Core Insights - The chip supply shortage caused by the trade dispute involving Nexperia has put Bosch's factories in Ansbach, Salzgitter, and Braga at risk of shutdown, affecting approximately 3,500 employees [2][3] Factory Impact Summary - **Ansbach, Germany**: 2,500 employees, approximately 650 affected, facing temporary shutdown [3] - **Salzgitter, Germany**: 1,300 employees, 300-400 affected, facing temporary shutdown [3] - **Braga, Portugal**: 3,300 employees, approximately 2,500 affected, facing temporary work hour adjustments or furloughs [3] Background of the Dispute - On September 30, the Dutch government took control of Nexperia citing "national security" and "intellectual property protection" concerns [4] - On October 3, China's Ministry of Commerce retaliated by banning Nexperia China and its subcontractors from exporting domestically produced automotive-grade power semiconductors, impacting about 70% of Nexperia's chip supply globally [4] - On October 26, Nexperia Netherlands suspended wafer supply to its Chinese subsidiary, exacerbating the supply chain disruption [4] - Nexperia holds over 30% market share in the automotive-grade power chip market, with its chips widely used in automotive electronic systems [4] Bosch's Response Measures - Bosch is seeking alternative chip suppliers and evaluating multiple backup options [5] - Implementing a "wafer direct delivery" plan to purchase silicon wafers directly from Nexperia's European factories for packaging in Dongguan, China [5] - Adjusting production plans to prioritize core product lines and customer orders [5] Broader Industry Impact - The crisis has extended to the global automotive supply chain, with major German automakers like Volkswagen and BMW facing chip inventory that can only sustain production for 10-20 days [5] - Honda has been forced to halt production at its Mexican factory, and first-tier suppliers like ZF and Omron are also facing production cuts [5] - On November 19, the Dutch Ministry of Economic Affairs announced a suspension of intervention in Nexperia, returning control to Wingtech Technology [5] - Analysts believe this crisis highlights the vulnerability of the global automotive supply chain's over-reliance on a single chip supplier, predicting a shift towards supply chain diversification among automakers and component manufacturers [5]

Summary of Key Points Core Viewpoint The upcoming week (November 10-14) will see the IPO review of four companies aiming to raise a total of 3.669 billion yuan, with some companies adjusting their fundraising targets downward. IPO Review - Four companies are scheduled for IPO review, with a total fundraising target of 3.669 billion yuan [1] - Companies include: - Qiangyi Semiconductor, aiming to raise 1.5 billion yuan [2] - Tongbao Optoelectronics, aiming to raise 330 million yuan [2] - Hengyun Crystal, aiming to raise 1.469 billion yuan after a reduction from 1.55 billion yuan [2][4] - Nongda Technology, aiming to raise 413 million yuan after a reduction from 552 million yuan [4] Fundraising Plans - Hengyun Crystal's fundraising plan includes projects such as: - Semiconductor RF power system industrialization project with a total investment of 1.657 billion yuan, using 1.4 billion yuan from the raised funds [20] - Core component production base for semiconductor and vacuum equipment with a total investment of 6.969 billion yuan, using 6.9 billion yuan from the raised funds [20] - Nongda Technology's projects include: - Production line for 150,000 tons of micro-ecological agents, which was removed from the revised plan [4][21] Company Performance - Qiangyi Semiconductor reported: - Total assets of 1.482 billion yuan as of June 30, 2025 [10] - Net profit of 137.884 million yuan for the first half of 2025 [10] - Revenue of 374.402 million yuan for the first half of 2025 [10] - Tongbao Optoelectronics reported: - Total assets of approximately 1.069 billion yuan as of June 30, 2025 [15] - Net profit of approximately 33.45 million yuan for the first half of 2025 [15] Upcoming Refinance - One company, Huafeng Measurement and Control, is set for a refinancing review, aiming to raise 1 billion yuan through a public convertible bond [6][26]

IPO Review and Registration Progress - Three companies successfully passed the IPO review last week, including Youxun Co., Ltd., Angrui Microelectronics, and Tian Su Measurement [2][3] - Youxun Co., Ltd. focuses on the research, design, and sales of optical communication front-end transceiver chips, aiming to raise 809 million yuan for the development of next-generation data center chips and automotive chips [2] - Angrui Microelectronics specializes in RF front-end chips and plans to raise 2.067 billion yuan for 5G RF chip development and industrial upgrades [3] - Tian Su Measurement provides calibration and testing services, achieving a revenue of 409 million yuan in the first half of 2025, with a year-on-year growth of 11.99% [3] Upcoming IPOs - Four companies are scheduled for IPO reviews this week, including Jianxin Superconductor, Shuangxin Environmental Protection, Aishalun, and Muxi Co., Ltd. [4] - Jianxin Superconductor focuses on MRI equipment components, with revenues projected to decline by 5.58% in 2024 due to market pressures [4][5] - Shuangxin Environmental Protection has seen revenue declines of 25.25% and 7.85% in 2023 and 2024, respectively, due to reduced market demand [5] - Aishalun generates over 90% of its revenue from overseas, with projected revenues of 692 million yuan in 2024 [5] New Stock Listings - Two new stocks were listed last week: Changjiang Nengke and Daoshengtianhe, with the latter seeing a first-day increase of 396.32% [10][11] - Changjiang Nengke specializes in energy chemical equipment, while Daoshengtianhe is a leading supplier of materials for wind turbine blades [10][11] New Stock Subscription - Daming Electronics is set to launch a new stock subscription on October 24, aiming to raise approximately 400 million yuan for new factory projects and working capital [12] - The company focuses on automotive electronic components, with projected revenues of 2.727 billion yuan in 2024 [12]

Group 1 - The company is expanding its application of PEEK materials and has invested in processing equipment for this purpose [2] - The company is currently trialing products related to automotive electronic components [2] - Future advancements will be driven by market customer demand [2]