Group 1 - Over 60 companies in the Shanghai market have released positive signals, including share buybacks and operational announcements, as of November 23 [1] - Three Gorges Energy disclosed that its controlling shareholder, Three Gorges Group, has increased its stake by 8.7 million shares, representing approximately 0.03% of the total share capital, with a total investment of 7.96 billion yuan since the announcement of the buyback plan [1] - China Petroleum & Chemical Corporation (Sinopec) completed its buyback of 89.35 million A-shares, accounting for 0.07% of its total share capital, with a total expenditure of about 5 billion yuan [2] Group 2 - At least 14 companies on the Sci-Tech Innovation Board have announced buyback progress and contract orders, with JinkoSolar reporting a total of 35.52 million shares repurchased, representing 0.96% of its total share capital, and a total amount of approximately 3.5 billion yuan [3] - Mountain Stone Network announced the successful testing and verification of its ASIC security chip, which has completed the critical validation and is preparing for mass production, with sales expected to begin in the first quarter of 2026 [4]

《电鳗财经》文/电鳗号 上交所官网显示，厦门优迅芯片股份有限公司(以下简称"优迅股份")科创板IPO于近日注册生效。据了 解，优迅股份科创板IPO于2025年6月26日获得受理，2025年7月15日进入问询阶段，2025年10月15日二 度上会获得通过，并于过会当日提交注册。本次上市，优迅股份拟募集资金约8.09亿元，扣除发行费用 后，将用于下一代接入网及高速数据中心电芯片开发及产业化项目、车载电芯片研发及产业化项目、 800G及以上光通信电芯片与硅光组件研发项目。 值得注意的是，据优迅股份10月9日披露的招股书(上会稿)，募集资金从申报稿中的8.89亿元缩减至8.09 亿元，取消补充流动资金项目。据了解，上市委重点关注毛利率持续下滑(2022-2025H1从55.43%降至 46.75%)及实控人控制权稳定性(柯氏父子合计控制27.13%表决权)等问题。已经注册生效的优迅股份， 这些问题依然待解。投资者该怎么办? 研发强度逐年下滑 作为Fabless模式的电芯片企业，研发对优迅股份十分重要，但该公司的研发费用率近年来却是逐年下 滑，2022年至2025年中期，各期分别为21.14%、21.09%、19.10 ...

丨 2025年11月7日星期五丨 NO.1日产汽车公司将出售总部大楼 据央视新闻，日产汽车11月6日发布消息称，将以970亿日元(约合人民币45亿元)的价格出售其位于神奈 川县横滨市的日产汽车全球总公司大楼，出售后将以租借的形式继续使用该建筑。据悉，此次出售为日 产汽车经营重建的一环。 据天眼查App信息，近日，江苏理想汽车电池有限公司正式成立，法定代表人为刘立国，注册资本7000 万元。该公司经营范围涵盖电池制造与销售、新兴能源技术研发以及电动汽车充电基础设施运营等。股 权穿透信息显示，江苏理想汽车电池有限公司由山东理想汽车电池有限公司全资控股，而山东公司则由 北京理想汽车有限公司与欣旺达（300207）动力科技股份有限公司共同持股。 点评：江苏理想汽车电池有限公司的成立，标志着理想汽车电池公司在电池制造及相关技术领域的进一 步布局。这不仅有助于提升其在电动车市场中的竞争力，还能推动电动汽车充电基础设施的发展，进一 步完善产业链。同时，理想汽车的这一战略举措可能吸引投资者关注电池相关企业，提升整体行业尤其 是新能源板块的市场信心。 NO.4小马智行、丰田持股公司成立智能科技公司 据人民财讯11月6日消息，骓 ...

Core Viewpoint - The company reported steady growth in its automotive chip distribution business and an increase in sales of vehicle display chips in the chip design and manufacturing sector during the first three quarters of the year, indicating a focus on deepening its presence in the display chip field and increasing R&D investment for future performance growth [1] Group 1 - The automotive chip distribution business has shown stable development [1] - Sales of vehicle display chips have increased compared to the same period last year [1] - The company plans to enhance R&D investment to support future growth [1]

Core Insights - The company reported a record high quarterly revenue of 1.424 billion yuan in Q3 2025, representing a year-on-year growth of 57.22% and a quarter-on-quarter growth of 0.92% [1] - The net profit attributable to shareholders for Q3 2025 was 473 million yuan, showing a year-on-year increase of 22.94% [1] Cumulative Performance - For the first three quarters of 2025, the company achieved a total revenue of 4.058 billion yuan, a significant year-on-year increase of 57.83% [3] - The cumulative net profit attributable to shareholders reached 1.632 billion yuan, with a year-on-year growth of 66.89% [3] Business Growth Drivers - The interconnect chip business is the main driver of the company's rapid growth, with Q3 revenue from this segment reaching 1.371 billion yuan, a year-on-year increase of 61.59% and a quarter-on-quarter increase of 3.78% [3] - This product line has seen continuous quarter-on-quarter revenue growth for 10 consecutive quarters [3] Profit Adjustment - The quarter-on-quarter decline of 25.33% in net profit was primarily due to increased share-based payment expenses resulting from the rise in the company's stock price, amounting to 353 million yuan in Q3 [3] - Excluding this expense, the adjusted net profit attributable to shareholders would be 811 million yuan, reflecting a year-on-year growth of 105.78% and a quarter-on-quarter growth of 10.96% [3] Product Development - The company is accelerating new product development, having launched a memory expansion controller (MXC) chip based on CXL 3.1 in Q3, which is currently undergoing sample testing with major clients [3] - Additionally, clock buffers and spread spectrum oscillator products have also entered the customer sample testing phase [3] Order Backlog - As of October 27, 2025, the company has a robust order backlog, with anticipated deliveries of DDR5 second-generation MRCD/MDB chips exceeding 140 million yuan in the next six months [4]

Core Viewpoint - Longxin Zhongke is developing the next-generation desktop chip 3B6600, which features an "8 large and 4 small" architecture, integrating various advanced components and technologies [1] Group 1: Product Development - The 3B6600 chip includes the LA864 high-performance CPU core, GPGPU core, media encoding and decoding module, and a secure trusted module supporting a trusted execution environment [1] - The chip supports dual-channel DDR5 memory interface, HDMI and DP display interfaces, and multiple PCIe 4.0 interfaces [1] - The LA864 CPU core shows significant performance improvements at the same frequency and higher clock speeds at the same process technology [1] Group 2: Project Status - The code for the 3B6600 has been largely frozen, and physical design has commenced [1] - The 3B6600 is expected to become one of the main product lines for Longxin's next-generation desktop CPUs [1]

Core Insights - The company reported a revenue of 1.698 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.44%, and a net profit of 195 million yuan, up 1.67% year-on-year [1] - In Q3, the company achieved a revenue of 490 million yuan and a net profit of 42.82 million yuan [1] - The company attributed short-term performance fluctuations to revenue decline due to high base last year and significant market changes, with a notable drop in Q3 revenue compared to the sequential growth seen last year [1] Business Overview - The company specializes in the research, design, and sales of integrated single-chip solutions for mobile smart terminals, with a focus on four main product lines: display driver chips, camera voice coil motor driver chips, fast charging protocol chips, and electronic price tag driver chips [1] - The product applications span various fields including mobile phones, tablets, smart speakers, wearables, fast charging/power banks, smart retail, smart office, and smart healthcare, catering to diverse market needs [2] - The company has established stable partnerships with well-known downstream enterprises such as BOE, Innolux, and Huawei, and its products are widely used by major brands like Samsung, vivo, OPPO, and Xiaomi [2] R&D and Innovation - The company invested 150 million yuan in R&D during the first three quarters of the year, emphasizing technology and product innovation as core drivers for growth [2] - The R&D team has significantly improved its capabilities, leading to faster product iteration and enhanced market competitiveness, resulting in an increasing market share [2] - As of the first half of the year, the company holds 72 patents, including 68 invention patents, and has a total of 99 integrated circuit layout designs and 58 software copyrights, contributing to product quality and market influence [3]

Group 1: Company Performance - Company SiTwei (688213) reported a net profit of 303 million yuan for Q3 2025, a year-on-year increase of 145.14% [1] - SiTwei's Q3 revenue reached 2.531 billion yuan, up 44.56% year-on-year, with a total revenue of 6.317 billion yuan for the first three quarters, reflecting a 50.14% increase [1] - The company's net profit for the first three quarters was 699 million yuan, a 155.99% increase year-on-year, with basic earnings per share of 1.75 yuan [1] Group 2: Dividend and Financial Metrics - SiTwei proposed a cash dividend of 1.25 yuan per 10 shares (tax included), totaling 50.16 million yuan [1] - The company's R&D investment increased by approximately 37% year-on-year in Q3 [1] - Accounts receivable increased by 158% compared to the end of the previous year, while prepaid accounts increased by 346% [1] Group 3: Industry Insights - Foundry company Jinghe Integrated (688249) reported Q3 revenue of 2.931 billion yuan and a net profit of 218 million yuan, a year-on-year increase of 137% [2] - For the first three quarters, Jinghe Integrated achieved a net profit of 550 million yuan, up approximately 97% year-on-year [2] - R&D expenses for Jinghe Integrated reached 1.079 billion yuan, a year-on-year increase of 15.78% [3] Group 4: Stock Performance and Shareholding Changes - Since July, Jinghe Integrated's stock price has increased by approximately 78%, with significant changes in major shareholders [4] - Huajin Technology (603296) became the second-largest circulating shareholder with a 6% stake after acquiring 6% of shares from Lichuang Investment for about 2.393 billion yuan [4] - Other funds, such as Meidi Venture Capital and Huaxia's index fund, have reduced their holdings in Jinghe Integrated [4]

Core Viewpoint - Zhongying Electronics reported a decline in revenue and net profit for Q3 2025, indicating challenges in the market and increased operational costs [3][4]. Financial Performance - Q3 revenue was 314.46 million yuan, a year-on-year decrease of 3.01% [4]. - Net profit attributable to shareholders was 15.98 million yuan, down 15.55% year-on-year [4]. - Net profit excluding non-recurring items was 16.72 million yuan, a decline of 15.08% compared to the previous year [4]. - For the first three quarters, total revenue reached 966.52 million yuan, a decrease of 1.13% year-on-year [3][4]. - Net profit attributable to shareholders for the first three quarters was 57.05 million yuan, down 36.59% year-on-year [4]. - Net profit excluding non-recurring items for the first three quarters was 55.09 million yuan, a decline of 36.99% [4]. Operational Insights - The decline in net profit for the first three quarters was primarily due to a reduction in gross profit, which impacted approximately 17 million yuan, alongside increased depreciation and property tax costs of about 8.93 million yuan from the new headquarters, and higher R&D expenses of around 7.88 million yuan [4][5]. - R&D expenses for the first three quarters amounted to 235 million yuan, an increase of 3.48% year-on-year, representing 24.27% of total revenue [5]. Market Outlook - The company anticipates a seasonal increase in sales for its industrial control MCU and lithium battery management chips in Q4, which may help reduce inventory levels [5]. - AMOLED display driver chips have not yet been officially mass-produced in brand mobile clients, and the company is actively promoting these products [5].

Core Viewpoint - Horizon Robotics is struggling in the capital market, facing a vicious cycle of financing to cover losses, leading to doubts about its future development [1][3]. Financing Activities - Since its market debut, Horizon has raised a total of approximately 164.21 billion HKD (about 150.29 billion RMB) through multiple financing rounds, including 54.07 billion HKD from its IPO and 46.74 billion HKD from a rights issue [3]. - Despite these efforts, the market has reacted negatively, with stock prices plummeting after each financing announcement, including an 8.49% drop following the latest share placement [3]. Financial Performance - In the first half of the year, Horizon reported revenues of approximately 15.67 billion RMB, a year-on-year increase of 67.6%, but its losses expanded from 50.98 billion RMB to 52.33 billion RMB [4]. - Cumulative losses over the past three years have exceeded 175 billion RMB, raising concerns about the company's financial stability [4]. Research and Development Challenges - Horizon's R&D expenses reached 23 billion RMB in the first half of the year, a 62% increase from the previous year, yet it still lags behind international chip giants in technology [4][5]. - The company is currently using a 7nm process, while competitors like Qualcomm and NVIDIA are moving to 4nm/5nm, limiting Horizon's competitiveness in the high-end market [5]. Market Competition - The rise of self-developed chips by major clients, such as BYD and Li Auto, is further squeezing Horizon's market share, as these companies are reducing their reliance on Horizon's software solutions [6]. - If Horizon fails to achieve technological breakthroughs and secure new customer growth, it risks being trapped in a cycle of financing and losses, jeopardizing its market position [6].