Core Viewpoint - Hengkun New Materials Technology Co., Ltd. successfully listed on the Sci-Tech Innovation Board, with an IPO price of 14.99 yuan per share, opening with a surge of 287%, and reaching a market value of over 28 billion yuan, making it the largest IPO in Xiamen this year [4][5]. Company Background - The company is led by 54-year-old entrepreneur Yi Rongkun, who started his career in 1996 and founded Hengkun New Materials in 2004, becoming one of the few domestic suppliers of key materials for integrated circuits, breaking the foreign monopoly on 12-inch integrated circuit materials [5][6]. - Yi Rongkun transitioned from a manufacturing model reliant on foreign orders to focusing on key materials for integrated circuits, particularly photolithography materials, which are crucial for chip precision and yield [6][8]. Business Development - Hengkun New Materials faced significant challenges, including a debt of nearly 30 million yuan and personal liabilities exceeding 100 million yuan, before securing an order from Intel in 2017, marking a turning point for the company [7][8]. - The company has since established a stable supply of key materials to major domestic 12-inch integrated circuit wafer manufacturers and has shifted its focus entirely to this sector by divesting its optical product lines in 2019 [8]. Financial Performance - The company reported revenues of approximately 322 million yuan, 368 million yuan, and 548 million yuan for 2022, 2023, and 2024 respectively, with net profits of about 101 million yuan, 89.8 million yuan, and 96.9 million yuan [11]. - For the first three quarters of 2025, Hengkun New Materials expects revenues between 440 million yuan and 500 million yuan, representing a year-on-year growth of 12.48% to 27.82% [11]. Market Position - The company has achieved significant sales in self-produced photolithography and precursor materials, with sales revenue from self-produced products increasing from 38.94% in 2022 to 86.68% in 2025 [12]. - However, the company faces risks related to high customer concentration, with the top five customers accounting for over 97% of its revenue during the reporting period [12]. Industry Context - Xiamen's integrated circuit industry has grown significantly, with an output value increasing from 5 billion yuan in 2014 to an expected 40 billion yuan in 2024, supported by a complete industrial chain [16]. - The local government has implemented various financial support measures to foster the growth of the semiconductor industry, including significant investments and the establishment of multiple funds to attract private capital [17].

1. 一周融资概述 本周上海共发生21起融资，张江有6起，临港有2起。 2. 热点行业与融资企业动态聚焦 01 融资综述 加冕研究院据张通社Link数据库统计， 本周（11.10 – 11.16），上海企业共发生21起融资事件，其中有12起披露了融资金额，合计金额约11.995亿元。本 期与上期（19起）融资事件数多2起。 从行政区域分布来看，本周上海共有8个区发生融资事件。浦东新区融资事件数量最多，有7起，总融资额达6.58亿元；其次是嘉定区，有3起；其余5个区 各发生2起，金山区发生1起。闵行区发生一起数亿元低空经济领域融资。 （1）11月8日，上海推出首个低空经济特色园区； （2）11月10日，新产业标准化领航论坛在张江科学城举行； （3）云脉芯联即将推出国产GSE AI NIC。 从融资轮次来看，本周上海融资A轮最多，有12起；其次是天使轮，有5起。 从行业分布来看，本周上海融资共涉及10个行业，先进制造融资事件最多，有5起，其次是人工智能，有4起。其余行业发生1-2起。集成电路行业发生1起 超5亿元大额融资。 02 11月14日，沃兰特完成数亿元B+轮融资，本轮融资由金鼎资本独家投资。 加冕观点： ...

Core Insights - The Sci-Tech Innovation Board (STAR Market) has become a key indicator of the performance and development trends of "hard technology" enterprises in China, with significant growth in R&D investment and net profit [1][2]. Group 1: Performance Metrics - As of November 13, 592 companies on the STAR Market reported a total R&D investment of nearly 120 billion yuan and total revenue exceeding 1.1 trillion yuan for the first three quarters, with a net profit growth of 75% year-on-year in Q3 [1]. - For the first three quarters of 2025, STAR Market companies achieved a revenue of 1,105 billion yuan, a year-on-year increase of 7.9%, and a net profit of 49.27 billion yuan, up 8.9% year-on-year [2]. - Over 70% of STAR Market companies reported revenue growth, and nearly 60% reported net profit growth, with 158 companies seeing net profit increases exceeding 50% [2]. Group 2: R&D Investment - The total R&D investment for STAR Market companies reached 119.75 billion yuan, which is 2.4 times the net profit, with a median R&D intensity of 12.4%, leading all A-share sectors [4]. - The "1+6" reform initiated in June aims to support unprofitable tech companies, with 35 such companies showing promising development by prioritizing R&D [4]. Group 3: Sector Performance - The integrated circuit sector saw 121 related companies on the STAR Market achieve a revenue growth of 25% and a net profit growth of 67% in the first three quarters [6]. - The artificial intelligence sector has emerged as a new growth pillar, with companies like Cambrian and Haiguang Information reporting revenue increases of nearly 24 times and 55%, respectively [6]. - The biopharmaceutical sector experienced a revenue growth of 11% and a net profit growth of 48%, with nine new drugs approved for market and significant international business development [7].

Core Viewpoint - ST Zhongdi has achieved a remarkable 20 consecutive trading limit increases, with its stock price reaching 11.25 yuan per share and a total market capitalization of 3.4 billion yuan as of November 18 [2]. Group 1: Company Background and Control - Shenzhen Tianwei Investment Partnership acquired control of ST Zhongdi for 255 million yuan through judicial auction on October 17 [4]. - Tianwei Investment was established in July 2023, with its founders being Meng Hongda and Zhang Wei, who are also co-founders of Shenzhen Tianwei Electronics Co., Ltd., a national high-tech enterprise specializing in integrated circuit design and semiconductor equipment manufacturing [7]. Group 2: Stock Performance and Market Reactions - ST Zhongdi's stock price has seen significant volatility, leading to its suspension for investigation on November 13 due to abnormal fluctuations [8]. - The company reported a cumulative stock price increase of over 153.19% from October 16 to November 12, with seven instances of abnormal price movements during this period [8]. Group 3: Financial Performance - For the first three quarters of 2025, ST Zhongdi reported operating revenue of 134.71 million yuan, a year-on-year decrease of 52.64%, and a total profit of -151.07 million yuan, down 41.83% [8]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was -132.35 million yuan, a decline of 34.12% year-on-year [8]. Group 4: Risks and Regulatory Monitoring - If ST Zhongdi's audited financials for 2025 show negative values for total profit, net profit, and net profit after excluding non-recurring items, and if its operating revenue is below 300 million yuan, the stock may face delisting risk [9]. - The company reported a negative equity of -8.52 million yuan for the first three quarters of 2025, indicating potential delisting risks if the year-end net assets remain negative [9]. - The Shenzhen Stock Exchange is closely monitoring ST Zhongdi and may impose strict regulatory measures on abnormal trading behaviors [9].

Group 1 - Zhongke Feimeasure's stock increased by 5%, reaching 131.25 CNY per share, with a trading volume of 350 million CNY and a turnover rate of 1.10%, resulting in a total market capitalization of 45.959 billion CNY [1] - The company, established on December 31, 2014, and listed on May 19, 2023, is located in Longhua District, Shenzhen, Guangdong Province, and specializes in the research, production, and sales of integrated circuit equipment, focusing on testing and measurement [1] - The revenue composition of Zhongke Feimeasure includes 60.72% from testing equipment, 36.40% from measurement equipment, and 2.88% from services and other sources [1] Group 2 - According to data from the top ten holdings of funds, Bosera Fund has a significant position in Zhongke Feimeasure, with the Bosera Sci-Tech 100 ETF (588030) reducing its holdings by 284,900 shares in the third quarter, now holding 1.3021 million shares, which accounts for 2.1% of the fund's net value, ranking as the seventh largest holding [2] - The Bosera Sci-Tech 100 ETF (588030) was established on September 6, 2023, with a latest scale of 7.179 billion CNY, achieving a year-to-date return of 46.42%, ranking 624 out of 4212 in its category, and a one-year return of 41.22%, ranking 692 out of 3956 [2] - The fund manager of Bosera Sci-Tech 100 ETF is Tang Yibing, who has been in the position for 3 years and 121 days, with a total asset scale of 11.187 billion CNY, achieving the best fund return of 75.45% and the worst return of -41.93% during his tenure [3]

Core Insights - The "14th Five-Year Plan" outlines China's development blueprint for the next five years, emphasizing the importance of understanding it to identify future investment opportunities [2][16]. Group 1: Emerging Industries and Investment Opportunities - The plan aims to cultivate and expand emerging and future industries, potentially creating several trillion-level markets [7]. - The next decade could see the scale of new industries equivalent to recreating China's high-tech industry [7]. Group 2: Key Focus Areas for Technological Advancement - The plan emphasizes the need for breakthroughs in critical core technologies across various sectors, including integrated circuits, industrial mother machines, and high-end instruments [8]. - It highlights the role of enterprises in driving technological innovation and supporting the growth of high-tech and technology-oriented SMEs [9]. Group 3: Domestic Market Development - The strategy includes measures to strengthen the domestic market and facilitate a smooth domestic circulation, focusing on expanding consumption and developing international consumer center cities [10][11]. - It calls for a shift from price competition to quality competition among enterprises to establish a healthy market order [11]. Group 4: National Security and Emerging Fields - The plan addresses the need to enhance security capabilities in traditional areas like food and energy, as well as emerging fields such as artificial intelligence and biotechnology [12]. - This focus on security is expected to create new development opportunities in sectors like cybersecurity, national defense, and energy resources [12]. Group 5: Investment Themes in A-Share Market - Five key investment themes are identified: hard technology sectors such as artificial intelligence, integrated circuits, industrial mother machines, new energy, and biomanufacturing [14]. - The plan aims to rectify disorderly competition, which may benefit leading companies in solar energy, lithium batteries, and new energy vehicles [14]. - There is a strong emphasis on boosting consumption in sectors like automotive, housing, and tourism, indicating potential growth in these areas [14]. - The implementation of major national strategies and the enhancement of security capabilities are expected to drive growth in industries like construction materials, machinery, new energy, and cybersecurity [14]. - The financial sector is also highlighted, with banks, securities, and insurance institutions currently valued at historical lows, suggesting potential for recovery [14].

11月17日，晓程科技跌2.41%，成交额4.87亿元。两融数据显示，当日晓程科技获融资买入额5744.79万 元，融资偿还7433.07万元，融资净买入-1688.28万元。截至11月17日，晓程科技融资融券余额合计5.41 亿元。 分红方面，晓程科技A股上市后累计派现9973.60万元。近三年，累计派现0.00元。 融资方面，晓程科技当日融资买入5744.79万元。当前融资余额5.41亿元，占流通市值的8.25%，融资余 额超过近一年80%分位水平，处于高位。 机构持仓方面，截止2025年9月30日，晓程科技十大流通股东中，黄金股ETF（517520）位居第二大流 通股东，持股449.93万股，相比上期增加202.68万股。前海开源金银珠宝混合A（001302）位居第四大 流通股东，持股409.78万股，为新进股东。华夏中证沪深港黄金产业股票ETF（159562）位居第九大流 通股东，持股90.67万股，为新进股东。博时主题行业混合（160505）、广发策略优选混合（270006） 退出十大流通股东之列。 融券方面，晓程科技11月17日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0. ...

Group 1: R&D Expense Deduction Policies - The R&D expense deduction policy applies to resident enterprises with sound accounting practices, excluding certain industries such as tobacco manufacturing, accommodation, and real estate [3] - Integrated circuit and industrial mother machine enterprises can deduct 120% of actual R&D expenses incurred from January 1, 2023, to December 31, 2027, if these expenses do not form intangible assets [4] - For R&D expenses that form intangible assets, these enterprises can amortize 220% of the cost of the intangible assets during the same period [4] Group 2: Other Enterprises - Other enterprises can deduct 100% of actual R&D expenses incurred from January 1, 2023, if these expenses do not form intangible assets [6] - For R&D expenses that form intangible assets, these enterprises can amortize 200% of the cost of the intangible assets starting January 1, 2023 [7] Group 3: Employment of Disabled Persons - Enterprises that employ disabled persons can deduct 100% of the wages paid to disabled employees when calculating taxable income, in addition to the actual wage deductions [9] Group 4: Basic Research Expenditure - From January 1, 2022, enterprises can deduct actual expenditures for basic research contributions to non-profit scientific research institutions, universities, and government natural science funds, with an additional 100% deduction allowed [12] Group 5: Policy References - The article references several key policies and announcements related to R&D expense deductions and tax incentives for employing disabled persons, including notices from the Ministry of Finance and the State Administration of Taxation [13]

Core Viewpoint - Heshun Petroleum (603353.SH), operating 35 gas stations in Hunan, plans to diversify into the semiconductor industry by acquiring control of Shanghai Kuixin Integrated Circuit Design Co., Ltd. (Kuixin Technology) through cash transactions and share transfers [1][3]. Group 1: Acquisition Details - Heshun Petroleum intends to acquire at least 34% of Kuixin Technology's equity, with a total valuation of Kuixin Technology not exceeding 1.588 billion yuan (post-investment valuation) and an expected final transaction price not exceeding 540 million yuan [3][4]. - The actual controllers of Heshun Petroleum will transfer 6% of the company's shares to Kuixin Technology's actual controller, Chen Wanyi, for 237 million yuan, with the unlocking period tied to Kuixin Technology's performance commitments [4][5]. - Kuixin Technology has committed to achieving a total revenue of no less than 2.1 billion yuan from 2025 to 2028, with annual profitability [1][6]. Group 2: Financial Performance - For the first three quarters of 2025, Heshun Petroleum reported revenues of 2.126 billion yuan, a slight decrease of 0.13% year-on-year, and a net profit attributable to shareholders of 21.81 million yuan, down 49.44% year-on-year [1][9]. - Heshun Petroleum's revenues for 2023 and 2024 are projected to be 3.273 billion yuan and 2.812 billion yuan, respectively, reflecting year-on-year declines of 18.04% and 14.11% [9]. - Kuixin Technology's revenues for 2023 and the first half of 2025 were 146 million yuan and 110 million yuan, respectively, with net losses reported in both periods [8][9]. Group 3: Market Context - Heshun Petroleum is facing challenges from fluctuating international oil prices, increased industry competition, and the expansion of the electric vehicle market, which have contributed to its declining performance [9]. - The stock price of Heshun Petroleum experienced a significant increase prior to the announcement of the acquisition, indicating market speculation or investor interest [2][10].

Company Overview - Hengkun New Materials is set to begin subscription tomorrow, with a total share capital of 382 million shares before the issuance and plans to publicly issue 67.3979 million shares, accounting for 15.00% of the total share capital post-issuance [1] - The subscription price is set at 14.99 yuan, with an issuance price-to-earnings ratio of 71.42 times, compared to the industry average of 60.47 times [1] - The company’s products are essential materials for integrated circuit wafer manufacturing, primarily used in advanced NAND, DRAM storage chips, and logic chips at 90nm technology nodes and below [1] Subscription Details - The subscription code is 787727, with an online issuance of 10.7835 million shares and a maximum subscription limit of 10,500 shares per account [1] - The subscription date is November 7, 2025, with the announcement of the winning numbers and payment date on November 11, 2025 [1] Financial Highlights - Total assets for 2024 are reported at 2.645 billion yuan, an increase from 2.091 billion yuan in 2023 and 1.633 billion yuan in 2022 [1] - Net assets have grown to 1.500 billion yuan in 2024 from 1.382 billion yuan in 2023 and 1.273 billion yuan in 2022 [1] - Operating revenue for 2024 is 547.9388 million yuan, up from 367.7078 million yuan in 2023 and 321.7652 million yuan in 2022 [1] - The net profit attributable to shareholders for 2024 is 96.9192 million yuan, compared to 89.8493 million yuan in 2023 and 100.9030 million yuan in 2022 [1] - Research and development investment for 2024 is 88.6085 million yuan, representing 16.17% of operating revenue, an increase from 14.59% in 2023 and 13.28% in 2022 [1] Fundraising Allocation - The company plans to allocate 399.8022 million yuan to the second phase of the integrated circuit precursor project and 606.8928 million yuan to the advanced materials project for integrated circuits [1]