Investment Rating - The industry investment rating is "Outperform the Market" [39] Core Viewpoints - The SW Electronics industry showed strong performance in the first three quarters of 2025, with revenue reaching CNY 29,756.92 billion, a year-on-year increase of 19.46%. The net profit attributable to shareholders was CNY 1,477.90 billion, up 37.79% year-on-year, indicating improved profitability across the industry [1][10][16]. Summary by Sections Semiconductor - The semiconductor sector demonstrated enhanced profitability, with revenue of CNY 4,941.14 billion, a 14.51% year-on-year increase. The net profit attributable to shareholders rose by 50.41% to CNY 438.90 billion, driven by AI computing acceleration and a favorable cycle for storage chips [2][18]. Consumer Electronics - The consumer electronics sector saw a recovery in Q3, with revenue of CNY 14,668.03 billion, a 25.65% year-on-year increase. The net profit attributable to shareholders grew by 23.53% to CNY 594.55 billion, supported by national subsidy policies and inventory replenishment [2][21]. Optical and Optoelectronic - The optical and optoelectronic sector achieved revenue of CNY 5,600.39 billion, a 6.64% year-on-year increase, with net profit rising significantly by 76.41% to CNY 96.04 billion. The performance was driven by recovery in downstream demand [2][24]. Components - The components sector reported revenue of CNY 2,528.55 billion, a 24.25% year-on-year increase, with net profit growing by 50.40% to CNY 259.11 billion. The demand for server PCBs was boosted by AI computing construction [2][30]. Electronic Chemicals - The electronic chemicals sector achieved revenue of CNY 470.11 billion, a 9.34% year-on-year increase, with net profit rising by 16.26% to CNY 48.05 billion, indicating improved profitability [2][31]. Other Electronics - The other electronics sector reported revenue of CNY 1,548.72 billion, a 28.58% year-on-year increase, with net profit growing by 31.26% to CNY 41.26 billion, although profitability slightly declined [2][35]. Investment Recommendations - The report suggests focusing on strong-performing sub-sectors such as PCB, analog chips, storage chips, wafer foundry, and optical components, which have shown significant year-on-year growth in net profit [3][36].

Core Viewpoint - The electronic chemicals sector experienced a significant decline, with a drop of 3.46% on November 21, led by a notable decrease in Siquan New Materials, which fell by 10.18% [1][2]. Market Performance - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1]. - The electronic chemicals sector saw various individual stock performances, with Shanghai Xinyang increasing by 3.20% and Siquan New Materials decreasing by 10.18% [1][2]. Trading Volume and Capital Flow - The electronic chemicals sector had a net outflow of 800 million yuan from institutional investors, while retail investors saw a net inflow of 560 million yuan [2]. - The trading volume for key stocks included Shanghai Xinyang with 208,700 shares and Siquan New Materials with 67,400 shares [1][2]. Individual Stock Highlights - Notable declines included: - Siquan New Materials: 160.61 yuan, down 10.18%, with a trading volume of 67,400 shares and a turnover of 1.112 billion yuan [2]. - Hongchang Electronics: 7.01 yuan, down 10.01%, with a trading volume of 940,400 shares and a turnover of 677 million yuan [2]. - Positive performers included: - Shanghai Xinyang: 58.30 yuan, up 3.20%, with a trading volume of 208,700 shares [1]. Capital Flow Analysis - The capital flow analysis indicated that: - Nanda Optoelectronics had a net inflow of 82.65 million yuan from institutional investors, while retail investors had a net outflow of 29.20 million yuan [3]. - Xilong Science saw a net inflow of 32.24 million yuan from institutional investors, with retail investors experiencing a net outflow of 21.41 million yuan [3].

Core Points - On November 21, Aisen Co., Ltd. experienced a decline of 5.16%, with a stock price of 51.83 CNY per share, a trading volume of 247 million CNY, a turnover rate of 8.40%, and a total market capitalization of 4.568 billion CNY [1] - Aisen Semiconductor Materials Co., Ltd. was established on March 26, 2010, and went public on December 6, 2023. The company specializes in the research, production, and sales of electronic chemicals [1] - The main revenue composition of Aisen includes: electroplating solutions and supporting reagents (45.37%), electroplating supporting materials (29.31%), photoresists and supporting reagents (21.91%), other (supplementary) (3.04%), and other electronic chemicals (0.37%) [1] Shareholder Information - Among the top ten circulating shareholders of Aisen, a fund under Southern Fund ranks first. The Southern Information Innovation Mixed A Fund (007490) entered the top ten shareholders in the third quarter, holding 741,200 shares, which accounts for 1.34% of the circulating shares [2] - The Southern Information Innovation Mixed A Fund was established on June 19, 2019, with a latest scale of 3.477 billion CNY. Year-to-date returns are 43.46%, ranking 1145 out of 8136 in its category; the one-year return is 29.37%, ranking 2144 out of 8056; and since inception, the return is 143.07% [2] Fund Manager Information - The fund manager of the Southern Information Innovation Mixed A Fund is Zheng Xiaoxi, who has been in the position for 6 years and 158 days. The total asset scale of the fund is 7.468 billion CNY, with the best fund return during his tenure being 146.29% and the worst being -33.69% [3]

该项目是昊华气体为配套西南地区高端电子信息产业链而设立的国际一流电子特气生产基地，总投资 11.3亿元，建有年产6000吨电子级三氟化氮气体生产线和年产10万吨全液氮液体空分装置生产线等，具 备电子化学品研发、产业化生产等功能，全面达产后预计年产值7亿元。 "三氟化氮是一种无色、无味且不可燃的气体，在集成电路和液晶面板等电子信息产业的制造中广泛应 用，市场前景广阔。"昊华气体总经理王娟表示，自贡是公司重要的生产基地和战略布局核心区域，后 续将在这里加大研发与产能投入，加快建设省级电子气体创新中心，推动电子气体及配套产业集群发 展。 本报讯近日，昊华气体电子气体产业交流暨产品发布会在自贡川南新材料化工园区举行，由昊华气体公 司生产的核心产品——电子级三氟化氮迎来首车交付，标志着昊华气体西南电子特种气体项目正式投 产。 ...

Market Overview - The electronic chemicals sector experienced a decline of 0.67% on November 20, with Guocera Materials leading the drop [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 - Notable gainers in the electronic chemicals sector included: - Kaihua Materials (Code: 920526) with a closing price of 26.16, up 8.59% on a trading volume of 53,600 shares and a turnover of 144 million yuan [1] - Puyang Huicheng (Code: 300481) with a closing price of 6691, up 8.01% on a trading volume of 397,100 shares and a turnover of 688 million yuan [1] - Hongchang Electronics (Code: 603002) with a closing price of 7.79, up 5.56% on a trading volume of 1,432,500 shares and a turnover of 1.14 billion yuan [1] - Conversely, the following stocks faced declines: - Guocera Materials (Code: 300285) closed at 22.90, down 4.34% with a trading volume of 214,100 shares and a turnover of 500 million yuan [2] - Weiteou (Code: 301319) closed at 41.96, down 3.56% with a trading volume of 76,500 shares and a turnover of 318 million yuan [2] - Feiwo Tai (Code: 688371) closed at 20.11, down 3.46% with a trading volume of 30,500 shares and a turnover of 6.19 million yuan [2] Capital Flow - The electronic chemicals sector saw a net outflow of 4.77 million yuan from institutional investors, while retail investors experienced a net outflow of 41.82 million yuan [2] - Notable capital inflows included: - Light Technology (Code: 002741) with a net inflow of 18.7 million yuan from institutional investors [3] - Hongchang Electronics (Code: 603002) with a net inflow of 12.7 million yuan from institutional investors [3] - Conversely, significant outflows were observed in: - Weiteou (Code: 301319) with a net outflow of 32.3 million yuan from retail investors [3] - Puyang Huicheng (Code: 300481) with a net outflow of 39.2 million yuan from retail investors [3]

Core Insights - A total of 15 stocks in the A-share market have undergone suspension reviews this year, with 26 instances of such reviews recorded [1][4][5] - Among the suspended stocks, 8 are under risk warning, accounting for over half of the total [5][6] - Nearly 80% of the stocks under review reported net losses in the first three quarters of 2025, indicating poor financial performance [5][6][7] Group 1: Suspension Reviews - *ST Zhengping has initiated its third suspension review of the year as of November 19, 2023 [1][3] - The company operates in infrastructure construction, cultural tourism, and non-ferrous metal mining, and has also expanded into new energy and intelligent computing services [3] - During the period from September 1 to November 18, *ST Zhengping achieved 26 trading days of price increases, with a cumulative increase of 221.93% [3] Group 2: Financial Performance - Of the 15 stocks under review, 11 reported net losses in the first three quarters of 2025, representing 78.57% of the total [5][6] - *ST Zhongdi reported the largest net loss of approximately -151 million yuan, while *ST Xintong and Dongxin Shares also reported losses exceeding 100 million yuan [6] - Only three stocks, Tianpu Shares, Pingtan Development, and Shuangwei New Materials, reported profits, although their net profits also declined [6] Group 3: Market Trends - The phenomenon of high suspension reviews and poor financial performance is seen as a potential risk for investors, emphasizing the need for attention to company fundamentals [7][9] - In November, other stocks such as Huasheng Lithium and Guosheng Technology also experienced significant price increases, with Huasheng Lithium rising by 138.49% [8]

近期，A股停牌核查较为密集。继平潭发展、海峡创新两股于11月18日停牌核查后，11月19日，*ST正平启动了公司年内第三次停牌核查工作。经北京商报 记者不完全统计，截至目前，2025年年内停牌核查个股已有15只，其中，包括*ST正平在内的5股已于年内多次进行停牌核查。值得注意的是，上述15股 中，8股为风险警示股，占比过半。而从基本面来看，经同花顺iFinD统计，除无法在法定期限内披露三季报的*ST广道外，其余14只停牌核查个股中，11股 前三季度净利均为亏损状态，占比近八成。 15股累计停牌核查26次 11月19日，*ST正平再次停牌核查，这也是公司年内第三次进行停牌核查工作。 据了解，*ST正平主要从事基础设施建设、文旅+产业综合开发和有色金属矿业。另外，公司还积极拓展新能源建设及智算服务等新业务。二级市场方面， *ST正平于9月1日—11月18日期间36个交易日内累计斩获26个涨停板，区间累计涨幅达221.93%。在此次停牌核查前，*ST正平曾分别于10月9日以及10月29 日起进行过两次停牌核查工作。 针对相关情况，北京商报记者向*ST正平方面发去采访函进行采访，但截至发稿，未收到公司回复。 而从年内 ...

Core Insights - The electronic chemicals sector experienced a 0.58% increase on November 19, with Nanda Optoelectronics leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Nanda Optoelectronics (300346) closed at 39.44, up 5.85%, with a trading volume of 747,200 shares and a transaction value of 2.907 billion [1] - Weiteou (6IETOE) closed at 43.51, up 5.79%, with a trading volume of 119,200 shares [1] - Other notable performers include: - Glinda (603931) at 31.01, up 4.48% [1] - Hongchang Electronics (603002) at 7.38, up 3.22% [1] - Shanghai Xinyang (300236) at 55.39, up 2.78% [1] Capital Flow - The electronic chemicals sector saw a net inflow of 241 million in main funds, while retail investors experienced a net outflow of 439 million [2][3] - Main fund inflows for key stocks include: - Nanda Optoelectronics with a net inflow of 34.7 million [3] - Jingrui Electric Materials (300655) with a net inflow of 111 million [3] - Retail investors showed significant outflows in several stocks, including: - Nanda Optoelectronics with a net outflow of 333 million [3] - Jingrui Electric Materials with a net outflow of 103 million [3]

Core Viewpoint - Aisen Semiconductor Materials Co., Ltd. has shown a significant increase in stock price, indicating positive market sentiment towards the company and its operations in the electronic chemicals sector [1]. Company Overview - Aisen Semiconductor Materials Co., Ltd. was established on March 26, 2010, and is located in Kunshan, Jiangsu Province. The company specializes in the research, production, and sales of electronic chemicals [1]. - The company's main business revenue composition includes: - Electroplating solutions and supporting reagents: 45.37% - Electroplating supporting materials: 29.31% - Photoresists and supporting reagents: 21.91% - Other (supplementary): 3.04% - Other electronic chemicals: 0.37% [1]. Shareholder Information - Southern Fund's Southern Information Innovation Mixed A (007490) has entered the top ten circulating shareholders of Aisen, holding 741,200 shares, which accounts for 1.34% of the circulating shares. The estimated floating profit today is approximately 2.17 million yuan [2]. - Southern Information Innovation Mixed A was established on June 19, 2019, with a latest scale of 3.477 billion yuan. The fund has achieved a return of 48.29% this year, ranking 903 out of 8,138 in its category; a one-year return of 37.72%, ranking 1,703 out of 8,055; and a cumulative return of 151.25% since inception [2]. Fund Manager Profile - The fund manager of Southern Information Innovation Mixed A is Zheng Xiaoxi, who has been in the position for 6 years and 156 days. The total asset scale of the fund is 7.468 billion yuan, with the best fund return during his tenure being 146.29% and the worst being -33.69% [3].

Core Viewpoint - Jianghua Microelectronics has successfully obtained the "Investment Project Filing Certificate" for its "Annual Production of 37,000 Tons of Ultra-Pure Wet Electronic Chemicals Project," marking the official commencement of the project implementation phase [3][4]. Group 1: Project Overview - The project is being developed by Jianghua Microelectronics (Zhenjiang) Electronic Materials Co., Ltd., with a total investment of 288.83 million yuan [4]. - The project aims to expand the existing production capacity of ultra-pure wet electronic chemicals, building upon the first phase of the project [3][4]. Group 2: Project Details - The project will involve technical upgrades and expansions of the existing hydrochloric acid production line, as well as the construction of new production lines for hydrochloric acid, ammonia water, nitric acid, diluents, and NMP [4]. - Upon completion, the project will add an annual production capacity of 37,000 tons of ultra-pure wet electronic chemicals, bringing the total capacity to 70,000 tons per year for ultra-pure wet electronic chemicals and 38,000 tons per year for low-concentration chemicals [4]. Group 3: Timeline and Funding - The construction period is set for 16 months, starting from November 2025 to February 2027 [4]. - The fixed asset investment for the project is 256.79 million yuan, with all funding sourced from self-raised capital [4].