控股股东一年前收购的资产将被高溢价注入上市公司，景业智能(688290.SH)的并购被监管部门重点关 注。 日前，景业智能披露关联交易方案，拟以现金1.08亿元购买控股股东杭州行之远控股有限公司(以下简 称"行之远")持有的合肥市盛文信息技术有限公司(以下简称"合肥盛文")51%股权。上述交易完成后，景 业智能将持有合肥盛文51%的股权。 交易方案发布之后，上交所火速对景业智能发出关于本次关联交易的监管工作函，引发市场热议。 长江商报记者注意到，本次交易中，合肥盛文的整体估值为2.15亿元，溢价率达464.97%。2024年5月， 行之远实际仅以1亿元的价格取得合肥盛文51%的股权，也就是说，其实际取得成本比本次交易对价低 800万元。 数据显示，2025年前8个月，合肥盛文营业收入1174.1万元，净利润亏损1035.36万元。在合肥盛文前8个 月亏损的情况下，行之远依旧作出标的2025年全年扣非净利润超1000万元的业绩承诺，且2025年至2027 年合计不低于4900万元。 寄希望于关联并购深化军工领域布局的背后是，2025年上半年，景业智能实现营业收入1.1亿元，同比 增长16.15%；净利润和扣非净 ...

Investment Rating - The industry investment rating is "Accumulate (Maintain)" [2] Core Viewpoints - The report indicates that the high-quality development of the Beijing Stock Exchange (北交所) is expected to yield significant results in 2025, with a positive outlook for the overall performance of the exchange in the coming year [21] - The report highlights the performance of the North Exchange 50 Index, which experienced a decline of 3.11% to close at 1528.98 points as of September 28, 2025, while other indices such as the Shanghai and Shenzhen 300, ChiNext, and Sci-Tech 50 showed increases of 1.07%, 1.96%, and 6.47% respectively [3][6] - The report emphasizes the average market capitalization of the 277 constituent stocks in the North Exchange, which stands at 3.138 billion yuan, and notes a significant valuation premium compared to other A-share markets [8][11] Summary by Sections 1. North Exchange Market Overview - As of September 28, 2025, the North Exchange has 277 constituent stocks with an average market capitalization of 3.138 billion yuan [6] - The North Exchange A-shares had a median PE ratio of 47 times, significantly higher than the median PE ratios of 29 times for the entire A-share market, 39 times for ChiNext, and 41 times for Sci-Tech Board, indicating a valuation premium of 164%, 121%, and 116% respectively [8] 2. Industry Performance - The top five performing industries in the A-share market for the week were electrical equipment, non-ferrous metals, electronics, media, and public utilities, with respective increases of 3.86%, 3.52%, 3.51%, 0.63%, and 0.28% [11] 3. North Exchange Individual Stock Performance - Among the 277 stocks listed on the North Exchange, 19 stocks increased in value, while 256 stocks decreased, resulting in an increase ratio of 7% [13] 4. New Stocks on the North Exchange - As of September 28, 2025, 19 companies, including Dongsheng Jin Material and Baiying Biological, have reached the inquiry stage, while three companies, including Jingchuang Electric and Dapeng Industrial, are in the registration stage [17][18] 5. Investment Strategy for the North Exchange - The report suggests focusing on several sectors for investment in 2025, including: 1. Data Centers: KLT and Shuguang Shuchuang 2. Robotics: Suzhou Axis, Audiwei, Jun Chuang Technology, and Fuheng New Materials 3. Semiconductors: Hualing Co. and Kaide Quartz 4. Consumer Goods: Taihu Snow, Boshenglong, Lusi Co., Kangbiter, and Thunder God Technology 5. Military Information Technology: Chengdian Guangxin and Xingtuzhihui [21]

Group 1 - The military information technology sector experienced a decline of 1.35%, ranking among the top declines in concept sectors, with *ST Dongtong hitting a 20% limit down [1][2] - Among the military information technology stocks, notable declines were seen in Chunzhong Technology, Kesi Technology, and New Light Optoelectronics, while East Earth Technology, Keda Guochuang, and Jiexun Feihong showed gains of 4.74%, 3.79%, and 2.89% respectively [1][2] - The military information technology sector saw a net outflow of 2.431 billion yuan, with 86 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 100 million yuan, led by Chunzhong Technology with a net outflow of 433 million yuan [2][3] Group 2 - The top net inflow stocks in the military information technology sector included Keda Guochuang, Jiexun Feihong, and East Earth Technology, with net inflows of 41.755 million yuan, 26.966 million yuan, and 20.618 million yuan respectively [2][5] - The military information technology sector's outflow leaderboard featured Chunzhong Technology, Taihao Technology, and Hailanxin, with respective declines of 7.16%, 3.00%, and 3.01% [2][4] - The overall market sentiment reflected a mixed performance across various sectors, with the pork sector leading gains at 2.82% while military information technology lagged behind [2]

Group 1 - The military information technology sector experienced a decline of 4.97%, ranking among the top declines in concept sectors as of the market close on September 3 [1][2] - Within the sector, North China Long Dragon hit a 20% limit down, while companies like Sichuan Changhong, Four Creation Electronics, and North Navigation also faced significant declines [1][2] - Only three stocks in the sector saw price increases, with Weide Information, Chunz中科技, and Xin'an Century rising by 0.67%, 0.23%, and 0.07% respectively [1][2] Group 2 - The military information technology sector saw a net outflow of 4.335 billion yuan in main funds today, with 90 stocks experiencing net outflows [2][3] - The stock with the highest net outflow was Aerospace Electronics, which saw a net outflow of 295 million yuan, followed by Haige Communication and North China Long Dragon with net outflows of 272 million yuan and 271 million yuan respectively [2][3] - The stocks with the highest net inflows included Jiaxun Feihong, Xin'an Century, and Yuanguang Software, with inflows of approximately 50.39 million yuan, 32.58 million yuan, and 10.32 million yuan respectively [2][3]

Core Viewpoint - Guanshang Technology (301213.SZ) reported a revenue of 41.05 million yuan for the first half of 2025, marking a year-on-year growth of 9.19%, and a net profit attributable to shareholders of 1.43 million yuan, with a significant increase in non-recurring net profit by 372.29% [1] Group 1: Business Performance - The company has established a unique "AI+" core business model that integrates AI with lifecycle management systems and digital twin technology, enhancing its capabilities in the military and civilian sectors [2][3] - Guanshang Technology has successfully developed six models of small turbojet engines, with thrust levels ranging from 40 daN to 200 daN, expected to be completed for small batch trial production within the year [3] - The company signed a significant order worth 93.5 million yuan with a client, demonstrating strong customer recognition of its technology and products [3] Group 2: Technological Innovation - The company is advancing its capabilities in artificial intelligence and computing power, with a focus on integrating AI technology into defense applications [2][4] - Guanshang Technology has captured the strategic opportunity in the computing power sector, with a projected compound annual growth rate of 46.2% in China's intelligent computing power market from 2023 to 2028 [4][5] Group 3: Strategic Developments - The company plans to utilize unallocated fundraising for enhancing its digital capabilities, focusing on lifecycle management, digital twin technology, and intelligent equipment [6] - Guanshang Technology has established several subsidiaries to focus on artificial intelligence and related fields, indicating a commitment to innovation and market expansion [6] Group 4: Market Position and Future Outlook - The introduction of institutional investors is expected to enhance the company's governance structure and long-term development strategy [7][8] - The military industry is experiencing a growth phase, and Guanshang Technology is well-positioned to benefit from this trend due to its innovative capabilities and strategic focus on AI and computing power [8]

Group 1 - The core viewpoint of the news is that Huazhi Chuantong (300045.SZ) has reported an increase in institutional investor holdings, indicating growing interest in the company [1] - As of August 25, 2025, a total of 11 institutional investors disclosed holdings in Huazhi Chuantong A-shares, with a combined holding of 22.3741 million shares, accounting for 3.38% of the total share capital [1] - The top ten institutional investors collectively increased their holding ratio by 0.98 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three public funds increased their holdings, with a total increase ratio of 0.36% [2] - One public fund, the Satellite ETF, reported a slight decrease in holdings compared to the previous quarter [2] - Five new public funds disclosed their holdings during this period, including Huaxia CSI 1000 ETF and others [2] Group 3 - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.21% compared to the previous period [2]

Core Viewpoint - Foreign capital remains optimistic about the Chinese stock market, particularly small and mid-cap stocks, despite recent gains in major indices [1][2]. Group 1: Market Performance - Since the rebound began on April 8, the Shanghai Composite Index has risen over 21%, the Shenzhen Component Index has increased by more than 27%, and the ChiNext Index has surged over 43% [2]. - The CSI 300 Index has gained over 19%, while the CSI 500 and CSI 1000 indices have risen by 26.8% and 31.96%, respectively [2]. - The CPO index has shown the strongest performance with a rise of over 123%, while other indices such as light chip and CRO have also seen significant increases [2]. Group 2: Capital Flow and Investment Trends - High net inflows into the A-share market indicate a shift in capital, with only 22% of household financial assets currently allocated to funds and stocks, suggesting a potential inflow of over 10 trillion yuan [2][3]. - Evidence of funds moving from bank deposits to stock markets is emerging, with a notable negative change in household deposits and an increase in non-bank financial institution deposits [3]. - The A-share market has become the most net-bought market recently, with a buying ratio of 1.1 times [3]. Group 3: Investor Sentiment and Participation - Increased retail participation is expected as the A-share market strengthens, with current financing balances still relatively low compared to market size [3]. - The correlation between trading volume and A-share performance suggests that as the market becomes more active, more deposits may flow into stocks [5][6]. - The potential scale of household deposits entering the market is estimated to be between 5 trillion and 7 trillion yuan, which could exceed previous market uptrends [6]. Group 4: Comparative Market Analysis - The Indian stock market is losing favor among fund managers, with a noticeable shift of capital towards the more attractively valued A-shares and H-shares [4]. - The current valuation of A-shares appears favorable compared to other regions, indicating significant upside potential [3][7]. - The overall valuation of A-shares remains reasonable, with historical data suggesting that increased trading volume may lead to short-term volatility but not affect the mid-term market trend [6].

Group 1 - The military industry is experiencing significant stock price movements, with companies like Fenghuo Electronics and China Electronics Xinlong achieving consecutive trading limit increases [1] - Zhenlei Technology has seen a stock price increase of over 15%, indicating strong market interest [1] - Other companies such as JX Feihong, Hailanxin, Leike Defense, Jiayuan Technology, and Kesi Technology are also witnessing upward trends in their stock prices [1]

Group 1 - The report indicates that the market has shown resilience, with a rapid recovery that exceeded some investors' expectations, leading to increased confidence [3][14][15] - It is anticipated that market confidence will continue to rise, with the expectation that indices will reach new highs throughout the year, viewing short-term pullbacks as part of an upward trend [4][15] - The technology sector is identified as a key investment theme, with a strong belief that it will continue to lead economic growth, particularly through advancements in artificial intelligence [5][16] Group 2 - Short-term focus is recommended on strong sub-themes within the technology sector, including robotics, liquid cooling, military information technology, and commercial satellites, which are expected to see significant developments and events [6][17] - The report highlights the potential of AI applications, particularly following the release of GPT-5, which is expected to enhance user experience and narrow the gap with domestic models, indicating a growing market for AI applications [7][18] - Domestic computing power and advanced processes are emphasized as foundational for national development, with expectations of continued policy support and potential catalysts in the second half of the year [7][19]

Investment Rating - The report maintains an "Accumulate" rating for the industry [1]. Core Insights - The overall market performance of the North Exchange shows a decline, with the North Exchange 50 Index dropping by 2.46% to close at 1419.61 points, while the Shanghai and Shenzhen 300 Index, ChiNext Index, and Sci-Tech 50 Index fell by 1.96%, 1.69%, and 1.74% respectively [5][12]. - The top five performing sectors in the A-share market this week were pharmaceuticals and biotechnology, communications, media, leisure services, and mining, with respective gains of 1.46%, 1.29%, 1.19%, 0.28%, and 0.00% [5][17]. - Among the 269 listed companies on the North Exchange, 51 stocks rose, 218 fell, and none remained flat, resulting in a rise ratio of 19% [5][19]. Summary by Sections North Exchange Market Overview - As of August 3, 2025, the North Exchange comprises 269 constituent stocks with an average market capitalization of 3.113 billion [5][12]. - The average daily trading volume for the North Exchange A-shares reached 25.7 billion, a decrease of 17% from the previous week, with a turnover rate of 5.94% [15]. North Exchange New Stocks - No new stocks were issued this week. As of July 28 to August 3, 2025, 22 companies updated their review status to "inquired," while 1 company was approved for the listing committee meeting, and 1 company was terminated [7][25]. North Exchange Key Announcements - Three key companies, Taihu Snow, Parallel Technology, and Minshida, released their semi-annual reports for 2025, all reporting net profit growth [30]. North Exchange Investment Strategy - The report suggests focusing on high-quality development in 2025, highlighting potential opportunities in data centers, robotics, semiconductors, consumer goods, and military information technology [31].