Group 1: Company Overview - Muxi Integrated Circuit (Shanghai) Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, primarily for AI training, inference, general computing, and graphics rendering [3] - The company has established a unique GPU product system and an open software ecosystem, providing high-efficiency computing support for cloud computing and promoting AI applications across various industries [3][4] - Muxi has become a leading domestic GPU manufacturer, contributing to the self-sufficiency of China's intelligent computing infrastructure and supporting the development of the digital economy [3][4] Group 2: Industry Context - The GPU market is characterized by high value, complexity, technical barriers, and rapid evolution, necessitating strong capabilities in independent research, stable supply, and continuous innovation [4] - Domestic GPU manufacturers, represented by Muxi, are gradually breaking the monopoly of foreign firms and increasing their market share, driven by innovative products and technologies [4] - The company has a strong technical team with deep insights into global GPU industry trends and has accumulated core technologies in GPU IP, SoC, high-speed interconnects, and software [4] Group 3: Other Companies - Yuanchuang Technology Co., Ltd. specializes in the research, production, and sales of rubber track products, with a strong competitive advantage in the rubber products sector [6][9] - The company has established long-term partnerships with major agricultural and engineering machinery manufacturers and has a global sales network [6][9] - Hengtong Optical Communication Technology (Shenzhen) Co., Ltd. focuses on the R&D and manufacturing of passive optical devices, aiming to enhance manufacturing capabilities through advanced technology [11][12]

Group 1: IPO Developments - Moore Threads has initiated its IPO process, with the preliminary inquiry date set for November 19 and the subscription date on November 24 [1][2] - The company plans to issue 70 million new shares, representing 14.89% of the total post-issue share capital, which will amount to 470 million shares [2] - Moore Threads aims to raise 8 billion yuan for the development of new AI training and inference chips, graphics chips, and to supplement working capital [3] Group 2: Other Companies' IPO Progress - Muxi Integrated Circuit Co., Ltd. has received its IPO approval, intending to raise 3.904 billion yuan for high-performance GPU projects [4] - Yuanchuang Technology Co., Ltd. has also obtained its registration approval after a lengthy IPO process, aiming to raise 485.13 million yuan [5][6] Group 3: Industry Insights - Moore Threads and Muxi are both focused on the GPU sector, highlighting the growing interest and investment in this technology area [3][4] - The foreign sales of Hengji Metal Co., Ltd. exceed 50% of its main business income, indicating a significant reliance on international markets [7][8] - Hengji Metal faces potential risks from international trade disputes and raw material price fluctuations, which could impact its profitability [8]

（文章来源：证券日报） 证券日报网讯 11月13日晚间，三力士发布公告称，公司于2025年4月28日召开的2024年度股东大会，审 议通过了《关于修订及相关议事规则的议案》；2025年10月29日召开2025年第二次临时股东会，审议通 过了《关于修订的议案》。目前，公司已完成相应的工商变更登记及公司章程备案手续，并取得了浙江 省市场监督管理局换发的《营业执照》。 ...

1. Report Information - Report Name: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Date: November 13, 2025 [3] 2. BR (Butadiene Rubber) Data 2.1 Futures Information - BR主力合约(12) price on November 12 was 10430, with a daily change of 190 and a weekly change of 125 [4] - Open interest on November 12 was 76397, with a daily change of -5644 and a weekly change of -7544 [4] - Trading volume on November 12 was 151513, with a daily change of 62362 and a weekly change of 23369 [4] - Warehouse receipt quantity on November 12 was 12610, with a daily change of 0 and a weekly change of 310 [4] - Long - short ratio on November 12 was 30.29, with a daily change of -2 and a weekly change of -4 [4] 2.2 Basis/Spread/Inter - variety - BR basis on November 12 was -30, with a daily change of -190 and a weekly change of -25 [4] - Styrene - butadiene basis on November 12 was 520, with a daily change of -40 and a weekly change of 125 [4] - 12 - 01 spread on November 12 was 35, with a daily change of -30 and a weekly change of -45 [4] - 01 - 02 spread on November 12 was -5, with a daily change of -10 and a weekly change of -5 [4] - RU - BR spread on November 12 was 4790, with a daily change of -65 and a weekly change of 50 [4] - NR - BR spread on November 12 was 1750, with a daily change of -135 and a weekly change of -75 [4] 2.3 Spot (Domestic/International) - Shandong market price on November 12 was 10400, with a daily change of 0 and a weekly change of 100 [4] - Transfar market price on November 12 was 10400, with a daily change of 150 and a weekly change of 200 [4] - Qilu ex - factory price on November 12 was 10300, with a daily change of 100 and a weekly change of 100 [4] - CFR Northeast Asia price on November 12 was 1400, with a daily change of 0 and a weekly change of -50 [4] - CFR Southeast Asia price on November 12 was 1682, with a daily change of 0 and a weekly change of -12 [4] 2.4 Profit - Spot processing profit on November 12 was 907, with a daily change of -179 and a weekly change of -2 [4] - Import profit on November 12 was -1365, with a daily change of 0 [4] - Export profit on November 12 was 2296, with a daily change of 0 and a weekly change of -209 [4] 3. BD (Butadiene) Data 3.1 Spot Price - Shandong market price on November 12 was 7150, with a daily change of 175 and a weekly change of 100 [4] - Jiangsu market price on November 12 was 6950, with a daily change of 100 and a weekly change of 50 [4] - Yangzi ex - factory price on November 12 was 6900, with a daily change of 0 and a weekly change of 0 [4] - CFR China price on November 12 was 790, with a daily change of 0 and a weekly change of -30 [4] 3.2 Profit - Ethylene cracking profit data on November 12 was N/A [4] - Carbon four extraction profit data was N/A [4] - Import profit on November 12 was 446, with a daily change of 100 and a weekly change of 300 [4] - Export profit on November 12 was -1072, with a daily change of -230 and a weekly change of -1690 [4] - Styrene - butadiene production profit on November 12 was 1275, with a daily change of 100 and a weekly change of 100 [4] - ABS production profit data was N/A [4] - SBS production profit on November 12 was -90, with a daily change of 0 and a weekly change of -300 [4]

Core Viewpoint - The Tokyo stock market indices rose on November 12, with the Tokyo Stock Exchange Price Index reaching a historical high, influenced by the overnight performance of the New York stock market, particularly the Dow Jones hitting a new record [1]. Market Performance - The Tokyo Stock Exchange Price Index increased by 1.14%, closing at 3359.33 points, marking a new record high [1]. - The Nikkei 225 index rose by 0.43%, closing at 51063.31 points [1]. - Early trading saw a decline in the Nikkei index due to concerns over overheating in AI and semiconductor stocks, leading to significant sell-offs in companies like SoftBank Group and Advantest, with SoftBank's stock dropping by as much as 10% [1]. Sector Performance - Among the 33 industry sectors on the Tokyo Stock Exchange, most saw gains, with notable increases in sectors such as non-ferrous metals, pharmaceuticals, and rubber products [1]. - Conversely, six sectors, including metal products, information and communication, and retail, experienced declines [1].

Report Overview - Report Title: Synthetic Rubber Morning Report [2] - Release Date: November 10, 2025 [3] - Research Team: Energy and Chemicals Team of the Research Center [3] 1. BR (Butadiene Rubber) Market Data Futures Information - On November 7, the closing price of the BR main contract (12) was 10,190, down 115 from the previous day and 170 from the previous week [4]. - The open interest was 85,686, an increase of 1,745 from the previous day and 47,890 from the previous week [4]. - The trading volume was 106,318, a decrease of 21,826 from the previous day and 43,532 from the previous week [4]. - The number of warehouse receipts was 12,300, unchanged from the previous day and an increase of 3,720 from the previous week [4]. - The virtual - real ratio was 34.83, an increase of 1 from the previous day and 13 from the previous week [4]. Basis and Spread Information - The butadiene rubber basis was 110, an increase of 115 from the previous day and a decrease of 30 from the previous week [4]. - The styrene - butadiene basis was 560, an increase of 165 from the previous day and a decrease of 180 from the previous week [4]. - The spread between contracts 12 - 01 was 65, a decrease of 15 from the previous day and unchanged from the previous week [4]. - The spread between contracts 01 - 02 was 0, unchanged from the previous day and a decrease of 5 from the previous week [4]. - The spread between RU - BR was 4,805, an increase of 65 from the previous day and 70 from the previous week [4]. - The spread between NR - BR was 1,845, an increase of 20 from the previous day and 5 from the previous week [4]. Spot Market Information - The Shandong market price was 10,300, unchanged from the previous day and a decrease of 200 from the previous week [4]. - The Transfar market price was 10,200, unchanged from the previous day and a decrease of 150 from the previous week [4]. - The Qilu ex - factory price was 10,200, unchanged from the previous day and a decrease of 300 from the previous week [4]. - CFR Northeast Asia was 1,450, unchanged from the previous day and the previous week [4]. - CFR Southeast Asia was 1,700, unchanged from the previous day and the previous week [4]. Profit Information - The spot processing profit was 960, an increase of 51 from the previous day and a decrease of 1 from the previous week [4]. - The import profit was - 1,877, an increase of 7 from the previous day and a decrease of 210 from the previous week [4]. - The export profit was 2,499, a decrease of 7 from the previous day and an increase of 184 from the previous week [4]. 2. BD (Butadiene) Market Data Spot Market Information - The Shandong market price was 7,000, a decrease of 50 from the previous day and 195 from the previous week [4]. - The Jiangsu market price was 6,900, unchanged from the previous day [4]. - The Yangzi ex - factory price was 6,900, unchanged from the previous day [4]. - CFR China was 800, a decrease of 10 from the previous day [4]. Profit Information - The ethylene cracking profit was N/A [4]. - The import profit was 311, an increase of 84 from the previous day and 579 from the previous week [4]. - The export profit was - 811, a decrease of 217 from the previous day and 1,336 from the previous week [4]. - The butadiene - styrene production profit was 1,175, unchanged from the previous day and a decrease of 63 from the previous week [4]. - The ABS production profit was N/A [4]. - The SBS production profit was 1, unchanged from the previous day and a decrease of 90 from the previous week [4]. - The carbon - four extraction profit was N/A [4]. - The butylene oxidative dehydrogenation profit was - 1,774, unchanged from the previous day and a decrease of 398 from the previous week [4].

Core Viewpoint - Recently, Shenhang New Adhesive Tape (Suzhou) Co., Ltd. was established with a registered capital of 500,000 RMB, indicating a new player in the adhesive tape industry [1] Company Summary - The legal representative of the company is Zhou Xiangxiang [1] - The registered capital of the company is 500,000 RMB [1] - The company’s business scope includes the sale and manufacturing of packaging materials, plastic products, rubber products, electronic products, hardware products, and molds, among others [1] - The company is also involved in the import and export of goods and technology, operating independently within the scope of its business license [1]

Core Viewpoint - A new individual business named Yuanmou County Hong'an Packaging Business has been established, focusing on various packaging and sales services [1] Company Summary - The legal representative of the new business is Wang Yulan [1] - The registered capital of the business is 100,000 RMB [1] - The business scope includes sales of packaging materials and products, packaging services, sales of plastic packaging containers for food, sales of plastic products, sales of paper products, sales of molds, wholesale and retail of hardware products, sales of building materials, sales of decorative building materials, sales of daily necessities, sales of rubber products, manufacturing and sales of daily glass products, and sales of metal products [1]

Core Viewpoint - The company has announced a cash dividend distribution plan, with a total cash dividend of 10,056,000 RMB, amounting to 0.075 RMB per share for its shareholders [1][2][4]. Distribution Plan - The profit distribution is based on a total share capital of 134,080,000 shares [1]. - The cash dividend of 0.075 RMB per share (before tax) will be distributed to shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1][4]. - The distribution will be executed through the clearing system of the China Securities Depository and Clearing Corporation [1]. Taxation Details - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax [2][4]. - For shares held for one month or less, the actual tax burden is 20% on the dividend income [4]. - For shares held between one month and one year, the tax burden is reduced to 10% [4]. - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net dividend of 0.0675 RMB per share [5]. - For Hong Kong Stock Exchange investors, the same 10% withholding tax applies, leading to a net dividend of 0.0675 RMB per share [5]. Implementation Dates - The profit distribution plan was approved at the company's first extraordinary general meeting on September 16, 2025 [2].

Core Viewpoint - Shenzhen Kunlun Yunfan Intelligent Manufacturing Technology Co., Ltd. has been established with a registered capital of 1 million RMB, indicating a focus on various manufacturing and sales sectors, particularly in technology and industrial products [1] Company Overview - The company is legally represented by Luo Zhian [1] - The registered capital is 1 million RMB [1] Business Scope - General business activities include: - Mold manufacturing and sales - Medical packaging materials manufacturing - Rubber products manufacturing and sales - Electronic products sales and electronic components manufacturing - Plastic products manufacturing and sales - Mechanical parts processing and sales - Intelligent robot sales - Automotive parts retail - Home appliance sales - Hardware products retail and manufacturing - Metal products sales - Technical services, development, consulting, exchange, transfer, and promotion - Internet sales (excluding items requiring permits) - Domestic trade agency - Import and export of goods and technology [1]