Core Viewpoint - The stock of Jinghe Integrated Circuit Co., Ltd. experienced a decline of 5.01%, trading at 33.17 CNY per share, with a total market capitalization of 66.544 billion CNY as of October 23 [1] Company Overview - Jinghe Integrated Circuit Co., Ltd. is located in Hefei, Anhui Province, and was established on May 19, 2015, with its listing date on May 5, 2023 [1] - The company primarily engages in 12-inch wafer foundry services, focusing on advanced process research and application, providing various process nodes and technology platforms [1] - The revenue composition of the company is as follows: 98.20% from integrated circuit wafer foundry, 1.32% from other services, and 0.48% from additional sources [1] Fund Holdings - Jin Xin Fund has a significant holding in Jinghe Integrated Circuit, specifically in the Jin Xin Transformation Innovation Mixed A Fund (002810), which reduced its holdings by 131,000 shares in the third quarter [2] - The fund currently holds 369,000 shares, representing 2.98% of its net asset value, ranking it as the ninth largest holding [2] - The estimated floating loss for the fund today is approximately 645,800 CNY [2] Fund Performance - Jin Xin Transformation Innovation Mixed A Fund was established on June 8, 2016, with a current size of 128 million CNY [2] - Year-to-date performance shows a return of 44.93%, ranking 1174 out of 8159 in its category; over the past year, it achieved a return of 57.24%, ranking 433 out of 8030 [2] - Since inception, the fund has delivered a return of 225.32% [2]

Company Overview - Jinghe Integrated Circuit Co., Ltd. is located in Hefei, Anhui Province, and was established on May 19, 2015. The company went public on May 5, 2023. Its main business involves 12-inch wafer foundry services, focusing on advanced process research and application, providing various process nodes and different technology platforms for customers [1]. Financial Performance - As of October 23, Jinghe Integrated's stock price fell by 5.01% to 33.17 CNY per share, with a trading volume of 662 million CNY and a turnover rate of 1.66%. The total market capitalization is 66.544 billion CNY [1]. - The company's revenue composition is primarily from integrated circuit wafer foundry services, accounting for 98.20%, with other supplementary services contributing 1.32% and additional services at 0.48% [1]. Fund Holdings - According to data, Guotou Ruijin Fund holds a significant position in Jinghe Integrated, with its fund, Guotou Ruijin SSE Sci-Tech Innovation Board Comprehensive Price Index Enhanced A (023903), owning 306,700 shares, representing 1.34% of the fund's net value, making it the eighth-largest holding. The estimated floating loss today is approximately 536,800 CNY [2]. - The fund was established on April 23, 2025, with a current scale of 162 million CNY and has achieved a return of 35.56% since inception [2]. Fund Management - The fund manager, Yin Ruifei, has a tenure of 12 years and 31 days, managing assets totaling 3.379 billion CNY, with the best fund return during his tenure being 274.12% and the worst at -22.36% [3]. - Co-manager Qian Han has been in the role for 2 years and 71 days, overseeing assets of 936 million CNY, with a best return of 35.49% and a worst return of 0.8% during his management period [3].

消息面上，直接催化因素是昨日盘后深圳市发布的 《深圳市推动并购重组高质量发展行动方案（2025—2027年）》 。 该方案设定了未来三年并购重组的量化目标，并明确了重点支持的产业方向，市场将其解读为深圳国资旗下上市公司将迎来新一轮资产整 合与价值重估的重大利好。 三年剑指20万亿市值 昨日盘后，深圳市地方金融管理局等多部门印发《深圳市推动并购重组高质量发展行动方案(2025—2027年)》的通知。其中提出，到2027 年底，深圳将累计完成并购项目超200单、交易总额超1000亿元。力争到2027年底，境内外上市公司总市值突破20万亿元，培育形成千亿 级市值企业20家。（详情点击查看） 从政策导向来看，《行动方案》聚焦两大产业方向： 今日，深圳国企改革板块全面爆发，板块10余股涨停，其中，建科院20CM涨停，深水规院涨超13%，广田集团、特发信息、深赛格、深 物业A、特力A、中新赛克、深纺织A等多股10CM涨停。 | 代码 名称 | 涨幅 | 涨跌 | 现价 | | --- | --- | --- | --- | | 300675 建科院 | +20.02% | +3.46 | 20.74 | | 301038 ...

今日，深圳国企改革板块全面爆发，板块10余股涨停，建科院20CM涨停，深水规院涨超13%，广田集团、特发信息、深赛格、深物业 A、特力A、中新赛克、深纺织A等多股10CM涨停。 | 代码 名称 | 涨幅量 | 张氏 | 现价 | | --- | --- | --- | --- | | 300675 建科院 | +20.02% | +3.46 | 20.74 | | 301038 深水规院 | +13.46% | +3.70 | 31.19 | | 002482 广田集团 | +10.05% +0.19 | | 2.08 | | 000070 特发信息 | +10.04% +0.95 | | 10.41 | | 000058 深 赛 格 | +10.04% +1.02 | | 11.18 | | 000011 深物 /A | +10.03% +1.03 | | 11.30 | | 000025 特 力A | +10.01% +1.74 | | 19.12 | | 002912 中新赛克 | +9.99% +2.90 | | 31.94 | | 000045 深纺织A | +9.99% | +1.39 | 15. ...

今日，深圳国企改革板块全面爆发，板块10余股涨停，建科院20CM涨停，深水规院涨超13%，广田集团、特发信息、深赛格、深物业 A、特力A、中新赛克、深纺织A等多股10CM涨停。 | 代码 名称 | 涨幅量 | 张氏 | 现价 | | --- | --- | --- | --- | | 300675 建科院 | +20.02% | +3.46 | 20.74 | | 301038 深水规院 | +13.46% | +3.70 | 31.19 | | 002482 广田集团 | +10.05% +0.19 | | 2.08 | | 000070 特发信息 | +10.04% +0.95 | | 10.41 | | 000058 深 赛 格 | +10.04% +1.02 | | 11.18 | | 000011 深物 /A | +10.03% +1.03 | | 11.30 | | 000025 特 力A | +10.01% +1.74 | | 19.12 | | 002912 中新赛克 | +9.99% +2.90 | | 31.94 | | 000045 深纺织A | +9.99% | +1.39 | 15. ...

Core Viewpoint - Zhongying Electronics experienced a 5.01% decline in stock price, closing at 26.56 CNY per share, with a trading volume of 229 million CNY and a turnover rate of 2.50%, resulting in a total market capitalization of 9.067 billion CNY [1] Company Overview - Zhongying Electronics Co., Ltd. is located at 767 Lane 3, Jinzong Road, Changning District, Shanghai, established on July 13, 1994, and listed on June 13, 2012 [1] - The company's main business involves the design and sales of IC products, along with related after-sales and technical services [1] - Revenue composition is as follows: 81.45% from industrial control and 18.55% from consumer electronics [1] Shareholder Information - Among the top ten circulating shareholders of Zhongying Electronics, one fund under GF Fund ranks as a significant holder [2] - The GF CSI 1000 ETF (560010) entered the top ten circulating shareholders in the second quarter, holding 1.4997 million shares, which accounts for 0.44% of circulating shares [2] - The estimated floating loss for the ETF today is approximately 2.0995 million CNY [2] Fund Performance - The GF CSI 1000 ETF (560010) was established on July 28, 2022, with a latest scale of 30.718 billion CNY [2] - Year-to-date return is 24.07%, ranking 2088 out of 4218 in its category; the one-year return is 25.55%, ranking 1698 out of 3875; and since inception, the return is 6.12% [2] - The fund manager, Luo Guoqing, has a tenure of 10 years and 14 days, with total fund assets of 67.565 billion CNY [2] - The best fund return during Luo's tenure is 79.87%, while the worst is -48.08% [2]

Core Insights - Hubei Province's GDP reached 44,875.62 billion yuan in the first three quarters, with a year-on-year growth of 6.0%, outperforming both the previous year and the national average by 0.8 percentage points [2] Economic Performance - Hubei's economic growth is leading among provinces, with significant contributions from consumer spending, fixed asset investment, and exports, which grew by 5.2%, 6.5%, and 30.8% respectively [2] - In comparison to national averages, Hubei's consumer spending, investment, and export growth rates exceeded by 0.7, 7.0, and 23.7 percentage points respectively [2] Industrial Growth - The industrial added value in Hubei increased by 7.7%, with high-tech manufacturing growing by 13.5%, contributing 26.7% to the overall industrial growth [3] - Investment in high-tech industries rose by 8.3%, outpacing total investment growth by 1.8 percentage points, while R&D expenses in large industrial enterprises increased by 8.9% [3] Export Dynamics - Key export drivers included computers and components, integrated circuits, and lithium-ion batteries, with growth rates of 20.7%, 35.2%, and 120% respectively, collectively boosting total export growth by 4.5 percentage points [3] Strategic Planning - Hubei aims to complete its "14th Five-Year Plan" goals, with a target of exceeding a total economic output of 60 trillion yuan by 2024, and a long-term goal of reaching approximately 90 trillion yuan by 2030 [4]

Economic Growth - Shanghai's GDP growth rate for the first three quarters is 5.5%, exceeding the national average and market expectations, with a growth rate of 5.1% in the first half of the year [1] - The economic structure adjustment and upgrading results are being realized, reflecting the proactive layout of key industries during the "14th Five-Year Plan" [1] Industrial Development - The industrial sector in Shanghai has shown significant improvement, with the total industrial output value increasing by 5.7% year-on-year in the first three quarters, driven by the three leading industries: artificial intelligence, integrated circuits, and biomedicine, which grew by 8.5% [2] - Strategic emerging industries now account for 44.1% of Shanghai's total industrial output value, indicating a shift towards new growth engines in the industrial sector [2] Cost Reduction Initiatives - Shanghai has implemented measures to reduce costs for industrial enterprises, resulting in a reduction of over 52 billion yuan in costs through the "17 measures for cost reduction and efficiency improvement" [3] - Industrial profits in Shanghai increased by 16.3% from January to August, with a profit margin of 6.3%, indicating improved efficiency [3] Financial Sector Performance - The financial sector has seen robust growth, with the Shanghai Stock Exchange's trading volume increasing by 38.4% in the first three quarters, and the securities business turnover growing by 95.2% [4][5] - The financial industry's added value reached 696.53 billion yuan, growing by 9.8%, while the information transmission, software, and IT services sector grew by 15.5% to 527.74 billion yuan [6] Export Growth - Shanghai's exports increased by 11.3% year-on-year in the first three quarters, with the export of the three leading industries reaching 193.67 billion yuan, growing by 10.3% [8][9] - High-end manufacturing exports also showed strong growth, with industrial robots and aerospace equipment exports increasing by 41.6% and 39%, respectively [9][10] Consumer Market Recovery - The retail sales of consumer goods in Shanghai grew by 4.3% year-on-year in the first three quarters, with significant increases in July to September [11] - The tourism sector has rebounded, with 25.49 million visitors during the recent holiday period, reflecting a 19.7% increase [11] Investment Trends - Fixed asset investment in Shanghai increased by 6% year-on-year in the first three quarters, surpassing the national average, contributing to the overall economic resilience [12]

Core Insights - The Shanghai Jiading District has achieved significant economic milestones during the "14th Five-Year Plan" period, with a GDP surpassing 300 billion yuan in 2024 and a 20% increase in GDP per unit of construction land compared to the end of the "13th Five-Year Plan" [1] - Fixed asset investment exceeded 300 billion yuan, significantly surpassing the expected target of 250 billion yuan [1] - The automotive industry in Jiading has seen substantial growth, with industrial output crossing 300 billion yuan last year [1] Group 1: Economic Development - Jiading's three key industries—automotive "new four modernizations," integrated circuits, and biomedicine—have shown strong growth, with an average annual growth rate of 13.8%, reaching a total output of 360.3 billion yuan last year [2] - The district has invested 6.22% of its added value in R&D, maintaining a leading position in the city [2] - Jiading is home to 2,578 high-tech enterprises, 309 small and medium-sized enterprises, 1,343 specialized and innovative enterprises, and 36 listed companies, ranking third in the city [2] Group 2: Urban Development - The district has developed three major demonstration areas: Yuanxiang Lake Central Activity Area, Jiabao Smart Bay, and Ximen Historical and Cultural District, enhancing their functional image [2] - A total of 265 major projects have been advanced, including the introduction of 21 significant functional projects such as the SAIC Research Institute [2] - Village collective operating income has ranked first in the city for three consecutive years [2] Group 3: Social Development - Jiading has established 40 high-quality schools and three top-tier hospitals, earning recognition as a national model city for health construction for three years [2] - The district has exceeded its target by providing 10,406 elderly care beds and has renovated 1.37 million square meters of old housing [2] - A total of 41,500 units of affordable rental housing have been secured [2] Group 4: Governance - Jiading has implemented a comprehensive grassroots governance model led by party organizations, establishing 143 regional party organizations [3] - The district has optimized 54 area grids, 451 village grids, and 1,866 micro grids, creating a new governance pattern that emphasizes party leadership, departmental collaboration, and community participation [3]

Core Viewpoint - Jiangsu Weichao Electric Co., Ltd. has been established with a registered capital of 10 million RMB, focusing on various electrical and mechanical equipment sales and manufacturing [1] Company Overview - The legal representative of Jiangsu Weichao Electric Co., Ltd. is Liu Hongwei [1] - The company has a registered capital of 10 million RMB [1] Business Scope - The business scope includes sales of electrical equipment, mechanical and electrical equipment, and manufacturing of distribution switch control equipment [1] - The company is involved in research and development, sales of integrated circuit chips and products, and various technical services [1] - Additional activities include retail of hardware products, office supplies sales, import and export agency, and software development [1] - The company also focuses on the development of intelligent robots and provides information technology consulting services [1]