Investment Rating - The industry investment rating is maintained as "Add" [6] Core Viewpoints - NAND Flash prices are expected to rise by 5-10% in Q4 2025 due to the spillover effect from QLC products, with an average price fluctuation of 1.12% observed in the previous week [1] - DRAM prices have shown a significant increase, with an average fluctuation of 7.83% in the last week, driven by strong demand in the data center sector, particularly for AI servers [2] - HBM chips are in high demand and are projected to be a core growth driver in the storage sector by 2026, as supply-demand imbalances are expected to worsen [2] Summary by Sections NAND Market - TrendForce predicts a 5-10% price increase for NAND Flash in Q4 2025, influenced by the demand for QLC products [1] - The previous week saw price fluctuations for 22 NAND categories ranging from -1.64% to 2.74%, with 19 categories experiencing price increases [1] DRAM Market - Micron has raised its forecast for server shipment growth in 2025 to approximately 10%, driven by traditional and AI server demand [2] - The last week recorded DRAM price fluctuations between 3.22% and 11.07%, with all 18 categories showing an upward trend [2] HBM Market - Micron's CEO indicated that HBM chip supply will be insufficient, with significant demand growth expected in 2026, outpacing overall DRAM growth [2] Market Dynamics - The embedded NAND and LPDDR4X products have seen widespread price increases due to rising upstream costs and strong market demand [3] - The market sentiment for LPDDR4X has turned bullish, with expectations of significant price hikes following a period of price stability [3] Investment Recommendations - The report maintains a positive outlook on the HBM industry chain and the semiconductor cycle recovery, recommending stocks such as Saiteng Co., Yishitong, and others [4] - For storage chips, the report suggests focusing on companies like Dongxin Co. and others, as the industry is expected to rebound due to supply-driven price increases and rising AI-related demand [4]

Market Overview - A-shares experienced a strong rally on September 29, with the Shanghai Composite Index rising over 1% at one point, and the ChiNext Index increasing over 3% [2] - The Shanghai Composite Index closed up 0.9% at 3862.53 points, the Shenzhen Component Index rose 2.05% to 13479.43 points, and the ChiNext Index increased 2.74% to 3238.01 points, with total market turnover nearing 2.2 trillion yuan [2] Brokerage Sector Performance - The brokerage sector surged, with an increase of over 7% at one point and closing up over 5% [3] - Notable stocks included Huatai Securities, Guosheng Securities, and GF Securities hitting the daily limit, while CITIC Securities approached the limit with a nearly 6% rise [3] Hong Kong Market - In the Hong Kong market, major brokerage firms such as GF Securities, Huatai Securities, and CITIC Securities saw their shares rise over 10% [4] Institutional Insights - Institutions suggest that the brokerage sector is likely to attract market attention during the third-quarter earnings disclosure period, benefiting from both strong performance and valuation recovery [5] Solid-State Battery Sector - The solid-state battery concept saw significant gains, with Wanrun New Energy hitting a 20% limit up, and other companies like Hunan Yuno and Haibo Technology also experiencing substantial increases [6] - The solid-state battery technology is advancing towards commercialization, with significant developments reported by Tsinghua University and companies like Panasonic and SK On [9]

证券代码：301317 证券简称：鑫磊股份 公告编号：2025-050 鑫磊压缩机股份有限公司 关于 2025 年半年度权益分派实施公告 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： 1、截至本公告披露日，鑫磊压缩机股份有限公司（以下简称"公司"或"本 公司"）回购专用证券账户中持有 4,587,845 股，根据《深圳证券交易所上市公司 自律监管指引第 9 号—回购股份》的相关规定，上述股份不享有本次 2025 年半年 度利润分配权利。故本次实际参与权益分派的股份总数为扣除回购专用证券账户 中持有的 4,587,845 股后的 152,602,155 股。 2、本次权益分派实施后，按公司总股本（含回购股份）折算每 10 股现金红 利如下：每 10 股现金红利（含税）=现金分红总额/总股本（含回购股份）×10= 45,780,646.50 元/157,190,000 股×10 股=2.912440 元（保留六位小数）。 3、本次权益分派实施后的除权除息参考价=除权除息日前一交易日收盘价- 按公司总股本折算每股现金分红=除权除息日前一交易日收盘价-0 ...

鑫磊压缩机股份有限公司 2025年第一次临时股东大会决议公告 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： 证券代码：301317 证券简称：鑫磊股份 公告编号：2025-049 1、本次股东大会不存在否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、召开时间： 现场会议时间：2025年9月11日（星期四）下午14:30 网络投票时间：2025年9月11日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为2025年9月11 日9:15—9:25，9:30—11:30和13:00—15:00；通过深圳证券交易所互联网投票系统进 行网络投票的具体时间为2025年9月11日9:15—15:00期间的任意时间。 2、召开地点：浙江省温岭市东部新区潮平街8号鑫磊压缩机股份有限公司大会 议室。 3、召开方式：本次股东大会采用现场表决与网络投票相结合的方式。 4、会议召集人：鑫磊压缩机股份有限公司（以下简称"公司"）董事会。 通过现场和网络投票的股东137人，代表股份112,889,300股，占公司有表决 权 ...

关 于 国浩律师（杭州）事务所 鑫磊压缩机股份有限公司 2025 年第一次临时股东大会 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年九月 国浩律师（杭州）事务所 鑫磊股份 2025 年第一次临时股东大会法律意见书 之 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou,Zhejiang 310008, China 国浩律师（杭州）事务所 关 于 鑫磊压缩机股份有限公司 2025 年第一次临时股东大会之 法律意见书 致：鑫磊压缩机股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受鑫磊压缩机股份有限公 司（以下简称"公司"）委托，指派律师出席公司 2025 年第一次临时股 ...

Group 1 - The company Xinlei Co., Ltd. (301317) reported that as of June 30, 2025, the number of shareholders is 15,607 [1]

Group 1 - The company Xinlei Co., Ltd. (301317) has confirmed its products, including air source heat pumps and magnetic levitation (or variable frequency) centrifugal chillers, are efficient and energy-saving solutions for data center temperature control [1] - These products provide reliable cooling source guarantees for data centers, highlighting their application in the data center industry [1]

Core Viewpoint - Xinlei Co., Ltd. (301317.SZ) emphasizes the efficiency and energy-saving characteristics of its air source heat pumps and magnetic levitation (or variable frequency) centrifugal chillers, which are suitable for temperature control in data centers, providing reliable cooling solutions [1] Product Offerings - The company offers air source heat pumps and magnetic levitation centrifugal chillers as part of its cooling solutions [1] - These products are designed to meet the specific needs of data centers, ensuring effective temperature management [1] Market Application - The cooling solutions provided by the company are particularly relevant for the data center industry, highlighting the growing demand for efficient cooling systems in this sector [1]

（文章来源：每日经济新闻） 鑫磊股份（301317.SZ）9月10日在投资者互动平台表示，公司空气源热泵、磁悬浮（或变频）离心式冷 水机组等产品及冷却解决方案，凭借其高效节能的特性，可应用于数据中心温控领域，为数据中心提供 可靠的冷源保障。 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司今天在同花顺软件概念增加了数据中心概 念，是贵公司有什么数据中心的业务吗？ ...

Summary of Key Points Core Viewpoint - The report highlights the compliance issues faced by Xinlei Compressor Co., Ltd. regarding the management of raised funds and the necessary corrective actions taken by the company to address these issues [1][2][3][4]. Group 1: Compliance and Oversight - The company has not timely reviewed its information disclosure documents, with zero instances of late reviews [1]. - The company has established and effectively executed internal regulations to prevent resource occupation by related parties and manage raised funds [1]. - The company conducted one inquiry into the special account for raised funds, confirming that the project progress aligns with the disclosed information [1]. Group 2: Issues Identified and Corrective Measures - A significant issue identified was the use of idle raised funds for cash management without timely disclosure and approval, which is set to continue until June 2025 [1][2]. - The company has implemented corrective measures, including conducting necessary reviews and announcements regarding the use of idle funds [1][2]. - Internal control management has been strengthened, with enhanced supervision and auditing of raised funds management [1][2]. Group 3: Training and Awareness - The company plans to conduct training sessions for its directors and senior management on the legal regulations and internal systems related to raised funds management [1][2]. - The company has completed the corrective measures and is committed to improving compliance awareness among its staff [2][3]. Group 4: Commitment to Governance - The company has reaffirmed its commitment to adhere to information disclosure regulations and improve governance standards [4]. - The company aims to prevent similar issues from occurring in the future by enhancing its operational awareness and compliance practices [4].