Core Viewpoint - Goer Group has terminated its planned acquisition of Mia Precision Technology and Changhong Industrial, which was valued at 10.4 billion HKD (approximately 9.5 billion RMB), after three months of negotiations due to disagreements on key terms, prompting a reevaluation of its strategic transformation path [1][2]. Group 1: Acquisition Termination - The acquisition was intended to enhance Goer Group's capabilities in precision metal components, with the target companies projected to generate a combined revenue of 9.11 billion HKD (approximately 8.3 billion RMB) in 2024, accounting for about 8% of Goer Group's total revenue for the same period [2]. - Financial pressures were a significant factor in the termination, as Goer Group had 20.179 billion RMB in cash but 16.133 billion RMB in interest-bearing debt, which would have increased its debt ratio (already at 59.69%) and liquidity risk if the acquisition proceeded [2]. - Potential risks associated with the target companies were also a concern, including legal issues faced by Mia Precision and the low market competitiveness of Changhong Industrial due to its low technical barriers [2]. Group 2: Strategic Shift - Despite the acquisition's failure, Goer Group is pursuing internal growth strategies, including a 1.903 billion RMB investment to acquire 100% of Shanghai Aolai, enhancing its competitiveness in wafer-level micro-nano optical devices for AI smart glasses and AR applications [3]. - Goer Microelectronics has submitted a listing application to the Hong Kong Stock Exchange to independently finance the development of MEMS sensors, reducing reliance on group funds [3]. - Financially, Goer Group reported a revenue of 37.549 billion RMB and a net profit of 1.417 billion RMB in the first half of 2025, marking a year-on-year growth of 15.65%, with the precision components segment being the fastest-growing at 15.051 billion RMB and a gross margin of 21.51% [3]. Group 3: Conclusion - The termination of the acquisition reflects Goer Group's strategic prudence in global competition, emphasizing careful capital allocation and forward-looking technological investments as it transitions from a "manufacturing giant" to a "technology platform" [4].

证券研究报告 | 策略点评 行业涨跌情况：今日申万一级行业除煤炭行业下跌外，其余全部上涨。通信、 电子、建筑装饰、综合、房地产、机械设备等行业涨幅靠前。 2025 年 10 月 21 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20251021 今日关注 指数涨跌情况：今日 A 股主要指数多数收涨。截止收盘，沪指涨 1.36%，收报 3916.33 点；深证成指涨 2.06%，收报 13077.32 点；科创 50 涨 2.81%，收报 1406.32 点；创业板指涨 3.02%，收报 3083.72 点。总体上，全天个股涨多跌 少，Wind 数据显示，全市场 4624 只个股上涨，729 只个股下跌，80 只个股收 平。沪深两市今日成交额合计 18739 亿元，较上个交易日放量 1362.89 亿元。 板块涨跌情况：今日涨幅居前概念板块为光模块(CPO)、消费电子代工、光 芯片、HBM、一级地产商、培育钻石、覆铜板、电路板、光通信、挖掘机、 存储器、城中村改造、天然气、油气开采、GPU 板块。 风险提示 ...

截至午间收盘，沪指上涨1.2%，重回3900点上方；深证成指涨近2%；创业板指半日涨2.92%。市场近4600只个股飘红，68股涨停。沪深两市成交额1.15万 亿元。 截图自：Wind 盘面上，能源设备、电子元器件、重型机械、发电设备、半导体等板块涨幅居前。煤炭、电信、航空板块下跌。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3910.13 | 13065.58 | 1452.56 | | +46.24 +1.20% +252.37 +1.97% +23.28 +1.63% | | | | 科创50 | 创业板指 | 万得全A | | 1397.03 | 3080.79 | 6250.18 | | +29.14 +2.13% +87.33 +2.92% +93.74 +1.52% | | | | 沪深300 | 中证500 | 中证A500 | | 4607.56 | 7180.00 | 5514.12 | | +69.34 +1.53% +110.36 +1.56% +87.04 +1.60% | | | | 中证1000 | 深证100 | 中证红利 | | ...

Market Overview - The A-share market saw a majority of major indices decline today, with the Shanghai Composite Index down by 0.19% closing at 3889.50 points, the Shenzhen Component down by 0.93% at 13231.47 points, and the ChiNext Index down by 1.11% at 3078.76 points. The STAR 50 Index, however, increased by 1.40% to 1473.02 points. Overall, there were 1682 stocks that rose while 3628 stocks fell, with a total trading volume of 23547 billion yuan, a decrease of 1609 billion yuan from the previous trading day [1][2]. Industry Performance - Among the 31 first-level industries, only a few sectors such as non-ferrous metals, environmental protection, steel, national defense and military industry, banking, and computing saw gains, with respective increases of 3.35%, 1.65%, 1.49%, 0.86%, 0.74%, and 0.22%. Conversely, the automotive, home appliances, beauty care, media, and pharmaceutical industries experienced the largest declines, with decreases of 2.33%, 1.74%, 1.58%, 1.54%, and 1.47% respectively [1][2]. Concept Sectors - The leading concept sectors in terms of gains today included rare earths, rare earth permanent magnets, photoresists, semiconductor silicon wafers, rare metals, SMIC, lithium battery electrolytes, wafer industry, small metals, operating systems, semiconductor materials, gold and jewelry, continuous boards, pre-increase, and cobalt mines [2][11].

Market Overview - A-shares opened higher but experienced a downward trend, with the Shanghai Composite Index falling 1.23% to 3781.61 points, and over 4900 stocks declining [1][2] - The total trading volume in A-shares reached 1.71 trillion yuan, an increase of 353.9 billion yuan compared to the previous trading day [1][2] Stock Performance - In the Hong Kong market, major indices showed fluctuations, with NIO and Baidu both dropping over 7%, and JD.com falling more than 3% [3][4] - The Hang Seng Index decreased by 0.94%, closing at 26096.45 points, while the Hang Seng Tech Index fell by 2.20% [4] Sector Analysis - Banking stocks showed signs of recovery, with Nanjing Bank rising over 4% and major insurance stocks also performing well [5][7] - The semiconductor sector remained strong, with stocks like Changchuan Technology and Lianang Microelectronics hitting the daily limit [5][7] - The consumer electronics manufacturing index dropped by 3.01%, with significant declines in stocks such as Saiwei Electronics and Furi Electronics [6] Gold Market - International gold prices reached a new high of 3759 USD/ounce, with a slight decrease to 3745 USD/ounce later [8][9] - Domestic gold jewelry prices also increased, with brands like Chow Tai Fook and Lao Feng Xiang pricing their gold jewelry at 1098 CNY/gram [8]

Market Overview - A-shares opened high but experienced a downward trend, with the Shanghai Composite Index falling below 3800 points, closing at 3781.61, down 1.23% [1] - The Shenzhen Component Index dropped 1.84%, and the ChiNext Index fell 1.75%, with over 4900 stocks declining in the market [1][2] Sector Performance - Banking stocks showed signs of recovery, with notable gains in Nanjing Bank (up over 4%) and other major banks like Agricultural Bank and Construction Bank rising by 3% [10] - The semiconductor sector remained strong, with stocks like Changchuan Technology and Lianang Microelectronics hitting the daily limit [11] - The tourism sector faced significant declines, with Yunnan Tourism hitting the daily limit down [7] Bond Market - Government bond futures fell across the board, with the 30-year main contract down 0.52% [5] - The People's Bank of China conducted a 7-day reverse repurchase operation of 276.1 billion yuan, resulting in a net withdrawal of 10.9 billion yuan for the day [5] Gold Market - International gold prices reached a new high of $3759 per ounce, with domestic gold jewelry prices also rising, such as Chow Tai Fook's gold jewelry priced at 1098 yuan per gram [14] Consumer Electronics - The consumer electronics OEM index fell by 3.01%, with significant declines in stocks like Saiwei Electronics and Furi Electronics [9] - OpenAI is reportedly collaborating with companies like Luxshare Precision to develop consumer-grade AI devices, although Luxshare has not confirmed this [9]

Group 1 - The consumer electronics manufacturing index saw an intraday increase of over 2% on September 11 [1] - Industrial Fulian approached the daily limit increase, indicating strong market performance [1] - Leading companies such as Lianyi Zhizao, Saiwei Electronics, Guanghong Technology, and Huanxu Electronics experienced notable gains of 4.67%, 2.01%, 1.74%, and 1.26% respectively [1]

Core Viewpoint - Luxshare Precision's secondary listing process in Hong Kong has advanced, with the company submitting its main board listing application to the Hong Kong Stock Exchange on August 18, 2023 [1][3] Group 1: IPO Details - The IPO is expected to raise over $1 billion, primarily for global strategic expansion [3] - Luxshare is the last among the three major "fruit chain" giants in A-shares to initiate a Hong Kong listing, following Lens Technology and GoerTek [3] - The joint sponsors for the listing are CITIC Securities, Goldman Sachs, and CICC [3] Group 2: Financial Performance - Luxshare's revenue is projected to grow from 214.03 billion yuan in 2022 to 268.80 billion yuan in 2024, with a compound annual growth rate exceeding 10% [4] - Net profit attributable to shareholders is expected to rise from 9.16 billion yuan in 2022 to 13.37 billion yuan in 2024, an increase of 45.8% [4] - In Q1 2025, the company reported revenue of 61.79 billion yuan, a year-on-year increase of 17.90%, and a net profit of 3.04 billion yuan, up 23.17% [4] Group 3: Business Structure and Strategy - Consumer electronics remain the core business, projected to generate 224.09 billion yuan in 2024, accounting for 83.37% of total revenue [4] - The automotive electronics sector, viewed as a key growth area, is expected to achieve revenue of 13.76 billion yuan in 2024, a growth of 48.69% [4] - Luxshare has initiated a global expansion strategy in the automotive sector, acquiring a 50.1% stake in Leoni AG, a leading automotive wiring company [5] Group 4: Customer Concentration - Luxshare's top five customers accounted for 78.5% of total sales in 2024, with Apple being the largest customer, contributing 70.74% of total sales [6]

Market Overview - On August 19, the A-share market experienced a slight decline, with the Shanghai Composite Index down 0.02%, the Shenzhen Component Index down 0.12%, and the ChiNext Index down 0.17% [1] - The total trading volume exceeded 2.6 trillion yuan, marking the fifth consecutive trading day with volumes above 2 trillion yuan, with nearly 3,000 stocks rising [1] Sector Performance - AI hardware stocks remained strong, with Industrial Fulian (601138) hitting the daily limit and reaching a new historical high [1] - The robotics sector saw significant gains in the afternoon, with stocks like Yian Technology (300328), DiAo Micro, and Top Group (601689) hitting the daily limit [4] - Other sectors that performed well included liquor, Huawei HiSilicon, and CPO, while insurance, securities, and gaming sectors faced declines [1] Key Companies - Industrial Fulian's market capitalization surpassed 970 billion yuan, with a year-to-date increase of over 130% [5] - The company reported a revenue of 360.76 billion yuan for the first half of the year, a year-on-year increase of 35.6%, and a net profit of 12.11 billion yuan, up 38.6% year-on-year, both reaching historical highs for the same period [5] Market Trends - The A-share market has seen a surge in activity, with the "trillion market value club" expanding to 11 companies, collectively valued at nearly 18 trillion yuan [6] - Key players include Industrial and Commercial Bank of China (2.5 trillion yuan), Agricultural Bank of China, and China Construction Bank, with financial institutions dominating the list [6][9] - Industrial Fulian's market value has doubled this year, showcasing remarkable growth, while other sectors like consumption and energy have shown mixed results [7]

Market Overview - The A-share market experienced a slight decline on August 19, with the Shanghai Composite Index down 0.02%, the Shenzhen Component Index down 0.12%, and the ChiNext Index down 0.17% [1][2] - The total trading volume in the Shanghai and Shenzhen markets exceeded 2.6 trillion yuan, marking the fifth consecutive trading day with volumes over 2 trillion yuan [2] Sector Performance - The liquor, Huawei HiSilicon, and CPO sectors showed significant gains, while the insurance, securities, and gaming sectors faced declines [3][4] Notable Stocks - The robotics sector saw a surge, with companies like Yian Technology, Diaomai, and Top Group hitting their daily price limits. Industrial Fulian's market value approached 1 trillion yuan, with a year-to-date increase of over 130% [6][9] - Industrial Fulian reported a revenue of 360.76 billion yuan for the first half of the year, a year-on-year increase of 35.6%, and a net profit of 12.11 billion yuan, up 38.6% [6] Market Capitalization Insights - The A-share "trillion market value club" expanded to 11 companies, with a total market capitalization nearing 18 trillion yuan, serving as a core engine for the market [9][10] - The Industrial and Commercial Bank of China leads the club with a market value of 2.5 trillion yuan, followed by Agricultural Bank and Construction Bank [10] Growth Trends - Industrial Fulian's market value has doubled this year, while companies like Zijin Mining and Postal Savings Bank have seen growth rates exceeding 28% [11] - Central state-owned enterprises dominate the trillion market value club, accounting for over 80% of the members, driven by policies supporting green finance and new infrastructure [12] Financial Sector Dominance - The financial sector holds a significant presence in the trillion market value club, with major banks and insurance companies occupying seven of the eleven spots [13]