Market Overview - The optical and optoelectronic sector experienced a decline of 3.12% on November 21, with Wanrun Technology leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable gainers included: - Mulinsen (002745) with a closing price of 9.19, up 4.20% and a trading volume of 815,900 shares, totaling 727 million yuan [1] - Aobi Zhongguang (688322) closed at 80.86, up 1.32% with a trading volume of 84,500 shares, totaling 677 million yuan [1] - Significant losers included: - Wanrun Technology (002654) closed at 13.30, down 7.77% with a trading volume of 601,700 shares, totaling 815 million yuan [2] - Dongtian Micro (301183) closed at 89.28, down 6.57% with a trading volume of 63,400 shares, totaling 573 million yuan [2] Capital Flow - The optical and optoelectronic sector saw a net outflow of 2.194 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.512 billion yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Mulinsen (002745) had a net inflow of 74.64 million yuan from institutional investors, but a net outflow of 93.20 million yuan from retail investors [3] - Other stocks like Huichuangda (300909) and Qianzhao Optoelectronics (300102) also showed varied capital flows, with institutional and retail investors reacting differently [3]

1. Report Industry Investment Rating - The report does not provide an industry - wide investment rating. 2. Report's Core View - The target price of Maolai Convertible Bond on the first trading day is expected to be between 133 - 137 yuan, and investors are advised to actively subscribe. The expected first - day conversion premium rate is in the range of 40% - 45% [3][22]. - The expected first - day new - bond subscription winning rate is around 0.0018% - 0.0026% [4][23]. 3. Summary by Related Catalogs 3.1 Maolai Convertible Bond New - Bond Subscription Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Maolai Convertible Bond is priority placement and online issuance, with both the bond and the issuer rated A+. The issuance scale is 563 million yuan, the initial conversion price is 364.43 yuan. As of November 20, 2025, the conversion parity is 94.67 yuan, the pure bond value is 83.19 yuan. The game terms (down - revision, redemption, and put - back terms) are normal. Overall, the bond issuance scale is average, liquidity is average, the rating is weak, and the bond floor protection is acceptable. It is difficult for institutions to include it in their portfolios, but there is no objection to primary participation [2][18]. 3.1.2 New - Bond Initial Listing Price Analysis - The company mainly engages in the R & D, design, manufacturing, and sales of precision optical devices, optical lenses, and optical systems. After deducting issuance fees, 420 million yuan is planned for the ultra - precision optical production and processing project, 120 million yuan for the ultra - precision optical technology R & D center project, and 20 million yuan for working capital. The project is expected to expand the company's mass - production capacity in the ultra - precision optical device and lens fields and increase its market share in the semiconductor ultra - precision optical segment [3][21]. 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - Assuming the old shareholders' placement ratio is 63% - 74%, the scale available for the market is 146 million - 208 million yuan. Assuming the online effective subscription volume is 8.08 million accounts, the winning rate is expected to be around 0.0018% - 0.0026% [4][23]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream and Downstream - Maolai Optics is a precision optical integrated solution provider, focusing on R & D, design, manufacturing, and sales of precision optical devices, lenses, and systems. The upstream of the optical industry is mainly optical raw material manufacturing, with optical glass having the largest market share (about 70% in a 3 - billion - yuan market in 2024). The company's products are mainly used in industrial - grade precision optics, with downstream industries including semiconductors, life sciences, AR/VR testing, and unmanned driving [24][25]. 3.2.2 Company's Operating Conditions - From 2022 to H1 2025, the company's operating income was 439 million yuan, 458 million yuan, 503 million yuan, and 319 million yuan respectively, with year - on - year growth rates of 32.36%, 4.4%, 9.78%, and 32.26%. The comprehensive gross margin fluctuated slightly, and the net profit margin also had fluctuations. The company's R & D expenses trended upward, while accounts receivable increased, and the accounts receivable turnover rate generally declined. The net profit attributable to the parent company was relatively stable [27][30][31]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, Maolai Holdings is the largest shareholder with a 59.47% stake, and Fan Yi is the second - largest shareholder with a 3.41% stake. The top two shareholders hold a total of 62.88% of the shares, and the top ten shareholders hold 74.89% in total. Fan Yi and Fan Hao are the joint actual controllers, directly and indirectly controlling 66.29% of the shares [4][44]. 3.2.4 Company's Business Characteristics and Advantages - The company has advantages in technology R & D, capital, customer resources, and talent. The precision optical industry has high barriers in technology, capital, customer resources, and talent, which are difficult for new entrants to overcome [47][51][52]. 3.2.5 Allocation of This Round of Raised Funds - The company plans to issue convertible bonds to raise up to 563 million yuan. After deducting issuance fees, 420 million yuan is for the ultra - precision optical production and processing project, 120 million yuan for the ultra - precision optical technology R & D center project, and 20 million yuan for working capital [16][54].

Group 1: Raw Material Supply and Localization - The company primarily relies on imported suppliers for raw materials, but has made progress in localizing supplies for products like release films and protective films [1] - The company is actively exploring investment opportunities in the polarizer and related fields, particularly in light of the restructuring of state-owned enterprises in Shenzhen [1] Group 2: Business Strategy and Development - The company is aligning with Shenzhen's reform policies and aims to enhance its "14th Five-Year Plan" by expanding existing business and investing in new growth areas [2] - The company is exploring merger and acquisition opportunities in the polarizer sector to support long-term development and enhance corporate value [2] - The company has transitioned from a textile background to focus on high-tech products, specifically liquid crystal display polarizers, while phasing out traditional textile and apparel operations [2]

Core Insights - The optical optoelectronics sector experienced a slight increase of 0.02% on November 20, with Huaying Technology leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Huaying Technology (000536) closed at 5.62, up 9.98% with a trading volume of 2.2441 million shares and a transaction value of 1.219 billion [1] - Tengjing Technology (688195) closed at 157.60, up 6.91% with a trading volume of 165,900 shares and a transaction value of 2.596 billion [1] - Qianzhao Optoelectronics (300102) closed at 14.02, up 3.09% with a trading volume of 609,200 shares and a transaction value of 854 million [1] - Other notable performers include Su Da Weige (300331) up 3.09%, Sanlipu (002876) up 2.75%, and Guangpu Co., Ltd. (300632) up 2.59% [1] Capital Flow - The optical optoelectronics sector saw a net outflow of 48.8138 million from institutional investors, while retail investors contributed a net inflow of 14.8856 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors showed interest [2] Individual Stock Capital Flow - Huaying Technology had a net inflow of 46.6 million from institutional investors, but a net outflow of 16.5 million from speculative funds [3] - Su Da Weige experienced a net inflow of 55.2745 million from institutional investors, but significant outflows from both speculative and retail investors [3] - Qianzhao Optoelectronics had a net inflow of 42.9535 million from institutional investors, with a notable outflow from retail investors [3]

具体看，6个子行业前三季度均实现营收、归母净利润同比增长，除光学光电子、电子化学品以外，其 他子行业收入增速超10%，且全部子行业均实现利润双位数增长。其中，光学光电子、半导体、元件板 块利润增速较快，盈利能力迅速提升。在自主可控、国产替代大潮下，电子行业整体景气度提升、盈利 能力改善趋势确定。 半导体：自主可控加速，景气度提升 2025年前三季度，半导体板块实现营业收入5013亿元，较2024年同期4381.01亿元增长14.43%，保持双 位数增长;实现归母净利润438.98亿元，较2024年同期292.94亿元大幅增长49.85%，增速进一步提升。分 季度看，半导体板块2025Q3实现营收1788.03亿元，同比增长12.55%，增速略有放缓，但2025Q3环比 2025Q2仍增长4.32%。2025Q3实现归母净利润197.54亿元，同比大幅增长73.15%，环比2025Q2增长 32.16%。 消费电子：景气度逐步提升，零部件率先复苏 2025年前三季度，电子行业实现营收、利润双增，利润增速快于收入，且环比增速持续加快，行业景气 度提升 2025年前三季度，消费电子板块实现营业收入1.48万亿元，较 ...

Core Viewpoint - Tengjing Technology has achieved a record trading volume since its listing, indicating strong market interest and investor confidence in the company [2] Group 1: Company Performance - As of 14:03, Tengjing Technology's trading volume reached 2.298 billion RMB, marking a new high since its IPO [2] - The latest stock price increased by 8.54%, with a turnover rate of 11.38% [2] - The previous trading day saw a total trading volume of 2.277 billion RMB [2] Group 2: Company Background - Tengjing Technology Co., Ltd. was established on October 12, 2013, with a registered capital of 129.35 million RMB [2]

Core Viewpoint - Lingyun Technology Co., Ltd. has completed its response to the Shanghai Stock Exchange's inquiry regarding its application for a specific stock issuance for the year 2024, but the implementation is subject to further review and approval by the exchange and the China Securities Regulatory Commission [1] Group 1 - The company received an inquiry letter from the Shanghai Stock Exchange on October 31, 2025, regarding its application for a specific stock issuance [1] - Following the receipt of the inquiry letter, the company, along with relevant intermediaries, conducted thorough research and addressed each question raised [1] - The implementation of the stock issuance is contingent upon the review process by the Shanghai Stock Exchange and the approval from the China Securities Regulatory Commission, indicating uncertainty in the outcome [1]

Core Viewpoint - The company emphasizes a combination of independent and collaborative research and development, highlighting its commitment to innovation and partnerships in the field of advanced laser materials and devices [1] Group 1 - The company signed a co-construction agreement for a key laboratory in advanced laser materials and devices with Jiangsu Normal University in 2025 [1] - The collaboration aims to deepen cooperation in research and development and technical services [1]

证券日报网讯 11月19日晚间，福光股份发布公告称，公司控股股东中融（福建）投资有限公司（简 称"中融投资"）基于对公司未来发展的信心和长期投资价值认可，拟自本公告披露之日起6个月内，通 过上海证券交易所允许的方式（包括但不限于集中竞价交易、大宗交易等）增持公司股份。增持金额不 低于8，000万元人民币，不超过15，000万元人民币，增持价格不低于21.00元（含）/股。资金来源为 自有资金或自筹资金（包括股票增持专项贷款），中国光大银行福州分行已向中融投资出具《贷款承诺 函》，同意为中融投资增持公司股票提供专项贷款，贷款额度不超过人民币13，500万元，期限3年。 （文章来源：证券日报） ...

格隆汇11月19日丨福光股份(688010.SH)公布，公司控股股东中融(福建)投资有限公司(以下简称"中融投 资")基于对公司未来发展的信心和长期投资价值认可，拟自本公告披露之日起6个月内，通过上海证券 交易所允许的方式(包括但不限于集中竞价交易、大宗交易等)增持公司股份。增持金额不低于8,000万元 人民币，不超过15,000万元人民币，增持价格不低于21.00元(含)/股。资金来源为自有资金或自筹资金 (包括股票增持专项贷款)，中国光大银行福州分行(以下简称"光大银行")已向中融投资出具《贷款承诺 函》，同意为中融投资增持公司股票提供专项贷款，贷款额度不超过人民币13,500万元，期限3年。 ...