Core Viewpoint - The company, Zhongjuxin (688549.SH), has established a stable supply of products to well-known integrated circuit manufacturers both domestically and internationally, such as SMIC and SK Hynix, which has led to recognition of its product quality and consistent supply capability [1] Group 1 - The company is focusing on continuous technological innovation to enrich its product series [1] - The company is accelerating market expansion, particularly targeting overseas semiconductor customers [1]

证券日报网讯12月4日，晶合集成在互动平台回答投资者提问时表示，公司55nm中高阶及堆叠式CIS已 实现量产，对营收的提升具有积极贡献。40nm高压OLED显示驱动芯片也已实现量产，28nm逻辑芯片 持续流片，具体产品进展及相关情况敬请关注公司公告。 ...

证券日报网讯12月4日，晶合集成在互动平台回答投资者提问时表示，公司高度重视市值管理工作，公 司一直践行以投资者为本的发展理念，围绕公司发展战略，聚焦主业发展，持续提升公司核心竞争力， 重视股东回报，推动高质量发展，切实履行上市公司责任。 ...

证券日报网讯12月4日，晶合集成在互动平台回答投资者提问时表示，为保护全体股东权益，确保所有 投资者平等获悉公司信息，公司在定期报告中会披露对应期末时点的股东人数信息。 ...

Core Viewpoint - SMIC (Semiconductor Manufacturing International Corporation) shows a positive market performance with a 2.79% increase in stock price, reaching a market capitalization of 917.87 billion yuan [1]. Company Overview - SMIC is the largest integrated circuit manufacturing enterprise group in mainland China, recognized for its advanced technology and comprehensive support [4]. - The company specializes in integrated circuit wafer foundry services across various technology nodes, providing design services, IP support, and photomask manufacturing [4]. - As of September 30, 2025, SMIC reported a revenue of 49.51 billion yuan, marking an 18.22% year-on-year growth, and a net profit of 3.82 billion yuan, reflecting a 41.09% increase [8]. Investment and Shareholding - The National Integrated Circuit Industry Investment Fund holds a 1.61% stake in SMIC, indicating government support [3]. - As of September 30, 2025, the number of shareholders increased to 336,200, with an average of 6,134 shares held per shareholder [8]. Market Position - SMIC ranks second globally among pure-play foundries and first among mainland Chinese companies based on the latest sales figures for 2024 [4]. - The stock is currently ranked 17th in terms of popularity in the A-share market on Sina Finance [2]. Technical Analysis - The average trading cost of SMIC shares is 122.37 yuan, with the stock price fluctuating between resistance at 119.22 yuan and support at 108.18 yuan, suggesting potential for range trading [7]. Fund Flow Analysis - The net inflow of funds today was 351 million yuan, with the stock showing no significant trend in major fund movements [5][6].

Core Viewpoint - Huahong Semiconductor has shown significant stock performance with a year-to-date increase of 131.63%, despite recent fluctuations in the short term [2] Group 1: Stock Performance - As of December 4, Huahong's stock price rose by 2.09% to 107.64 CNY per share, with a trading volume of 489 million CNY and a turnover rate of 1.13%, resulting in a total market capitalization of 186.86 billion CNY [1] - The stock has experienced a 1.05% increase over the last five trading days, a 15.42% decrease over the last 20 days, and a 38.19% increase over the last 60 days [2] Group 2: Financial Performance - For the period from January to September 2025, Huahong achieved a revenue of 12.583 billion CNY, representing a year-on-year growth of 19.82%, while the net profit attributable to shareholders decreased by 56.52% to 251 million CNY [3] Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, the number of Huahong's shareholders increased by 30.97% to 49,000, with an average of 0 circulating shares per shareholder [3] - The company has distributed a total of 258 million CNY in dividends since its A-share listing [4] - Notable institutional shareholders include Galaxy Innovation Mixed A and Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, with the latter reducing its holdings by 427,700 shares [4]

Core Viewpoint - China Resources Microelectronics (华润微) has experienced fluctuations in stock performance, with a recent decline of 2.00% in midday trading, reflecting a total market capitalization of 66.257 billion yuan [1][2]. Company Overview - China Resources Microelectronics, established on January 28, 2003, and listed on February 27, 2020, is located in Wuxi, Jiangsu Province, and Shanghai. The company specializes in the design, production, and sales of power semiconductors, smart sensors, and smart control products, as well as providing open wafer manufacturing and packaging testing services [2]. - The revenue composition of the company includes 54.34% from products and solutions, 42.92% from manufacturing and services, and 2.74% from other sources [2]. Stock Performance - Year-to-date, the stock price of China Resources Microelectronics has increased by 5.95%, with a 7.98% rise over the last five trading days. However, it has seen a decline of 4.58% over the past 60 days [2]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 8.069 billion yuan, representing a year-on-year growth of 7.99%. The net profit attributable to shareholders was 526 million yuan, reflecting a growth of 5.25% [2]. Dividend Distribution - Since its A-share listing, China Resources Microelectronics has distributed a total of 886 million yuan in dividends, with 521 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 19.22% to 52,500, while the average circulating shares per person decreased by 16.12% to 25,309 shares [2]. - The top ten circulating shareholders include various ETFs, with notable reductions in holdings for several funds, indicating a shift in institutional investment [3].

Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The integrated circuit manufacturing sector leads the electronic industry with a significant increase in the SW electronic industry index by 6.05%, outperforming the CSI 300 index which increased by 1.64% [4]. - The launch of the "Zhuque-3" rocket is expected to drive the development of the satellite communication industry, particularly in low Earth orbit (LEO) satellite networks [2][7]. - The report highlights the cost-saving potential of reusable rocket technology, which can significantly reduce satellite launch costs, thereby supporting the growth of the domestic low Earth orbit satellite industry [20][29]. Summary by Sections Section 1: Zhuque-3 Rocket Development - The "Zhuque-3" rocket is China's first reusable liquid oxygen-methane rocket, designed for satellite internet networking and cargo transport to space stations [7][8]. - The rocket features a diameter of 4.5 meters, a total length of 76.6 meters, and a launch mass of approximately 660 tons, with a thrust of 900 tons [8][12]. Section 2: Global Industry Dynamics - Alibaba reported a revenue of approximately 247.8 billion yuan for Q2 of FY2026, marking a 4.8% year-on-year increase, driven by strong growth in AI and cloud services [33]. - SoftBank completed the acquisition of Ampere Computing, enhancing its capabilities in high-performance processors for cloud computing and AI workloads [34]. - Huawei held its 2025 autumn launch event, introducing several new products including the Mate 80 series and Mate X7 foldable phone [35][36]. Section 3: Market Performance - The SW electronic industry index increased by 6.05%, ranking second among 31 sectors, with the communication sector leading at +8.70% [40]. - The top-performing sub-sectors within the electronic industry included integrated circuit manufacturing (+11.54%) and printed circuit boards (+8.87%) [45]. - Notable stock performances included Yunzhu Technology (+60.35%) and Changguang Huaxin (+59.33%) [48].

Core Viewpoint - SMIC (Semiconductor Manufacturing International Corporation) is experiencing a positive market response, with a slight increase in stock price and significant trading volume, indicating investor interest and confidence in the company's growth potential [1]. Group 1: Company Overview - SMIC is the largest integrated circuit manufacturing enterprise in mainland China, recognized for its advanced technology and comprehensive support [3]. - The company specializes in wafer foundry services across various technology nodes, providing design services, IP support, and photomask manufacturing [3]. - As of September 30, 2025, SMIC reported a revenue of 49.51 billion yuan, reflecting a year-on-year growth of 18.22%, and a net profit of 3.82 billion yuan, up 41.09% from the previous year [7]. Group 2: Investment and Shareholding - The National Integrated Circuit Industry Investment Fund holds a 1.61% stake in SMIC, indicating institutional support [2]. - As of September 30, 2025, the number of shareholders in SMIC increased to 336,200, with an average of 6,134 shares held per shareholder, showing growing retail investor interest [7]. - Major institutional shareholders include various ETFs, with notable reductions in holdings from some funds, while new entries have been observed [8]. Group 3: Market Performance - On December 1, SMIC's stock price increased by 0.70%, with a trading volume of 3.725 billion yuan and a market capitalization of 915.22 billion yuan [1]. - The stock's average trading cost is reported at 122.64 yuan, with the current price approaching a resistance level of 119.22 yuan, suggesting potential for upward movement if this level is surpassed [6].

Transaction Background - The original transaction plan involved a share purchase agreement signed on June 5, 2025, between SMIC Holdings, a wholly-owned subsidiary of SMIC, and Guokewai (300672.SZ), where Guokewai intended to acquire 94.366% of the shares of SMIC Ningbo through a combination of issuing shares and cash payments [1] - SMIC Holdings was set to sell its 14.832% stake in SMIC Ningbo [1] Termination Details - The termination agreement was signed by all parties on November 28, 2025 [1] - The reason for termination was that the parties could not reach an agreement on transaction-related matters within the expected timeframe [1] - Following the termination, SMIC Holdings retains its 14.832% stake in SMIC Ningbo [1] Impact Assessment - The termination of the transaction will not affect the normal production and operations of the company [1] - There will be no significant impact on the company's financial condition as a result of this termination [1] - The termination does not harm the interests of the company or minority shareholders [1]