Group 1 - Semiconductor stocks in Hong Kong showed strong performance in the afternoon, with notable gains in several companies [1] - SMIC (Semiconductor Manufacturing International Corporation) rose nearly 6% [1] - Hua Hong Semiconductor increased by over 5% [1] - Nexperia saw an increase of nearly 5% [1] - Tensilica gained over 4% [1]

Core Viewpoint - The article discusses the significant decline in the stock prices of ten high-issue-price stocks in the A-share market, with seven of them falling below their issue prices, highlighting the risks associated with high valuations and market sentiment shifts [1][22]. Group 1: Stock Performance - Among the ten stocks, only Stone Technology, Naxin Micro, and BeiGene remain above their issue prices as of mid-February 2026 [6][8]. - The maximum decline from issue prices includes: - CanSino down 69.15% - Wanrun New Energy down 58.54% - Huabao New Energy down 54.93% - Yiqiao Shenzhou down 42.22% - Hemai down 32.82% - Foxit Software down 22.17% - Suocheng Technology down 12.83% [10]. - CanSino experienced a dramatic drop of 93% from its peak price of 797.20 yuan to 63.90 yuan [11][19]. Group 2: Company Backgrounds - Hemai, the highest issue price stock at 557.80 yuan, faced a significant decline after reaching a peak of 1877.43 yuan [12]. - Wanrun New Energy, listed at 299.88 yuan, never reached its issue price after its first day of trading [15]. - Yiqiao Shenzhou, with an issue price of 292.92 yuan, peaked at 353.83 yuan before falling to 73.38 yuan [16]. - CanSino, a COVID-19 vaccine stock, was listed at 209.71 yuan and peaked at 797.20 yuan before its decline [17]. Group 3: Market Conditions and Trends - The high issue prices were driven by market enthusiasm for sectors like hard technology, new energy, and biomedicine during the registration reform period from 2020 to 2023 [5][4]. - The overall market sentiment has shifted, leading to a decline in these stocks as the initial excitement waned [22]. - The article notes that the current new stock market shows a stark contrast, with a recent increase in participation and initial gains, but also warns of accumulating risks [24][26]. Group 4: Investment Implications - The high issue prices and P/E ratios of these stocks are no longer guarantees of company strength, but rather potential warning signs of investment risk [28]. - The article emphasizes that the era of easy profits from new stock subscriptions has ended, requiring more thorough research and disciplined investment strategies [27].

Group 1 - The company faces shareholder reductions, share buybacks, and the appointment of H-share auditing institutions in 2026 [1] - Shareholders Suzhou Guorun Ruiqi Venture Capital and Shenzhen Huiyue Growth Investment Fund plan to reduce their holdings by up to 0.36% and 1.39% respectively between March 2, 2026, and June 1, 2026, due to personal funding needs [2] - The company has been executing a share buyback plan initiated in November 2025, having repurchased 1,255,642 shares for approximately 200 million yuan as of January 31, 2026, intended for employee stock ownership plans or equity incentives, with a buyback period of 12 months [3] Group 2 - The company held a temporary shareholders' meeting on January 26, 2026, where the appointment of the H-share auditing institution for the 2025 fiscal year was approved, with subsequent audit results potentially impacting financial disclosures [4]

Core Viewpoint - The company has achieved mass production in certain target customers in Europe, serving several leading global automotive Tier 1 clients [1] Group 1 - The company has established a sales network in Germany to serve local customers [1]

Group 1 - The company, 纳芯微 (688052.SH), has reported that it has achieved mass production with several global Tier 1 automotive customers in Europe [1] - The company has established a sales network in Germany to serve local customers [1]

Market Overview - The Hang Seng Index opened up by 1.59%, reaching 26,982.49, with an increase of 422.54 points [2][6] - The Hang Seng Tech Index rose by 1.9%, closing at 5,447.63 [2][6] - The Hang Seng Biotech Index also increased by 1.9%, reaching 15,508.47 [2][6] - The Hang Seng China Enterprises Index rose by 1.54%, closing at 9,170.57 [2][6] - The Hang Seng Composite Index increased by 1.63%, reaching 4,126.92 [2][6] Sector Performance Technology Sector - Tech stocks experienced a collective rebound, with notable gains from: - Hua Hong Semiconductor up over 4% [2][6] - Baidu Group, Xpeng Motors, and Bilibili each rising over 3% [2][6] - SMIC, Alibaba, JD Group, and SenseTime all increasing by over 2% [2][6] Semiconductor Sector - The semiconductor sector saw a rebound, highlighted by: - Lattice Semiconductor's first-day opening surge of 57% [3][8] - Other companies like Zhaoyi Innovation and Naxin Micro rising over 4% [3][8] Precious Metals Sector - The precious metals sector showed signs of recovery, with: - China Silver Group, CGN Mining, Zijin Mining International, and WanGuo Gold Group all increasing by over 4% [4][9] - Other companies like Lijun Resources and Jiajin International Resources also reported gains [9] Notable Stock Movements - Key stock movements included: - Hua Hong Semiconductor at 103.80, up 4.58% [3][7] - Tencent Music at 65.35, up 3.81% [3][7] - Baidu Group at 142.60, up 3.48% [3][7] - Lattice Semiconductor at 168.00, up 57.17% [4][8] - China Silver Group at 0.640, up 4.92% [9]

Core Viewpoint - Naxin Micro (688052.SH) forecasts significant revenue growth for 2025, with expected revenues between CNY 3.3 billion and CNY 3.4 billion, representing a year-on-year increase of 68.34% to 73.45% [1] Group 1: Financial Performance Forecast - For 2025, Naxin Micro anticipates a net loss attributable to shareholders of CNY -250 million to CNY -200 million, narrowing the loss by CNY 152.88 million to CNY 202.88 million compared to the previous year [1] - The company expects a net loss of CNY -290 million to CNY -240 million after excluding non-recurring gains and losses, which is a reduction of CNY 166.78 million to CNY 216.78 million from the prior year [1] Group 2: Recent Financial Results - In 2024, Naxin Micro reported revenues of CNY 1.96 billion, a year-on-year increase of 49.53% [1] - The net loss attributable to shareholders for 2024 was CNY -403 million, compared to CNY -305 million in the previous year [1] - The net loss after excluding non-recurring gains and losses for 2024 was CNY -457 million, up from CNY -393 million year-on-year [1] - The net cash flow from operating activities for 2024 was CNY 95.05 million, improving from a negative CNY 139 million in the previous year [1] Group 3: IPO and Capital Raising - Naxin Micro was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 22, 2022, with an initial public offering of 25.266 million shares at a price of CNY 230.00 per share [2] - The total funds raised from the IPO amounted to CNY 5.811 billion, exceeding the initial target of CNY 750 million by CNY 4.831 billion [2] - The total issuance costs for the IPO were CNY 230 million, including underwriting fees of CNY 203 million [2] Group 4: Dividend Distribution - On May 24, 2023, Naxin Micro announced a profit distribution plan, distributing a cash dividend of CNY 0.8 per share and a capital reserve conversion of 0.4 shares for every share held, resulting in a total cash distribution of CNY 80.85 million and a share increase of 40.43 million shares [2] Group 5: Upcoming Listing - Naxin Micro plans to list on the Hong Kong Stock Exchange on December 8, 2025, with a total of 19,068,400 H-shares being offered [3] - The final offer price for the H-shares is set at HKD 116.00, with total proceeds amounting to HKD 2,211.9 million, netting HKD 2,096.4 million after estimated listing expenses [3]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

| 交易日期 | 证券简称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | 类出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-02-06 | 纳苏做 | 688052 | 176.57 | 200 | 113 | 有限公司系需分公 | 222223 | Ka | | 2026-02-06 | 纳达做 | 688052 | 175 | 787.5 | 4.5 | 看展公司系帮努发 | 2018 201 | Ka | 2月6日，纳芯微大宗交易成交5.63万股，成交额987.5万元，占当日总成交额的2.43%，成交均价175.4 元，较市场收盘价174.17元溢价0.71%，其中最高成交价176.57元，最低成交价175元。 ...

Revenue Forecast - The company forecasts a total revenue of 3.3 billion to 3.4 billion yuan for 2025, representing a year-on-year growth of 68.34% to 73.45% [1] - For Q4, the expected revenue is between 934 million to 1.034 billion yuan, with a median of 984 million yuan, indicating a quarter-on-quarter growth of 16.93% and a year-on-year growth of 65.65% compared to Q3's revenue of 842 million yuan [1] Net Profit Projection - The company anticipates a net loss attributable to shareholders of between 250 million to 200 million yuan for 2025, with a median loss of 225 million yuan, indicating a narrowing of losses [1] - For Q4, the projected loss is approximately 84.51 million yuan, with total asset impairment provisions for 2025 amounting to 96.85 million yuan, including 44.68 million yuan for Q4 [1] Industry Insights - Short-term industry outlook ranks AI server power supplies as the most favorable, followed by automotive electronics (driven by increased domestic production rates), energy storage, industrial recovery, and consumer electronics [1] - The domestic automotive analog IC market is projected to reach 40 billion yuan in 2024, with a current localization rate of only 5% [2] Product Development and Market Position - The company is positioned as a leader in automotive analog ICs, with ongoing breakthroughs in applications related to vehicle electronic systems, smart driving, and chassis safety [2] - New high-speed interface products like SerDes are expected to enter mass production this year, increasing the per-vehicle value from 1,500 yuan to 3,000-4,000 yuan [2] Investment Recommendation - The company is expected to benefit significantly from the trend of domestic substitution of high-end analog chips, with continuous improvement in gross margins driven by the ramp-up of high-value products like SerDes [2] - The revenue forecasts for 2025-2027 have been adjusted to 3.351 billion, 4.503 billion, and 5.430 billion yuan respectively, with net profits projected at -210 million, 136 million, and 391 million yuan [2]