B[21 listed banks were surveyed by 511 institutions in the third quarter] October 10th: In the third quarter of this year, various institutions such as securities companies, fund companies, insurance companies, insurance asset management companies, and foreign capital conducted intensive surveys on listed banks. Wind data shows that in the third quarter, a total of 21 listed banks were surveyed by 511 institutions. The survey content shows that topics such as credit extension, net interest margin, and asset quality have attracted much attention. Judging from the survey, institutional investors pay more attention to regional banks. Among them, the Bank of Jiangsu is the most favored by institutions, with a total of 146 institutions surveyed; the Bank of Hangzhou is surveyed by 73 institutions; Ruifeng Bank is surveyed by 64 institutions; Bank of Ningbo is surveyed by 63 institutions; Bank of Nanjing is surveyed by 43 institutions; Zijin Bank is surveyed by 29 institutions; Xiamen Bank is surveyed by 21 institutions. (Securities Daily) B[Tianfu Communications: Recent rumored policy restrictions on overseas import and export have not restricted optical device products. Not related to the impact on the company's business] On October 9th, Tianfu Communications (300394.SZ) issued an announcement on the investor relations activity record sheet. Regarding the question "Do the recent rumored policy restrictions on overseas import and export have an impact on the company?", the company responded that first of all, the company's main business is the research and development, production and sales of various passive optical devices and active optical devices. The relevant policies currently released do not restrict optical device products and do not involve an impact on the company's business. Secondly, the company's sales revenue to the U.S. market accounts for a low proportion. In 2025, the company's sales revenue to North America will account for approximately 1.28% of its operating revenue. Judging from the current operating conditions, the company's orders on hand and customer demand remain strong overall. The company will advance global production expansion in an orderly manner based on market demand and customer project advancement pace. The company is optimistic about the development prospects of the optical interconnection industry in the long term, and especially maintains optimistic expectations for continued growth opportunities in CPO, NPO and other directions. In addition, the company's FAU, ELS and other products supporting CPO products have a good foundation in terms of performance, yield and delivery guarantee. At present, relevant products have achieved stable mass production and delivery. B[Shenzhen Huaqiang: Storage product line shipments increased by more than 330% year-on-year, and MLCC high-end production capacity has tight delivery deadlines.] On September 22, Shenzhen Huaqiang (000062.SZ) released an investor relations activity record announcement. The current MLCC market is in a high boom cycle driven by AI computing power construction. AI servers have significantly increased the use of high-capacity MLCCs and squeezed consumer-level production capacity. At present, MLCC high-end production capacity is relatively tight and the construction cycle is long. It is difficult to release new supply quickly in the short term. Procurement demand is increasing and the overall delivery time is lengthening. The company is Murata's main global authorized distributor, and MLCC sales revenue will maintain growth in the first half of 2026. As an important agent for storage manufacturers such as Longsys, Jingcun Technology, GigaDevice, Huirong Technology, and Qianyi International, the company's storage product line shipments increased by more than 330% year-on-year in the first half of 2026, and its business revenue accounted for more than 40% of the total revenue from authorized distribution business. B[BOE A: The glass-based packaging carrier board test line has been fully operational, and the 24-layer products have been sent to customers for verification] On September 22, BOE A (000725.SZ) released an investor relations activity record sheet announcement. The company’s glass-based packaging carrier board test line has been fully operational, and the production of 24-layer substrates with a size of more than 100×100 mm has been completed, and it has passed the in-factory reliability test. We are currently working with customers to conduct electrical performance tests after chip upgrading. We will package the carrier board with real CPU and GPU chips and put them into the server for operation. The decision-making conditions for mass production include customer order volume and yield guarantee, and the target is to achieve mass production investment conditions in the first half or first quarter of next year. The company has invested nearly 1 billion yuan to build a pilot line to achieve TGV drilling, copper plating, ABF layering and back-end full chain pull-out. Regarding the MicroLED short-distance optical interconnection system, the functional verification demo construction from light source emission to optical fiber coupling and 19-core optical fiber transmission has been completed. It is expected to complete the full system and eye diagram display from emission to reception by the end of the year. In the next year, we will promote platform construction and industrial investment in short-distance optical interconnection products and optoelectronic co-sealing technology. The BOM cost of LCD panels is expected to rise by 5%-8% in the second half of the year, and the company will absorb the pressure by adjusting product prices. The "mirror-like traceless" OLED flexible screen has a 60% reduction in crease depth and slope, a 50% increase in mechanical strength, and can withstand repeated bending at temperatures below minus 40°C. It has been certified by SGS and is used in the brand's flagship series of products in cooperation with domestic leading customers. B[Guangzhi Technology: 6-inch indium phosphide substrate has received orders from global top customers, and the germanium purification business layout has been advanced] On September 16th, Guangzhi Technology (300489.SZ) released an investor relations activity record announcement. The company has taken over all the indium phosphide substrate assets of Pioneer Technology Group through a capital increase and held Xiangrui Technology. It has completed three generations of crystal iterations from 2 inches to 6 inches, and is one of the first domestic manufacturers to launch 6-inch indium phosphide substrates. At present, the products have been delivered in batches to domestic and foreign optical communication chip and device manufacturers, and the 6-inch indium phosphide substrate has received an order from a global leading customer. Currently, domestic customer demand is in the transition stage from 2 or 3 inches to 4 inches, and overseas customers are in the transition stage from 4 inches to 6 inches. Relying on the group's 8N-grade high-purity indium mass production capabilities and 6.5N-grade and above high-purity electronic-grade red phosphorus preparation capabilities, core equipment is self-developed and self-produced, and production expansion is not restricted by material bottlenecks. In terms of the germanium industry chain, Inner Mongolia Guangzhi Mining Technology Co., Ltd., a wholly-owned subsidiary, was established in August and plans to purchase lignite powder from the group to carry out germanium purification business. Purified metallic germanium is mainly used for electronic material grade germanium dioxide, optical fiber grade germanium tetrachloride, space photovoltaic grade zone melted germanium ingots, etc. Xilingol League has proven reserves of germanium-containing lignite of 113 million tons and germanium metal reserves of 3,458 tons. The group has invested in a local optical materials industrialization project with a total investment of 5.3 billion yuan. After completion, the annual lignite preprocessing capacity will be 900,000 tons, and the annual germanium ingot production capacity will be 80 tons. This business has not yet contributed to the company's revenue and profits. B[Are high-end MLCCs purchased from overseas products and then OEMed? Fenghua Hi-Tech responded: Do not believe in rumors released through unofficial channels] On September 15th, an investor asked, Chairman, many people in the self-media mentioned that your factory’s high-end MLCCs are purchased from overseas products and then OEMed. Is this true? Fenghua High-tech (000636.SZ) released an announcement on the investor relations activity record. The company has been deeply involved in the electronic components industry for more than 40 years and has the ability to independently develop, produce and sell high-end products. At the same time, the company has continued to increase investment in research and development in recent years. The technical level of its main products has continued to break through, and the proportion of high-end products has steadily increased. Investors are requested to pay attention to the authenticity and accuracy of various types of information, and do not believe in rumors released through unofficial channels. The company's investment project "Xianghe Industrial Park Project" has fully reached production. In the first half of 2026, the company's high-end MLCC products (high-end MLCC products include high-capacity products, automotive grade products, medium and high-voltage products, etc.) revenue accounted for approximately 40% of the total revenue of MLCC products. The company will closely integrate the actual industry and market conditions to plan production capacity, and the current capacity utilization rate continues to remain at a high level. B[Lingyi Intelligent Manufacturing: Currently, various folding screen projects are progressing smoothly, and mass production ramps and customer deliveries are being promoted as planned in the third and fourth quarters] On September 15th, Lingyi Intelligent Manufacturing (002600.SZ) released an investor relations activity record announcement. The company supplies core precision parts related to new generation terminal products to important customers, covering hinge precision structural parts, screen support plates, ultra-thin vapor chambers and ultra-thin stainless steel battery case modules with flanges, etc. The value of a single machine is several times that of a straight machine. At present, various folding screen projects are progressing smoothly, and mass production ramp-up and customer delivery are being promoted as planned in the third and fourth quarters. In addition, the stand-alone value of other new machines of the company's important customers has also increased compared with the previous generation models. B[Xingyun Technology: As of September 8, the company has a 5-year long-term framework order for computing power reaching 16.004 billion yuan] On September 14, Xingyun Technology (300209.SZ) released an investor relations activity record announcement. As of September 8, the company had a 5-year long-term framework order for computing power reaching 16.004 billion yuan. Its customers include leading state-owned listed companies and first-tier large model manufacturers. Among them, three core orders in July completed price adjustments and expansions. The first batch of deliveries for V customers, VB customers and VC customers have completed leasing in August, and revenue has begun to be recognized that month; deliveries for VD customers will be completed within 60 days. Core long-term orders all adopt the "monthly delivery, monthly payment, and monthly revenue recognition" model. If the four five-year long-term orders are fully leased, the company estimates that the annual rental income in the first three years will be approximately 3.267 billion yuan, and the annual rental income in the next two years is expected to be approximately 3.102 billion yuan. In the next 1-2 years, the company's revenue structure will continue to be optimized and upgraded, and a three-tier business support system will be built: building a basic base of highly certain rental income with the current five-year long-term orders of 16 billion yuan in computing power; creating a highly elastic profit growth pole with high value-added computing power service sharing; and forming a diversified complement with cross-border digital trade business with servers as the core. The company currently employs approximately 400 people. A[Apple releases first folding screen, Lens Technology and other 6 A-share listed companies respond to supply situation] September 10th, Apple released its first folding screen iPhone Duo today. According to incomplete statistics, as of press time, six companies including Zhuhai Guanyu, Lens Technology, Rongqi Technology, Qiangrui Technology, Lingyi Intelligent Manufacturing and Hongfuhan responded to the supply situation of Apple’s folding screen mobile phone in interactive platforms or institutional surveys. Among them, Lens Technology participates in the supply of UTG glass, PET film, glass brackets, 3D glass covers, etc. for Apple’s foldable phones, and Rongqi Technology participates in the testing of VC heat dissipation in Apple’s folding screen mobile phones. B[Jerry Co., Ltd.: The first advance payment for a US$1.465 billion gas turbine generator set order has been received and is scheduled to be delivered in batches in 2027] On September 7, Jerry Co., Ltd. (002353.SZ) released an investor relations activity record announcement. In July 2026, the company's holding subsidiary J&F Power Systems LLC signed a gas turbine generator set supply contract with a customer. The order amount is US$1.465 billion and is scheduled to be delivered in batches in 2027. So far, the company has received the first advance payment agreed upon for this order. The company and this customer have cooperated many times in fields related to data center power generation, and the order is progressing normally. In terms of production capacity construction, the company has improved the production capacity of related equipment by expanding original factories and leasing factories in China and North America, and has deployed localized assembly and production capabilities for various types of equipment, including gas turbine power generation equipment, in multiple regions at home and abroad to meet the production needs of related products in North America.
In addition, the company is actively promoting the construction of a production and office base in Dubai, United Arab Emirates. The domestic factory also has the production capacity of gas turbine generator sets and supporting equipment, and domestic and overseas production capacities can be adjusted mutually. In terms of supply chain system, in terms of gas turbine supply, the company has established long-term and stable cooperative relationships with gas turbine main engine suppliers such as Siemens, Baker Hughes, Kawasaki Heavy Industries, and FTAI. The scope of cooperation covers multiple models of gas turbine main engines. In terms of internal combustion engine supply, the company also has a mature internal combustion engine supply system at home and abroad. Regarding U.S. Administrative Order No. 14420, the power equipment sold by the company is currently mainly used in off-grid power supply scenarios in data centers, and related products are not directly connected to the large-capacity power grid. At the same time, the company has a local chemical factory in the United States with the R&D, design, production and delivery capabilities of gas turbine power generation equipment. At present, the company's communication with customers and acquisition of new orders in the United States are progressing normally. B[Sinorock Technology: Some cooling products have been delivered in mass production] On September 4th, Sinopec Technology (300684.SZ) released an investor relations activity record announcement. In 2025, the company completed the acquisition of Sinopec Xunleng to further improve the strategic layout of liquid cooling. Relying on the business collaboration between the two parties, the company has entered the head connector customer supplier system and obtained the vendor code (Vendor Code), and some cooling products have been delivered in mass production. At the same time, focusing on the demand for 1.6T high-speed optical modules and next-generation high-speed interconnect products, the company actively promotes the research and development, verification and customer introduction of new-generation connector liquid cooling plates, NPO liquid cooling solutions and other products, and continues to improve the liquid cooling product system. In addition, the company continues to promote the development and application of high-performance graphite films, graphite die-cut components, flexible graphite, VC absorbent cores, thermally conductive interface materials and other products based on the development trend of thinner, lighter and higher-performance terminal products such as smartphones and folding screens. The company continues to promote product cooperation and new product introduction with domestic and foreign leading customers. The high-performance VC liquid-absorbent core material has completed product introduction verification for some customers and has the conditions for mass production and delivery. B[European Telecom: Cooperation with Google GPU power supply project is advancing, and Vietnam's high-power server power supply production line will be mass-produced in 2027] On September 4, Eurofina Telecom (300870.SZ) released an investor relations activity record statement. Data center power supply has become the company's largest business segment, and the proportion of high-power server power supply in this business revenue has increased to 82.38%. In terms of overseas expansion, the company has reached cooperation with Google on the computing equipment GPU power supply project, and is cooperating with customers to promote testing, small batches and mass production. The specific rhythm is to be confirmed. At the same time, the company has established cooperative relationships with AMD and Juniper, and maintains business contacts with mainstream server system vendors such as Inventec and Compal. In terms of product layout, focusing on high-power, third-generation semiconductor applications and high-efficiency liquid cooling compatible design, we plan 5.5KW to 18.4KW server power supplies and 33KW to 110KW centralized power supply products. In terms of production capacity construction, the general and high-power server power supply production lines of the Vietnam production base have been completed and debugged. It is expected to achieve small batch production before the end of 2026 and large-scale mass production in 2027 to meet overseas order delivery; the domestic Suzhou convertible bond investment project continues to invest and will complete the production line construction as soon as possible to achieve the expected mass production target. B[Feilong Co., Ltd.: About 60,000 units of non-vehicle-end liquid-cooled electronic pumps have been ordered. Currently, the company’s main business orders have rebounded significantly] On September 3, Feilong Co., Ltd. (002536.SZ) released an investor relations activity record announcement. The company’s non-vehicle electronic pump products have covered the full power range from 6W to 80kW and are divided into four major platforms: μ, S, M, and L. At present, terminal customer orders for the μ, S, and M platforms exceed 50,000 units, and the L platform orders nearly 10,000 units, mainly using the rolling delivery model. Liquid cooling has become a mainstream trend in the industry. Electronic water pumps are gradually replacing traditional mechanical pumps to solve the problems of large size, short life, dripping hazards and high additional heat load in high-power scenarios. In the field of consumer electronics, the company has developed small liquid-cooling pumps suitable for PC scenarios; in the field of humanoid robots, it is providing thermal management products and services for each joint of the controller; and the research and development of components in the medical device field is also in progress. The complete cycle from development to certification for electronic pumps is about 1 to 2 years, and the barriers to industry entry are high. Based on the current operating conditions, the company's main business orders have rebounded significantly, and subsequent operating performance depends on the pace of industry demand release and the progress of order conversion. B[Mango Super Media: The AI long drama "Journey to the West" relies on the Mango Lingchuang AIGC platform to produce the company. The company has launched a number of AIGC interactive video game innovative products] On September 2nd, Mango Super Media (300413.SZ) released an investor relations activity record announcement. The first domestic star AI long drama "Journey to the West" relied on the "Mango Lingchuang" AIGC platform to produce. The cycle from planning to launch has been significantly compressed and the cost has been significantly reduced. The first batch of IP derivatives have been launched for sale simultaneously. The platform has more than 40 full-modal models and more than 80 functions, supporting more than 3,900 business projects. Content e-commerce Xiaomang E-commerce's GMV reached 9.2 billion yuan in the first half of the year, with revenue increasing 47% year-on-year and achieving sustained profitability. Offline flagship stores have been launched in Shanghai, Changsha and other places. "Mango Overseas" has a coverage of 59% in the large-screen client market in Southeast Asia, and the payment capabilities of users of the Vietnam joint venture platform and Thailand's international APP continue to improve. A total of 2,647 micro-short dramas were launched in the first half of the year, and the average daily DAU doubled. In the second half of the year, variety shows such as "Beyond the Wind 2026" and "Escape Room 8" will be launched in succession, and nearly a hundred drama series such as "Meishun and Changsheng" are in reserve. The company has launched a number of innovative AIGC interactive video game products to break the boundaries of traditional viewing and turn viewers from passive viewers to content co-creators.
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