Market Overview - On September 11, A-shares opened mixed, with major indices collectively turning positive as the Shenzhen Component Index rose over 1% and the ChiNext Index increased by 1.7% [1][2] - The Hong Kong market saw declines, with the Hang Seng Technology Index and Hang Seng China Enterprises Index both dropping over 1% [2][4] Sector Performance - The pharmaceutical and biotechnology sectors experienced significant declines, while agriculture stocks initially rose. However, light module and PCB concept stocks saw collective gains [2][3] - The light module index increased by 5.82%, and the PCB index rose by 4.50%, indicating strong performance in these sectors [3] Notable Stocks - Fourhui Fushi (SZ:300852) hit the daily limit up with a 20% increase, closing at ¥44.29, while other PCB stocks like Jingwang Electronics and Jin'an Guoji also reached their daily limits [9][12] - Industrial Fulian reached a new historical high with a market capitalization of ¥1.17 trillion, reflecting strong investor interest [12][13] Company-Specific Developments - Foxconn's Zhengzhou plant is ramping up production for the iPhone 17 series, leading to increased labor demand and heightened overtime work since August [15] - In the pharmaceutical sector, Ji Min Health achieved a 10.02% increase, while Zhen De Medical also saw a 10.02% rise, indicating a partial recovery in the sector [16][17] Regulatory News - Baiyin Nonferrous Metals faced a trading halt due to a disclosure violation, with shares dropping 9.91% to ¥3.82 [19][21] - The company, involved in the mining and processing of various metals, had previously seen a surge in stock price due to rising international metal prices [21]

Group 1 - The A-share market is experiencing a strong performance in robotics concept stocks, with several companies hitting the daily limit up [1] - Notable performers include Si Hui Fu Shi, which reached a 20% increase, and Jie Chuang Zhi Neng, which rose nearly 11% [1][2] - Other companies such as Chongda Technology, Shanghai Hu Gong, and Xin Shi Da also saw their stocks hit the limit up, indicating a bullish trend in the sector [1] Group 2 - The table lists various companies with their stock performance, including Si Hui Fu Shi with a market cap of 6.257 billion and a year-to-date increase of 69.77% [2] - Jie Chuang Zhi Neng has a market cap of 4.565 billion and a year-to-date increase of 87.03% [2] - Industrial Fu Lian stands out with a market cap of 1,171.1 billion and a remarkable year-to-date increase of 179.66% [2]

Group 1 - The core viewpoint is that computing hardware stocks, including CPO and PCB, have seen a significant rise, with specific companies like Qihui Fushi hitting the daily limit increase [1] - Companies such as Jingwang Electronics and Qingshan Paper also previously reached their daily limit increase, indicating strong market performance [1] - Other notable performers include Zhongji Xuchuang, Xinyi Sheng, and Shengyi Electronics, which have shown substantial gains [1]

证券研究报告 | 浙商早知道 报告日期：2025 年 09 月 11 日 浙商早知道 2025 年 09 月 11 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 【浙商电子 王凌涛/沈钱】四会富仕（300852）公司深度：工控复苏叠加机器人全新增量，海内外扩产落定增长 渐现雏形——20250910 重要点评 浙商早报 1 市场总览 1、大势 9 月 10 日上证指数上涨 0.13%，沪深 300 上涨 0.21%，科创 50 上涨 1.09%，中证 1000 上涨 0.06%，创 业板指上涨 1.27%，恒生指数上涨 1.01%。 【浙商电新 邱世梁/黄华栋】电池 行业深度：固态中试线加速落地，各材料环节全面升级——20250910 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：9 月 10 日上证指数上涨 0.13%，沪深 300 上涨 0.21%，科创 50 上涨 1.09%，中证 1000 上涨 0.06%，创业 板指上涨 1.27%，恒生指数上涨 1 ...

Group 1 - The company, Four Meeting Fushi (300852), confirmed that its optical module PCB is currently produced mainly in China [1] - The Thai factory is progressing well in terms of technology and is in the preparation stage for mass production [1] - The company aims to ensure the successful mass production of the Thai factory to better serve global customers [1]

Core Viewpoint - The company is actively implementing strategies to mitigate the impact of raw material price fluctuations on its operations through various measures [1] Group 1: Company Strategies - The company is developing multiple suppliers to introduce competitive materials [1] - Continuous optimization of supply chain management is being pursued [1] - Internal initiatives for cost reduction and quality improvement are being implemented [1] - The company is constructing a rooftop photovoltaic power generation project to reduce electricity costs [1] - Negotiations with customers for re-pricing and optimizing order structures are ongoing to minimize risks from material price volatility [1]

Group 1 - The core viewpoint of the article is that Sihui Fushi (300852.SZ) is progressing well with its technology at the Thailand factory, which is currently in the preparation stage for mass production [1] - The company emphasizes its commitment to ensuring the successful mass production of the Thailand factory to better serve global customers [1] - The company's optical module PCB is primarily produced domestically, indicating a focus on local production capabilities [1]

格隆汇9月4日丨四会富仕(300852.SZ)在投资者互动平台表示，公司光模块PCB目前主要在国内生产。泰 国工厂技术推进顺利，处于量产前的准备阶段，我们将全力确保泰国工厂顺利量产，以更好地服务全球 客户。 ...

Group 1 - The core viewpoint of the news is the performance and shareholder structure of Si Hui Fu Shi Electronic Technology Co., Ltd, which has seen a decline in stock price and trading volume [1] - As of the report, Si Hui Fu Shi's stock price dropped by 5% to 36.08 CNY per share, with a trading volume of 143 million CNY and a turnover rate of 2.83%, resulting in a total market capitalization of 5.097 billion CNY [1] - The company's main business involves the research, production, and sales of printed circuit boards, with revenue composition being 93.96% from printed circuit boards and 6.04% from other supplementary sources [1] Group 2 - From the perspective of major shareholders, Ping An Fund's advanced manufacturing theme stock fund has increased its holdings in Si Hui Fu Shi by 188,700 shares, bringing its total to 1.579 million shares, which accounts for 1.15% of the circulating shares [2] - The fund has reported a year-to-date return of 78.89% and a one-year return of 150.17%, ranking 50 out of 4222 and 12 out of 3789 respectively in its category [2] - The fund manager, Zhang Yinxian, has been in position for 1 year and 317 days, with the fund's total asset size at 1.425 billion CNY and a best return of 89.18% during his tenure [3] Group 3 - Si Hui Fu Shi is the seventh largest holding in Ping An Fund's advanced manufacturing theme stock fund, representing 3.59% of the fund's net value [4] - The fund has incurred an estimated floating loss of approximately 3 million CNY due to the recent decline in Si Hui Fu Shi's stock price [4]

Core Viewpoint - The company has announced adjustments to the conversion price of its convertible bonds, reflecting changes in its share capital due to profit distribution and share buybacks [1][2][3] Summary by Sections Convertible Bond Conversion Price Adjustment - The conversion price of the "Fu Shi Convertible Bond" will be adjusted based on the company's actions that affect its share capital, ensuring the protection of bondholders' rights [1] - The initial conversion price was set at 41.77 yuan/share, which was adjusted to 29.68 yuan/share on May 8, 2024, following a profit distribution and capital reserve conversion [1] - On May 8, 2025, the conversion price was further adjusted from 29.68 yuan/share to 29.54 yuan/share due to a cash dividend distribution [2] Reasons for Adjustment - The company completed the cancellation of 1,179,800 shares, which is 0.83% of the total shares before cancellation, as part of its share buyback program [2] - The adjustment of the conversion price is calculated using a specific formula that considers the previous conversion price, the average buyback price, and the percentage of shares canceled [3] Result of Adjustment - After the recent share buyback and cancellation, the new conversion price will be set at approximately 29.57 yuan/share, effective from August 29, 2025 [3]