Core Insights - The A-share market has shown significant recovery in 2025, with the Shanghai Composite Index reaching a 10-year high of 4025.70 points by the end of October, leading to a strong return on public equity funds and the emergence of numerous "doubling funds" [1][3][4] Performance of Active Equity Funds - The average net value growth rate of active equity funds in the first ten months reached 27.48%, with the best-performing funds exceeding 200% [3][4][6] - Over 98% of active equity funds reported positive net value growth rates, with many funds achieving new highs [6][8] - Among the active equity funds, 705 funds had a net value growth rate exceeding 50%, and 34 funds surpassed 100% [8][10] Comparison with Mainstream Indices - The performance of various indices in the first ten months showed that the Shenzhen Component Index rose by 28.46%, while the ChiNext Index increased by 48.84% [5] - Active equity funds outperformed mainstream indices, with the average growth rate of ordinary stock funds and mixed equity funds at 32.93% and 32.33%, respectively [6][5] Top Performing Funds - The top-performing fund, Yongying Technology Smart Selection A, achieved a net value growth rate of 200.63%, capitalizing on opportunities in the cloud computing market [10] - Other notable funds include China Europe Digital Economy A (134.72%) and Hengyue Advantage Selection (133.97%), focusing on AI infrastructure and innovative sectors [10][18] Performance of Index Funds - The communication equipment sector saw significant gains, with the communication equipment index rising over 98%, leading to strong performances from related index funds [12][13] - Notable index funds include Guotai CSI All-Share Communication Equipment ETF, which recorded a 98.87% growth rate [15] Investment Focus Areas - Fund managers are optimistic about sectors such as domestic semiconductor equipment, energy storage, and AI edge computing, indicating a strong growth potential in these areas [16][19] - The global cloud computing industry remains a focal point for investment, with expectations of increased capital flow into AI computing capabilities [17][18]

Summary of the Conference Call for Saiwu Technology Q3 2025 Company Overview - **Company**: Saiwu Technology - **Quarter**: Q3 2025 - **Revenue**: 687 million (up 4.8% year-on-year) [1][2] - **Net Profit**: Loss of 44.89 million [2] Key Points Financial Performance - **Revenue Growth**: Q3 revenue shows a slight increase compared to the previous year, indicating a stabilization after a decline from 2024 [1] - **Net Loss**: The company reported a net loss of 44.89 million, although this represents a 44% improvement year-on-year [2] - **Backplane Business**: The backplane segment has seen a significant decline in demand, contributing to the overall losses [2][3] - **Film Business**: The solar film segment is stabilizing, with a slight recovery in prices, but still operating at a loss [3][5] Business Segments - **Non-Photovoltaic Growth**: The non-photovoltaic segments, particularly new energy vehicle materials, have shown substantial growth, with a 50% increase in revenue year-on-year [3][4] - **New Energy Vehicle Materials**: Revenue from this segment reached approximately 180 million in Q3, making it the second-largest segment after solar film [3][4] - **3C Electronics and Semiconductors**: These segments are also growing rapidly, although they currently do not match the revenue of the new energy vehicle materials [4] Production and Capacity - **Production Capacity**: The company is operating at approximately 70% capacity utilization for solar film production, with expectations for further improvements [15][16] - **Vietnam Facility**: The Vietnam facility is running at full capacity, producing around 15 million square meters of solar film monthly [60] Strategic Adjustments - **Backplane Strategy**: The company plans to retain some production capacity for specialized backplanes while transitioning some equipment to non-photovoltaic products [8][9] - **Cost Reduction Initiatives**: Efforts are underway to reduce costs in the Vietnam facility, particularly concerning logistics and packaging [60] Future Outlook - **Profitability Goals**: The company aims to achieve breakeven by Q4 2025, with hopes of turning profitable in the near future [60] - **Market Trends**: The solar film market is expected to stabilize, but significant recovery in profitability is not anticipated in the short term [66] - **New Product Development**: The company is focusing on expanding its product offerings in new energy materials and enhancing its market presence in the semiconductor sector [54][56] Industry Context - **Market Conditions**: The overall photovoltaic market is experiencing challenges, with a slow recovery in pricing and demand for backplane products [62][63] - **Emerging Technologies**: The company is exploring opportunities in solid-state battery materials and other innovative products, indicating a proactive approach to market changes [71][72] Additional Insights - **R&D Focus**: The company has a dedicated R&D team focusing on new energy materials, 3C electronics, and semiconductor materials, with plans to expand this team [54][56] - **Competitive Landscape**: The company is positioned as a leader in certain segments, particularly in new energy vehicle materials, but faces competition in the semiconductor space [56][58] This summary encapsulates the key points discussed during the conference call, highlighting the financial performance, strategic direction, and market context for Saiwu Technology.

赵昊 华源证券北交所研究首席: 好的。那个，各位领导大家下午好，欢迎大家参加我们组织的这个解构三级包系列的系列 会议我是这个，华安证券北交所研究的首席分析师赵浩。今天，也是非常荣幸邀请到了我 们的老朋友了，就远航精密的董秘徐总。跟各位领导对于公司的三季报的情况，对公司的 这个业务情况和未来的展望情况做深度的讨论交流，公司昨天晚上也是发布了这个三季报 所以我们今天也是第一时间跟各位投资者做。这个第一时间解读跟交流，跟我一起主持的 还有我们同事万肖一起。 我们今天主要这个分为两个部分吧，第一个部分，请徐总帮我们对于三季报的情况，对于 公司的最新的这个进展情况。这个做一个，先做一个展开，然后我们第二部分，进行这个 问答交流的环节。徐总。 会议助理 4: 领导，您需要点击一下上麦的按钮，要，右下角有个上麦的按钮。 远航精密董秘徐斐: 这样可以吗？ 可以听到了。 赵昊 华源证券北交所研究首席: 可以了可以了，徐总，对。徐总，您可以说了，对。 远航精密董秘徐斐: 刚刚前面我没有听到，是，就是我们介绍一下公司情况是吧？ 赵昊 华源证券北交所研究首席: 对，徐总，就最开始先帮我们那个介绍一下公司三季报情况吧，最新的业务进展情 ...

赵昊 华源证券北交所研究首席: 会议助理 4: 领导，您需要点击一下上麦的按钮，要，右下角有个上麦的按钮。 好的。那个，各位领导大家下午好，欢迎大家参加我们组织的这个解构三级包系列的系列 会议我是这个，华安证券北交所研究的首席分析师赵浩。今天，也是非常荣幸邀请到了我 们的老朋友了，就远航精密的董秘徐总。跟各位领导对于公司的三季报的情况，对公司的 这个业务情况和未来的展望情况做深度的讨论交流，公司昨天晚上也是发布了这个三季报 所以我们今天也是第一时间跟各位投资者做。这个第一时间解读跟交流，跟我一起主持的 还有我们同事万肖一起。 我们今天主要这个分为两个部分吧，第一个部分，请徐总帮我们对于三季报的情况，对于 公司的最新的这个进展情况。这个做一个，先做一个展开，然后我们第二部分，进行这个 问答交流的环节。徐总。 远航精密董秘徐斐: 这样可以吗？ 会议助理 4: 可以听到了。 赵昊 华源证券北交所研究首席: 可以了可以了，徐总，对。徐总，您可以说了，对。 远航精密董秘徐斐: 刚刚前面我没有听到，是，就是我们介绍一下公司情况是吧？ 赵昊 华源证券北交所研究首席: 对，徐总，就最开始先帮我们那个介绍一下公司三季报情况吧， ...

Core Insights - The storage chip and energy storage sectors have seen multiple stocks reach historical highs this week, with notable performances from Yangguang Electric, which rose over 15%, and Siyuan Electric, which achieved 14 new highs in the last 30 trading days, with a latest market capitalization of 102.6 billion yuan [1][2]. Stock Performance - A total of 107 stocks reached historical highs this week, a significant increase from 43 last week. Year-to-date, 959 stocks have set historical highs as of October 31 [1]. - Among the 107 stocks, the electronics, machinery equipment, and power equipment sectors had the highest concentration of new highs, with 27, 15, and 14 stocks respectively [1]. - The stocks with the highest trading volumes this week included Zhongji Xuchuang, Xinyisheng, Yangguang Electric, Industrial Fulian, and Sanhua Intelligent Control, with trading volumes of 117.15 billion yuan, 116.45 billion yuan, 97.25 billion yuan, 85.03 billion yuan, and 64.79 billion yuan respectively [1]. Company Highlights - Siyuan Electric, a leader in the energy storage sector, reported a revenue of 13.83 billion yuan for the first three quarters, representing a year-on-year growth of 32.9%, and a net profit of 2.19 billion yuan, up 46.9% year-on-year [2]. - The number of stocks with a market capitalization exceeding 100 billion yuan increased from 2 to 14 this week, indicating strong performance among large-cap stocks [3]. Market Trends - The strong performance in the energy storage sector is driven by several factors, including the rising penetration of renewable energy and decreasing storage costs. Global renewable energy generation is expected to surpass coal power for the first time in 2025, contributing over 90% to new generation capacity [2]. - Domestic demand for energy storage is increasing, supported by policies that enhance project profitability, with a significant rise in energy storage tenders reported [2]. - International demand for energy storage remains robust, particularly in Europe and Australia, contributing to a global resonance in the market [3]. Stock Price Movements - Notable stock price increases this week included Shikong Technology, Haike New Source, Fujida, Guodun Quantum, and Zhenhua Shares, with respective increases of 61.08%, 39.42%, 39.40%, 38.42%, and 34.30% [4]. - As of October 31, 25 stocks had prices exceeding 100 yuan, with Guodun Quantum, Yuanjie Technology, Zhongji Xuchuang, Xinyisheng, and Tuojing Technology leading in closing prices at 579.80 yuan, 508.07 yuan, 473.01 yuan, 344.31 yuan, and 305 yuan respectively [4].

前言 《金牌纪要库》是财联社VIP倾力打造的一款高端会议纪要类产品，结合财联社的媒体资源和行业圈层 优势，为投资者提供全面、深入的市场及行业洞察，以及专业分析和解读。 栏目专注于捕捉投资市场 的最新题材机会，通过一线记者的即时报道、资深编辑的专业整理，以及行业资深专家的深度访谈，为 投资者提供前瞻性、独家性、热门性及专业性的市场分析。 ①国内外储能需求"全面开花"，行业龙头预计2026年全球储能增速仍将高达40-50%，该类储能在"绝对 增量+成长弹性"均处于行业领先地位；②英伟达将储能视为下一代"AI工厂"不可或缺的组成部分，Fluenc e表示已有40%的储备项目与数据中心间接相关，至2027年AIDC带来的新增需求或超350GW；③展望未 来3-5年，全球锂电池需求的绝大部分增量将由储能市场贡献，需求非线性、爆发式增长有望导致锂电关 键材料价格上涨。 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with revenue at 17.728 billion yuan, down 20.77% year-on-year, and net profit at 198 million yuan, down 86.48% year-on-year. However, the power generation segment achieved record-high output, which partially offset the impact of falling coal prices. The construction of the Haizetang coal mine and advancements in energy storage business are seen as positive developments for long-term growth, leading to an upward revision of profit forecasts for 2025-2027 [4][5][6]. Financial Performance Summary - For Q3 2025, the company achieved revenue of 7.052 billion yuan, a quarter-on-quarter increase of 40.05%, while net profit was 72 million yuan, a decrease of 3.87% quarter-on-quarter. The cumulative power generation for the first nine months was 31.429 billion kWh, with sales of 29.812 billion kWh [4][5]. - The company’s coal production for the first nine months was 11.331 million tons, with sales of 11.3905 million tons. In Q3 alone, coal production was 4.418 million tons, reflecting a quarter-on-quarter increase of 10.4% [5]. Growth Drivers - The Haizetang coal mine construction is progressing rapidly, with 70% of the second phase completed by the end of September 2025. The project is expected to start trial production in July 2026 and reach full production in 2027, providing a solid foundation for future performance [6]. - The energy storage business has made significant technological breakthroughs, including a new solid-state material that reduces costs by 40%-60% compared to traditional solutions, enhancing the company's competitive edge in the sector [6]. Financial Projections - The company forecasts net profits of 580 million yuan, 1.05 billion yuan, and 1.47 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.03 yuan, 0.05 yuan, and 0.07 yuan. The P/E ratios are projected to be 61.0, 33.9, and 24.2 for the same years [7][9].

10月31日，中国证监会公布《境外发行上市备案补充材料要求(2025年10月27日—2025年10月31日)》。 中国证监会国际司共对9家企业出具补充材料要求，其中，要求琻捷电子补充说明公司股份拆细的具体 计划安排等事项。据悉，琻捷电子已于2025年9月5日向港交所主板提交上市申请，中金公司（601995） 和国泰君安国际为其联席保荐人。 中国证监会请琻捷电子补充说明以下事项，请律师核查并出具明确的法律意见： 一、关于股权变动：(1)请说明公司历次增资及股权转让价格及定价依据，是否实缴出资，是否存在未 履行出资义务、抽逃出资、出资方式存在瑕疵的情形，并就设立及历次股权变动是否合法合规出具明确 结论性意见；(2)请说明公司历史上是否存在股份代持情形，如果存在，请按照《监管规则适用指引 ——境外发行上市类第2号》股份代持相关要求进行核查。 二、关于股东情况：(1)请说明现有股东是否存在私募基金，如存在，是否已在中国证券投资基金业协 会登记备案；(2)请说明股东海风投资向上穿透后的境内主体是否存在法律法规禁止持股的主体；(3)请 说明混改基金国有股东标识办理进展；(4)请说明最近12个月内新增股东国风投入股价格的合 ...

智通财经APP获悉，10月31日，中国证监会公布《境外发行上市备案补充材料要求(2025年10月27日— 2025年10月31日)》。中国证监会国际司共对9家企业出具补充材料要求，其中，要求琻捷电子补充说明 公司股份拆细的具体计划安排等事项。据悉，琻捷电子已于2025年9月5日向港交所主板提交上市申请， 中金公司和国泰君安国际为其联席保荐人。 中国证监会请琻捷电子补充说明以下事项，请律师核查并出具明确的法律意见： 一、关于股权变动：（1）请说明公司历次增资及股权转让价格及定价依据，是否实缴出资，是否存在 未履行出资义务、抽逃出资、出资方式存在瑕疵的情形，并就设立及历次股权变动是否合法合规出具明 确结论性意见；（2）请说明公司历史上是否存在股份代持情形，如果存在，请按照《监管规则适用指 引——境外发行上市类第2号》股份代持相关要求进行核查。 二、关于股东情况：（1）请说明现有股东是否存在私募基金，如存在，是否已在中国证券投资基金业 协会登记备案；（2）请说明股东海风投资向上穿透后的境内主体是否存在法律法规禁止持股的主体； （3）请说明混改基金国有股东标识办理进展；（4）请说明最近12个月内新增股东国风投入股价格 ...

Core Viewpoint - Desay Battery, established in 1985 and listed in 1995, is a leading company in China's lithium battery power management systems, with strong technical capabilities and a complete industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Desay Battery reported revenue of 16.103 billion, ranking 5th in the industry out of 31 companies, significantly lower than the top company, CATL, with 283.072 billion, and the second, Yiwei Lithium Energy, with 45.002 billion [2] - The net profit for the same period was 167 million, ranking 11th in the industry, again showing a substantial gap compared to CATL's 52.297 billion and Yiwei's 2.977 billion [2] Group 2: Financial Ratios - As of Q3 2025, Desay Battery's debt-to-asset ratio was 61.86%, slightly down from 61.96% year-on-year but higher than the industry average of 48.67% [3] - The gross profit margin for the same period was 8.96%, down from 9.57% year-on-year and below the industry average of 17.44% [3] Group 3: Executive Compensation - The chairman, Liu Qi, received a salary of 1.5453 million in 2024, a decrease of 307,000 from 2023 [4] - The general manager, He Wenbin, earned 1.2377 million in 2024, down by 279,900 from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.54% to 71,300, while the average number of circulating A-shares held per account decreased by 1.51% to 5,393.04 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 4.1265 million shares, a decrease of 1.6379 million from the previous period [5]