Core Viewpoint - The company announced a mid-term profit distribution plan, including a cash dividend of 0.40 yuan per share, approved by the board on October 28, 2025, following the annual shareholders' meeting on June 10, 2025 [2][4][17]. Distribution Plan - The cash dividend distribution is set for the mid-term of 2025, with a total of 1,205,482,936 shares eligible for distribution after excluding repurchased shares [4][20]. - The total cash dividend to be distributed amounts to approximately 482.19 million yuan [4]. Dividend Details - The cash dividend is calculated based on a distribution ratio of 4.00 yuan for every 10 shares held, which includes tax [4][20]. - The reference price for the ex-dividend date is calculated as the previous closing price minus the cash dividend [5]. Tax Implications - Individual shareholders will not have personal income tax withheld at the time of dividend distribution, but taxes will be calculated based on the holding period when shares are sold [8][9]. - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.36 yuan per share [10][11]. Convertible Bond Adjustment - The conversion price for the company's convertible bonds ("韦尔转债") will be adjusted from 162.24 yuan to 161.84 yuan per share due to the cash dividend distribution [15][19][20]. - The adjustment will take effect on November 24, 2025, with the bonds suspended from conversion from November 17 to November 21, 2025 [16][19].

豪威集团公告，调整前转股价格为162.24元/股，调整后转股价格为161.84元/股。本次转股价格调整实 施日期为2025年11月24日。因公司实施2025年中期权益分派，2025年11月17日至2025年11月21日期 间，"韦尔转债"将停止转股，2025年11月24日起恢复转股。 ...

Core Viewpoint - The stock price of Haowei Group (603501) has decreased by 3.19% to 121.76 yuan as of November 14, 2025, with a total market capitalization of 146.89 billion yuan, ranking 7th in the semiconductor sector and 109th in the A-share market [1]. Trading Information Summary - On November 14, 2025, a block trade occurred for Haowei Group with a transaction amount of 19.94 million yuan [2]. - On November 12, 2025, there was a net sell-off by institutions amounting to 26.44 million yuan [3]. - A block trade on November 11, 2025, had a transaction amount of 3.44 million yuan [4]. Company Announcement Summary - Haowei Group will suspend the conversion of "Weir Convertible Bonds" from November 17, 2025, until the equity registration date due to the implementation of the mid-term equity distribution for 2025, with a cash dividend of 4.00 yuan per 10 shares (including tax), totaling approximately 480.98 million yuan [5]. - On November 12, 2025, the seventh meeting of the board of directors approved the adjustment of senior management personnel, appointing Dr. Gao Wenbao as the new general manager, while Wang Song transitioned to the role of deputy general manager [5]. - The board also approved amendments to the articles of association and shareholder meeting rules, which will take effect upon the listing of H-shares on the Hong Kong Stock Exchange [5][6]. Shareholder Information - The controlling shareholder, Mr. Yu Renrong, holds 333,472,250 shares, accounting for 27.64% of the total share capital. He pledged 8,250,000 shares for loan repayment, bringing the total pledged shares to 180,290,000, which is 54.06% of his holdings [7].

Group 1 - The core point of the announcement is that the employee stock ownership plan of Haowei Integrated Circuit (Group) Co., Ltd. will expire on March 8, 2026, and the company is required to disclose the number of shares held and their proportion of the total share capital six months prior to expiration [1][2] - As of the announcement date, the employee stock ownership plan holds 158,500 shares, which accounts for 0.01% of the company's total share capital [2] - The company has adhered to market trading rules and regulations during the implementation of the employee stock ownership plan, ensuring no insider information was used for trading [2] Group 2 - The company will terminate the employee stock ownership plan upon expiration, and the management committee will handle the remaining rights in accordance with relevant regulations [2]

Report Industry Investment Rating - No information provided Core Viewpoints - This week, the three strategies jointly held 22 convertible bonds, including Pufa Convertible Bond, Muyuan Convertible Bond, 23 Hope E1, etc. The option strategy maintained low turnover with few new targets, while the sub - low - price strategy had increased turnover recently, possibly due to the high enthusiasm in the equity market [1]. - The model recommends the technology sector at the industry level, driven mainly by the momentum factor, consistent with previous reports. The recommended industries include communication, electronics, computer, power equipment, and household appliances, with a marginal increase in the computer factor score and a decline in the household appliance factor score but still within the recommended range [1]. Summary by Related Catalogs Strategy Performance - The sub - low - price strategy rose 2.72% last week, with an excess return of 0.07% compared to the Wind Convertible Bond Low - Price Index. It has risen 18.32% this year, with an excess return of 1.01% compared to the benchmark [10]. - The option strategy rose 3.21% last week, with an excess return of 0.55% compared to the Wind Convertible Bond Low - Price Index. It has risen 20.66% this year, with an excess return of 2.93% compared to the benchmark [10]. - The double - low enhancement strategy rose 3.08% last week, with an excess return of 1.16% compared to the Wind Convertible Bond Double - Low Index. It has risen 24.14% this year, with an excess return of 9.67% compared to the benchmark [10]. - The industry rotation strategy rose 3.21% last week, with an excess return of 1.30% compared to the Wind Convertible Bond Double - Low Index. It has risen 18.37% this year [10]. Risk - Return Characteristics (Last Year) - The sub - low - price strategy has an annualized return of 33.58%, a Calmar ratio of 5.58, and a maximum drawdown of 6.02% [12]. - The option strategy has an annualized return of 33.20%, a Calmar ratio of 7.09, and a maximum drawdown of 4.68% [12]. - The double - low enhancement strategy has an annualized return of 45.33%, a Calmar ratio of 5.92, and a maximum drawdown of 7.65%, with an annualized excess return of 13.60% [12]. - The industry rotation strategy has an annualized return of 43.77%, a Calmar ratio of 6.61, and a maximum drawdown of 6.62%, with an annualized excess return of 12.22% [12]. Factor Back - test Results - For the sub - low - price strategy, the priceavg factor has a weight of 100%, an IC mean of - 3.44%, an IC standard deviation of 17.53%, an ICIR of - 19.63%, an IC>0 frequency of 35.25%, and a p - Value of 0.01% [20]. - For the option strategy, the amplitude_mean_6m factor has a weight of 100%, an IC mean of - 4.41%, an IC standard deviation of 19.36%, an ICIR of - 22.80%, an IC>0 frequency of 31.42%, and a p - Value of 0.00% [20]. - For the double - low enhancement strategy, multiple factors are used with different weights. For example, the impliedvol diff1 3m, MaxPricePremium, pricechangediff di ff1 1w, priceavg priceavg, stkratio diff1 1w, Amihud diff1 3m, and MaxPricePremium factors each have a 20% or 25% weight. The pricechangediff di ff1 1w factor has an IC mean of - 3.02%, an IC standard deviation of 9.17%, an ICIR of - 32.92%, an IC>0 frequency of 24.90%, and a p - Value of 0.00% [20]. - For the industry rotation strategy, factors like diff1 1m, pricechangediff_mean 2w, and stkratio diff1 1m are used with 25% weights. The diff1 1m factor has an IC mean of - 3.29%, an IC standard deviation of 23.44%, an ICIR of - 14.04%, an IC>0 frequency of 42.31%, and a p - Value of 0.45% [20].

Core Viewpoint - The company, Haowei Integrated Circuit (Group) Co., Ltd., anticipates a significant increase in net profit for the first half of 2025, driven by growth in the camera application market and improved management efficiency [1][2]. Group 1: Performance Forecast - The company expects net profit attributable to shareholders to be between 1,905.97 million yuan and 2,045.97 million yuan, representing a year-on-year increase of 39.43% to 49.67% [1][2]. - The forecasted net profit, excluding non-recurring gains and losses, is projected to be between 1,878.30 million yuan and 2,018.30 million yuan, reflecting a year-on-year increase of 36.89% to 47.09% [2]. - The previous year's net profit was 1,367.01 million yuan, with a net profit excluding non-recurring items of 1,372.13 million yuan, and total revenue of 12,091.41 million yuan [2]. Group 2: Reasons for Profit Increase - The growth in the camera application market and the company's increasing market share have contributed to a continuous rise in revenue, with the second quarter achieving a historical high [2]. - Enhanced management efficiency has effectively promoted profit growth and the release of profitability [2]. Group 3: Additional Notes - The performance forecast data is preliminary and has not been audited by an accounting firm, with no significant uncertainties identified that could impact the accuracy of the forecast [2][3].

New Stock Issuance - Guangdong JianKe issued new shares at a price of 6.56 on August 1, 2025[1] - ShenKe Co., Ltd. has a tender offer period from July 29 to August 27, 2025[1] - ST Kelly's tender offer period is from July 17 to August 15, 2025[1] Market Alerts - ST Zitian reported significant abnormal fluctuations on July 21, 2025[1] - ST Suwu experienced abnormal fluctuations on July 30, 2025[1] - ST Xizang Tianlu reported significant abnormal fluctuations on August 1, 2025[1] Other Notable Announcements - Huaneng Electric's announcement was made on August 1, 2025, regarding its stock code 603063[1] - ST Sai Long's announcement was made on August 1, 2025, with stock code 002898[1] - ST Green Kang's announcement was made on July 31, 2025, with stock code 002868[1]

Key Points - The core viewpoint of the announcement is the adjustment of the conversion price for the "Weir Convertible Bonds" issued by Haowei Integrated Circuit (Group) Co., Ltd, effective from August 1, 2025, due to the company's annual profit distribution plan [1] Group 1: Conversion Price Adjustment - The conversion price before adjustment is 162.46 CNY per share, and the adjusted conversion price is 162.24 CNY per share [1] - The adjustment is based on the company's annual profit distribution plan, which includes a cash dividend of 2.20 CNY per 10 shares (before tax) [1] - The conversion price adjustment will take effect on August 1, 2025, after the rights issue and dividend distribution [1] Group 2: Securities Trading Suspension - The "Weir Convertible Bonds" will be suspended from conversion from July 25, 2025, to July 31, 2025, during the rights issue registration period [1] - Trading of the securities will resume on August 1, 2025, after the completion of the rights issue [1] Group 3: Issuance Details - The company issued 24.40 billion CNY worth of convertible bonds on December 28, 2020, with a total of 24.40 million bonds [1] - The bonds have a maturity period from December 28, 2020, to December 27, 2026, with a conversion period from July 5, 2021, to December 27, 2026 [1]

Core Points - The announcement details the suspension of the conversion of "Weir Convertible Bonds" due to the implementation of the 2024 annual equity distribution by Haowei Integrated Circuit (Group) Co., Ltd [1] - The company will distribute a cash dividend of 2.20 yuan (including tax) for every 10 shares, with a total expected cash dividend of approximately 263.99 million yuan (including tax) [1] - The suspension of the bond conversion will occur from July 25, 2025, until the equity registration date, with resumption on the first trading day after the registration [1] Group 1 - The company will announce the implementation of the equity distribution and the adjustment of the convertible bond conversion price on July 26, 2025 [1] - Holders of the convertible bonds can convert their bonds until July 24, 2025, to enjoy the equity distribution [1] - The equity distribution plan will be adjusted if there are changes in the company's total share capital before the distribution [1]

Core Viewpoint - The announcement details the conversion of convertible bonds and the results of the stock option incentive plan for Haowei Integrated Circuit (Group) Co., Ltd, highlighting the low conversion rate of bonds and the significant participation in the stock option plan [1]. Convertible Bond Conversion Situation - As of June 30, 2025, a total of 7,535,000 CNY of "Weier Convertible Bonds" have been converted into company shares, resulting in 34,651 shares, which is 0.004% of the total shares before conversion [1]. - In Q2 2025, the conversion amount was 250,000 CNY, leading to 1,538 shares being formed [1]. - The remaining unconverted "Weier Convertible Bonds" amount to 2,432,461,000 CNY, representing 99.69% of the total issuance [1]. Stock Option Incentive Plan - The stock option incentive plan was approved on September 15, 2023, with 2,126 individuals granted a total of 12,280,000 stock options [3]. - By Q2 2025, 77.80% of the total options were exercised, with 220,823 shares being issued from the plan [5]. - The stock options' exercise price was adjusted to 78.63 CNY per share following the mid-term profit distribution in 2024 [4].