电子测量仪器，被誉为现代工业的"标尺"与科学探索的"眼睛"。小到一枚芯片的诞生，大到卫星的太空 遨游，所有关于性能、可靠性与安全性的数据，都离不开它的精准捕获。 成立于1994年的常州同惠电子股份有限公司(以下简称"同惠电子")，正是这样一家为产业提供"标 尺"和"眼睛"的企业——自成立以来，该公司持续深耕电子测量仪赛道，历经三十一年发展，完成了从 单一仪器制造商到高端测试解决方案提供商的跨越，成为产业创新升级浪潮中的关键力量。 凭借深耕电子测量仪器领域的积淀，同惠电子成功跻身北交所首批上市公司，并成为北证50指数与专精 特新指数双成分股企业。近日，在《证券日报》与北京证券交易所联合策划的"2025北交所万里行"全媒 体系列调研活动中，记者试图探寻这家公司的成长密码。 精度筑基： 把"毫厘之差"挡在出厂前 走进同惠电子的生产车间，《证券日报》记者看到，身着防静电工装的员工俯身操作台，指尖轻捏微型 元器件精准安装；不远处，自动化设备低鸣，电子看板实时跳动着产量与良率数据。 这些精心组装而成的产品，正是衡量"极致"的标尺——电子测量仪器，其用途贯穿高端制造的每一 根"毛细血管"：芯片设计验证时需捕捉毫伏级电压波动 ...

Core Viewpoint - The manufacturing sector in China has shown growth in the number of enterprises, indicating a positive trend in industrial development and investment opportunities [1] Group 1: Manufacturing Sector Overview - As of January to October 2025, the number of manufacturing enterprises reached 487,309, an increase of 13,423 compared to the same period last year, representing a year-on-year growth of 2.83% [1] - Manufacturing enterprises account for 93.1% of the total industrial enterprises, highlighting their significant role in the industrial landscape [1] Group 2: Industry Reports and Insights - The report titled "2026-2032 China Manufacturing Market Competition Pattern Analysis and Investment Development Research Report" by Zhiyan Consulting provides in-depth analysis and insights into the manufacturing sector [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in comprehensive industry research reports, business plans, feasibility studies, and customized services [1]

Group 1 - On November 10, a total of 13 companies were investigated by institutions, with 8 companies being surveyed by funds [1] - The most attention was given to Boying Special Welding, which had 17 participating funds, followed by Jiayi Co., Ltd. and Inno Laser with 9 and 5 funds respectively [1] - Among the surveyed companies, there was 1 from the main board, 5 from the ChiNext, 1 from the Sci-Tech Innovation Board, and 1 from the Beijing Stock Exchange [1] Group 2 - Of the companies surveyed, 7 had a total market capitalization of less than 10 billion yuan, including Canaan Technology, Super Equipment, and Boying Special Welding [1] - In terms of market performance, 4 out of the surveyed stocks increased in the last 5 days, with the highest gains from Kelu Electronics, Inno Laser, and Pumen Technology, showing increases of 5.42%, 5.29%, and 1.44% respectively [1] - Conversely, 4 stocks experienced declines, with Tonghui Electronics, Boying Special Welding, and Jiayi Co., Ltd. showing the largest drops of 7.23%, 4.03%, and 3.94% respectively [1]

Core Viewpoint - The performance of companies listed on the Beijing Stock Exchange shows significant differentiation, with many emerging sectors like semiconductors, robotics, new energy, aerospace, and biomedicine demonstrating strong growth potential and long-term confidence despite short-term profit pressures [1][2]. Financial Performance - Companies on the Beijing Stock Exchange have shown a clear divergence in financial performance for the first three quarters, with some achieving revenue and profit growth through product optimization and market expansion, while others faced profit declines due to increased competition and costs [2]. - Tonghui Electronics reported a revenue of 151 million yuan, a year-on-year increase of 16.37%, and a net profit of 44.14 million yuan, up 59.36%, driven by high-end product demand and production efficiency [2]. - Xingtou Measurement and Control has provided services for over 300 satellites, with a contract liability growth of 177.26% compared to the beginning of the year, indicating a steady business scale increase [2]. Industry Trends - Companies are focusing on high-growth sectors such as semiconductors, robotics, new energy, aerospace, and biomedicine, leveraging technological innovation and global expansion to strengthen long-term competitiveness [4]. - Fengguang Precision has successfully entered the robotics supply chain with its harmonic reducers and is expanding its semiconductor equipment client base [4]. - Tongli Co. is targeting overseas markets, particularly in Africa, Central Asia, and South America, with significant sales growth in its new energy mining vehicles [4]. New Material Developments - Minshida's aramid paper products are being increasingly applied in high-end sectors like aerospace and high-speed rail, with a new production line expected to enhance capacity [5]. - Lintai New Materials is advancing its product development in automotive friction materials and other new products, with expected revenue contributions in the near future [5]. - Xingtou Measurement and Control is building an AI-driven intelligent computing platform to enhance satellite operations and space traffic management [5]. Global Expansion Efforts - Companies are accelerating capacity construction and overseas expansion, with Fangsheng's Malaysian subsidiary expected to add significant production capacity by the end of 2025 [6]. - Tonghui Electronics has registered its German subsidiary, which is set to commence operations in the fourth quarter, aiding in overseas business growth [6]. - Lingge Technology is progressing on its material handling equipment manufacturing base, with completion expected in early 2026 [6].

Core Insights - The company, Tonghui Electronics, has experienced significant growth in the semiconductor testing market, driven by the increasing demand for testing equipment in emerging fields such as third-generation semiconductors [4][5] - The founder, Zhao Haohua, emphasizes a focus on technology and product quality, which has been a guiding principle for the company since its inception [3][6] - The company plans to enhance its production capacity and expand its market presence, particularly in high-value products and overseas markets [6][7] Company Background - Tonghui Electronics was founded by Zhao Haohua and seven partners, evolving from a focus on consumer electronics testing to semiconductor and new energy testing [3][4] - The company has been in operation for 30 years, with a commitment to solid technical development and product quality [3] Product Development - The company has launched three core semiconductor testing products: a precision source meter, a high-resistance meter, and a CV testing integrated product, which have been crucial for establishing its presence in the semiconductor sector [5][6] - The production capacity utilization rate has reached approximately 70%, with plans to increase it to over 80% in the next two to three years [5] Market Strategy - The company adopts a dual strategy of focusing on high-value products while expanding into international markets, particularly in Europe, North America, and Southeast Asia [6][7] - Currently, overseas revenue accounts for only 10% of total revenue, indicating significant potential for growth in international markets [7] Future Outlook - The company aims to align its product development with market trends and national policies, particularly in the semiconductor industry, which is supported by government initiatives [7] - The focus on high-value products and global market expansion is expected to drive sustainable profit growth and strengthen the company's competitive position [6][7]

Core Insights - The company, Tonghui Electronics, has successfully transitioned from focusing on consumer electronics testing to semiconductor and new energy testing, marking a significant shift in its business strategy [1][2][3] Company Development - Founded by Zhao Haohua and seven partners, Tonghui Electronics has maintained a strong team spirit and commitment to technology and product quality over its 30 years of operation [1] - The company has achieved substantial growth in semiconductor testing products, driven by the rapid development of the domestic semiconductor industry and increasing demand for testing equipment [1][2] Product Strategy - Tonghui Electronics has launched three core products in the semiconductor testing field: a precision source meter, a high-resistance meter for microcurrent applications, and a CV testing integrated product for power semiconductor devices [2][3] - The company plans to continue developing a series of semiconductor testing products and enhance collaboration with leading clients in the semiconductor and new energy sectors [2][3] Capacity and Investment - The company's current capacity utilization rate is approximately 70%, with plans to increase it to over 80% in the next two to three years [3] - Tonghui Electronics is focusing on high-value-added products and investing in R&D to tackle core technical challenges, aiming to improve profit margins and strengthen its market position [3][4] Market Strategy - The company adopts a dual strategy of focusing on high-value-added products while expanding into international markets, particularly in Europe, North America, and Southeast Asia [4] - Currently, overseas revenue accounts for only 10% of total revenue, indicating significant potential for growth in international markets [4] Alignment with National Strategy - The company emphasizes the importance of aligning its market focus with national strategic priorities, particularly in the semiconductor industry, which is supported by government initiatives [4]

Core Insights - The general equipment sector experienced a decline of 1.27% on October 16, with Tonghui Electronics leading the losses [1][2] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Notable gainers in the general equipment sector included: - Kaichuang Electric (301448) with a closing price of 61.50, up 9.82% [1] - Nuwei CNC (688697) at 16.05, up 8.52% [1] - Sand Technology (300515) at 21.50, up 7.39% [1] - Conversely, Tonghui Electronics (920509) saw a significant drop of 7.14%, closing at 39.00 [2] - Other notable decliners included: - Lioo Co., Ltd. (002131) down 7.05% [2] - Sanchuan Wisdom (300066) down 6.39% [2] Capital Flow - The general equipment sector saw a net outflow of 2.299 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.994 billion yuan [2][3] - Key stocks with significant capital flow included: - Yingliu Co., Ltd. (603308) with a net inflow of 1.23 billion yuan from institutional investors [3] - Tongrun Equipment (002150) with a net inflow of 62.15 million yuan from institutional investors [3] - Notably, retail investors showed a net outflow from several stocks, including Tongrun Equipment and Sand Technology [3]

Investment Rating - The report indicates a defensive attribute for the North Exchange market, with a slight decline in the North Exchange 50 Index by 0.22% and an overall trading volume of 20.68 billion yuan, suggesting a focus on sectors with stable performance [3][12]. Core Insights - The North Exchange A-share trading volume reached 20.68 billion yuan on October 14, an increase of 0.889 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1484.19, down 0.22% [1][7]. - The market showed significant differentiation, with certain stocks like Tonghui Electronics and KaiTeng Gas rising against the trend, while others like Jiuling Technology and Ximic Technology experienced notable declines [3][14]. - The main market themes revolved around trade dynamics and domestic substitution, particularly in the cultivated diamond and superhard materials sectors, which saw substantial gains due to export control policies [3][17]. Summary by Sections Market Review - On October 14, the North Exchange A-share trading volume was 20.68 billion yuan, with 278 companies listed, of which 121 rose, 9 remained flat, and 148 fell [1][12][14]. - The top five gainers included Huifeng Diamond (14.7%), Huaguang Source Sea (10.7%), and Aieneng Ju (9.3%), while the top five losers were Jiuling Technology (-10.2%), Yuanhang Precision (-9.3%), and Changfu Co., Ltd. (-7.5%) [14][16]. Important News - Tesla's Cybertruck sales have fallen short of expectations, with production line utilization estimated at only 10%, leading to skepticism about actual sales figures [17]. Key Company Announcements - Zhongke Meiling announced a cash management plan not exceeding 250 million yuan, while Yeguangming plans to invest up to 100 million yuan in safe and liquid financial products [18][19].

Core Viewpoint - Tonghui Electronics, listed on the Beijing Stock Exchange, experienced significant trading activity on October 14, 2025, with a price fluctuation of 36.33% and a trading volume of 21.71 million shares, amounting to a total transaction value of 1.01 billion yuan [1]. Trading Activity - The stock reached a closing price of 47.77 yuan on the trading day [1]. - The trading method employed was continuous bidding [1]. - The top buying seat was from Dongfang Caifu Securities Co., Ltd., with a purchase amount of 19.76 million yuan [1]. - The top selling seat was from Guotai Junan Securities Co., Ltd., with a selling amount of 23.47 million yuan [1].

Investment Rating - The report does not explicitly state an investment rating for the industry [34] Core Insights - The average daily trading volume of all A-shares on the Beijing Stock Exchange reached 19.0 billion yuan, a decrease of 10.9% week-on-week [8][17] - The North Certificate 50 index fell by 1.42% during the week, with an average turnover rate of 2.3% [8][17] - The top five gainers for the week included Aomisen (349.8%), Changfu Co. (29.9%), Lingge Technology (29.8%), Jiuling Technology (15.1%), and Tonghui Electronics (12.1%) [17][18] - The top five losers were Luqiao Information (-12.6%), Tianhong Lithium Battery (-11.8%), Tonghui Information (-10.6%), Digital Human (-8.6%), and Yuanhang Precision (-8.5%) [17][19] Market Overview - The market experienced a significant decline in trading volume, with only two trading days during the week, leading to a synchronized pullback in major indices [3][27] - New stock listings performed well, indicating a structural divergence in market performance [3][27] - Over 40% of the 278 stocks in the market saw an increase, reflecting a pattern of "few active, many stable" [3][27] Key News and Policies - The Shanghai biopharmaceutical industry is expected to exceed 1 trillion yuan this year, with state-owned funds accelerating their layout across the entire chain ecosystem [21] - The Ministry of Industry and Information Technology and other departments adjusted the technical requirements for tax exemptions on new energy vehicles, raising the range threshold for plug-in hybrids and extended-range electric vehicles to 100 km [20][21] Core Driving Factors Analysis - Macro liquidity remains ample, with the central bank conducting a 110 billion yuan reverse repurchase operation, providing a stable liquidity environment for the capital market [23] - The release of long-term benefits from industrial policies, particularly in the biomedical field, is expected to accelerate industry standardization and promote specialized enterprises with core technologies [24][26] Investment Recommendations and Strategies - Short-term impacts from international trade tensions may enhance risk aversion, putting pressure on risk assets [30] - The expectation of supply chain restructuring is rising, with companies possessing supply chain autonomy likely to attract funding [30] - Traditional safe-haven assets such as U.S. Treasuries and gold may see increased demand in the short term [30] - Focus on companies with high R&D investment, leading market share in niche sectors, and capabilities for import substitution [32]