[Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 上周我们认为， A 股或再度尝试上行，港股也有望跟随补涨，但 A 股进一步上行将面临年度高点的压力，在成交未 出现明显放量之前，直接突破难度较大，全周走势或呈现冲高回落。本周 A 股上证综指小幅上行 0.1%，创业板指跌 1.3%，港股在周五明显补涨的带动下全周表现较强，恒生指数涨 2%，恒生科技涨 4.3%。 [Table_Title] 研究报告 Research Report 4 Jan 2026 中国策略 China Strategy 半导体主线逐步确立，维持逢低配置思路 Semiconductors Emerging as a Core Theme; Continue to Accumulate on Pullbacks 周林泓 Amber Zhou 黄雨昕 Yuxin Huang amber.lh.zhou@htisec.com yx.huang@htisec.com 上周我们提到，国际贵金属进入投机加速阶段 ...

Core Viewpoint - Wuxi Haoda Electronics Co., Ltd. has submitted a listing guidance report to the China Securities Regulatory Commission, indicating a renewed attempt to go public after a previous failed IPO [1][2] Company Overview - Founded in 1999, Haoda Electronics is one of the early players in the surface acoustic wave (SAW) filter market in China [2] - The company successfully developed SAW filters and resonators for walkie-talkies and remote controls in 2001, establishing a technological foundation in the RF front-end chip sector [2] - Over 20 years, Haoda Electronics has become a leading domestic producer of SAW filters, with product performance nearing international standards [2] Market Position and Clientele - Major clients include well-known companies such as Xiaomi, ZTE, Samsung, Lenovo, and Foxconn [2] - The demand for domestic RF chip replacements is strong due to the rapid development of 5G communications and the Internet of Things [2] IPO Attempts and Regulatory Environment - This is not the first attempt by Haoda Electronics to go public; the company previously submitted an application to the Shanghai Stock Exchange and received an acceptance notice in June 2021 [1] - The IPO application was approved in November 2021 but was later withdrawn in December 2022, with the CSRC terminating the registration process in February 2023 [1][2] - The reasons for the withdrawal remain unclear, but industry speculation suggests factors such as market environment changes, valuation adjustments, or regulatory inquiries [2] Future Outlook - With the trend of domestic semiconductor self-sufficiency, the RF front-end chip market presents significant opportunities [2] - The change of guidance institutions and the renewed effort to enter the capital market warrant ongoing attention regarding the company's listing progress and valuation performance [2]

Industry Overview - As of June 6, 2025, the National Semiconductor Chip Index (980017) increased by 0.08%, with notable gains from stocks such as Zhaoyi Innovation (603986) up 4.70% and Jingjia Micro (300474) up 4.50% [1] - The Semiconductor ETF (159813) has achieved four consecutive days of gains, indicating strong market interest [1][2] Strategic Developments - On May 26, Haiguang Information and Zhongke Shuguang announced a strategic merger, with Haiguang Information planning to absorb Zhongke Shuguang through a share swap and raise additional funds via A-share issuance [1] - The combined market capitalization of the two companies is expected to exceed 400 billion yuan, creating a unique entity in the A-share market that spans CPU design and computing services [1] Market Dynamics - The Semiconductor ETF (159813) saw active buying, with a net subscription of 268 million units by the end of the trading day [2] - The domestic EDA (Electronic Design Automation) market in China is projected to reach 18.49 billion yuan by 2025, capturing 18.1% of the global market, with an annual growth rate of 15.64% from 2021 to 2025 [4] Industry Challenges and Opportunities - The U.S. government has effectively cut off certain American companies from selling semiconductor design software to China, prompting a strong performance in the domestic EDA sector [3][4] - The semiconductor industry is expected to experience long-term growth, driven by the need for self-developed SoC chips and advancements in technology such as 3nm processes and AI-driven computing demands [4] ETF Composition - As of May 30, 2025, the top ten weighted stocks in the National Semiconductor Chip Index (980017) accounted for 66.85% of the index, including major players like SMIC (688981) and Cambrian (688256) [5]