证券代码：603929 证券简称：亚翔集成 公告编号：2025-025 亚翔系统集成科技（苏州）股份有限公司 关于公司对外投资产业基金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带责任。 重要内容提示： 一、对外投资概述 （一）对外投资的基本情况 投资标的名称：厦门联和四期集成电路产业创业投资基金合伙企业（有 限合伙）（以下简称"联和四期基金"，最终以工商登记名称为准） 投资金额：亚翔系统集成科技（苏州）股份有限公司（以下简称"公司" 或"亚翔集成"）拟以自有资金认缴出资人民币 2000 万元，约占基金总 认缴出资额的 4%（具体以占基金实际总募集出资额的比例为准）。 本次交易已经公司第六届董事会第八次会议审议通过，无需提交公司股 东大会审议。 本次投资事项不构成关联交易，不属于《上市公司重大资产重组管理办 法》规定的重大资产重组情形。 相关风险提示：行业集中风险、流动性风险、投资标的运营风险等（详 见本公告"六、对外投资的风险分析"）。 基于战略发展规划及产业布局需要，公司拟作为有限合伙人以自有资金 认缴出资人民币 ...

证券代码：603929 证券简称：亚翔集成 公告编号：2025-026 亚翔系统集成科技（苏州）股份有限公司 关于召开2025年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025年第一次临时股东大会 召开的日期时间：2025 年 7 月 24 日 10 点 30 分 召开地点：苏州工业园区方达街 33 号公司会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 24 日 股东大会召开日期：2025年7月24日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 至2025 年 7 月 24 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大 会召开 ...

本公司监事会及全体监事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 证券代码：603929 证券简称：亚翔集成 公告编号：2025-023 亚翔系统集成科技（苏州）股份有限公司 第六届监事会第八次会议决议的公告 一、监事会会议召开情况 亚翔系统集成科技（苏州）股份有限公司（以下简称"公司"） 第六届监事会第八次会议于 2025 年 6 月 24 日以书面方式发出会议通 知和会议材料，并于 2025 年 7 月 2 日以现场及通讯方式召开。本次 监事会会议应到监事三名，实到监事三名，符合《公司法》和《公司 章程》的规定。会议由监事会主席王富琳先生主持。本次会议的召开 符合《公司法》、《上海证券交易所股票上市规则》 等有关法律、行 政法规、部门规章、规范性文件和《公司章程》的规定。会议决议合 法有效。会议经认真审议，情况如下： 1、审议通过《关于签署海外机电工程项目订单暨关联交易的议案》 表决结果：3 票同意、0 票反对、0 票弃权 公司之分公司与控股股东控股之分公司之间的关联交易，系正常 商业交易行为。该交易有助于提升公司在新加坡市场的业务 ...

证券代码：603929 证券简称：亚翔集成 公告编号：2025-022 亚翔系统集成科技（苏州）股份有限公司 第六届董事会第八次会议决议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带责任。 一、董事会会议召开情况 亚翔系统集成科技（苏州）股份有限公司（以下简称"公司"或"亚翔 集成"）第六届董事会第八次会议于 2025 年 6 月 24 日以书面方式发出会议 通知和会议材料，并于 2025 年 7 月 2 日以现场及通讯的方式召开。本次会议 应出席会议董事 9 名，实际出席会议董事 9 名。本次会议由公司董事长姚祖 骧先生主持，公司监事和高级管理人员列席会议。议案《关于签署海外机电 工程项目订单暨关联交易的议案》因是关联交易，故董事姚祖骧、姚智怀回 避表决。 本次会议的召开符合《公司法》、《上海证券交易所股票上市规则》等有 关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。会议决 议合法有效。 二、董事会会议审议情况 审议结果：共表决 9 票，其中同意 9 票，反对 0 票，弃权 0 票 会议通知具体内容详 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 44.83 CNY, based on a 20x PE for 2025 [6]. Core Insights - The company, Yaxiang Integration, is a leading provider of cleanroom system integration services, focusing on high-value projects in the semiconductor, cloud computing, and biopharmaceutical sectors, with significant orders in Singapore and Vietnam [1][3]. - The semiconductor industry is experiencing sustained growth driven by AI demand, with projections indicating a compound annual growth rate (CAGR) of 8% for the global semiconductor market by 2030 [2][52]. - The company has secured substantial orders, including a 3.16 billion CNY project in Singapore, and anticipates continued order growth due to the shift of semiconductor supply chains to Southeast Asia [1][4]. Summary by Sections 1. Company Overview - Yaxiang Integration specializes in cleanroom system integration, with a strong background in the semiconductor industry and a focus on high-end projects [15]. - The company has a robust project history and is actively expanding its presence in overseas markets, particularly in Southeast Asia [15][23]. 2. Market Dynamics - The semiconductor industry is benefiting from a surge in AI-driven demand, with significant investments in wafer fabrication facilities expected to continue [2][53]. - Southeast Asia is becoming a key region for semiconductor supply chains, with Singapore positioned as a critical hub due to its favorable business environment and infrastructure [3][66]. 3. Financial Performance - The company reported a revenue of 5.38 billion CNY in 2024, with a projected net profit of 478.23 million CNY for 2025, reflecting a significant growth trajectory [5][34]. - The company has demonstrated strong cash flow management, with a net cash flow from operating activities of 1.602 billion CNY in 2024, indicating robust financial health [44]. 4. Competitive Position - Yaxiang Integration's revenue per employee and profit per employee metrics are significantly higher than those of comparable companies, showcasing its operational efficiency [4][26]. - The company has a competitive edge in the cleanroom engineering sector, supported by its comprehensive qualifications and extensive project experience [18][19].

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Viewpoints - Infrastructure investment remains stable in the first five months, with high growth rates in water transportation and water management sectors. Attention should be paid to the issuance of special bonds and the continuity of fiscal policies impacting physical investment [2][11] - The construction PMI has shown a slight recovery, indicating an acceleration in construction projects. The expectation of increased fiscal support and improved financing conditions is anticipated to gradually manifest in investment and physical volume [2][11] - The report suggests focusing on state-owned enterprises and local state-owned enterprises with low valuations and stable performance, recommending companies such as China Communications Construction, China Electric Power Construction, and China Railway [2][11] Summary by Sections Industry Dynamics - The report highlights the adjustment of housing provident fund policies in various cities, which is expected to lower the burden on homebuyers and stimulate housing demand [14][15] - The central government has issued opinions on comprehensive river protection and governance, which is expected to boost investment in water-related projects and material demand [16][17] - In the first five months, China's foreign contracted projects saw a 5.4% year-on-year increase in completed turnover, with a 13% increase in new contracts. Notably, contracts in Belt and Road countries grew by 20.7% [18][19] Market Performance - The construction and decoration sector experienced a weekly increase of 3.61%, outperforming the CSI 300 and Wind All A indices [23] - The report lists top-performing stocks in the sector, including Hopson Development and Hangzhou Garden, which have shown significant gains [23]

Group 1: Macro Insights - NATO has set a new defense spending target of 5% of GDP by 2035, which may lead to a moderate boost in EU economic growth but could also increase fiscal deficits and narrow surpluses [2] - The U.S. imports have shown a fluctuating trend since June, with a notable increase in South Korea's export growth, likely due to the upcoming expiration of tariff exemptions [2] - The overall U.S. consumer and employment markets are cooling, with inflation pressures still being transmitted, indicating potential disruptions in trade volumes as tariff deadlines approach [2] Group 2: Energy Sector - Recent positive changes in port coal prices have been observed, with CCI5500/5000/4500 coal prices increasing by 2/10/9 RMB per ton respectively as of June 25 [5] - The demand for coal is expected to rise due to seasonal factors, with fire power consumption likely to increase as hydropower output declines [5] - Recommendations include focusing on leading coal companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, which are expected to benefit from the seasonal rebound in coal prices [5] Group 3: Fixed Income and Financial Markets - The TGA account's increasing share is impacting U.S. dollar liquidity, with expectations that the TGA balance will be exhausted by the end of August [7] - The balance of the TGA account is influenced by the debt ceiling, with historical trends showing a decrease before the ceiling is reached, followed by an increase [7] - The report highlights the potential for liquidity pressure on the U.S. dollar as the Treasury may need to issue short-term debt to replenish funds post-X-date [7] Group 4: Pharmaceutical Industry - The 2025 ASCO conference saw a 35% increase in the number of Chinese innovative drugs presented, with 67 studies included in oral presentations [8] - Notable drugs such as IBI363 and MRG003 have shown promising data that could revolutionize existing treatment protocols [8] - Companies like Shiyao Group, Kelun-Botai, and Hutchison China MediTech are recommended for investment due to their involvement in innovative drug development [8] Group 5: Technology Sector - Micron Technology reported better-than-expected revenue and profit guidance, with HBM revenue increasing by 50% quarter-over-quarter [10] - The company plans to reduce NAND wafer capacity by 10% to balance supply and demand, which may lead to short-term profit-taking due to stock price doubling since April [10] - Micron is expected to benefit from increased HBM demand driven by GPU and ASIC markets, with significant supply agreements in place with major clients [10] Group 6: Consumer Goods - The main brand Han Shu of the company has shown strong competitiveness in the mass skincare market, with a stable foundation and expansion into more categories [11] - The company is expected to benefit from a multi-brand strategy that captures market opportunities in various segments such as baby care and cosmetics [11] - The report maintains a "buy" rating based on the potential for valuation convergence with industry peers as the company continues to expand its product lines and channels [11] Group 7: Insurance Sector - Zhong An Online plans to issue new H shares at a price of 18.25 HKD, which will help meet capital needs and support its insurance and technology business development [11] - The company's insurance business fundamentals are expected to improve in the first half of the year, with potential benefits from the development of stablecoins in Hong Kong [11]

Summary of the Conference Call for 亚翔集成 Company and Industry Overview - **Company**: 亚翔集成 (Asia Integrated) - **Industry**: Semiconductor Cleanroom and Electromechanical Engineering Key Points and Arguments 1. **Business Segmentation**: 亚翔集成 has signed agreements with its parent company to delineate business operations in China, Singapore, Malaysia, and Vietnam, effectively avoiding competition and ensuring exclusive market rights in each region [2][5] 2. **Gross Margin Variability**: The gross margin varies significantly across different markets, with China at approximately 10% due to order fragmentation, while Singapore's gross margin is expected to rise to about 21% in 2024 due to large order contracts and improved labor management [2][6] 3. **Revenue and Profit Forecast for 联华电子**: 联华电子 (United Microelectronics) anticipates revenues of 5.5 billion RMB and profits of 550 million RMB in 2025, with a total order amount of 5 billion RMB, indicating a decline compared to 2024 [2][8] 4. **AI Impact on Semiconductor Demand**: The AI transformation is driving demand for advanced process construction in mainland China, benefiting companies like 联华电子 with extensive construction experience [2][9] 5. **Major Contracts**: In April 2025, 亚翔集成 won a contract for a wafer fab construction project worth approximately 3.8 billion RMB, and its parent company secured a cleanroom order from a leading U.S. semiconductor firm in Singapore, amounting to around 10 billion RMB [2][11] 6. **Financial Performance**: 亚翔集成 reported a revenue of 5.4 billion RMB in 2024, a 54% year-on-year increase, with a net profit of 630 million RMB, reflecting a 122% increase [3] 7. **Cash Flow and Dividend Capability**: As of the end of Q1, the company had a cash balance of 3.3 billion RMB and no interest-bearing debt, indicating strong cash flow and the ability to maintain dividends with a stable yield above 6% [4][13] 8. **Future Growth Potential**: Despite a potential slight decline in 2025 due to order cycle fluctuations, the long-term growth outlook remains positive, supported by client accumulation, historical experience, and strategic expansion into overseas markets [2][7] 9. **Investment in Southeast Asia**: The Southeast Asian region is attracting significant semiconductor investments due to its neutral geographic position, lower labor costs, and supportive policies, with major companies planning new facilities [2][10] 10. **Valuation Assessment**: Based on a 12x PE valuation using 2026 profits, the target market capitalization for the company could reach around 10 billion RMB [4][14] Additional Important Information - **Order Completion Rates**: 联华电子 has maintained a historical completion rate of over 100% for revenue, profit, and orders [2][8] - **Market Growth in Singapore**: The revenue in Singapore has grown sevenfold over the past three years, primarily due to significant contracts like the one with 联创电子 for a wafer fab expansion [3]

Group 1 - The A-share market showed mixed performance on June 25, with the oil and gas sector continuing to decline, while the National Certificate Free Cash Flow Index slightly decreased by about 0.1% [1] - Weichai Heavy Machinery reached the daily limit increase, with Chongqing Department Store, Anfu Technology, and Yaxiang Integration leading the gains [1] - The low-fee Free Cash Flow ETF (159201) followed the index adjustment, with the latest scale at 3.735 billion yuan, leading similar products [1] Group 2 - Huaxi Securities noted that the market is in a recovery phase after a significant decline, remaining within a fluctuation framework since mid-May [1] - The narrative of overseas "chaotic era" has not changed, with the outbreak of geopolitical conflicts in the Middle East and the involvement of the U.S. increasing uncertainty [1] - In light of potential negative events, the strategy of "taking profits" may be a relatively stable trading approach, emphasizing the importance of allocating to safe-haven assets [1] Group 3 - The Free Cash Flow ETF (159201) closely tracks the National Certificate Free Cash Flow Index, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening [1] - The index is characterized by high quality and strong risk resistance, making it suitable for core portfolio allocation and long-term investment needs [1] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are the lowest in the market, maximizing benefits for investors [1]

| | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 人烧快雄 开盘争流入 | | 尾盘净流入 超大单净买入 | | 2025-6-24 | 63. 31 | -9.16 | 25. 32 | 89. 23 | | 2025-6-23 | 21. 17 | -20. 20 | 24. 08 | 51.96 | | 2025-6-20 | -223.42 | -81.44 | -30. 63 | -98. 58 | | 2025-6-19 | -393.92 | -77.50 | -56. 10 | -195.53 | | 2025-6-18 | -146. 58 | -73.99 | 0. 33 | -57. 46 | 2.沪深300今日主力资金净流入18.85亿元 1.A股市场全天资金净流入63.31亿元 今日A股市场主力资金开盘净流出9.16亿元，尾盘净流入25.32亿元，A股市场全天资金净流入63.31亿元。 沪深300今日主力资金净流入18.85亿元，创业板净流入29.77亿元，科创板净流出12.35亿元。 | ...