中国国际金融股份有限公司 关于兆易创新科技集团股份有限公司 增加汽车电子募投项目实施主体和地点 并使用部分募集资金向全资子公司增资的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为兆易创新科 技集团股份有限公司（以下简称"兆易创新"或"公司"）2020 年非公开发行股票的保荐机 构，根据《证券发行上市保荐业务管理办法》 《上市公司募集资金监管规则》 《上海证券 交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等有关规定，对兆易创新增加汽车电子募投项目实施主体和地点并使用部分募集资金向 全资子公司增资进行了审慎核查，核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准北京兆易创新科技股份有限公司非公开发行 股票的批复》（证监许可[2020]711 号核准），公司由主承销商中国国际金融股份有限公 司采用非公开发行股票方式，发行人民币普通股（A 股）21,219,077 股，发行价格为人 民币 203.78 元/股，本次发行募集资金总额为人民币 432,402.35 万元，扣除承销费用（不 含增值税）人民币 3,958.49 万元后， ...

中国国际金融股份有限公司 关于兆易创新科技集团股份有限公司 使用自有资金、外汇等方式支付募投项目部分款项 并以募集资金等额置换的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为兆易创新科 技集团股份有限公司（以下简称"兆易创新"或"公司"）2020 年非公开发行股票的保荐机 构，根据《证券发行上市保荐业务管理办法》 《上市公司募集资金监管规则》 《上海证券 交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等有关规定，对兆易创新使用自有资金、外汇等方式支付募投项目部分款项并以募集资 金等额置换的事项进行了审慎核查，核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准北京兆易创新科技股份有限公司非公开发行 股票的批复》（证监许可[2020]711 号核准），公司由主承销商中国国际金融股份有限公 司采用非公开发行股票方式，发行人民币普通股（A 股）21,219,077 股，发行价格为人 民币 203.78 元/股，本次发行募集资金总额为人民币 432,402.35 万元，扣除承销费用（不 含增值税）人民币 3,958.49 万元后，公 ...

Core Viewpoint - Anhui has emerged as a new highland for industrial development in China, showcasing strong competitiveness in both traditional and emerging industries, driven by its unique geographical position, rich resource endowment, and robust policy support [1][2]. Group 1: Industrial Development in Hefei - Hefei, as the capital of Anhui, has become a hub for innovation-driven industries, achieving breakthroughs in several strategic emerging sectors [3]. - The integrated circuit sector in Hefei has become a key development area, with over 500 upstream and downstream enterprises, producing nearly 8 billion chips from January to October 2024, a year-on-year increase of over 50% [4]. - Hefei is a global leader in the new display industry, hosting major companies like BOE and Visionox, with significant investments in advanced AMOLED production lines [5]. - The new energy vehicle industry in Hefei has seen explosive growth, with production exceeding 1 million vehicles by October 2024, significantly surpassing the previous year's total of 746,000 vehicles [6]. - Hefei is also a key city for artificial intelligence, housing over a thousand AI-related enterprises, including iFlytek [8]. Group 2: Industrial Strengths in Wuhu - Wuhu is recognized as a cradle for automotive and intelligent equipment industries, with Chery Automobile being a leading player [9]. - Nearly a quarter of China's exported cars are produced in Anhui, with Chery being a major contributor [10]. - Wuhu has rapidly developed its robotics industry, supported by government policies aimed at promoting robotics development [12]. Group 3: Steel Industry Transformation in Ma'anshan - Ma'anshan, known as the "Steel City," has a long-standing steel industry, with Ma Steel Group being a key player [13]. - The company has increased investment in technological innovation to enhance product quality and value, focusing on high-end steel products [14]. Group 4: Glass Industry Innovation in Bengbu - Bengbu has a long history in the glass industry, forming a complete industrial chain from raw material production to deep processing [15]. - The city has made significant technological breakthroughs in new glass materials, such as ultra-thin and flexible glass, filling domestic gaps and breaking foreign monopolies [17]. Group 5: Home Appliance and Smart Hardware in Chuzhou - Chuzhou has rapidly developed into a major home appliance production base, attracting well-known brands like Skyworth and Konka [19]. - The city is also advancing in the smart hardware sector, with local companies innovating in smart home and wearable devices [19]. Group 6: Policy Support for Industrial Development - Anhui's government has implemented targeted policies to support industrial cluster development, including a three-year action plan for AI innovation and measures to promote county-level industrial clusters [22][23].

Core Viewpoint - Hefei is recognized as the "Best Government Investment Bank," showcasing its successful capital market activities and strategic investments in high-tech industries, particularly in semiconductors and robotics. Group 1: Recent Market Activities - On July 8, Beijing Yitang Semiconductor Technology Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board at an issuance price of 8.45 yuan per share, with a market capitalization of 774 billion yuan at opening, reflecting a 210.06% increase from the opening price of 26.20 yuan per share [1] - On July 9, Hefei Jianxin Capital Management Co., Ltd. facilitated the listing of Beijing Jizhi Technology Co., Ltd. on the Hong Kong Stock Exchange, raising approximately 2.712 billion HKD, marking the largest fundraising for a robotics company in Hong Kong to date [4] Group 2: Government Investment Strategy - Hefei's government has a history of bold investments, such as the 180 billion yuan funding for Changxin Storage, with 75% of the capital provided by the local government [2] - Hefei Chuantou Holdings has become the second-largest shareholder of Changxin Technology, holding 12.42% of shares, with the latest pre-financing valuation of Changxin Technology at approximately 1.4 trillion yuan [3] Group 3: The "Hefei Model" - The "Hefei Model" is characterized by the government actively participating in market dynamics, particularly in rescuing distressed companies and fostering their growth, as seen with companies like iFlytek and BOE Technology Group [5][6][7] - The model emphasizes a collaborative approach where the government shares risks with enterprises, leading to successful outcomes for both parties [9][10] Group 4: Investment Ecosystem Development - Hefei is developing a "Creative Investment City Plan," focusing on early-stage, small-scale, and technology-driven investments, creating a "fund jungle" that supports companies throughout their lifecycle [12][13] - The establishment of the first "S Fund" in Anhui Province, with a scale of 2.8 billion yuan, aims to enhance the local investment ecosystem [14] Group 5: Future Prospects - The Hefei government is committed to refining its investment strategies, with plans to attract over 50 leading fund management institutions and achieve a total fund management scale of at least 500 billion yuan within five years [16][17] - The ongoing development of a specialized, industrialized, and scaled "fund matrix" is expected to further drive regional industrial transformation and upgrading [19]

Group 1 - Changxin Technology has officially completed the listing guidance filing with the Anhui Securities Regulatory Bureau, marking the start of its IPO process on the Sci-Tech Innovation Board, supported by China International Capital Corporation and CITIC Securities [1] - The company is the only domestic enterprise capable of large-scale production of DRAM chips, with a clear technology roadmap starting from 19nm process for DDR4/LPDDR4 and continuously upgrading to 17nm DDR5/LPDDR5 [2] - The company aims to increase its DDR5 product share from 1% to 7% by the end of 2025, with its global market share expected to rise from 6% to 8% [2] Group 2 - The IPO will accelerate DDR5 mass production and push the domestic DRAM market share towards double digits, while attracting more social capital into hard technology [3] - The investment strategy of Shangfeng Cement in Changxin Technology, amounting to 200 million RMB, allows it to indirectly hold approximately 0.168% of Changxin Technology's shares [1] - Shangfeng Cement's semiconductor investments have exceeded 1.7 billion RMB over the past five years, building a comprehensive ecosystem covering design, manufacturing, packaging, and materials [1][3]

Group 1 - The A-share market showed mixed performance on July 8, with semiconductor materials leading the gains, particularly in storage chips and advanced packaging sectors [1] - The CSI Semiconductor Materials Equipment Theme Index (931743) rose by 0.91%, with notable increases in component stocks such as Yake Technology (up 4.58%) and Jingrui Electric Materials (up 2.59%) [1] - The Semiconductor Materials ETF (562590) increased by 1.00%, reaching a latest price of 1.11 yuan, with significant growth in scale and shares over the past week [1] Group 2 - Changxin Technology, the parent company of leading domestic DRAM manufacturer Changxin Storage, has initiated the IPO process, marking a significant step in its market presence [2] - The latest financing round in March 2024 valued Changxin Technology at 150.8 billion yuan, highlighting its strong market position and investment backing [2] - The Semiconductor Materials ETF closely tracks the CSI Semiconductor Materials Equipment Theme Index, which includes 40 companies deeply involved in the semiconductor materials and equipment sectors, reflecting the trend of domestic substitution in the semiconductor industry [2]

Core Viewpoint - The domestic DRAM manufacturer Changxin Technology has initiated the listing guidance process, indicating a growing interest in the domestic memory chip market and a potential increase in market share for local manufacturers [1][2]. Group 1: Company Overview - Changxin Technology, established in 2016, focuses on the research, design, production, and sales of DRAM products, with the largest shareholder holding 21.67% of the company [2]. - The company is a significant player in the DRAM market, with an estimated production capacity accounting for about 10% of global DRAM chip output last year, although its actual market share remains below 10% [3]. Group 2: Market Dynamics - The DRAM market is predominantly controlled by overseas manufacturers, with SK Hynix, Samsung, and Micron holding a combined market share of 94% [3]. - Domestic manufacturers are increasing their market presence, with projections indicating that the total market share of local storage chip manufacturers could reach 10% this year, doubling from the previous year [3]. Group 3: Product Segmentation - In the first quarter of this year, Changxin Technology's market share was reported at 6%, with expectations to rise to 7.5% by the fourth quarter [4]. - The company holds a 10% share in the DDR4 market and 20% in the LPDDR4 market, while its share in the DDR5 and LPDDR5 markets is currently below 1%, projected to increase to 7% and 9% respectively by the fourth quarter [4]. Group 4: Industry Challenges - Domestic manufacturers face challenges in developing advanced DRAM products, particularly in overcoming technical hurdles related to HKMG (High-k Metal Gate) technology [7]. - The performance of storage chips is being enhanced through 3D stacking, which is crucial for applications like HBM (High Bandwidth Memory) that are increasingly used with AI chips [7]. Group 5: Competitive Landscape - The competitive landscape includes another major domestic player, Yangtze Memory Technologies, which has a valuation of 160 billion yuan, while Changxin Technology is estimated to be valued at 140 billion yuan [8].

Group 1: Internet of Things (IoT) - The establishment of the IoT Standardization Technical Committee is a significant step to accelerate the development of IoT in China, aiming to create a robust standard system and enhance international competitiveness [1] - The global IoT market is projected to exceed $2.1 trillion by 2025, with China contributing over 35%, becoming the largest single market [1] - The transition from "connecting everything" to "intelligent connectivity" is driven by technological integration and policy support, with an expected annual growth rate of over 20% in the coming years [1] Group 2: DRAM Market - The NAND Flash market price index has increased by 9.2% and the DRAM market price index by 47.7% since the beginning of 2025, with a notable 19.5% increase in June alone [2] - A significant shift from oversupply to undersupply in traditional DRAM products is anticipated due to AI-driven demand and supply strategies [2] - The global DRAM market is expected to reach a historical high in 2025, driven by demand from AI and cloud computing [2] Group 3: Photovoltaics - In the first five months of 2025, the newly installed photovoltaic capacity reached approximately 198 GW, with May alone contributing 93 GW [3] - The industry is expected to see improvements in supply and demand dynamics, supported by favorable policies and technological advancements [3] Group 4: Computing Power - The computing power industry is characterized by its large scale and growth potential, with significant performance elasticity expected in chips and AI servers by 2025 [4] - Domestic chip manufacturers are likely to benefit from economic shifts and supply chain considerations [4] Group 5: Innovative Pharmaceuticals - Recent measures from the National Healthcare Security Administration support the inclusion of innovative drugs in basic medical insurance and commercial health insurance directories [5] - The innovative drug sector in China is gaining international recognition, indicating strong growth potential [5] Group 6: Nuclear Fusion - Alphabet has signed an agreement to purchase 200 MW of power from a fusion energy project, marking a milestone in commercial nuclear fusion energy [6] - The upcoming 2025 China International Nuclear Fusion and Nuclear Energy Industry Conference is expected to showcase advancements in nuclear energy [6] Group 7: Cement Industry - The China Cement Association has issued guidelines to promote high-quality development and stabilize growth in the cement industry [7] - The industry is currently facing profitability challenges, with a shift in focus from market share to restoring profitability [7] Group 8: Rare Earths - The reduction in rare earth exports from China has led to increased prices in international markets, with automotive manufacturers willing to pay a premium for supplies outside China [8] - Rare earth materials are critical for various industries, particularly in electric vehicle manufacturing [8]

Core Viewpoint - Micron Technology (MU.US) reported third-quarter earnings and fourth-quarter guidance that exceeded market expectations, driven by record sales of DRAM chips and strong performance in high-bandwidth memory (HBM) [1][2] Financial Performance - Third-quarter revenue reached a historical high of $9.3 billion, a 37% year-over-year increase, surpassing analyst expectations of $8.9 billion [1] - Adjusted earnings per share (EPS) for the third quarter were $1.91, exceeding the forecast of $1.60 [1] - The company anticipates fourth-quarter revenue of approximately $10.7 billion, significantly above the analyst consensus of $9.89 billion, with an expected adjusted EPS of about $2.50, higher than the $2.03 forecast [1] Analyst Ratings and Price Targets - Morgan Stanley maintained a "hold" rating on Micron Technology, raising the target price from $98 to $135, citing a more than 20% increase in EPS expectations for the fourth quarter compared to market consensus [1] - Wells Fargo reiterated an "overweight" rating, increasing the target price from $150 to $170, highlighting the strong performance of HBM and the overall data center market [2] Market Outlook - Analysts expect continued improvement in performance driven by strong AI demand, despite concerns about demand pull-forward and price declines in the May quarter [2] - Micron's HBM business remains robust, with expectations for ongoing strong investment in this area [3] - The company plans to increase investments in next-generation thin-film deposition equipment in the NAND sector [3]

Group 1 - The U.S. Department of Commerce is considering revoking exemptions that allow major semiconductor manufacturers like TSMC and Samsung to use U.S. technology in their factories in mainland China, raising concerns in Taiwan and South Korea [1][3] - Currently, TSMC, Samsung, and SK Hynix enjoy full exemptions, allowing them to ship U.S. chip manufacturing equipment to their factories in China without needing individual licenses [1][3] - The proposed revocation is seen as part of the U.S. government's efforts to prevent critical technology from flowing to China, although it has not yet received support from other government departments like the Department of Defense [3][4] Group 2 - If implemented, the new measures could complicate operations for global chip manufacturers in mainland China and may strain U.S. relations with Taiwan and South Korea, which have made significant investments in the U.S. [3][4] - Samsung's factories in Xi'an and Suzhou are particularly vulnerable, with the Xi'an facility accounting for approximately 40% of Samsung's global NAND flash memory production [3][4] - The potential revocation of exemptions could lead to a shift in procurement strategies for South Korean companies, possibly forcing them to consider alternatives from Japan and Europe [3][4] Group 3 - The South Korean government is urged to actively coordinate efforts to minimize the impact on national strategic industries amid increasing tech competition between the U.S. and China [4] - Taiwanese media suggest that if the U.S. proceeds with the revocation, it could inadvertently benefit China's semiconductor equipment industry [4] - The cancellation of exemptions may force companies to adopt a case-by-case application system, significantly affecting the global chip supply chain [4]