Core Viewpoint - The China Securities Regulatory Commission has confirmed the overseas listing applications for several companies, including Dongpeng Beverage, Saintong Medical, Youlesai, Linqingxuan, Jinxun Co., Muyuan Foods, Basic Semiconductor, Huasheng Technology, Xiantong International, and Wuyi Vision, with Huasheng Technology applying for a listing in Taiwan and the others in Hong Kong [1]. Group 1: Dongpeng Beverage - Dongpeng Beverage plans to issue no more than 66,446,000 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company focuses on beverage R&D, production, and sales, particularly in the functional beverage sector, with products including energy drinks, sports drinks, tea, coffee, plant protein drinks, and fruit and vegetable juices [3]. - Financial projections for Dongpeng Beverage show revenues of 8.5 billion, 11.257 billion, 15.83 billion, and 10.732 billion for 2022 to 2025, with corresponding net profits of 1.441 billion, 2.04 billion, 3.326 billion, and 2.375 billion [3]. Group 2: Saintong Medical - Saintong Medical intends to issue no more than 12,298,300 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company specializes in the R&D, production, and sales of special medical purpose formula foods, particularly in the infant medical food sector [5]. - Financial forecasts for Saintong Medical indicate revenues of 491 million, 654 million, and 834 million for 2022 to 2024, with net profits of 83.89 million, 170 million, and 91.14 million [5]. Group 3: Youlesai - Youlesai plans to issue no more than 26,833,500 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company is a leading integrated circular packaging service provider for the automotive industry, offering solutions and smart logistics systems [8]. - Financial projections for Youlesai show revenues of 648 million, 794 million, and 838 million for 2022 to 2024, with net profits of 3.12 million, 64.15 million, and 50.74 million [8]. Group 4: Linqingxuan - Linqingxuan intends to issue no more than 16,061,400 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company is a high-end skincare brand focusing on plant-based skincare products, using camellia oil as a core ingredient [10]. - Financial forecasts for Linqingxuan indicate revenues of 691 million, 805 million, and 1.21 billion for 2022 to 2024, with net profits of -5.93 million, 84.52 million, and 187 million [10]. Group 5: Jinxun Co. - Jinxun Co. plans to issue no more than 42,280,400 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company is involved in the development, smelting, and processing of non-ferrous metal new energy materials, with core businesses including cathode copper production and cobalt product processing [11]. - Financial projections for Jinxun Co. show revenues of 637 million, 676 million, and 1.77 billion for 2022 to 2024, with net profits of 84 million, 29 million, and 202 million [11]. Group 6: Muyuan Foods - Muyuan Foods intends to issue no more than 546,276,700 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company operates a full industry chain in pig farming, including feed processing, breeding, and meat processing [12]. - Financial forecasts for Muyuan Foods indicate revenues of 124.8 billion, 110.9 billion, and 138 billion for 2022 to 2024, with net profits of 14.933 billion, -4.168 billion, and 18.925 billion [12]. Group 7: Basic Semiconductor - Basic Semiconductor plans to issue no more than 39,357,800 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company focuses on the R&D and industrialization of silicon carbide power devices, with products used in photovoltaic storage and industrial control [15]. - Financial projections for Basic Semiconductor show revenues of 117 million, 221 million, and 299 million for 2022 to 2024, with net losses of 242 million, 342 million, and 237 million [15]. Group 8: Huasheng Technology - Huasheng Technology intends to issue no more than 9,100,000 ordinary shares and list on the Taiwan Stock Exchange [1]. - The company specializes in manufacturing electronic connectors and related products, including automotive wiring harnesses and RF antennas [17]. Group 9: Xiantong International - Xiantong International plans to issue no more than 9,259,900 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company is a comprehensive enterprise focusing on pharmaceutical R&D, production, and sales, with a pipeline targeting oncology and neurodegenerative diseases [19]. - Financial forecasts for Xiantong International indicate revenues of 10.23 million and 44.06 million for 2022 to 2024, with net losses of 309 million and 156 million [19]. Group 10: Wuyi Vision - Wuyi Vision intends to issue no more than 77,600,840 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company focuses on digital twin technology, providing applications for smart cities and industrial simulation [21]. - Financial projections for Wuyi Vision show revenues of 170 million, 256 million, and 287 million for 2022 to 2024, with net losses of 190 million, 87 million, and 82 million [21].

Core Viewpoint - The company, Jiewa Microelectronics Co., Ltd. (stock code: 688141.SH), has submitted its Hong Kong IPO prospectus, which will expire on November 30, six months after submission, with CITIC Securities as the sole sponsor [1]. Group 1: Company Overview - The company has developed proprietary and internationally advanced process platforms for integrated circuit production, aiming to become a leader in the global analog integrated circuit industry [2]. - The company possesses a complete core technology architecture that includes processes, integrated circuit design, and system definition [2]. Group 2: Product Offering - The product portfolio primarily consists of power management integrated circuits and signal chain integrated circuits [2]. - As of December 31, 2024, the company offers approximately 2,200 models of integrated circuit products for sale, including over 2,000 models of power management integrated circuits [2]. - According to Frost & Sullivan, the company has achieved an industry-leading level in the number of power management integrated circuit product models by 2024 [2].

Core Viewpoint - SMIC's stock performance shows a slight increase, with significant trading activity and a notable balance in margin trading, indicating investor interest and market dynamics [1][2]. Group 1: Stock Performance and Trading Activity - On November 28, SMIC's stock rose by 0.79%, with a trading volume of 3.487 billion yuan [1]. - The margin trading data for the same day indicates a financing purchase of 418 million yuan and a repayment of 488 million yuan, resulting in a net financing outflow of 69.965 million yuan [1]. - As of November 28, the total margin trading balance for SMIC reached 13.291 billion yuan, with the financing balance accounting for 5.84% of the circulating market value, which is above the 80th percentile of the past year [1]. Group 2: Shareholder and Financial Performance - As of September 30, the number of shareholders for SMIC increased to 336,200, a rise of 33.27%, while the average circulating shares per person decreased by 25.41% to 6,134 shares [2]. - For the period from January to September 2025, SMIC reported a revenue of 49.51 billion yuan, reflecting a year-on-year growth of 18.22%, and a net profit attributable to shareholders of 3.818 billion yuan, up 41.09% year-on-year [2]. - The top ten circulating shareholders include several ETFs, with notable reductions in holdings for some, while new entries were observed for others, indicating shifts in institutional investment [2].

Core Insights - China's integrated circuit production reached 386.6 billion units in the first ten months, marking a year-on-year growth of 10.2%, indicating a steady improvement in core component capacity and laying a solid foundation for high-quality industrial development [1] Industry Summary - The production of integrated circuits in China has shown significant growth, with a total output of 3866 million units [1] - The year-on-year increase of 10.2% reflects the industry's resilience and potential for further expansion [1] - The steady enhancement of core component capacity is crucial for the overall development and competitiveness of the semiconductor industry in China [1]

通过共建质量创新联合体、深化产业链对接，滨江区持续激发经营主体活力。推动机器人、集成电路等 产业互补合作，发布"穗杭智能机器人质量联动提升计划"与集成电路"伙伴手册"，促进企业链动对接与 金融创新赋能。知识产权共享机制逐步完善，龙头企业共建"智慧家庭产业专利池"，实现创新资源共用 共赢。 中国质量新闻网讯 为全面落实质量强国战略部署，杭州高新区（滨江）以"科产研创互驱、要素集成协 同"为主线，积极探索跨区域质量合作新路径，推动质量强县建设迈上新台阶。通过政府搭台、部门联 动、协会协同、教育延伸等多层次机制创新，滨江区与青岛市崂山区、广州市、绍兴市越城区等地签订 战略合作协议，构建南北联动、优势互补的质量发展共同体。 目前，滨江区质量合作机制效能显著提升，政府、部门、企业多层次协作形成闭环，产业协同取得突破 性进展。"上马石学堂""Bin-hub暖企小站"等质量服务品牌影响力辐射至合作区域，"1+N+X"质量基础 设施集成服务模式成功复制推广，全域质量生态持续优化，为区域经济高质量发展注入强劲动力。（曹 坤鹏） 在要素流动方面，滨江区整合广州、崂山等高能级平台资源，推动检验检测共享与标准互认，打造开放 式质量智 ...

Core Insights - The G60 Science and Technology Innovation Corridor is celebrating its seventh anniversary, emphasizing the integration of technology and industry innovation to support the Yangtze River Delta's development and Shanghai's international innovation center [2][8] Policy Support - Shanghai's Science and Technology Commission introduced 23 measures to support the G60 corridor, focusing on building a world-class industrial cluster and fostering international innovation ecosystems, with funding up to 50 million yuan for key projects in advanced fields [3] - The new policies aim to enhance collaboration among the nine cities in the G60 corridor and establish a cross-regional industrial cooperation mechanism [3] Financial Support - The People's Bank and financial management departments released 28 financial support policies to address the financing needs of enterprises, including a comprehensive work plan with 20 specific measures targeting technology finance, green finance, and digital finance [4] - The plan aims to create a full lifecycle financial service system for science and technology enterprises [4] Major Achievements - The G60 Major Science and Technology Innovation Platform Alliance showcased significant technological innovations, including the establishment of a national integrated circuit micro-nano testing equipment measurement center in Shanghai [5] - This center is expected to provide high-quality measurement services for the integrated circuit industry [5] Strategic Cooperation - Several universities and technology parks signed agreements to establish a collaborative university technology park, enhancing resource sharing and strategic partnerships with various institutions and financial organizations [6] - The G60 alliance aims to attract more financial resources towards technological innovation [6] Talent Development - The G60 corridor launched a global talent service matrix focusing on attracting, nurturing, retaining, and utilizing talent, aiming to align individual value with regional development [7] - Collaborative innovation initiatives were initiated in key sectors such as new materials and new energy vehicles, involving multiple academic and industry representatives [7] Future Outlook - The successful hosting of the conference marks a new beginning for the G60 corridor, with plans to strengthen regional collaboration, industrial linkage, and resource sharing, aiming to enhance its role as a source of technological innovation and high-end industry leadership [8]

12月1日，乐鑫科技涨5.01%，截至发稿，报175.68元/股，成交8.88亿元，换手率3.30%，总市值293.64 亿元。 鹏华创新成长混合A（011460）基金经理为赵花荣。 截至发稿，赵花荣累计任职时间348天，现任基金资产总规模16.89亿元，任职期间最佳基金回报 16.41%， 任职期间最差基金回报13.53%。 责任编辑：小浪快报 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，乐鑫信息科技(上海)股份有限公司位于上海市浦东新区御北路235弄3号楼1-7层，成立日期 2008年4月29日，上市日期2019年7月22日，公司主营业务涉及集成电路产品的研发设计和销售。主营业 务收入构成为：模组及开发套件60.47%，芯片38.89%，其他0.64%。 从基金十大重仓股角度 数据显示，鹏华基金旗下1只基金重仓乐鑫科技。鹏华创新成长混合A（011460）三季度减持28.84万 股，持有股数35万股，占基金净值比例为4.72%，位居第八大重仓股。根据测算， ...

Core Insights - China's economy is expected to achieve a growth target of around 5% in 2025, demonstrating resilience amid global uncertainties and domestic challenges [3][4] - The shift towards new economic drivers and quality improvements is a significant trend, with strong performance in high-tech and equipment manufacturing sectors [5][6] Economic Performance - In the first three quarters of 2025, the value added of major equipment manufacturing and high-tech manufacturing industries grew by 9.7% and 9.6% respectively, outpacing overall industrial growth [5] - Exports showed a robust growth rate of 6.2% from January to October, indicating strong international competitiveness in sectors like new energy and high-end equipment [5][6] Consumer Trends - Consumer preferences are shifting towards high-quality, smart appliances, with over 50% of smart home appliance sales in major retail channels [6] - Final consumption expenditure contributed 53.5% to economic growth in the first three quarters, reflecting a significant increase from the previous year [6] Policy and Future Outlook - The Chinese government is expected to implement more proactive fiscal and monetary policies to support economic recovery and growth in 2026 [8] - The upcoming "15th Five-Year Plan" is anticipated to create new growth opportunities, with a focus on structural reforms and enhancing market vitality [8][7]

New IPOs This Week - Two new stocks are scheduled for subscription this week: Beijing Angrui Microelectronics Technology Co., Ltd. (stock code: 688790) and Muxi Integrated Circuit (Shanghai) Co., Ltd. (stock code: 688802) [1][3] - Muxi is recognized as the "second domestic GPU stock" following Moore Threads, focusing on the development of full-stack GPU products for AI training, inference, general computing, and graphics rendering [1][6] Company Profiles Angrui Microelectronics - Angrui Microelectronics specializes in RF and analog integrated circuit design, with a focus on RF front-end chips and SoC chips [4] - The company has received investment support from major players like Xiaomi and Huawei, positioning itself as a leading domestic RF front-end chip manufacturer [4][5] - Angrui's product line covers all series of RF front-end chips for 5G/4G/3G/2G, achieving competitive performance in high-end markets [5] Muxi Integrated Circuit - Muxi focuses on the research and development of high-performance GPU chips and computing platforms, with products designed for AI training, inference, and graphics rendering [6][7] - The company has established a clear product matrix, with its main product line "Xiyun C series" achieving significant performance benchmarks against international competitors [7] - Muxi's revenue has shown explosive growth, increasing from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [7] Market Context - The RF front-end chip market in China is currently dominated by foreign manufacturers, with domestic companies holding approximately 20% market share, and less than 10% in high-end markets [4][5] - Muxi's advancements in GPU technology aim to fill the gap in the domestic high-end GPU market, which has been largely unaddressed [7]

Core Viewpoint - The A-share market will see the subscription of two new stocks this week, Mu Xi Co., Ltd. and Angrui Micro, both set to open for subscription on Friday [1] Group 1: Mu Xi Co., Ltd. - Mu Xi Co., Ltd. is a leading domestic enterprise in high-performance general-purpose GPU products, becoming the second domestic GPU company to list on the A-share market after Moore Threads [1] - The company focuses on the research, design, and sales of full-stack GPU products for artificial intelligence training and inference, general computing, and graphics rendering [2][3] - Mu Xi's product lineup includes the Xisi N series GPU for intelligent computing inference, the Xiyun C series GPU for training and general computing, and the upcoming Xicai G series GPU for graphics rendering [3] - The company has achieved cumulative GPU sales exceeding 25,000 units and has established a comprehensive ecosystem and commercial layout across various industries, including education, finance, transportation, energy, healthcare, and entertainment [4] - Revenue projections for Mu Xi from 2022 to 2024 are 42.64 million, 53 million, and 743 million, with net losses of 77.7 million, 87.1 million, and 140.9 million respectively [4] Group 2: Angrui Micro - Angrui Micro has a subscription limit of 3,500 shares per account, requiring a minimum market value of 35,000 in the Shanghai market [6] - The company specializes in the design and sales of RF front-end chips, RF SoC chips, and other analog chips, recognized as a national-level "little giant" enterprise [6] - Angrui Micro's RF front-end chips have been successfully sold to major brands such as Honor, Samsung, Vivo, Xiaomi, and OPPO [7] - Revenue projections for Angrui from 2022 to 2024 are 923 million, 1.695 billion, and 2.101 billion, with net losses of 290 million, 450 million, and 65 million respectively [7] - The funds raised will be invested in the R&D and industrialization of 5G RF front-end chips and modules, RF SoC development, and the construction of headquarters and R&D centers [7]