Company Overview - Jiangbolong's stock price closed at 88.51 yuan on August 7, 2025, down 0.81% from the previous trading day [1] - The trading volume on that day reached 565 million yuan, with a turnover rate of 2.32%, and a total market capitalization of 37.099 billion yuan [1] - Jiangbolong specializes in the storage chip sector, focusing on the research, production, and sales of storage products [1] Industry Insights - The storage chip industry is entering a new phase of development opportunities, driven by the rapid advancement of artificial intelligence technology [1] - Demand for storage chips is continuously growing due to applications in large model training and edge computing [1] - Industry data indicates that the global storage chip market is expected to grow from 96 billion dollars in 2023 to 234 billion dollars by 2025 [1] - The storage chip sector is transitioning from traditional data warehouses to becoming a key factor in determining AI performance [1] Market Activity - On August 7, 2025, Jiangbolong experienced a net outflow of 22.1988 million yuan in principal funds, with a cumulative net outflow of 183 million yuan over the past five days [1]

Core Viewpoint - Jiangbolong (301308) will have 155 million restricted shares unlocked on August 5, accounting for 37.06% of the total share capital, with 145 million shares remaining restricted, representing 34.53% of the total share capital [1][2] Group 1: Share Unlocking Details - The unlocking involves various shareholders, with the largest being Cai Huabo, who will unlock 40.5 million shares valued at approximately 14.692 billion yuan [2] - Other notable shareholders include Li Zhixiong with 5.775 million shares worth about 2.095 billion yuan and Ningbo Longjia No. 3 with 17.82 million shares valued at around 1.616 billion yuan [2] Group 2: Financial Performance - Jiangbolong's Q1 2025 report shows a main revenue of 4.256 billion yuan, a year-on-year decrease of 4.41% [3] - The company reported a net profit attributable to shareholders of -152 million yuan, down 139.52% year-on-year, and a non-recurring net profit of -202 million yuan, down 155.64% [3] - The company's debt ratio stands at 59.95%, with investment income of -12.54 million yuan and financial expenses of 31.897 million yuan, while the gross profit margin is 10.35% [3] Group 3: Business Overview - Jiangbolong specializes in the research, design, packaging testing, production, and sales of semiconductor storage application products, focusing on storage products and applications [3] - The company has developed core capabilities in storage chip design, main control chip design, firmware algorithm development, packaging testing, and manufacturing, providing solutions for consumer-grade, automotive-grade, industrial-grade storage, and industry-specific storage hardware and software applications [3]

Group 1: TCM Model and Competitive Advantage - The company has established a TCM model collaboration with storage wafer manufacturers, showcasing its leading capabilities in chip control, firmware development, and packaging manufacturing, which enhances profitability and creates higher technical and service value [3] - The company is one of the few in China capable of designing and supplying "eSSD+RDIMM" products, with a complete enterprise-level product line that meets the high-performance demands of AI servers [3] Group 2: Development Progress and Market Position - The company has been investing in self-developed control chips for several years, resulting in significant performance and power consumption advantages over mainstream market products, with UFS4.1 products achieving sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write speeds of 630K IOPS and 750K IOPS [4] - The company's revenue in the enterprise storage sector has seen over 200% growth in Q1 2025, indicating substantial potential for future revenue growth as it captures more market share in high-end storage [5] Group 3: Market Trends and Price Movements - The company anticipates continued upward momentum in storage prices for Q3, driven by inventory demands from server OEM customers and cautious capacity control strategies from storage wafer manufacturers [6]

Investment Rating - The industry rating is maintained at "Outperform the Market" [7] Core Insights - The semiconductor sector is expected to continue its optimistic growth trajectory in 2025, driven by AI and domestic substitution efforts [5][17] - The second quarter of 2025 saw a notable increase in the allocation of semiconductor stocks within the electronic sector, with a significant focus on storage and power components [2][5] - The report highlights the strong performance of key companies in the semiconductor space, particularly in the storage segment, where price increases are anticipated [4][5] Summary by Sections 1. Q2 Semiconductor Holdings and Q3 Outlook - In Q2 2025, the A-share electronic industry allocation was 18.67%, maintaining the top position in the market, with a slight increase in the overweight ratio [2][14] - The semiconductor sector accounted for the highest proportion of holdings at 10.47% among various electronic components [2][25] 2. Q3 Downstream Industry Outlook - The report indicates stable growth in consumer electronics, with significant increases in the production of new energy vehicles and industrial applications [3][15] - In June 2025, China's smartphone production reached 108 million units, reflecting an 8.4% year-on-year increase [3][30] - The production of new energy vehicles saw a notable rise, with 1.234 million units produced, marking an 18.8% increase [3][32] 3. Storage Sector Recommendations - Jiangbolong is highlighted as a key player in the storage sector, benefiting from both cyclical and growth factors, with expected price increases in NAND and DDR4 products [4][16] - The company is positioned to leverage domestic substitution in enterprise storage, projecting a 200% year-on-year revenue increase in Q1 2025 [4][16] 4. Overall Market Trends - The semiconductor market is expected to see continued price increases in Q3 2025, particularly in the storage segment, with a focus on performance and efficiency improvements [5][17] - The report emphasizes the importance of domestic substitution and the resilience of key players in the semiconductor industry amid global supply chain challenges [5][17]

Core Viewpoint - This week, 32 stocks in the A-share market will face a lock-up expiration, with a total of 3.288 billion shares being unlocked, amounting to a market value of 91.974 billion yuan, which is a week-on-week increase of 4.99% [1][3]. Summary by Category Unlocking Stocks - The stock with the largest unlock market value is Runze Technology, exceeding 51 billion yuan, followed by Jiangbolong with over 13 billion yuan, and Meishi Technology, Runze Technology, Feiwotai, Hongye Futures, and Jiangbolong all seeing their circulating shares increase by over 100% [1][3][6]. Detailed Unlocking Information - Runze Technology will unlock 1.076 billion shares on August 8, 2025, with a market value of 51.821 billion yuan, representing 65.81% of its total shares. Jiangbolong will unlock 155.344 million shares on August 5, 2025, with a market value of 13.649 billion yuan, representing 37.06% of its total shares. Hongye Futures will unlock 431.642 million shares on August 5, 2025, with a market value of 5.145 billion yuan, representing 42.83% of its total shares [3][4][5]. Market Performance - As of August 1, the stock prices of Runze Technology, Jiangbolong, and Hongye Futures have shown respective changes of -2.48%, 0.42%, and -25.41% since July [3][5]. Shareholder Information - The major shareholders of Runze Technology include Jingjinji Runze (Langfang) Digital Information Co., Ltd., and other investment partnerships. The shares being unlocked are primarily from a private placement completed in August 2022 at a price of 18.97 yuan per share [4][5]. Circulating Share Increase - Among the 32 stocks facing unlocking, six stocks will see their unlock share quantity exceed 30% of their total share capital, with Meishi Technology, Runze Technology, Feiwotai, Hongye Futures, Jiangbolong, and Guangliwei having unlock ratios of 70.59%, 65.81%, 62.16%, 42.83%, 37.06%, and 33.40% respectively [7][8].

Group 1 - July CPI and PPI data will be released on August 9, with expectations of a 0% month-on-month change and a year-on-year decrease of approximately -0.5% for CPI, while PPI is expected to show a rebound both year-on-year and month-on-month [2] - New interest tax policy for government bonds, local government bonds, and financial bonds will take effect from August 8, 2025, reinstating VAT on interest income from newly issued bonds [3] - The Hong Kong Stock Exchange will implement a reduction in the minimum price fluctuation for stocks starting August 4, which aims to lower trading costs and enhance trading efficiency [4] Group 2 - The 2025 World Robot Conference will be held from August 8 to 12 in Beijing, focusing on themes of intelligence in robotics and featuring various events including forums and competitions [5] - A total of 32 companies will have their restricted shares unlocked from August 4 to August 8, with a total of 3.363 billion shares worth approximately 93.445 billion yuan being released [7] - The peak unlocking date is August 8, with three companies releasing shares worth a total of 54.464 billion yuan, accounting for 58.28% of the total unlocking scale for the week [7]

Group 1 - A total of 32 stocks will be unlocked next week, with a combined market value of 91.974 billion yuan based on the latest closing prices [1] - Runze Technology will have 1.076 billion shares available for trading, primarily from targeted placement and other types, with an unlock market value of 51.821 billion yuan [1] - Jiangbolong's unlock scale is the second largest, with 155 million shares to be released, mainly from original shareholders' restricted shares, amounting to an unlock market value of 13.649 billion yuan [1] Group 2 - In terms of unlock ratio, Meishi Technology, Runze Technology, and Feiwotai have the highest ratios, all exceeding 50% [1] - Hongye Futures, Jiangbolong, and Guangliwei also have significant unlock ratios [1]

Group 1 - The report emphasizes the coexistence of strategic opportunities and risk challenges in the economic landscape, marking a shift from short-term recovery to long-term foundation building in policy focus [1][2] - It highlights the need for macroeconomic policies to accelerate bond issuance and ensure the stability of three key areas, while also advocating for targeted support in sectors like technology and consumption [1][2] - The report notes a renewed emphasis on boosting domestic demand by fostering new growth points in service consumption, linking the improvement of people's livelihoods directly to consumption expansion [1][2] Group 2 - The report identifies three significant breakthroughs in industrial policy, transitioning from conceptual advocacy to practical implementation, addressing market pain points, and institutionalizing capacity governance [2] - In the foreign trade sector, it discusses a balanced approach of defense and progress, promoting high-level free trade zone construction and the integration of domestic and foreign trade [2] - The report outlines a proactive approach to risk resolution, focusing on eliminating hidden debts and ensuring energy supply to safeguard people's livelihoods [2] Group 3 - Domestic economic data shows stability and resilience, with previous growth stabilization policies gradually taking effect, while new macro policies are expected to further stimulate demand [3] - The report indicates that August will be a critical period for verifying mid-year performance, with a focus on sectors and stocks that may exceed expectations [3] - It mentions that despite increased market risk factors, the positive momentum from policies remains unchanged, particularly in the technology sector, which includes areas like computing power, artificial intelligence, and consumer electronics [3] Group 4 - The report recommends a stock portfolio for August, highlighting strong performers from July, including Dingjie Zhishi (+43.58%) and Lianrui New Materials (+25.03%), among others [6] - The recommended stocks for August cover various sectors, including telecommunications, technology, pharmaceuticals, and chemicals, indicating a diversified investment strategy [6][14] - The report notes that the average increase in the recommended portfolio for July was +10.71%, outperforming major indices [6][12]

深圳市江波龙电子股份有限公司章程 深圳市江波龙电子股份有限公司 章程 二〇二五年 | 第一章 | 总 则 - | 1 - | | --- | --- | --- | | 第二章 | 经营宗旨和范围 - | 2 - | | 第三章 | 股份 - | 2 - | | | 第一节 股份发行 - | 2 - | | | 第二节 股份增减和回购 - | 4 - | | | 第三节 股份转让 - | 5 - | | 第四章 | 股东和股东会 - | 6 - | | | 第一节 股 东 - | 6 - | | | 第二节 控股股东和实际控制人 - | 9 - | | | 第三节 股东会的一般规定 - | 10 - | | | 第四节 股东会的召集 - | 12 - | | | 第五节 股东会的提案与通知 - | 13 - | | | 第六节 股东会的召开 - | 14 - | | | 第七节 股东会的表决和决议 - | 17 - | | 第五章 | 董事会 - | 20 - | | | 第一节 董 事 - | 20 - | | | 第二节 董事会 - | 23 - | | | 第三节 独立董事 - | 27 - | | | ...

反洗钱管理制度 （2025 年修订） 第一章 总则 深圳市江波龙电子股份有限公司 第一条 为了规范深圳市江波龙电子股份有限公司（以下简称"公司"）反 洗钱工作，提高公司防范洗钱风险的能力，根据《中华人民共和国反洗钱法》 《香港联合交易所有限公司证券上市规则》等境内外反洗钱相关法律法规，结 合公司实际情况，特制定本制度。 第二条 本制度所指"反洗钱"是指为了预防通过各种方式掩饰、隐瞒毒品犯 罪、黑社会性质的组织犯罪、恐怖活动犯罪、走私犯罪、贪污贿赂犯罪、破坏金 融管理秩序犯罪、金融诈骗犯罪和其他犯罪所得及其收益的来源、性质的洗钱活 动，依照境内外反洗钱相关法律法规规定采取相关措施的行为。 第三条 本制度是公司实施反洗钱管理的纲领性文件，适用于公司各部门、 分公司、控股子公司（含全资子公司）及公司能够对其实施重大影响的参股公司。 公司各境外子公司在境外开展业务时，应当遵循驻在国家（地区）的反洗钱法律 规定，协助配合驻在国家（地区）反洗钱机构的工作，在驻在国家（地区）法律 规定允许的范围内严格执行本制度的有关要求。 第四条 本制度的宗旨是规范公司高、中级管理层及所有员工的职业行为， 严格遵守相关法律法规、职业道德及 ...