11月28日，兴森科技涨5%，截至发稿，报21.20元/股，成交8.69亿元，换手率2.77%，总市值360.33亿 元。 资料显示，深圳市兴森快捷电路科技股份有限公司位于广东省深圳市南山区粤海街道沙河西路与白石路 交汇处深圳湾科技生态园一区2栋A座8层，成立日期1999年3月18日，上市日期2010年6月18日，公司主 营业务涉及PCB业务、半导体业务。主营业务收入构成为：PCB印制电路板71.45%，IC封装基板 21.09%，其他4.29%，半导体测试板3.17%。 从兴森科技十大流通股东角度 南方中证500增强策略ETF（560100）成立日期2022年1月26日，最新规模7222.98万。今年以来收益 22.17%，同类排名2130/4206；近一年收益22.88%，同类排名1820/4008；成立以来收益16.56%。 南方中证500增强策略ETF（560100）基金经理为崔蕾。 截至发稿，崔蕾累计任职时间7年23天，现任基金资产总规模1227.6亿元，任职期间最佳基金回报 167.8%， 任职期间最差基金回报-15.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文 ...

Core Viewpoint - The stock of Xingsen Technology has shown significant volatility, with a year-to-date increase of 85.11%, but recent trading indicates a slight decline in the short term [1][2]. Group 1: Stock Performance - As of November 26, Xingsen Technology's stock price reached 20.51 CNY per share, with a market capitalization of 34.86 billion CNY [1]. - The stock has experienced a net outflow of 75.13 million CNY in principal funds, with large orders accounting for 25.54% of purchases and 32.19% of sales [1]. - Over the past five trading days, the stock has decreased by 0.34%, and over the past 20 days, it has declined by 5.92% [1]. Group 2: Financial Performance - For the period from January to September 2025, Xingsen Technology reported a revenue of 5.373 billion CNY, representing a year-on-year growth of 23.48%, and a net profit attributable to shareholders of 131 million CNY, which is a significant increase of 516.08% [2]. - The company has distributed a total of 1.129 billion CNY in dividends since its A-share listing, with 270 million CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of November 20, the number of shareholders for Xingsen Technology was 119,000, a decrease of 4.03% from the previous period, while the average circulating shares per person increased by 4.20% to 12,693 shares [2]. - Notable changes in the top ten circulating shareholders include an increase in holdings by Hong Kong Central Clearing Limited and new entries from Yongying Technology Smart Selection Mixed Fund A and other funds [3].

Core Insights - Jin Baize achieved a revenue of 531.29 million yuan in the first nine months of 2025, marking a year-on-year growth of 6.43% driven by collaborative growth across major business segments [2] - The company reported a significant increase in revenue from its automotive electronics segment, which surged by 170.64% year-on-year, while the smart hardware segment grew by 35.49% [2] - Despite revenue growth, the company's profits declined due to intensified industry competition, rising raw material costs, and increased investments in technology and digital transformation [2] Group 1: Performance Overview - Jin Baize's revenue growth was primarily supported by three key segments: industrial control (up 7.05%), smart hardware (up 35.49%), and automotive electronics (up 170.64%) [2] - The decline in profits was attributed to increased competition in the PCB market, rising costs of precious metals, and higher investments in innovation and talent [2] Group 2: Business Strategy - The company positions itself as a "manufacturing + service + platform" enterprise, differentiating from traditional PCB companies by offering a comprehensive service system from design to manufacturing [3] - Jin Baize has established a joint venture focused on integrated product manufacturing and innovation services, leveraging its expertise in high-density interconnect technology [3] Group 3: Financial Health - The net cash flow from operating activities for the first nine months of 2025 was 48.69 million yuan, a substantial increase of 116.45% year-on-year, attributed to improved sales collections and cost control [4] - The company has consistently implemented cash dividends since its listing, with a planned distribution of 1 yuan per 10 shares for 2024, totaling approximately 10.54 million yuan [4]

Revenue Growth and Business Segments - The company reported a revenue of 531.29 million yuan for the first nine months of 2025, representing a year-on-year growth of 6.43% [3] - Revenue from the industrial control sector increased by 7.05%, driven by growth in AI intelligent equipment and high-end manufacturing customer orders [3] - The smart hardware segment saw a significant revenue increase of 35.49%, attributed to rising demand for AI edge computing, servers, and robotics [3] - The automotive electronics sector experienced a remarkable revenue growth of 170.64% [3] Profitability Challenges - Despite revenue growth, profit margins declined due to increased competition and rising raw material costs, particularly in PCB sales [3] - The company has increased investments in technology services, digital transformation, and talent acquisition, impacting short-term profitability [3] Cash Dividend Policy - The company has consistently implemented cash dividends since its listing, with a distribution ratio exceeding 15% of the available profit each year [4] - For 2024, the company plans to distribute 1.00 yuan per 10 shares, totaling 10,539,920 yuan [4] Cash Flow Performance - For the first nine months of 2025, the company achieved a net cash flow from operating activities of 48.687 million yuan, a significant increase of 116.45% year-on-year [9] - Cash inflows from sales increased by 3.64%, while cash outflows decreased by 5.74%, indicating improved operational efficiency [9] Strategic Focus and Future Directions - The company emphasizes a "manufacturing + service + platform" strategy, focusing on electronic interconnection and packaging technology [5] - It aims to enhance its digital transformation capabilities and strengthen its supply chain ecosystem [6] - The company is actively involved in a joint venture with Foxconn's subsidiary, focusing on AI servers and robotics control modules [9] Share Buyback and Employee Incentives - As of March 7, 2025, the company repurchased 1,280,800 shares, accounting for 1.20% of its total share capital, with a total expenditure of approximately 30 million yuan [7][8] - The repurchased shares will be used for employee stock ownership plans or equity incentives to enhance employee motivation and productivity [8]

Core Insights - On November 17, 2023, Xingsen Technology's stock rose by 4.01%, with a trading volume of 1.731 billion yuan [1] - The company reported a financing buy-in of 140 million yuan and a net financing outflow of approximately 90.56 million yuan on the same day [1] - As of November 17, the total margin balance for Xingsen Technology was 2.391 billion yuan, indicating a high level of financing activity [1] Financing Summary - On November 17, Xingsen Technology had a financing buy-in of 140 million yuan, with a current financing balance of 2.370 billion yuan, representing 6.64% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of leverage [1] - In terms of securities lending, 195,700 shares were repaid, while 17,800 shares were sold short, with a total short balance of 20.968 million yuan, also above the 90th percentile of the past year [1] Shareholder and Financial Performance - As of November 10, 2023, Xingsen Technology had 124,000 shareholders, an increase of 4.20%, with an average of 12,181 shares per shareholder, a decrease of 4.03% [2] - For the period from January to September 2025, the company achieved a revenue of 5.373 billion yuan, a year-on-year increase of 23.48%, and a net profit attributable to shareholders of 131 million yuan, a significant increase of 516.08% [2] Dividend and Institutional Holdings - Since its A-share listing, Xingsen Technology has distributed a total of 1.129 billion yuan in dividends, with 270 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3]

Core Insights - On November 11, 2023, Xingsen Technology's stock rose by 6.02%, with a trading volume of 6.155 billion yuan [1] - As of October 31, 2023, Xingsen Technology reported a significant increase in revenue and net profit for the first nine months of 2025 [2] Financing and Trading Activity - On November 11, Xingsen Technology had a financing buy-in of 905 million yuan, with a net financing outflow of 161 million yuan [1] - The total financing and securities lending balance reached 2.648 billion yuan, indicating a high level of activity [1] - The financing balance accounted for 6.68% of the circulating market value, exceeding the 90th percentile of the past year [1] Company Performance - For the period from January to September 2025, Xingsen Technology achieved a revenue of 5.373 billion yuan, representing a year-on-year growth of 23.48% [2] - The net profit attributable to shareholders was 131 million yuan, showing a remarkable increase of 516.08% year-on-year [2] Shareholder and Dividend Information - Since its A-share listing, Xingsen Technology has distributed a total of 1.129 billion yuan in dividends, with 270 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased to 119,000, with an average of 12,693 shares held per shareholder [2][3]

Group 1 - The core viewpoint of the news is that Xingsen Technology's stock has seen a significant increase, with a rise of 5.19% to reach 22.90 CNY per share, and a total market capitalization of 389.23 billion CNY [1] - Xingsen Technology, established on March 18, 1999, and listed on June 18, 2010, is primarily engaged in PCB and semiconductor businesses, with revenue composition as follows: 71.45% from PCB printed circuit boards, 21.09% from IC packaging substrates, 4.29% from other sources, and 3.17% from semiconductor testing boards [1] Group 2 - From the perspective of fund holdings, Xingsen Technology is a significant position in the Su Xin fund, specifically in the Su Xin CSI 500 Index Enhanced A fund (022790), which held 79,700 shares, accounting for 0.7% of the fund's net value, ranking as the eighth largest holding [2] - The Su Xin CSI 500 Index Enhanced A fund has a total asset size of 150 million CNY and has achieved a year-to-date return of 35.39%, ranking 1443 out of 4216 in its category [2]

Core Viewpoint - On November 10, 2023, Xingsen Technology's stock price fell by 5.09%, closing at 21.43 CNY per share, with a trading volume of 1.241 billion CNY and a turnover rate of 3.71%, resulting in a total market capitalization of 36.424 billion CNY [1] Company Overview - Shenzhen Xingsen Quick Circuit Technology Co., Ltd. was established on March 18, 1999, and went public on June 18, 2010. The company is primarily engaged in PCB and semiconductor businesses [1] - The revenue composition of the main business includes: PCB printed circuit boards 71.45%, IC packaging substrates 21.09%, others 4.29%, and semiconductor test boards 3.17% [1] Shareholder Analysis - Southern Fund's Southern CSI 500 ETF (510500) is among the top ten circulating shareholders of Xingsen Technology. In the third quarter, it reduced its holdings by 435,600 shares, now holding 24.6112 million shares, which accounts for 1.63% of circulating shares. The estimated floating loss today is approximately 28.3029 million CNY [2] - The Southern CSI 500 ETF (510500) was established on February 6, 2013, with a latest scale of 140.098 billion CNY. Year-to-date return is 29.93%, ranking 1781 out of 4216 in its category; the one-year return is 19.19%, ranking 2057 out of 3917; and since inception, the return is 146.52% [2] Fund Performance - The fund manager of Southern CSI 500 ETF (510500) is Luo Wenjie, who has a cumulative tenure of 12 years and 206 days. The total asset scale of the fund is 170.445 billion CNY, with the best fund return during his tenure being 151.42% and the worst being -47.6% [3] Top Holdings - Southern Fund's Southern CSI 500 Enhanced Strategy ETF (560100) also holds Xingsen Technology as a significant position. In the third quarter, it held 38,500 shares, accounting for 1.18% of the fund's net value, ranking as the third-largest holding. The estimated floating loss today is about 44,300 CNY [4] - The Southern CSI 500 Enhanced Strategy ETF (560100) was established on January 26, 2022, with a latest scale of 72.2298 million CNY. Year-to-date return is 29.14%, ranking 1858 out of 4216; the one-year return is 22.4%, ranking 1715 out of 3917; and since inception, the return is 23.21% [4] Fund Manager Profile - The fund manager of Southern CSI 500 Enhanced Strategy ETF (560100) is Cui Lei, who has a cumulative tenure of 7 years and 5 days. The total asset scale of the fund is 122.76 billion CNY, with the best fund return during her tenure being 178.4% and the worst being -15.93% [5]

Core Viewpoint - Xingsen Technology's stock has shown significant growth this year, with a year-to-date increase of 96.57%, reflecting strong market interest and performance in the PCB and semiconductor sectors [1][2]. Financial Performance - For the period from January to September 2025, Xingsen Technology achieved a revenue of 5.373 billion yuan, representing a year-on-year growth of 23.48%. The net profit attributable to shareholders was 131 million yuan, marking a substantial increase of 516.08% [2]. - The company has distributed a total of 1.129 billion yuan in dividends since its A-share listing, with 270 million yuan distributed over the past three years [3]. Stock Market Activity - On November 4, Xingsen Technology's stock price rose by 2.11%, reaching 21.78 yuan per share, with a trading volume of 681 million yuan and a turnover rate of 2.11%. The total market capitalization stood at 37.019 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on October 15, where it recorded a net purchase of 113 million yuan [1]. Shareholder Information - As of October 20, 2025, the number of shareholders for Xingsen Technology was 118,000, an increase of 3.51% from the previous period. The average number of circulating shares per shareholder decreased by 3.39% to 12,800 shares [2]. - Notable shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with changes in their holdings noted [3].

Core Insights - On October 24, Xingsen Technology's stock rose by 5.3%, reaching a price of 20.05 CNY per share, with a trading volume of 620 million CNY and a turnover rate of 2.09%, resulting in a total market capitalization of 34.078 billion CNY [1] Company Overview - Shenzhen Xingsen Quick Circuit Technology Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on March 18, 1999, with its IPO on June 18, 2010 [1] - The company's main business includes PCB (Printed Circuit Board) and semiconductor operations, with revenue composition as follows: PCB business 71.45%, IC packaging substrate 21.09%, other 4.29%, and semiconductor testing board 3.17% [1] Shareholder Analysis - Among the top ten circulating shareholders of Xingsen Technology, a fund under Everbright Pramerica Asset Management holds a significant position. The Everbright Pramerica Credit Enhancing Bond A Class Fund (360013) reduced its holdings by 10.646 million shares in Q2, retaining 11.2931 million shares, which accounts for 0.75% of the circulating shares [2] - The fund has achieved a year-to-date return of 20.86%, ranking 57 out of 6231 in its category, and a one-year return of 28.41%, ranking 22 out of 6005 [2] Fund Management - The fund manager of Everbright Pramerica Credit Enhancing Bond A Class Fund is Huang Bo, who has been in the position for 6 years and 18 days. The fund's total asset size is 14.614 billion CNY, with the best return during his tenure being 89.13% and the worst being 10.02% [3]