Core Viewpoint - The PCB industry is expected to maintain a growth trend in the medium to long term, driven by the recovery of end consumption and the expansion of downstream markets [2] Group 1: Company Strategy - The company plans to expand production scale and enhance technological innovation, production, and management service capabilities [2] - There is a focus on increasing product diversity and innovation based on existing product lines, including single/double-sided boards, multilayer boards, high-frequency boards, high-speed boards, HDI boards, and rigid-flex boards [2] - The company aims to strengthen its PCB process capabilities and enhance industrial automation, particularly in emerging sectors such as 5G communication, new energy vehicles, semiconductors, and the digital economy [2] Group 2: Market Adaptation - The company intends to meet and support the specialized PCB needs of downstream customers during research, development, testing, and small batch stages [2] - Continuous adjustments to the PCB product structure and optimization of capacity allocation are planned, with a targeted shift towards high value-added products [2]

Core Viewpoint - The company is developing semiconductor products based on its existing polyurethane composite material technology, which aligns with its main business operations [2] Group 1: Business Development - The company sees significant growth potential in the semiconductor field and plans to increase efforts in technology development and market expansion [2] - Current revenue from the semiconductor business is relatively small compared to the overall revenue, and it does not significantly impact the company's operating performance [2] Group 2: Customer Collaboration - Progress in customer collaboration within the semiconductor sector is not disclosed due to confidentiality agreements and the importance of contracts or projects not meeting disclosure standards [2]

Market Overview - The market opened lower but rebounded, with over 2800 stocks rising across the board [1] - The CPO and semiconductor sectors showed strength, while the military and commercial aerospace sectors experienced some adjustments [1] - The Hong Kong stock market fluctuated upward, with the innovative drug sector standing out, and the semiconductor sector showing localized activity [1] Index Performance - The CSI A500 index rose by 0.9% at midday, while the CSI 300 index increased by 0.8% [1][3] - The ChiNext index surged by 2.8%, and the SSE STAR 50 index climbed by 1.3% [1][5] - The Hang Seng China Enterprises Index saw a modest increase of 0.5% [1][7] Index Composition and Valuation - The CSI 300 index consists of 300 large-cap, liquid stocks covering 11 primary industry sectors, with a rolling P/E ratio of 13.9 times [3] - The CSI A500 index includes 500 liquid stocks from various industries, covering 91 out of 93 tertiary industries, with a rolling P/E ratio of 16.4 times [3] - The ChiNext index is composed of 100 large-cap, liquid stocks, with strategic emerging industries accounting for nearly 60% [4] - The SSE STAR 50 index includes 50 large-cap, liquid stocks with a significant focus on "hard technology," featuring a rolling P/E ratio of 38.4 times [5] - The Hang Seng China Enterprises Index comprises 50 large-cap, actively traded stocks from mainland China, with a rolling P/E ratio of 10.6 times [7]

Group 1 - The fund manager Fan Xin has left the Rongtong Multi-Asset Income One-Year Holding Mixed Fund due to internal adjustments as of November 21, 2025 [2][3] - Fan Xin took over the fund in August 2023, and in February 2025, two additional fund managers, Shi Zhu and Li Hao, were added to co-manage the fund [3] - The fund was established on August 3, 2021, with an initial net subscription amount of approximately 350 million yuan, but by the end of Q3 2025, its net asset value had decreased to about 15 million yuan [3] Group 2 - As of the end of Q3, the fund's asset allocation included 25.55% in stocks and 65.48% in bonds, holding a total of 8 stocks [4] - The fund made adjustments in its portfolio during Q3, reducing positions in aquaculture and cyclical consumption while increasing allocations in semiconductors, military electronics, pesticides, medical devices, and wind power [4] - Since its inception, the fund's unit net value has decreased by 1.4%, with a 3-year decline of 3.43%, but a 1-year increase of 0.34% [3]

Core Viewpoint - The Hong Kong stock market shows positive momentum with the Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index all experiencing slight increases, indicating investor confidence in the market's potential for growth [1] Market Performance - The Hang Seng Index rose by 0.46%, the Hang Seng Tech Index increased by 0.51%, and the Hang Seng China Enterprises Index gained 0.50% during the midday session [1] - The market's half-day trading volume reached HKD 113.95 billion [1] Sector Analysis - In the technology sector, Meituan-W saw a significant increase of 5.85%, followed by Huahong Semiconductor with a rise of 2.80%, JD Group-SW up by 1.96%, and BYD Electronics increasing by 1.89% [1] - Conversely, NIO-SW experienced a decline of 7.13%, and Bilibili-W fell by 2.43% [1] Foreign Investment Sentiment - Major foreign institutions, including JPMorgan and Aberdeen Investment, express a bullish outlook on Chinese assets, highlighting the growth potential of the technology sector and the valuation advantages of the Hong Kong stock market [1] - These institutions believe that the technology industry will benefit from policy support and market demand amid China's economic transformation [1] Future Outlook - Foreign investment firms anticipate that the technology-driven rally in the Hong Kong stock market will continue [1] - Investors are encouraged to focus on two types of opportunities: leading companies in high-end manufacturing sectors like AI and semiconductors, and growth companies with reasonable valuations and competitive advantages [1] - The technology sector in Hong Kong is expected to generate excess returns for investors, driven by the dual themes of "technological innovation and valuation recovery" [1]

Core Viewpoint - The chemical industry is currently at a dual bottom in valuation and profitability, with potential for a turning point driven by anti-involution policies and a recovering demand environment [1] Group 1: Industry Performance - As of November 20, the chemical sector has seen a 37% increase, primarily driven by technology-related themes [1] - The basic chemical sector reported a net profit of 116 billion yuan for Q1-Q3 2025, reflecting a year-on-year increase of 7.45%, with varied performance across sub-sectors [1] - The supply side shows a 12.4% year-on-year decrease in the total amount of ongoing projects in the basic chemical sector for H1 2025 [1] Group 2: Demand and Supply Dynamics - The demand side is expected to improve due to the Federal Reserve's resumption of interest rate cuts and a stabilizing global political situation, with domestic exports and the automotive sector supporting demand [1] - The fertilizer sector anticipates a price increase for potash in 2026, with a tight supply-demand balance expected from 2026 to 2028 [2] - The refrigerant market is experiencing a steady increase in demand due to quota restrictions and the accelerated reduction of second-generation refrigerants [2] Group 3: Material and Technology Trends - The demand for high-performance new materials is accelerating, driven by AI and semiconductor needs, with a notable rise in demand for high-frequency and high-speed resins [3] - The semiconductor materials sector is focusing on domestic production to enhance supply chain security [3] - The cooling liquid market is evolving, with immersion cooling becoming a significant future direction due to increasing server power requirements [3] Group 4: Investment Recommendations - Recommended companies in the potash sector include Dongfang Tower, Yaqi International, and Salt Lake Co [4] - In the phosphochemical sector, suggested companies are Chuanheng Co, Yuntu Holdings, and Xingfa Group [4] - For refrigerants, companies like Juhua Co, Sanmei Co, and Yonghe Co are highlighted [4]

Core Viewpoint - The stock of Huafeng Measurement and Control has shown significant volatility, with a year-to-date increase of 62.41% but a recent decline in the last five and twenty trading days [1][2]. Group 1: Stock Performance - As of November 26, Huafeng Measurement and Control's stock price rose by 2.02% to 168.50 CNY per share, with a trading volume of 1.14 billion CNY and a turnover rate of 0.50%, resulting in a total market capitalization of 22.837 billion CNY [1]. - The stock has experienced a decline of 2.18% over the last five trading days and 22.35% over the last twenty trading days, while showing a slight increase of 0.78% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Huafeng Measurement and Control reported a revenue of 939 million CNY, representing a year-on-year growth of 51.21%, and a net profit attributable to shareholders of 387 million CNY, reflecting an increase of 81.57% year-on-year [2]. - The company has distributed a total of 565 million CNY in dividends since its A-share listing, with 336 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders of Huafeng Measurement and Control increased to 10,200, a rise of 45.32% compared to the previous period, while the average circulating shares per person decreased by 31.18% to 13,295 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 8.5111 million shares, a decrease of 333,000 shares from the previous period, while new shareholder E Fund Competitive Advantage Mixed A holds 1.6535 million shares [3].

Group 1 - The company Dongguan Dingtong Precision Technology Co., Ltd. plans to acquire 70% equity of Shenzhen Blue Ocean Vision Technology Co., Ltd. for a cash consideration of 126 million yuan, making Blue Ocean Vision a subsidiary of Dingtong [1] - The acquisition aims to enhance Dingtong's capabilities in the automation visual inspection sector and improve its market competitiveness in artificial intelligence and semiconductor industries [15][14] - Blue Ocean Vision's revenue from the consumer electronics sector has consistently exceeded 50% from 2023 to the first nine months of 2025, indicating a concentration risk in its customer base [2][3] Group 2 - Blue Ocean Vision's top five customers accounted for 85.19%, 75.03%, and 60.23% of its revenue from 2023 to the first nine months of 2025, showing a high customer concentration [3][9] - The company has a robust operational model focusing on market and user demand research, with a sales model centered on direct sales to well-known industry clients [5][6] - The research and development strategy of Blue Ocean Vision includes both general technology research and application product development, aimed at reducing product development cycles and costs [7] Group 3 - The valuation of Blue Ocean Vision was assessed using the market approach, specifically the comparable transaction method, with a price-to-earnings (P/E) ratio of 14.52 for the acquisition [12] - The acquisition price reflects a fair market value based on comparable transactions, ensuring that the transaction is reasonable and justifiable [13] - Post-acquisition, the management team of Blue Ocean Vision is committed to remaining with the company for at least six years, ensuring stability and continuity in operations [16][17] Group 4 - The company plans to utilize idle self-owned funds for cash management, with a maximum amount of 200 million yuan over a 12-month period, aimed at increasing fund efficiency and returns [27][28] - The cash management strategy will focus on low-risk investment products, ensuring that the company's normal operations and fund safety are not compromised [39][41] - The company has established risk control measures to monitor and manage the cash management investments, ensuring compliance with relevant regulations [50][51]

Core Viewpoint - The equity market's confidence has gradually improved throughout the year, characterized by distinct structural trends in different phases, including AI-led trends, innovative drug sectors, and the recent strength in low-volatility dividend assets [1] Market Trends - The market has experienced significant sector rotation, with notable phases including AI dominance at the beginning of the year, innovative pharmaceuticals after April, and technology growth led by semiconductors and AI in August and September [1] - Following October, low-volatility dividend assets have shown a phase of strength, indicating a shift in investor focus [1] Investment Insights - With the decline in risk-free rates, the cost of capital has decreased, enhancing the attractiveness of equity assets and increasing investor risk appetite [1] - The effectiveness of market pricing is improving, yet small-cap stocks remain under-researched, presenting more opportunities for value discovery [1] - Current market liquidity favors small and micro-cap stocks, providing numerous trading opportunities [1] - The valuation structure indicates that small and micro-cap stocks, primarily assessed by price-to-book (PB) ratios, still offer a good margin of safety compared to large-cap stocks, making them appealing from a defensive standpoint [1]

（央视财经《第一时间》）第二批获得中国人民银行科技创新债券风险分担工具支持的四家民营股权投资机 构发行的债券，将于明天到28日在银行间市场发行，预计将为科技创新企业注入更多长期发展资金。四家民 营股权投资机构拟发行科创债合计9.3亿元。 中国银行间市场交易商协会表示，下一步还将提高注册发行效率，用好风险分担工具，大力发展债券市场"科 技板"，引导更多金融资源投早、投小、投长期、投硬科技，助力我国实现高水平科技自立自强。 转载请注明央视财经 编辑：王一帆 基石资本执行总裁兼合伙人 王启文：这期投资方向都是科技方向，特别是半导体、人工智能、机器人、合成 生物、脑科学这些方向。给我们管的创投基金、股权投资基金带来了稳定、长期、低成本的资金。 股权投资机构是投早、投小、投硬科技的重要力量，此前他们很少进行债券融资。为支持这些机构发债，中 国人民银行专门创设了科创债风险分担工具，提供低成本再贷款资金，与地方政府等一起为股权融资机构发 债提供担保等支持。今年6月，首批获得央行分担工具增信的科创债发行。目前，13.5亿元的募集资金已有将 近50%投入实际使用，并撬动上百亿元资金支持科技创新。 盛景嘉成总裁 联合创始人 刘昊 ...