A股存储龙头佰维存储（688525.SH）注销式回购实施完毕。 根据公告，佰维存储第二次集中竞价交易股份回购计划已正式实施完毕。本次回购累计斥资近1.5亿 元，回购股份将全部注销以减少注册资本，这是公司年内第二次调整并落地股份回购方案，彰显出对自 身发展前景的坚定信心。 回溯本次回购历程，方案最初于2025年8月11日首次披露，后于12月进行重大调整，回购资金总额上限 大幅提升至1.5亿元，下限提高至8000万元，回购价格上限也调整为182.07元/股。 长江商报消息 ●长江商报记者 潘瑞冬 12月23日晚间，佰维存储发布公告称，公司第二次集中竞价交易股份回购计划已正式实施完毕。本次回 购累计斥资近1.5亿元，回购股份将全部注销以减少注册资本。 长江商报记者注意到，这是公司年内第二次调整并落地股份回购方案。"注销式回购"背后是公司对行业 回暖的信心。2025年以来，佰维存储大幅扭亏，尤其是第三季度归母净利润达2.56亿元。 佰维存储于2022年上市。上市后，公司始终将研发投入作为核心战略，全力构筑先进产能壁垒。2022年 至2025年前三季度，近四年时间公司研发费用累计达12.33亿元。 上市后完成两次回购 ...

证券日报网讯12月17日，万润科技（002654）在互动平台回答投资者提问时表示，公司与合作伙伴的信 息系公司商业秘密，公司积极努力构建以LED、半导体存储器为主业的新一代信息技术业务，积极培育 和开拓大客户、品牌客户、直销客户等价值客户，以期提升市场份额，扩大业务规模，提高主业占比。 ...

Core Viewpoint - The company, Baiwei Storage, is preparing to enter the Hong Kong capital market, with its controlling shareholder, Sun Chengsi, facing the expiration of a concerted action agreement that is not set to be renewed, potentially affecting his control over the company. Group 1: Company Background and Ownership Structure - Baiwei Storage was founded in September 2010 by Sun Rixin, who established a packaging and testing factory a year prior. Sun Chengsi, his son, took over as vice president in 2012 and became chairman by December 2022 when the company was listed on the Shanghai Stock Exchange [1][2][3]. - The ownership structure includes Sun Chengsi holding 17.65% directly, with family members and employee stock platforms collectively holding 7.09%, making him the actual controller with a total control ratio of 24.74% [4][26]. Group 2: Financial Performance and Growth - Baiwei Storage's revenue has shown significant growth, with figures of CNY 2.986 billion, CNY 3.591 billion, and CNY 6.695 billion for the years 2022, 2023, and 2024 respectively, and a projected revenue of CNY 3.912 billion for the first half of 2025, reflecting a 13.7% year-on-year increase [11][34]. - The company's revenue sources are primarily from smart mobile and AI emerging sectors, contributing 58.8%, 32.9%, 55.4%, and 43% of total revenue across the years, while PC and enterprise storage contributed 22.7%, 49.2%, 30.5%, and 34.9% [12][34]. Group 3: Sales Channels and Customer Dynamics - Direct sales revenue has increased significantly, with figures of CNY 6.87 billion, CNY 15.25 billion, CNY 32.46 billion, and CNY 17.63 billion over the respective periods, while distribution remains the primary sales channel [12][35]. - The top five customers contributed 39.6%, 32.3%, 46.7%, and 47.3% of revenue, with the largest customer contributing 10.4%, 8.9%, 17.2%, and 12.6% [13][36]. Group 4: Cost Structure and Profitability - Baiwei Storage's gross margin has fluctuated, with rates of 12.8%, -2.1%, 17.3%, and 8.9% across the periods analyzed. The gross margins for specific business lines also showed significant variability [16][39]. - Research and development expenses are the largest cost component, amounting to CNY 1.26 billion, CNY 2.5 billion, CNY 4.47 billion, and CNY 2.73 billion, with employee salaries constituting a significant portion of these costs [18][39].

（文章来源：证券日报） 证券日报网讯 12月5日，万润科技在互动平台回答投资者提问时表示，公司作为半导体存储器领域的新 进入者，重视科技创新和研发投入，以市场需求为导向，努力在细分存储应用场景布局，积极培育和构 建竞争优势，以期加速推进公司半导体存储器业务的成长和发展。 ...

Group 1 - The core viewpoint of the news is that Dawi Co., Ltd. has experienced fluctuations in its stock price, with a year-to-date increase of 89.98% but a recent decline in the last five and twenty trading days [1] - As of December 4, Dawi's stock price was 25.74 CNY per share, with a market capitalization of 6.112 billion CNY and a trading volume of 1.04 billion CNY [1] - The company has seen significant net outflows of funds, with a net outflow of 5.7395 million CNY from main funds and a notable presence on the trading leaderboard, appearing 27 times this year [1] Group 2 - Dawi Co., Ltd. was established on October 25, 2000, and listed on February 1, 2008, with its main business in the new generation information technology and automotive manufacturing sectors [2] - The company's revenue composition includes 92.16% from semiconductor memory, 4.69% from slow-acting devices, and 1.37% from new energy materials, among others [2] - As of September 30, the number of shareholders decreased by 19.26% to 51,900, while the average circulating shares per person increased by 24.10% to 3,979 shares [2] Group 3 - Dawi Co., Ltd. has distributed a total of 84.2937 million CNY in dividends since its A-share listing, with 4.9837 million CNY distributed in the last three years [3]

长江商报消息 ●长江商报记者 汪静 A股存储龙头佰维存储（688525.SH）拟减持参股公司联芸科技（688449.SH）股票。 自2025年12月1日起，公司所持联芸科技首发限售股份解除限售并上市流通。为进一步提高资产的流动 性和使用效率，公司拟根据股票市场行情以集中竞价交易的方式择机出售所持联芸科技部分或全部A股 股票，占其总股本的比例不超过1%。 根据佰维存储披露，目前该交易性金融资产账面成本4212.77万元。 截至12月2日收盘，联芸科技报45.45元/股，以目前股价计算，佰维存储所持股权价值1.7亿元，也就 说，佰维存储此次投资账面浮盈约1.28亿元。 据了解，联芸科技是一家提供数据存储主控芯片、AIoT信号处理及传输芯片的平台型芯片设计企业。 2024年以来，联芸科技持续盈利，且盈利幅度不断扩大。2024年及2025年前三季度，该公司实现营收分 别为11.74亿元、9.21亿元，同比增长13.55%、11.59%；归母净利润分别为1.18亿元、9006万元，同比增 长126.04%、23.05%。 12月1日晚间，佰维存储发布公告，为进一步提高资产的流动性和使用效率，将择机出售持有的联芸科 技相 ...

Core Insights - The stock price of Dawi Co., Ltd. increased by 2.01% on December 1, reaching 27.94 CNY per share, with a total market capitalization of 6.634 billion CNY [1] - The company has seen a year-to-date stock price increase of 106.21%, but has experienced a decline of 5.86% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Dawi Co., Ltd. reported a revenue of 879 million CNY, representing a year-on-year growth of 9.90% [2] - The net profit attributable to the parent company was -7.5262 million CNY, showing a significant year-on-year increase of 71.58% [2] Shareholder Information - As of September 30, the number of shareholders for Dawi Co., Ltd. was 51,900, a decrease of 19.26% from the previous period [2] - The average number of tradable shares per shareholder increased by 24.10% to 3,979 shares [2] Business Overview - Dawi Co., Ltd. operates in the new generation information technology and automotive manufacturing sectors, with its main business segments being semiconductor memory (92.16% of revenue), slow-acting devices (4.69%), and new energy materials (1.37%) [2] - The company is categorized under the electronic-semiconductor-digital chip design industry and is involved in various concept sectors including lithium batteries and tire pressure monitoring [2] Dividend Information - Since its A-share listing, Dawi Co., Ltd. has distributed a total of 84.2937 million CNY in dividends, with 4.9837 million CNY distributed over the last three years [3]

【导读】私募年内调研超44000次，重点关注硬科技赛道 截至11月27日，今年以来，2579家私募证券机构调研A股上市公司44702次，电子、医药生物和机械设 备等硬科技赛道成为机构关注的重心，此外，计算机、电力设备、汽车等行业被调研次数居前。 受访私募表示，未来将重点关注人工智能、创新药、新消费，以及"反内卷"政策带来的结构性机会。 从管理人规模来看，百亿元级私募高频调研的个股包括立讯精密、联影医疗、汇川技术、九号公司、中 控技术等，景林资产、重阳投资、远信投资、慎知资产等均多次调研上述个股。与此同时，中小私募调 研热情高涨，管理规模在0～10亿元的私募机构年内调研次数占比达54%，其中，尚诚资产年内调研812 次，青骊投资、途灵资产、天猊投资等机构也保持着高频调研节奏。 排排网财富研究总监刘有华表示，电子行业持续领跑源于半导体国产替代加速以及消费电子创新周期启 动，行业内细分赛道成长确定性较强；医药生物行业个股数量多、覆盖领域广，叠加创新药审批加速、 医疗消费复苏等因素，成为私募机构分散布局的优选；电力设备则受益于新能源装机量持续增长，产业 链上下游企业业绩兑现能力稳定，吸引私募机构密集调研。 个股效应正 ...

Core Insights - The article highlights that private equity firms have conducted over 44,000 research activities on A-share listed companies in China this year, with a strong focus on hard technology sectors such as electronics, biomedicine, and machinery [2][4]. Group 1: Research Activities - A total of 2,579 private equity firms participated in A-share research activities, covering 2,184 stocks across 30 primary industries, with 44,702 total research instances [4]. - The top three industries by research frequency are electronics (8,732 times), biomedicine (6,341 times), and machinery (5,437 times) [4]. - Notable stocks in the electronics sector include Luxshare Precision, which was researched 335 times, and other prominent companies in the biomedicine sector such as United Imaging Healthcare and Mindray Medical [4][5]. Group 2: Investment Focus - Private equity firms are increasingly interested in sectors like artificial intelligence, innovative pharmaceuticals, and new consumption trends, as well as structural opportunities arising from "anti-involution" policies [2][9]. - The electronics industry is leading due to accelerated domestic semiconductor replacement and the initiation of a consumer electronics innovation cycle [7]. - The biomedicine sector is favored for its diverse stock options and the rapid approval of innovative drugs, while the power equipment sector benefits from the continuous growth of new energy installations [7]. Group 3: Market Outlook - The article suggests that the market is transitioning from valuation-driven to performance-driven, with a focus on high-growth sectors such as AI, innovative pharmaceuticals, and machinery [9]. - There is an expectation that individual stock performance will become more significant than sector performance in the future, with a focus on areas that show structural growth potential [9]. - Investment strategies are being adjusted to account for market corrections and style rebalancing, with an emphasis on sectors that can maintain profitability without relying on overall economic recovery [9].

Core Insights - Private equity firms have conducted over 44,000 research activities on A-share listed companies in 2023, with a focus on hard technology sectors such as electronics, biomedicine, and machinery [1][2] - The most researched industries include electronics, biomedicine, and machinery, with significant interest in artificial intelligence, innovative pharmaceuticals, and new consumption trends [1][4] Group 1: Research Activities - A total of 2,579 private equity firms participated in A-share research, covering 2,184 stocks across 30 primary industries, resulting in 44,702 research instances [2] - The electronics sector was the most researched, with 8,732 instances, followed by biomedicine with 6,341 and machinery with 5,437 [2][4] - Notable companies in the electronics sector include Luxshare Precision, which was researched 335 times, and other leading firms in biomedicine such as United Imaging Healthcare and Mindray Medical [2][3] Group 2: Private Equity Firm Activities - The most active private equity firm, Zhengyuan Investment, conducted 1,002 research activities, while other major firms like Panjing Investment and Gao Yi Asset also showed high engagement [2][3] - Panjing Investment focused on nearly 30 stocks with multiple research instances, including Luxshare Precision and Jiangbolong [3] - Gao Yi Asset showed a preference for biomedicine, electronics, and machinery, conducting six research activities on Zhongkong Technology [3] Group 3: Market Trends and Insights - The electronics industry is thriving due to accelerated domestic semiconductor replacement and the initiation of a consumer electronics innovation cycle [4] - The biomedicine sector is favored for its diverse stock options and the rapid approval of innovative drugs, alongside a recovery in medical consumption [4] - The power equipment sector benefits from the continuous growth of new energy installations, attracting significant research interest from private equity firms [4] Group 4: Future Outlook - The market is expected to shift from valuation-driven to performance-driven, with a focus on high-growth sectors such as artificial intelligence, innovative pharmaceuticals, and machinery [5][6] - Investment strategies will emphasize structural growth potential in emerging sectors and cyclical opportunities arising from "anti-involution" policies [6]