Group 1: Macroeconomic Overview - Industrial value-added is expected to grow by 5.5% year-on-year in October, with a decline in production PMI indicating a marginal retreat in production enthusiasm [3][21] - Trade figures for October predict a 3.0% year-on-year increase in both exports and imports, with imports expected to maintain resilience in the fourth quarter [3][22] - Inflation forecasts indicate that October CPI will remain flat year-on-year, while PPI is expected to decline by 2.2% [3][23][24] Group 2: Banking Sector Insights - The pressure to realize floating profits in banks is manageable this year, with state-owned banks showing better revenue progress compared to smaller banks [4] - Smaller banks are expected to have a stronger demand to realize floating profits due to significant declines in revenue from the gold market [4] Group 3: Semiconductor Industry Analysis - The semiconductor sector is projected to continue its optimistic growth trajectory, driven by AI and domestic substitution trends [5][7] - The storage segment is expected to see sustained high growth in contract prices in Q4 2025, with strong performance anticipated from various semiconductor companies [5][7] Group 4: Company-Specific Performance - Huatai Technology reported a 135% year-on-year increase in net profit for Q3 2025, driven by strategic acquisitions and industry fund establishment [7][8] - Juhua Co. achieved a 160% year-on-year increase in net profit for the first three quarters of 2025, with significant growth in refrigerant prices [15][29] - Sanhua Intelligent Controls reported a 40.9% year-on-year increase in net profit for the first three quarters of 2025, supported by cost reduction measures and diverse business expansion [16][33] Group 5: Construction and Infrastructure - China State Construction Engineering Corporation's revenue decreased by 4.2% year-on-year in the first three quarters of 2025, with a focus on the conversion of orders to support performance [25][26] - The company secured new contracts worth 30,383 billion yuan, with significant growth in energy and municipal engineering sectors [26][27] Group 6: Market Performance and Trends - The A-share electronic industry remains the largest heavy-weight sector with a 25.53% allocation, indicating a significant increase in investment interest [5] - The overall market indices showed positive movements, with the Shanghai Composite Index closing at 4007.76, up by 0.97% [10]

Core Viewpoint - Longji Technology's stock price has shown fluctuations, with a recent increase of 2.01% and a total market capitalization of 70.968 billion yuan, despite a year-to-date decline of 2.58% [1] Financial Performance - For the period from January to September 2025, Longji Technology achieved operating revenue of 28.669 billion yuan, representing a year-on-year growth of 14.78%, while the net profit attributable to shareholders decreased by 11.39% to 0.954 billion yuan [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 17.94% to 376,300, with an average of 4,755 circulating shares per person, which is a decrease of 15.21% [2] - The company has distributed a total of 1.533 billion yuan in dividends since its A-share listing, with 0.805 billion yuan distributed in the last three years [3] Institutional Holdings - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 52.8334 million shares, a decrease of 48.321 million shares from the previous period [3] - Other notable shareholders include various ETFs, all of which have seen a reduction in holdings, indicating a potential shift in institutional investment strategies [3]

Core Viewpoint - Dagang Co., Ltd. has shown a positive stock performance with a year-to-date increase of 17.66% and a recent market capitalization of 10.017 billion yuan, despite some fluctuations in trading volume and net fund outflow [1][2]. Financial Performance - For the period from January to September 2025, Dagang Co., Ltd. achieved a revenue of 270 million yuan, representing a year-on-year growth of 12.57%, while the net profit attributable to shareholders reached approximately 60.48 million yuan, up 52.38% year-on-year [2]. Shareholder Information - As of October 20, 2025, the number of shareholders for Dagang Co., Ltd. was 90,300, a decrease of 9.81% from the previous period, with an average of 6,425 circulating shares per shareholder, which is an increase of 10.88% [2]. Dividend Distribution - Since its A-share listing, Dagang Co., Ltd. has distributed a total of 109 million yuan in dividends, with no dividends paid out in the last three years [3]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Southern CSI 1000 ETF, holding 3.18 million shares (a decrease of 36,200 shares), and Hong Kong Central Clearing Limited, holding 2.38 million shares (an increase of 156,200 shares) [3].

Core Viewpoint - Huatian Technology's stock price has experienced fluctuations, with a recent decline of 2.08% and a year-to-date increase of 1.80%, indicating volatility in market performance [1][2]. Financial Performance - For the period from January to September 2025, Huatian Technology achieved operating revenue of 12.38 billion yuan, representing a year-on-year growth of 17.55% [2]. - The net profit attributable to shareholders for the same period was 543 million yuan, reflecting a significant year-on-year increase of 51.98% [2]. Stock Market Activity - As of November 5, Huatian Technology's stock was trading at 11.76 yuan per share, with a total market capitalization of 38.32 billion yuan [1]. - The stock has seen a net outflow of 48.30 million yuan in principal funds recently, with large orders showing a buy-sell imbalance [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 412,300, with an average of 7,901 shares held per shareholder [2][3]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in holdings among the top shareholders [3]. Dividend Distribution - Huatian Technology has distributed a total of 935 million yuan in dividends since its A-share listing, with 340 million yuan distributed over the past three years [3]. Industry Position - Huatian Technology operates within the semiconductor industry, specifically in integrated circuit packaging and testing, and is associated with several key industry concepts [2].

Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints of the Report - The target price of Qizhong Convertible Bond on the first trading day is estimated to be between 128 - 133 yuan, and investors are advised to actively subscribe. Considering the current market environment and parity level, the conversion premium rate on the first listing day is expected to be in the range of 28% - 33% [3][18]. - The estimated first - day new - bond lottery winning rate is around 0.0024% - 0.004% [19]. Summary by Relevant Catalogs 1. Qizhong Convertible Bond New - Bond Analysis and Investment Suggestions 1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Qizhong Convertible Bond are priority placement and online issuance. The bond and issuer ratings are AA+. The issuance scale is 850 million yuan, the initial conversion price is 13.75 yuan, the bond parity is 100.29 yuan, and the pure bond value is 98.54 yuan. The game terms are normal. Overall, the bond issuance scale is average, the liquidity is average, the rating is good, and the bond floor protection is good. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][14]. 1.2 New - Bond Initial Listing Price Analysis - The company mainly engages in advanced packaging and testing of integrated circuits, focusing on the display driver chip packaging and testing field and non - display chip packaging and testing fields such as power management chips and RF front - end chips. The funds raised from this issuance will be used for relevant projects, which can optimize the company's capital structure and enhance its market competitiveness [3][17]. 1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - Assuming the old shareholders' placement ratio is 59% - 76%, the scale of Qizhong Convertible Bond available to the market is 203 million - 350 million yuan. Assuming the online effective subscription number is 8.65 million households, the lottery winning rate is around 0.0024% - 0.004% [19]. 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Industry Upstream and Downstream - The company focuses on advanced packaging and testing of integrated circuits, mainly in the display driver chip and non - display chip packaging and testing fields. The integrated circuit industry chain includes chip design, wafer manufacturing, and packaging and testing. The upstream of the packaging and testing industry is integrated circuit manufacturing. Different types of chips have different downstream application markets [20][21]. 2.2 Company's Operating Conditions - The company's recent operating income has shown an increasing trend. From 2022 to the first half of 2025, the operating income was 1.317 billion yuan, 1.629 billion yuan, 1.95 billion yuan, and 996 million yuan respectively. The comprehensive gross profit margin has declined, and the net profit margin has also decreased. The company's period expenses have fluctuated slightly, and R & D expenses have been increasing. Accounts receivable have risen, but the turnover rate remains relatively high. The net profit attributable to the parent company has changed significantly [24][28][30]. 2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the company's equity structure is relatively concentrated. The top two shareholders hold 58.83% of the shares, and the top ten shareholders hold 76.06% of the shares. The company has one wholly - owned first - level subsidiary and one wholly - owned second - level subsidiary [43]. 2.4 Company's Business Characteristics and Advantages - The company is an advanced packaging and testing service provider for integrated circuits, with advantages in technological innovation, talent cultivation and introduction policies, and R & D incentive policies [46]. 2.5 Allocation of Funds Raised in This Issuance - The company plans to issue convertible bonds to raise up to 850 million yuan. 419 million yuan will be used for the "High - Pin - Count Micro - Sized Bump Packaging and Testing Project", and 431 million yuan will be used for the "Advanced Power and Flip - Chip Packaging and Testing Technology Transformation Project of Qizhong Technology (Suzhou) Co., Ltd." [12][49].

Core Viewpoint - The company, Hefei Xinhui Microelectronics Co., Ltd., is strategically investing in the storage chip and advanced packaging sectors to capitalize on the growing demand driven by AI infrastructure [2][3]. Group 1: Company Overview - Hefei Xinhui Microelectronics Co., Ltd. specializes in high-end integrated circuit packaging and testing services, with its main products being integrated circuit packaging tests [3]. - The company was established on December 18, 2015, and went public on August 18, 2022. Its primary business involves gold bumping, wafer testing, and various packaging processes, contributing to a comprehensive service capability for display driver chips [8]. Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.295 billion yuan, representing a year-on-year growth of 21.05%, and a net profit attributable to shareholders of 124 million yuan, with a year-on-year increase of 23.21% [9]. - As of September 30, 2025, the company had a total of 23,500 shareholders, an increase of 15.93% from the previous period, with an average of 36,445 circulating shares per person, up by 27.82% [9]. Group 3: Strategic Investments - The company has acquired a 27.5445% stake in Hefei Xinfeng Technology Co., Ltd. and has formed a strategic partnership with East China Technology (Suzhou) Co., Ltd. to expand into 3D DRAM and other storage chip packaging businesses [2]. - The company is focusing on advanced packaging technologies, including Chiplet, Fan-out, 2.5D/3D, and SiP, to meet customer demands and enhance its technological capabilities [2]. Group 4: Market Position and Trends - The company benefits from a significant overseas revenue share of 54.15%, largely due to the depreciation of the Chinese yuan [4]. - The main customers for the company's OLED products include several notable firms, indicating a strong market presence in the OLED sector [2].

Core Viewpoint - Dagang Co., Ltd. has experienced a decline in stock price and significant net outflow of funds, despite a year-to-date increase in stock price and positive revenue and profit growth in the first nine months of 2025 [1][2]. Group 1: Stock Performance - On November 4, Dagang's stock price fell by 2.00% to 17.15 CNY per share, with a trading volume of 5.22 billion CNY and a turnover rate of 5.17%, resulting in a total market capitalization of 99.53 billion CNY [1]. - Year-to-date, Dagang's stock price has increased by 16.91%, with no change in the last five trading days, a 2.94% increase over the last 20 days, and a 21.72% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Dagang achieved operating revenue of 270 million CNY, representing a year-on-year growth of 12.57%, and a net profit attributable to shareholders of 60.48 million CNY, reflecting a year-on-year increase of 52.38% [2]. - Since its A-share listing, Dagang has distributed a total of 109 million CNY in dividends, with no dividends paid in the last three years [3]. Group 3: Shareholder Structure - As of October 20, 2025, the number of Dagang's shareholders decreased by 9.81% to 90,300, while the average circulating shares per person increased by 10.88% to 6,425 shares [2]. - The top ten circulating shareholders include Southern CSI 1000 ETF, holding 3.18 million shares (a decrease of 36,200 shares), and Hong Kong Central Clearing Limited, holding 2.38 million shares (an increase of 156,200 shares) [3].

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has submitted its prospectus for an IPO on the Sci-Tech Innovation Board, marking a significant event in the semiconductor industry as it follows a trend of chip companies listing in Hong Kong [1] Company Overview - Shenghe Jingwei is an advanced packaging and testing enterprise for integrated circuits, with a market share second only to Changdian Technology, Tongfu Microelectronics, and Huatian Technology in mainland China [1][4] - The company was established in August 2014 in the Cayman Islands, with its main operations located in Jiangyin, Jiangsu Province [3] - The company has no actual controller or major shareholder, with its largest shareholder holding a 10.89% stake [3] Financial Performance - In 2022, the company reported a loss of 329 million yuan, but revenue has been increasing due to rising demand for advanced packaging [8] - Revenue figures for the years 2022 to 2025 (first half) are 1.633 billion yuan, 3.038 billion yuan, 4.705 billion yuan, and 3.178 billion yuan respectively, with net profits turning positive in 2023 and 2024 [8] - The company's gross profit margin has improved significantly from 6.85% in 2022 to 31.64% in the first half of 2025, reflecting better cost control and product mix [14][15] Business Structure - The revenue composition has shifted from mid-stage silicon wafer processing to multi-chip integration packaging, with the latter's share increasing from 5.32% in 2022 to 56.24% in the first half of 2025 [11] - The company primarily serves high-performance computing chips, smartphone processors, RF chips, storage chips, power management chips, communication chips, and network chips [4] Market Position - Shenghe Jingwei holds approximately 1.6% of the global packaging and testing market, ranking as the tenth largest globally and fourth in mainland China [24][32] - The global integrated circuit packaging and testing market is projected to grow from $55.46 billion in 2019 to $101.47 billion in 2024, with a compound annual growth rate (CAGR) of 12.8% [29] Investment and Future Outlook - The company plans to raise 4.8 billion yuan to invest in multi-chip integration packaging projects, aiming to enhance its production capacity [36] - Despite positive cash flow from operations, the company requires external financing to cover its investment needs, indicating a reliance on both equity and debt financing [23][36]

IPO Review and Registration Progress - Three companies passed the IPO review last week, including Hongban Technology, Taijin New Energy, and Jiangtian Technology, with plans to list on different exchanges [2][3] - Hongban Technology focuses on the research, production, and sales of printed circuit boards, targeting high-end applications in various sectors, including consumer electronics and automotive electronics [2] - Financial data for Hongban Technology shows projected revenues of 2.702 billion yuan and 2.726 billion yuan for 2024 and the first three quarters of 2025, respectively, with net profits of 214 million yuan and 413 million yuan [2] - Taijin New Energy specializes in high-end green electrolysis equipment and has faced scrutiny regarding its future performance stability and revenue recognition policies [3] - Jiangtian Technology, engaged in label printing products, reported a revenue of 468 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 10.85% [3] Upcoming IPOs - Five companies are scheduled for IPO reviews this week, including Qilong Ocean and Haisheng Medical, with plans to raise significant capital [4][5] - Qilong Ocean's revenue heavily relies on its partnership with CNOOC, with sales to the company accounting for over 75% of its revenue in recent years [4] - Haisheng Medical's revenue and net profit have declined, attributed to decreased sales in monitoring and surgical care products [6] - Shandong Tourism aims to raise 1.555 billion yuan through its IPO, focusing on various tourism-related projects [7] New Stock Listings and Performance - Danana Biological officially listed on the North Exchange, with a remarkable first-day increase of nearly 500% [11] - Other newly listed stocks include Heyuan Biological, Taikai Ying, and Xian Yicai, all showing significant gains on their debut [12] - Upcoming new stock subscriptions include Beikang Detection, with an issue price of 6.7 yuan per share, and two other companies set to announce their prices soon [13][14] Company Financials and Market Position - Shenghe Jingwei, a semiconductor packaging company, reported a revenue growth rate of 1st among the top ten global packaging enterprises from 2022 to 2024 [8] - The company aims to raise 4.8 billion yuan for advanced packaging projects, indicating strong market demand for its services [8] - Moer Thread and Tian Su Measurement received approval for their IPO registrations, with Moer Thread focusing on GPU development [9] Industry Trends - The IPO market is witnessing a mix of successful listings and some terminations, reflecting the competitive landscape and regulatory scrutiny [9][10] - The healthcare and technology sectors are particularly active, with companies like Haisheng Medical and Shenghe Jingwei leading the charge in innovation and market expansion [6][8]

Group 1 - Karen Co., Ltd. signed a device procurement contract worth 198 million yuan with BOE Technology Group's subsidiary [1] - Pingzhi Information's subsidiary signed a procurement framework agreement with China Telecom totaling approximately 74 million yuan [1] - Huaxin Environmental Protection obtained a loan commitment of 72 million yuan from China Minsheng Bank for stock repurchase [2] Group 2 - Sichuan Gold obtained a mining license for the Suoluo Gold Mine area [3] - *ST Huifeng's subsidiary, Kofit Company, is undergoing bankruptcy liquidation [4] - Blue Arrow Electronics decided to terminate and exit a joint investment project due to market changes [6] Group 3 - Junhe Materials is planning to issue H-shares and list on the Hong Kong Stock Exchange [7] - Longping High-Tech reported a 2.41% year-on-year decline in total revenue for the period from October 1, 2024, to September 30, 2025 [8] - Hongsheng Huayuan's subsidiary is a candidate for a 584 million yuan project with the State Grid [10] Group 4 - Weisheng Information won multiple projects in the power and public utility sectors, totaling 89.94 million yuan [12] - Heng Rui Pharmaceutical received approval for a clinical trial of a combination therapy for prostate cancer [13] - Saito Bio's subsidiary received approval for the listing of a raw material drug [15] Group 5 - Aikang Pharmaceutical's application for a new drug was accepted by the National Medical Products Administration [16] - Chengfa Environment was selected as a supplier for a waste-to-energy project in Indonesia [16] - Dalian Electric Porcelain's subsidiary is a candidate for a 59 million yuan project with the State Grid [17] Group 6 - Denghai Seed reported a 20.01% year-on-year decline in revenue for the 2024-2025 business year [18] - Tongda Co., Ltd. is a candidate for a 133 million yuan project with the State Grid [20] - Hanma Technology's electric heavy-duty truck sales increased by 325.7% year-on-year in October [21] Group 7 - Cap Bio received a patent for a microfluidic chip for live cell sorting [21] - Renfu Pharmaceutical's subsidiary received approval for a clinical trial of a drug for postherpetic neuralgia [22] - Daon Co., Ltd. received approval for a share issuance to acquire 100% of Daon Titanium Industry [22] Group 8 - Han Jian Heshan signed a procurement contract for reinforced concrete drainage pipes worth 207 million yuan [23] - Haisike's innovative drug HSK39297 received approval for clinical trials [25] - Tongguang Cable is a candidate for a 138 million yuan project with the State Grid [27] Group 9 - Jiuqiang Bio received medical device registration certificates for two new products [29] - Visionox is planning a change of control and has suspended trading [30] - Shenyu Co., Ltd. received approval for a convertible bond issuance [31] Group 10 - Metro Design's asset restructuring has resumed review by the Shenzhen Stock Exchange [33] - BAIC Blue Valley's private placement application was approved by the Shanghai Stock Exchange [34] - Seris set the H-share issuance price at 131.50 HKD per share, with listing on November 5 [35]