Market Overview - The A-share market saw all three major indices rise collectively, with the Shanghai Composite Index closing at 3853.64 points, up by 0.83%, and a total trading volume of 10,157.08 billion yuan [1] - The Shenzhen Component Index closed at 13,356.14 points, increasing by 1.80%, with a trading volume of 13,110.76 billion yuan [1] - The ChiNext Index ended at 3,185.57 points, up by 2.28%, with a trading volume of 6,285.21 billion yuan [1] Sector Performance - The semiconductor sector led the gains with a rise of 4.60%, totaling a trading volume of 4,569.44 million hands and a net inflow of 169.57 billion yuan [1] - The electronic chemicals sector increased by 4.08%, with a trading volume of 1,633.61 million hands and a net inflow of 27.90 billion yuan [1] - The energy metals sector rose by 3.39%, with a trading volume of 424.05 million hands and a net inflow of 12.63 billion yuan [1] - The tourism and hotel sector experienced a decline of 0.71%, with a trading volume of 1,121.43 million hands and a net outflow of 8.74 billion yuan [1] - The banking sector saw a slight decrease of 0.04%, with a trading volume of 4,355.52 million hands and a net outflow of 13.25 billion yuan [1]

Market Performance - The three major A-share indices collectively rose, with the Shenzhen Component Index and the ChiNext Index reaching new highs for the year [1] - As of the close, the Shanghai Composite Index increased by 0.83% to 3853 points, the Shenzhen Component Index rose by 1.8%, and the ChiNext Index climbed by 2.28% [1] - The total market turnover was 2.35 trillion yuan, a decrease of 171.3 billion yuan compared to the previous trading day, with over 4400 stocks rising [1] Sector Performance - Semiconductor and storage chip sectors surged following news that TSMC's 2nm process will increase prices by over 50%, leading to significant gains for companies like ShenGong Co., Jiangfeng Electronics, and Xingfu Electronics, which hit the daily limit [1] - The photovoltaic equipment sector was active, with TCL Zhonghuan also hitting the daily limit [1] - The electronic chemicals sector saw gains, with Grinda reaching the daily limit [1] - The BC battery sector strengthened, with HaiMuxing rising over 13% [1] - Other sectors such as photolithography machines, industrial gases, and gaming also recorded notable increases [1] - Conversely, the tourism and hotel sector continued to decline, with Yunnan Tourism hitting the daily limit down [1] - A few sectors, including wheel motors, recorded declines [1] Fund Flow and Trends - The semiconductor sector led in growth with a 4.40% increase, followed by fine chemicals at 3.17% [2] - The net inflow of funds was highest in the comprehensive category, showing a 3.82% increase over five days [2]

Group 1 - A-shares experienced significant activity with 67 stocks hitting the daily limit up and 8 stocks hitting the limit down on September 24 [1] - The semiconductor sector showed strong performance, with stocks like Changchuan Technology and Lianang Micro achieving consecutive limit ups [1] - The electronic chemicals sector also performed well, highlighted by the limit up of Grinda [1] Group 2 - Notable consecutive limit up stocks include *ST Yatai with 12 limit ups in 13 days and *ST Huawang with 4 limit ups in 6 days [1] - Other stocks with consecutive limit ups include Huasoft Technology with 4 consecutive limit ups and Dalong Real Estate with 3 limit ups in 4 days [1] - Conversely, *ST Gaohong faced a continuous decline with 9 consecutive limit downs, along with ST Zhongdi and *ST Wanfang experiencing 2 consecutive limit downs [1]

Market Overview - The A-share market saw all three major indices rise in the morning session, with the Shanghai Composite Index at 3845.91 points, up 0.63%, the Shenzhen Component Index at 13265.01 points, up 1.11%, and the ChiNext Index at 3169.40 points, up 1.76% [1] Sector Performance Top Performing Sectors - The semiconductor sector led the gains with a rise of 5.74%, followed by electronic chemicals at 4.77% and environmental protection equipment at 3.15% [1] - Other notable sectors included gaming (up 2.21%), photovoltaic equipment (up 2.20%), and real estate (up 2.11%) [1] Underperforming Sectors - The tourism and hotel sector experienced the largest decline at -1.47%, followed by coal mining and processing at -0.80% and electric machinery at -0.66% [1] - Additional sectors that saw declines included three metals (-0.57%), insurance (-0.32%), and banking (-0.27%) [1] Trading Volume and Net Inflow - The total trading volume for the top-performing sector, semiconductors, was 3138.18 million hands with a net inflow of 221.90 billion [1] - In contrast, the tourism and hotel sector had a trading volume of 711.20 million hands with a net outflow of -6.92 billion [1]

Summary of Key Points Core Viewpoint - The company, Aisen Semiconductor Materials Co., Ltd., has shown significant growth in revenue and net profit, indicating a strong performance in the electronic chemicals sector. Group 1: Financial Performance - For the first half of 2025, Aisen achieved operating revenue of 280 million yuan, representing a year-on-year growth of 50.64% [2] - The net profit attributable to the parent company was 16.78 million yuan, reflecting a year-on-year increase of 22.14% [2] Group 2: Shareholder Information - As of June 30, the number of shareholders increased to 6,397, up by 6.32% from the previous period [2] - The average circulating shares per person decreased to 8,641 shares, down by 5.94% [2] Group 3: Financing and Trading Activity - On September 23, Aisen's financing buy-in amounted to 37.37 million yuan, with a net buy of 7.62 million yuan [1] - The total financing and securities balance reached 250 million yuan, accounting for 9.04% of the circulating market value, which is above the 90th percentile level over the past year [1] - There were no short-selling activities reported on September 23, with both short-selling repayment and selling amounting to zero [1] Group 4: Dividend Distribution - Since its A-share listing, Aisen has distributed a total of 17.13 million yuan in dividends [3] Group 5: Company Overview - Aisen Semiconductor Materials Co., Ltd. was established on March 26, 2010, and is located in Kunshan, Jiangsu Province [1] - The company's main business involves the research, production, and sales of electronic chemicals, with revenue composition as follows: electroplating solution and supporting reagents 45.37%, electroplating supporting materials 29.31%, photoresist and supporting reagents 21.91%, and other electronic chemicals 0.37% [1]

Group 1: Research Basic Information - The research object is Glinda, belonging to the electronic chemicals industry, with a reception time of September 23, 2025, and the listed company's reception staff are General Manager Fang Weihua and Board Secretary Zhang Qi [17] Group 2: Detailed Research Institutions - The detailed research institutions include Yude Investment (with contact person Sun Jiali), Xianghe Investment (with contact person Yang Zhan), and CITIC Construction Investment (with contact persons Deng Haozhu, Sui Chong, and Wang Mandan) [18] Group 3: Main Content - The project "Research and Industrialization Verification of Key Materials for Integrated Circuit Manufacturing Production Line Components, Materials, and Key Equipment" undertaken by the company from the Ministry of Industry and Information Technology is in the overall acceptance stage, and the company is steadily advancing the project acceptance work [24] - The company's core product, the developer solution, has major customers such as BOE Group, South Korea's LG Group, China Star Optoelectronics, Tianma Microelectronics, and Visionox. The overall global new display industry in 2025 is continuously adjusting in a complex environment, with the annual panel demand down 2% compared to expectations according to Sigmaintell's data [24] - The MinLED technology has obvious demand growth in the mid - to high - end TV and in - vehicle display markets; the OLED technology shows diversified development, with a slowdown in the smartphone and TV markets and rapid penetration in the PC market; the in - vehicle display market is gradually decelerating in growth, and adding value has become the short - term key [25][26] - The Sichuan factory obtained the work safety license in Q3 2024 and passed the system certification. Its products are being tested on multiple production lines of major downstream customers. In the first half of this year, the developer solution of the Sichuan factory achieved successful single - factory transfer testing, signed a framework contract, and completed volume supply switching in Southwest system customers, with a revenue of 33.0984 million yuan in H1 2025 [24][26] - The share - reduction plan of Ningbo Juhe Venture Capital Investment Fund Partnership (Limited Partnership) is still in progress from June 27, 2025, to September 26, 2025, and the company will continue to supervise the shareholder to complete the share - reduction work legally and disclose information in a timely manner [26]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The semiconductor industry is expected to continue its steady growth in the next few years, driven by the continuous demand from AI, cloud infrastructure and other fields, which will drive the demand growth of electronic specialty gases [27] 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - The research object is Huat Gas, belonging to the electronic chemicals industry, and the reception time is September 23, 2025. The listed company's reception personnel include the chairman, general manager, independent director, financial director and board secretary [17] 3.2 Detailed Research Institutions - The reception objects include investors and others [20] 3.3 Research Institution Proportion - No relevant content provided 3.4 Main Content Information - In the reporting period, the company's operating revenue was 676.5288 million yuan, a year - on - year decrease of 5.77%. The net profit attributable to the parent company's shareholders was 77.9072 million yuan, a year - on - year decrease of 18.97%. The company's total assets increased by 5.29% compared with the beginning of the report, and the net assets attributable to listed company shareholders increased by 4.29% [24] - In the first half of the year, the industry showed the characteristics of "recovery on the demand side and pressure on the price side". Although the sales volume of some core special gas products increased significantly, due to intensified price competition, the overall sales revenue declined year - on - year [24] - This year, the company will focus on R & D of key gas products in fields such as integrated circuits, new energy, and medical and health. In the integrated circuit field, it will promote the transformation of high - end electronic special gas products and expand the market [25] - Driven by the demand from AI and cloud infrastructure, the global semiconductor market sales are expected to reach 700.9 billion US dollars in 2025, a year - on - year increase of 11.2%, and continue to grow by 8.5% in 2026. The semiconductor manufacturing materials market is expected to grow by nearly 8% in 2025, and the overall semiconductor materials market will have a CAGR of 5.6% from 2023 to 2028 and exceed 84 billion US dollars in 2028 [27]

Core Viewpoint - Zhongjuxin Technology Co., Ltd. experienced a 5.1% decline in stock price, closing at 9.12 CNY per share, with a total market capitalization of 13.473 billion CNY as of September 23 [1] Company Overview - Zhongjuxin was established on December 25, 2017, and went public on September 8, 2023. The company is based in Quzhou, Zhejiang Province, and specializes in the research, production, and sales of electronic wet chemicals, electronic specialty gases, and precursor materials [1] - The revenue composition of Zhongjuxin is as follows: electronic wet chemicals account for 76.63%, electronic specialty gases and precursors for 21.25%, and other sources for 2.12% [1] Shareholder Information - Among the top ten circulating shareholders of Zhongjuxin, Bosera Fund's Bosera SSE STAR 100 ETF Linked A (019857) increased its holdings by 867,000 shares in Q2, bringing its total to 4.1924 million shares, which represents 0.73% of the circulating shares [2] - As of the latest data, the fund has incurred an estimated floating loss of approximately 2.0543 million CNY [2] Fund Performance - The Bosera SSE STAR 100 ETF Linked A (019857) was established on December 1, 2023, with a current size of 383 million CNY. Year-to-date, it has achieved a return of 48.25%, ranking 598 out of 4220 in its category. Over the past year, the return is 104.32%, ranking 469 out of 3814, and since inception, the return is 33.48% [2]

Market Performance - The electronic chemicals sector rose by 2.06% on September 22, with Weiteou leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Top Gainers - Weiteou (301319) closed at 42.08, with a significant increase of 19.99% and a trading volume of 158,600 shares, amounting to a transaction value of 633 million [1] - Other notable gainers include: - Siquan New Materials (301489) at 267.98, up 11.75% [1] - Dinglong Co., Ltd. (300054) at 35.10, up 5.69% [1] - Nanda Optoelectronics (300346) at 37.72, up 4.63% [1] Market Capital Flow - The electronic chemicals sector saw a net inflow of 15.1 million from institutional investors, while retail investors experienced a net outflow of 24.2 million [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Nanda Optoelectronics (300346) had a net inflow of 25.2 million from institutional investors, while retail investors saw a net outflow of 23.1 million [3] - Zhongshi Technology (300684) experienced a net inflow of 15.8 million from institutional investors, with retail investors facing a net outflow of 16.4 million [3] - Shanghai Xinyang (300236) had a net inflow of 43.1 million from institutional investors, while retail investors saw a net outflow of 62.9 million [3]

Core Viewpoint - Four listed companies, Fudan Fuhua, Sike Rui, Juewei Food, and Chuangyi Information, announced financial fraud, leading to risk warnings and a collective trading suspension, affecting nearly 200,000 shareholders [1][3][4] Group 1: Company Announcements - The four companies will be placed under special treatment ("ST") due to financial fraud, with trading suspended for one day starting Monday [1][4] - The announcement has caused significant concern among shareholders, including long-term investors and new entrants [3] Group 2: Regulatory Environment - The regulatory authorities have taken a strong stance against financial fraud, with recent cases leading to trading suspensions for companies like ST Hongyang and ST Zhongli [4][5] - The China Securities Regulatory Commission (CSRC) is intensifying its focus on information disclosure, which has become a critical area of scrutiny [5][7] Group 3: Market Reactions - The market has shown cautious trading behavior, with a notable decrease in trading volume and mixed performance across sectors [9] - Despite the recent turmoil, there are positive signals from foreign investment, with Goldman Sachs recommending an overweight position in Chinese stocks [11] Group 4: Economic Context - The People's Bank of China and other financial regulators are expected to provide insights into the financial sector's development during an upcoming press conference [8] - The recent interest rate cut by the Federal Reserve may positively impact domestic equity assets, particularly growth-oriented stocks [12]