Core Viewpoint - Kangqiang Electronics announced a share buyback plan with a total amount between 60 million and 100 million yuan, with a maximum buyback price of 25.00 yuan per share, which is 41.96% higher than the current price of 17.61 yuan [1]. Group 1: Company Overview - Kangqiang Electronics is located in Ningbo, Zhejiang Province, and was established on June 29, 1992. It was listed on March 2, 2007. The company specializes in the manufacturing and sales of semiconductor packaging materials, including lead frames and bonding wires [1]. - The main business revenue composition includes: lead frame products 59.11%, bonding wire products 23.69%, electrode wire products 16.36%, others 0.82%, and molds and spare parts 0.02% [1]. - The company belongs to the Shenwan industry classification of Electronics - Semiconductors - Semiconductor Materials and is associated with concepts such as integrated circuits, chip concepts, specialized and innovative enterprises, semiconductors, and nuclear power [1]. Group 2: Financial Performance - As of June 30, the number of shareholders of Kangqiang Electronics was 80,400, an increase of 0.53% from the previous period. The average circulating shares per person decreased by 0.53% to 4,670 shares [2]. - For the first half of 2025, Kangqiang Electronics achieved operating revenue of 971 million yuan, a year-on-year decrease of 0.37%. The net profit attributable to the parent company was 59.48 million yuan, a year-on-year increase of 26.23% [2]. - The company has distributed a total of 153 million yuan in dividends since its A-share listing, with cumulative distributions of 33.78 million yuan over the past three years [3].

北京商报讯（记者 马换换 王蔓蕾）10月10日，中国证券业协会官网发布关于2025年第三批首发企业现 场检查抽查名单的公告，中电建新能源集团股份有限公司（以下简称"电建新能"）、珠海越亚半导体股 份有限公司（以下简称"越亚半导体"）2家企业被抽中现场检查。 据了解，电建新能拟冲击沪市主板上市，公司主营业务为中国境内风力及太阳能发电项目的开发、投 资、运营和管理，主要产品是电力，公司本次冲击上市拟募集资金约90亿元；越亚半导体拟冲击创业板 上市，公司主要从事先进封装关键材料和产品的研发、生产以及销售，公司本次冲击上市拟募集资金约 12.24亿元。 ...

Core Insights - Shangfeng Cement has announced a strategic investment in the semiconductor materials sector by establishing a partnership with several prominent investment institutions to invest in Jiangsu Xinhua Semiconductor Technology Co., Ltd. [1] - The total committed capital for the partnership amounts to 147.61 million yuan, with Shangfeng Cement's subsidiary contributing 5 million yuan, representing a 3.39% stake [1] - Following this investment, the partnership will become the largest shareholder of Xinhua Semiconductor, holding 24.55% of the shares, while the National Integrated Circuit Industry Investment Fund holds 20.63% [1] Investment Strategy - Since 2020, Shangfeng Cement has systematically invested in cutting-edge fields such as semiconductors, new energy, and new materials, building a comprehensive industrial chain in the semiconductor sector [2] - The company has invested in key players in the semiconductor industry, including Changxin Technology, Shenghe Jingwei, and Shanghai Chaozui, among others, which are recognized for their innovative capabilities [2] - In the new energy and new materials sectors, Shangfeng has also invested in several industry unicorns, covering high-growth areas from photovoltaic cells to key materials for lithium batteries [2] Strategic Rationale - The investment is part of a strategic deployment to enhance the company's sustainable competitive advantage while mitigating the risks associated with cyclical fluctuations in the cement industry [3] - By collaborating with state-owned funds and top-tier professional institutions, the company aims to leverage their expertise to control investment risks and optimize resource allocation [3] - This proactive investment approach reflects the company's commitment to strategic transformation and the cultivation of a second growth curve, positioning itself for future market opportunities [3]

Core Viewpoint - Hubei Dinglong Holdings Co., Ltd. expects significant profit growth for the first three quarters of 2025, driven primarily by its semiconductor materials business [2][3]. Financial Performance - The company anticipates a net profit attributable to shareholders of approximately 501 million to 531 million yuan for the period from January 1 to September 30, 2025, representing a year-on-year increase of 33.13% to 41.1% compared to 376.32 million yuan in the same period last year [2]. - The net profit after deducting non-recurring gains and losses is expected to be around 478 million to 508 million yuan, reflecting a year-on-year growth of 39.20% to 47.94% from 343.38 million yuan [2]. - For the third quarter, the net profit attributable to shareholders is projected to be between 190 million and 220 million yuan, showing a year-on-year increase of 19.89% to 38.82% [2]. Business Segments - The semiconductor materials business has shown strong performance, contributing approximately 1.522 billion yuan in sales revenue, a year-on-year increase of 40%, and accounting for about 57% of total revenue [3]. - Revenue from three new business segments—CMP polishing pads, CMP polishing liquids, and semiconductor display materials—grew by 51%, 42%, and 47% respectively compared to the previous year [3]. - The company achieved approximately 5.8 billion yuan in revenue for the third quarter, with a year-on-year growth of 28% and a quarter-on-quarter increase of 17% [3]. Challenges - The printing and copying consumables business is facing short-term pressure, with expected sales revenue of about 1.145 billion yuan, showing a slight decline year-on-year [4]. - Factors such as fluctuating market demand and slow industry recovery are impacting the performance of traditional consumables [4]. - The company plans to enhance cost control, optimize product structure, and improve operational efficiency to adapt to market changes [4]. Non-Recurring Gains and Losses - The company estimates non-recurring gains and losses for the reporting period to be around 23 million yuan, primarily due to government subsidies, compared to 32.94 million yuan in the same period last year [5].

Core Viewpoint - The company Dinglong Co., Ltd. has released its latest performance forecast, indicating significant growth in revenue and net profit for the first three quarters of 2025 compared to the previous year [1][2]. Financial Performance - For the first three quarters of 2025, the company expects to achieve approximately 2.677 billion yuan in revenue, with net profit attributable to shareholders estimated between 501 million yuan and 531 million yuan [1]. - The net profit for the same period last year was 376.32 million yuan, reflecting a year-on-year growth of 33.13% to 41.10% [2]. - The net profit after deducting non-recurring gains and losses is projected to be between 478 million yuan and 508 million yuan, marking a year-on-year increase of 39.20% to 47.94% [2]. Quarterly Breakdown - In the third quarter of 2025, the company anticipates revenue of approximately 945 million yuan, with net profit expected to be between 190 million yuan and 220 million yuan, representing a quarter-on-quarter growth of 11.73% to 29.37% and a year-on-year increase of 19.89% to 38.82% [2][3]. - The net profit for the same quarter last year was 158.48 million yuan [3]. Business Segments - The semiconductor materials and integrated circuit chip design and application business achieved sales revenue of approximately 1.522 billion yuan, a year-on-year increase of 40%, accounting for about 57% of total revenue [3]. - The revenue from CMP polishing pads, CMP polishing liquids, and cleaning liquids grew by 51%, 42%, and 47% respectively compared to the previous year [3]. - In the third quarter alone, this segment generated approximately 580 million yuan in revenue, reflecting a year-on-year growth of 28% and a quarter-on-quarter increase of 17% [3]. Traditional Business Challenges - The printing and copying consumables business is expected to generate approximately 1.145 billion yuan in sales, showing a slight decline year-on-year due to market demand fluctuations and slow industry recovery [4]. - The company plans to enhance cost control and optimize product structure to improve operational efficiency in response to market changes [4].

新股分析 2025 年 10 月 09 日 西安奕材:我国 12 英寸硅片头部 注册制新股纵览 20251009 本期投资提示: 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 由万宏源研究微信服务 请务必仔细阅读正文之后的各项信息披露与声明 2025 年 10 月 申购策略 目 | 1.AHP 分值及预期配售比例 . | | --- | | 2.新股基本面亮点及特色………………………………………………… 5 | | 2.1 12 英寸硅片产能位居全球第六，持续扩产提升份额 ……………………………………………………………………………………… 5 | | 2.2 产品技术匹配国内存储/逻辑领域最先进制程 . | | 2.3 客户涵盖境内外主流晶圆厂商，在手订单覆盖率约 200%…………………………………… 6 ...

策 略 研 究 新股分析 2025 年 10 月 09 日 西安奕材：我国 12 英寸硅片头部厂 商 ——注册制新股纵览 20251009 本期投资提示： 证 券 研 究 报 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 申 购 策 略 告 相关研究 - ⚫ AHP 得分：剔除、考虑流动性溢价因素后，测算西安奕材 AHP 得分为 2.49 分、2.58 分， 分别位于科创体系 AHP 模型总分 40.9%分位、44.0%分位，处于中游偏下、中游偏上水平。 ⚫ 本次网下发行采取约定限售方式：A₁类限售期 9 个月、限售比例 60%，A₂类、A₃类及 B 类 限售期均为 6 个月，限售比例分别为 45%、25%、25%，对应配售比例要求为 A₁类≥2.25×A₂ ...

Core Viewpoint - The company, Dinglong Co., Ltd., anticipates a significant increase in net profit for the first three quarters of 2025, projecting a range of 501 million to 531 million yuan, representing a year-on-year growth of 33.13% to 41.10% [1] Financial Performance - The expected net profit for the third quarter of 2025 is projected to be between 190 million to 220 million yuan, indicating a year-on-year increase of 19.89% to 38.82% [1] - Cumulative operating revenue for the first three quarters of 2025 is estimated at approximately 2.677 billion yuan, with third-quarter revenue around 945 million yuan [1] - The semiconductor materials and integrated circuit chip design and application business achieved product sales revenue of approximately 1.522 billion yuan, reflecting a year-on-year growth of 40% and accounting for about 57% of total revenue [1] - The printing and copying consumables business is expected to generate product sales revenue of approximately 1.145 billion yuan, showing a slight decline year-on-year [1] - Non-recurring gains and losses for the reporting period are expected to be around 23 million yuan, primarily influenced by government subsidies [1]

Market Performance - The A-share market opened positively after the holiday, with the Shanghai Composite Index rising by 1.32%, reaching its highest level since August 2015 [2] - The Shenzhen Component Index increased by 1.47%, while the ChiNext Index rose by 0.73% [3] - A total of 100 stocks hit the daily limit up, and over 3100 stocks experienced gains [5] Sector Performance - The non-ferrous metals and nuclear power sectors saw significant gains, while the semiconductor industry experienced a notable decline in the afternoon [5] - The real estate, tourism, and film sectors generally fell [5] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 2.65 trillion yuan, an increase of 471.8 billion yuan compared to the previous trading day [5] Capital Flow - Major capital inflows were observed in the non-ferrous metals, power equipment, and computer sectors, while there were outflows from the securities, automotive, and semiconductor sectors [7] - Specific stocks with net inflows included ZTE Corporation, Northern Rare Earth, and Hikvision, with inflows of 3.028 billion yuan, 2.658 billion yuan, and 1.361 billion yuan respectively [7] - Stocks with net outflows included Seres, SMIC, and Sungrow Power, with outflows of 2.52 billion yuan, 1.996 billion yuan, and 1.796 billion yuan respectively [7] Institutional Insights - CITIC Securities indicated that heavyweight stocks are driving the index higher, and the market is expected to continue its upward trend in the fourth quarter [8] - Guodu Securities noted that the overseas equity markets experienced a general rise during the National Day holiday, and the foundation for the current slow bull market remains intact [8] - The focus remains on the technology sector, with expected differentiation within the sector, emphasizing the importance of capturing high-growth areas [8] - Guojin Securities projected accelerated capital expenditure during the 14th Five-Year Plan, highlighting the active potential of the controllable nuclear fusion industry chain [8]

数据显示，截至2025年9月30日，中证新材料主题指数(H30597)前十大权重股分别为宁德时代 (300750)、北方华创(002371)、万华化学(600309)、隆基绿能(601012)、华友钴业(603799)、三环集团 (300408)、通威股份(600438)、三安光电(600703)、天赐材料(002709)、国轩高科(002074)，前十大权重 股合计占比52.06%。 截至2025年10月9日 10:16，中证新材料主题指数(H30597)强势上涨1.98%，成分股西部超导(688122)上 涨13.69%，当升科技(300073)上涨11.12%，雅克科技(002409)上涨10.01%，格林美(002340)，三环集团 (300408)等个股跟涨。新材料ETF指数基金(516890)上涨1.99%， 冲击3连涨。最新价报0.72元。拉长时 间看，截至2025年9月30日，新材料ETF指数基金近2周累计上涨3.69%。 新材料ETF指数基金紧密跟踪中证新材料主题指数，成分股涉及锂电、半导体、光伏等板块，今日多个 方向表现强势，新材料ETF指数基金涨超2.2%。 中证新材料主题指数选取50只 ...