来源：新浪证券-红岸工作室 存储芯片+先进封装+OLED+芯片概念+人民币贬值受益 1、2025年10月14日公司，合肥新汇成微电子股份有限公司举办特定对象调研活动，向舟资本、兴全基 金、平安资管等多家机构投资者披露重磅布局：公司通过直接与间接投资相结合，拿下合肥鑫丰科技有 限公司（简称 "鑫丰科技"）27.5445% 股权，并与鑫丰科技股东华东科技（苏州）有限公司（简称 "华 东科技"）达成战略合作，共同拓展 3D DRAM 等存储芯片封测业务，瞄准 AI 基建时代下存储芯片的爆 发式需求。 2、据2023年2月投资者关系活动记录表： Chiplet先进封装技术是凸块制造、Fan-out、3D、SiP等高端先 进封装技术的集合，公司掌握的凸块制造技术是Chiplet的基础之一。在研发端，公司将以客户需求为导 向，基于凸块制造技术，纵向拓展技术边界，积极布局Fan-out、2.5D/3D、SiP等高端先进封装技术。 3、2024年7月3日公司投资者关系活动记录表：公司目前OLED客户主要包括联咏、瑞鼎、奕力、云英 谷、集创北方、芯颖、傲显、昇显微、晟合微等。 4、合肥新汇成微电子股份有限公司的主营业务是集成电 ...

Core Viewpoint - Longji Technology's stock price has experienced a decline of 10.56% year-to-date, with a recent drop of 2.04% on November 19, 2023, indicating potential concerns among investors regarding its performance in the semiconductor industry [1][2]. Financial Performance - For the period from January to September 2025, Longji Technology reported a revenue of 28.669 billion yuan, reflecting a year-on-year growth of 14.78%. However, the net profit attributable to shareholders decreased by 11.39% to 0.954 billion yuan [2]. - Cumulative cash dividends since the A-share listing amount to 1.533 billion yuan, with 0.805 billion yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 376,300, a rise of 17.94%. The average number of circulating shares per person decreased by 15.21% to 4,755 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 52.8334 million shares, a decrease of 48.321 million shares from the previous period [3].

Core Viewpoint - The company, Yongxi Electronics, primarily serves SoC customers and has not yet ventured into the storage chip market, despite inquiries about its packaging and testing services for various storage chip products [1] Group 1 - The company received inquiries regarding its packaging and testing services for DRAM and Flash storage chips [1] - The company's current focus is on SoC customers, indicating a strategic direction in its service offerings [1] - There is no current involvement in the storage chip packaging and testing business, highlighting a potential area for future expansion [1]

来源：新浪证券-红岸工作室 11月14日，汇成股份跌5.13%，成交额4.51亿元，换手率3.59%，总市值123.72亿元。 异动分析 存储芯片+先进封装+OLED+芯片概念+人民币贬值受益 1、2025年10月14日公司，合肥新汇成微电子股份有限公司举办特定对象调研活动，向舟资本、兴全基 金、平安资管等多家机构投资者披露重磅布局：公司通过直接与间接投资相结合，拿下合肥鑫丰科技有 限公司（简称 "鑫丰科技"）27.5445% 股权，并与鑫丰科技股东华东科技（苏州）有限公司（简称 "华 东科技"）达成战略合作，共同拓展 3D DRAM 等存储芯片封测业务，瞄准 AI 基建时代下存储芯片的爆 发式需求。 2、据2023年2月投资者关系活动记录表： Chiplet先进封装技术是凸块制造、Fan-out、3D、SiP等高端先 进封装技术的集合，公司掌握的凸块制造技术是Chiplet的基础之一。在研发端，公司将以客户需求为导 向，基于凸块制造技术，纵向拓展技术边界，积极布局Fan-out、2.5D/3D、SiP等高端先进封装技术。 3、2024年7月3日公司投资者关系活动记录表：公司目前OLED客户主要包括联咏、瑞鼎 ...

Core Viewpoint - The stock of Jingfang Technology has experienced a decline, with a notable drop in both share price and trading volume, indicating potential concerns among investors regarding the company's performance and market position [1][2]. Financial Performance - For the period from January to September 2025, Jingfang Technology reported a revenue of 1.066 billion yuan, representing a year-on-year growth of 28.48% [2]. - The net profit attributable to shareholders for the same period was 274 million yuan, showing a significant increase of 48.40% compared to the previous year [2]. - Cumulatively, the company has distributed 496 million yuan in dividends since its A-share listing, with 130 million yuan distributed over the last three years [2]. Stock Market Activity - As of November 14, the stock price of Jingfang Technology was 27.73 yuan per share, with a market capitalization of 18.085 billion yuan [1]. - The stock has seen a year-to-date decline of 1.55%, with a 3.61% drop over the last five trading days and a 7.81% decline over the past 60 days [1]. - The net outflow of main funds was 24.0633 million yuan, with significant selling pressure observed [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 147,700, up by 7.82% from the previous period [2][3]. - The second-largest shareholder, Dongwu Mobile Internet Mixed A, reduced its holdings by 4.8575 million shares, while Hong Kong Central Clearing Limited increased its holdings by 489,320 shares [3]. - New entrants among the top ten shareholders include Guolian An Semiconductor ETF and GF Zhongzheng 1000 ETF [3].

11月14日，长电科技盘中下跌2.01%，截至11:01，报37.47元/股，成交7.82亿元，换手率1.16%，总市值 670.49亿元。 资金流向方面，主力资金净流出1.57亿元，特大单买入4285.52万元，占比5.48%，卖出1.35亿元，占比 17.32%；大单买入1.35亿元，占比17.31%，卖出2.00亿元，占比25.55%。 长电科技今年以来股价跌7.96%，近5个交易日跌3.73%，近20日跌5.14%，近60日涨6.30%。 资料显示，江苏长电科技股份有限公司位于江苏省江阴市滨江中路275号，成立日期1998年11月6日，上 市日期2003年6月3日，公司主营业务涉及集成电路的系统集成、设计仿真、技术开发、产品认证、晶圆 中测、晶圆级中道封装测试、系统级封装测试、芯片成品测试并可向世界各地的半导体客户提供直运服 务。主营业务收入构成为：芯片封测99.59%，其他0.35%，租赁收入0.05%。 分红方面，长电科技A股上市后累计派现15.33亿元。近三年，累计派现8.05亿元。 机构持仓方面，截止2025年9月30日，长电科技十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股5 ...

来源：新浪证券-红岸工作室 11月13日，汇成股份涨0.46%，成交额4.12亿元，换手率3.15%，总市值130.41亿元。 异动分析 3、2024年7月3日公司投资者关系活动记录表：公司目前OLED客户主要包括联咏、瑞鼎、奕力、云英 谷、集创北方、芯颖、傲显、昇显微、晟合微等。 4、合肥新汇成微电子股份有限公司的主营业务是集成电路高端先进封装测试服务。公司的主要产品是 集成电路封装测试。 5、根据2024年年报，公司海外营收占比为54.15%，受益于人民币贬值。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 存储芯片+先进封装+OLED+芯片概念+人民币贬值受益 1、2025年10月14日公司，合肥新汇成微电子股份有限公司举办特定对象调研活动，向舟资本、兴全基 金、平安资管等多家机构投资者披露重磅布局：公司通过直接与间接投资相结合，拿下合肥鑫丰科技有 限公司（简称 "鑫丰科技"）27.5445% 股权，并与鑫丰科技股东华东科技（苏州）有限公司（简称 "华 东科技"）达成战略合作，共同拓展 3D DRAM 等存储芯片封测业务，瞄准 AI 基建时代下存储芯片的爆 发式需求。 ...

Core Viewpoint - Jingfang Technology's stock has experienced a decline, with a current price of 28.16 yuan per share and a market capitalization of 18.365 billion yuan, reflecting a challenging trading environment [1] Financial Performance - For the period from January to September 2025, Jingfang Technology reported a revenue of 1.066 billion yuan, representing a year-on-year growth of 28.48%, and a net profit attributable to shareholders of 274 million yuan, which is a 48.40% increase compared to the previous year [2] - The company has distributed a total of 496 million yuan in dividends since its A-share listing, with 130 million yuan distributed over the last three years [2] Shareholder Structure - As of September 30, 2025, the number of shareholders for Jingfang Technology increased by 7.82% to 147,700, while the average number of circulating shares per person decreased by 7.26% to 4,416 shares [2] - The top ten circulating shareholders include notable entities such as Dongwu Mobile Internet Mixed A and Hong Kong Central Clearing Limited, with changes in their holdings indicating shifts in institutional interest [3]

来源：新浪证券-红岸工作室 11月11日，汇成股份涨2.67%，成交额8.57亿元，换手率6.34%，总市值135.21亿元。 异动分析 存储芯片+先进封装+芯片概念+人民币贬值受益+专精特新 1、2025年10月14日公司，合肥新汇成微电子股份有限公司举办特定对象调研活动，向舟资本、兴全基 金、平安资管等多家机构投资者披露重磅布局：公司通过直接与间接投资相结合，拿下合肥鑫丰科技有 限公司（简称 "鑫丰科技"）27.5445% 股权，并与鑫丰科技股东华东科技（苏州）有限公司（简称 "华 东科技"）达成战略合作，共同拓展 3D DRAM 等存储芯片封测业务，瞄准 AI 基建时代下存储芯片的爆 发式需求。 2、据2023年2月投资者关系活动记录表： Chiplet先进封装技术是凸块制造、Fan-out、3D、SiP等高端先 进封装技术的集合，公司掌握的凸块制造技术是Chiplet的基础之一。在研发端，公司将以客户需求为导 向，基于凸块制造技术，纵向拓展技术边界，积极布局Fan-out、2.5D/3D、SiP等高端先进封装技术。 3、合肥新汇成微电子股份有限公司的主营业务是集成电路高端先进封装测试服务。公司的主要产 ...

Macro Strategy - The core view indicates that actual interest rates remain the key anchor for gold prices, with fluctuations in monetary policy impacting market sentiment and gold's value [1][6] - In October, gold prices experienced a "rise then fall" pattern, influenced by geopolitical tensions and economic data, leading to a 5.27% increase in the Shanghai gold futures by the end of the month [1][6] - The outlook for November suggests that gold prices will be driven by geopolitical situations, trade negotiations, and macroeconomic policies, with expectations of continued high volatility [1][6] Fixed Income - The report on Qizhong Convertible Bonds anticipates a listing price between 126.64 and 140.59 CNY, with a subscription rate of 0.0028% [2][7] - The bond has a total issuance scale of 850 million CNY, with proceeds allocated for advanced packaging and testing projects [7][8] Industry Analysis - The food and beverage industry report highlights a 5.5% decline in total revenue and a 6.7% drop in net profit for the liquor sector in the first three quarters of 2025, with a more pronounced 18.3% revenue decline in Q3 [3][10] - The report notes that the recovery of consumption scenarios is slow, particularly in business and personal dining contexts, leading to sustained pressure on demand for high-end and mid-range liquor [3][10] - Investment recommendations suggest focusing on companies that are likely to see early signs of recovery and have strong growth potential, such as Luzhou Laojiao and Shanxi Fenjiu, while also considering companies with solid governance and dividend yields [4][11] Company Recommendations - Tiangong International is highlighted for its potential growth in titanium alloy production, with projected revenues of 5.2 billion, 6.1 billion, and 7 billion CNY from 2025 to 2027, reflecting growth rates of 8%, 16%, and 14% respectively [5][11] - The company is positioned well in the consumer electronics sector and is expanding into new materials for robotics and nuclear fusion applications, which are expected to drive future growth [5][11]