1月9日，据证监会公开披露信息显示，鸿星科技（集团）股份有限公司已提交首次公开发行股票并上市辅导备案报告，辅导机 构为国投证券。 鸿星科技并非首次冲击A股市场。公司曾于2022年12月向证监会提交主板上市申请，并于2023年3月平移至上海证券交易所审 核。然而，在2025年9月，公司主动提交了撤回申请。 此次重启上市进程，市场普遍认为，公司在经历前次审核后，可能已对业务结构、财务合规或发展战略进行了进一步梳理与优 化，旨在以更成熟的姿态迎接资本市场检验。 鸿星科技是一家专注于石英晶体谐振器、石英晶体振荡器等频率控制元器件研发、生产与销售的高新技术企业。根据行业统计 数据，公司已位列全球第九大石英晶体元器件生产商，在细分领域具备较强的市场地位。 公司产品广泛应用于通信电子、智能家居、汽车电子、消费电子、医疗电子、工业控制等多个领域，下游客户覆盖三星、创 维、长虹、富士康、广达、和硕等国内外知名品牌商与制造服务商，终端产品最终应用于惠普、戴尔、思科、索尼等众多国际 品牌。 石英晶体元器件作为各类电子设备中维持频率稳定的核心基础元件，其市场需求随着5G建设、汽车智能化、物联网普及等趋势 持续增长。当前，全球高端石英 ...

Core Insights - The domestic market for high-end quartz crystal resonators is experiencing strong demand, prompting local manufacturers to expand production capacity and increase R&D investment to enhance their supply capabilities in the high-end market [1][10] - The quartz crystal resonator industry in China has grown from 5.496 billion yuan in 2015 to 8.288 billion yuan in 2024, with a compound annual growth rate (CAGR) of 4.67% [1][10] - Emerging applications in 5G communication, wearable electronics, automotive electronics, and the Internet of Things (IoT) are driving significant market opportunities for the quartz crystal resonator industry [1][10] Industry Overview - Quartz crystal components, known as crystal oscillators, are frequency control devices made from quartz crystals utilizing the piezoelectric effect [2][4] - The industry is categorized into quartz crystal resonators and oscillators, with further classifications based on frequency and packaging methods [2][4] Industry Policies - The Chinese government has increased policy support for the quartz crystal resonator industry, promoting new electronic components and smart manufacturing [7] - Key policies include the inclusion of new electronic components in the encouraged category of the 2024 Industrial Structure Adjustment Guidance Catalog and the 2025-2026 Action Plan for Stable Growth in the Electronic Information Manufacturing Industry [7] Industry Chain - The quartz crystal resonator industry chain consists of upstream raw materials (quartz sand, packaging materials), midstream manufacturing, and downstream applications (communication devices, consumer electronics) [6][8] Current Industry Development - Since 2018, Japanese companies have reduced capital expenditures, creating opportunities for Chinese manufacturers to expand in the quartz crystal resonator market [10] - From 2015 to 2024, China's production of quartz crystal resonators increased from 11.94 billion units to 23.298 billion units, with a CAGR of 7.71% [10] Competitive Landscape - The industry features a tiered competitive structure, with international giants leading the high-end market and domestic companies like Unisoc, Dongjing Electronics, and others gaining ground in mid to high-end segments [10][11] - Domestic companies are increasing R&D investments to enhance product consistency and reliability, narrowing the gap with international competitors [10] Development Trends - The industry is moving towards miniaturization, high frequency, low phase noise, and low aging rates to meet the demands of advanced applications [13][14][17] - Manufacturers are focusing on advanced packaging technologies and optimizing design processes to achieve these goals [13][14][17]

烟台清洁能源发展创出八个第一，近三年能耗强度累计下降20.9% 降碳增绿，当好先行区里的"示范生" 当万亿GDP的增长势能遇上"双碳"战略的时代命题，一直走工业立市、制造业强市之路的烟台如何 破局？ 建设绿色低碳高质量发展先行区，是党中央、国务院赋予山东的重大使命。作为全国首批碳达峰试 点城市、首批生态产品价值实现机制试点城市，2022年以来，烟台市从顶层设计的精准布局，到能源结 构的调整优化、企业车间的技术破壁，再到生活方式的绿色变革，切实将"降碳增绿"转化为可感可知的 发展实效。近三年，烟台市能耗强度累计下降20.9%，连续19年完成节能降碳任务，正加快打造绿色低 碳高质量发展示范城市。 清洁能源发展创出"八个第一" 进入小雪节气，海风更添寒意。在烟台海阳南部海域37公里处，百余台百米高的白色风机迎风转 动，徐徐海风由此转变成清洁电能，为千家万户送去海上绿电。 "这是山东省首批海上风电项目，烟台有得天独厚的海域风能资源，海上风电建设有助于实现化石 能源可靠替代。"海阳电投风力发电有限公司副场站长陶凤虎介绍，这样规模的风电场，烟台还有好几 个。 近日，记者在位于烟台经济技术开发区的明德亨电子科技有限公司生产 ...

Core Viewpoint - Hongxing Technology (Group) Co., Ltd. has withdrawn its IPO application, leading to the termination of its review for listing on the Shanghai Stock Exchange [1][3] Company Overview - Hongxing Technology was established in December 1993, previously known as Hangzhou Hongxing Electronics Co., Ltd. The company has a registered capital of approximately 148 million yuan [3][4] - The major shareholder is H-TEC HOLDING LIMITED, which holds 78.92% of the shares, with actual controllers including Lin Honghe and others controlling a total of 87.92% of voting rights [4][5] Financial Performance - The company specializes in the research, production, and sales of quartz crystal resonators and oscillators, with applications in various sectors including communications, smart home, automotive electronics, and medical electronics [5] - Revenue figures for 2022, 2023, and 2024 are approximately 651 million yuan, 542 million yuan, and 567 million yuan, respectively, indicating a decline in 2022 and 2023 [5][6] - Net profits for the same years were approximately 194 million yuan, 133 million yuan, and 133 million yuan, with a notable decrease in 2022 and 2023 [5][6] Market Position and Future Outlook - In 2024, the company reported a revenue increase of 4.77% compared to 2023, indicating a return to growth [7] - The company has a history of significant cash dividends, totaling approximately 480 million yuan from 2020 to 2022, despite needing to allocate 200 million yuan from its fundraising for working capital [7]

Core Viewpoint - Hongxing Technology (Group) Co., Ltd. has terminated its IPO review after two and a half years of inquiry, primarily due to macroeconomic challenges and declining performance in the quartz crystal component industry [1][2]. Company Overview - Hongxing Technology specializes in the research, production, and sales of frequency control components such as quartz crystal resonators and oscillators, with applications in various sectors including communications, smart home, automotive electronics, consumer electronics, medical electronics, industrial control, and smart security [1]. - The company is ranked ninth globally in the quartz crystal component market, holding a market share of 3.08% in 2023 [1]. Financial Performance - The company experienced a decline in revenue and net profit in 2022, with revenue at 651.42 million yuan and net profit at 194.32 million yuan, representing year-on-year decreases of 22.00% and 4.64%, respectively [2]. - In 2023, revenue further declined by 16.87% and net profit decreased by 31.60%, with expectations for recovery in 2024 as the electronic industry stabilizes [2]. Family Business Characteristics - Hongxing Technology exhibits typical family business traits, with the Lin family controlling 87.92% of the voting rights [1][2]. - Key family members include Lin Honghe (Chairman), Lin Yuxin, Lin Yuxiang, and Lin Ruitang, indicating a strong familial influence in management [2]. Relationship with Taiwan Hongxing - Taiwan Hongxing, a former controlling shareholder and current major customer, has transitioned to being a distributor for Hongxing Technology, generating significant revenue from the company [3]. - The relationship raises questions regarding dependency and potential conflicts of interest, as Taiwan Hongxing has been the largest customer for several years [3]. Dividend Policy - Hongxing Technology has implemented substantial cash dividends, totaling 275.48 million yuan from 2021 to 2022, which accounted for 51.88% of the net profit attributable to shareholders [4]. - The dividends primarily benefit family shareholders, with a significant portion used for personal financial management and tax obligations [4].

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of Hongxing Technology (Group) Co., Ltd.'s application for its initial public offering (IPO) and listing on the Shanghai Main Board [1][3]. Company Overview - Hongxing Technology specializes in the research, production, and sales of frequency control components such as quartz crystal resonators and oscillators, ranking among the top ten global manufacturers of quartz crystal devices [3]. IPO Details - The application for the IPO was accepted by the Shanghai Stock Exchange on March 3, 2023, and the company, along with its sponsor Guotou Securities Co., Ltd., submitted a request to withdraw the application [3]. - Hongxing Technology originally planned to issue no more than 49.306188 million shares, accounting for at least 25% of the total share capital post-issuance [4]. - The company aimed to raise 1.2141 billion yuan, which was intended for several projects, including the construction of a quartz crystal component production base and the development of micro quartz crystal resonators [4][5]. Fund Allocation - The total investment for the projects was estimated at 1.40006 billion yuan, with the following allocations: - Construction of the Deqing quartz crystal component production base: 752.36 million yuan, with 566.4 million yuan from the raised funds - Development and industrialization of 300 million micro quartz crystal resonators: 243.9 million yuan, fully funded by the raised capital - Headquarters operation center construction: 203.8 million yuan, fully funded by the raised capital - Supplementing working capital: 200 million yuan, fully funded by the raised capital [5].

Group 1 - The demand for AI servers has significantly increased, leading to strong growth in the demand for optical modules [1] - Quartz crystal resonators and oscillators are crucial for the stability and reliability of optical module performance [1] - In computing servers, stable clock signals are essential for operation, making quartz crystal oscillators key components for ensuring synchronization and high-speed data transmission [1] Group 2 - Quartz crystal oscillators are widely used in optical modules, computing servers, and other precision measurement devices [1] - The global quartz crystal market is expected to reach a scale of 53 billion USD by 2025 [1] - The global supply of quartz crystals is projected to remain insufficient until 2025 [1] Group 3 - Relevant concept stocks include Taijing Technology and Huilun Crystal [2]

Core Viewpoint - Hongxing Technology is preparing for an IPO on the Shanghai Main Board, with significant backing from major clients like Foxconn and a focus on quartz crystal components [1][3]. Company Overview - Hongxing Technology, headquartered in Hangzhou, Zhejiang, is among the top ten global manufacturers of quartz crystal components, serving clients such as Foxconn, Skyworth, and Changhong [1][3]. - The company was established in 1993 and transformed into a joint-stock company in 2022 [3]. Ownership Structure - The company is predominantly a family-owned business, with the actual controllers holding approximately 87.92% of voting rights before the IPO [4][5]. - Key family members include Lin Honghe, Lin Ruida, Lin Yuxin, and Lin Yuxiang, with Lin Honghe being the founder and long-time chairman [4][5]. Financial Performance - Hongxing Technology has a history of substantial cash dividends, with total dividends exceeding 400 million yuan over three years, raising concerns about cash flow management [7]. - The company reported revenues of approximately 651 million yuan in 2022, declining to 542 million yuan in 2023, with net profits of 194 million yuan and 133 million yuan respectively [16][22]. Product Focus - The company specializes in the research, production, and sales of frequency control components, primarily quartz crystal oscillators, with over 80% of revenue derived from these products [9][11]. - The supply chain is heavily reliant on imported materials, with 76% of chips sourced from abroad, indicating a high dependency on foreign suppliers [14]. Market Position - Hongxing Technology holds a 3.08% share of the global quartz crystal component market, ranking ninth worldwide and third among Chinese companies [14]. - The global quartz crystal component market is projected to grow from 3.251 billion USD in 2023 to 6.733 billion USD by 2030, with a compound annual growth rate of 9.82% [19][21]. Industry Dynamics - The quartz crystal component industry is experiencing cyclical fluctuations, with 2023 showing a decline in performance due to weak downstream demand and inventory adjustments [16][22]. - The competitive landscape is dominated by Japanese firms like Epson and NDK, which hold about 50% of the high-end market share, indicating significant room for domestic players to capture market share [14][22].

Macro Analysis - The current macro variables affecting the market are internal demand recovery, policy implementation effects, and external environment changes[3] - The easing of US-China tariff negotiations helps alleviate pressure on the fundamentals and market risk appetite, but the relationship remains competitive[3] - The economy is undergoing an L-shaped recovery, with manageable short-term pressures on foreign trade and employment, while low inflation remains a core challenge[3] Policy Insights - The policy focus is on the effectiveness of existing policies and the introduction of incremental reserve tools, with a dynamic calibration approach expected[3] - The emphasis is on promoting the effectiveness of existing policies, particularly concerning employment and systemic risks, while external shocks remain uncertain[3] Investment Strategy - A strategic bullish outlook on Hong Kong stocks is recommended, as de-dollarization benefits liquidity-sensitive stocks[3] - A "barbell" asset allocation strategy is suggested, focusing on resilient dividend assets in finance, resources, and public utilities, while technology remains a key theme[3] Company Highlights - Zhuoyue New Energy (688196.SH) is a pioneer in biodiesel production, with a production capacity of 500,000 tons and a focus on raw material substitution and trade breakthroughs[9] - Yipuli (002096.SZ) achieved revenue of 8.546 billion yuan in 2024, with a net profit of 713 million yuan, driven by cost control and increased procurement efforts[14] - Zijin Mining (601899.SH) expects copper production to reach 1.15 million tons in 2025, with significant growth targets set for 2028[21] Risk Considerations - Risks include potential policy support falling short of expectations, execution delays, and slower-than-expected economic recovery[5] - For Zhuoyue New Energy, risks involve policy advancement not meeting expectations and significant fluctuations in raw material prices[12]

Macro Analysis - The current market is influenced by three main macro variables: domestic demand recovery, policy implementation effects, and external environment changes[9] - The easing of US-China tariff negotiations helps alleviate market risk appetite pressures, but the long-term relationship remains competitive[9] - The economy is undergoing an L-shaped recovery, with manageable short-term pressures on foreign trade and employment, while low inflation remains a core challenge[9] Investment Recommendations - Strategic focus on Hong Kong stocks is advised, as de-dollarization benefits liquidity-sensitive markets[10] - A-shares are expected to experience high volatility, emphasizing the need to capture structural opportunities[10] - Suggested asset allocation includes resilient dividend assets in finance, resource sectors, and public utilities, with technology remaining a key focus[10] Company Highlights - Excellence New Energy (688196.SH) is a leader in biodiesel production, with a capacity of approximately 500,000 tons and a focus on raw material substitution[12] - Yipuli (002096.SZ) achieved revenue of 8.546 billion yuan in 2024, a 1.4% increase, with net profit rising by 12.49% to 713 million yuan[17] - Zijin Mining (601899.SH) expects copper production to reach 1.15 million tons in 2025, with gold production projected at 85 tons[24] Risk Factors - Potential risks include policy support falling short of expectations, execution delays, and slower-than-expected economic recovery[5] - For Excellence New Energy, risks involve trade barriers and raw material price fluctuations impacting profitability[16] - For Yipuli, risks include raw material price volatility and project execution delays affecting revenue growth[21]