25Q3 营收和盈利同比增长明显，存储和高可靠领域需求向好 ——上海复旦（1385.HK）2025 年三季报业绩点评 要点 事件：公司前三季度实现营收 30.24 亿人民币，同比增长 12.7%；25Q3 实现 营收 11.86 亿人民币，同比增长 33.28%；Q3 营收增长主要系非挥发性存储 芯片、智能电表芯片和 FPGA 及其他芯片业务的销售带动，Q3 收入分别同比 增长 44%/42%/34%，而安全与识别芯片 Q3 营收同比增长 16%。利润端， 前三季度产品综合毛利率 58.47%，同比增长 3.42pct；25Q3 产品综合毛利 率 61.06%，同比增长 8.91pct，系营收增长叠加产品结构优化。前三季度归 母净利润 3.30 亿人民币，同比下降 22.69%，系受到政府补助专项验收和增 值税加计抵减额下降、存储跌价准备增加、无形资产计提减值等的影响。其中 25Q3 归母净利润 1.37 亿人民币，同比增长 72.69%，对应归母净利率 12%。 非挥发性存储器 Q3 营收回暖，公司积极开拓民品应用领域和合作：1）安全 与识别芯片业务 25Q3 实现收入 2.39 亿元，同比增长 16%。金 ...

Core Viewpoint - Dagang Co., Ltd. announced on November 6 that its wholly-owned subsidiary, Shanghai Minai, has increased its investment to gain control of Aike Integrated, which will enhance synergies in customer resources, technology accumulation, and capacity layout in the integrated circuit testing field [2] Group 1 - The investment will primarily be used to purchase high-end testing equipment, which is expected to expand the company's market scale and competitiveness in the testing market [2] - This strategic move is considered significant for the long-term development of the company [2]

成为"硬科技"企业上市首选地，带动形成"投早、投小、投硬科技"风气 深圳商报记者 钟国斌 2025年11月5日，科创板迎来设立7周年。7年来，科创板承载改革"试验田"功能，坚守"硬科技"定位， 深化各项制度机制创新，改革效应不断放大。截至目前，科创板上市公司达592家，IPO募集资金9346 亿元，再融资募集资金2088亿元，合计超1.1万亿元。 科创板公司上市后成长性良好 科创板主要服务于符合国家战略、突破关键核心技术、市场认可度高的"硬科技"企业，建立了多元包容 的发行上市制度、灵活便捷的股权激励制度和市场导向的并购重组制度，板块定位和制度设计与新质生 产力的发展需求高度契合。 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的复合增长 率分别达到18%和9%。57家上市时未盈利企业中已有22家在上市后实现盈利并"摘U"。 科创板试点注册制，有效发挥改革"试验田"功能，在发行、上市、交易、再融资、并购重组等方面进行 了一系列制度创新。通过科创板改革试点，形成了可复制可推广的经验，为创业板、主板等存量市场改 革提供了有益借鉴。 以集成电路为例，科创板集成电路上市公司超12 ...

Core Insights - SMIC's stock price decreased by 0.08% on November 5, with a trading volume of 5.753 billion yuan, indicating a slight decline in market performance [1] - The financing data shows a net financing outflow of 148 million yuan on the same day, with total financing and securities lending balance reaching 13.830 billion yuan [1] Financing Overview - On November 5, SMIC had a financing buy-in of 732 million yuan, with a current financing balance of 13.797 billion yuan, representing 5.76% of its market capitalization, which is above the 80th percentile of the past year [1] - The securities lending data indicates a repayment of 26,700 shares and a sale of 18,800 shares, with a total selling amount of approximately 2.247 million yuan, while the securities lending balance is 32.4007 million yuan, also above the 80th percentile of the past year [1] Company Performance - As of June 30, SMIC had 252,300 shareholders, a decrease of 2.20% from the previous period, with an average of 8,223 circulating shares per person, an increase of 2.26% [2] - For the first half of 2025, SMIC reported revenue of 32.348 billion yuan, a year-on-year increase of 23.14%, and a net profit attributable to shareholders of 2.301 billion yuan, reflecting a growth of 39.76% [2] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders of SMIC include several ETFs, with notable increases in holdings, such as the Huaxia SSE STAR 50 ETF holding 95.7266 million shares, an increase of 3.3552 million shares [2] - Other significant shareholders include the E Fund SSE STAR 50 ETF and Hong Kong Central Clearing Limited, both of which have also increased their holdings compared to the previous period [2]

Core Insights - The event in Shenzhen Pingshan aimed to enhance the business environment for private enterprises through deep dialogue and precise communication, focusing on the development strategies for the region's core industries [1][3]. Group 1: Industry Development Strategies - Entrepreneurs discussed how to leverage new opportunities under the "14th Five-Year Plan," emphasizing innovation and integration for industry transformation [3]. - Key topics included the expansion of the new energy vehicle sector, the integration of biopharmaceuticals with AI in drug development, and the push for domestic alternatives in the integrated circuit field [3][4]. - The dialogue highlighted the importance of collaboration across the supply chain and resource integration to overcome challenges such as technical barriers and market competition [4]. Group 2: Financial and Talent Development - Suggestions were made to accelerate the establishment of seed funds to empower the industry chain, addressing critical needs for development [5]. - The focus on expanding industrial space and deepening talent integration was emphasized as essential for enhancing the competitiveness of the manufacturing sector [5]. Group 3: Legal and Regulatory Environment - The subsequent seminar on optimizing the legal business environment addressed the importance of a stable and transparent legal framework for enterprise growth [6]. - Key legal insights were provided regarding the "Promotion Law of Private Economy," which clarifies the legal status of private enterprises and aims to eliminate entry barriers [7]. - The seminar also covered measures to protect business secrets in key industries like biopharmaceuticals and integrated circuits, ensuring comprehensive legal support for innovation [6][7].

Group 1 - The core viewpoint of the news is the performance and financial metrics of Guangli Microelectronics, which saw a stock price increase of 5.1% to 77.25 CNY per share, with a total market capitalization of 15.472 billion CNY [1] - Guangli Microelectronics, established on August 12, 2003, specializes in the design, development, and service of integrated circuit EDA software and wafer-level electrical testing equipment, with revenue composition of 62.40% from testing equipment and accessories, 37.00% from software development and licensing, and 0.60% from testing services and others [1] Group 2 - From the perspective of fund holdings, Guangli Microelectronics is a significant position in the Guotai Haitong Asset Management fund, specifically the Guotai Haitong CSI 1000 Preferred Stock Initiation A fund (019505), which holds 97,600 shares, accounting for 0.68% of the fund's net value [2] - The Guotai Haitong CSI 1000 Preferred Stock Initiation A fund has a total scale of 630 million CNY and has achieved a year-to-date return of 39.3%, ranking 1061 out of 4216 in its category [2] - The fund manager, Hu Chonghai, has been in position for 3 years and 328 days, with the fund's total asset size at 13.684 billion CNY, achieving a best return of 72.92% during his tenure [3]

Core Insights - Guangli Microelectronics experienced a 5.1% increase in stock price, reaching 77.25 CNY per share, with a trading volume of 233 million CNY and a market capitalization of 15.472 billion CNY as of November 6 [1] Company Overview - Hangzhou Guangli Microelectronics Co., Ltd. was established on August 12, 2003, and went public on August 5, 2022. The company specializes in the design, development, and service of integrated circuit EDA software and wafer-level electrical testing equipment [1] - The revenue composition of Guangli Microelectronics is as follows: 62.40% from testing equipment and accessories, 37.00% from software development and licensing, and 0.60% from testing services and others [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Caitong Fund has a significant position in Guangli Microelectronics. The Caitong Dingxin Quantitative Stock Selection 18-Month Open Mixed Fund (018705) held 27,000 shares in the third quarter, accounting for 1.74% of the fund's net value, making it the sixth-largest holding [2] - The fund has generated a floating profit of approximately 101,200 CNY as of the report date [2] Fund Performance - The Caitong Dingxin Quantitative Stock Selection 18-Month Open Mixed Fund (018705) was established on February 6, 2024, with a current scale of 124 million CNY. Year-to-date, it has achieved a return of 17%, ranking 4740 out of 8149 in its category. Over the past year, it has returned 16.49%, ranking 4168 out of 8053, and since inception, it has returned 18.47% [2] Fund Management - The fund is managed by Zhu Haidong and Guo Xin. Zhu has a tenure of 6 years and 116 days, with a total asset scale of 939 million CNY, achieving a best return of 66.33% and a worst return of -28.79% during his tenure [3] - Guo has a tenure of 1 year and 244 days, managing assets of 845 million CNY, with a best return of 45.49% and a worst return of 0.44% during his management period [3]

（文章来源：每日经济新闻） 集成电路ETF（159546）跟踪的是集成电路指数（932087），该指数从市场中选取涉及半导体设计、制 造、封装测试及相关材料设备等业务的上市公司证券作为指数样本，以反映集成电路产业相关上市公司 证券的整体表现。成分股具有高技术含量和成长性特征，代表了中国集成电路产业的发展水平与趋势。 该指数侧重于科技行业配置，能够较好地反映相关领域的市场表现。 11月6日早盘，集成电路ETF（159546）涨超3%。 平安证券指出，国产算力核心引擎和先进封装技术成为电子与半导体行业的重要发展方向。由于海外 CoWoS产能长期满载，国内算力公司供应链吃紧，为国产先进封装平台创造了客户导入与验证窗口。 在复杂国际环境下，实现算力产业链自主可控已成共识，高端封装国产化替代迫在眉睫。 ...

Group 1 - The core point of the news is that Puran Semiconductor's stock price dropped by 5.03% to 135.49 CNY per share, with a trading volume of 862 million CNY and a turnover rate of 4.05%, resulting in a total market capitalization of 20.059 billion CNY [1] - Puran Semiconductor (Shanghai) Co., Ltd. was established on January 4, 2016, and went public on August 23, 2021. The company specializes in the research, design, and sales of integrated circuit products, with 100% of its main business revenue coming from chip sales [1] Group 2 - From the perspective of the top ten circulating shareholders, a fund under Southern Fund is among the top shareholders of Puran Semiconductor. The Southern CSI 1000 ETF (512100) reduced its holdings by 26,400 shares in the third quarter, holding a total of 809,800 shares, which accounts for 0.55% of the circulating shares. The estimated floating loss today is approximately 5.814 million CNY [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY. Year-to-date returns are 26.77%, ranking 1995 out of 4216 in its category; the one-year return is 20.59%, ranking 1931 out of 3909; and since inception, the return is 12.19% [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years and 1 day, managing total fund assets of 122.76 billion CNY. The best fund return during the tenure is 166.54%, while the worst return is -15.93% [2]

三十五载春秋，将昔日的阡陌稻田，谱写成一座现代化新城的宏伟交响。在这片热土上，地区生产总值 的数据见证了翻天覆地的变迁：从1990年的60亿元，到2024年的近1.8万亿元，浦东以惊人的速度向上 生长。 这里，是机遇的"强磁场"：众多跨国企业在此扎根，共享发展红利；这里，是改革的"试验田"：一系列 创新举措在此破土，进而推广全国。当全球普遍认为创新成为可持续增长的源头，上海浦东新区再次成 为关注的焦点。 聚光灯下，浦东正以实践诠释这一全球经济发展的核心逻辑，其已把理论搬进实验室和工厂，用今天的 跑道，为明天的增长热身。2025年11月6日，第八届虹桥国际经济论坛"浦东与世界：共筑开放之路 共 绘产业新图景"分论坛在国家会展中心（上海）举办，该分论坛聚焦全球供应链管理中心建设、"引进 来"与"走出去"双向互动等热点话题，共同探讨浦东在全球经济治理中的角色和发展路径。 上海市决策咨询专家、上海浦东新区张江平台经济研究院院长陈炜分析指出，浦东的发展核心在于创新 驱动促进产业经济可持续发展，以制度性开放培植枢纽功能，带动投资、出口、内需。比如，浦东生物 医药、人工智能产业规模全球领先，且创新成果稳居全国前列。其创新动 ...