Core Viewpoint - Hefei Jinghe Integrated Circuit Co., Ltd. (Jinghe Integrated) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to establish an "A+H" listing structure after its successful listing on the Sci-Tech Innovation Board in May 2023 [1][3]. Group 1: Company Overview - Jinghe Integrated, founded in 2015, is a leading global 12-inch pure wafer foundry, focusing on advanced process research and application, providing wafer foundry services across various process nodes from 150nm to 40nm, and steadily advancing its 28nm platform [3]. - The company has a comprehensive and differentiated wafer foundry technology in fields such as DDIC, CIS, PMIC, Logic IC, and MCU, with applications in consumer electronics, smartphones, smart home appliances, security, industrial control, and automotive electronics [3]. Group 2: Financial Performance - For the reporting period from 2022 to the first half of 2025, Jinghe Integrated's revenue figures are as follows: 10.026 billion, 7.183 billion, 9.12 billion, and 5.13 billion yuan, with a year-on-year revenue growth of 18.5% in the first half of this year [4]. - The net profit for the same periods was 3.156 billion, 119 million, 482 million, and 232 million yuan, indicating some fluctuations in profitability [4]. - Research and development expenditures during the reporting period were 857 million, 1.058 billion, 1.284 billion, and 695 million yuan, with a cash and cash equivalents balance of 3.1 billion yuan as of June 30, 2025, indicating a strong liquidity position [4]. Group 3: Future Plans - The funds raised from the IPO will be used to enhance the company's technological competitiveness by developing and optimizing a new generation 22nm technology platform, as well as establishing an intelligent system that integrates research and production processes [4][5]. - Plans also include setting up a research and sales center in Hong Kong to facilitate R&D and sales activities, along with general corporate purposes [5].

Core Viewpoint - Hefei Jinghe Integrated Circuit Co., Ltd. (Jinghe Integrated) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to establish an "A+H" listing structure after its successful debut on the STAR Market in May 2023 [1][3]. Company Overview - Jinghe Integrated, founded in 2015, is a leading global 12-inch pure wafer foundry, focusing on advanced process research and application, providing wafer foundry services across various process nodes from 150nm to 40nm, and steadily advancing its 28nm platform [3]. - The company has a diverse technology portfolio in DDIC, CIS, PMIC, Logic IC, and MCU, serving applications in consumer electronics, smartphones, smart home appliances, security, industrial control, and automotive electronics [3]. Financial Performance - For the years 2022 to 2025, Jinghe Integrated's revenue figures are projected to be 100.26 billion, 71.83 billion, 91.20 billion, and 51.3 billion respectively, with a year-on-year revenue growth of 18.5% in the first half of this year [4]. - Net profits for the same period are expected to be 31.56 billion, 1.19 billion, 4.82 billion, and 2.32 billion respectively [4]. - The company's R&D expenditures during this period are 8.57 billion, 10.58 billion, 12.84 billion, and 6.95 billion respectively, indicating a strong commitment to innovation [4]. Market Position - According to Frost & Sullivan, Jinghe Integrated is projected to have the fastest capacity and revenue growth among the top ten global wafer foundries from 2020 to 2024, ranking as the ninth largest globally and the third largest in mainland China by 2024 [3]. Use of Proceeds - The funds raised from the IPO will be allocated to R&D and optimization of a new 22nm technology platform, AI-based intelligent R&D and production planning, establishing a R&D and sales center in Hong Kong, and general corporate purposes [4]. Shareholding Structure - Prior to the IPO, Hefei Urban Investment, a state-owned enterprise, holds a 23.35% stake, and Hefei Chip Screen holds 16.39%, collectively owning 39.74% of the company, making them the controlling shareholders [5].

Investment Rating - The industry investment rating is "Positive" [3] Core Views - The semiconductor industry is experiencing strong demand, driven by the ongoing domestic substitution and the global AI wave, which is pushing high-end chip and related manufacturing demand to remain robust [24][28] - The storage chip sector is entering a new upcycle, with DRAM prices showing a strong upward trend due to high demand from AI servers, next-generation PCs, and data centers [26][27] - The "domestic substitution" has shifted from an optional strategy to a necessary one, creating a highly certain domestic market for equipment and materials companies, which can withstand global cyclical fluctuations [4][30] Summary by Sections Weekly Market Review - The market continued a weak oscillation pattern from September 22 to 26, with the Shanghai Composite Index rising by 0.21% to 3828.11 points, the Shenzhen Component Index rising by 1.06% to 13209.00 points, and the ChiNext Index rising by 1.96% to 3151.53 points [8][10] - The semiconductor equipment ETF surged nearly 8% on September 23, with significant gains in semiconductor stocks, including Changchuan Technology and Shengmei Shanghai, which rose over 10% [31] Industry Data Tracking - The consumer electronics sector may face slowing growth in mobile phone sales, while domestic demand remains stable due to policies like "national subsidies" [20] - The semiconductor industry is currently seeing robust demand, with domestic semiconductor equipment demand remaining strong [24] - The storage chip industry is entering a new upcycle, with DRAM prices reflecting strong demand for high-performance memory [26][27] Investment Recommendations - Focus on companies that achieve technological breakthroughs in key areas and have entered the mainstream chip manufacturing supply chain, as they are likely to be the foundation for China's semiconductor industry [30] - The TMT sector is expected to be a market leader due to its high growth potential and rich themes, especially in semiconductor and AI fields [5][30] Industry News and Important Announcements - Major positive developments in the semiconductor sector include a significant increase in chip concept stocks and a strategic partnership between Nvidia and OpenAI, with Nvidia planning to invest $100 billion [31][32] - Longchuan Technology expects a net profit increase of 131.39% to 145.38% for the first three quarters of 2025, driven by strong market demand [34]

Group 1 - The core viewpoint of the article highlights that Jinghe Integrated has seen a stock price increase of 1.78%, reaching a new high of 34.27 CNY per share [1] - The total market capitalization of the company has surpassed 68.75 billion CNY [1] - The trading volume for the day amounted to 27.37 million CNY [1]

Core Viewpoint - The digital economy sector is experiencing strong growth, driven by advancements in semiconductor technology, AI demand, and domestic production capabilities [1][2]. Group 1: Market Performance - As of September 30, 2025, the CSI Digital Economy Theme Index (931582) rose by 1.28%, with notable gains from stocks such as Zhaoyi Innovation (603986) up 5.85% and Deepin Technology (300454) up 4.19% [1]. - The Digital Economy ETF (560800) increased by 1.11%, with a trading volume of 3.29 million yuan and a turnover rate of 0.46% [1]. - Over the past month, the average daily trading volume of the Digital Economy ETF was 33.59 million yuan [1]. Group 2: Technological Advancements - The Wuhan National Information Optoelectronics Innovation Center achieved a significant breakthrough by launching a fully autonomous 12-inch silicon photonics solution, which has been deployed in over 40 domestic research institutions and enterprises [1]. - Global semiconductor foundry prices are experiencing significant fluctuations, with TSMC's 2nm process pricing up 50% compared to the previous 3nm process, and major players like Samsung and Micron raising DRAM and NAND flash prices by over 30% for certain models [1]. Group 3: Industry Insights - The semiconductor industry is showing robust performance, driven by AI computing demand, domestic substitution logic, and policy support [2]. - The digital chip sector is propelled by AI computing needs, while the semiconductor equipment sector benefits from AI data center demand and deepening domestic substitution [2]. - The CSI Digital Economy Theme Index includes companies involved in digital economy infrastructure and high digitalization applications, reflecting the overall performance of digital economy-related stocks [2]. Group 4: Key Stocks - As of August 29, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 53.36% of the index, with notable companies including Dongfang Wealth (300059) and Cambricon (688256) [2].

Group 1 - Hefei Jinghe Integrated Circuit Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, aiming for a main board listing [1] - The exclusive sponsor for this issuance is China International Capital Corporation (CICC) [1] - Jinghe Integrated Circuit specializes in semiconductor manufacturing, with products including logic chips, memory chips, and specialty process chips, widely used in smart terminals, automotive electronics, and the Internet of Things [3] Group 2 - The company has a strong market competitiveness in the domestic wafer foundry sector, achieving breakthroughs in advanced processes and specialty processes through continuous R&D and capacity expansion [3] - Jinghe Integrated Circuit's core production base is located in Hefei, with a production capacity for 12-inch wafers [3] - The company has been increasing its R&D investment and accelerating the layout of advanced process nodes, particularly in power management chips and display driver chips, establishing a stable customer base and promoting domestic substitution [3] Group 3 - The listing in Hong Kong is expected to help the company broaden its financing channels, enhance capital strength, and accelerate its international strategy, improving its competitive position in the global semiconductor supply chain [3] - The domestic wafer foundry industry is experiencing rapid development opportunities due to the continuous growth in global semiconductor market demand [3] - The company plans to use the funds raised from the listing to further expand production line construction, optimize product structure, and accelerate R&D investment in high-end processes, thereby continuously enhancing its core competitiveness and supporting the self-controllable development of China's semiconductor industry chain [3]

Performance Forecasts - Yinglian Co., Ltd. expects a net profit growth of 1531.13% to 1672.97% year-on-year for the first three quarters [1] - Dalian Heavy Industry anticipates a net profit growth of 19.91% to 28.52% year-on-year for the first three quarters [1] Project Investments - Wharton Technology plans to invest in the enhancement of membrane materials and membrane components [1] - Jiufeng Energy intends to invest in a coal-to-natural gas project in Xinjiang [1] Contract Awards - Qiaoyin Co., Ltd. is pre-awarded a contract worth approximately 512 million yuan for integrated sanitation operations in Laishui County, Baoding City, Hebei Province [1] - Dash Smart signed a contract for a smart hospital project worth 113 million yuan [1] Equity Acquisitions - Conch New Materials plans to acquire 51% equity in North China Plastics [1] - Suochen Technology intends to acquire 60% equity in Likong Technology [1] - Jingye Intelligent plans to acquire 51% equity in Hefei Shengwen for 108 million yuan [1] - Landi Group plans to acquire 20.1667% equity in Jujia Technology for 121 million yuan [1] Share Buybacks - Hanshuo Technology plans to repurchase shares worth between 150 million yuan and 300 million yuan [2] - Youke De intends to spend between 8 million yuan and 10 million yuan on share buybacks [2] H-Shares - Jinghe Integrated Circuit has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [2] - Lingyi Manufacturing is planning to issue H-shares and list on the Hong Kong Stock Exchange [2] - Changchun High-tech has submitted an application for the issuance of H-shares [2] Shareholding Changes - Senba Sensor's actual controller plans to reduce holdings by no more than 1.09% [3] - Erkang Pharmaceutical's controlling shareholder intends to reduce holdings by no more than 2.04% [3] - Andeli's BVI Donghua plans to reduce holdings by no more than 1.00% [3] - Zhiyang Innovation's controlling shareholder and its concerted actioner plan to reduce a total of no more than 4.225 million shares [3] - Xizi Clean Energy's chairman plans to increase holdings by 30 million to 50 million yuan [3] Other Activities - Luoxin Pharmaceutical plans to raise no more than 842 million yuan for innovative drug research and development projects [3] - Huaxin Xinchang has received project designation notification from Jiangqi Group [3] - Jinpu Garden plans to raise no more than 129 million yuan through a private placement to Nanjing Lisen [3]

Core Viewpoint - Hefei Jinghe Integrated Circuit Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the exclusive sponsor, while currently being listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1] Group 1: Company Overview - The company is a global leader in 12-inch pure wafer foundry services, focusing on advanced process research and application, providing wafer foundry services across process nodes from 150nm to 40nm, and steadily advancing the 28nm platform [4][5] - The company has established mass production capabilities for technology nodes from 150nm to 40nm and has a diverse process platform covering DDIC, CIS, PMIC, Logic IC, and MCU, which supports its leading position in key market segments [5][6] Group 2: Market Position and Growth - According to Frost & Sullivan, from 2020 to 2024, the company has the fastest capacity and revenue growth among the top ten global wafer foundry companies, and by 2024, it is projected to be the ninth largest globally and the third largest in mainland China by revenue [4] - The company is expected to be the largest DDIC wafer foundry globally and the fifth largest CIS wafer foundry globally by 2024, as well as the third largest CIS wafer foundry in mainland China [5] Group 3: Financial Performance - The company's revenue for the years ending December 31 for 2022, 2023, and 2024, as well as for the six months ending June 30, 2024, and 2025, were RMB 10.026 billion, RMB 7.183 billion, RMB 9.120 billion, RMB 4.331 billion, and RMB 5.130 billion respectively [6] - The company's attributable profit for the same periods were RMB 3.045 billion, RMB 119 million, RMB 482 million, RMB 195 million, and RMB 232 million respectively [6][7] Group 4: R&D and Future Plans - The company has a high-quality R&D team with 1,924 members, accounting for 35% of total employees, with 64.8% holding a master's degree or higher, reflecting its academic depth and professional strength [6] - The funds from the upcoming financing will be used for R&D and optimization of a new generation 22nm technology platform, AI-based intelligent R&D and production planning, establishing a R&D and sales center in Hong Kong, and general corporate purposes [9]

Group 1 - The core viewpoint of the article highlights the strong demand in the energy storage and solid-state battery sectors, driven by unexpected increases in lithium iron phosphate (LiFePO4) production, which is expected to boost upstream lithium salt and phosphoric chemical industries [1][10]. - According to Dongwu Securities, the shortage of energy storage cells is expected to persist until the second half of 2026, with low-priced orders seeing a price increase of 1-3 cents per watt-hour, leading to significant improvements in manufacturer profitability [2]. - The production capacity of various companies is projected to increase significantly, with notable expansions planned for companies like Hunan YN and Fulin Precision, indicating a robust growth trajectory in the energy storage market [3]. Group 2 - The A-share market experienced a collective rise, with major indices showing significant gains, particularly in the financial sector, which saw a surge in trading volume and investor confidence [10][29]. - The energy storage sector is rebounding strongly, with leading battery manufacturers reporting full production capacity and some orders extending into early next year, reflecting the ongoing demand [11]. - The satellite communication sector is also gaining traction, with major telecom companies receiving licenses to operate satellite mobile communication services, enhancing communication capabilities in various applications [14].

New Stock Issuance - New stock issuance for Daoshengtianhe (Code: 780026) priced at 5.98 RMB on September 29, 2025[1] - Offer period for the acquisition of Shangwei New Materials (Code: 688585) is from September 29, 2025, to October 28, 2025[1] Delisting and Trading Alerts - Zitian Tui (Code: 300280) is in the delisting preparation period with 4 trading days remaining until the last trading day[1] - Significant abnormal fluctuations reported for Kaipu Cloud (Code: 688228) on September 25, 2025[1] Recent Announcements - Multiple companies including Zhonghuan Hailu (Code: 301040) and Shenhuafa A (Code: 000020) have recent announcements regarding their stock activities[1] - A total of 30 companies have made announcements regarding stock fluctuations and trading activities in the past week[1]