Production Side - In October, the operating rates for full steel and semi-steel tires were 59.85% and 66.58%, respectively, showing a decline compared to the previous month[3] - The average operating rates for electric furnaces and rebar were 60.58% and 41.90%, both lower than the previous month[3] - The capacity utilization rates for coking, glass, cement clinker, and cold-rolled steel continued to improve, recorded at 79.99%, 78.61%, 59.46%, and 98.41% respectively[3] Demand Side - The average transaction area of commercial housing in 30 cities increased by 1.34% month-on-month but decreased by 24.49% year-on-year[4] - The average transaction area of land in 100 cities decreased by 20.55% month-on-month and 15.85% year-on-year[4] - The average daily sales of passenger cars were 65,118 units, a decrease of 22.89% compared to the previous month[4] Price Side - The wholesale price index for agricultural products increased by 1.79% month-on-month, with slight increases in vegetable and fruit prices[6] - The average price of gasoline and diesel saw year-on-year declines of 2.28% and 4.29% respectively[6] - The price of rebar decreased by 1.24% month-on-month, while the price of copper and aluminum increased by 4.05% and 0.60% respectively[6] Risks - Risks include domestic policy implementation falling short of expectations and overseas policies exceeding expectations[7]

Group 1: Financial Performance - The company's overall gross margin improved in Q3 2025, driven by increased demand for storage packaging substrates and higher capacity utilization rates [1] - PCB data center and wired communication business revenues continued to grow, contributing to a slight increase in gross margins [1] - The revenue from packaging substrates increased quarter-on-quarter, with significant growth in storage packaging substrates [2] Group 2: Business Expansion - The PCB business focuses on communication equipment, with key expansions in data centers (including servers) and automotive electronics [1] - The company has a wide range of packaging substrate products, including module packaging substrates and storage packaging substrates, primarily used in mobile smart terminals and servers/storage [2] Group 3: Production Capacity and Technology - The company has achieved mass production capability for FC-BGA packaging substrates with up to 20 layers, while R&D for 22-26 layer products is progressing on schedule [3] - New factories in Nantong Phase IV and Thailand are under construction, with the Thailand factory already in trial production [4] - The overall capacity utilization rate remains high, with a noticeable increase in the packaging substrate business due to rising demand [5] Group 4: Raw Material Prices - Key raw materials include copper-clad laminates, prepregs, copper foil, gold salt, and inks, with some experiencing price increases in Q3 2025 due to commodity price fluctuations [6] - The company is actively monitoring international commodity price changes and maintaining communication with suppliers and customers [6] Group 5: Technology Application - HDI technology is applied in the PCB business, primarily for mid-to-high-end products in communication, data centers, industrial control, medical, and automotive electronics [8]

Group 1 - The core viewpoint of the article highlights that the demand in the industry has improved with the transition between peak and off-peak seasons, positively impacting the company's performance in the third quarter [2] - The company indicated that the impact of self-produced wafer costs on gross profit has improved compared to the second quarter, and this negative impact is expected to gradually diminish as production capacity utilization increases [2] - The overall gross profit is influenced by various factors including depreciation of self-produced wafers, market competition, and changes in product structure, and the company advises stakeholders to monitor regular reports for specific future gross profit situations [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - SH2601 rose 2.18% to close at 2343 yuan/ton. This week, the operating loads in Northeast and South China increased, while some plants in Central and North China had maintenance and production cuts. The national average capacity utilization rate increased slightly. The downstream alumina maintained a high operating state, while the operating rates of viscose staple fiber and printing and dyeing decreased slightly this week. With the signing of orders from major downstream and restocking by non-aluminum enterprises, the inventory of liquid caustic soda plants decreased this week, but the inventory pressure remained high. The strong thermal coal price drove up the cost, and due to the weak caustic soda price, the profit of chlor-alkali declined this week. Chlor-alkali enterprises are expected to maintain a high operating state in November. The restocking of downstream alumina is restricted by low profits, and some non-aluminum demands weaken seasonally, putting pressure on the caustic soda price. Affected by the market's pessimistic expectations, the current market price of 32% liquid caustic soda in Shandong has a large premium over the 01 contract. In the short term, SH2601 is expected to fluctuate widely. Technically, pay attention to the support around 2250 and the resistance around 2400 [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The main closing price of caustic soda was 2343 yuan/ton, up 40 yuan; the main contract position was 134,599 lots, down 3,793 lots; the net position of the top 20 futures was -397 lots, up 13,942 lots; the main contract trading volume was 409,974 lots, down 41,379 lots. The closing price of the January contract was 2343 yuan/ton, up 40 yuan; the closing price of the May contract was 2512 yuan/ton, up 31 yuan [2]. 3.2 Spot Market - The price of 32% ion-exchange membrane caustic soda in Shandong was 800 yuan/ton, unchanged; in Jiangsu, it was 930 yuan/ton, unchanged. The converted price of 32% caustic soda in Shandong was 2500 yuan/ton, unchanged; the basis of caustic soda was 157 yuan/ton, down 40 yuan [2]. 3.3 Upstream Situation - The mainstream price of raw salt in Shandong was 210 yuan/ton, unchanged; in the Northwest, it was 220 yuan/ton, unchanged. The price of thermal coal was 649 yuan/ton, unchanged [2]. 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong was -49.5 yuan/ton, up 100.5 yuan; in Jiangsu, it was 75.5 yuan/ton, unchanged [2]. 3.5 Downstream Situation - The spot price of viscose staple fiber was 13,120 yuan/ton, unchanged; the spot price of alumina was 2790 yuan/ton, unchanged [2]. 3.6 Industry News - From October 31 to November 6, the national average capacity utilization rate of caustic soda increased 0.5% to 84.8%. From October 25 to 31, the national alumina operating rate decreased 0.41% to 85.86%. From October 31 to November 6, the operating rate of viscose staple fiber decreased 0.04% to 89.60%, and the operating rate of printing and dyeing decreased 0.26% to 68.06% [2]. 3.7 Other Information - As of November 6, the inventory of liquid caustic soda plants decreased 6.29% to 414,800 tons. From October 31 to November 6, the chlor-alkali profit decreased to 464 yuan/ton [2].

| 项目类别 | 数据指标 最新 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价:合成橡胶(日,元/吨) 10305 | 70 主力合约持仓量:合成橡胶(日,元/吨) | 83941 | 55103 | | | 合成橡胶12-1价差(日,元/吨) 80 | -10 仓单数量:丁二烯橡胶:仓库:总计(日,吨) | 2990 | 0 | | 现货市场 | 主流价:顺丁橡胶(BR9000,齐鲁石化):山 10200 | -100 主流价:顺丁橡胶(BR9000,大庆石化):山 | 10200 | -50 | | | 东(日,元/吨) 主流价:顺丁橡胶(BR9000,大庆石化):上 | 东(日,元/吨) 主流价:顺丁橡胶(BR9000,茂名石化):广 | | | | | 10250 0 | | 10600 | 0 | | | 海(日,元/吨) 基差:合成橡胶(日,元/吨) -5 30 布伦特原油(日,美元/桶) | 东(日,元/吨) | | | | | 63.52 东北亚乙烯价格(日,美元/吨) 740 | -0.92 石脑 ...

沥青：弱势运行 王涵西 投资咨询从业资格号：Z0019174 wanghanxi@gtht.com 【基本面跟踪】 表 1：沥青基本面数据 商 品 研 究 2025 年 11 月 6 日 | | 项目 | 单位 | 昨日收盘价 | 日涨跌 | 昨夜夜盘收盘价 | 夜盘涨跌 | | --- | --- | --- | --- | --- | --- | --- | | | BU2512 | 元/吨 | 3,164 | -0.78% | 3,139 | -0.79% | | | BU2601 | 元/吨 | 3,166 | -0.85% | 3,141 | -0.79% | | 期货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2512 | 手 | 20,806 | 4,361 | 26,685 | (3,040) | | | BU2601 | 手 | 178,534 | 4,477 | 203,527 | (3,433) | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 7690 | 0 | | | | | | | 昨日价差 | 前日价差 ...

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. is set to launch an IPO on the Sci-Tech Innovation Board, showcasing significant growth in performance, transitioning from a net loss in 2022 to a profit exceeding 400 million yuan in the first half of this year. However, the company exhibits a high dependency on its largest customer, which accounts for over 70% of its revenue, raising concerns about its revenue stability and bargaining power [1][3][4]. Group 1: Financial Performance - Shenghe Jingwei's revenue has shown explosive growth, with figures of approximately 16.33 billion yuan in 2022, 30.38 billion yuan in 2023, 47.05 billion yuan in 2024, and 31.78 billion yuan in the first half of 2024. Corresponding net profits were -3.29 billion yuan, 341.3 million yuan, 2.14 billion yuan, and 435 million yuan [3][4]. - The company's reliance on its top five customers has increased, with their combined sales revenue percentages being 72.83%, 87.97%, 89.48%, and 90.87% over the reporting periods. Specifically, the revenue from customer A constituted 40.56%, 68.91%, 73.45%, and 74.4% [3][4]. Group 2: Customer Dependency - The high customer concentration is a notable concern, as the semiconductor packaging industry is characterized by a few dominant players. Shenghe Jingwei has established long-term relationships with major clients, which may mitigate risks but also places the company in a vulnerable position if customer A faces operational issues [4][5]. - The company has signed long-term framework agreements with key clients, which aids in ensuring business stability and enhancing competitive advantages [4]. Group 3: Capacity Expansion Plans - Shenghe Jingwei plans to raise approximately 4.8 billion yuan for capacity expansion, with 4 billion yuan allocated to a 3D multi-chip integration packaging project and 800 million yuan for a high-density interconnect project [5][6]. - Despite the planned expansion, the company’s current capacity utilization rates have not reached saturation, with figures of 65.61%, 75.22%, 77.76%, and 79.09% for the years 2022 to 2024 and the first half of 2024 [6][7]. Group 4: Research and Development - The proportion of R&D personnel at Shenghe Jingwei has been declining, with figures of 18.13%, 14.11%, 13.77%, and 11.11% over the reporting periods, nearing the minimum requirement for the Sci-Tech Innovation Board [8][9]. - Although R&D expenditures have increased, the R&D expense ratio has decreased from 15.72% in 2022 to 11.53% in the first half of 2024, attributed to faster revenue growth compared to R&D spending [9]. Group 5: Corporate Governance - Shenghe Jingwei has a dispersed shareholding structure with no controlling shareholder, which may lead to challenges in decision-making due to differing interests among shareholders [9][10]. - The company asserts that it has established a clear and effective corporate governance structure to ensure efficient strategic decision-making and operational management [10].

Core Viewpoint - The company,卓胜微, reported an improvement in operational conditions as demand in the industry has increased with the seasonal transition [1] Group 1: Financial Performance - In the third quarter, the impact of self-produced wafer costs on gross profit improved compared to the second quarter [1] - It is expected that the negative impact of self-produced wafer costs on overall gross margin will gradually diminish as production capacity utilization increases [1] Group 2: Product Outlook - The company anticipates rapid growth in several key module products [1]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - Urea spot prices decreased yesterday, and low - price transactions improved. Short - term fluctuations are expected. In the short term, autumn fertilizer production for agriculture is ongoing in some areas, and the overall operating rate has increased with the recovery of equipment. The production of autumn fertilizers for compound fertilizers is nearing completion, and the inventory of compound fertilizers for winter wheat is mainly being cleared. With the improvement of weather, the sentiment of product sales has improved. The operation of melamine has increased slightly, with rigid demand for procurement. In the long - term, due to the release of new production capacity, the supply and demand of urea will remain relatively loose. Gas - fired equipment maintenance in the fourth quarter is expected to start gradually in December. The factory inventory decreased last week, and the highest inventory is still in Inner Mongolia. Attention should be paid to the operating rate of compound fertilizers in the Northeast, the raw material procurement rhythm, and the national light - storage rhythm. Urea is still affected by export sentiment, and the export policy may change. [2] - Strategies: For single - side trading, expect range - bound fluctuations; for inter - period trading, adopt a wait - and - see approach; for cross - variety trading, there is no specific strategy. [3] 3. Summary by Directory I. Urea Basis Structure - The report provides information on the market prices of small - sized urea in Shandong and Henan, as well as the basis of the main continuous contracts in Shandong and Henan, and the price of the urea main continuous contract and relevant spreads. [1][6][7] II. Urea Production - The report shows the weekly production of urea and the loss of urea plant maintenance. [17][22] III. Urea Production Profit and Operating Rate - It includes the production cost, spot production profit, and the operating rates of coal - based and gas - based urea production. [25][26][29] IV. Urea Foreign Market Prices and Export Profits - The report presents the FOB prices of small - sized urea in the Baltic Sea, the CFR prices of large - sized urea in Southeast Asia, the FOB prices of small - sized and large - sized urea in China, and the export profit and on - paper export profit of urea. [31][33][37] V. Urea Downstream Operating Rate and Orders - It shows the operating rates of compound fertilizers and melamine, as well as the number of days of pending orders. [46][47][48] VI. Urea Inventory and Warehouse Receipts - The report includes the upstream factory inventory, port inventory, raw material inventory days of downstream urea manufacturers in Hebei, futures warehouse receipts, and the trading volume and open interest of the main contract. [51][54][55] Market Data Summary - **Price and Basis**: On November 3, 2025, the closing price of the urea main contract was 1,623 yuan/ton (- 2). The ex - factory price of small - sized urea in Henan was 1,560 yuan/ton (0), in Shandong was 1,560 yuan/ton (- 30), and in Jiangsu was 1,560 yuan/ton (- 20). The price of small - sized anthracite was 750 yuan/ton (+ 0). The basis in Shandong was - 63 yuan/ton (- 28), in Henan was - 63 yuan/ton (- 18), and in Jiangsu was - 63 yuan/ton (- 18). The urea production profit was 30 yuan/ton (- 30), and the export profit was 904 yuan/ton (+ 32). [1] - **Supply Side**: As of November 3, 2025, the enterprise capacity utilization rate was 80.32% (0.08%). The total inventory of sample enterprises was 1.5543 million tons (- 75,900 tons), and the port sample inventory was 110,000 tons (- 100,000 tons). [1] - **Demand Side**: As of November 3, 2025, the capacity utilization rate of compound fertilizers was 31.04% (+ 3.33%), the capacity utilization rate of melamine was 49.98% (+ 1.68%), and the number of days of advance orders for urea enterprises was 7.53 days (+ 0.12). [1]

Core Insights - The company reported a strong performance in Q3 2025, with a revenue of 3.377 billion yuan, representing a year-on-year increase of 16.88% and a net profit of 84.27 million yuan, up 56.62% year-on-year [1] - Cumulatively, for the first three quarters, the company achieved a revenue of 9.713 billion yuan, a year-on-year growth of 18.98%, and a net profit of 349 million yuan, showing an astonishing increase of 1,108.74% [3] - The company's cash flow from operating activities significantly improved, with a year-on-year increase of 722.37%, indicating enhanced internal "self-sustaining" capabilities alongside revenue growth [3] Revenue and Profit Performance - Q3 revenue reached 3.377 billion yuan, a 16.88% increase year-on-year [1] - Net profit for Q3 was 84.27 million yuan, reflecting a 56.62% year-on-year growth [1] - Total revenue for the first three quarters was 9.713 billion yuan, up 18.98% year-on-year [3] - Net profit for the first three quarters was 349 million yuan, with a remarkable increase of 1,108.74% [3] Operational Efficiency - All chip production lines are operating at full capacity, indicating strong downstream market demand and high capacity utilization within the industry [3] - The company expects continued revenue growth in Q4 due to ongoing product structure adjustments and increased capacity investments [3]