Core Viewpoint - The company has established a strong customer base and technical reserves in the GPU sector, successfully mass-producing high-precision oxygen-free copper busbars for AI cooling structures, and forming strategic partnerships with leading cooling module companies for top-tier GPU cooling solutions [1]. Group 1 - The company has a good customer foundation and technical reserves in the GPU field [1] - High-precision oxygen-free copper busbars have been successfully mass-produced for new AI cooling structures [1] - Strategic partnerships have been established with several top-tier cooling module companies for various high-end GPU cooling solutions [1] Group 2 - The company will closely monitor and follow up on market demand in the GPU sector [1] - There are plans to further improve the product lineup and enhance competitive advantages [1]

Core Viewpoint - The U.S. government has intensified its crackdown on Chinese electronic products, leading to the removal of millions of banned items from major e-commerce platforms, particularly affecting companies like Huawei, Hikvision, ZTE, and Dahua Technology [1][3]. Group 1: Regulatory Actions - The FCC has previously issued a ban in 2022 prohibiting new devices from certain Chinese companies from being sold in the U.S. market [3]. - The recent actions involve the removal of products that either appear on the U.S. banned device list or lack FCC authorization [1][3]. - The FCC plans to hold a vote on October 28, which, if passed, would prevent any device with components from blacklisted companies from receiving FCC authorization [3]. Group 2: Market Impact - Hikvision has reported that its U.S. business accounts for less than 3% of its overseas revenue and less than 1% of total revenue [3]. - Dahua Technology has also confirmed its exit from the U.S. market [3]. - The tightening of FCC policies may affect not only Chinese companies but also overseas brands that rely on components from these companies, impacting the global security equipment market [4]. Group 3: Industry Dynamics - The products being removed typically have two characteristics: they contain keywords related to banned brands and fall under categories strictly regulated by the FCC [3]. - Despite reduced sales, some e-commerce platforms still attempt to sell products using these well-known brand keywords to boost sales [3]. - The U.S. remains the largest single market for surveillance equipment globally, but increasing regulatory pressures may challenge the export of Chinese manufacturing [4].

天眼查App显示，近日，自贡市自流井区浩宇电子产品经营部（个体工商户）成立，法定代表人为谭浩 宇，注册资本1万人民币，经营范围为一般项目：电子产品销售；计算机软硬件及辅助设备批发；计算 机软硬件及辅助设备零售；计算机及通讯设备租赁；计算机及办公设备维修；计算机系统服务；电子元 器件批发；电子元器件零售；电力电子元器件销售；电子专用材料销售；通讯设备销售；通讯设备修 理；移动终端设备销售；移动通信设备销售；通信设备销售；互联网销售（除销售需要许可的商品）。 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Insights - Yibin Lianxin Electronic Technology Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Chen Yang [1] - The company's business scope includes technology services, development, consulting, and sales of electronic equipment and components [1] Company Overview - The company is involved in general projects such as technology service, development, consulting, exchange, transfer, and promotion [1] - It also engages in the sale of electronic specialized equipment, smart instruments, electronic components, integrated circuits, and related products [1] - The company operates under the legal framework and can conduct business activities independently with its business license [1]

天眼查App显示，近日，绵阳华秦电子科技有限公司成立，法定代表人为冯文超，注册资本50万人民 币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；电子产 品销售；新能源原动设备销售；充电桩销售；智能输配电及控制设备销售；新能源汽车电附件销售；新 能源汽车生产测试设备销售；配电开关控制设备销售；电力电子元器件销售；机械设备销售；通讯设备 销售；纸制品销售；塑料制品制造；金属制品销售；电线、电缆经营；工程技术服务（规划管理、勘 察、设计、监理除外）；国内贸易代理；货物进出口；技术进出口。（除依法须经批准的项目外，凭营 业执照依法自主开展经营活动）（涉及国家规定实施准入特别管理措施的除外）。 ...

Core Viewpoint - Yunhan Chip City (301563.SZ) has clarified that it currently does not engage in business with Shenzhen Xinkailai Technology Co., Ltd. The company's main operations include B2B sales of electronic components and PCBA services, with a diverse customer base across various industries [1] Summary by Relevant Categories Business Operations - The company primarily focuses on B2B sales of electronic components and PCBA services [1] - The customer base is extensive and covers a wide range of industry sectors [1] Partnerships and Collaborations - There is no direct cooperation between the company and Changjiang Storage Technology Co., Ltd. or Changxin Storage Technology Co., Ltd. [1] - The company’s platform provides supply information for products from Changjiang Storage and Changxin Storage, but the sales proportion from these products is very low [1]

Group Financial Performance and Strategy - Merck aims to drive sustainable value creation as a leading science & technology company[7] - The company is actively managing its portfolio, focusing on attractive markets and solid competitive positions, with >80% of businesses in each category[10, 11] - Merck confirms M&A guardrails and financial discipline, with ongoing scouting for further M&A to accelerate growth[18] - The company is committed to topline growth and margin expansion mid-term[72] - Merck is on track to meet its 2025 guidance and has a positive early indication for 2026, with an expected EBITDA pre margin of ~29% in 2025[69, 70] Key Growth Drivers - Key growth drivers explain up to 80% of future growth, focusing on secular growth markets[20] - Process Solutions market segment continues to grow at a 9% to 10% CAGR[37] - Semiconductor Solutions contribute over 80% to Electronics sales mid-term[50] - Healthcare mid-term growth ambition is raised, driven by Rare Diseases uptake, targeting LSD to MSD organic sales growth (CAGR in %)[46] Life Science Strategy - Life Science is centering the business on three distinct go-to-market approaches: Process Solutions (~€35 billion), Advanced Solutions (~€47 billion), and Discovery Solutions (~€29 billion)[32]

Core Insights - Recently, Ruiling Technology (Guangdong) Co., Ltd. was established with a registered capital of 5 million RMB [1] Company Overview - The legal representative of Ruiling Technology is Yang Jirong [1] - The company operates in various sectors including technology services, development, consulting, and sales of electronic components and devices [1] Business Scope - The business scope includes: - Technology services, development, consulting, exchange, transfer, and promotion [1] - Sales and manufacturing of display components and electronic components [1] - Research and manufacturing of electronic special materials [1] - Manufacturing and sales of lighting fixtures and semiconductor devices [1] - Import and export of goods and technology [1] - Domestic trade agency, housing leasing, and mechanical equipment leasing [1] - Internet sales (excluding items requiring permits) [1]

Market Performance - Equity benchmark indices Sensex and Nifty experienced significant gains in early trade on October 16, 2025, driven by a rally in global markets and optimism surrounding potential U.S. Fed rate cuts [1][3] - The BSE Sensex rose by 407.67 points to reach 83,013.10, while the NSE Nifty increased by 104 points to 25,427.55 [1] - On the previous day, the Sensex had already climbed 575.45 points or 0.70% to settle at 82,605.43, and the Nifty had gained 178.05 points or 0.71% to close at 25,323.55 [4] Sector Performance - Among the gainers in the Sensex firms were Axis Bank, which climbed 3% following its September quarter earnings announcement, as well as Adani Ports, Titan, Eternal, Kotak Mahindra Bank, Tata Motors, and Bharat Electronics [1][2] - Conversely, Infosys, Tata Steel, Tata Consultancy Services, and Sun Pharma were identified as laggards in the market [2] Global Market Influence - Asian markets showed positive performance, with South Korea's Kospi, Japan's Nikkei 225, and Shanghai's SSE Composite index trading higher, while Hong Kong's Hang Seng index was lower [2] - U.S. markets ended mostly higher on October 15, 2025, contributing to the positive sentiment in the Indian markets [2] Foreign Investment Activity - Foreign Institutional Investors (FIIs) purchased equities worth ₹68.64 crore on October 15, while Domestic Institutional Investors (DIIs) bought equities worth ₹4,650.08 crore [4] Economic Outlook - The International Monetary Fund (IMF) raised India's FY26 GDP forecast to 6.6%, which is expected to boost market sentiment ahead of the Deepavali festival [3]

Core Insights - A new company, Tianchang Anyoude Electronic Technology Co., Ltd., has been established with a registered capital of 300,000 RMB [1] Company Overview - The legal representative of the company is Ye Hengqin [1] - The company operates in various sectors including research and development of electronic materials, manufacturing and retail of electronic components, battery manufacturing and sales, and production of transformers and inductors [1] - The company is also involved in the manufacturing and sales of plastic products and offers domestic trade agency services [1] Business Scope - General projects include R&D of electronic materials, manufacturing of electronic components, battery production, and sales of various electronic devices [1] - The company has specific licensing requirements for power supply business, which will be conducted upon approval from relevant authorities [1]