Chuangyi Huikang reported the completion of the transfer of 117,698,823 shares held by Philips Investment, representing 7.60% of the total share capital [2] International News - LaserApps successfully fabricated a 30μm TGV on semiconductor glass substrates, achieving high aspect ratios [2] - Samsung Electronics received an order from AI chip startup Tsavorite, with an order value exceeding 100 million USD for AI chip foundry services using its 4nm process technology [2] - U.S. Senate members proposed legislation to formalize current export controls on advanced semiconductors, potentially affecting companies like NVIDIA and AMD [2] - Dell is considering a price increase of at least 15%-20% for PC and server products due to rising memory prices, with other manufacturers like HP also warning of potential price hikes [2]

Group 1 - The Sci-Tech Innovation Board indices showed significant gains, with the Sci-Tech Growth Index up by 3.2%, the Sci-Tech Green Index up by 2.0%, and both the Sci-Tech 50 Index and Sci-Tech 100 Index up by 1.9% [1] - The computing hardware sector experienced a surge, with notable stocks such as Ruikeda rising by 20%, Electric Power increasing by over 18%, and Changguang Huaxin gaining over 15% [1] - The AI application sector was also active, with stocks like Kaipu Cloud rising over 13%, Huichen Shares increasing by over 10%, and Pinggao Shares up by over 6% [1] Group 2 - The Sci-Tech 50 ETF tracks the Shanghai Stock Exchange Sci-Tech 50 Index, which consists of 50 stocks with high market capitalization and liquidity, prominently featuring "hard technology" companies, with over 65% in semiconductors and nearly 80% combined with medical devices, software development, and photovoltaic equipment [3] - The Sci-Tech 100 ETF follows the Shanghai Stock Exchange Sci-Tech 100 Index, which includes 100 stocks with medium market capitalization and good liquidity, focusing on small and medium-sized innovative companies [4] - The Sci-Tech Comprehensive Index ETF covers all securities in the Sci-Tech Board, focusing on core industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals, encompassing all 17 primary industries listed on the Sci-Tech Board [7]

Core Insights - The Shanghai Composite Index rose by 0.54%, the Shenzhen Component Index increased by 1.39%, and the ChiNext Index surged by 2.6% on December 8 [1] - A total of 49 stocks appeared on the "Dragon and Tiger" list due to significant trading activity, with the highest net inflow of funds recorded for Ruikeda (688800.SH) at 251 million yuan [1][4] - Institutional investors were active in 33 stocks on the list, with a total net buying of 160 million yuan, buying 18 stocks and selling 15 [6][12] Stock Performance - Ruikeda saw a 20% increase in its stock price, with a net buying amount of 251.38 million yuan, accounting for 11.93% of total trading volume [2][8] - The stock with the highest net outflow was Sun Cable (002300.SZ), which experienced a net selling of 169 million yuan, representing 6.65% of total trading volume, and closed up by 0.19% [4][6] - Other notable stocks with significant net buying included Rongke Technology (20% increase, 243.94 million yuan net buy) and Yongmu Software (10.01% increase, 189.91 million yuan net buy) [2][8] Institutional and Northbound Fund Activity - Northbound funds participated in 14 stocks on the list, with a total net buying of 436 million yuan, including a net buy of 195 million yuan for Ruikeda [10][12] - The stock with the highest net selling by northbound funds was Aerospace Universe (688523.SH), with a net selling amount of 38.69 million yuan [10][13] - There was a divergence in trading activity for stocks like Zhishang Technology and Guangdong Hongda, where institutions sold while northbound funds bought [12][13]

Market Overview - The Shanghai Composite Index rose by 0.54%, the Shenzhen Component Index increased by 1.39%, and the ChiNext Index surged by 2.6% on December 8, with total trading volume exceeding 2 trillion yuan and over 3,400 stocks gaining [1] - Key sectors that performed well included computing hardware, energy metals, and the Fujian region, while coal, precious metals, and oil and gas sectors saw declines [1] Focus Stocks - The Fujian sector continued its strong performance, with stocks like HeFu China achieving 16 consecutive gains, Shida Group with 8 gains in 13 days, and Anji Food with 5 consecutive gains [3] - The commercial aerospace concept remained active, with Shunhao Co. achieving 6 gains in 7 days and Tongyu Communication with 5 gains in 8 days [3] Key Stock Performances - Aikesaibo (688719) saw a price increase of 20% to 49.37 yuan, with a trading volume of 118,300 shares [4] - Dongtianwei (301183) rose by 20% to 164.14 yuan, with a trading volume of 105,670 shares [4] - Zhishang Technology (301486) increased by 20% to 110.22 yuan, with a trading volume of 2.711 billion yuan [4] - Songke Technology (300290) gained 20% to 31.50 yuan, with a trading volume of 562,770 shares [4] - Ruikeda (688800) rose by 20% to 86.77 yuan, with a trading volume of 2.106 billion yuan [4] Institutional Trading - The top net buying stocks on the day included Ruikeda, Rongke Technology, and Rongji Software, with net purchases of 251 million yuan, 244 million yuan, and 190 million yuan respectively [4][5] - The top net selling stocks included Sun Cable, Aerospace Machinery, and Sanmu Group, with net sales of 169 million yuan, 169 million yuan, and 133 million yuan respectively [5][6] Industry Developments - SpaceX is initiating a secondary transaction that could raise its valuation to 800 billion dollars, surpassing OpenAI and becoming the highest-valued private company in the U.S. [11] - The establishment of a commercial aerospace department by the National Space Administration in November aims to provide dedicated regulation and guidance for the development of the commercial aerospace industry [11] - Companies like Ruikeda are expanding their product offerings in commercial satellite and humanoid robot sectors, indicating growth opportunities in these areas [11] Company Highlights - Ruikeda has completed product samples and exhibitions for its NV power connector products, contributing to the commercial satellite sector [11] - Rongke Technology has developed a hospital care robot integrating AI and IoT technologies, supporting the smart transformation of hospitals [14] - Rongji Software is enhancing its digital governance platform and AI cloud solutions for government services, solidifying its position in the digital governance market [17]