Core Viewpoint - The event highlighted the strategic initiatives of companies in Wuxi, particularly focusing on expanding into new product applications while maintaining their traditional business lines [1] Company Summary - Guangxin Materials (300537) is actively developing new functional materials, functional films, and metal packaging coatings in addition to its core businesses of traditional PCB photoresists and consumer electronics coatings [1] - The company is enhancing its market share by expanding its sales team and increasing marketing efforts, which has led to a rise in sales expenses [1]

Core Points - Matsui Co., Ltd. announced the adjustment of its core technical personnel based on business development and strategic planning [1] - The company has newly recognized Su Mei, Li Rong, and Chen Gan as core technical personnel [1] - Former core technical personnel Wu Song, Yang Bo, and Fu Raosheng are no longer recognized as core technical personnel [1]

Core Insights - The Social Security Fund actively adjusted its portfolio in Q3, entering 7 new stocks and increasing holdings in 10 stocks, focusing on high-growth potential companies with solid fundamentals [1][3] - By the end of Q3, the Social Security Fund appeared among the top ten shareholders of 33 stocks, with a total holding value of 13.07 billion yuan [1] - The fund maintained its position in 6 stocks, while reducing holdings in 10 stocks, indicating a strategy to optimize its portfolio amid market fluctuations [1] New Investments - The Social Security Fund made its first investments in 7 stocks, including Jinling Mining, Lanke High-tech, and Electric Connection Technology, with Jinling Mining receiving the largest allocation of 8.81 million shares [1] - Most of the newly invested companies showed strong performance, with 6 out of 7 reporting year-on-year profit growth in the first three quarters, and Lanke High-tech successfully turning a profit [1] - The average increase in the stock prices of the newly invested companies since October was 0.28%, with Jinling Mining seeing a cumulative increase of over 10% [1] Increased Holdings - The Social Security Fund increased its holdings in 10 stocks, with Poly Development receiving the largest increase of 19.86 million shares [3] - The fund's stake in Sankeshu and Xinqianglian grew by over 1.3 percentage points, reflecting strong confidence in their future development [3] - Among the 10 companies that received increased investments, 9 reported year-on-year profit growth in the first three quarters, with Xinqianglian turning a profit and achieving over 600 million yuan in net profit, benefiting from industry demand recovery and cost control [3] Investment Strategy - The investment trends of the Social Security Fund in Q3 signal a strong focus on quality growth stocks that represent China's economic transformation and upgrading [3] - The fund adheres to a value investment philosophy, prioritizing companies' profitability and growth potential as key decision-making criteria [3] - As a stabilizing force in the market, the Social Security Fund's holdings provide significant reference value for investors [3]

Core Viewpoint - The company, Meijia Xincai, has indicated that its anti-reflective coating for photovoltaic glass is currently being shipped in small quantities, and customer development is ongoing [1] Group 1 - The company is actively shipping its anti-reflective coating for photovoltaic glass [1] - Customer development efforts are in progress, indicating potential growth opportunities in the market [1]

Group 1 - Matsui New Materials Group Co., Ltd. experienced a stock decline of 5.06% on September 10, with a share price of 41.82 yuan and a total market capitalization of 6.542 billion yuan [1] - The company, established on March 20, 2009, and listed on June 9, 2020, focuses on high-end consumer electronics and passenger vehicles, providing systematic solutions including coatings and specialty inks [1] - The revenue composition of the company is as follows: coatings account for 90.98%, inks for 4.97%, and adhesives and others for 4.05% [1] Group 2 - The Qianhai Kaiyuan Fund holds Matsui shares in its portfolio, with the Qianhai Kaiyuan Hong Kong-Shenzhen Innovation Growth Mixed A Fund (002666) owning 169,000 shares, representing 1.56% of the fund's net value [2] - The fund has reported a floating loss of approximately 376,800 yuan due to the decline in Matsui's stock price [2] - The Qianhai Kaiyuan Hong Kong-Shenzhen Innovation Growth Mixed A Fund was established on June 24, 2016, with a current scale of 319 million yuan and a year-to-date return of 6.34% [2]

Company Overview - Matsui New Materials Group Co., Ltd. is located in Ningxiang Economic and Technological Development Zone, Hunan, and was established on March 20, 2009. The company went public on June 9, 2020. Its main business focuses on high-end consumer electronics and passenger vehicles in the 3C industry, providing systematic solutions such as coatings and specialty inks through "interactive" independent research and "customized flexible manufacturing" [1]. Business Composition - The revenue composition of Matsui includes coatings at 90.98%, inks at 4.97%, and adhesives and others at 4.05% [1]. Stock Performance - On September 10, Matsui shares fell by 5.06%, trading at 41.82 yuan per share, with a transaction volume of 135 million yuan and a turnover rate of 2.03%. The total market capitalization is 6.542 billion yuan [1]. Fund Holdings - According to data, one fund under Southern Fund holds a significant position in Matsui shares. The Southern Specialized and New Mixed A Fund (014189) held 193,800 shares in the second quarter, accounting for 4.05% of the fund's net value, making it the third-largest holding. The estimated floating loss today is approximately 432,200 yuan [2]. Fund Performance - The Southern Specialized and New Mixed A Fund was established on January 5, 2022, with a current scale of 156 million yuan. Year-to-date returns are 27.98%, ranking 2396 out of 8177 in its category. Over the past year, returns are 57.7%, ranking 2007 out of 7982. Since inception, the fund has a loss of 5.19% [2]. Fund Manager Background - The fund manager, Luo An'an, has a cumulative tenure of 10 years and 66 days, with the current total asset scale of 4.225 billion yuan. The best fund return during his tenure is 204.05%, while the worst is -20.95%. Co-manager Lei Jiayuan has a tenure of 5 years and 22 days, with a total asset scale of 1.631 billion yuan, achieving a best return of 82.14% and a worst return of -7.85% during his tenure [2].

Core Insights - The company reported a revenue of 238 million yuan in the first half of 2025, representing a year-on-year growth of 48.77%, indicating continuous improvement in operational status and strong momentum in core business development [2] Business Segments - In the anti-corrosion segment, revenue increased by 60.63%, with the company solidifying its leading position in the rail transit industry and winning several key projects [2] - The company achieved a technological breakthrough in environmentally friendly water-based coatings, successfully winning bids for projects such as the water-based coating for Nanjing Puzhen Railway Passenger Car Maintenance [2] - The anti-corrosion business also made significant progress in various industrial sectors, including containers, new energy equipment, petrochemicals, steel structures, and shipbuilding [2] Waterproof Segment - In the waterproof segment, the company maintained its advantages in the rail transit field while strictly controlling business risks in real estate and related industries [2] - In the first half of 2025, the company secured new bids worth approximately 86 million yuan in the waterproof business, with successful applications in major hydraulic dam projects in Pingxiang City, Jiangxi Province [2] New Energy Business - The company is actively promoting the deep integration of new energy materials and anti-corrosion business [3] - In the first half of 2025, adhesive products were applied and sold in the energy storage and power battery sectors, forming a matrix of various functional coating products, including fireproof, thermal reflective, flame-retardant insulation, and thermal insulation coatings [3]

Group 1 - The company, Meijia Xincai, announced that it subscribed to a structured deposit from China Merchants Bank, Shanghai Branch, with an investment amount of 30 million yuan [1] - The structured deposit had a term of 61 days and was redeemed as of the announcement date [1] - The total redemption amount was 30 million yuan, with a financial return of 90,200 yuan [1]

Group 1: Songzi Co., Ltd. (松井股份) - Songzi Co., Ltd. is steadily advancing its business in the passenger car coating sector, deepening collaborations with BYD and North American T Company, and expanding its product line to include exterior large component coating materials, with a year-on-year revenue growth of 78.17% in Q1 2025 [1] - To maintain its gross margin, the company is enhancing product competitiveness and optimizing costs [1] - In the high-end consumer electronics sector, Songzi is deepening cooperation with leading clients, leveraging innovative processes to explore incremental space and improve its product system [1] - The company has significant technical advantages in its power battery insulation coating project, with smooth commercialization progress and policy support driving market demand for insulation technology [1] - In response to changes in tariff policies, Songzi is focusing on the global trade environment, deepening domestic substitution processes, and strengthening its international market layout [1] - The ink and adhesive business has made progress, with plans to meet diverse future demands [1] Group 2: Anyi Food (安井食品) - Anyi Food is adjusting its 2025 new product strategy, focusing on extreme cost performance for B-end and quality-price ratio for C-end, with key product launches including fresh-keeping 6.0 strip products, tender fish balls, black tiger shrimp slides, tiger skin fried eggs, and a series of lucky bag products [2] - To consolidate its market position against competition in frozen prepared foods and frozen noodle products, Anyi is amplifying the advantages of its frozen prepared food flagship products and making breakthroughs in new-style pastries [2] - The acquisition of Dingwei Thai aims to complement product categories and channels, focusing on developing high-end cod fish paste products, segmented categories of Kanto stew, and the frozen baking track [2] - The company is embracing customization for supermarkets to adapt to the needs of supermarket systems and new retail formats, currently in the early stages of strategy implementation [2] - The total cash dividend for 2024 is projected to be 1,040,059,864.54 yuan, with plans to continue sharing operational results and boosting investor confidence in 2025 [2]