Group 1 - The company announced on July 31 that its capital expenditure will remain stable overall [1] - The company will focus on emerging industries, specifically in commercial aerospace, aviation, integrated circuits, and intelligent robotics [1] - The company aims to strengthen its technological reserve capabilities and insists on the research and development of new products and technologies [1] Group 2 - In the field of testing services, the company plans to increase exploration efforts in emerging industries [1] - The company intends to further expand its testing capabilities and enhance service levels [1]

来源：新浪证券-红岸工作室 7月31日，汇成股份跌1.63%，成交额4.73亿元，换手率7.38%，总市值91.25亿元。 异动分析 先进封装+芯片概念+OLED+人民币贬值受益+专精特新 1、据2023年2月投资者关系活动记录表： Chiplet先进封装技术是凸块制造、Fan-out、3D、SiP等高端先 进封装技术的集合，公司掌握的凸块制造技术是Chiplet的基础之一。在研发端，公司将以客户需求为导 向，基于凸块制造技术，纵向拓展技术边界，积极布局Fan-out、2.5D/3D、SiP等高端先进封装技术。 2、合肥新汇成微电子股份有限公司的主营业务是集成电路高端先进封装测试服务。公司的主要产品是 集成电路封装测试。 主力没有控盘，筹码分布非常分散，主力成交额1.78亿，占总成交额的4.85%。 技术面：筹码平均交易成本为10.22元 3、2024年7月3日公司投资者关系活动记录表：公司目前OLED客户主要包括联咏、瑞鼎、奕力、云英 谷、集创北方、芯颖、傲显、昇显微、晟合微等。 4、根据2024年年报，公司海外营收占比为54.15%，受益于人民币贬值。 5、专精特新"小巨人"企业是全国中小企业评定工作中最 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][17]. Core Insights - The company's H1 2025 performance exceeded expectations, with revenue reaching 991 million yuan, a year-on-year increase of 8.09%, and a net profit attributable to shareholders of 117 million yuan, up 14.18% year-on-year [2][3]. - The report highlights the foundation for long-term growth established by new technologies and industries, particularly in the integrated circuit sector, which saw a revenue increase of 21.01% year-on-year [8]. - The company is expanding its product offerings in thermal vacuum testing equipment and is actively exploring opportunities in commercial aerospace and integrated circuits, which are expected to drive future revenue growth [8]. Financial Summary - For 2025, the company is projected to achieve total revenue of 2.271 billion yuan, with a year-on-year growth rate of 12.1%. The net profit attributable to shareholders is expected to be 308 million yuan, reflecting a growth rate of 34.2% [4][9]. - The report provides a detailed financial forecast, indicating a steady increase in revenue and net profit through 2027, with projected revenues of 2.601 billion yuan and 2.984 billion yuan for 2026 and 2027, respectively [4][9]. - The company's earnings per share (EPS) is expected to grow from 0.45 yuan in 2024 to 0.91 yuan in 2027, indicating strong profitability potential [4][9]. Market Performance - The company's stock price as of July 30, 2025, was 16.50 yuan, with a target price set at 24.22 yuan, suggesting significant upside potential [4][5]. - The report notes a decline in gross margin to 41.88% in H1 2025, attributed to increased capacity investments, but net profit margin improved to 13.51% due to reduced expense ratios [8].

（原标题：深交所党委委员、副总经理李鸣钟： 为新质生产力 提供"接力棒"式服务） 证券时报记者 吴少龙 7月25日，第十三届创业投资大会暨全国创投协会联盟走进光明科学城活动隆重举行。深交所党委委 员、副总经理李鸣钟在致辞中指出，深交所将聚焦提升制度的包容性和适应性，着力提升服务的精准性 和实效性，推动科技创新与产业创新融合发展，与深圳市、光明区以及包括创投机构在内的市场各方通 力协作，为新质生产力企业提供"接力棒"式的投融资支持和服务，助力培育壮大新质生产力。 一是持续深化创业板改革，完善适配新质生产力发展的制度机制。深交所将进一步深化创业板改革，突 出板块特色、提升板块功能，强化与产业政策协同，支持人工智能、量子信息、集成电路等突破核心技 术企业以及其他优质企业适用创业板第二套、第三套标准申报，支持科技型上市公司做优做强，推动更 多标志性改革举措和典型案例落地，促进更多资源要素向科技创新领域集聚。 二是发挥并购重组主渠道作用，大力提高上市公司质量和投资价值。深交所将进一步规范活跃并购重组 市场，支持上市公司通过并购重组实现产业整合、补链强链，增强核心竞争力，对符合条件的重组项目 精简审核流程，推动产业链升级 ...

Core Viewpoint - Demingli has launched new DDR5 SO-DIMM and U-DIMM memory modules targeting AI PCs, with a single module capacity of up to 48GB and a theoretical bandwidth of 32GB/s, enhancing its position in the AI storage market [2] Company Overview - Demingli Technology Co., Ltd. is based in Shenzhen, China, and was established on November 20, 2008. It was listed on July 1, 2022. The company's main business includes the design and development of flash memory controllers and the sales of storage module products [8] - The revenue composition of Demingli's main business includes 48.20% from solid-state drives, 28.01% from mobile storage products, 17.67% from embedded storage products, and 6.12% from other sources [8] Business Focus - The company primarily focuses on flash memory controller design, development, and optimization of storage module application solutions, as well as the sales of storage modules, including storage cards, storage disks, and solid-state drives [2][8] - Demingli's data center storage solutions aim to meet the increasing demands for high capacity, high performance, high reliability, and high scalability due to advancements in cloud computing, big data, and artificial intelligence [2] Market Position - Demingli has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title for small and medium-sized enterprises in China, indicating strong innovation capabilities and high market share [3] - As of the 2024 annual report, overseas revenue accounted for 69.74% of the company's total revenue, benefiting from the depreciation of the RMB [4] Financial Performance - For the first quarter of 2025, Demingli achieved a revenue of 1.252 billion yuan, representing a year-on-year growth of 54.41%. However, the net profit attributable to the parent company was a loss of 69.088 million yuan, a decrease of 135.34% year-on-year [9]

Core Viewpoint - On July 30, 2023, Xingsen Technology's stock price increased by 5.2%, reaching 19.22 CNY per share, with a trading volume of 1.38 billion CNY and a turnover rate of 4.93%, resulting in a total market capitalization of 32.668 billion CNY [1] Company Overview - Shenzhen Xingsen Quick Circuit Technology Co., Ltd. is located in the Shenzhen Bay Technology Eco-Park and specializes in providing advanced electronic circuit solutions, covering the entire process from design to testing and delivery [1] - The company possesses core technologies and mass production capabilities in the integrated circuit manufacturing sector, with products spanning the electronic hardware packaging field [1] - Xingsen Technology has achieved significant performance in various sectors, including communications, data centers, industrial control, medical, and consumer electronics, earning the trust of global benchmark clients [1] Financial Performance - For the period from January to March 2025, Xingsen Technology reported operating revenue of 1.58 billion CNY, reflecting a year-on-year growth of 13.77% [1] - The net profit attributable to shareholders was 9.3724 million CNY, which represents a year-on-year decrease of 62.24% [1] Shareholder Information - As of July 18, 2023, Xingsen Technology had 86,000 shareholders, with an average of 17,400 circulating shares per person [1]

Group 1 - The establishment of Xinhuihe (Nanjing) Technology Co., Ltd. has been officially registered with a registered capital of 5 million RMB [1] - The company is wholly owned by Xinhui Electronics (Shanghai) Co., Ltd. [1] - The legal representative of the new company is Wu Jia [1] Group 2 - The business scope includes technology services, development, consulting, and transfer, as well as integrated circuit chip design and services [1] - The company also focuses on IoT technology services, research, and application services [1] - Additional activities include sales of integrated circuits, power electronic components, and electric accessories for new energy vehicles [1]

Group 1 - The semiconductor industry is experiencing a comprehensive rebound driven by a combination of macro policy cycles, inventory cycles, and AI innovation cycles, leading to valuation expansion [1] - TSMC has raised its annual revenue growth forecast from 25% to 30%, indicating strong ongoing demand for AI and a moderate recovery in non-AI demand [1] - The U.S. AI action plan may further restrict semiconductor exports, accelerating the push for domestic manufacturing and self-sufficiency in equipment and materials [1] Group 2 - The integrated circuit ETF (159546) tracks the integrated circuit index (932087), which reflects the overall performance of listed companies involved in semiconductor design, manufacturing, packaging, testing, and related materials [2] - Investors without stock accounts can consider the Guotai CSI Integrated Circuit ETF Initiated Link C (020227) and A (020226) for exposure to the integrated circuit sector [2]

Group 1 - The Shanghai Guotou Company hosted a forum titled "Intelligent Chain Science and Technology Innovation Empowering AI Innovation Ecosystem" during the 2025 World Artificial Intelligence Conference, marking the official launch of the selection for the third batch of market-oriented sub-funds [1] - The third batch of sub-funds is required to be equity investment funds established or relocated within Shanghai, focusing on three leading industries: integrated circuits, biomedicine, and artificial intelligence [1] - Shanghai Guotou plans to deepen cooperation with leading enterprises in the three key industries through a market-oriented selection mechanism, enhancing the layout of CVC funds and aligning investment strategies with industry innovation trends [1] Group 2 - Since meeting investment conditions in late September last year, Shanghai Guotou has quickly made decisions on 36 projects within ten months, with a total investment amount of 25.955 billion yuan, attracting over 100 billion yuan in social capital into the three leading industries in Shanghai [1] - Shanghai Guotou has established a comprehensive post-investment evaluation system, assessing sub-funds based on various dimensions such as return on investment, focus rate, performance, compliance, and contributions to the relevant industrial ecosystem in Shanghai [2] - During the 2025 World Artificial Intelligence Conference, Shanghai Guotou organized multiple roadshow activities daily, showcasing its fund managers alongside leading enterprises and ecological partners in fields such as large models, chips, and applications [2]

Core Viewpoint - The Shanghai Stock Exchange's Listing Review Committee has postponed the initial public offering (IPO) review of Xiamen Hengkang New Materials Technology Co., Ltd. (Hengkang New Materials) [1] Group 1: Company Overview - Hengkang New Materials focuses on the research and industrial application of key materials in the integrated circuit field, being one of the few domestic companies capable of developing and mass-producing key materials for 12-inch integrated circuit wafers [1] - The company primarily engages in the research, production, and sales of photoresist materials and precursor materials [1] Group 2: Shareholding Structure - As of the signing date of the prospectus, Yi Rongkun directly holds 19.52% of the voting rights in the company and indirectly controls an additional 5.94% through various entities, totaling 40.87% of the voting rights [1] Group 3: IPO Details - Hengkang New Materials plans to publicly issue no more than 67,397,940 shares, which represents up to 15% of the total share capital after issuance, with a minimum of 10% [1] - The company has granted the lead underwriter an over-allotment option of up to 15% of the aforementioned new shares [1] Group 4: Fundraising Purpose - The company aims to raise ¥1,006.695 million (approximately $100.67 million) for the second phase of the integrated circuit precursor project and the advanced materials project for integrated circuits [2] Group 5: Project Investment Breakdown - The total investment for the second phase of the integrated circuit precursor project is ¥519.1133 million, with ¥399.8022 million planned to be funded from the raised capital [3] - The advanced materials project for integrated circuits has a total investment of ¥909.1674 million, with ¥606.8928 million to be funded from the raised capital [3] - The combined total investment for both projects is ¥1,428.2807 million, with ¥1,006.695 million to be raised [3] Group 6: Listing Committee Inquiries - The Listing Committee raised several inquiries regarding the company's technology sources, revenue recognition methods, and financial practices, including potential risks related to intellectual property disputes and the rationale behind financial decisions [4][5]