Core Viewpoint - Guangdong Lingyi Intelligent Manufacturing Co., Ltd. has announced the twelfth reminder regarding the redemption of "Lingyi Convertible Bonds," indicating a conditional redemption period from August 19 to September 8, 2025 [1] Summary by Relevant Sections - **Redemption Details** - The redemption price is set at 100.181 CNY per bond [1] - Trading of the bonds will cease on October 10, 2025, with the redemption registration date on October 14, 2025 [1] - The bonds will stop conversion and be redeemed on October 15, 2025, with investors receiving their redemption funds by October 22, 2025 [1] - All bonds that have not been converted by the close of trading on October 14, 2025, will be forcibly redeemed and subsequently delisted from the Shenzhen Stock Exchange [1] - **Investor Advisory** - The company advises bondholders to convert their bonds within the specified timeframe and to be aware of investment risks [1]

| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-145 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 1、"领益转债"赎回价格：100.181 元/张（含当期应计利息，当期年利率为 0.20%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司 深圳分公司（以下简称"中登公司"）核准的价格为准。 关于"领益转债"赎回实施的第十二次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 2、赎回条件满足日：2025 年 9 月 8 日 3、"领益转债"停止交易日：2025 年 10 月 10 日 4、"领益转债"赎回登记日：2025 年 10 月 14 日 5、"领益转债"停止转股日：2025 年 10 月 15 日 广东领益智造股份有限公司 一、赎回情况概述 6、"领益转债"赎回日：2025 年 10 月 15 日 7、发行人（公司）资金到账日：2025 年 10 月 20 日 8、投资者赎回款到账日：2025 年 10 月 22 日 9、赎回类 ...

Core Viewpoint - Guangdong Lingyi Intelligent Manufacturing Co., Ltd. has announced the early redemption of its convertible bonds, "Lingyi Convertible Bonds," due to the fulfillment of specific redemption conditions based on stock performance [4][5]. Redemption Overview - The redemption price for "Lingyi Convertible Bonds" is set at 100.181 CNY per bond, which includes accrued interest at an annual rate of 0.20% [2][7]. - The conditions for redemption were met as the company's stock price closed at or above 130% of the conversion price for 15 out of 30 consecutive trading days [4][5]. - The redemption will be executed for all outstanding bonds that are not converted by the redemption registration date of October 14, 2025 [3][11]. Redemption Schedule - Key dates include: - Redemption condition satisfaction date: September 8, 2025 - Last trading day for "Lingyi Convertible Bonds": October 10, 2025 - Redemption registration date: October 14, 2025 - Redemption date: October 15, 2025 - Funds credited to the issuer's account: October 20, 2025 - Redemption proceeds credited to bondholders' accounts: October 22, 2025 [3][10][11]. Redemption Process - The company will issue daily announcements regarding the redemption until the redemption date [10]. - After the redemption, "Lingyi Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [11]. Additional Information - Bondholders must process conversion requests through their respective securities firms, and any fractional shares resulting from conversions will be settled in cash [13]. - The company has confirmed that there were no other transactions involving "Lingyi Convertible Bonds" by major shareholders or executives in the six months leading up to the redemption condition satisfaction [12].

Core Insights - The article highlights the transformation of China's manufacturing industry from large to strong, emphasizing the role of emerging industries like intelligent manufacturing, robotics, and new energy vehicles as key drivers for industrial upgrading [1][2]. Company Overview - Guangdong Lingyi Technology Co., Ltd. (Lingyi Intelligent Manufacturing) aims to become one of the top three manufacturers of embodied intelligent hardware globally, showcasing its ambition and signaling a breakthrough in China's manufacturing during the "14th Five-Year Plan" [1][3]. - Lingyi Intelligent Manufacturing has expanded its supply range to thousands of modules and components for the entire Apple product line since joining the "fruit chain" in 2009, becoming a leading manufacturer in various sectors including die-cutting, stamping, CNC processing, and charging plugs [2]. Strategic Shift - The company is proactively shifting its precision manufacturing capabilities from traditional 3C products to emerging sectors like humanoid robotics, leveraging its experience in assembly and hardware integration [2][4]. - Lingyi Intelligent Manufacturing's robot business strategy focuses on core component development, comprehensive hardware services, and the creation of industrial application scenarios [2][4]. Competitive Advantage - The company possesses a mature and extensive manufacturing system, which is crucial for the humanoid robot industry that requires large-scale, high-standard, and complex industrial capabilities [3][4]. - Lingyi Intelligent Manufacturing is acting as an "ecological bridge," collaborating with numerous robot companies to develop standardized products that meet 90% of market demand, thereby reducing costs and promoting industry standardization [4]. Future Market Potential - The humanoid robot industry is compared to the early stages of smartphone development, with a potential market size reaching trillions of yuan [4][5]. - Lingyi Intelligent Manufacturing plans to establish hundreds of automated assembly lines, currently operating around 20 manual assembly lines, to support the growing demand in the robotics sector [4][5]. Innovation and Development - The company has invested an average of 5.70% of its revenue in R&D from 2020 to 2024, significantly above the industry average, indicating a strong commitment to innovation [5]. - Lingyi Intelligent Manufacturing's future development blueprint includes a focus on consumer electronics, automotive electronics, and humanoid robotics as key growth areas [5][6]. Industry Impact - The company aims to define standards for robot hardware manufacturing and foster a collaborative ecosystem within the robotics industry, positioning itself as a foundational player in the sector [6].

Core Insights - The consumer electronics sector has seen significant stock price increases, with 13 stocks doubling in value this year, led by Chipone Technology and Industrial Fulian, which rose by 229.96% and 213.47% respectively [1] - Since September, over 30 consumer electronics stocks have been under institutional research, with companies like Lattice Semiconductor, Shenzhen South Circuit, and Lingyi iTech receiving more than 100 institutional inquiries each [1] - More than half of the concept stocks have seen increased positions from financing clients since September, with eight stocks, including Cambricon Technologies-U, Luxshare Precision, and Dongshan Precision, having net purchases exceeding 1 billion yuan [1] - Among the stocks that received over 300 million yuan in financing increases, 13 are expected to continue showing growth, with institutions predicting net profit growth rates exceeding 30% for 2025 and 2026 [1]

（编辑 楚丽君） 证券日报网讯 9月22日晚间，领益智造发布公告称，根据安排，截至2025年10月14日收市后仍未转股 的"领益转债"将被强制赎回。本次赎回完成后，"领益转债"将在深圳证券交易所摘牌，特提醒"领益转 债"债券持有人注意在限期内转股。债券持有人持有的"领益转债"如存在被质押或被冻结的，建议在停 止转股日前解除质押或冻结，以免出现因无法转股而被赎回的情形。 ...

Group 1 - The main point of the article highlights that the main funds in the Shanghai and Shenzhen markets experienced a net outflow of 149.51 billion yuan on September 22, with the ChiNext board seeing a net outflow of 99.42 billion yuan [2] - Among the 11 industries tracked, the electronics industry had the highest increase, rising by 3.71%, while the social services industry saw the largest decline at 2.04% [2] - Seven industries received net inflows from main funds, with the electronics industry leading at 46.29 billion yuan, followed by the banking industry with 3.05 billion yuan [2] Group 2 - Notable individual stocks included Lingyi iTech, which saw a net inflow of 17.33 billion yuan, marking a 9.12% increase in its stock price [3] - Other companies with significant net inflows included Lixun Precision, Changying Precision, and ZTE, each exceeding 5 billion yuan [5] - In contrast, leading stocks such as Shenghong Technology and Xinyi Sheng experienced net outflows exceeding 11 billion yuan, with Shenghong Technology alone seeing a net outflow of 16.44 billion yuan over seven consecutive days [7]

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The smart terminal market is expected to flourish, driven by the recovery in iPhone sales and the entry of large model manufacturers like Open AI, which will accelerate innovation in smart terminal categories and forms [3][8] - The iPhone 17 series has shown strong sales performance, with a fourfold increase in trade-in sales compared to the previous year, indicating a positive outlook for the supply chain [8] - Open AI's entry into AI hardware terminals is expected to enrich the product ecosystem, benefiting existing supply chain companies like Luxshare Precision and GoerTek [8] Summary by Sections Investment Suggestions and Targets - The report recommends buying shares of several companies in the AI supply chain, including Luxshare Precision (002475), Lens Technology (300433), and GoerTek (002241) among others [3] Industry Dynamics - The report highlights the potential for rapid growth in the AI hardware terminal market, with Open AI planning to launch its first device by late 2026 or early 2027, which will include various innovative products [8] - The report notes that the iPhone 17 series has prompted Apple to increase production capacity, reflecting strong market demand and potential for supply chain growth [8] - Meta's recent launch of multiple AI & AR glasses indicates a growing market for AR technology, suggesting a shift from accessory to independent smart terminal status for wearable devices [8]

Group 1: Market Overview - On September 22, the main funds in the Shanghai and Shenzhen markets experienced a net outflow of 14.951 billion yuan, with the ChiNext board seeing a net outflow of 9.942 billion yuan and the CSI 300 index stocks a net outflow of 2.6 billion yuan [1] - Among the 11 sectors tracked, the electronics sector led with a gain of 3.71%, while the social services sector saw the largest decline at 2.04% [1] - A total of 7 sectors received net inflows from main funds, with the electronics sector attracting the highest net inflow of 4.629 billion yuan [1] Group 2: Individual Stock Performance - The stock "Lingyi iTech" topped the list with a net inflow of 1.733 billion yuan, reflecting a price increase of 9.12% [4] - "Invech" and "Shanzi High-Tech" also saw significant net inflows of 1.132 billion yuan and 1.05 billion yuan, respectively, with price increases of 9.99% and 10.08% [4] - Other notable stocks with net inflows exceeding 500 million yuan include "Luxshare Precision," "Changying Precision," and "Zhongke Shuguang," each attracting over 500 million yuan [3] Group 3: Fund Flow Analysis - A total of 110 stocks experienced net outflows exceeding 100 million yuan, with "Shenghong Technology" and "Xinyi Sheng" leading with outflows of 1.644 billion yuan and 1.116 billion yuan, respectively [5] - The electronics sector, particularly "O-Film," "Ganfeng Lithium," and "BYD," also faced significant net outflows, each exceeding 500 million yuan [5] - In the tail-end trading session, the main funds saw a net inflow of 3.732 billion yuan, with "Changying Precision" leading the inflow at 441.135 million yuan [7]

Market Overview - On September 22, the Shanghai Composite Index closed at 3828.58 points, up 0.22%, with a trading volume of 941.8 billion yuan. The Shenzhen Component Index rose 0.67% to 13157.97 points, with a trading volume of 1179.69 billion yuan. The ChiNext Index increased by 0.55% to 3107.89 points, with a trading volume of 547.49 billion yuan. The STAR Market 50 Index gained 3.38% to close at 1408.64 points, with a trading volume of 114.2 billion yuan. The total trading volume of both markets was 2121.49 billion yuan, a decrease of 202.3 billion yuan from the previous trading day [1]. Sector Performance - The electronic, precious metals, computer, machinery, securities, and automotive sectors showed strong performance, while the beauty care, retail, food and beverage, construction decoration, oil and petrochemicals, banking, education, and building materials sectors experienced declines. Notably, the storage chip, Apple, AI mobile phone, synchronous reluctance motor, computing power, cultivated diamonds, and other concepts were active [2]. - Among the stocks, 2104 rose, 2951 fell, and 91 remained flat, with 73 stocks hitting the daily limit up and 15 hitting the limit down [2]. Individual Stock Highlights - Tianpu Co., Ltd. achieved a remarkable 14 consecutive limit-up days, leading the market in this regard. Other notable stocks included *ST Zhengping with 7 consecutive limit-ups, Hangzhou Electric with 5, and Yunnan Tourism with 4 [5]. - The top net inflow stocks included Lingyi Technology with a net inflow of 1.733 billion yuan, followed by Yingwei Technology, Shanzigaoke, Luxshare Precision, and others, with net inflows ranging from 1.05 billion to 820 million yuan [9][10]. - Conversely, Shenghong Technology faced the highest net outflow of 1.644 billion yuan, followed by Xinyi Sheng, OFILM, Ganfeng Lithium, BYD, and Sunshine Power, with net outflows between 1.116 billion and 524 million yuan [11][12]. Institutional Activity - Institutional investors net bought 349.477 million yuan worth of stocks, with the highest net purchase in Jucheng Co., Ltd. at approximately 359.4 million yuan. Other significant net purchases were seen in Chip Original Co., Yingwei Technology, and others [14][15].