"随着行业集中度的不断提高，下游大型封测厂或芯片设计公司对供应商的要求水涨船高。无论是在技 术指标的精密度，还是质量的稳定性，乃至供应规模的保障能力上，都设立了更高的门槛。"新恒汇董 事长任志军坦言，面对激烈的行业竞争，唯有掌握核心技术，才能立于不败之地。 面向即将到来的"十五五"时期，新恒汇（301678）已绘制了清晰的发展蓝图。 当前，在国产芯片加速自主化的宏大背景下，集成电路封装材料作为产业链的关键一环，正迎来前所未 有的发展机遇。作为一家集芯片封装材料研发、生产与销售为一体的集成电路企业，新恒汇凭借在蚀刻 引线框架等核心领域的深耕细作与技术突破，展现出强劲的市场竞争力。 作为今年刚登陆资本市场的行业新锐，新恒汇以其硬核的技术实力与清晰的战略布局，成为观察山 东"芯"力量崛起的绝佳窗口。 核心技术构筑行业护城河 面对生成式AI等新兴产业蓬勃发展带来的算力需求爆发，以及为打破高端芯片依赖进口的行业现状， 国内产业链正加速自主化进程。引线框架作为芯片封装的关键基础材料，是实现这一目标不可或缺的重 要一环。 新恒汇在今年成功登陆资本市场，这不仅是企业发展史上的里程碑，更为其高质量发展注入了新动力。 "公司上市 ...

面向即将到来的"十五五"时期，新恒汇已绘制了清晰的发展蓝图。 当前，在国产芯片加速自主化的宏大背景下，集成电路封装材料作为产业链的关键一环，正迎来前所未有的发展机遇。作为一家集芯片封装 材料研发、生产与销售为一体的集成电路企业，新恒汇凭借在蚀刻引线框架等核心领域的深耕细作与技术突破，展现出强劲的市场竞争力。 作为今年刚登陆资本市场的行业新锐，新恒汇以其硬核的技术实力与清晰的战略布局，成为观察山东"芯"力量崛起的绝佳窗口。 核心技术构筑行业护城河 面对生成式AI等新兴产业蓬勃发展带来的算力需求爆发，以及为打破高端芯片依赖进口的行业现状，国内产业链正加速自主化进程。引线框 架作为芯片封装的关键基础材料，是实现这一目标不可或缺的重要一环。 "随着行业集中度的不断提高，下游大型封测厂或芯片设计公司对供应商的要求水涨船高。无论是在技术指标的精密度，还是质量的稳定 性，乃至供应规模的保障能力上，都设立了更高的门槛。"新恒汇董事长任志军坦言，面对激烈的行业竞争，唯有掌握核心技术，才能立于 不败之地。 多年来，新恒汇聚焦主业，在金属材料表面进行高精度图案刻画技术和金属表面处理技术等领域持续攻关。公司通过自主研发，成功掌握了 ...

Core Insights - The company Xin Heng Hui closed at 66.85 yuan on December 8, with a 2.69% increase, resulting in a rolling PE ratio of 94.17 times and a total market capitalization of 16.014 billion yuan [1] - In the semiconductor industry, the average PE ratio is 143.98 times, with a median of 80.93 times, placing Xin Heng Hui at the 117th position [1] - As of the Q3 2025 report, 350 institutions hold shares in Xin Heng Hui, with 349 being funds, totaling 390,600 shares valued at 3.2 million yuan [1] Company Overview - Xin Heng Hui Electronic Co., Ltd. specializes in smart card business, etching lead frame business, and IoT eSIM chip testing services [1] - The main products include etching lead frames, IoT eSIM chip testing, flexible lead frames, smart card modules, and testing services [1] - The company holds 126 valid patents in the integrated circuit field, including 38 invention patents, 25 utility model patents, 1 design patent, and 62 software copyrights [1] Financial Performance - For the Q3 2025 report, the company achieved an operating income of 700 million yuan, an increase of 18.12% year-on-year [1] - The net profit was 120 million yuan, reflecting a decrease of 11.72% year-on-year, with a gross profit margin of 28.00% [1]

Core Insights - The article discusses the transformation of the power industry towards intelligent operations, highlighting the significant market potential for companies like Xintong Electronics in the smart power system sector [1][2]. Group 1: Market Potential and Growth - Xintong Electronics is positioned as a leading player in the smart power system market, with a market size in the hundreds of billions for its sensor testing business alone [1]. - The company has seen a 25% increase in sales, with revenue rising from 63.33 million in 2022 to 115.287 million in 2023, indicating a growing market share [2]. - The demand for intelligent transportation solutions in power transmission and distribution is increasing, driven by ongoing smart upgrades in the national grid [2]. Group 2: Product Development and Innovation - Xintong Electronics is focusing on three main business areas: online testing products for power lines, new products for substations and distribution, and integrated solutions that meet new market demands [2]. - The company has developed multiple national and industry standards, showcasing its leadership in AI-based inspection technologies [3]. Group 3: International Expansion and New Ventures - The company is exploring new business areas, including robotics, and plans to enter customer trial phases for its robotic products by winter [4]. - Xintong Electronics is actively promoting its products in Southeast Asian countries, adopting a trade purchase model to expand its international market presence [5]. Group 4: Financial Performance - Xintong Electronics has achieved significant revenue growth, with projections indicating a compound annual growth rate of 10.97% from 2022 to 2024, with revenues of 6.84 billion, 7.67 billion, and 8.42 billion respectively [22]. - The company's total assets have also shown a steady increase, with a compound annual growth rate of 12.29% over the same period [22].

"至真"减反射玻璃 普通玻璃 "至真"减反射玻璃是金晶科技采用磁控真空溅射镀膜工艺，创新研发生产的具有减反射功能的玻璃产 品，能够极大降低玻璃反光干扰，全景还原展品真色和自然质感，为用户创造至真视觉体验。上图左 侧风筝上方覆盖的是金晶"至真"减反射玻璃，右侧为普通玻璃。对比可见，前者透光率更高、反射率 更小。 信通电子大楼效果图 金晶科技建筑玻璃 金晶科技车间 新恒汇柔性引线框架产品 新恒汇蚀刻引线框架外观检测 从酥锅到烧烤，大街小巷弥漫着饮食男女的烟火气；比这烟火气更为浓烈的是——传承了千年的商业风 尚和热辣滚烫的科创"淄"味。冬日暖阳下，上海证券报调研小组走进淄博，近距离感受那跳动愈发强劲 的商业脉搏。 通商工之业，便鱼盐之利。早在春秋战国时期，因为得天独厚的渔业资源、矿产资源，以及东夷人 的"擅长百工"，淄博孕育了崇商重工的理念和发达商业，成为齐文化的核心发祥地。 近代以来，在重商传统的熏陶下，淄博成为重要的工业城市，铸就了中国第一片超白玻璃等开创行业先 河的工业利器。 当"利他"的传统商业理念、厚重的工业根基，遇到了人工智能、集成电路等高新技术，一场推陈出新、 卡位成链的创新浪潮涌动，形成了一个又一个 ...

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Xinhenghui, a company in the semiconductor industry, with a closing price of 67.25 yuan and a rolling PE ratio of 94.73 times, which is below the industry average of 142.38 times [1][2] - As of September 30, 2025, Xinhenghui had 30,029 shareholders, a decrease of 7,299 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] - The company specializes in smart card business, etching lead frames, and IoT eSIM chip testing, holding 126 valid patents in the integrated circuit field, including 38 invention patents [1] Group 2 - In the latest financial report for Q3 2025, Xinhenghui achieved a revenue of 700 million yuan, an increase of 18.12% year-on-year, while net profit decreased by 11.72% to 120 million yuan, with a gross margin of 28.00% [1] - The average PE ratio for the semiconductor industry is 142.38 times, with a median of 79.41 times, positioning Xinhenghui at the 116th rank within the industry [2] - The total market capitalization of Xinhenghui is 16.11 billion yuan, indicating its relative size within the semiconductor sector [2]

Core Viewpoint - New Henghui (301678.SZ) has successfully collaborated with Shengyi Technology to develop domestic epoxy resin cloth, replacing imported materials, which has been applied in the production of flexible lead frames [1] Group 1 - New Henghui is actively engaging in partnerships to enhance its product offerings [1] - The collaboration with Shengyi Technology focuses on research and development of epoxy resin cloth [1] - The domestic production of epoxy resin cloth signifies a shift towards reducing reliance on imports [1]

Core Viewpoint - New Henghui (301678.SZ) has announced a partnership with Shengyi Technology to develop domestic epoxy resin cloth, which replaces imported materials and is successfully applied in the production of flexible lead frames [1] Group 1 - New Henghui collaborates with Shengyi Technology for research and development [1] - The partnership focuses on domestic production of epoxy resin cloth, including curing sheets and copper-clad laminates [1] - The new materials are successfully utilized in the manufacturing process of flexible lead frames [1]

Core Viewpoint - The article highlights the significant advancements made by Xinhenghui in the integrated circuit packaging industry, emphasizing its role in breaking overseas technology monopolies and contributing to China's self-sufficiency in this sector [1][2]. Group 1: Company Overview - Xinhenghui has established itself as a key player in the integrated circuit industry by integrating research, production, sales, and testing services for packaging materials [1]. - The company has built strong technical barriers in three main areas: smart cards, etched lead frames, and IoT eSIM chip packaging [1][2]. Group 2: Core Technology and Business Model - The smart card business serves as the foundation for Xinhenghui's technological accumulation and business model innovation, utilizing a unique "upstream and downstream collaboration" approach [2]. - Xinhenghui's proprietary technologies, including high-precision metal surface patterning and surface treatment techniques, have enabled it to overcome high barriers to entry in flexible lead frame manufacturing [2][3]. Group 3: Growth and Market Expansion - The company has successfully extended its technology and experience from the smart card sector to the etched lead frame and IoT eSIM chip packaging markets, leveraging shared customers and technical synergies [4]. - Xinhenghui's etched lead frame business has seen a remarkable revenue growth of 46.48% year-on-year, driven by a focus on high-end applications [5]. Group 4: Future Development and Strategy - The company is investing in projects to enhance production capacity and technological innovation, including a 170 million yuan project for high-density QFN/DFN packaging materials [6]. - Xinhenghui aims to become a leading global supplier in the integrated circuit packaging materials sector while also enhancing its position in high-end product markets [6][7].

Core Viewpoint - The article highlights the rapid advancement of domestic substitution in the integrated circuit industry, focusing on the company Xinhenghui (301678) as a key player in the packaging materials and testing services sector, leveraging its integrated business model and core technological breakthroughs to break the overseas technology monopoly and promote self-sufficiency in China's integrated circuit packaging and testing industry [1] Group 1: Company Overview - Xinhenghui is one of the few integrated circuit companies in China that combines research, production, sales of chip packaging materials, and packaging testing services [1] - The company has established strong technical barriers in three main areas: smart cards, etched lead frames, and IoT eSIM chip packaging, allowing it to maintain a competitive edge in a fierce market [1][2] Group 2: Core Technology and Business Model - The smart card business serves as the foundation for Xinhenghui, where it employs an integrated business model of "key packaging materials + testing services," creating a competitive barrier that is difficult to replicate [2] - Xinhenghui's unique "upstream and downstream collaboration" model allows it to provide both flexible lead frames and smart card module testing services, enhancing delivery efficiency and profit margins while reducing reliance on external supply chains [2] Group 3: Technological Advancements - The company has developed high-etch-resistant alloy plating processes and nickel-palladium plating technology for smart cards, improving coating performance while reducing dependence on precious metals [3] - Xinhenghui's selective plating technology, which uses mold shielding for "regional" plating, has become a key method for cost control [3] Group 4: Market Expansion and Growth - Building on its smart card technology, Xinhenghui has expanded into the etched lead frame and IoT eSIM chip packaging sectors, leveraging shared technology and customer bases to quickly open new growth avenues [4] - The etched lead frame business has shown impressive performance, with a revenue increase of 46.48% year-on-year, focusing on high-end fields such as automotive-grade and high-density packaging [5] Group 5: Future Development and Strategy - Xinhenghui is committed to continuous capacity and technology iteration, with significant investments in projects aimed at alleviating capacity bottlenecks and enhancing market share [6] - The company aims to become a leading global supplier in the integrated circuit packaging materials sector while developing into a top-tier etched lead frame supplier [6] - Future plans include focusing on integrated circuit packaging, deepening technological innovation, and expanding into cutting-edge fields such as automotive and industrial internet [7]