Core Viewpoint - Chengdu Huami (688709.SH) has developed NOR Flash products in three series with capacities ranging from 512Kbit to 1Gbit, all of which are now in mass production and applicable in FPGA configuration memory and independent data storage scenarios [1] Group 1: Product Development and Market Position - The company has focused on key core technology breakthroughs, enhancing R&D investment and technological innovation capabilities to ensure high reliability of products in complex environments [1] - The company has established a comprehensive patent protection system, emphasizing the importance of technological innovation [1] - The company will disclose data on the shipment volume, revenue contribution, and global market share of NOR Flash products starting from 2025 in regular reports as per regulatory requirements [1] Group 2: Application and Recognition - The company's products have been recognized by mainstream manufacturers in the special integrated circuit industry and are widely used in special scenarios [1] - Specific order distribution details are not disclosed due to commercial sensitivity [1] Group 3: Future Development - The company is strictly following R&D processes for the development, testing, and validation of the 2Gbit high-capacity NOR Flash [1] - Future disclosures regarding product R&D progress and specific release dates will be based on actual R&D conditions, adhering to information disclosure regulations [1] - The company will continue to focus on key core technology breakthroughs and closely monitor cutting-edge technology trends and customer needs to expand application scenarios as appropriate [1]

Core Viewpoint - The State Administration for Market Regulation has successfully completed the acceptance of 12 key projects aimed at promoting the optimization and upgrading of the inspection and testing industry, achieving the set goals and requirements [1] Group 1: Focus Areas - The 12 projects focus on both strategic emerging industries and the quality enhancement of traditional industries, targeting sectors such as integrated circuits, high-end equipment, low-altitude economy, and energy conservation and environmental protection [1] - The projects also address traditional livelihood sectors, including agricultural products and rail transportation, by overcoming key bottlenecks in inspection and testing technologies [1] Group 2: Technological Breakthroughs - Significant advancements include the development of reliability testing technology for industrial mother machines, which provides quality benchmarks for high-end equipment manufacturing [1] - A comprehensive reliability testing solution for integrated circuits in aerospace applications, such as low-orbit satellites, remote sensing satellites, and navigation satellites, has been established to accelerate the integration of the aerospace and semiconductor industries [1] - The creation of a comprehensive performance testing system for low-altitude equipment aims to promote the transformation of the low-altitude economy towards quality leadership [1]

Core Insights - The Sci-Tech Innovation Board (STAR Market) has become a significant symbol of China's capital market reform and high-quality development, serving as a primary channel for international investors to invest in Chinese technology innovation companies [1][2] - As of now, the STAR Market has gathered 592 listed companies with a total market capitalization exceeding 10 trillion RMB and cumulative financing surpassing 1.1 trillion RMB, forming a complete "chain-group" industrial structure in fields such as integrated circuits, biomedicine, artificial intelligence, and high-end equipment [1] - The STAR Market continues to play a role as a "testing ground" for capital market innovation, expected to attract and nurture more world-class technology enterprises, leading to the emergence of more technology innovation stars in the future [1] - The STAR Market exhibits strong international characteristics, with an investment ecosystem friendly to international investors, evidenced by the international operations of listed companies, increasing foreign participation, and a focus on communication with international investors [1] - The Shanghai Stock Exchange aims to deepen capital market reforms to provide clearer visibility and stability for international investors, facilitate the long-term development of sci-tech enterprises, and enhance the efficiency of capital allocation [1] Industry Outlook - The Shanghai Stock Exchange welcomes more foreign institutions and long-term capital to invest in the STAR Market, promoting the integration of global sci-tech capital and sharing the dividends of China's new productive forces [2]

记者丨 杨坪 编辑丨巫燕玲 11月12日至13日，2025年上海证券交易所国际投资者大会在沪召开。 会上，上海证券交易所副总经理傅浩指出，自2019年设立以来，科创板始终肩负"服务科技创 新、支持国家战略"的使命，已成为中国优质科技企业的首选上市平台， "投资科创板就是投 资中国科技创新，就是投资中国科技产业的未来，是分享中国科创企业发展红利的最好途 径。" 上海证券交易所副总经理傅浩作发言 截至目前，科创板汇聚592家上市公司，总市值超10万亿人民币，累计融资超1.1万亿人民币。 在集成电路、生物医药、人工智能、高端装备等领域形成了完整的"链群式"产业格局。 科创板公司具有高研发投入和高成长性的鲜明特征，科创板公司研发投入强度居A股首位。 2025年上半年，科创板整体研发投入占比接近13%，超净利润2.8倍。科创板公司上市后成长 性良好，以2019年为基数，近5年科创板公司营业收入和归母净利润复合增长率分别达18%和 9%。在这一背景下，涌现出一批实现跨越式发展的科技龙头企业。 傅浩强调， 科创板以制度创新持续发挥资本市场"试验田"功能，必将吸引和培育更多优秀的 世界级科技企业，未来会涌现出更多科技创新的企 ...

Core Viewpoint - The article highlights a significant increase in public fund research activities in the fourth quarter, focusing on high-growth sectors such as industrial machinery, electronic components, electrical equipment, and integrated circuits, indicating a strong interest in growth-oriented investments [1][2][3]. Group 1: Research Activity - As of November 12, public funds conducted a total of 10,115 research activities in the fourth quarter, representing a more than 50% increase compared to the previous quarter [1]. - Major public funds, including China Universal Asset Management, Ping An Fund, and Huaxia Fund, have been actively involved, with China Universal leading with 412 research activities [1][2]. - The focus of these research activities is primarily on the STAR Market and ChiNext, with nearly 60% of the surveyed stocks falling within these categories [1]. Group 2: Sector Focus - The four core sectors attracting institutional attention are industrial machinery, electronic components, electrical equipment, and integrated circuits [2]. - Notable companies in the industrial machinery sector include Xin Qiang Lian and Ou Ke Yi, while in electronic components, the focus is on Luxshare Precision and Zhongji Xuchuang [2]. - The electrical equipment sector features companies like Jiao Cheng Chao Sheng and Huichuan Technology, and the integrated circuit sector includes Ju Chen Co. and Wei Ce Technology [2]. Group 3: Market Sentiment - The increase in research activity reflects a shift in institutional focus towards potential high-growth sectors for the upcoming year, driven by a consensus on improving macro liquidity and profit expectations [2][3]. - The current research emphasis is on high-end equipment, electronic components, and new energy support, with institutions looking to identify potential high-growth targets [3]. - Despite short-term market fluctuations around the 4000-point mark, the breadth and depth of research indicate a generally optimistic outlook for the market in the coming year [3].

21世纪经济报道记者 杨坪 11月12日至13日，2025年上海证券交易所国际投资者大会在沪召开。 会上，上海证券交易所副总经理傅浩指出，自2019年设立以来，科创板始终肩负"服务科技创新、支持 国家战略"的使命，已成为中国优质科技企业的首选上市平台，"投资科创板就是投资中国科技创新，就 是投资中国科技产业的未来，是分享中国科创企业发展红利的最好途径。" "我们坚信在这样持续创新、公开透明的生态环境引导下，未来科创板有望涌现一批世界级的'明星'科 技企业，正如科创板的英文名STAR Market所寄予的美好愿景一样，拥有更多的rising star companies。"傅浩指出。 图说： 上海证券交易所副总经理傅浩作发言 与此同时，傅浩还指出，科创板有着很强的国际基因，有着对国际投资者友好的投资生态，正发展成为 一个国际化的市场。 截至目前，科创板汇聚592家上市公司，总市值超10万亿人民币，累计融资超1.1万亿人民币。在集成电 路、生物医药、人工智能、高端装备等领域形成了完整的"链群式"产业格局。其中，集成电路领域121 家企业实现全链条覆盖，为构建具有国际竞争力的集成电路产业生态、打造世界级产业集群筑牢 ...

经济观察网在11月13日的上海证券交易所国际投资者大会上，上交所副总经理傅浩表示，截至目前，科 创板汇聚592家上市公司，总市值超10万亿人民币，累计融资超1.1万亿人民币。在集成电路、生物医 药、人工智能、高端装备等领域形成了完整的"链群式"产业格局。"投资科创板就是投资中国科技创 新，就是投资中国科技产业的未来，是分享中国科创企业发展红利的最好途径。"傅浩说。 ...

人民财讯11月13日电，企查查APP显示，近日，北京芯紫领航科技合伙企业(有限合伙)成立，出资额 1000万元，经营范围包含：集成电路设计；信息技术咨询服务；数字技术服务；互联网数据服务等。企 查查股权穿透显示，该合伙企业由新紫光集团有限公司旗下北京紫光通信科技集团有限公司、北京紫光 科技发展有限公司等共同持股。 ...

格隆汇11月13日｜在今日的上海证券交易所国际投资者大会上，上交所副总经理傅浩表示，截至目前， 科创板汇聚592家上市公司，总市值超10万亿人民币，累计融资超1.1万亿人民币。在集成电路、生物医 药、人工智能、高端装备等领域形成了完整的"链群式"产业格局。"投资科创板就是投资中国科技创 新，就是投资中国科技产业的未来，是分享中国科创企业发展红利的最好途径。"傅浩说。 ...

在今日举行的上海证券交易所国际投资者大会上，上海证券交易所副总经理傅浩表示，2025年上半年， 科创板整体研发投入占比接近13%，超净利润2.8倍。截至目前，科创板汇聚592家上市公司，总市值超 10万亿人民币，累计融资超1.1万亿人民币，在集成电路、生物医药、人工智能、高端装备等领域形成 了完整的"链群式"产业格局。他表示，上交所将继续立足上海"五个中心"建设大局，进一步深化资本市 场改革：以更完善的制度让国际投资者"看得清、投得稳"，以更通畅的合作机制让科创企业"走得远、 发展好"，以更高效的服务生态让资本配置"更顺畅、更高效"。 ...