Investment Rating - The report maintains an "Overweight" rating for the electronic industry [3][10]. Core Insights - The demand for eSSD is rapidly increasing, driven by the growth in data centers and AI infrastructure investments, which is expected to sustain high demand for NAND storage products [7][8]. - The electronic industry has shown a recovery in consumer electronics, with new foldable smartphones being released and advancements in AI technology driving high demand for AI infrastructure [9][10]. Market Performance - The electronic industry index decreased by 0.09% last week, underperforming the CSI 300 by 0.92 percentage points [12]. - Year-to-date, the electronic industry index has increased by 47.96%, outperforming the CSI 300 by 29.05 percentage points [12]. Valuation Metrics - The electronic sector's PE (TTM, excluding negative values) is at 61.05X, which is in the 43.55th percentile of the past 10 years [6][12]. - The PB (LF) stands at 5.00X, placing it in the 61.35th percentile of the last decade [6][12]. Industry Dynamics - SanDisk reported a quarterly revenue of $2.308 billion for Q1 FY2026, with a 21% quarter-over-quarter growth and a 23% year-over-year growth [7]. - The average selling price of NAND products has seen a mid-single-digit percentage increase, contributing to revenue exceeding expectations [7]. Investment Recommendations - The report suggests focusing on investment opportunities in AI infrastructure, edge SOC, foldable smartphone supply chains, and storage industry chains [10]. - Specific companies to watch in the AI infrastructure sector include Cambrian, Chipone, and Aojie Technology; in the edge SOC sector, recommended companies are Rockchip, Hengxuan Technology, and Lexin Technology [10].

Core Viewpoint - The China Securities 1000 Growth ETF (562520) opened down 0.54% at 1.298 yuan, reflecting a decline in several of its major holdings [1] Group 1: ETF Performance - The China Securities 1000 Growth ETF (562520) has a performance benchmark of the China Securities Select 1000 Growth Innovation Strategy Index [1] - Since its inception on March 8, 2022, the fund has returned 30.60%, while its return over the past month is -1.32% [1] Group 2: Major Holdings Performance - Key stocks in the ETF include: - Jucheng Co., Ltd. down 2.51% - Gylon Electronics down 0.96% - Gibit down 0.45% - Guangku Technology down 1.82% - Srypu down 1.34% - Lexin Technology down 0.91% - Huatu Shanding up 0.07% - Yuanjie Technology down 2.68% - Weimaisi up 0.17% - Anji Technology down 1.39% [1]

Core Viewpoint - Lexin Technology's stock has shown fluctuations in recent trading days, with a year-to-date increase of 4.54% and a notable decline of 24.72% over the past 20 days [1][2] Company Overview - Lexin Technology, established on April 29, 2008, and listed on July 22, 2019, is based in Shanghai and specializes in the research, design, and sales of integrated circuit products [1] - The company's main revenue sources are modules and development kits (60.47%), chips (38.89%), and other products (0.64%) [1] Financial Performance - For the period from January to September 2025, Lexin Technology reported a revenue of 1.912 billion yuan, representing a year-on-year growth of 30.97%, and a net profit attributable to shareholders of 377 million yuan, up 50.04% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 384 million yuan, with 145 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 25.14% to 20,100, with an average of 7,777 circulating shares per person, a decrease of 20.09% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 7.4023 million shares, an increase of 2.2202 million shares from the previous period [3]

Group 1 - The semiconductor industry has shown a significant performance improvement, with a 46.59% increase in the semiconductor index from the beginning of 2025 to October 31, outperforming the CSI 300 index by 28.65 percentage points [3][22]. - In Q3 2025, the semiconductor revenue grew by 11.0% year-on-year, with notable growth in digital chip design (+35.0%) and semiconductor equipment (+32.4%) [5][48]. - The net profit attributable to the parent company in Q3 2025 increased by 80.4% year-on-year, with integrated circuit manufacturing showing an extraordinary growth of 6819% [5][58]. Group 2 - The gross margin for the semiconductor sector in Q3 2025 was 30.0%, reflecting a 2.8 percentage point increase from the previous quarter, while the net margin was 11.3% [5][67]. - The global semiconductor sales reached $208.4 billion in Q3 2025, marking a 25.1% year-on-year increase and a 15.8% quarter-on-quarter increase [7]. - The report highlights a positive outlook for the storage sector, with expected price increases for DRAM and NAND Flash in Q4 2025, suggesting a favorable environment for domestic storage manufacturers [10]. Group 3 - The report indicates that over half of the 146 A-share semiconductor companies have achieved new quarterly revenue highs in 2025, driven by AI and domestic supply chain improvements [10][41]. - The analysis of fund holdings shows that the proportion of semiconductor stocks in active funds increased to 12.56% in Q3 2025, indicating a growing interest in the sector [3][36]. - The report recommends focusing on companies benefiting from the rise of domestic chip design and high-end chip trends, such as SMIC and Hua Hong Semiconductor [10][11].

Investment Rating - The investment rating for the software and services industry is "Positive" and maintained [10]. Core Insights - The total market value of heavy holdings in the computer sector for Q3 2025 is approximately 37.36 billion, an increase of about 5.52 billion from the previous quarter. The computer sector's holding ratio is 2.3%, a decrease of 0.2 percentage points from the previous quarter [2][5]. - There is a significant concentration of funds in the IT infrastructure sector, driven by the narrative surrounding AI, with notable improvements in performance observed in certain segments. The report suggests focusing on leading companies in the domestic computing power chain and major internet companies [2][8]. Summary by Sections Heavy Holdings and Allocation - The heavy allocation ratio for the computer sector continues to decline, with Q3 2025 showing a heavy holding market value of approximately 37.36 billion, up from 31.84 billion in Q2 2025. The heavy allocation ratio has decreased to 2.3%, ranking low compared to other sectors [5][18]. - The concentration of holdings has significantly increased, reaching a new high since 2021, with the CR10 and CR5 ratios rising to 79.9% and 59.3%, respectively [7][38]. Sector Performance - The IT infrastructure sector has seen a substantial increase in market value, primarily influenced by AI narratives, with a notable increase of 1.1% in its holding ratio. The top three companies in this sector have seen significant increases in their market values: Haiguang Information (+5.39 billion), Zhongke Shuguang (+3.53 billion), and Inspur Information (+2.69 billion) [6][32]. - The overall performance of the computer sector has been mixed, with IT infrastructure leading while other segments have shown average performance [33]. Investment Recommendations - The report emphasizes the importance of focusing on the domestic AI chain, with the internet sector being a central player and domestic computing power as a flexible direction. The current valuation of the computer sector is at a high level, with a PE-TTM of 69.5, placing it in the 94th percentile since 2016 [8][46]. - The report suggests monitoring leading companies in the domestic computing power chain and major internet companies for potential investment opportunities [8][26].

乐鑫科技 2025 年第五次临时股东会 股东会须知 为保障乐鑫信息科技（上海）股份有限公司全体股东的合法权益，维护股东 会的正常秩序，保证股东会的议事效率，确保本次股东会如期、顺利召开，根据 《中华人民共和国公司法》《乐鑫信息科技（上海）股份有限公司章程》《乐鑫 信息科技（上海）股份有限公司股东会议事规则》及中国证监会、上交所的有关 规定，特制定本须知。 乐鑫信息科技（上海）股份有限公司 2025 年第五次临时股东会 会议材料 2025 年 11 月 12 日 一、 宣布会议开始 四、 股东发言和集中回答问题 4 时 间：2025 年 11 月 12 日（星期三）下午 14 时 00 分 地 点：中国上海浦东新区御北路 235 弄 3 号楼 8 楼会议室 召集人：乐鑫信息科技（上海）股份有限公司董事会 主 持：董事长 TEO SWEE ANN 张瑞安先生 2 一、 股东会设会务组，由公司董事会秘书负责会议的程序安排和会务工作。 二、 为保证股东会的严肃性和正常秩序，切实维护与会股东（或股东代表）的合 法权益，除出席会议的股东（或股东代表）、公司董事、高级管理人员、见 证律师及董事会邀请的人员外，公司有权依法拒 ...

Core Insights - The stock price of Lexin Technology has decreased by 2.05% to 157.80 CNY per share, with a total market capitalization of 26.375 billion CNY [1] - The company has experienced a year-to-date stock price increase of 1.37%, but has seen a decline of 9.24% over the last five trading days and 27.23% over the last 20 days [1][2] - Lexin Technology reported a revenue of 1.912 billion CNY for the first nine months of 2025, representing a year-on-year growth of 30.97%, and a net profit of 377 million CNY, up 50.04% year-on-year [2] Financial Performance - The company has a cumulative cash distribution of 384 million CNY since its A-share listing, with 145 million CNY distributed over the last three years [3] - As of September 30, 2025, the number of shareholders has increased by 25.14% to 20,100, while the average circulating shares per person decreased by 20.09% to 7,777 shares [2] Shareholder Structure - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 7.4023 million shares, an increase of 2.2202 million shares from the previous period [3] - The fourth-largest circulating shareholder is Harvest SSE STAR Chip ETF, holding 2.134 million shares, which decreased by 100,100 shares compared to the previous period [3]

Group 1: Foreign Investment Focus - Since October, foreign institutions have conducted research on 309 A-share listed companies, primarily focusing on high-growth industries such as artificial intelligence, industrial automation, new energy, semiconductors, and consumer electronics [1][3] - Notably, 35 companies received attention from more than 10 foreign institutions, indicating a strong interest in companies like Huaming Equipment, United Imaging Healthcare, Lens Technology, and others [3] - Major foreign institutions involved in the research include Goldman Sachs, UBS, and Morgan Stanley, with Goldman Sachs alone researching over 50 A-share companies since October [5][6] Group 2: Company-Specific Insights - Huaming Equipment was the most researched company, with 82 foreign institutions focusing on its Q3 performance and future export orders [3][4] - United Imaging Healthcare attracted 71 foreign institutions, which were particularly interested in its performance in overseas markets and project deliveries [4] - Other companies like Lixun Precision, Han's Laser, and Jereh Group also received significant attention, reflecting a trend towards sectors like industrial machinery and medical equipment [1][3] Group 3: Economic Outlook and Policy Implications - Foreign institutions are optimistic about China's "14th Five-Year Plan," with Goldman Sachs raising its forecasts for China's export growth and GDP growth [2][6] - The focus on building a robust domestic market and enhancing advanced manufacturing capabilities is expected to positively impact A-shares, particularly in sectors related to self-sufficiency and emerging industries [6][7] - Goldman Sachs predicts that China's export volume will grow by 5% to 6% annually over the next few years, contributing to overall economic expansion [7]

Investment Rating - The report suggests a positive outlook for the electronic industry, particularly focusing on AI infrastructure and semiconductor opportunities [4][5]. Core Insights - North American cloud providers have accelerated capital expenditures, totaling $113.3 billion in Q3 2025, a 75% year-over-year increase, with significant investments directed towards AI infrastructure [4]. - Qualcomm is entering the high-end AI data center chip market with its AI200 and AI250 chips, expected to launch in 2026 and 2027, respectively, challenging NVIDIA's dominance [4][10]. - The electronic industry is experiencing a demand recovery, with storage chip prices rising unexpectedly, and a strong push for domestic production in China [4][5]. Summary by Sections Industry News - Qualcomm announced the launch of AI200 and AI250 chips, which are designed for AI inference and will support advanced memory and energy efficiency features [10]. - The report highlights the increasing R&D investments by listed companies, totaling 1.16 trillion yuan in the first three quarters of 2025, marking a 3.88% year-over-year growth [11]. Market Performance - The electronic sector underperformed the market, with the Shenwan Electronics Index declining by 1.65% compared to a 0.43% drop in the CSI 300 Index [19][21]. - The semiconductor sub-sector saw a decline of 3.69%, while other segments like consumer electronics showed a slight increase of 1.19% [21]. Investment Recommendations - The report recommends focusing on structural opportunities in AI computing, AIOT, semiconductor equipment, and key components, as well as benefiting from rising storage prices [4][5]. - Specific companies to watch include AIOT beneficiaries like Lexin Technology and semiconductor firms like Cambricon and Huagong Technology [5].

Core Insights - The company reported a revenue of 1.912 billion yuan for the first three quarters of 2025, a year-on-year increase of 30.97%, and a net profit attributable to shareholders of 377 million yuan, up 50.04% year-on-year [1] - In Q3 2025, the company achieved a quarterly revenue of 667 million yuan, a year-on-year increase of 23.51%, and a net profit of 116 million yuan, reflecting a year-on-year increase of 16.11%, aligning with expectations [1][2] Financial Performance - The gross margin for Q3 2025 reached 47.97%, marking a year-on-year increase of 5.83 percentage points, driven by product structure optimization and enhanced cloud service value [2] - The comprehensive gross margin for the first three quarters improved to 46.17%, up 3.36 percentage points year-on-year [2] - R&D expense ratio decreased by 1.17 percentage points to 22.14% in the first three quarters [2] Business Structure and Strategy - The company has diversified its business strategy, with smart home applications remaining the core revenue source, while non-smart home applications (e.g., industrial, medical) showed higher growth rates [2] - Revenue from modules and development kits accounted for 60.47%, while chip revenue made up 38.89% [2] - Direct sales accounted for 71.5% of sales channels, with distribution accounting for 28.5% [2] Market Expansion and Collaborations - The company’s overseas revenue accounted for over 70%, with domestic revenue at 71.76% and international revenue at 28.24% [3] - The company was listed among the "Top 100 Smart Manufacturing Enterprises in China" and formed a strategic partnership with Bosch to develop next-generation smart sensor solutions for Industry 4.0 [3] - The company initiated the "Green Chip Initiative" in collaboration with the International Semiconductor Industry Alliance to promote low-carbon technology standards [3] R&D and Financial Health - The company increased its R&D personnel to 620, a year-on-year growth of 14.39% [3] - The asset-liability ratio stands at 12.74%, with net cash flow from operating activities reaching 310 million yuan, a significant year-on-year increase of 238.32% [3] - Operating cash flow per share was 1.98 yuan, up 142.24% year-on-year [3] Future Projections - Revenue projections for 2025-2027 are 2.622 billion yuan, 3.199 billion yuan, and 3.852 billion yuan, with corresponding growth rates of 30.6%, 22.0%, and 20.4% [3] - Net profit projections for the same period are 540 million yuan, 684 million yuan, and 874 million yuan, with growth rates of 59.0%, 26.9%, and 27.7% [3] - Corresponding PE ratios are expected to be 51.33, 40.46, and 31.69 [3]