Group 1 - The core point of the news is that Xin Heng Hui's stock price dropped by 5.05% to 73.70 CNY per share, with a trading volume of 200 million CNY and a turnover rate of 5.58%, resulting in a total market capitalization of 17.655 billion CNY [1] - Xin Heng Hui Electronic Co., Ltd. is located in Zibo City, Shandong Province, established on December 7, 2017, and listed on June 20, 2025. The company's main business includes smart card business (59.74% of revenue), etched lead frame business (28.34%), and IoT eSIM chip testing business (6.16%) [1] Group 2 - From the perspective of major fund holdings, one fund under Huatai PineBridge holds shares in Xin Heng Hui. The Huatai PineBridge CSI 500 ETF Linked (LOF) A (501036) held 382 shares in the fourth quarter, accounting for 0.01% of the fund's net value, ranking as the sixth largest holding. The estimated floating loss today is approximately 1,497.44 CNY [2] - The Huatai PineBridge CSI 500 ETF Linked (LOF) A (501036) was established on August 10, 2017, with a latest scale of 225 million CNY. Year-to-date return is 11.42%, ranking 819 out of 5580 in its category; the one-year return is 48.96%, ranking 1368 out of 4286; and the return since inception is 57.88% [2]

Group 1 - On January 27, the target price increases for listed companies were led by Changyuan Donggu, Hongyuan Green Energy, and Haotaitai, with target price increases of 50.61%, 42.37%, and 30.60% respectively, belonging to the automotive parts, photovoltaic equipment, and home goods industries [1][2] - A total of 29 listed companies received broker recommendations on January 27, with Tonghua Dongbao, Zhibang Home, and Yanjing Beer each receiving one recommendation [2] Group 2 - On January 27, one company had its rating upgraded, with Xinda Securities raising Xueda Education's rating from "Hold" to "Buy" [3][4] Group 3 - Five companies received initial coverage on January 27, including Taihe New Materials with an "Overweight" rating from Dongbei Securities, Keli Ke with an "Outperform" rating from Guoxin Securities, Tianyi Medical with a "Buy" rating from Xinda Securities, Xinhenghui with an "Overweight" rating from Zhongyou Securities, and Tuojing Technology with a "Buy" rating from Donghai Securities [5][6]

Group 1 - On January 27, brokerages set target prices for listed companies with notable increases for Changyuan Donggu, Hongyuan Green Energy, and Haotaitai, with target price increases of 50.61%, 42.37%, and 30.60% respectively, belonging to the automotive parts, photovoltaic equipment, and home goods industries [2][3] - A total of 29 listed companies received brokerage recommendations on January 27, with Tonghua Dongbao, Zhibang Home, and Yanjing Beer receiving one recommendation each [3] Group 2 - On January 27, one company had its rating upgraded, with Xinda Securities raising Xueda Education's rating from "Hold" to "Buy" [4][5] - Five companies received initial coverage on January 27, including Taihe New Materials with an "Accumulate" rating from Northeast Securities, Kelike with an "Outperform" rating from Guosen Securities, Tianyi Medical with a "Buy" rating from Xinda Securities, Xinhenghui with an "Accumulate" rating from Zhongyou Securities, and Tuojing Technology with a "Buy" rating from Donghai Securities [6]

Group 1 - The company achieved a revenue of 700 million yuan in the first three quarters of 2025, representing a year-on-year increase of 18.12%. However, the net profit attributable to shareholders decreased by 11.72% to 120 million yuan, and the net profit after deducting non-recurring items fell by 13.90% to 106 million yuan [1] - In the third quarter of 2025 alone, the company reported a revenue of 226 million yuan, which is a 26.50% year-on-year increase. The net profit attributable to shareholders for this quarter was 31 million yuan, while the net profit after deducting non-recurring items was 23 million yuan [1] - The company is focused on an integrated business model of "key packaging materials + testing services," covering the entire value chain from core materials to end services in the integrated circuit field [2] Group 2 - The company's core business includes three main segments: smart cards, etched lead frames, and IoT eSIM chip testing. The smart card segment focuses on the R&D, production, and sales of flexible lead frames, which are essential for smart card chips [2] - The company has made significant advancements in R&D, successfully mastering several core processes such as roll-to-roll maskless laser direct writing technology and high-precision selective electroplating technology, leading to large-scale production and market sales [2] - The company has established long-term stable partnerships with several well-known security chip design manufacturers and smart card product manufacturers, enhancing its customer base and market presence [3] Group 3 - The company anticipates revenues of 950 million yuan, 1.17 billion yuan, and 1.43 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 160 million yuan, 210 million yuan, and 270 million yuan for the same years [4]

证券代码：301678 证券简称：新恒汇 公告编号：2026-001 公司董事会对侯传凯先生在担任公司保荐代表人期间所做出的贡献表示衷 心的感谢！ 特此公告。 附件：江昊礼先生简历 新恒汇电子股份有限公司 新恒汇电子股份有限公司 关于变更持续督导保荐代表人的公告 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。 新恒汇电子股份有限公司（以下简称"公司"）于近日收到保荐机构方正证 券承销保荐有限责任公司（以下简称"方正证券"）出具的《方正证券承销保荐 有限责任公司关于更换新恒汇电子股份有限公司首次公开发行股票持续督导保 荐代表人的函》。 方正证券作为公司首次公开发行股票并在创业板上市的保荐机构及持续督 导机构，自公司首发上市日（2025 年 6 月 20 日）起至 2028 年 12 月 31 日期间， 承担持续督导责任。原委派侯传凯先生、肖文华先生担任公司首次公开发行股票 并上市的持续督导保荐代表人，现原委派的保荐代表人侯传凯先生因工作调整将 不再继续担任持续督导期的保荐工作。为保证持续督导工作的有序进行，根据《证 券发行上市保荐业务管理办法》的规定，方正证券决 ...

| 最新收盘价（元） | 79.50 | | --- | --- | | 总股本/流通股本（亿股）2.40 | / 0.48 | | 总市值/流通市值（亿元）190 | / 38 | | 52 周内最高/最低价 | 102.65 / 42.12 | | 资产负债率(%) | 9.4% | | 第一大股东 | 虞仁荣 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:陈天瑜 SAC 登记编号:S1340125090015 Email:chentianyu@cnpsec.com 证券研究报告：电子 | 公司点评报告 股票投资评级 增持 |首次覆盖 个股表现 2025-06 2025-08 2025-09 2025-10 2025-12 2026-01 0% 14% 28% 42% 56% 70% 84% 98% 112% 126% 140% 新恒汇 电子 资料来源：聚源，中邮证券研究所 公司基本情况 新恒汇(301678) 芯联万物，智启未来 l 投资要点 2025 年前三季度营收同比增长，三季度单季增速进一步提升。 2025 ...

Core Insights - New Henghui's stock increased by 2.22% on January 21, with a trading volume of 900 million yuan [1] - The company reported a financing buy-in of 72.71 million yuan and a net financing outflow of 11.47 million yuan on the same day [1] - As of January 21, the total financing and securities lending balance for New Henghui was 358 million yuan, representing 8.69% of its market capitalization [1] Financial Performance - For the period from January to September 2025, New Henghui achieved a revenue of 700 million yuan, reflecting a year-on-year growth of 18.12% [2] - The net profit attributable to shareholders for the same period was 120 million yuan, which represents a year-on-year decrease of 11.72% [2] Shareholder Information - As of September 30, 2025, New Henghui had 30,000 shareholders, a decrease of 19.55% from the previous period [2] - The average number of circulating shares per shareholder increased by 24.31% to 1,515 shares [2] - The company has distributed a total of 120 million yuan in dividends since its A-share listing [3] - Hong Kong Central Clearing Limited is the seventh largest circulating shareholder, holding 254,400 shares as a new shareholder [3]

Group 1 - The core point of the news is that Xin Heng Hui's stock price increased by 5.01% to 88.10 CNY per share, with a trading volume of 496 million CNY and a turnover rate of 12.29%, resulting in a total market capitalization of 21.105 billion CNY [1] - Xin Heng Hui Electronic Co., Ltd. is located in Zibo City, Shandong Province, established on December 7, 2017, and listed on June 20, 2025. The company's main business includes smart card business (59.74% of revenue), etched lead frame business (28.34%), and IoT eSIM chip testing business (6.16%) [1] Group 2 - From the perspective of fund holdings, one fund under China Merchants Fund holds shares in Xin Heng Hui. The fund, China Merchants CSI 300 Real Estate Equal Weight Index A (161721), held 382 shares in the third quarter, unchanged from the previous period, accounting for 0.0007% of circulating shares, ranking as the seventh largest holding [2] - The China Merchants CSI 300 Real Estate Equal Weight Index A (161721) was established on January 1, 2021, with a latest scale of 434 million CNY. Year-to-date return is 2.49%, ranking 4012 out of 5542 in its category; the one-year loss is 6.73%, ranking 4229 out of 4243; and since inception, the loss is 47.29% [2] Group 3 - The fund manager of China Merchants CSI 300 Real Estate Equal Weight Index A (161721) is Wang Ningyuan, who has been in the position for 331 days. The total asset size of the fund is 1.913 billion CNY, with the best return during his tenure being 22.62% and the worst return being -7.55% [3]

Group 1 - The stock of Xinhenghui increased by 9.10% on January 19, with a trading volume of 1.39 billion yuan [1] - On the same day, Xinhenghui had a financing buy amount of 167 million yuan and a net financing purchase of approximately 38.99 million yuan [1][2] - As of January 19, the total financing and securities lending balance for Xinhenghui was 367 million yuan, accounting for 8.82% of its market capitalization [2] Group 2 - Xinhenghui's main business segments include smart card business (59.74%), etched lead frame business (28.34%), and IoT eSIM chip testing business (6.16%) [2] - For the period from January to September 2025, Xinhenghui achieved an operating income of 700 million yuan, representing a year-on-year growth of 18.12%, while the net profit attributable to shareholders decreased by 11.72% to 120 million yuan [2] - As of September 30, 2025, the number of shareholders for Xinhenghui was 30,000, a decrease of 19.55% from the previous period [2]

Group 1 - The core point of the article is that Xinhenghui (301678.SZ) has stated on the investor interaction platform that it currently has no business dealings or technical exchanges with OmniVision Technologies [1]