Core Viewpoint - Tianshui Huatians Technology Co., Ltd., a shareholder holding 3.39% of Huahai Chengke (688535), plans to reduce its stake by selling up to 960,100 shares, which represents no more than 1% of the company's total share capital [1] Group 1 - Tianshui Huatians Technology intends to execute the share reduction through centralized bidding [1] - The total number of shares to be sold is capped at 960,100 [1] - The reduction will not exceed 1% of the total share capital of Huahai Chengke [1]

Core Viewpoint - The company emphasizes the importance of market value management and is implementing various measures to enhance operational performance and profitability [1] Group 1: Company Actions - The company is actively improving its operational standards and profitability through multiple initiatives [1] - It is committed to continuous information disclosure, equity incentives, cash dividends, mergers and acquisitions, and investor relations management [1] - The controlling shareholder has increased its stake in the company multiple times in recent years [1]

Core Viewpoint - Huatian Technology has provided updates on its acquisition plans, indicating ongoing progress since the initial announcement [2] Group 1 - The company responded to investor inquiries on its interactive platform regarding the acquisition [2] - Huatian Technology disclosed progress announcements on the acquisition on November 17 and December 17 [2]

证券代码：002185 证券简称：华天科技 公告编号：2025-062 天水华天科技股份有限公司 关于发行股份及支付现金购买资产并募集配套资金暨 关联交易事项的进展公告 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。 特别提示： 1、天水华天科技股份有限公司于 2025 年 10 月 17 日披露的《天水华天科技 股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易预案》及 其摘要的"重大事项提示"和"重大风险提示"章节中，详细披露了本次交易尚 需履行的审批程序及涉及的风险因素，敬请广大投资者注意投资风险。 天水华天科技股份有限公司（以下简称"公司"）拟通过发行股份及支付现 金的方式购买天水华天电子集团股份有限公司、西安后羿投资管理合伙企业（有 限合伙）、西安芯天钰铂企业管理合伙企业（有限合伙）等 27 名交易对方合计 持有的华羿微电子股份有限公司 100%股份，并募集配套资金（以下简称"本次 交易"）。根据《上市公司重大资产重组管理办法》等相关法规，本次交易构成 关联交易，预计不构成重大资产重组，不构成重组上市。 ...

Group 1: Economic and Development Strategy - The Nanjing Municipal Party Committee has approved the proposal for the 15th Five-Year Plan, focusing on systematic planning and strategic deployment for the city's development [1] - The plan emphasizes the importance of technological innovation as a leading force and aims to strengthen the city's industrial capabilities [3] Group 2: Industry and Innovation - The Nanjing Municipal Science and Technology Association aims to promote the integration of technological and industrial innovation, enhancing collaboration between various sectors and establishing a mechanism for the transformation of scientific achievements [3] - Companies like Guojin Digital Technology and Huatiansheng Technology are focusing on artificial intelligence and digital transformation to support small and medium enterprises, contributing to the development of a competitive AI industry cluster in Nanjing [5][6] Group 3: Cultural and Social Development - The proposal outlines tasks to enhance cultural missions and explores the practice of humanistic economics, with a focus on the film industry, which has seen significant growth in production and revenue [10] - The Nanjing Film Association plans to expand resources for film crews and promote innovative cultural consumption experiences, aiming to strengthen the city's cultural influence [10]

Group 1 - The core point of the article is that Kangqiang Electronics provides packaging and testing products to Huatian Technology, specifically mentioning lead frames as one of the products offered [1] Group 2 - Huatian Technology confirmed the collaboration with Kangqiang Electronics on an investor interaction platform [1] - The inquiry was made by an investor seeking specific details about the products provided by Kangqiang Electronics [1]

Core Insights - The semiconductor packaging and testing industry is experiencing significant growth driven by emerging fields such as 5G, AI, IoT, and automotive electronics, with the global market expected to reach $82.1 billion in 2024, a 5% increase year-on-year [1] - Domestic packaging and testing market in China is projected to reach 314.6 billion yuan in 2024, reflecting a 7.14% growth compared to 2023, and is expected to exceed 330.33 billion yuan in 2025 [1] - Major domestic companies like Huada Technology, Changdian Technology, and Tongfu Microelectronics are showing positive financial performance, indicating a strong alignment between domestic advanced packaging technology breakthroughs and market demand upgrades [1] Financial Performance of Leading Companies - Huada Technology reported a total revenue of 12.38 billion yuan for the first three quarters, a year-on-year increase of 17.55%, with a net profit of 543 million yuan, up 51.98% [2] - Changdian Technology achieved a revenue of 28.67 billion yuan, a 14.78% increase year-on-year, but its net profit decreased by 11.39% to 950 million yuan [3] - Tongfu Microelectronics saw a revenue of 20.12 billion yuan, a 17.77% increase, and a net profit of 860 million yuan, reflecting a 55.74% growth [3] Growth Drivers - Huada Technology's growth is attributed to technological breakthroughs in DDR5 DRAM packaging and strategic acquisitions, enhancing its market position in high-value segments like automotive electronics [4] - Changdian Technology is optimizing its product structure and responding to market demand changes, with significant revenue increases in sectors like automotive electronics, which grew by 31.3% [5] - Tongfu Microelectronics is benefiting from increased revenue in mid-to-high-end products, particularly from major clients like AMD, indicating successful strategic positioning in the advanced packaging sector [6] Competitive Landscape - The high-end packaging market is becoming increasingly competitive, with both international giants and domestic leaders intensifying their R&D and capacity expansion efforts, particularly in AI chips and automotive electronics [7] - Changdian Technology has developed a comprehensive advanced packaging technology matrix, applicable across various critical sectors, including AI and automotive electronics [8] - Huada Technology is investing in advanced packaging technologies and has initiated collaborations with AI companies, positioning itself to capture emerging market opportunities [10] Industry Outlook - The domestic advanced packaging industry is transitioning to a phase of high-quality development characterized by technology-driven growth and structural upgrades [11] - Continued demand from AI and automotive electronics sectors, along with advancements in domestic packaging materials and equipment, will enable domestic companies to narrow the gap with international competitors [11] - Companies with strong R&D capabilities and a focus on high-margin products are expected to lead the market and benefit from the overall growth of the semiconductor industry [11]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [3] Core Viewpoints - The report highlights that AI is driving advanced packaging demand, with significant growth in storage-related businesses [2][4] - The semiconductor packaging sector experienced a slight decline in gross margin in Q3 2025, but year-on-year comparisons show growth [11][12] - The report emphasizes the importance of advanced packaging technologies in enhancing chip performance and integration, particularly with the ongoing development of Chiplet packaging concepts [4][5] Summary by Sections Overview - In Q3 2025, the semiconductor packaging sector's gross margin slightly decreased, with a gross margin of 21.09%, which is higher than the average of 15.79% for leading packaging companies [11][12] OSAT (Outsourced Semiconductor Assembly and Test) - AI is significantly boosting demand for advanced packaging, with notable growth in the storage sector [17] - Major companies like ASE achieved revenues of 22.63 billion RMB in Q3 2025, reflecting an 8.34% quarter-on-quarter increase and a 16.90% year-on-year increase [18][19] - Advanced packaging services are expected to continue driving growth, particularly in AI-related applications [19][20] Testing - AI-related business growth is notable, with companies like Jingyuan Electronics reporting a revenue increase of 31.99% year-on-year in Q3 2025 [5][41] - Wei Ce Technology's revenue for the first three quarters of 2025 reached 10.83 billion RMB, a 46.22% year-on-year increase, driven by strong demand in computing and automotive electronics [5][41] Equipment - The report indicates that AI growth is leading to a continuous increase in orders, with companies like Besi reporting a 36.5% quarter-on-quarter increase in new orders [5][41] - ASMPT's revenue in Q3 2025 was 33.13 billion RMB, a 7.6% quarter-on-quarter increase, driven by growth in SMT business [5][41] Investment Recommendations - The report suggests focusing on companies benefiting from AI-driven demand, including packaging companies like ASE, Tongfu Microelectronics, and Changdian Technology, as well as testing companies like Jingyuan Electronics and Wei Ce Technology [5][41]

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

Core Viewpoint - Huatian Technology's stock price has shown fluctuations, with a recent increase of 2.02% and a year-to-date decline of 3.65%, indicating volatility in the semiconductor packaging and testing sector [1][2]. Company Overview - Huatian Technology, established on December 25, 2003, and listed on November 20, 2007, is located in Tianshui, Gansu Province. The company primarily engages in integrated circuit packaging and testing, with 99.97% of its revenue derived from integrated circuits and 0.03% from LEDs [1][2]. Financial Performance - For the period from January to September 2025, Huatian Technology reported a revenue of 12.38 billion yuan, reflecting a year-on-year growth of 17.55%. The net profit attributable to shareholders was 543 million yuan, marking a significant increase of 51.98% [2][3]. Shareholder Information - As of September 30, 2025, Huatian Technology had 412,300 shareholders, an increase of 1.77% from the previous period. The average number of tradable shares per shareholder decreased by 0.83% to 7,901 shares [2][3]. Dividend Distribution - Since its A-share listing, Huatian Technology has distributed a total of 935 million yuan in dividends, with 340 million yuan distributed over the past three years [3]. Institutional Holdings - Among the top ten circulating shareholders as of September 30, 2025, Hong Kong Central Clearing Limited held 56.17 million shares, an increase of 11.10 million shares. The Southern CSI 500 ETF reduced its holdings by 1.14 million shares, while the Guotai Junan Semiconductor ETF entered the top ten as a new shareholder [3].