Company Overview - Zhongshi Technology, established on April 10, 1997, and listed on December 27, 2017, is located in Beijing Economic and Technological Development Zone. The company specializes in the research, design, production, sales, and technical services of thermal materials, EMI shielding materials, and power filters. The main business revenue composition is 98.05% from thermal materials and 1.95% from other supplementary products [1]. Stock Performance - On September 23, Zhongshi Technology's stock fell by 5.13%, trading at 42.37 CNY per share, with a transaction volume of 820 million CNY and a turnover rate of 9.20%. The total market capitalization is 12.69 billion CNY [1]. Shareholder Information - Among the top ten circulating shareholders of Zhongshi Technology, one fund under GF Fund ranks as a significant shareholder. The GF Multi-Dimensional Emerging Stock Fund (003745) entered the top ten circulating shareholders in the second quarter, holding 1.1105 million shares, which accounts for 0.55% of the circulating shares. The estimated floating loss today is approximately 2.543 million CNY [2]. Fund Performance - The GF Multi-Dimensional Emerging Stock Fund (003745), managed by Zhou Zhishuo, has a total asset scale of 18.32 billion CNY. Year-to-date, the fund has achieved a return of 41.13%, ranking 1022 out of 4220 in its category. Over the past year, the return is 78.19%, ranking 1041 out of 3814, and since inception, the return is 108.82% [2].

Group 1 - The company, Dianlian Technology, announced the convening of its fourth board meeting on September 22, 2025, to discuss the reappointment of the accounting firm for the fiscal year 2025 [1] - For the first half of 2025, the company's revenue composition was 83.58% from electronic components and 16.42% from other industries [1] - As of the report date, Dianlian Technology's market capitalization was 24.2 billion yuan [1]

Core Viewpoint - The company, Fenghua Gaoke, has confirmed that its electronic components are widely used in various downstream applications, including automotive, industrial control, new energy, communications, home appliances, medical, servers, and drones [1] Group 1 - The company's main products are applied in the automotive sector [1] - The electronic components are utilized in industrial control applications [1] - The products serve the new energy industry [1] Group 2 - The components are used in communications technology [1] - The company supplies electronic parts for home appliances [1] - The medical field is another area where the company's products are applied [1] Group 3 - The company's electronic components are integral to server technology [1] - The drone industry is also a significant application area for the company's products [1]

（文章来源：证券时报网） 据天眼查APP显示，深圳万润科技股份有限公司成立于2002年12月13日。注册资本84530.2544万人民 币。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 数据宝统计，截至10:31，万润科技成交额21.87亿元，创2025年2月28日以来新高。最新股价上涨 10.01%，换手率16.91%。上一交易日该股全天成交额为20.83亿元。 ...

在此背景下，9月以来机构调研A股公司数量超千家，十余家公司获上百家机构调研，其中，机器人概 念龙头汇川技术获机构调研数最多，超过300家。从行业看，集成电路、电子元件、应用软件等"硬科 技"领域的上市公司，获得机构密集调研。 【环球网财经综合报道】中国证券业协会近日公布数据显示，券商分析师数量已突破6000大关，创历史 新高。截至9月19日，券商分析师数量达6162人，今年以来新增超400人。截至9月19日，共有3家券商分 析师数量超过300人，较年初增加2家。 与此同时，受公募基金"费改"影响，券商研究所转型迫在眉睫，寻求非佣金类的新业务增长点，实现收 入结构多元化。 另据中信证券最新发布研报指出，目前A股整体的行业选择框架依然是围绕资源+新质生产力+出海。资 源股在供给受限以及全球地缘动荡的预期推动下，从周期属性转向偏红利属性会带来估值体系重构，博 弈美联储降息的资金退潮带来的波动可以忽略；更大的中期线索还是中国制造业龙头的全球化，将份额 优势转化为定价权和利润率提升，从而逐步打破行情与基本面背离且全靠流动性驱动的错误认知。 ...

Group 1 - Securities firms have conducted a total of 3,845 research activities involving 644 listed companies since September 21, with a focus on industries such as industrial machinery and electronic components [1][2] - The most frequently researched company is Lanke Technology, which has been surveyed by 54 securities firms, followed by Juguang Technology with 40 surveys [1] - Leading securities firms include CITIC Securities and Guotai Junan, each conducting 175 surveys, while Changjiang Securities has conducted 135 surveys [1] Group 2 - Among the 644 listed companies, 76 are in the industrial machinery sector, and 42 are in the electronic components sector, indicating a preference for these industries [2] - As of September 19, 288 of the surveyed stocks have seen price increases this month, with 24 stocks rising over 30%, led by World with a 76.94% increase [2] Group 3 - Key issues of interest in the surveys include companies' overseas expansion strategies, with Juguang Technology actively integrating its acquisitions in Switzerland and Singapore [3] - Companies like Kaiying Network reported a 59.57% year-on-year increase in overseas revenue in the first half of the year, focusing on enhancing their product matrix for international markets [3] - Analysts predict that a number of Chinese companies will emerge as influential players in international markets, potentially leading to greater valuation premiums for leading domestic firms [3]

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 领益智造9月19日大宗交易平台出现一笔成交，成交量21.00万股，成交金额273.84万元，大宗交易成交 价为13.04元，相对今日收盘价折价7.06%。该笔交易的买方营业部为国投证券股份有限公司广州珠江东 路证券营业部，卖方营业部为国泰海通证券股份有限公司深圳滨河大道证券营业部。 （文章来源：证券时报网） 两融数据显示，该股最新融资余额为24.76亿元，近5日增加5325.09万元，增幅为2.20%。（数据宝） 9月19日领益智造大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 21.00 | 273.84 | 13.04 | -7.06 | 国投证券股份有限公司广 | 国泰海通证券股份有限公司 | | | | | | 州珠江东路证券营业部 | 深圳滨河大道证券营业部 | 进一步统计，近3个月内该股累计发生2笔 ...

Group 1 - Foreign institutions have shown a high frequency and broad coverage in their research of A-share listed companies, with 415 foreign institutions conducting a total of 1,885 research sessions since the second half of the year [1][2] - Key sectors of focus for foreign institutions include industrial machinery, electronic components, integrated circuits, electronic instruments, and medical care equipment, with companies like Huichuan Technology, Estun, Huaming Equipment, and Optoelectronics receiving over 80 research sessions each [1][2] - Notable foreign institutions such as Point72, Goldman Sachs, Bank of America Securities, and Citigroup have been particularly active, with Point72 leading with 63 research sessions [2] Group 2 - The current global political and economic uncertainties have increased investor interest in assets with higher certainty, with China being viewed as a stable environment amidst complex geopolitical trends [2][3] - Significant trends such as the rise of emerging consumption, strong demand for export trade, and investments related to artificial intelligence (AI) are boosting market confidence in China's economic growth prospects [3] - Foreign institutions are optimistic about the long-term growth resilience of the Chinese economy and the trend of industrial upgrading, with a focus on technology, high-end manufacturing, and healthcare sectors [6] Group 3 - The healthcare equipment sector has also attracted significant attention from foreign institutions, with companies like United Imaging, Mindray, and Aohua Endoscopy seeing high research activity due to long-term growth drivers such as aging population and increased health awareness [5] - Foreign institutions are strategically positioning themselves in sectors like technology, high-end manufacturing, and healthcare, while also exploring structural opportunities in consumption and new energy [4] - The investment outlook for Chinese stocks remains positive, particularly for companies that continuously invest in R&D and possess core technologies with international competitiveness [4][6]

Group 1 - Foreign institutions have shown high frequency and broad coverage in their research on A-share listed companies, with 415 foreign institutions conducting a total of 1,885 research sessions since the second half of the year [1][2] - Key sectors of focus for foreign institutions include industrial machinery, electronic components, integrated circuits, electronic instruments, and medical equipment, with companies like Huichuan Technology, Estun, Huaming Equipment, and Optoelectronics receiving over 80 research sessions each [1][2] - Notable foreign institutions such as Point72, Goldman Sachs, Bank of America Securities, and Citigroup have been particularly active, with Point72 leading with 63 research sessions [2] Group 2 - The current global political and economic uncertainties have increased investor interest in assets with higher certainty, with China being viewed as a stable environment with strong economic resilience [2][3] - Emerging trends such as the rise of new consumption, strong demand for export trade, and investments related to artificial intelligence (AI) are boosting market confidence in China's economic growth prospects [3] - Foreign institutions are optimistic about sectors like technology, high-end manufacturing, and healthcare, with a clear investment logic emerging in these areas [4] Group 3 - The healthcare equipment sector has also attracted significant attention from foreign institutions, driven by long-term growth factors such as an aging population and increased health awareness among residents [5] - Foreign institutions recognize the long-term growth resilience of the Chinese economy and the trend of industrial upgrading, capturing investment opportunities through in-depth research [6]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - In H1 2025, the company's revenue grew well, but net profit declined due to a drop in gross margin caused by rising raw material prices. The company is taking multiple measures to improve profitability, such as optimizing sales structure, strengthening sales teams, managing costs, and expanding production capacity [23]. - The company is formulating strategies for the exit of convertible bonds, aiming to promote them to be converted into stocks and ensuring repayment if necessary. It will adjust strategies according to market dynamics [26]. - The company is implementing cost - control measures to mitigate the impact of rising raw material prices, including cost monitoring, improving material utilization, and product price adjustment [27]. - The company's overall capacity utilization is around 85%, and it is actively expanding production capacity to meet market demand [28]. - The subsidiary Sande Guan is expected to turn a profit in H2 2025, while Punuowei's profitability is gradually improving [29][31]. - The company's sales in the US account for about 10%. It is implementing strategies to cope with US tariff policies, such as market diversification, optimizing customer cooperation, accelerating overseas production base layout, and enhancing domestic production base efficiency [31]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Chongda Technology - Industry: Electronic components - Reception time: September 18, 2025 - Company receptionist: Zhu Qionghua, Securities Affairs Representative [17] 3.2. Detailed Research Institutions - Wudang Asset (Asset management company) - Hongding Wealth (Other) - Aixi Capital (Other) - Guojin Securities (Securities company) [18] 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data 3.4.1. Company's Main Business Operation - **Revenue**: In H1 2025, the company achieved revenue of 3.533 billion yuan, a year - on - year increase of 20.73% [23]. - **Net profit**: In H1 2025, the company's net profit attributable to shareholders was 222 million yuan, a year - on - year decrease of 6.19%. The gross margin was 21.51%, a decrease of 3.57 percentage points compared to the same period last year, mainly due to the rise in precious metal raw material prices [23]. 3.4.2. Main Q&A - **Improving profitability**: The company is taking measures such as optimizing sales structure, strengthening the sales team, managing costs, improving order delivery and customer service, innovating product systems, and expanding production capacity [23]. - **Convertible bond exit**: The company aims to promote the conversion of "Chongda Convertible Bond 2" by improving performance and ensuring repayment with sufficient cash flow. It will adjust strategies according to market conditions [26]. - **Cost - control**: The company is implementing measures like cost monitoring, improving material utilization, and product price adjustment to cope with rising raw material prices [27]. - **Capacity utilization and expansion**: The current overall capacity utilization is about 85%. The company is accelerating the release of high - multilayer PCB capacity in Zhuhai factories, starting production in Zhuhai No. 3 Factory, building a production base in Thailand, and planning to build an HDI factory in Jiangmen [28]. - **Subsidiary performance**: Sande Guan is expected to turn a profit in H2 2025. Punuowei's profitability is improving with the recovery of market demand and customer inventory [29][31]. - **US market**: The company's sales in the US account for about 10%. It is implementing strategies such as market diversification, optimizing customer cooperation, accelerating overseas production base layout, and enhancing domestic production base efficiency to cope with US tariff policies [31].