Group 1 - The Hong Kong stock market, particularly the technology sector, has experienced volatility, yet there has been a notable inflow of capital, with large internet companies being the top net buyers [1] - Recent data indicates that Hong Kong technology ETFs have seen a strong inflow of funds, totaling 51.6 billion yuan over the past month, reflecting investor confidence in the sector [1] - Factors contributing to the underperformance of the Hong Kong market compared to A-shares include tight liquidity, low AH share premium rates, and downward revisions in earnings for major stocks [1] Group 2 - The Hang Seng Tech Index, which includes 30 major Hong Kong internet and manufacturing companies, is expected to capture opportunities in the tech sector, covering both soft and hard technology industries [1] - As of September 3, 2025, the top five constituents of the Hang Seng Tech Index are Tencent Holdings, Alibaba-W, SMIC, NetEase-S, and Xiaomi Group-W [1] - The Hang Seng Tech ETF (513130) has a current size of 36.869 billion yuan and an average daily trading volume of 5.3 billion yuan since August, indicating strong liquidity and potential for capturing rebound opportunities in the tech sector [1]

Core Viewpoint - Longxin Zhongke's stock price dropped by 5.08% to 127.00 CNY per share, with a total market capitalization of 50.93 billion CNY as of September 4 [1] Company Overview - Longxin Zhongke Technology Co., Ltd. was established on March 5, 2008, and went public on June 24, 2022. The company is located in the Zhongguancun Environmental Technology Demonstration Park in Haidian District, Beijing [1] - The main business involves the research, sales, and services of processors and supporting chips, with revenue composition as follows: 47.09% from information technology chips, 35.82% from industrial control chips, and 17.09% from solutions [1] Fund Holdings - Longxin Zhongke is a top ten holding in the Guolian An Fund's ETF, specifically the Guolian An Science and Technology Chip Design ETF (588780), which held 59,200 shares, accounting for 3.23% of the fund's net value [2] - The ETF has a current scale of 244 million CNY and has achieved a year-to-date return of 53.36%, ranking 223 out of 4222 in its category [2] Fund Manager Performance - The fund manager Huang Xin has a tenure of 15 years and 146 days, with a total asset scale of 42.05 billion CNY and a best fund return of 166.78% during his tenure [3] - Co-manager Zhang Zhenyuan has a tenure of 11 years and 277 days, managing assets of 40.82 billion CNY, with a best fund return of 272.86% during his tenure [3]

Core Viewpoint - The company, Guangzhou Huizhi Microelectronics Co., Ltd., has not yet achieved profitability, reporting a net loss of 65.28 million yuan, although this represents a 64.41% reduction compared to the previous year [1][6][21]. Financial Performance - The company's operating revenue increased by 39.97% year-on-year, reaching 354.52 million yuan, driven by a significant rise in chip sales [20][23]. - The net loss attributable to shareholders decreased by 64.41% to -65.28 million yuan, while the net loss excluding non-recurring gains and losses was -137.36 million yuan, a 31.48% reduction from the previous year [1][21]. - The cash flow from operating activities was negative at -235.40 million yuan, indicating that the company’s sales were insufficient to cover its expenses [21][14]. Business Operations - The company is focused on enhancing its radio frequency front-end product line, with successful mass production of the Phase8L integrated L-PAMiD product for high-end flagship models of major Android clients [2][23]. - The company has been actively expanding its market presence, with significant orders from major clients like Samsung expected to be fulfilled in 2024 [2][23]. Use of Funds - The company adjusted its fundraising project expenditures, planning to allocate 570 million yuan for the "Headquarters and R&D Center Construction Project," with 370 million yuan for the Guangzhou center and 200 million yuan for the Shanghai center [4][24]. - As of April 14, 2025, the actual use of funds for the Guangzhou project exceeded the planned amount by 25.91 million yuan, primarily for employee salaries and material costs [4][5]. Research and Development - The company’s R&D expenditure accounted for 28.02% of its operating revenue, reflecting a decrease of 27.55 percentage points compared to the previous year, mainly due to increased sales revenue [21][23]. - The company holds a total of 151 invention patents and 24 utility model patents, indicating a strong focus on innovation in the radio frequency front-end sector [23]. Market Position and Competition - The global radio frequency front-end market is dominated by major players such as Skyworks, Qorvo, Broadcom, Qualcomm, and Murata, which have significant revenue and strong profitability [12][15]. - The company is striving to enhance its competitive edge through technological innovation and expanding its product offerings in response to market demands [23][15]. Risks and Challenges - The company faces several risks, including the ongoing challenge of achieving profitability, potential technological obsolescence, and intense competition from established international firms [6][7][15]. - The reliance on a limited number of suppliers for critical components poses a risk to production stability and operational efficiency [11][12].

Core Viewpoint - Dongxin Co., Ltd. (688110) has experienced a significant stock price surge, with a year-to-date increase of 379% and a 250-day cumulative increase of 589.66%, despite reporting losses in its semi-annual financial results [1][4]. Financial Performance - For the first half of 2025, Dongxin reported a total revenue of approximately 342.99 million yuan, a year-on-year increase of 28.81% [3]. - The company recorded a net loss attributable to shareholders of approximately 110.97 million yuan, which is an increase in losses compared to the previous year [4]. - The net asset value attributable to shareholders decreased by 2.29% to approximately 3.14 billion yuan, while total assets decreased by 1.49% to approximately 3.48 billion yuan [3]. Market Activity - On September 3, 2025, Dongxin's stock resumed trading after a suspension due to unusual trading fluctuations, with a closing price of 119.38 yuan per share and a trading range of 19.49% on the first day back [1][2]. - The company’s stock price performance has drawn attention as a typical example of valuation bubbles in the A-share market [4]. Strategic Developments - Dongxin has invested in the Shanghai Lishuan GPU project, which has not yet generated revenue but has sparked market interest in domestic graphics processor alternatives [2]. - The company plans to expand its focus from traditional storage chips to an integrated approach involving storage, computing, and networking [6]. Shareholder Composition - As of the mid-year report, major shareholders include Dongfang Hengxin Group with a 34.28% stake and other notable investors, indicating strong support from retail investors [5]. - Two prominent retail investors entered the top ten shareholders in the second quarter, with a combined market value of over 970 million yuan based on the stock's closing price on the resumption day [5].

Investment Rating - The report maintains a "Recommended" rating for the company, with projected revenue growth and profitability improvements [6]. Core Insights - The company has shown steady improvement in gross margin and rapid growth in its module business, with a projected revenue increase from 20.07 billion yuan in 2024 to 40.45 billion yuan in 2027 [2][6]. - The company achieved a revenue of 12.46 billion yuan in the first half of 2025, a year-on-year increase of 35.35%, and a net profit of 2.61 billion yuan, up 72.29% year-on-year [6]. - The module and development kit segment generated 7.53 billion yuan in revenue, representing a 41.61% year-on-year growth, while the chip segment saw a revenue of 4.84 billion yuan, a 27.05% increase [6]. - The overall gross margin improved to 45.20%, up 2.01 percentage points year-on-year, with the second quarter of 2025 showing a gross margin of 46.69% [6]. - The company is positioned as a professional chip design enterprise in the IoT sector, focusing on "processing + connectivity" and plans to continue increasing R&D investment to enhance product performance and market share [6]. Financial Forecasts - Projected financial metrics for the company are as follows: - Revenue (billion yuan): 20.07 (2024A), 26.65 (2025E), 33.16 (2026E), 40.45 (2027E) [2][8] - Net profit (billion yuan): 3.39 (2024A), 5.17 (2025E), 6.83 (2026E), 8.88 (2027E) [2][8] - Gross margin (%): 43.91 (2024A), 44.62 (2025E), 44.72 (2026E), 45.85 (2027E) [2][8] - Diluted EPS (yuan): 2.17 (2024A), 3.30 (2025E), 4.36 (2026E), 5.66 (2027E) [2][8] - The company’s PE ratio is projected to decrease from 88.27 in 2024 to 33.75 in 2027, indicating improving valuation metrics [2][8].

Group 1 - The core investment sentiment has shifted from "avoid China" to "consider buying China" as global investors reassess the Chinese market amidst improving stock performance in Shanghai and Shenzhen [1] - Fund managers believe that ample liquidity may support a long-term rise in global stock markets, and with Chinese households increasingly investing in the stock market, foreign capital may also follow suit [1] - The historical volatility of the Chinese A-share market serves as a cautionary tale for foreign investors, highlighting the need for China to regain their trust [1] Group 2 - Two actionable recommendations include moderating the pace of the bull market to avoid excessive enthusiasm that could deter foreign investment, and utilizing state intervention to stabilize market fluctuations [2] - The Chinese government should communicate its commitment to capital returns without sacrificing corporate profitability, particularly emphasizing advancements in artificial intelligence as a key driver for stock market growth [2] - As China shifts focus from building its own AI models to restructuring supply chains, there is potential for increased global investor interest in cost-effective inference chips, which may lead to significant returns for companies like Cambricon [3]

证券代码：688279 证券简称：峰岹科技 公告编号：2025-052 峰岹科技（深圳）股份有限公司 关于参加 2025 年半年度科创板芯片设计行业 集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 会议召开时间：2025 年 9 月 8 日（星期一）下午 15:00-17:00 ? 会议召开地点：上海证券交易所上证路演中心 （网址：http://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络文字互动方式 ? 投资者可于 2025 年 9 月 5 日（星期五）16:00 前登录上证路演中心网站首页 点击"提问预征集"栏目或通过电子邮件的形式发送至公司邮箱 （三） 会议召开方式：网络文字互动方式 三、 参加人员 董事长、总经理：BI LEI 先生 董事会秘书：焦倩倩女士 （ir@fortiortech.com）进行提问，公司将在业绩说明会上对投资者普遍关注的问 题进行回答。 峰岹科技（深圳）股份有限公司（以下简称"公司"）已于 2025 年 8 月 2 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来 源 ：内容来自上海证券报 。 8月30日，星宸科技发布2025年半年度报告。2025年上半年，公司实现营业收入约14亿元，同比 增长约18.6%；其中第二季度实现营业收入约7.4亿元，同比增长约12.4%、环比增长约10.9%，创 公司半年度及单季度营收历史新高。 同日，星宸科技发布公告称，以约2.1亿元现金收购上海富芮坤微电子有限公司（以下简称"富芮 坤"或"标的公司"）53.3087%股权。本次收购完成后，富芮坤将成为公司控股子公司，并纳入公司 合并报表范围。本次收购将实现公司已有关键自研技术与富芮坤蓝牙技术的高度协同，标志着公司 在端侧AI SoC芯片设计领域的战略布局又迈出重要一步。 公告显示，本次交易对手方共15家，标的公司的全部股权投资价值约4.1亿元。根据估值结果并经 交易各方友好协商，本次收购交易对价约2.1亿元。根据公告，2025年上半年，富芮坤实现营业收 入约5875万元。按照业绩承诺，富芮坤在2026-2028三年需实现累计净利润不低于1亿元。 公开信息显示，富芮坤成立于2014年，是一家专注蓝牙芯片设计、研发与销售的高新技术企业， 并于20 ...

Core Viewpoint - 泰凌微 is resuming trading after announcing a plan to acquire 100% of Shanghai Pankei Microelectronics Co., Ltd. through a combination of issuing shares and cash payments, aiming to enhance its position in the low-power wireless IoT chip design sector [1][3]. Group 1: Company Announcement - 泰凌微's stock opened at a limit-up price of 63.46 yuan, reflecting a 20.01% increase, and closed at 58.47 yuan, with a total market capitalization of 14.076 billion yuan [1]. - The company announced the resumption of trading on September 1, 2025, after being suspended since August 25, 2025, due to the pending acquisition announcement [1][2]. Group 2: Acquisition Details - The acquisition involves purchasing the entire equity of Shanghai Pankei Microelectronics from 26 parties, including STYLISH and Shanghai Chip Flash, and will be funded through a mix of share issuance and cash [1][2]. - The raised funds will be allocated for transaction costs, taxes, and to supplement working capital for both the listed company and the target company, with a maximum of 25% of the transaction price or 50% of the total raised funds designated for debt repayment [2]. Group 3: Financial Performance of Target Company - Shanghai Pankei Microelectronics reported revenues of 119.98 million yuan, 129.30 million yuan, and 75.69 million yuan for the years 2023, 2024, and the first half of 2025, respectively, with net losses of 40.39 million yuan, 31.50 million yuan, and 2.13 million yuan during the same periods [4][5]. - As of June 30, 2025, the total assets of Shanghai Pankei Microelectronics were 157.61 million yuan, with total liabilities of 38.08 million yuan and owner's equity of 119.53 million yuan [5].

● 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于2025年9月1日（星期一）至9月5日（星期五）16:00前登录上证路演中心网站首页点击"提 问预征集"栏目或通过公司邮箱investor@hygon.cn进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 海光信息技术股份有限公司（以下简称"公司"）已于2025年8月6日发布公司2025年半年度报告，为便于 广大投资者更全面深入地了解公司2025年半年度的经营成果、财务状况，公司计划于2025年9月8日（星 期一）15:00-17:00参与由上海证券交易所主办的2025年半年度科创板芯片设计行业集体业绩说明会，就 投资者关心的问题进行交流。 登录新浪财经APP 搜索【信披】查看更多考评等级 一、 说明会类型 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性依法承担个别及连带责任。 重要内容提示： ● 会议召开时间：2025年9月8日（星期一）15:00-17:00 本 ...