Core Viewpoint - Industrial Fulian's stock price increased by 5.02% to 63.02 CNY per share, with a total market capitalization of 1,251.463 billion CNY, indicating strong market interest and performance [1] Company Overview - Foxconn Industrial Internet Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, established on March 6, 2015, and listed on June 8, 2018. The company specializes in the design, research and development, manufacturing, and sales of various electronic devices, providing smart manufacturing and technology service solutions to globally recognized clients through industrial internet [1] - The main business revenue composition is 99.85% from 3C electronic products and 0.15% from other supplementary sources [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Guotou Ruijin holds a significant position in Industrial Fulian. The Guotou Ruijin Industry Transformation One-Year Holding Period Mixed A Fund (015285) held 709,500 shares in the second quarter, accounting for 2.59% of the fund's net value, ranking as the ninth largest holding [2] - The fund has generated an estimated floating profit of approximately 2.1355 million CNY today [2] Fund Performance - The Guotou Ruijin Industry Transformation One-Year Holding Period Mixed A Fund (015285) was established on July 21, 2022, with a latest scale of 520 million CNY. Year-to-date returns are 35.33%, ranking 1711 out of 8234 in its category; the one-year return is 39.99%, ranking 1669 out of 8095; since inception, it has a loss of 25.19% [2] - The fund manager, Shi Cheng, has a tenure of 6 years and 208 days, with a total fund asset size of 7.347 billion CNY, achieving a best return of 147.53% and a worst return of -26.64% during his tenure [3] - Co-manager Pu Hongrui has a tenure of 291 days, managing a fund size of 586 million CNY, with a best return of 40.25% and a worst return of 39.6% during his tenure [3]

Group 1 - The core viewpoint of the news is that the China Securities Regulatory Commission (CSRC) has requested supplementary materials from Shenghong Technology regarding its business scope and share pledge situation as part of its listing application on the Hong Kong Stock Exchange [1][2] - Shenghong Technology is a leading global supplier of AI and high-performance computing PCBs, focusing on the R&D, production, and sales of advanced HDI and multi-layer PCBs [2] - The company has achieved significant revenue growth, with reported revenues of approximately 7.885 billion RMB, 7.931 billion RMB, and 10.731 billion RMB for the fiscal years 2022, 2023, and 2024 respectively [2] Group 2 - The CSRC has specifically requested Shenghong Technology to clarify whether its business operations fall under the negative list of foreign investment access measures [1] - The company is required to disclose any potential major ownership disputes or changes in control due to share pledges by its major shareholders and actual controllers [1] - Shenghong Technology's market share in the AI and high-performance computing PCB sector is the largest globally, with key applications including AI computing cards, servers, and data center switches [2]

Core Insights - The financial reports of Yabo Xuan and Minshida for the third quarter of 2025 indicate significant revenue and profit growth, reflecting strong market demand and operational stability [1][2]. Group 1: Yabo Xuan Performance - Yabo Xuan achieved a revenue of 419 million yuan for the first three quarters of 2025, representing a year-on-year increase of 55.90% [1]. - The net profit attributable to shareholders for the same period was 48.72 million yuan, up 36.59% year-on-year, with a non-recurring net profit of 48.02 million yuan, increasing by 61% [1]. - In Q3 2025, Yabo Xuan's single-quarter revenue reached 169 million yuan, marking an 86.75% year-on-year growth and a 10.38% quarter-on-quarter increase [2]. - The company reported a net profit of 19.45 million yuan for Q3, which is a 72.42% year-on-year increase and a 13.05% quarter-on-quarter increase [2]. - Yabo Xuan's inventory for the first three quarters was 125 million yuan, reflecting a 44.78% year-on-year increase, attributed to expanded sales scale and increased raw materials [2]. Group 2: Business Segments and Market Outlook - Yabo Xuan's main business segments include automotive electronics and industrial control, with growth trends expected to continue [3]. - The company focuses on products such as vehicle display control boards and battery management systems, serving clients like Li Auto, Xpeng, BYD, Huawei, and Geely [3]. - The global PCB market is projected to grow from 73.5 billion USD in 2024 to 93.7 billion USD by 2029, indicating a favorable market environment for Yabo Xuan [3]. - Yabo Xuan's R&D expenses for the first three quarters were 11.92 million yuan, a 35.98% year-on-year increase, highlighting the company's commitment to enhancing its technological capabilities [3]. Group 3: Minshida Performance - Minshida reported a revenue of 34.3 million yuan for the first three quarters of 2025, with a year-on-year growth of 21.77% [1]. - The net profit attributable to shareholders for the same period was 9.117 million yuan, reflecting a 28.88% year-on-year increase, with a non-recurring net profit of 8.723 million yuan, up 38.16% [1]. - In Q3 2025, Minshida's revenue was 10.6 million yuan, a 9.92% year-on-year increase, with a net profit of 2.814 million yuan, up 6.44% year-on-year [3]. Group 4: Institutional Support and Future Prospects - Yabo Xuan has received positive ratings from multiple institutions, with recommendations to focus on the impact of capacity release from fundraising projects [5]. - Institutional investors have increased their holdings in Minshida, indicating growing confidence in the company's future performance [5]. - The company has initiated production on a new 1500-ton aramid paper production line, expected to enhance capacity in the second half of the year [4].

Core Insights - The financial reports of Yabo Xuan and Minshida for the third quarter of 2025 show significant revenue and profit growth, indicating strong business performance and market demand [1][3]. Group 1: Yabo Xuan Performance - Yabo Xuan achieved a revenue of 419 million yuan for the first three quarters of 2025, a year-on-year increase of 55.90%, with a net profit of 48.72 million yuan, up 36.59% [1]. - In Q3 2025, Yabo Xuan's revenue reached 169 million yuan, marking an 86.75% year-on-year increase and a 10.38% quarter-on-quarter increase, with a net profit of 19.45 million yuan, up 72.42% year-on-year [1]. - The company reported a significant increase in inventory, totaling 125 million yuan, a 44.78% increase year-on-year, attributed to expanded sales and increased raw materials [1]. Group 2: Business Segments and Market Outlook - Yabo Xuan provides integrated PCBA services across various sectors, including automotive electronics, consumer electronics, and industrial control, with a focus on automotive display control boards and battery management systems [2]. - The global PCB market is projected to grow from 73.5 billion USD in 2024 to 93.7 billion USD by 2029, indicating a favorable market environment for Yabo Xuan's business segments [2]. Group 3: R&D and Capacity Expansion - Yabo Xuan's R&D expenses for the first three quarters of 2025 amounted to 11.92 million yuan, a 35.98% increase year-on-year, reflecting the company's commitment to enhancing its technological capabilities [3]. - The company is accelerating capacity expansion with a new factory expected to be operational before the end of 2025, which will enhance production capacity and support future growth [4]. Group 4: Institutional Support and Market Sentiment - Yabo Xuan has received positive ratings from multiple institutions, with recommendations to focus on the potential impact of new capacity releases on the company's performance [4]. - Minshida also saw institutional support, with significant share increases from various funds, indicating growing investor confidence in both companies [4].

Core Viewpoint - The acquisition plan by GoerTek, involving approximately 9.5 billion RMB (about 10.4 billion HKD), has been unexpectedly terminated after nearly three months of planning due to the inability to reach consensus on key terms between the parties involved [1][3][4]. Group 1: Acquisition Details - GoerTek announced the termination of the acquisition of 100% equity in Mega Precision Technology Limited and Channel Well Industrial Limited, subsidiaries of Luen Fung Commercial Holdings Limited [1][3]. - The acquisition was initially aimed at enhancing GoerTek's competitiveness in the precision components sector and was disclosed on July 23, 2025 [2][3]. - The termination was attributed to the failure to agree on critical terms during due diligence, audit, and evaluation processes [1][4]. Group 2: Company Position and Future Strategy - Despite the termination of the acquisition, GoerTek remains committed to its long-term strategic goals and will continue to pursue growth through internal development and diversified investments [5][6]. - The precision components segment has become the fastest-growing and highest-margin area for GoerTek, with reported revenue of 7.604 billion RMB, a year-on-year increase of 20.54%, and a gross margin of 23.49% [6]. Group 3: Ongoing Initiatives - GoerTek is actively pursuing other strategic initiatives, including a significant transaction by its subsidiary GoerTek Optical, which plans to increase its registered capital by 530 million RMB to acquire 100% equity in Shanghai Aolai for 1.903 billion RMB [7]. - GoerTek Microelectronics, responsible for sensor business, is also preparing for an IPO in Hong Kong, having submitted its application to the stock exchange in July 2025 [8]. - In 2024, GoerTek Microelectronics achieved revenue of 4.536 billion RMB and a profit of 309 million RMB, positioning itself as the largest acoustic sensor provider globally with a market share of 43% [8].

Report Industry Investment Rating There is no information regarding the report's industry investment rating provided in the content. Core Viewpoints - As of October 18, 2025, 117 listed companies have disclosed their Q3 earnings forecasts, the lowest in the past five years. About 84% of them announced positive news, similar to 2024. Most companies issued pre - increase announcements (60% of all forecasts). Only 10 convertible bond companies disclosed Q3 earnings forecasts, half the number of 2024, with 9 announcing positive news [2][6][14]. - Basic chemicals, electronics, non - ferrous metals, and machinery industries had more positive news. The non - ferrous metals and media industries showed significant improvement compared to 2024. Seven non - ferrous metal companies announced pre - increase, and 2 announced turnaround; 1 media company announced turnaround and 1 pre - increase [2][8]. - Four convertible bond listed companies, Luxshare, Limin, Bojun, and Downtow, reported positive Q3 earnings for two consecutive years. Luxshare expects a 20% - 25% net profit increase in Q3, Limin may see a year - on - year net profit increase of over 600%, Bojun expects a 50% - 80% net profit increase, and Downtow's Q3 profit may increase by over 30% [2][13][14]. - The market style may be switching, and geopolitical uncertainties increase market volatility. The risk appetite in the convertible bond market may have declined. Selecting high - quality convertible bonds during the earnings season may be a key strategy, especially those with consistently excellent performance [2][14]. Summaries by Directory 1. Q3 Earnings Forecasts: How to View the Convertible Bond Market - The number of listed companies disclosing Q3 earnings forecasts in 2025 is the lowest in the past five years, with a similar structure to 2024. The proportion of companies with positive news is about 84%, the same as in 2024. In the convertible bond market, only 10 companies disclosed forecasts, half the number of 2024, with 9 announcing positive news [2][6][14]. - Basic chemicals, electronics, non - ferrous metals, and machinery are industries with more positive news. Non - ferrous metals and media industries improved significantly compared to 2024. 15 companies mentioned AI contributions in their earnings forecasts, with 14 reporting positive results and most planning to increase AI investment [2][8][11]. - Four convertible bond listed companies had positive Q3 earnings for two consecutive years, with specific reasons for profit growth provided for each company [2][13][14]. 2. One - Week Market Performance - As of Friday's close, the Shanghai Composite Index closed at 3839.76, down 1.47% for the week; the CSI Convertible Bond Index closed at 474.22, down 2.35% for the week. The top - three rising industries in the stock market were banks (+4.99%), coal (+4.27%), and food and beverages (+0.85%), while electronics (-7.10%), media (-6.28%), and automobiles (-6.24%) declined [15]. - No new convertible bonds were listed this week. 45 convertible bonds rose, accounting for 11%. The top - five and bottom - five in terms of price changes are listed. 266 convertible bonds' conversion premium rates increased, accounting for 64%, and the top - five and bottom - five in terms of valuation changes are also listed [17]. 3. Major Shareholders' Convertible Bond Reductions - Nanjing Pharmaceutical announced a convertible bond reduction this week. A table shows the convertible bonds with high major shareholder holding ratios and their reduction status [25][26][27]. 4. Convertible Bond Issuance Progress - The primary - market approval process remains fast. Zhongqi Co., Ltd. (1.039 billion yuan), Mankun Technology (760 million yuan), and Huatong Cable (800 million yuan) have board proposals. Haitian Co., Ltd. (801 million yuan) has passed the shareholders' meeting, and Tianzhun Technology (872 million yuan) has received CSRC approval [27][28]. 5. Private EB Project Updates There were no progress updates on private EB projects this week [28]. 6. Style & Strategy: Large - Scale High - Rating Bonds Prevailed This Week - Using month - end rebalancing for back - testing and excluding bonds rated below A - and those with announced forced redemptions, large - scale high - rating convertible bonds prevailed this week. High - rating bonds had a 2.63pct excess return over low - rating bonds, large - scale bonds had a 1.89pct excess return over small - scale bonds, and equity - biased bonds had a - 8.24pct excess return over debt - biased bonds [29]. 7. One - Week Convertible Bond Valuation Performance: Convertible Bond Valuations Declined - The convertible bond market's 100 - yuan premium rate declined. As of the last trading day of the week, it closed at 29.31%, down 0.29% from the previous week, at the 86.5% historical percentile in the past six months and 93.6% in the past year. The median full - scope conversion premium rate increased by 0.78pct to 28.61%, and the market - value - weighted conversion premium rate (excluding banks) increased by 1.69pct to 41.46% [40]. - For equity - biased convertible bonds, the median conversion premium rate closed at 10.58%, down 1.12pct from the previous week, at the 80.6% historical percentile in the past six months. For debt - biased convertible bonds, the median pure - debt premium rate closed at 10.78%, down 1.43pct from the previous week, at the 71.4% historical percentile in the past six months [40]. - In terms of extreme pricing, as of the last trading day of the week, there was 1 convertible bond below par value, 0 below the bond floor, and 2 with a YTM greater than 3, at the 9.2%, 0%, and 6.7% historical percentiles since 2016 respectively. The median YTM of bank convertible bonds was - 3.97%, 5.84pct lower than the 3 - year AAA corporate bond yield; the median YTM of AA - to AA+ debt - biased convertible bonds was - 1.48%, 3.59pct lower than the 3 - year AA corporate bond yield [44]. - The adjusted 100 - yuan premium rate remained flat. After excluding factors such as bond nature and remaining term, it was at the 84.3% historical percentile in the past six months and 68.9% since 2018. Considering only the bond floor, it was at the 82.6% historical percentile in the past six months and 34.8% since 2018 [56].

Core Insights - Darui Electronics (300976.SZ) reported a revenue of 2.278 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 28.59% [2] - The net profit attributable to shareholders of the listed company reached 231 million yuan, marking a year-on-year increase of 26.84% [2] Financial Performance - Revenue for the first three quarters: 2.278 billion yuan, up 28.59% year-on-year [2] - Net profit attributable to shareholders: 231 million yuan, up 26.84% year-on-year [2]

Core Viewpoint - The acquisition of two wholly-owned subsidiaries by GoerTek has been terminated due to the inability of both parties to reach an agreement on key transaction terms [1] Group 1 - GoerTek announced the termination of its planned acquisition of MIA Precision Technology Co., Ltd. and Changhong Industrial Co., Ltd., both subsidiaries of Lianfeng Commercial Group [1] - The termination was officially communicated on October 17, indicating a significant shift in GoerTek's strategic plans [1] - The company cited a lack of consensus on critical terms of the transaction as the reason for the acquisition's halt [1]

Group 1 - The company has three manufacturing bases in India, capable of producing nearly 30 million smartphones or similar products annually [2] - The manufacturing base in Vietnam covers an area of 200,000 square meters and can accommodate 15,000 employees, with an expected annual production of several tens of millions of various smart electronic terminals upon full capacity [2] - The company is currently expanding its Vietnam base while acquiring new land to meet the increasing customer demand [2] Group 2 - The recently acquired AC company has four manufacturing bases located in France, Mexico, and Tunisia, employing nearly 2,000 people and generating an annual output value exceeding 400 million euros [2] - The AC company serves well-known international clients such as Valeo, Renault, Schneider, and General Electric [2]

Core Viewpoint - The company, Guanghong Technology, expresses confidence in its ability to manufacture humanoid robots, leveraging its extensive experience in electronic manufacturing services, while acknowledging that the development of humanoid robots is still in its early stages [2] Group 1: Company Capabilities - Guanghong Technology has accumulated rich experience in the electronic manufacturing field, positioning itself well for potential humanoid robot production [2] - The company is currently monitoring market dynamics and customer demands to identify opportunities in related fields [2] Group 2: Market Context - The development of humanoid robots is still at a preliminary stage, indicating potential growth opportunities in the future [2]