汽车 | 汽车零部件 北交所|公司点评报告 hyzqdatemark 2025 年 11 月 19 日 投资评级： 增持（维持） 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： 证券研究报告 ——2025Q3 业绩高增长，新能源产品布局+智能制造升级+全球化产能扩张共驱成长 投资要点： 风险提示：市场竞争加剧的风险、原材料价格波动风险、汇率变动风险 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 828 | 966 | 1,149 | 1,348 | 1,551 | | 同比增长率（%） | 14.25% | 16.59% | 19.01% | 17.31% | 15.05% | | 归母净利润（百万元） | 84 | 64 | 106 | 121 | 140 | | ...

证券代码：920195 证券简称：三祥科技 公告编号：2025-111 （一）实际授予基本情况 （二）实际授予结果明细表 1、授予股票期权在各激励对象间的分配情况如下表所示： | 序号 | 姓名 | 职务 | 获授的股票 期权数量 | 占授予股 票期权总 | 占目前公司总股 | | --- | --- | --- | --- | --- | --- | | | | | （万份） | 量的比例 | 本的比例 | | 1 | 魏增祥 | 董事长 | 6.70 | 2.23% | 0.07% | | 2 | 刘艳霞 | 董事、总经理 | 13.00 | 4.33% | 0.13% | | 3 | 魏杰 | 董事、副总经理 | 12.20 | 4.07% | 0.12% | | 4 | 王德庆 | 执行总经理 | 11.70 | 3.90% | 0.12% | | 5 | 李锴 | 副总经理、总工程师 | 10.70 | 3.57% | 0.11% | | 6 | 孙轶炜 | 副总经理 | 10.70 | 3.57% | 0.11% | | 7 | 吴洲凯 | 副总经理 | 10.70 | 3.57% | 0.11% ...

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - In October 2025, the penetration rate of new energy vehicles is expected to reach 60%, with approximately 1.32 million units sold, despite a 2% month-over-month decline in total retail sales of narrow-sense passenger vehicles [22] - Jiushi Intelligent has completed a $100 million B4 round of financing, marking it as the largest single-round financing in the Robovan sector in China [22] - Major automotive manufacturers are advancing in autonomous driving technology, with plans for L3 level and above by 2027-2030 [22] Market Performance - The A-share automotive sector outperformed the broader market, with a weekly increase of 0.92%, while the CSI 300 index fell by 0.43% [3][9] - The passenger vehicle segment saw a decline of 1.88%, while commercial vehicles increased by 3.11% [3] - Key players in the passenger vehicle sector include BYD, Great Wall Motors, and Li Auto, while commercial vehicle focus includes China National Heavy Duty Truck Group and FAW Liberation [3] Industry News - Notable developments include NIO's ES8 model surpassing 10,000 deliveries and a recall of 11,411 units of the 2024 MEGA model by Li Auto [22] - Partnerships are forming, such as Changan Automobile collaborating with JD.com to develop new energy unmanned intelligent vehicles [22] - Bosch has indicated potential production disruptions due to disputes with semiconductor manufacturer Anshi [22] Upstream Data Tracking - Key material prices are being monitored, including steel, aluminum, and lithium carbonate, which are critical for automotive manufacturing [24][25][27]

Core Viewpoint - The Beijing Stock Exchange (BSE) is focusing on optimizing its product system and enhancing market liquidity through the introduction of the North Exchange 50 ETF, which is expected to lower investment barriers and attract more capital into the market [2][6]. Group 1: Market Developments - The North Exchange 50 Index surged by 8.41% on October 29, closing at 1573.71 points, marking a significant increase in market activity with 19 stocks rising over 10% [2][5]. - The trading volume reached 34.9 billion yuan, the highest since September 9, indicating a strong recovery in market sentiment [5]. Group 2: Policy and Structural Changes - The BSE aims to enhance its index system and expedite the launch of the North Exchange 50 ETF, which is seen as a crucial step in improving the exchange's institutional framework [2][4]. - The China Securities Regulatory Commission (CSRC) is promoting high-quality development of the BSE, focusing on supporting innovative small and medium-sized enterprises [3][4]. Group 3: Investor Engagement and Market Liquidity - The introduction of the North Exchange 50 ETF is anticipated to attract passive investment funds, thereby increasing market liquidity and trading volume [2][6]. - The BSE plans to improve its service mechanisms and enhance communication and training to better support market participants [5]. Group 4: New Third Board Reforms - The New Third Board is undergoing reforms to address challenges such as declining financing amounts and reduced trading activity, with a focus on enhancing market structure and transparency [8]. - The BSE is working to strengthen its connection with the New Third Board, promoting a seamless capital market service for innovative SMEs [8].

具体来看，今日上榜营业部中，第一大买入营业部为东亚前海证券有限责任公司苏州分公司，买入金额 为1326.80万元，第一大卖出营业部为中国银河证券股份有限公司南京上海路证券营业部，卖出金额为 1280.17万元。（数据宝） （原标题：三祥科技龙虎榜数据（10月29日）） 三祥科技（920195）今日涨停，全天换手率20.22%，成交额3.25亿元，振幅22.40%。龙虎榜数据显示， 营业部席位合计净买入1616.79万元。 北交所公开信息显示，当日该股因日涨跌幅达到29.98%上榜，营业部席位合计净买入1616.79万元。 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交8580.90万元，其中，买入成交额为 5098.84万元，卖出成交额为3482.05万元，合计净买入1616.79万元。 三祥科技10月29日交易公开信息 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 东亚前海证券有限责任公司苏州分公司 | 1326.80 | 0.00 | ...

每经讯，2025年10月29日，北交所上市公司三祥科技（920195，收盘价：24.97元）登上龙虎榜，交易方式是连续竞价，披露原 因是当日收盘价涨幅达到29.98%，成交数量1430.64万股，成交金额3.25亿元。买一席位为东亚前海证券有限责任公司苏州分公 司，买入1326.8万元；卖一席位为中国银河证券股份有限公司南京上海路证券营业部，卖出1280.17万元。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 每日经济新闻 | | 2025-10-29三祥科技 (920195) 龙虎榜 | | | | --- | --- | --- | --- | | 序号 | 交易营业部名称 | 买入金额(元) | 卖出金额(元) | | ਜੇਵ ਹ | 东亚前海证券有限责任公司苏州分公司 | 13268030.09 | 0 | | 买2 | 东海证券股份有限公司厦门嘉禾路证券营业部 | 10658027.78 | 0 | | ग्रें3 | 东莞证券股份有限公司成都高升桥路证券营业部 | 9744144.63 | 0 | | में प | 国泰海通证券股份有限公司上海江苏路营业 ...

Market Overview - The Shanghai Composite Index closed at 4001.98 points, above the five-day moving average, with a gain of 0.35% [1] - The total trading volume of A-shares reached 183.41 billion yuan [1] Stocks Performance - A total of 484 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Digital People (11.77%) - Sanxiang Technology (10.45%) - Jinhua New Materials (9.20%) [1] Top Stocks by Deviation Rate - Digital People: - Today's price increase: 15.20% - Turnover rate: 16.90% - Latest price: 16.37 yuan [1] - Sanxiang Technology: - Today's price increase: 13.27% - Turnover rate: 10.72% - Latest price: 21.76 yuan [1] - Jinhua New Materials: - Today's price increase: 12.75% - Turnover rate: 23.32% - Latest price: 54.57 yuan [1] Additional Notable Stocks - Kangzhi Pharmaceutical: - Today's price increase: 14.37% - Turnover rate: 30.60% - Latest price: 7.96 yuan [1] - Huaxin Yongdao: - Today's price increase: 12.00% - Turnover rate: 8.41% - Latest price: 44.91 yuan [1] - Longi Green Energy: - Today's price increase: 10.00% - Turnover rate: 5.01% - Latest price: 20.79 yuan [1]

Core Points - The Shanghai Composite Index is at 3994.82 points, above the five-day moving average, with a slight increase of 0.17% [1] - The total trading volume of A-shares today is 10539.94 billion yuan, with 290 A-shares breaking through the five-day moving average [1] Summary by Category Stock Performance - Notable stocks with significant deviation rates above the five-day moving average include: - Digital Human (证券代: 920670) with a price increase of 15.55% and a deviation rate of 12.04% [1] - Sanxiang Technology (证券代: 920195) with a price increase of 14.32% and a deviation rate of 11.23% [1] - Kangzhi Pharmaceutical (证券代: 300086) with a price increase of 14.80% and a deviation rate of 9.06% [1] Trading Activity - The trading turnover rates for the top stocks include: - Digital Human at 10.89% [1] - Sanxiang Technology at 8.85% [1] - Kangzhi Pharmaceutical at 26.97% [1] Additional Stocks - Other stocks with notable performance include: - Fulongma (证券代: 603686) with a price increase of 9.98% and a deviation rate of 8.13% [1] - Sifang Holdings (证券代: 601126) with a price increase of 10.01% and a deviation rate of 7.47% [1] - Yuanda Intelligence (证券代: 002689) with a price increase of 10.07% and a deviation rate of 7.42% [1]

第五届董事会第十八次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 证券代码：920195 证券简称：三祥科技 公告编号：2025-109 青岛三祥科技股份有限公司 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 10 月 28 日 2.会议召开地点：公司会议室 3.会议召开方式：现场会议结合通讯方式 4.发出董事会会议通知的时间和方式：2025 年 10 月 24 日以通讯方式发出 5.会议主持人：公司董事长魏增祥 6.会议列席人员：公司高级管理人员 7.召开情况合法合规的说明： 本次董事会的召集、召开和议案审议程序符合《公司法》及《公司章程》的 有关规定，表决结果合法有效。 （二）会议出席情况 （一）审议通过《关于公司 2025 年第三季度报告的议案》 1.议案内容： 根据《中华人民共和国公司法》《北京证券交易所股票上市规则》等相关规 定和《青岛三祥科技股份有限公司章程》的有关规定，公司编制了《2025 年第 三季度报告》。 具体内容详见公司于同日在北京证券 ...

证券代码：920195 证券简称：三祥科技 公告编号：2025-106 青岛三祥科技股份有限公司 关于向 2025 年股票期权激励计划激励对象 授予股票期权的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、审议及表决情况 （一）本次权益授予已履行的决策程序和信息披露情况 1、2025 年 9 月 15 日，青岛三祥科技股份有限公司召开第五届董事会第十 六次会议，审议了《关于公司<2025 年股票期权激励计划（草案）>的议案》《公 司<2025 年股票期权激励计划激励对象名单>的议案》《关于公司<2025 年股票 期权激励计划实施考核管理办法>的议案》《关于与激励对象签署 2025 年股票期 权激励计划授予协议的议案》《关于提请股东会授权董事会办理公司 2025 年股 票期权激励计划有关事项的议案》，上述相关议案已经公司独立董事专门会议审 议通过。公司独立董事专门会议对《2025 年股票期权激励计划（草案）》（以下 简称"本激励计划"）进行了核查并发表了同意的意见。 2、2025 年 9 月 1 ...