10月28日，利扬芯片盘中下跌2.04%，截至13:05，报31.73元/股，成交1.46亿元，换手率2.25%，总市值 64.51亿元。 资金流向方面，主力资金净流出707.46万元，特大单买入237.42万元，占比1.62%，卖出824.40万元，占 比5.63%；大单买入3574.28万元，占比24.41%，卖出3694.77万元，占比25.23%。 利扬芯片今年以来股价涨58.10%，近5个交易日涨1.34%，近20日跌10.19%，近60日涨46.09%。 今年以来利扬芯片已经4次登上龙虎榜，最近一次登上龙虎榜为9月17日，当日龙虎榜净买入1065.43万 元；买入总计1.19亿元 ，占总成交额比13.04%；卖出总计1.08亿元 ，占总成交额比11.88%。 资料显示，广东利扬芯片测试股份有限公司位于广东省东莞市万江街道莫屋新丰东二路2号，成立日期 2010年2月10日，上市日期2020年11月11日，公司主营业务涉及集成电路测试方案开发、晶圆测试服 务、芯片成品测试服务以及与集成电路测试相关的配套服务。主营业务收入构成为：芯片成品测试 58.15%，晶圆测试35.08%，其他(补充)4.39%， ...

Core Viewpoint - Liyang Chip has shown significant stock performance with a year-to-date increase of 55.31%, indicating strong market interest and potential growth in the semiconductor testing sector [1][2]. Group 1: Stock Performance - As of October 21, Liyang Chip's stock price rose by 2.23% to 31.17 CNY per share, with a total market capitalization of 6.337 billion CNY [1]. - The stock has experienced a trading volume of 45.5066 million CNY, with a turnover rate of 0.73% [1]. - Year-to-date, the stock has increased by 55.31%, with a 1.17% rise in the last five trading days, 9.75% in the last 20 days, and 42.59% in the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Liyang Chip reported a revenue of 284 million CNY, representing a year-on-year growth of 23.09% [2]. - The company recorded a net profit attributable to shareholders of -7.0611 million CNY, which is a 16.38% increase compared to the previous period [2]. Group 3: Business Overview - Liyang Chip, established on February 10, 2010, specializes in integrated circuit testing solutions, wafer testing services, and finished chip testing services [2]. - The company's revenue composition includes 58.15% from finished chip testing, 35.08% from wafer testing, and 4.39% from other services [2]. - The company is categorized under the electronic-semiconductor-integrated circuit packaging and testing industry, with concepts including chip, semiconductor, sensor, and integrated circuit [2]. Group 4: Shareholder Information - As of June 30, Liyang Chip had 15,100 shareholders, an increase of 8.10% from the previous period, with an average of 13,407 circulating shares per shareholder, a decrease of 6.93% [2]. Group 5: Dividend Information - Since its A-share listing, Liyang Chip has distributed a total of 120 million CNY in dividends, with 20.0309 million CNY distributed over the past three years [3].

Group 1: Company Overview - Liyang Chip Testing Co., Ltd. is located in Dongguan, Guangdong Province, established on February 10, 2010, and listed on November 11, 2020 [2] - The company's main business includes integrated circuit testing solution development, wafer testing services, chip finished product testing services, and related supporting services [2] - The revenue composition of the main business is as follows: finished chip testing 58.15%, wafer testing 35.08%, other (supplementary) 4.39%, and wafer dicing 2.37% [2] Group 2: Financial Performance - For the period from January to June 2025, Liyang Chip achieved operating revenue of 284 million yuan, a year-on-year increase of 23.09%, and a net profit attributable to the parent company of -7.06 million yuan, a year-on-year increase of 16.38% [2] - The company has cumulatively distributed cash dividends of 120 million yuan since its A-share listing, with a total of 2.003 million yuan distributed over the past three years [3] Group 3: Stock Performance - As of October 16, Liyang Chip's stock price increased by 2.05% to 32.38 yuan per share, with a total market capitalization of 6.583 billion yuan [1] - The stock has risen 61.34% year-to-date, with a recent decline of 6.09% over the past five trading days, and a 25.75% increase over the past 20 days [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on September 17, where it recorded a net purchase of 10.6543 million yuan [1]

Group 1 - The core point of the news is that Liyang Chip's stock price increased by 5.09% to 35.95 CNY per share, with a trading volume of 261 million CNY and a turnover rate of 3.66%, resulting in a total market capitalization of 7.3 billion CNY [1] - Liyang Chip, established on February 10, 2010, and listed on November 11, 2020, specializes in integrated circuit testing solutions, wafer testing services, finished chip testing services, and related support services [1] - The revenue composition of Liyang Chip includes finished chip testing at 58.15%, wafer testing at 35.08%, other supplementary services at 4.39%, and wafer dicing at 2.37% [1] Group 2 - According to data, the Noan Fund has one fund heavily invested in Liyang Chip, specifically the Noan Research Optimal Mixed A (008185), which held 132,200 shares in the second quarter, accounting for 3.7% of the fund's net value, ranking as the tenth largest holding [2] - The Noan Research Optimal Mixed A fund has a total scale of 71.2857 million CNY and has achieved a return of 76.26% this year, ranking 264 out of 8167 in its category [2] - The fund has a one-year return of 71.41%, ranking 929 out of 8010, and a cumulative return since inception of 30.82% [2] Group 3 - The fund manager of Noan Research Optimal Mixed A is Deng Xinyi, who has been in the position for 3 years and 88 days, with the fund's total asset size at 2.009 billion CNY [3] - During Deng Xinyi's tenure, the best fund return was 52.22%, while the worst return was -16% [3]

Core Points - Liyang Chip's stock price dropped by 5.01% to 36.25 CNY per share, with a trading volume of 555 million CNY and a turnover rate of 7.43%, resulting in a total market capitalization of 7.359 billion CNY [1] Company Overview - Guangdong Liyang Chip Testing Co., Ltd. was established on February 10, 2010, and listed on November 11, 2020. The company specializes in integrated circuit testing solutions, wafer testing services, chip finished product testing services, and related supporting services [1] - The revenue composition of the company's main business includes: finished chip testing (58.15%), wafer testing (35.08%), other supplementary services (4.39%), and wafer dicing (2.37%) [1] Fund Holdings - According to data, one fund under Nuoan Fund holds a significant position in Liyang Chip. The Nuoan Research Optimal Mixed A Fund (008185) held 132,200 shares in the second quarter, accounting for 3.7% of the fund's net value, ranking as the tenth largest holding [2] - The Nuoan Research Optimal Mixed A Fund was established on May 9, 2020, with a latest scale of 71.2857 million CNY. Year-to-date returns are 74.59%, ranking 285 out of 8,173 in its category; the one-year return is 87.63%, ranking 863 out of 8,003; and since inception, the return is 29.58% [2] Fund Manager Information - The fund manager of Nuoan Research Optimal Mixed A Fund is Deng Xinyi, who has been in the position for 3 years and 83 days. The total asset size of the fund is 2.009 billion CNY, with the best return during the tenure being 48.6% and the worst return being -16% [3]

Group 1 - The core viewpoint of the news highlights the recent stock performance and trading activity of Liyang Chip, indicating a decline of 2.01% in stock price on September 16, with a total market capitalization of 5.65 billion yuan [1] - Liyang Chip's stock price has increased by 38.66% year-to-date, with notable gains of 9.83% in the last five trading days, 22.44% in the last twenty days, and 44.87% in the last sixty days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on September 1, where it recorded a net purchase of 38.05 million yuan [1] Group 2 - Liyang Chip, established on February 10, 2010, and listed on November 11, 2020, specializes in integrated circuit testing solutions, wafer testing services, and finished chip testing services [2] - The company's revenue composition includes 58.15% from finished chip testing, 35.08% from wafer testing, and 4.39% from other services [2] - As of June 30, the number of shareholders increased by 8.10% to 15,100, while the average circulating shares per person decreased by 6.93% to 13,407 shares [2] Group 3 - Liyang Chip has distributed a total of 120 million yuan in dividends since its A-share listing, with cumulative distributions of 20.03 million yuan over the past three years [3]

Group 1 - The core point of the news is that Liyang Chip's stock price increased by 5.2% to 27.09 CNY per share, with a trading volume of 214 million CNY and a turnover rate of 4.02%, resulting in a total market capitalization of 5.499 billion CNY [1] - Liyang Chip, established on February 10, 2010, and listed on November 11, 2020, specializes in integrated circuit testing solutions, wafer testing services, finished chip testing services, and related support services [1] - The revenue composition of Liyang Chip includes finished chip testing at 58.15%, wafer testing at 35.08%, other income at 4.39%, and wafer dicing at 2.37% [1] Group 2 - From the perspective of fund holdings, Liyang Chip is a top ten holding of the Nuoan Research Optimal Mixed A Fund (008185), which held 132,200 shares in the second quarter, accounting for 3.7% of the fund's net value [2] - The Nuoan Research Optimal Mixed A Fund has a total scale of 71.2857 million CNY and has achieved a year-to-date return of 33.14%, ranking 1768 out of 8175 in its category [2] - The fund has a one-year return of 37.35%, ranking 4117 out of 7982, while it has experienced a cumulative loss of 1.18% since its inception [2]

Group 1 - The core viewpoint of the news is that Liyang Chip has seen a significant increase in its stock price, rising by 5.06% to reach 31.77 CNY per share, with a trading volume of 586 million CNY and a turnover rate of 9.93%, resulting in a total market capitalization of 6.45 billion CNY [1] - Liyang Chip, established on February 10, 2010, and listed on November 11, 2020, specializes in integrated circuit testing solutions, wafer testing services, finished chip testing services, and related supporting services [1] - The revenue composition of Liyang Chip includes finished chip testing at 53.99%, wafer testing at 38.27%, other services at 6.00%, and wafer dicing at 1.74% [1] Group 2 - From the perspective of fund holdings, Liyang Chip is the top holding of the Bosera New Strategy Mixed A Fund (001522), which held 88,000 shares in the second quarter, accounting for 2.9% of the fund's net value [2] - The Bosera New Strategy Mixed A Fund has a total scale of 62.063 million CNY and has achieved a year-to-date return of 8.2%, ranking 5922 out of 8180 in its category, with a one-year return of 23.64%, ranking 5330 out of 7967 [2] - The fund managers, Li Chongyang and Luo Xiao, have different tenures and performance records, with Li having a tenure of 2 years and 210 days and Luo having 2 years and 340 days [2]

Group 1: Report Summary - 2025 April saw the issuance of 3 convertible bonds: Anji Convertible Bond, Qingyuan Convertible Bond, and Weice Convertible Bond [1][2][3] - Anji Technology plans to issue up to 831 million yuan of convertible bonds on April 7, 2025, with funds earmarked for various projects and working capital [1] - Qingyuan Co., Ltd. intends to issue up to 500 million yuan of convertible bonds on April 8, 2025, for project investment and working capital [2] - Weice Technology aims to issue up to 1.175 billion yuan of convertible bonds on April 9, 2025, for project investment, loan repayment, and working capital [3] Group 2: Anji Convertible Bond Analysis Pricing - Expected first - day conversion premium rate: 22% - 27% [13][18] New Bond Subscription Analysis - Issue method: Priority placement and online pricing; bond and issuer ratings: AA -; issue size: 831 million yuan; initial conversion price: 168.11 yuan; bond value: 96.09 yuan [19] - First - day target price: 120 - 125 yuan; recommended for active subscription [24] - Expected first - day new bond subscription winning rate: 0.0076% - 0.0103% [25] Underlying Stock Fundamentals - Main business: R & D and industrialization of key semiconductor materials [23] - Industry upstream: Fine chemical industry; downstream: Integrated circuit manufacturing and advanced packaging [27] - Operating performance: Revenue grew from 687 million yuan in 2021 to 1.312 billion yuan in the first three quarters of 2024, with a stable gross and net profit margin [30][34] - Equity structure: Concentrated, with the top two shareholders holding 35.44% of shares as of September 30, 2024; no actual controller; 8 holding subsidiaries and 4 important affiliated companies [56] - Business advantages: Deep - rooted in high - end semiconductor materials, with intellectual property rights, efficient product conversion, international talent, and a quality assurance system [59][60] - Fund use: Projects include Shanghai Anji Integrated Circuit Materials Base, etc., with 220 million yuan for working capital [18] Group 3: Qingyuan Convertible Bond Analysis Pricing - Expected first - day conversion premium rate: 25% - 30% [13][67] New Bond Subscription Analysis - Issue method: Priority placement and online pricing; bond and issuer ratings: A+; issue size: 500 million yuan; initial conversion price: 12.93 yuan; bond value: 83.41 yuan [68] - First - day target price: 124 - 129 yuan; recommended for active subscription [72] - Expected first - day new bond subscription winning rate: 0.003% - 0.0038% [73] Underlying Stock Fundamentals - Main business: R & D, production, and sales of solar photovoltaic brackets, development and operation of photovoltaic power stations, and R & D of photovoltaic power electronics [71] - Industry upstream: Metal processing; downstream: Photovoltaic power stations [75] - Operating performance: Revenue increased from 1.018 billion yuan in 2021 to 1.319 billion yuan in the first three quarters of 2024, with stable gross and net profit margins [78] - Equity structure: Relatively dispersed, with the top two shareholders holding 44.8% of shares as of June 30, 2024; Hong Daniel as the actual controller; 58 holding subsidiaries [105] - Business advantages: International market strategy, product advantages to meet customer needs, and technological innovation [109][110][111] - Fund use: Projects include Distributed Photovoltaic Bracket Smart Factory and Energy R & D Center, with 150 million yuan for working capital [67] Group 4: Weice Convertible Bond Analysis Pricing - Expected first - day conversion premium rate: 41% - 46% [13][115] New Bond Subscription Analysis - Issue method: Priority placement and online pricing; bond and issuer ratings: AA; issue size: 1.175 billion yuan; initial conversion price: 82.15 yuan; bond value: 98.08 yuan [116] - First - day target price: 124 - 128 yuan; recommended for active subscription [120] - Expected first - day new bond subscription winning rate: 0.0068% - 0.0099% [121] Underlying Stock Fundamentals - Main business: Wafer testing, chip finished product testing, and related supporting services [119] - Industry upstream: Test equipment and consumables manufacturers; downstream: Integrated circuit design [123][124] - Operating performance: Revenue rose from 493 million yuan in 2021 to 740 million yuan in the first three quarters of 2024, with a declining gross and net profit margin [127][131] - Equity structure: Relatively dispersed, with the top two shareholders holding 37.11% of shares as of September 30, 2024; Pian Wensheng as the actual controller; 5 holding subsidiaries and 3 affiliated companies [156] - Business advantages: Talent, technology, customer base, production capacity, and location advantages [158][159][160] - Fund use: Projects include Weice Semiconductor Wuxi Integrated Circuit Testing Base and Integrated Circuit Chip Wafer - Level and Finished Product Testing Base, with 275 million yuan for loan repayment and working capital [115]

Macro Strategy - The report suggests that the depreciation of the RMB against the USD may be a response to overseas risk events and a proactive measure to release risks in currency management, with a gradual approach expected in the depreciation process [1][12] - The expected range for USDCNY is projected to gradually rise to 7.40-7.50, indicating a controlled release of risks while maintaining a stable exchange rate [12] Fixed Income - The report on Weicai Convertible Bond indicates an expected listing price range of 112.72 to 125.13 RMB, with a subscription rate of 0.0046% and a conversion premium of approximately 35% [2][14] - The report on Anji Convertible Bond anticipates a listing price range of 109.63 to 122.00 RMB, with a subscription rate of 0.0037% and a conversion premium of around 28% [3][15] - The report on Qingyuan Convertible Bond expects a listing price range of 100.22 to 111.65 RMB, with a subscription rate of 0.0020% and a conversion premium of about 25% [3][17] Industry Analysis - The engineering machinery sector is entering an upward cycle, with a projected 2-3 years of growth ahead, supported by significant share buybacks from major companies like Sany Heavy Industry and XCMG [20][21] - The report highlights a 38% year-on-year increase in domestic excavator sales in Q1 2025, indicating strong market demand and potential for upward valuation adjustments [21] - The engineering machinery companies have low exposure to the US market, with Sany's exposure at approximately 3%, making the overall risk manageable [21] Company Insights - Pengding Holdings reported a revenue of 35.14 billion RMB and a net profit of 3.62 billion RMB for 2024, with significant growth in the automotive and server sectors [5][22] - The company is expanding its production capacity with a projected capital expenditure of 5 billion RMB in 2025, reflecting confidence in future market demand [6][22] - The report on Jerey Co. indicates a projected net profit of 3.03 billion RMB for 2025, with a focus on overseas expansion despite tariff risks [7][8]