Core Viewpoint - Meili Xin (301307) is a qualified supplier for leading semiconductor companies, providing major components for semiconductor equipment, with expanding cooperation and positive progress [1] Group 1 - The company is recognized as a qualified supplier in the semiconductor industry [1] - The cooperation scale with clients is gradually increasing [1] - The progress of collaboration with customers is reported to be good [1]

Market Overview - On January 16, the communication equipment sector rose by 0.03% compared to the previous trading day, with Xinke Mobile leading the gains [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Top Gainers in Communication Equipment - Xinke Mobile (688387) closed at 19.81, up 11.54% with a trading volume of 2.1261 million shares and a transaction value of 4.12 billion [1] - Sega Technology (002796) closed at 43.45, up 10.00% with a trading volume of 240,300 shares and a transaction value of 1.017 billion [1] - Datang Telecom (600198) closed at 12.13, up 9.97% with a trading volume of 1.2219 million shares [1] - Meilixin (301307) closed at 37.49, up 9.75% with a trading volume of 175,200 shares [1] Top Losers in Communication Equipment - Dongfang Communication (600776) closed at 21.14, down 10.00% with a trading volume of 68,500 shares and a transaction value of 145 million [2] - Shida Group (600734) closed at 5.01, down 9.73% with a trading volume of 4.1558 million shares and a transaction value of 2.124 billion [2] - Fenghuo Communication (600498) closed at 39.02, down 9.40% with a trading volume of 2.5667 million shares and a transaction value of 10.184 billion [2] Capital Flow Analysis - The communication equipment sector experienced a net outflow of 810 million from institutional investors, while retail investors saw a net inflow of 358 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Tianfu Communication (300394) had a net inflow of 72 million from institutional investors, while retail investors experienced a net outflow of 43 million [3] - Changfei Fiber (601869) saw a net inflow of 41 million from institutional investors, with a net outflow of 10.3 million from retail investors [3] - Longxin Bochuang (300548) had a net inflow of 354 million from institutional investors, while retail investors faced a net outflow of 156 million [3]

| 688233 | 神工股 | 8.94 | 7.76 | 74.50 | 79.95 | 7.32 | | --- | --- | --- | --- | --- | --- | --- | | | 份 | | | | | | （文章来源：证券时报网） | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 五日均线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 688234 | 天岳先 进 | 20.00 | 4.97 | 96.43 | 111.19 | 15.31 | | 301529 | 福赛科 技 | 20.00 | 10.82 | 130.68 | 150.43 | 15.11 | | 300215 | 电科院 | 20.00 | 16.19 | 7.15 | 8.16 | 14.13 | | 300952 | 恒辉安 防 | 20.00 | 5.30 | 43.90 | 49.85 | 13.55 | | 301266 | 宇邦新 材 ...

Group 1 - The core viewpoint of the news is that Meilixin's stock price increased by 5.27% to 35.96 CNY per share, with a trading volume of 322 million CNY and a turnover rate of 8.50%, resulting in a total market capitalization of 7.573 billion CNY [1] - Meilixin Technology Co., Ltd. is located in Banan District, Chongqing, and was established on May 14, 2001, with its listing date on April 24, 2023 [1] - The company's main business involves the research, production, and sales of aluminum alloy precision die-casting parts in the communication and automotive sectors, with revenue composition as follows: automotive parts 64.79%, communication components 29.88%, other supplementary parts 3.84%, and other components 1.49% [1] Group 2 - Among the top ten circulating shareholders of Meilixin, Penghua Fund's carbon neutrality theme mixed fund A (016530) entered the list in the third quarter, holding 1.7533 million shares, accounting for 1.61% of the circulating shares, with an estimated floating profit of approximately 3.1559 million CNY [2] - The Penghua carbon neutrality theme mixed fund A (016530) was established on May 5, 2023, with a latest scale of 2.83 billion CNY, and has achieved a return of 0.57% this year, ranking 7940 out of 8847 in its category; over the past year, it has returned 65.98%, ranking 1005 out of 8094; and since its inception, it has returned 108.17% [2]

Core Viewpoint - The company, Meilixin Technology Co., Ltd., is strategically positioning itself in the liquid cooling sector to meet the growing demand for efficient heat dissipation driven by the explosive growth in global data centers, high-performance computing, and artificial intelligence [2] Company Overview - Meilixin was established on May 14, 2001, and went public on April 24, 2023. The company specializes in the research, production, and sales of aluminum alloy precision die-casting parts in the communication and automotive sectors [7] - The revenue composition of the company is as follows: automotive components 64.79%, communication structural parts 29.88%, and other components 5.33% [7] Business Strategy - The company has established a strategic focus on liquid cooling technology, which is applicable in three main areas: new energy vehicles, communication heat dissipation, and data centers. This initiative aims to provide customized solutions to meet market demands for efficient cooling [2] - Meilixin is a core supplier of aluminum alloy precision die-casting parts for major communication equipment manufacturers, including Huawei and Ericsson, making it one of the most competitive companies in this field [3] Financial Performance - As of September 30, 2025, Meilixin reported a revenue of 2.82 billion yuan, representing a year-on-year growth of 8.93%. However, the net profit attributable to shareholders was -215 million yuan, a significant decrease of 347.98% compared to the previous year [8] - The company has distributed a total of 25.27 million yuan in dividends since its A-share listing [9] Shareholder Information - As of September 30, 2025, the number of shareholders for Meilixin was 17,800, a decrease of 9.35% from the previous period. The average number of circulating shares per person increased by 10.32% to 6,108 shares [8]

二、培训内容 本次现场培训的主题为《再融资要点培训》，主要从再融资对上市公司的意 义、再融资的类别、再融资发行条件、再融资发行方案的核心要素及再融资监管 政策进行了讲解，同时对相关人员的提问进行现场解答和交流。 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐人"）作为重 庆美利信科技股份有限公司（以下简称"美利信"或"公司"）首次公开发行股 票并在创业板上市的保荐人，根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》（2025 年修订）的要求，对公司董事、高级管理人员、中层 以上管理人员及上市公司控股股东和实际控制人等相关人员进行了持续督导培 训。 现将本次培训的相关情况报告如下： 一、培训基本情况 培训时间：2025 年 12 月 25 日 培训地点：公司二楼会议室 培训对象：公司董事、高级管理人员、中层以上管理人员及上市公司控股股 东和实际控制人等相关人员 长江证券承销保荐有限公司 关于重庆美利信科技股份有限公司 2025 年度持续督导培训情况报告 （本页无正文，为《长江证券承销保荐有限公司关于重庆美利信科技股份有限公 司 2025 年度持续督导培训情况报告》之签章页） 保荐代表人 ...

Core Viewpoint - The company, Meilixin Technology Co., Ltd., is strategically positioned in the liquid cooling sector to meet the growing demand for efficient heat dissipation driven by the explosive growth in global data centers, high-performance computing, and artificial intelligence [2] Group 1: Company Overview - Meilixin was established on May 14, 2001, and went public on April 24, 2023, focusing on the research, production, and sales of aluminum alloy precision die-casting parts in the communication and automotive sectors [7] - The company's revenue composition includes 64.79% from automotive parts, 29.88% from communication components, and 3.84% from other categories [7] - Meilixin is a core supplier of aluminum alloy precision die-casting parts for major communication equipment manufacturers, including Huawei and Ericsson [3] Group 2: Financial Performance - For the period from January to September 2025, Meilixin achieved a revenue of 2.82 billion yuan, representing a year-on-year growth of 8.93%, while the net profit attributable to shareholders was -215 million yuan, a decrease of 347.98% year-on-year [8] - The company has distributed a total of 25.27 million yuan in dividends since its A-share listing [9] Group 3: Market Position and Recognition - Meilixin has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title in China for companies excelling in niche markets with strong innovation capabilities [3] - The company is involved in several concept sectors, including solid-state batteries, vehicle networking, and energy storage [7] Group 4: Shareholder and Market Activity - As of September 30, 2025, Meilixin had 17,800 shareholders, a decrease of 9.35% from the previous period, with an average of 6,108 circulating shares per person, an increase of 10.32% [8] - The stock has seen a net outflow of 17.80 million yuan from major investors today, with a total net outflow of 2.55 billion yuan over the past three days [5]

Core Viewpoint - The company, Meilixin Technology, has established a joint venture with Taiwan's Juyuan Innovation to enhance its liquid cooling business, while also engaging in discussions with Intel for advanced cooling solutions in high-performance computing [1][2]. Group 1: Liquid Cooling Business Development - Meilixin has formed a joint venture named Xinchang Zhileng (Anhui) Precision Technology Co., Ltd. with Juyuan Innovation, completing the registration on December 29 [1]. - The company has received a sample order for AMD's next-generation high-performance CPU water cooling board and aims for mass production by Q1 2026 [2]. - Intel's delegation visited Meilixin to discuss advanced cooling technologies, with plans to develop solutions for high-power AI servers [2]. Group 2: Market Potential and Strategic Positioning - Meilixin's liquid cooling products are expected to expand from communication base stations to computing and energy storage applications, with a focus on extreme cooling scenarios [3]. - The company is positioned to leverage synergies between its communication and liquid cooling sectors, targeting high-power base station cooling solutions [4]. - The domestic telecom operators are projected to invest nearly 20 billion in 5G-A plans by 2025, providing significant growth opportunities for Meilixin's communication and liquid cooling segments [4]. Group 3: Diverse Business Segments - Meilixin's operations span four main sectors: communication, automotive, semiconductor, and liquid cooling, with a concentrated push expected in 2026 [4]. - In the automotive sector, Meilixin has established a decade-long partnership with Tesla and is also supplying components to other major North American manufacturers [5]. - The semiconductor business has seen Meilixin stabilize its position within the supply chains of leading industry players, enhancing its capabilities from individual components to system-level modules [4].

Company and Industry Summary Company Overview - The company is involved in the semiconductor industry, with a focus on integrated modules and components for high-end manufacturing processes, including etching, lithography, and testing [2][5][6]. Key Points Semiconductor Business Growth - The company's semiconductor orders have exceeded 200 million yuan, with an expected delivery of approximately 170 million yuan this year. Orders are projected to surpass 500 million yuan next year, indicating a doubling growth rate annually [2][5]. - The product range includes robotic arms, vacuum chambers, human disk bases, and tooling parts, covering the entire process from etching to lithography and testing [2][5]. Strategic Partnerships - A collaboration with AMD has led to the delivery of initial samples in October, with validation and mass production expected in the first half of 2026. Initial monthly production is anticipated to be between 3,000 and 5,000 units, with significant growth potential [2][9]. - The company is also engaging with Intel for technology and business discussions, aiming for collaborative development on advanced technologies, with a goal to achieve certification for Intel's joint development lab by the second half of 2026 [2][8]. Recent Developments - A joint venture with a Taiwanese company, "信创智能安徽精密技术有限公司," has been registered, and production line construction is on track to be completed in the first quarter [3]. - The company is transitioning from individual components to integrated modules, which has significantly increased transaction volumes and is expected to continue driving growth [6]. Market Position and Future Outlook - The company is shifting its focus to high-value products in the semiconductor and cooling technology sectors, with plans to reduce unprofitable products in traditional markets [12][13]. - In the emerging business areas, particularly in energy storage and 5G-A communication components, the company has established a solid foundation and is recognized by leading clients, securing exclusive supply agreements [13]. Investor Relations - The company has initiated a share buyback plan and is actively improving investor relations through regular communication and engagement activities [10][14]. Challenges and Industry Trends - The traditional communication and automotive business faces challenges due to industry cycle fluctuations, but the company is adapting by leveraging its established customer base and focusing on high-margin products [12][13]. Additional Insights - The company is positioned to benefit from the growing demand in the semiconductor market, particularly as it enhances its product offerings and strengthens partnerships with major industry players like AMD and Intel [2][9][13].

Important Events - Wentai Technology has shipped over 11 billion chips since mid-October and will participate in the second hearing of Anshi soon [1] - Chipyuan Co. signed new orders worth 2.494 billion yuan from October 1 to December 25, with over 84% of fourth-quarter orders related to AI computing power [1] - Qiangda Circuit plans to issue convertible bonds not exceeding 550 million yuan to invest in a project for producing 960,000 square meters of multilayer boards and HDI boards annually [1] - Jiufeng Energy exclusively supplies liquid hydrogen products for the Long March 8 carrier rocket launch [1] - China Oil Capital is acquiring Yingda Futures, and China National Petroleum Group plans to transfer 3% of China Oil Capital's shares to State Grid Yingda Group [1] Investment Operations - Jingfang Technology plans to jointly invest 150 million yuan to establish WaferWise Semiconductor Sdn. Bhd. to promote the internationalization of the integrated circuit industry [1] - Shenzhen Energy's wholly-owned subsidiary intends to invest 6.822 billion yuan in a compressed air energy storage project on the grid side [1] - Guangdong Construction's subsidiary plans to invest approximately 6 billion yuan in a green methanol project [1] - Weichuang Electric intends to establish a joint venture with Zhejiang Rongtai in Thailand to expand the market for intelligent robot electromechanical integration [1] - Defu Technology's HVLP5 copper foil is in the sample testing stage, while HVLP3/4 has already entered mass production and shipment [1] Contracts and Collaborations - Ruichuang Micro-Nano's infrared products have been equipped in the world's first mass-produced L4-level Robotaxi model jointly developed by Didi and GAC Aion [1] - Shandong Road and Bridge's subsidiary won bids for construction projects on the Yiyuan to Zoucheng highway, with a total bid price of approximately 9.402 billion yuan [1] - Chalco International signed project contracts worth about 14 billion yuan with overseas clients [1] - Meilixin received a project designation notice from a leading global commercial vehicle company, with expected total sales of approximately 640 million yuan over the next seven years [1] - China Duty Free's wholly-owned subsidiary won the bid for the first phase of the duty-free project at Beijing Capital International Airport, with a guaranteed operating fee of 480 million yuan for the first year [1] Capital Operations - Xiangyang Bearing's controlling shareholder's equity structure has changed, with the actual controller restored to the Hubei Provincial State-owned Assets Supervision and Administration Commission [2] - Qianfang Technology announced a cash dividend plan for mid-2025, proposing a distribution of 0.2 yuan per share [2]