Core Insights - The revenue of companies listed on the Sci-Tech Innovation Board (STAR Market) is expected to exceed 1 trillion yuan for the first time in 2022, with net profits projected to surpass 100 billion yuan, reflecting a vibrant growth in technology innovation enterprises [1] - The overall performance of STAR Market companies showed steady growth in 2022, with total revenue reaching 1.21 trillion yuan, a 29% year-on-year increase, and net profits totaling 114.4 billion yuan, an 8% increase [2] Group 1: Innovation and Growth - Innovation is identified as the main driver of performance growth for STAR Market companies, with R&D expenditures reaching 82.2 billion yuan in the first three quarters of 2022, a 48.9% increase year-on-year, and expected to exceed 100 billion yuan for the full year [2] - Specific examples of product innovation include Shenzhou Cell's development of a domestic recombinant human coagulation factor VIII for hemophilia, which increased the company's revenue from 100 million yuan to 1 billion yuan [2] - Technical innovation is also highlighted, with YN Energy's introduction of new products leading to a doubling of net profits [3] Group 2: Structural Optimization - The STAR Market promotes the development of strategic emerging industries by optimizing industrial structures, supporting the coordinated development of upstream and downstream sectors [4][5] - In 2022, 250 STAR Market companies were recognized as national "specialized, refined, and innovative" small giant enterprises, accounting for 49% of the total number of STAR Market companies, with a combined revenue of 347.76 billion yuan, a 35% increase [6] Group 3: Green Transition - The STAR Market supports the green transition of China's energy system, with competitive advantages in sectors like photovoltaics and wind power becoming increasingly evident [7] - For instance, the cash cost of high-purity polysilicon has decreased from 69.53 yuan per kilogram in Q1 2022 to 52.02 yuan [7] Group 4: Investment and Market Confidence - STAR Market companies are showing strong investment and expansion momentum, with fixed asset investments reaching 146.94 billion yuan in the first three quarters of 2022, a 45.88% increase year-on-year [8] - The total funds raised by STAR Market companies in 2022 exceeded 70 billion yuan, enhancing their capacity for investment and expansion [8] - The inflow of capital into the STAR Market, particularly through the STAR 50 ETF, reflects growing investor confidence, with net inflows of 59.2 billion yuan in 2022, accounting for over 20% of net inflows into the Shanghai market [9]

人民财讯9月1日电，企查查APP显示，近日，厦门联和四期集成电路产业创业投资基金合伙企业(有限 合伙)成立，出资额5.22亿元，经营范围包含：以私募基金从事股权投资、投资管理、资产管理等活 动。企查查股权穿透显示，该企业由安集科技、亚翔集成（603929）等共同出资。 ...

Core Viewpoint - 华大九天's stock experienced a decline of 4.10% on August 29, with a trading volume of 1.22 billion yuan, indicating potential volatility in the market and investor sentiment towards the company [1]. Financing and Margin Trading - On August 29, 华大九天 had a financing buy-in amount of 131 million yuan and a financing repayment of 137 million yuan, resulting in a net financing outflow of 6.13 million yuan [1]. - The total margin trading balance for 华大九天 as of August 29 was 746 million yuan, with the financing balance accounting for 1.11% of the circulating market value, indicating a high level of leverage compared to the past year [1]. - In terms of securities lending, 华大九天 repaid 2,000 shares and sold 1,000 shares on August 29, with a selling amount of 123,000 yuan, and the remaining securities lending balance was 24.72 million yuan, also at a high level [1]. Financial Performance - For the first half of 2025, 华大九天 reported a revenue of 502 million yuan, reflecting a year-on-year growth of 13.01%, while the net profit attributable to shareholders decreased by 91.90% to 3.07 million yuan [2]. - Cumulative cash dividends paid by 华大九天 since its A-share listing amounted to 244 million yuan [3]. Shareholder Structure - As of June 30, 2025, 华大九天 had 37,700 shareholders, a decrease of 8.11% from the previous period, with an average of 6,948 circulating shares per shareholder, which increased by 8.82% [2]. - The top ten circulating shareholders include notable funds such as 诺安成长混合A and 银河创新混合A, with varying changes in their holdings compared to the previous period [3].

华虹AH股齐涨。A股市场华虹公司涨超近16%报91元，港股市场华虹半导体涨超6%报57.2港元。消息 面上，华虹公司(688347.SH)周日发布公告称，公司拟以发行股份及支付现金的方式向上海华虹（集 团）有限公司、上海集成电路产业投资基金股份有限公司、国家集成电路产业投资基金二期股份有限公 司、上海国投先导集成电路私募投资基金合伙企业（有限合伙）等4名上海华力微电子有限公司股东购 买其持有的华力微97.4988%股权并募集配套资金。 ...

高盛最新的报告，核心就2点： （1）2025年营收指引符合预期； （2）上调目标价至 人民币2104元… 具体营收和净利润预测上， GS将25-27年营收上调至65.6亿、139.6亿、299.5亿 ，净利润上调了34%、 21%、19%至 20.22亿、36.8亿和77亿。 以下文章来源于橙子不糊涂 ，作者橙子 橙子不糊涂 . 88年，集成电路背景，主要写科技，偶尔聊聊宏观和新鲜事儿。 同时GS上调了2025/2026年国内云服务厂商资本支出预期，分别上调23%/17%，预计2026年资本支出同 比增长 13%。 … 高盛的上调有个特点，营收基本没上调，净利润咔咔上调，大概意思也是净利润率超出了预期。 但实际上， 相比净利润率，很明显营收才是核心和关键，营收以及在国内的份额决定了寒武纪的市场 地位、技术能力以及商业能力的位次能否坐稳前两名，这个至关重要 。至于净利润，那就是顺理成章 的结果而已。 对于高盛上调到观点： 2026营收预估保守，之后还要上调。 AI芯片的爆发，尤其是 推理卡 的爆发，将成为今明两年最具现象级的产业爆发方向，相关的投资机会 也会越来越多被关注。刚好之后沐曦预估IPO时间点也非常好， ...

Core Viewpoint - The overall performance of Shanghai Stock Exchange listed companies showed a slight decline in revenue but an increase in net profit, indicating a gradual recovery and a shift towards high-quality, sustainable growth driven by consumption and technology [1][2]. Group 1: Financial Performance - As of August 31, over 2,280 companies on the Shanghai Stock Exchange reported a total revenue of 24.68 trillion yuan, a year-on-year decrease of 1.3%, while net profit reached 2.39 trillion yuan, an increase of 1.1% [1]. - In the second quarter, the operating data showed a clear recovery trend, with revenue and net profit increasing by 6.1% and 0.1% quarter-on-quarter, respectively [2]. - The manufacturing sector remained stable, with revenue and net profit growing by 3.9% and 7.1% year-on-year, contributing significantly to overall performance [2]. Group 2: Sector Performance - Emerging industries such as electronics, communications, and biomedicine showed robust growth, with revenue and net profit growth rates of 7.5% and 6.5%, respectively [2]. - The automotive industry experienced a 6% year-on-year revenue increase, driven by the "trade-in" policy, with major companies like GAC Group and SAIC Motor seeing nearly 30% growth in new energy vehicle sales [3]. - The home appliance sector also performed well, with net profit increasing by 10%, led by Hisense's dominance in the large-screen market [3]. Group 3: Innovation and R&D - Companies on the Shanghai Stock Exchange increased their R&D investments, totaling 432.6 billion yuan, a year-on-year increase of 1% [5]. - The integrated circuit industry saw significant growth, with 138 companies reporting a combined revenue of 246.68 billion yuan and a net profit of 18.94 billion yuan, reflecting year-on-year increases of 14% and 57%, respectively [4]. - The biopharmaceutical sector is entering a new phase of sustainable growth, with innovative drug companies achieving significant milestones, including 17 new drug approvals and a total potential transaction value exceeding 26.4 billion USD [6]. Group 4: Mergers and Acquisitions - The activity level of mergers and acquisitions among Shanghai Stock Exchange companies has significantly increased, with 378 new asset restructurings reported, a year-on-year growth of 23% [8]. - Major transactions included the acquisition of China Shipbuilding by China Shipbuilding Industry Corporation and the privatization of Hong Kong-listed companies [8]. - The "Science and Technology Innovation Board" policies have facilitated over 130 new industry mergers, with disclosed transaction amounts exceeding 40 billion yuan [8][9].

每经记者｜杨建 每经编辑｜彭水萍 ｜2025年9月1日 星期一｜ NO.1 国家统计局：向好基础继续巩固 8月中国制造业采购经理指数为49.4% 8月31日，国家统计局数据显示，8月份中国制造业采购经理指数为49.4%，较上月上升0.1个百分点。制 造业市场需求有所改善，环比小幅回升。大型企业延续稳定扩张态势。8月份大型企业采购经理指数为 50.8%，较上月上升0.5个百分点，大型企业供需两端较快扩张，较好稳住制造业基本盘。8月份，综合 PMI产出指数为50.5%，比上月上升0.3个百分点，继续位于扩张区间，表明我国企业生产经营活动总体 扩张有所加快。 NO.2 中央汇金大举加仓股票ETF，持仓市值达1.28万亿元 今年上半年，中央汇金首次明确其类"平准基金"定位，大举增持ETF，极大地提振了市场信心。随着公 募基金2025年半年报披露完毕，中央汇金持仓的ETF明细全部出炉。Wind统计显示，截至6月末，中央 汇金投资有限责任公司及其子公司中央汇金资产管理有限责任公司等"国家队"合计持有股票ETF市值 1.28万亿元，较去年底增加近23%。上半年中央汇金投资基本"按兵不动"，但中央汇金资产大举加仓股 票ETF ...

Mergers and Acquisitions - Huahong Company plans to acquire 97.5% equity of Huali Microelectronics through a combination of issuing shares and cash payment, raising supporting funds [1] - Olin Bio intends to acquire 15% equity of Xinnuo Ming Bio from minority shareholders via public transfer at a price not exceeding 45 million yuan [2] - Dongxin Co. plans to invest approximately 211 million yuan in Shanghai Lishuan, holding about 35.87% equity post-investment [3] Shareholding Changes - Gao Neng Environment's controlling shareholder plans to reduce holdings by up to 3%, equating to a maximum cash-out of 320 million yuan [4][5] - Hu Dian Co.'s senior management intends to reduce holdings by up to 16,040 shares, representing about 0.0083% of total equity [6] - Maike Audi's shareholders have collectively reduced their holdings by 2.17%, with specific reductions of 5.41 million shares and 5.86 million shares [7] Risk Matters - *ST Tianmao plans to voluntarily withdraw its A-share listing and will initiate a protection mechanism for dissenting shareholders [8] - China Rare Earth confirms no undisclosed matters that could affect stock trading prices amid unusual trading fluctuations [9] Lock-up Release - Suda Co. announces that approximately 27.94 million shares will be released from lock-up on September 3, 2025, accounting for 36.76% of total equity [10]

每经记者｜王琳 每经编辑｜张海妮 并购重组 华虹公司：拟购买华力微97.5%股权 华虹公司公告，公司拟以发行股份及支付现金的方式，向上海华虹（集团）有限公司、上海集成电路产 业投资基金股份有限公司、国家集成电路产业投资基金二期股份有限公司、上海国投先导集成电路私募 投资基金合伙企业（有限合伙）购买其持有的上海华力微电子有限公司97.5%股权并募集配套资金。公 司股票将于2025年9月1日开市起复牌。 欧林生物：拟收购新诺明生物15%股权 欧林生物公告，公司控股子公司新诺明生物的少数股权股东一号基金以及菁创基金拟通过西南联合产权 交易所公开转让方式转让其合计持有的新诺明生物15%股权。公司拟以不超过标的股权挂牌底价上浮 5%且不超过4500万元的资金参与竞购。 东芯股份：拟以约2.11亿元增资上海砺算 东芯股份公告，公司拟与亨通集团有限公司、上海道禾长期投资管理有限公司管理的基金、其他投资主 体、上海砺算员工持股平台共同对外投资上海砺算，投资人合计投资金额约为5亿元。其中，公司拟以 约2.11亿元向上海砺算增资，本次增资完成后，公司将持有上海砺算约35.87%的股权。 增减持 高能环境：控股股东拟减持不超过3% ...

Group 1 - The core viewpoint is that the integrated circuit and biopharmaceutical industries in the Shanghai market are becoming new engines of performance growth, supported by the Sci-Tech Innovation Board [1] - The number of integrated circuit companies has increased to 138, covering the entire industry chain including design, manufacturing, and testing [1] - In the first half of the year, the total operating revenue of integrated circuit companies reached 246.675 billion yuan, with a net profit of 18.943 billion yuan, representing year-on-year growth of 14% and 57% respectively [1] - Biopharmaceutical companies achieved a total revenue of 251.109 billion yuan and a net profit of 31.862 billion yuan, with year-on-year growth of 1% and 14% respectively [1] - The Sci-Tech Innovation Board has become a major platform for biopharmaceutical companies to go public globally, following the United States and Hong Kong [1]