Group 1 - The core point of the article highlights the performance and market position of Shengke Communication, which saw a decline of 1.18% in its stock price, currently at 138.70 yuan per share, with a total market capitalization of 56.867 billion yuan [1] - Shengke Communication, established on January 31, 2005, specializes in the research, design, and sales of Ethernet switching chips and related products, with its main revenue sources being Ethernet switching chips (72.43%), Ethernet switching chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - From the perspective of major circulating shareholders, Southern Fund's Southern CSI 500 ETF (510500) reduced its holdings by 52,000 shares in the third quarter, now holding 1.8064 million shares, which represents 0.89% of the circulating shares, resulting in an estimated floating loss of approximately 2.9806 million yuan [2] - The Southern CSI 500 ETF, established on February 6, 2013, has a current scale of 140.098 billion yuan, with a year-to-date return of 32.01% and a one-year return of 28.13%, ranking 1580 out of 4195 and 1661 out of 4179 respectively [2]

以下文章来源于鸣鹤睿思 ，作者Jensen 鸣鹤睿思 . 投研笔记，聚焦趋势，全球配置，研究创造价值。重点研究领域：科技、生物医药。欢迎交流，VX： Kodiak-Bear-001 上周五到本周三，不是只有博通（Broadcom）暴跌，而是一整片"AI相关股票"在一起下沉。光模块、 交换机、电源、存储，这些"逻辑挺硬"的名字，都在同一时间段里被按下去。 如果只是把它理解成"情绪波动"或者"高位回调"，其实是低估了这次事件的信息密度。真正有价值的问 题不是"为什么博通跌了"，而是—— 博通和甲骨文的最新财报，到底揭示了AI基础设施这门生意正在 发生怎样的变化？而这种变化，对我们关注的公司意味着什么？ 先从博通说起。 博通这次财报最重要的信息，并不是AI需求变弱，相反，需求强得惊人。公司披露，未来18个月在手 的AI相关订单已经超过730亿美元，涵盖定制加速器（XPU）、以太网交换芯片、DSP、激光器等一整 套AI数据中心核心部件。Tomahawk 6 102Tbps交换芯片的预订速度，是博通历史上最快的之一。仅 从"量"来看，AI这条曲线没有任何放缓迹象。 但市场真正开始警惕的，是博通自己在电话会里反复强调的一 ...

Group 1 - The core point of the news is that Shengke Communication's stock price dropped by 5.02% to 126.80 CNY per share, with a trading volume of 413 million CNY and a turnover rate of 1.55%, resulting in a total market capitalization of 51.988 billion CNY [1] - Shengke Communication, established on January 31, 2005, and listed on September 14, 2023, specializes in the research, design, and sales of Ethernet switch chips and related products [1] - The main revenue composition of Shengke Communication includes Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - Among the top ten circulating shareholders of Shengke Communication, a fund under Southern Fund holds a position, specifically the Southern CSI 500 ETF (510500), which reduced its holdings by 52,000 shares in the third quarter, now holding 1.8064 million shares, accounting for 0.89% of circulating shares [2] - The estimated floating loss for the Southern CSI 500 ETF today is approximately 12.1032 million CNY [2] - The Southern CSI 500 ETF was established on February 6, 2013, with a latest scale of 140.098 billion CNY, achieving a year-to-date return of 24.71% and a one-year return of 23.98% [2]

Group 1 - The core point of the news is that Shengke Communication's stock price dropped by 5.02% to 126.80 CNY per share, with a trading volume of 413 million CNY and a turnover rate of 1.55%, resulting in a total market capitalization of 51.988 billion CNY [1] - Shengke Communication, established on January 31, 2005, and listed on September 14, 2023, specializes in the research, design, and sales of Ethernet switch chips and related products. The main revenue composition includes Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - From the perspective of major circulating shareholders, Huatai Fund's Huatai Mobile Internet Stock A (000697) entered the top ten circulating shareholders of Shengke Communication in the third quarter, holding 1.3785 million shares, accounting for 0.68% of circulating shares, with an estimated floating loss of approximately 9.236 million CNY [2] - Huatai Mobile Internet Stock A (000697) was established on August 26, 2014, with a latest scale of 3.201 billion CNY. Year-to-date returns are 65.67%, ranking 164 out of 4206 in its category; the one-year return is 67%, ranking 112 out of 4008; and since inception, the return is 150.5% [2] Group 3 - The fund manager of Huatai Mobile Internet Stock A (000697) is Shen Ruoyu, who has been in the position for 4 years and 325 days. The total asset scale of the fund is 7.967 billion CNY, with the best fund return during the tenure being 89.45% and the worst being -8.41% [3] Group 4 - From the perspective of the fund's top heavy positions, Huatai Mobile Internet Stock A (000697) holds 1.3785 million shares of Shengke Communication, accounting for 4.71% of the fund's net value, making it the seventh-largest heavy position, with an estimated floating loss of approximately 9.236 million CNY [4]

Core Viewpoint - The 22nd China International Semiconductor Expo (IC China 2025) will be held from November 23 to 25, 2025, at the National Convention Center in Beijing, showcasing advancements in the semiconductor industry, particularly in AI chips and advanced manufacturing processes [2][3]. Industry Overview - IC China has been a significant event in the semiconductor industry since 2003, establishing itself as a top-tier industry brand and benchmark [3]. - The expo will focus on the entire integrated circuit industry chain, highlighting the latest technologies, products, and applications, with a theme of "Gathering Strength in Chips, Driving the Future" [4]. Exhibition Details - The expo will feature seven major exhibition areas, including IC design, industry chain, innovative applications, and components, with over 600 exhibitors expected [5]. - Notable companies participating include Yangtze Memory Technologies, Huada Jiutian, and Tongfu Microelectronics, among others [5]. Market Trends - China's semiconductor industry is projected to exceed $180 billion in sales by 2024, with a significant portion of this growth driven by domestic innovation and reduced reliance on imports [6]. - In the first ten months of this year, China's integrated circuit exports reached approximately $161.7 billion, indicating a year-on-year increase of over 23% [6][7]. Growth Projections - The semiconductor industry is expected to experience a dual breakthrough in technology and scale, with a compound annual growth rate (CAGR) of 19.6% in chip design from 2006 to 2025 [13]. - By 2026, the semiconductor industry is anticipated to maintain a CAGR of over 10% [14]. R&D Investments - A-share semiconductor companies are projected to invest over $80 billion in R&D in 2024, with a research intensity exceeding 13% [15]. - The highest growth in revenue from 2021 to 2024 is expected in semiconductor equipment, integrated circuit manufacturing, and discrete devices [15]. Investment Insights - The National Integrated Circuit Industry Investment Fund has significant holdings in 32 companies within the semiconductor industry, with many experiencing substantial increases in financing [17]. - Companies like Shengke Communication and Jiangbolong have seen financing balances increase by over 400% and 350%, respectively, indicating strong investor interest [18]. Stock Performance - Among the 32 companies with National Fund holdings, 12 have seen stock price increases of less than 30% this year, despite significant increases in financing [19]. - Notable companies include Hu Silicon Industry and Tai Ling Microelectronics, with financing balances increasing by over 85% and 187%, respectively [19][20].

Group 1 - The core viewpoint of the news is that Shengke Communication's stock has increased by 5.06%, reaching a price of 115.83 CNY per share, with a total market capitalization of 47.49 billion CNY as of the report date [1] - Shengke Communication, established on January 31, 2005, specializes in the research, design, and sales of Ethernet switch chips and related products, with its main revenue sources being Ethernet switch chips (72.43%), Ethernet switch modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - The Oriental Alpha Advantage Industry Mixed A Fund (009644) is among the top ten circulating shareholders of Shengke Communication, having increased its holdings by 319,100 shares in the third quarter, totaling 1,957,500 shares, which represents 0.96% of the circulating shares [2] - The fund has achieved a year-to-date return of 55.96% and a one-year return of 34.94%, ranking 602 out of 8149 and 1616 out of 8053 respectively [2] Group 3 - The fund manager of Oriental Alpha Advantage Industry Mixed A is Tang Lei, who has a cumulative tenure of 9 years and 131 days, with the fund's total asset size at 3.952 billion CNY [3] - During Tang Lei's tenure, the best fund return was 84.39%, while the worst was -52.54% [3] Group 4 - Oriental Alpha Advantage Industry Mixed A holds 1,957,500 shares of Shengke Communication, accounting for 6.27% of the fund's net value, making it the ninth-largest holding [4]

Group 1 - The core point of the news is that Shengke Communication's stock has experienced a decline of 3.28% on November 4, with a cumulative drop of 8.38% over three consecutive days, leading to a market capitalization of 469.53 billion yuan [1] - Shengke Communication, established on January 31, 2005, specializes in the research, design, and sales of Ethernet switching chips and related products, with its main revenue sources being Ethernet switching chips (72.43%), Ethernet switching chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - Among the top ten circulating shareholders of Shengke Communication, a fund under Southern Fund has reduced its holdings in the Southern CSI 500 ETF (510500) by 52,000 shares in the third quarter, now holding 1.8064 million shares, which accounts for 0.89% of the circulating shares, resulting in a floating loss of approximately 7.009 million yuan today and a total floating loss of 18.9316 million yuan during the three-day decline [2] - The Southern CSI 500 ETF (510500), managed by fund manager Luo Wenjie, has a total asset scale of 1,704.45 billion yuan, with a year-to-date return of 30.01% and a one-year return of 27.58% [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Insights - The company achieved a turnaround in Q3 2025, benefiting from the ramp-up of high-end chips, with revenue of 832 million yuan for the first three quarters, a year-on-year increase of 2.98%, and a net profit attributable to shareholders of 9 million yuan, up 112.30% year-on-year [4] - In Q3 2025, the company reported revenue of 324 million yuan, a year-on-year growth of 17.55%, and a net profit attributable to shareholders of 33 million yuan, reflecting a significant increase of 271.21% year-on-year [4] - The company is positioned to benefit from the demand for high-speed interconnects driven by AI, leading to adjustments in profit forecasts for 2025-2027 [4] Financial Performance Summary - For 2025, the company expects net profits of -18 million yuan, 46 million yuan, and 119 million yuan for 2025, 2026, and 2027 respectively, with revenues projected at 1.252 billion yuan, 1.886 billion yuan, and 2.390 billion yuan for the same years [4][8] - The company maintained a high level of R&D investment, with R&D expenses reaching 351 million yuan in the first three quarters of 2025, a year-on-year increase of 6.40% [6] - The gross margin is expected to improve to 44.2% in 2025, with a net margin of -1.4% [8] Market Position and Developments - The company is a leading domestic Ethernet switch chip designer and is actively participating in the OISA ecosystem to support the development of domestic ultra-node computing [5] - The company’s high-end chips, with capacities ranging from 12.8Tbps to 25.6Tbps, are entering the market promotion and application phase, indicating a strong potential for growth in domestic network product localization [6]

Core Viewpoint - Shengke Communication experienced a 5.01% decline in stock price, closing at 115.37 CNY per share, with a total market capitalization of 47.302 billion CNY as of October 23 [1] Company Overview - Shengke Communication, established on January 31, 2005, is located in Suzhou Industrial Park, Jiangsu Province. The company specializes in the research, design, and sales of Ethernet switch chips and related products [1] - The revenue composition of Shengke Communication includes: Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Shareholder Analysis - Noan Fund's Noan Growth Mixed A (320007) is among the top ten circulating shareholders of Shengke Communication, holding 2.816 million shares, unchanged from the previous period, representing 1.4% of circulating shares. The estimated floating loss today is approximately 17.1214 million CNY [2] - Noan Growth Mixed A (320007) was established on March 10, 2009, with a latest scale of 18.447 billion CNY. Year-to-date return is 33.62%, ranking 2192 out of 8159 in its category; the one-year return is 34.21%, ranking 1819 out of 8030; and since inception, the return is 176.2% [2] Fund Performance - The fund manager of Noan Growth Mixed A (320007) is Liu Huiying, who has been in the position for 3 years and 83 days. The total asset scale is 23.674 billion CNY, with the best fund return during the tenure being 68.38% and the worst being 10.61% [3] Top Holdings - Noan Fund's Noan Yixin Flexible Allocation Mixed A (002292) is a major holding in Shengke Communication, with 48,300 shares held, unchanged from the previous period, accounting for 5.97% of the fund's net value. The estimated floating loss today is about 293,700 CNY [4] - Noan Yixin Flexible Allocation Mixed A (002292) was established on January 22, 2016, with a latest scale of 43.6534 million CNY. Year-to-date return is 31.59%, ranking 2454 out of 8159; the one-year return is 33.72%, ranking 1869 out of 8030; and since inception, the return is 132.09% [4] Fund Manager Profile - The fund manager of Noan Yixin Flexible Allocation Mixed A (002292) is Chen Yanpeng, who has been in the position for 5 years and 107 days. The total asset scale is 3.078 billion CNY, with the best fund return during the tenure being 78.5% and the worst being 20.56% [5]

Core Viewpoint - Shengke Communication's stock price increased by 5.13% to 123.08 CNY per share, with a total market capitalization of 50.463 billion CNY as of October 22 [1] Company Overview - Shengke Communication, established on January 31, 2005, is located in Suzhou Industrial Park, Jiangsu Province. The company specializes in the research, design, and sales of Ethernet switch chips and related products [1] - The revenue composition of Shengke Communication includes: Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Shareholder Information - Noan Fund's Noan Growth Mixed A (320007) is among the top ten circulating shareholders of Shengke Communication, holding 2.816 million shares, unchanged from the previous period, representing 1.4% of circulating shares. The estimated floating profit today is approximately 16.9243 million CNY [2] - Noan Growth Mixed A (320007) was established on March 10, 2009, with a latest scale of 18.447 billion CNY. Year-to-date return is 33.84%, ranking 2264 out of 8160 in its category; the one-year return is 32.4%, ranking 2194 out of 8026; and since inception, the return is 176.65% [2] Fund Manager Information - The fund manager of Noan Growth Mixed A (320007) is Liu Huiying, who has been in the position for 3 years and 82 days. The total asset scale is 23.674 billion CNY, with the best fund return during the tenure being 64.69% and the worst being 8.69% [3] Fund Holdings - Noan Fund's Noan Yixin Flexible Allocation Mixed A (002292) is a major holding in Shengke Communication, with 48,300 shares held, unchanged from the previous period, representing 5.97% of the fund's net value. The estimated floating profit today is approximately 290,300 CNY [4] - Noan Yixin Flexible Allocation Mixed A (002292) was established on January 22, 2016, with a latest scale of 43.6534 million CNY. Year-to-date return is 31.96%, ranking 2538 out of 8160; the one-year return is 34.39%, ranking 1959 out of 8026; and since inception, the return is 132.73% [4] Additional Fund Manager Information - The fund manager of Noan Yixin Flexible Allocation Mixed A (002292) is Chen Yanpeng, who has been in the position for 5 years and 106 days. The total asset scale is 3.078 billion CNY, with the best fund return during the tenure being 75.19% and the worst being 17.62% [5]