Core Viewpoint - The Suzhou Science and Technology Innovation Board (STAR Market) has successfully supported technology innovation enterprises, with a focus on key industries such as information technology, high-end equipment, new materials, new energy, environmental protection, and biomedicine, marking significant growth in the region's innovation capabilities [1][2]. Group 1: Market Performance - Suzhou has 58 listed companies on the STAR Market, ranking third nationally, with a total IPO financing amount of 72 billion yuan [2]. - In the first three quarters of the year, Suzhou STAR Market companies achieved a total operating income of 92.1 billion yuan, a 6% increase year-on-year, with over 70% of companies reporting revenue growth [3]. - Notable companies include Arctech and Shengke Communication, both with market capitalizations exceeding 50 billion yuan, while several others fall within the 20 to 50 billion yuan range [3]. Group 2: Industry Composition - Among the 58 listed companies, 29 are in the new generation information technology sector, 9 in high-end equipment manufacturing, 8 in biomedicine, 8 in new materials, 3 in new energy, and 1 in environmental protection [2]. - The strong performance of Suzhou companies is reflected in their inclusion in various STAR Market indices, with multiple firms qualifying for the STAR 50, STAR 100, and STAR 200 indices [3]. Group 3: Innovation and R&D - Suzhou's STAR Market companies collectively invested 8 billion yuan in R&D in the first three quarters, representing an average of 18% of their operating income, with a year-on-year increase of 6.2% [6]. - The region has established a robust ecosystem for innovation, with significant contributions from enterprises, which account for 95% of R&D investment and 90% of invention patents [6][7]. Group 4: Supportive Ecosystem - Suzhou has created a comprehensive nurturing mechanism for technology enterprises, focusing on different stages of enterprise development, from startup to maturity [8]. - The city has implemented various financial support measures, including a technology credit risk compensation fund, which has helped over 24,300 enterprises secure loans exceeding 120 billion yuan [9]. - The establishment of the STAR Market Enterprise Cultivation Center in 2020 has provided local companies with essential guidance for listing, enhancing their understanding of the STAR Market's positioning and review concepts [10].

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1][9]. Core Insights - The electronic upstream price increase trend is spreading, with a focus on storage, Foundry, PCB, and LCD sectors. The demand for AI is driving price increases across various categories, with significant supply shortages in storage and high-end PCB supply chains. The report anticipates a mild recovery in industry profitability as price increases are passed on to end consumers [1]. - The NAND Flash spot market remains strong, with prices increasing by 7% this week due to tight supply conditions. Global cloud infrastructure spending is projected to reach $102.6 billion in 2025, reflecting a 25% year-on-year growth, benefiting domestic storage companies [2]. - SMIC has raised prices for certain capacities by approximately 10%, particularly in the 8-inch BCD process platform, indicating a positive cycle for analog chips and foundry enterprises [3]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.88%, while the electronic sector increased by 4.96%, with other electronics up by 7.46% and optical electronics up by 0.86% [10]. Key Companies and Recommendations - Recommended companies include: - SMIC, Aojie Technology, Demingli, Jiangbolong, Lante Optics, Shengyi Technology, Lens Technology, and others, focusing on self-controllable (foundry + equipment) and overseas computing + storage chains [1]. - The report highlights the growth opportunities in the storage industry chain, particularly for companies like Jiangbolong, Demingli, and others [2]. Price Trends and Predictions - The report notes that the price of copper and glass fabric is expected to continue rising, impacting PCB manufacturers' cost structures [4]. - The report suggests that the domestic logic and storage wafer factories will proceed with expansion as domestic lithography machines continue to advance [4]. Investment Portfolio - The report lists a focus on key sectors such as consumer electronics, semiconductors, and equipment/materials, with specific companies highlighted for investment [8].

Market Performance - The main board saw significant gains with stocks like Yuyin Co. (+10.06%), Dianguang Media (+10.05%), and Bomin Electronics (+10.03%) leading the charge [1] - The ChiNext board was led by Yingfeite (+20.00%), Yunhan Chip City (+7.76%), and Zhishang Technology (+7.67%) [1] - The Sci-Tech Innovation board was boosted by Dongwei Semiconductor (+12.62%), Aerospace Hongtu (+9.35%), and Hongwei Technology (+8.90%) [1] - Active sub-industries included SW Printed Circuit Boards (+2.38%) and SW Robotics (+1.88%) [1] Domestic News - Naxin Micro announced the launch of the low-voltage linear position sensor MT932x series, achieving ultra-low power consumption of 700μA while providing a maximum sampling bandwidth of 5kHz [1] - Chenxian Optoelectronics successfully lit a 0.12-inch MicroLED micro-display based on Hybrid Bonding technology, meeting core requirements for large-scale production [1] - Flash technology company completed nearly 100 million yuan in A+ round financing, aimed at developing personalized AI glasses and expanding globally [1] - Jingyuan Electronics announced a record capital expenditure of 39.372 billion NTD for 2026, reflecting optimism about long-term demand in AI and HPC testing [1] Company Announcements - Hongwei Technology signed a strategic cooperation agreement with a leading domestic control equipment company to jointly develop GaN power semiconductor devices [2] - Nanchip Technology announced a technical development authorization agreement with an affiliate for custom IP development [2] - Chip Origin announced an increase in expected daily related transactions by 30 million yuan, raising the total to 62 million yuan for semiconductor IP and chip design services [2] - Dalian Technology announced a delay in the use of raised funds for a connector industry base project until December 31, 2026, due to industry upgrades and market changes [2] Overseas News - LG Innotek developed the world's first next-generation smart IC substrate, eliminating the need for precious metal surface treatment while maintaining effective electronic signal transmission [3] - Samsung SDI is shifting its strategy to supply square lithium iron phosphate batteries for energy storage systems under a new contract worth over 2 trillion KRW [3] - SK Hynix plans to complete the first cleanroom construction at its new semiconductor factory by December 2025, with mass production of HBM3E and HBM4 expected [3] - The global market for advanced driver-assistance systems (ADAS) and autonomous driving (AD) sensors is projected to reach 61 billion USD by 2035 [3]

(A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） Suzhou Novosense Microelectronics Co., Ltd. 蘇州納芯微電子股份有限公司 You should liaise with your bank(s), broker(s), custodian(s), nominee(s) or HKSCC Nominees Limited through which your Shares are held (collectively, the "Intermediaries") and provide your email address to your Intermediaries. If the Company does not receive your functional email address from the Intermediaries, until such time that the ...

Suzhou Novosense Microelectronics Co., Ltd. 蘇州納芯微電子股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） December 29, 2025 Dear registered shareholder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of cor ...

苏州城东，独墅湖畔，一场围绕微观世界的宏大产业叙事正澎湃展开。 作为中国改革开放的重要窗口，苏州工业园区将视野投向决定未来竞争高度的核心领域——半导体产 业，以近20年的精耕细作，构建起从设计、制造到封测、材料设备的完整产业链，成为我国半导体产业 资源集聚度最高、产业化程度最好的区域之一。 "还记得刚来的时候，这里还是一片芦苇荡，如今郁郁葱葱的产业森林已拔地而起。"苏州纳米科技发展 有限公司董事长张淑梅的感慨，将这片土地的起点与变迁娓娓道来。其发展脉络，清晰映射出中国在新 一代半导体领域从追赶到领跑的奋进征程。 时值初冬，苏州纳米城研发楼外暖阳轻抚，楼侧的洁净厂房则处于严格的恒温恒湿管控之下。实验区域 内，技术人员身着标准蓝色无尘服，通过隔离手套窗全神贯注地开展设备操作；扫描电镜下，芯片晶圆 表面的纳米级电路纹路清晰可辨，结构精密如微缩城区。这一幕幕，犹如庞大产业网络中的一个精密节 点，在无声中为苏州工业园区的半导体脉搏提供着动力。 2010年，园区在全国率先将纳米技术应用列为战略性新兴产业，而2013年正式投用的苏州纳米城，则从 此以十年如一日的恒心，肩负起平台搭建、生态培育的多重使命，将以第三代半导体为核 ...

Group 1: Industry Overview - The semiconductor industry is experiencing a positive trend, particularly in the analog chip segment, with major companies signaling price increases [1][3] - Analog chip manufacturers, including industry leaders like Analog Devices and Texas Instruments, have announced price hikes of up to 30% starting February 2026, reflecting a recovery in supply-demand dynamics [1][3] Group 2: Market Demand and Growth - The price increases from major manufacturers are driven not only by cost factors but also by a recovery in downstream demand, particularly in industrial control, automotive sectors, and AI data centers [3] - The domestic analog chip market is expected to see upward price and demand trends as the recovery continues into 2024, with a projected compound annual growth rate of 18% for automotive analog chips from 2025 to 2029 [3][4] Group 3: Company Profile - Naxin Microelectronics - Naxin Microelectronics, which recently listed on the Hong Kong Stock Exchange, focuses on chip design and sales, and is positioned as the fifth largest domestic analog chip manufacturer by revenue [3][4] - The company has established a comprehensive product lineup in the automotive sector, with its market share expected to grow from 1.8% in 2024 to 2.8% in 2026 [4] Group 4: Financial Performance - Naxin Microelectronics reported a significant revenue increase of 79.49% year-on-year, reaching 1.524 billion yuan in the first half of 2025, although it still faced a net loss of 78 million yuan [5] - The company's gross margin improved to 35.97% in Q2, indicating a gradual recovery in its financial performance [5] Group 5: Strategic Investments and Future Outlook - Naxin Microelectronics has secured cornerstone investment agreements with major industry players, indicating strong market confidence in its growth prospects [4] - The company plans to use the funds raised from its IPO to enhance its technological capabilities, expand its product range, and increase its international market presence [4]

Core Viewpoint - The enthusiasm for A-share companies to list in Hong Kong has surged since 2025, with a significant increase in the "A+H" dual listing model, reflecting a growing trend among quality mainland enterprises to leverage global resources for high-quality development [1][3]. Group 1: A+H Dual Listing Growth - As of December 28, 2025, 19 A-share companies successfully listed in Hong Kong, a 533% increase from 3 companies in 2024, accounting for over 50% of the total fundraising in the Hong Kong IPO market [1]. - Over 160 A-share companies have disclosed plans for Hong Kong listings in 2025, covering key sectors such as new energy, healthcare, and smart home technology [2]. - The number of companies listed on the Hong Kong stock market reached 111 in 2025, with total financing amounting to approximately 2786.78 billion HKD, including 1399.93 billion HKD raised by the 19 A-share companies [3]. Group 2: Factors Driving the Trend - The core drivers for the surge in A-share companies listing in Hong Kong include policy optimization, financing advantages of the Hong Kong market, valuation complementarity between the two markets, and the need for global expansion [3]. - The Hong Kong Stock Exchange has implemented significant reforms in 2025, enhancing its role as a capital hub connecting mainland and global markets, which supports A-share companies in their globalization strategies [4]. Group 3: Benefits of A+H Listing - A+H listings significantly broaden financing channels for companies, allowing them to connect with a wider international capital market [5]. - The dual regulatory standards of A-shares and H-shares compel companies to improve governance structures and information disclosure, enhancing operational transparency [6]. - Successfully listing in Hong Kong serves as a strong international brand endorsement, increasing global recognition and market credibility for companies [6].

Core Viewpoint - The semiconductor industry is experiencing a positive trend, particularly in the analog chip sector, highlighted by the recent listing of Naxin Micro on the Hong Kong Stock Exchange, making it one of the few companies in the domestic analog chip field to achieve dual listings in A+H markets [1] Group 1: Company Overview - Naxin Micro, established in 2013, focuses on chip design and sales, having previously listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2022 [1] - The company ranks fifth among Chinese analog chip manufacturers by revenue in 2024 and is the only major player in the top ten focusing on sensors, signal chain chips, and power management chips [3] Group 2: Market Dynamics - The domestic automotive analog chip market is projected to grow at a compound annual growth rate (CAGR) of 18% from 2025 to 2029, with expectations that the market size will surpass that of consumer electronics by 2029 [3] - Current domestic market penetration for analog chips is only 5%, indicating significant potential for domestic manufacturers to capture market share [3] Group 3: Pricing and Demand - Major industry players, such as Analog Devices and Texas Instruments, have announced price increases for their products, with some categories seeing price hikes of up to 30%, reflecting a recovery in downstream demand [3] - The demand for high-power and high-current analog chips is being driven by the recovery in industrial control and automotive sectors, as well as the growth in AI data centers [3] Group 4: Financial Performance - Naxin Micro reported a revenue of 1.524 billion yuan for the first half of 2025, a significant year-on-year increase of 79.49%, while the net loss narrowed to 78 million yuan, improving by 70.59% [5] - The company's gross margin for Q2 reached 35.97%, indicating a trend towards operational recovery, although profitability has not yet been achieved [5] Group 5: Strategic Initiatives - The funds raised from the recent listing will be used to enhance technical capabilities, expand product offerings, and develop international sales networks [4] - Naxin Micro's product range includes automotive electronics and AI-related components, with potential for growth in these sectors, although market cultivation will take time [5]

Core Viewpoint - The semiconductor industry is experiencing a recovery, particularly in the analog chip segment, as major companies signal price increases due to rising demand from sectors like industrial control and automotive, as well as AI data centers [3][4]. Group 1: Price Increases and Demand Recovery - Major semiconductor manufacturers, including Analog Devices and Texas Instruments, have announced price hikes for their products, with increases ranging from 10% to 30% starting in February 2026 [3]. - The price increases are driven not only by cost factors but also by a recovery in downstream demand, particularly in industrial control and automotive sectors, indicating a potential turning point in the industry cycle [3][4]. Group 2: Company Performance and Market Position - Naxin Micro, a company focused on chip design and sales, recently listed on the Hong Kong Stock Exchange, becoming one of the few domestic analog chip companies to achieve dual listing [3][4]. - According to Frost & Sullivan, Naxin Micro ranks fifth among Chinese analog chip manufacturers by revenue in 2024 and is the only top ten domestic player focusing on sensors, signal chain chips, and power management chips [3]. Group 3: Market Growth and Investment - The domestic automotive analog chip market is expected to grow at a compound annual growth rate (CAGR) of 18% from 2025 to 2029, with the market size projected to surpass that of consumer electronics by 2029 [4]. - Naxin Micro's market share in automotive analog chips is anticipated to increase from 1.8% in 2024 to 2.8% in 2026, driven by the rise in new energy vehicle penetration and smart electric vehicle acceleration [4]. Group 4: Fundraising and Strategic Initiatives - Naxin Micro plans to use the funds raised from its IPO to enhance its technical capabilities, expand its product portfolio, and grow its international sales network [5]. - The company has secured cornerstone investment agreements with several major entities, including those affiliated with BYD and Xiaomi, indicating strong market confidence in Naxin Micro's growth prospects [4][5]. Group 5: Financial Performance - Naxin Micro reported a significant revenue increase of 79.49% year-on-year, reaching 1.524 billion yuan in the first half of 2025, although it still recorded a net loss of 78 million yuan [6]. - The company's gross margin improved to 35.97% in Q2, reflecting a trend towards operational recovery, although profitability has not yet been achieved [6].