Core Viewpoint - Chongda Technology (002815.SZ) supplies communication backplane PCB products to Amphenol, which are applicable in the data communication field [1] Company Summary - Chongda Technology is engaged in providing communication backplane PCB products [1] - Amphenol is identified as a key customer for Chongda Technology [1] Industry Summary - The communication backplane PCB products are utilized in the data communication sector, indicating a focus on technological applications within the industry [1]

Group 1 - The company, Chongda Technology, confirmed that its subsidiary, Puno Wei, provides IC substrate products that are indirectly used in Apple's TWS (True Wireless Stereo) headphones and other consumer electronics [2] - Due to confidentiality agreements, the company is unable to disclose specific customer details or cooperation specifics [2]

Core Viewpoint - BYD Electronics reported a 22% year-on-year increase in net profit for the second quarter, reaching 1.1 billion HKD, driven by the expansion in the automotive sector and improved profit margins from Jabil [1] Group 1: Financial Performance - The company's automotive business revenue is expected to grow by 35% to 40% year-on-year this year [1] - The profit forecast for the group has been slightly adjusted downwards by 1% for this year, while it has been increased by 1% and 2% for next year and 2027, respectively [1] Group 2: Client and Revenue Projections - A client’s upgrade in shell specifications is anticipated to lead to a revenue increase of over 50% for Jabil next year [1] - The target price for the stock has been raised from 38.9 HKD to 52.9 HKD, maintaining an "outperform" rating [1]

Core Insights - The report highlights the strong performance of Lingyi iTech, with a significant increase in revenue and net profit for the first half of 2025, indicating robust growth in its AI terminal business and other segments [1][2]. Financial Performance - For the first half of 2025, Lingyi iTech reported revenue of 23.625 billion yuan, a year-on-year increase of 23.35%, and a net profit attributable to shareholders of 930 million yuan, up 35.94% [1]. - In Q2 2025, the company achieved revenue of 12.131 billion yuan, reflecting a year-on-year growth of 29.91% and a quarter-on-quarter increase of 5.54% [1]. - The net profit for Q2 2025 was 365 million yuan, showing a year-on-year increase of 61.02%, although it declined by 35.48% quarter-on-quarter [1]. Business Segments - The AI terminal business generated approximately 20.865 billion yuan in revenue, marking a year-on-year growth of 17.26%, with a gross margin of 16.89%, an increase of 0.34 percentage points [2]. - The automotive and low-altitude economy sectors achieved revenue of 1.183 billion yuan, up 38.41% year-on-year, with a gross margin increase of 13.27 percentage points [2]. - Other business segments, including clean energy, reported revenue of 1.382 billion yuan, a substantial year-on-year increase of 247.58% [2]. New Business Developments - The company made significant progress in new business areas, including humanoid robots, servers, thermal management, and foldable screens, launching several core components and solutions [3]. - Lingyi iTech's "Lingzhi Team" achieved notable success at the 2025 World Humanoid Robot Games, winning two gold medals and one bronze [3]. Investment Outlook - The forecast for net profit attributable to shareholders for 2025-2027 is 2.2 billion, 2.89 billion, and 3.32 billion yuan, respectively, with corresponding EPS of 0.31, 0.41, and 0.47 yuan per share [4]. - The report maintains a "buy" rating for Lingyi iTech, reflecting confidence in its growth trajectory and market position [4].

Group 1 - Industrial Fulian's stock price increased by 5.02% on September 1, reaching 56.53 yuan per share, with a trading volume of 10.668 billion yuan and a turnover rate of 0.99%, resulting in a total market capitalization of 1,122.656 billion yuan [1] - The stock has risen for three consecutive days, with a cumulative increase of 18.36% during this period [1] - Industrial Fulian, established on March 6, 2015, and listed on June 8, 2018, primarily engages in the design, research and development, manufacturing, and sales of various electronic devices, with 99.85% of its revenue coming from 3C electronic products [1] Group 2 - The Southern MSCI China A50 Connect ETF (159602) holds 1.4516 million shares of Industrial Fulian, accounting for 3.09% of the fund's net value, making it the ninth largest holding [2] - The fund has realized a floating profit of approximately 3.9194 million yuan today, with a total floating profit of 12.1211 million yuan during the three-day increase [2] - The Southern MSCI China A50 Connect ETF was established on October 29, 2021, with a current scale of 1.005 billion yuan, and has achieved a year-to-date return of 20.35% [2] Group 3 - The fund manager of the Southern MSCI China A50 Connect ETF is Li Jialiang, who has been in the position for 9 years and 30 days, managing assets totaling 5.328 billion yuan [3] - During his tenure, the best fund return achieved was 144.86%, while the worst return was -29.58% [3]

Group 1: Hong Kong Stocks Performance - BYD Electronics (00285) rose over 7%, reporting a nearly 14% year-on-year increase in net profit for the first half of 2025, with positive progress in AI data center business [1] - Beihai Kangcheng-B (01228) surged over 11%, achieving profitability in the first half of the year and recently forming a strategic partnership with Baiyang Pharmaceutical [1] - MicroPort Medical (00853) increased over 11%, with a reported loss of $46.602 million for the first half of 2025, a 51.9% reduction in loss year-on-year [1] - Bank of China Hong Kong (02388) rose over 6%, reporting a net profit of HKD 22.12 billion for the first half of 2025, with an increase in net trading income year-on-year [1] - UBTECH (09880) increased over 4%, announcing a strategic partnership agreement worth $1 billion with international investment firm Infini Capital [1] - Gold stocks performed well, with China Silver Group (00815) up over 8%, Zhaojin Mining (01818) up over 7%, Shandong Gold (01787) up over 6%, Chifeng Jilong Gold (06693) up over 6%, and Zijin Mining (02899) up over 6%, driven by rising gold prices due to increased interest rate cut expectations [1] Group 2: Chinese Companies' Financial Results - China Communications Construction (01800) fell over 5%, reporting a 16.9% year-on-year decrease in net profit for the first half of 2025 and not declaring an interim dividend [2] - Evergrande Property (06666) declined over 3%, with a 5.6% year-on-year drop in net profit for the first half of the year, with management expressing pessimism about economic benefits from Evergrande Group [2] - Zoomlion Heavy Industry (01157) rose over 2%, reporting a more than 20% year-on-year increase in net profit for the first half of 2025, with institutions optimistic about export growth in the second half [2] - Midea Group (00300) increased over 2%, reporting a 25.04% year-on-year increase in net profit for the first half of 2025 and proposing an interim dividend of HKD 5 per 10 shares [2] Group 3: US Stocks Performance - Autodesk (ADSK.US) rose 9.09%, reporting a 17% year-on-year revenue increase for the second fiscal quarter and raising its full-year revenue and adjusted EPS guidance [3] - Gap (GAP.US) increased 1.52%, with revenue slightly below market expectations for the second fiscal quarter, and management indicated that tariffs may pressure annual gross margins [3] - Marvell Technology (MRVL.US) fell 18.60%, reporting record revenue of $2.01 billion for the second quarter, a 58% year-on-year increase, but provided a Q3 revenue guidance slightly below expectations [3] - Alibaba (BABA.US) surged 12.90%, with a market value increase of $36.7 billion overnight, reporting an 18% year-on-year decline in Non-GAAP net profit, but strong resilience in core business [3] - Ambarella (AMBA.US) rose 16.78%, providing strong guidance for Q3 revenue, expected to be between $100 million and $108 million, reflecting continued growth in edge AI demand [3] - IREN Ltd (IREN.US) increased 14.93%, exceeding expectations in its fourth-quarter earnings report and announcing a priority partnership with NVIDIA [3] Group 4: Other Notable Stocks - Dell Technologies (DELL.US) fell 8.88%, reporting that its infrastructure division's operating profit margin was below expectations [4] - Affirm Holdings (AFRM.US) rose 10.59%, reporting better-than-expected revenue and profit for the fourth fiscal quarter [4] - TryHard Holdings (THH.US) declined 9.80%, issuing 1.5 million shares at $4 each, at the lower end of the pricing range [5] - GrowHub (TGHL.US) increased 1.48%, issuing 3.8 million shares at $4 each, also at the lower end of the pre-set pricing range [5]

Core Viewpoint - Bank of America Securities reports that BYD Electronics' performance in the first half of the year met expectations, with a net profit of 1.7 billion yuan and a gross margin of 6.9%, remaining stable year-on-year [1] Group 1: Financial Performance - The operating profit margin improved by 0.2 percentage points to 1.7% due to a reduction in R&D expenses [1] - The target price for BYD Electronics has been raised from 42 HKD to 45.5 HKD, maintaining a 14x price-to-earnings ratio for 2026 [1] Group 2: Market Dynamics - The higher average selling price (ASP) of the foldable iPhone is expected to support revenue in the short term, but market share expansion may be challenging due to Lens Technology enhancing its titanium alloy casing capabilities [1] - The company is recognized for its efforts in business diversification, but as a new entrant in the AI server supply chain, it may take time to make a significant contribution [1] Group 3: Future Projections - The 2025 forecast has been adjusted to reflect performance, while projections for 2026 to 2027 have been increased by 2% to 9% to account for potential upside from new business opportunities [1]

格隆汇9月1日｜工业富联涨近4%，成交额突破100亿元。 | ■ 工业富联 分时 多日 日K 周K 月K 季K 年K 1分 3分 5分 10分 15分 30分 1天：1分K ▼ 显示 ▽ ◎ □・ [ | | --- | | ：中 a v r y x x v @ x H v ← v Aa ■ < @ @ @ Q @ | ...

格隆汇9月1日｜比亚迪电子(0285.HK)盘初一度涨超11%报45.8港元，随后回落，截至目前涨幅收窄至 6%以内。比亚迪电子最新公布的业绩显示，截至2025年6月底止中期收入806.06亿元，同比升2.58%； 股东应占盈利17.3亿元，同比升13.97%；每股盈利0.77元，不派息。 ...

Core Viewpoint - Longying Precision experienced a significant trading day on August 29, with a 3.26% increase in stock price and a total transaction volume of 3.373 billion yuan, indicating strong market interest and activity [1]. Financing Summary - On August 29, Longying Precision had a financing buy-in amount of 411 million yuan, while the financing repayment was 492 million yuan, resulting in a net financing outflow of 80.81 million yuan [1]. - As of August 29, the total financing and securities lending balance for Longying Precision was 2.084 billion yuan, with the financing balance of 2.068 billion yuan accounting for 5.79% of the circulating market value, indicating a high level of financing activity compared to the past year [1]. - In terms of securities lending, 46,700 shares were repaid, while 20,800 shares were sold, amounting to 546,400 yuan at the closing price. The remaining securities lending volume was 589,200 shares, with a balance of 15.478 million yuan, also indicating a high level of activity [1]. Company Overview - Longying Precision, established on July 17, 2001, and listed on September 2, 2010, is located in Bao'an District, Shenzhen, Guangdong Province. The company specializes in the development, production, and sales of electronic connectors, precision small parts for smart electronics, connectors and modules for new energy vehicles, and precision structural components for consumer electronics [2]. - The revenue composition of Longying Precision includes 44.38% from consumer electronics precision structural components, 30.79% from new energy product components and connectors, 20.93% from electronic connectors and smart electronic products, and 3.72% from other sources, with 0.17% from robotics and industrial internet [2]. - As of June 30, 2025, Longying Precision reported a total of 156,200 shareholders, a decrease of 2.38% from the previous period, with an average of 8,677 circulating shares per person, an increase of 2.70% [2]. Financial Performance - For the first half of 2025, Longying Precision achieved an operating income of 8.640 billion yuan, representing a year-on-year growth of 12.33%. However, the net profit attributable to shareholders decreased by 29.37% to 306 million yuan [2]. Dividend Information - Since its A-share listing, Longying Precision has distributed a total of 1.023 billion yuan in dividends, with 176 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder of Longying Precision was the E Fund ChiNext ETF, holding 23.466 million shares as a new shareholder. The Southern CSI 500 ETF ranked third with 14.090 million shares, also a new shareholder [3]. - The Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 9.1393 million shares, a decrease of 14.8178 million shares from the previous period. The Hua'an ChiNext 50 ETF ranked sixth with 8.8866 million shares, also a new shareholder [3].