Market Overview - The component sector experienced a decline of 2.4% on November 11, with Jin'an Guoji leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Notable gainers included: - Xingsen Technology (002436) with a closing price of 23.08, up 6.02% [1] - Kexiang Co., Ltd. (300903) at 17.62, up 3.53% [1] - Dongshan Precision (002384) at 75.90, up 2.53% [1] - Major decliners included: - Jin'an Guoji (002636) at 16.70, down 7.22% [2] - Hongxin Electronics (300657) at 27.91, down 4.42% [2] - Benchmark Technology (300476) at 289.18, down 4.23% [2] Capital Flow - The component sector saw a net outflow of 1.387 billion yuan from institutional investors, while retail investors had a net inflow of 1.772 billion yuan [2][3] - The capital flow for specific stocks showed: - Xingsen Technology had a net inflow of 4.92 million yuan from institutional investors [3] - Jin'an Guoji experienced a significant outflow of 7.22% [2][3]

Group 1 - The core point of the article highlights the impact of rumors on the A-share market, specifically mentioning the significant price movements of Shenghong Technology and Xingsen Technology due to a reported collaboration between Nvidia and Xingsen Technology [1][3]. - Shenghong Technology's stock experienced a decline of over 5% at one point, ultimately closing down 4.23% at 289.18 yuan [1]. - In contrast, Xingsen Technology's stock saw a rise, reaching a peak before closing up 6.02% at 23.08 yuan [1]. Group 2 - A Bloomberg article suggested that Nvidia has partnered with Xingsen Technology to take over 20% of high-end high-density interconnect (HDI) orders previously supplied exclusively by Shenghong Technology, indicating a potential shift in the global supply chain for AI hardware components [3]. - Following the rumors, Shenghong Technology's secretary clarified on social media that the information from Bloomberg was not accurate and urged investors to verify information sources [3].

Group 1 - The core viewpoint of the news is that Xingsen Technology's stock has seen a significant increase, with a rise of 5.19% to reach 22.90 CNY per share, and a total market capitalization of 389.23 billion CNY [1] - Xingsen Technology, established on March 18, 1999, and listed on June 18, 2010, is primarily engaged in PCB and semiconductor businesses, with revenue composition as follows: 71.45% from PCB printed circuit boards, 21.09% from IC packaging substrates, 4.29% from other sources, and 3.17% from semiconductor testing boards [1] Group 2 - From the perspective of fund holdings, Xingsen Technology is a significant position in the Su Xin fund, specifically in the Su Xin CSI 500 Index Enhanced A fund (022790), which held 79,700 shares, accounting for 0.7% of the fund's net value, ranking as the eighth largest holding [2] - The Su Xin CSI 500 Index Enhanced A fund has a total asset size of 150 million CNY and has achieved a year-to-date return of 35.39%, ranking 1443 out of 4216 in its category [2]

Group 1 - The optical communication module sector showed strong performance at the beginning of trading, with notable increases in stock prices for several companies [1] - Chuanketech experienced a rise of 5.94%, while Robotech saw an increase of 5.02% [1] - Yuanjie Technology rose by 4.63%, and other companies such as Huilv Ecology, Changxin Bochuang, and Xingsen Technology all increased by over 3% [1]

Group 1 - The storage chip sector experienced a collective rise, with companies like ShenGong Co. and YingTang ZhiKong hitting the daily limit, while others like PuRan Co. and XiangNeng XinChuang saw significant gains [1] - SanDisk, a leader in flash memory, announced a substantial price increase of up to 50% for NAND flash contracts, prompting companies like Transcend and ADATA to pause shipments and reassess pricing [1] - SanDisk's Q1 FY2026 revenue reached $2.308 billion, a 23% year-over-year increase, with NAND product demand exceeding supply and inventory turnover days decreasing from 135 to 115 [1] Group 2 - The storage sector has seen an average stock price increase of 85.43% this year, with notable performers like DeMingLi and Dongxin Co. rising by 355.04% and 264.46%, respectively [2] - In November, seven storage concept stocks underwent institutional research, with companies like XiangChuang Data receiving attention from over 82 institutions [2] - XiangChuang Data reported a 54.43% year-over-year revenue increase to $8.331 billion in the first three quarters, benefiting from the rapid growth of AI services and a favorable storage market [2] Group 3 - Fudan Microelectronics received interest from 21 institutions in November, focusing on FPGA development and launching a new 32TOPS computing chip [3] - Among storage concept stocks, companies like Lanqi Technology and Ziguang Guowei reported net profits exceeding $1 billion in the first three quarters, while others like Xingsen Technology turned losses into profits [3] - Over half of the storage concept stocks saw increased financing, with six stocks receiving over $100 million in net purchases in November, including JiangBolong and DeMingLi [3]

Group 1 - The storage chip sector experienced a collective rise, with companies like ShenGong Co. and Yingtang Zhikong hitting the daily limit, while others like Purun Co. and Shannon Chip also saw significant gains [1] - SanDisk, a leader in flash memory, announced a substantial price increase of up to 50% for NAND flash contracts, prompting companies like Transcend and ADATA to halt shipments and reassess pricing [1] - SanDisk's Q1 FY2026 revenue reached $2.308 billion, a 23% year-over-year increase, with NAND product demand exceeding supply and inventory turnover days decreasing from 135 to 115 days [1] Group 2 - The average stock price of storage-related companies has risen by 85.43% this year, with Demingli, Dongxin Co., and Jiangbolong leading with increases of 355.04%, 264.46%, and 230.31% respectively [2] - In November, seven storage concept stocks were investigated by institutions, with companies like Kechuang Data and Fudan Microelectronics receiving significant attention [2] - Kechuang Data reported a revenue of 8.331 billion yuan for the first three quarters of the year, a 54.43% increase year-over-year, benefiting from the rapid growth of AI services and a favorable storage market [2] Group 3 - Among storage concept stocks, companies like Lanke Technology, Unisoc, and Zhaoyi Innovation reported net profits exceeding 1 billion yuan in the first three quarters [3] - More than half of the storage concept stocks received increased financing in November, with six stocks seeing net purchases exceeding 100 million yuan, including Jiangbolong and Demingli [3]

Core Viewpoint - On November 10, 2023, Xingsen Technology's stock price fell by 5.09%, closing at 21.43 CNY per share, with a trading volume of 1.241 billion CNY and a turnover rate of 3.71%, resulting in a total market capitalization of 36.424 billion CNY [1] Company Overview - Shenzhen Xingsen Quick Circuit Technology Co., Ltd. was established on March 18, 1999, and went public on June 18, 2010. The company is primarily engaged in PCB and semiconductor businesses [1] - The revenue composition of the main business includes: PCB printed circuit boards 71.45%, IC packaging substrates 21.09%, others 4.29%, and semiconductor test boards 3.17% [1] Shareholder Analysis - Southern Fund's Southern CSI 500 ETF (510500) is among the top ten circulating shareholders of Xingsen Technology. In the third quarter, it reduced its holdings by 435,600 shares, now holding 24.6112 million shares, which accounts for 1.63% of circulating shares. The estimated floating loss today is approximately 28.3029 million CNY [2] - The Southern CSI 500 ETF (510500) was established on February 6, 2013, with a latest scale of 140.098 billion CNY. Year-to-date return is 29.93%, ranking 1781 out of 4216 in its category; the one-year return is 19.19%, ranking 2057 out of 3917; and since inception, the return is 146.52% [2] Fund Performance - The fund manager of Southern CSI 500 ETF (510500) is Luo Wenjie, who has a cumulative tenure of 12 years and 206 days. The total asset scale of the fund is 170.445 billion CNY, with the best fund return during his tenure being 151.42% and the worst being -47.6% [3] Top Holdings - Southern Fund's Southern CSI 500 Enhanced Strategy ETF (560100) also holds Xingsen Technology as a significant position. In the third quarter, it held 38,500 shares, accounting for 1.18% of the fund's net value, ranking as the third-largest holding. The estimated floating loss today is about 44,300 CNY [4] - The Southern CSI 500 Enhanced Strategy ETF (560100) was established on January 26, 2022, with a latest scale of 72.2298 million CNY. Year-to-date return is 29.14%, ranking 1858 out of 4216; the one-year return is 22.4%, ranking 1715 out of 3917; and since inception, the return is 23.21% [4] Fund Manager Profile - The fund manager of Southern CSI 500 Enhanced Strategy ETF (560100) is Cui Lei, who has a cumulative tenure of 7 years and 5 days. The total asset scale of the fund is 122.76 billion CNY, with the best fund return during her tenure being 178.4% and the worst being -15.93% [5]

Market Overview - The Shanghai Composite Index fell by 0.25% on November 7, with 14 industries rising, led by basic chemicals and comprehensive sectors, which increased by 2.39% and 1.45% respectively [1] - The computer and electronics sectors experienced the largest declines, with drops of 1.83% and 1.34% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 40.396 billion yuan, with six industries seeing net inflows [1] - The basic chemicals industry had the highest net inflow of 5.943 billion yuan, followed by the power equipment sector with a net inflow of 4.253 billion yuan [1] Electronics Industry Performance - The electronics sector saw a decline of 1.34%, with a net capital outflow of 10.212 billion yuan [2] - Out of 470 stocks in the electronics sector, 116 rose while 344 fell, with two stocks hitting the daily limit up [2] - Notable inflows included Qianzhao Optoelectronics with a net inflow of 429 million yuan, followed by Xingsen Technology and Jingquanhua with inflows of 346 million yuan and 295 million yuan respectively [2] Top Gainers in Electronics - Qianzhao Optoelectronics: +20.03%, 13.46% turnover, 429.28 million yuan inflow [2] - Xingsen Technology: +2.73%, 9.07% turnover, 345.71 million yuan inflow [2] - Jingquanhua: +5.89%, 36.69% turnover, 295.15 million yuan inflow [2] Top Losers in Electronics - Industrial Fulian: -4.62%, 0.80% turnover, -2.03372 billion yuan outflow [4] - Shenghong Technology: -1.32%, 3.35% turnover, -786.57 million yuan outflow [4] - Zhaoyi Innovation: -2.75%, 4.18% turnover, -585.36 million yuan outflow [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has achieved rapid growth in performance, with a focus on high-end craftsmanship that establishes long-term competitiveness [1] - The company reported a revenue of 5.373 billion yuan for the first three quarters, representing a year-on-year increase of 23.48%, and a net profit of 131 million yuan, up 516.08% year-on-year [7] - The company is positioned well in the PCB, HDI, and IC substrate sectors, benefiting from technological advancements and market demand [7] - Revenue projections for 2025-2027 are 7.077 billion yuan, 8.808 billion yuan, and 10.916 billion yuan respectively, with corresponding net profits of 164 million yuan, 400 million yuan, and 839 million yuan [7] Financial Performance Summary - Revenue for 2023 is projected at 5.360 billion yuan, with a growth rate of 0.1%, and a net profit of 211 million yuan, reflecting a decline of 59.8% [6] - For 2024, revenue is expected to increase to 5.817 billion yuan (8.5% growth), with a net loss of 198 million yuan [6] - By 2025, revenue is forecasted to reach 7.077 billion yuan (21.6% growth), with a net profit of 164 million yuan [6] - The company’s EPS is projected to improve from 0.13 yuan in 2023 to 0.49 yuan by 2027 [6] Market Performance - The company’s stock has shown a performance of -17% over the last 12 months compared to the CSI 300 index [4]

Core Viewpoint - The company, Xingsen Technology, reported that as of October 31, 2025, the total number of shareholders will exceed 119,000 [2] Summary by Categories - **Company Information** - Xingsen Technology has communicated to investors that the total number of shareholders is projected to be over 119,000 by the end of October 2025 [2] - **Investor Engagement** - The company actively engages with investors through platforms to provide updates and respond to inquiries [2]