Core Insights - The Science and Technology Innovation Board (STAR Market) has successfully gathered 592 listed companies by October 2025, with a cumulative IPO fundraising scale of 934.6 billion yuan and total financing exceeding 1.1 trillion yuan, becoming a key force in nurturing new productive forces and upgrading the modern industrial system [1][2] - Over the past five years, STAR Market companies have shown strong growth, with a compound annual growth rate of 18% in operating income and 9% in net profit attributable to shareholders, indicating robust growth potential [2][3] - The STAR Market has established a virtuous cycle ecosystem of "technology - industry - capital," effectively promoting the efficient allocation of innovative resources and attracting talent and investment [6][8] Group 1: Financial Performance - By October 2025, the STAR Market has raised a total of 934.6 billion yuan through IPOs, with total financing surpassing 1.1 trillion yuan [1] - The compound annual growth rates for operating income and net profit attributable to shareholders for STAR Market companies are 18% and 9%, respectively, since 2019 [2] - In the integrated circuit sector, 119 disclosed companies reported a revenue growth of 27% and a net profit growth of 83% year-on-year for the first three quarters of 2025 [3] Group 2: Industry Focus and Innovation - The STAR Market has maintained a focus on "hard technology," with over 80% of listed companies in emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing [3] - The STAR Market has seen significant advancements in key technologies, with companies like He Yuan Bio and Guo Dun Quantum achieving breakthroughs in innovative drugs and semiconductor technologies [4] - As of 2025, STAR Market companies have formed over 130,000 invention patents, with an average of 230 patents per company, showcasing a strong emphasis on innovation [4][5] Group 3: Ecosystem and Market Dynamics - The STAR Market has successfully attracted over 60% of its founding teams from scientific and engineering backgrounds, fostering a culture of innovation [6] - Approximately 90% of STAR Market companies received venture capital investment before going public, indicating strong investor confidence [6] - The STAR Market has developed a comprehensive index system with 33 indices, and the total scale of STAR Market-related index tracking products exceeds 330 billion yuan [6][7] Group 4: Regulatory and Institutional Innovations - The STAR Market has pioneered various institutional innovations, including multi-dimensional listing standards and a small-scale rapid financing mechanism, providing valuable lessons for other market segments [8] - Recent reforms, such as the "1+6" initiative, have further enhanced the inclusivity of the STAR Market, allowing for the expansion of standards to cover cutting-edge fields like artificial intelligence [8] - The Shanghai Stock Exchange aims to leverage the STAR Market's role as a "testing ground" to better identify high-quality technology enterprises and support their listing [9]

Core Insights - A recent list highlighting the profound changes in China's regional economic landscape shows that 24 non-resource cities have surpassed the $20,000 per capita GDP threshold, marking a significant milestone in China's high-quality urban development [1] Group 1: Economic Performance of Major Cities - Beijing ranks first in comprehensive strength, followed closely by Shanghai, indicating a fierce "quality vs. quantity" competition among developed economies [3] - Shanghai is undergoing a transformation from "scale expansion" to "quality enhancement," driven by policies in the Pudong New Area and its core functions in finance, trade, and technology innovation [3] - Jiangsu stands out with eight cities making the list, showcasing impressive regional balanced development, with Wuxi leading in per capita GDP due to its focus on advanced manufacturing and high-value industries [5] Group 2: Guangdong's Economic Dynamics - The Guangdong-Hong Kong-Macao Greater Bay Area features Shenzhen, Zhuhai, and Guangzhou, representing a strong "three-core drive" with distinct development paths: innovation in Shenzhen, ecological focus in Zhuhai, and trade in Guangzhou [7] - The financial ecosystem in the Greater Bay Area is increasingly supporting these cities' advancement towards higher levels of development through capital flow and industrial collaboration [7] Group 3: Broader Economic Trends - The list reflects the resilience and vast potential of China's economy, with cities like Changzhou and Yichang demonstrating successful practices in innovation-driven growth and transformation [9] - The "developed city list" serves as both a report card and a competitive map for future urban development, emphasizing the importance of quality, resident welfare, and sustainability in the competition among cities [9]

编者按 蓝图绘就启新程，实干为笔书华章。党的二十届四中全会，对"十五五"时期经济社会发展作出 系统谋划和战略部署，是乘势而上、接续推进中国式现代化建设的又一次总动员、总部署。 本报今起推出"拼出中国式现代化江苏新图景·四中全会精神在基层"专栏。我们的记者将再次走进遍布 全省13个设区市的65个基层调研观察联系点，用一个个鲜活生动的故事，记录广大干部群众深入学习贯 彻四中全会精神、积极谋划推进未来五年发展、奋力谱写"强富美高"新江苏现代化建设新篇章的实际行 动，进一步激发全省上下积极投身中国式现代化江苏新实践的磅礴力量。这也是本报在党的二十大后确 定这65个中国式现代化调研观察点后，进行的第四季回访调研，敬请关注。 □ 本报记者 丁威程 近日，5个半导体产业链项目签约落户南通市通州区，其中4个项目落户南通高新技术产业开发区。近年 来，南通高新区的产业布局逐步完善，创新生态更具竞争力，成为企业角逐"芯"项目的首选地。 "集成电路除了芯片设计和晶圆制造，还有装备制造、封装测试、精密零部件等多个环节。"南通高新区 项目办副主任顾春峰说，就像生产一瓶矿泉水，从灌装、封口、包装，每个环节都至关重要，集成电路 产业同样如此 ...

Core Insights - A new company, Xiangyang Heertai Intelligent Technology Co., Ltd., has been established with a registered capital of 10 million RMB [1] - The legal representative of the company is Qin Hongwu, and its business scope includes IoT technology services, integrated circuit manufacturing, and the production of integrated circuit chips and products [1] - The company is wholly owned by Heertai (002402) [1]

Core Insights - The Sci-Tech Innovation Board (STAR Market) has significantly contributed to China's innovation-driven economic development, with 592 listed companies and over 1.1 trillion yuan raised since its inception [1][2] - The board has established a unique ecosystem that supports various stages of technology companies, allowing unprofitable firms to go public and facilitating substantial R&D investments [2][4] Group 1: Institutional Framework - The STAR Market's inclusive listing system has enabled 57 unprofitable companies to go public, with 22 of them turning profitable [2] - The introduction of the fifth set of listing standards has particularly benefited the biopharmaceutical sector, with 21 out of 22 companies successfully launching self-developed drugs [3] Group 2: R&D Investment - In 2024, total R&D investment by STAR Market companies reached 168 billion yuan, more than three times the net profit of the sector [4] - By the third quarter of 2025, R&D investment further increased to 113.35 billion yuan, marking a 9.01% year-on-year growth [4] Group 3: Industry Clusters - The STAR Market has fostered significant industry clusters, particularly in integrated circuits, with 121 listed companies covering the entire supply chain [5][6] - The semiconductor sector has seen record IPO fundraising, which has stimulated growth in related upstream and downstream companies [6] Group 4: Capital Ecosystem - Approximately 90% of STAR Market companies received venture capital before going public, promoting a culture of early and small investments in hard technology [7] - The market has developed a comprehensive index system with 33 indices and over 100 ETFs, with total assets exceeding 330 billion yuan [7] Group 5: Policy Developments - The introduction of the "1+6" policy measures aims to enhance support for technology companies with significant breakthroughs and ongoing R&D investments [8] - These reforms signify a transition from a testing ground to a demonstration platform, further aligning with national innovation strategies [8]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][23]. Core Insights - The company has demonstrated significant revenue growth in Q3 2025, driven by the automotive and emerging application markets. The revenue for Q3 reached 399 million yuan, marking a year-on-year increase of 35.37% and a quarter-on-quarter increase of 5.93% [8]. - The gross margin for Q3 2025 improved to 52.23%, up 8.29 percentage points year-on-year, indicating enhanced profitability due to the increasing share of high-margin automotive business [8]. - The company is positioned as a leader in the CIS wafer-level packaging segment, benefiting from strong demand in automotive CIS and new application scenarios [8]. Financial Performance Summary - Total revenue is projected to grow from 1,130 million yuan in 2024 to 2,488 million yuan in 2027, with a compound annual growth rate (CAGR) of 22.7% [3]. - Net profit attributable to the parent company is expected to increase from 253 million yuan in 2024 to 692 million yuan in 2027, reflecting a CAGR of 28.9% [3]. - Earnings per share (EPS) are forecasted to rise from 0.39 yuan in 2024 to 1.06 yuan in 2027, indicating strong growth potential [3]. Market Position and Strategy - The company is actively expanding its global footprint, with initiatives in optical and power semiconductor sectors, including collaborations with international partners and the establishment of a production base in Malaysia [8]. - The automotive electronics segment is identified as the primary growth driver, supported by partnerships with leading clients such as SONY and OmniVision [8]. - The company is also investing in R&D, with expenditures amounting to 1.04 billion yuan in the first three quarters of 2025, representing 9.76% of total revenue, which strengthens its technological moat [8].

Core Viewpoint - The integrated circuit ETF (159546) opened with a decline of 2.02%, indicating a bearish trend in the sector [1] Group 1: ETF Performance - The integrated circuit ETF (159546) opened at 1.795 yuan [1] - Since its establishment on October 11, 2023, the fund has achieved a return of 82.41% [1] - The fund has experienced a decline of 9.04% over the past month [1] Group 2: Major Holdings Performance - Major stocks within the ETF showed significant declines, including: - SMIC down 2.49% [1] - Cambricon down 3.33% [1] - Haiguang Information down 2.54% [1] - Lattice Semiconductor down 3.74% [1] - GigaDevice down 5.33% [1] - OmniVision down 2.07% [1] - Chipone down 1.41% [1] - JCET down 3.16% [1] - Unisoc down 2.46% [1] - Tongfu Microelectronics down 3.35% [1]

Group 1 - Fudan Microelectronics experienced a decline of 5.01% on November 5, with a stock price of 58.42 yuan per share and a trading volume of 367 million yuan, resulting in a total market capitalization of 47.988 billion yuan [1] - The company, established on July 10, 1998, and listed on August 4, 2021, primarily engages in integrated circuit (IC) related businesses, operating through two segments: design, development, and sales of integrated circuits, and providing IC testing services [1] - The revenue composition of Fudan Microelectronics includes: 37.04% from FPGA and other products, 23.92% from non-volatile memory, 21.35% from security and identification chips, 13.46% from smart meter chips, 4.15% from IC testing services, and 0.09% from rental income [1] Group 2 - According to data, one fund under Baodao holds a significant position in Fudan Microelectronics, with the Baodao SSE STAR Market Composite Index Enhanced A Fund (023901) holding 117,700 shares, accounting for 1.14% of the fund's net value, making it the eighth largest holding [2] - The Baodao SSE STAR Market Composite Index Enhanced A Fund was established on April 29, 2025, with a latest scale of 78.021 million yuan and has achieved a return of 37.6% since inception [2] Group 3 - The fund manager of Baodao SSE STAR Market Composite Index Enhanced A Fund is Yang Meng, who has been in the position for 7 years and 90 days, managing total assets of 18.856 billion yuan, with the best fund return during the tenure being 175.63% and the worst being -27.34% [3]

Core Viewpoint - Hefei Shitemeizhi Transmission Technology Co., Ltd. has been established with a registered capital of 13.68 million yuan, focusing on electronic components and integrated circuit manufacturing [1] Company Summary - The legal representative of the newly established company is Lei Hongyong [1] - The company’s business scope includes manufacturing and sales of electronic components, semiconductor discrete devices, integrated circuits, and integrated circuit chips and products [1] - The company is co-owned by Lei Hongyong and Hefei Sunshine Zero Carbon Technology Co., Ltd., a wholly-owned subsidiary of Sunshine Power (300274) [1]

Core Insights - Shanghai's economy shows strong growth in key industries, with the three leading sectors (integrated circuits, artificial intelligence, and biomedicine) growing by 8.5% in the first three quarters, and their manufacturing output accounting for 12.3% of the city's industrial output, an increase of 0.6 percentage points from 2024 [1] - The city's industrial investment has increased significantly, with a year-on-year growth of 20.3% from January to September, surpassing the national average of 13.9% [3] - The private sector is thriving, with private industrial output growing by 8.7%, outpacing the overall growth rate by 3 percentage points [2] Economic Performance - The three leading industries in Shanghai (integrated circuits, AI, and biomedicine) collectively exported 193.67 billion yuan, marking a growth of 10.3% [1] - The new energy sector, new generation information technology, and high-end equipment manufacturing continue to show double-digit growth rates of 19.6%, 10.9%, and 10.3% respectively [1] - The automotive industry in Shanghai achieved an output value of 522.5 billion yuan, with a comparable growth of 11.8%, representing 17.7% of the city's total industrial output [4] Investment Trends - Strategic emerging industries saw a 25.8% increase in investment, with new generation information technology, new energy vehicles, and high-end equipment manufacturing growing by 41.8%, 10.2%, and 8% respectively [3] - A total of 1,800 industrial projects were launched in the first three quarters, with a planned total investment of approximately 500 billion yuan [4] - Fixed asset investment in the software and information technology sector grew by 21.1%, significantly higher than the city's average of 6% [6] Sector Developments - The software and information technology industry in Shanghai achieved an added value of 527.743 billion yuan, growing by 15.5%, which is faster than the national average of 11.2% [5] - The automotive sector is seeing significant developments, with Tesla's Shanghai factory achieving a record delivery of 91,000 vehicles in September 2025 [5] - The shipbuilding industry is also progressing, with major companies delivering 43 new ships and holding over 270 orders, with a focus on high-value and environmentally friendly vessels [5]