Group 1 - The company maintains good and stable cooperative relationships with clients in high-reliability fields such as aerospace, aviation, electronic information, weapons, and shipbuilding [1] - The company has successfully participated in multiple commercial aerospace projects, leveraging its advantages accumulated over years in the aerospace service sector [1] - The company is a member of the Zhongguancun Leading Commercial Aerospace Industry Development Alliance and has participated in the formulation of standards related to ceramic capacitors in the commercial aerospace field in the first half of 2025 [1] Group 2 - The company aims to actively layout strategic emerging fields such as commercial aerospace, continuously optimizing its business layout [1] - The company is focused on cultivating new growth engines for its business to inject momentum into future development [1]

Core Viewpoint - The company, 麦捷科技, is expanding its production capacity for automotive inductors and LTCC RF devices by acquiring a property in Shenzhen, which aligns with its long-term strategic plan to develop a high-tech intelligent industrial park [2] Financial Performance - In the first half of the year, the company reported total revenue of 1.796 billion yuan, representing a year-on-year increase of 23.61% [2] - The net profit attributable to the parent company was 149 million yuan, showing a year-on-year growth of 3.3% [2] Acquisition Details - On August 26, the company participated in a public auction through the Shenzhen Intermediate People's Court, successfully acquiring a building in the Shenzhen Pingshan District for a starting price of 90.099 million yuan [2] - The total payment for the acquired building was made entirely from the company's own funds, and a deposit of 18 million yuan was paid to participate in the auction [2]

Core Insights - The stock of Delian Technology increased by 5.23% on September 4, reaching a price of 49.28 yuan per share, with a trading volume of 211 million yuan and a turnover rate of 1.20%, resulting in a total market capitalization of 20.935 billion yuan [1] Company Overview - Delian Technology Co., Ltd. is located in the Guangming District of Shenzhen, Guangdong Province, and was established on November 20, 2006, with its listing date on July 31, 2017 [1] - The company's main business involves the research, design, manufacturing, and sales of micro-connectors and interconnection systems [1] - The revenue composition of the company includes: automotive connectors (32.14%), RF connectors and cable assemblies (18.52%), electromagnetic compatibility components (17.75%), flexible boards (16.28%), and others (15.32%) [1] Shareholder Information - E Fund's Chuangye ETF (159915) entered the top ten circulating shareholders of Delian Technology in the second quarter, holding 6.7165 million shares, which accounts for 1.88% of the circulating shares [2] - The estimated floating profit for E Fund's Chuangye ETF today is approximately 16.4555 million yuan [2] - The fund was established on September 20, 2011, with a latest scale of 85.537 billion yuan, and has achieved a year-to-date return of 36.86% [2] Fund Manager Performance - The fund managers of E Fund's Chuangye ETF are Cheng Xi and Liu Shurong [3] - Cheng Xi has a tenure of 9 years and 123 days, managing assets totaling 195.312 billion yuan, with the best fund return during his tenure being 120.62% and the worst being -67.9% [3] - Liu Shurong has a tenure of 8 years and 51 days, managing assets totaling 112.299 billion yuan, with the best fund return during his tenure being 183.72% and the worst being -47.96% [3]

Group 1 - The company maintains a good growth trend in MLCC products, with a comprehensive product matrix covering various series, leading to increased market recognition [1] - The demand for optical devices has increased due to the accelerated construction of global data centers and AI servers, resulting in continuous sales growth of the company's related products in the first half of the year [1] - Despite the pressure on gross margin from rising upstream raw material prices, the overall gross margin remains high, reflecting significant improvements in the gross margin of the company's main businesses [1] Group 2 - In Q2, the company achieved a comprehensive gross margin of 42.74%, an increase of 1.73 percentage points quarter-on-quarter, driven by high-capacity MLCC and other main businesses [1] - The company is actively responding to market changes by optimizing raw material procurement strategies and promoting the development of new specifications, applications, and miniaturized products [1] - Profit forecasts for the company indicate a net profit of 26.22 billion, 32.78 billion, and 41.01 billion yuan for 2025-2027, with year-on-year growth rates of 19.69%, 25.01%, and 25.13% respectively [2]

Core Points - The company held its first extraordinary general meeting of shareholders in 2025 on September 9, focusing on various proposals including amendments to the company's articles of association and the cancellation of the supervisory board [1][2][3] Meeting Organization - The meeting was attended by all shareholders registered with the China Securities Depository and Clearing Corporation, as well as company directors, supervisors, senior management, and invited guests [1][2] - Voting was conducted through both on-site and online platforms, with specific time frames for each [2][3] Proposals Discussed - The main proposals included: 1. Amendment of the "Rules of Procedure for Shareholders' Meetings" [1] 2. Amendment of the "Rules of Procedure for Board Meetings" [1] 3. Amendment of the "Fundraising Management System" [1] 4. Proposal to cancel the supervisory board and amend the company's articles of association, transferring the supervisory functions to the audit committee of the board [3][4] Voting Results - The results of the on-site and online voting were announced by the chairman of the supervisory board, confirming the approval of the proposed amendments [1][2] Legal Opinions - A legal opinion was provided by the appointed law firm, confirming the legality of the meeting and the proposals discussed [1][2] Amendments to Articles of Association - The proposed amendments to the articles of association included changes to the structure and responsibilities of the company, particularly regarding the cancellation of the supervisory board and the establishment of new governance protocols [3][4][5]

Core Insights - The company's subsidiary, Jinbao Electronics, has completed the construction of a 2,000 tons/year high-speed high-frequency (HVLP) copper foil project for 5G applications, which is currently in the trial operation phase, expected to be fully operational by December 2024 [2]. Group 1 - The 2,000 tons/year HVLP copper foil project is specifically designed for 5G applications [2]. - The project has entered the trial operation phase as of September 3, 2023 [2]. - Full production is anticipated to commence in December 2024 [2].

Core Viewpoint - Recent economic data indicates significant improvement, driven by effective implementation of policies aimed at boosting consumption, stabilizing investment, and ensuring livelihoods [2][15]. Logistics Industry - The logistics industry experienced a notable expansion, with the logistics prosperity index for August reaching 50.9%, an increase of 0.4 percentage points from the previous month [4]. - Key sub-indices, including the total business volume index and new orders index, have shown continuous expansion, with the total business volume index remaining in the expansion zone for six consecutive months and the new orders index for seven months [4]. - The logistics service price index rose by 0.3 percentage points month-on-month, indicating improved microeconomic vitality and business conditions [4]. Manufacturing Sector - The manufacturing purchasing managers' index (PMI) for August was reported at 49.4, a slight increase of 0.1 percentage points, suggesting a stabilization in market demand [7]. - The production index for manufacturing reached 50.8, up 0.3 percentage points, reflecting a stable expansion in production activities [7]. - New momentum in the manufacturing sector is evident, with the equipment manufacturing PMI at 50.5 and high-tech manufacturing PMI at 51.9, both showing month-on-month increases [7]. Non-Manufacturing Sector - The non-manufacturing business activity index for August was 50.3, up 0.2 percentage points, indicating continued expansion in the sector [8]. - The service industry business activity index reached 50.5, marking the highest point of the year, driven by summer consumption and supportive policies [8]. Investment and Infrastructure - Government investment in projects has increased, with project bidding amounts from January to July rising by 31.9% year-on-year, indicating a robust investment climate [9]. - The construction machinery operating rate improved by 0.7 percentage points in July, reflecting a positive trend in infrastructure development [9]. Policy Measures - The National Development and Reform Commission (NDRC) plans to enhance consumer confidence and spending through a series of targeted policies, including promoting private investment in key projects [12]. - The "Artificial Intelligence+" initiative is being accelerated, with specific implementation plans and supporting documents being developed to enhance service consumption and economic vitality [12][13].

Core Viewpoint - Suzhou Goodwill Electronics Co., Ltd. has announced the achievement of the unlocking conditions for the second unlocking period of its 2022 employee stock ownership plan, allowing for the release of 300,000 shares, which is 0.04% of the company's total share capital [1][10]. Summary by Sections Employee Stock Ownership Plan Approval and Implementation - The employee stock ownership plan was approved during meetings held on September 23, 2022, and October 19, 2022 [2]. - The company completed the non-trading transfer of 4.83 million shares to the employee stock ownership plan on December 22, 2022, at a price of 4.68 yuan per share [3]. Unlocking Conditions and Performance Assessment - The plan has a duration of 120 months, with stock unlocking occurring in three phases based on performance targets [4]. - The second unlocking period's performance target was set at a minimum revenue of 10 billion yuan, with a threshold of 9.2 billion yuan [6]. - The company achieved revenues of 3.27 billion yuan in 2022, 4.09 billion yuan in 2023, and 5.64 billion yuan in 2024, totaling 12.99 billion yuan, surpassing the target for the second unlocking period [7]. Personal Performance Assessment - Individual performance is evaluated on a scale from A+ to D, with the unlocking of shares contingent on both company and individual performance [8]. - Out of 78 participants, 70 remain eligible, with 8 having left the company, resulting in a total of 300,000 shares available for unlocking [10]. Future Announcements - The next unlocking period will commence 24 months after the distribution announcement made on September 8, 2023, with further notifications to be issued [10].

Core Insights - The logistics industry in China is showing signs of recovery, with the logistics prosperity index rising to 50.9% in August, an increase of 0.4 percentage points from the previous month, indicating a positive trend in supply and demand [2][3] - Various economic indicators, including manufacturing PMI and industrial profits, are also reflecting improvements, suggesting a broader economic recovery [5][6] Logistics Industry Performance - The logistics prosperity index for August stands at 50.9%, with both the business volume index and new orders index continuing to expand, indicating sustained growth in logistics activities [3] - The logistics service price index increased by 0.3 percentage points, and the main business profit index rose by 0.2 percentage points in August, reflecting improved operational conditions for logistics companies [4] Economic Indicators - The manufacturing PMI for August is reported at 49.4%, showing a slight increase, while the production index reached 50.8%, indicating stable production activities [5] - The non-manufacturing business activity index for August is at 50.3%, with the service sector reaching a high of 50.5%, suggesting ongoing expansion in the service industry [6] Investment and Infrastructure - Government investment in infrastructure projects is on the rise, with project bidding amounts increasing by 31.9% year-on-year from January to July [8] - The construction machinery operating rate improved by 0.7 percentage points in July, indicating a positive trend in infrastructure development [8] Policy Support and Future Outlook - The National Development and Reform Commission (NDRC) is focusing on boosting consumer confidence and expanding investment, with plans to introduce policies to stimulate private investment [9][10] - The "Artificial Intelligence+" initiative is being implemented to enhance productivity and service consumption, with specific action plans being developed [10][11]

Core Viewpoint - 建滔积层板's stock has dropped over 7%, currently trading at 11.85 HKD, with a trading volume of 320 million HKD. The company reported a revenue of 9.588 billion HKD for the first half of the year, a year-on-year increase of 11%, and a net profit of 933 million HKD, up 28% year-on-year [1] Group 1 - 建滔积层板's copper-clad laminate prices have already increased in the second half of 2025, supported by strong PCB demand, which may benefit the company's performance in the latter half of the year [1] - The company is expected to accelerate its capacity layout for high-end CCL and materials in 2026, with AI options likely entering a realization phase, potentially driving up the valuation center [1] - Actual contributions to the financial statements may be concentrated in 2027 [1] Group 2 - 大华继显 reported a 1.3 percentage point decline in gross margin for 建滔积层板 in the first half of the year, as the increase in average selling price of laminates did not fully cover the rising copper costs [1] - The firm maintains a positive outlook on the company's business and new material development but has downgraded the stock rating to "hold," indicating that the current stock price reflects short-term growth potential [1] - Revenue forecasts for 2025 to 2027 remain largely unchanged, but earnings estimates have been reduced by 16%, 14%, and 9% respectively, reflecting weaker average selling price increases for laminates [1]