Investment Rating - The report maintains an "Outperform" rating for the North Exchange market [5] Core Views - The North Exchange is experiencing a rebound in the North 50 index, with a total of 280 listed companies and a total market capitalization of 920.978 billion yuan, reflecting a month-on-month increase of 6.0% [13][18] - The North 50 index's price-to-earnings ratio (PE-TTM) is 49.53 times, placing it at the 95.25 percentile level over the past two years, while the price-to-book ratio (PB-MRQ) is 10.27 times, at the 97.52 percentile level [24][27] - The North Exchange's trading activity has decreased, with a monthly trading volume of 15.458 billion shares and a trading amount of 365.334 billion yuan, representing a month-on-month decline of 40.6% and 40.7% respectively [18][19] Market Overview - In October 2025, the North Exchange saw a decrease in trading activity, with the average daily trading amount dropping by 23.2% [19] - The North 50 index and the North Specialized New Index rose by 3.54% and 2.28% respectively, while the Shanghai and Shenzhen 300 index remained unchanged [32][36] Industry Performance - The report indicates that all industries on the North Exchange experienced gains, except for the non-ferrous metals sector, with significant increases in transportation, construction materials, home appliances, pharmaceutical biology, and machinery equipment [36] - The communication sector has the highest median PE ratio at 123 times, followed by light industry manufacturing at 94 times and non-ferrous metals at 88 times [24][27] New Listings and Market Dynamics - Three new companies were listed this month: Aomeisen, Changjiang Energy Technology, and Taikai Ying, bringing the total number of listed companies to 280 [13][36] - The report highlights the ongoing efforts to enhance market functionality and vitality, including the introduction of new financial products and the promotion of mergers and acquisitions [4][32]

证券代码：920509 证券简称：同惠电子 公告编号：2025-098 常州同惠电子股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 □特定对象调研 □业绩说明会 □其他 二、 投资者关系活动情况 活动时间：2025 年 10 月 29 日至 2025 年 10 月 30 日 活动地点：公司现场、线上交流 参会单位及人员：华源证券、汇添富基金、易方达基金、创金合信基金、中 庚基金、同泰基金、开源证券、联储证券、长江证券、兴业证券、信达证券、深 圳市尚诚资产管理有限责任公司、西安江岳基金管理有限公司、苏州龙远投资管 理有限公司、北京星允投资管理有限公司、大湾区发展基金管理有限公司、上海 冰河资产管理有限公司、北京珺洲私募基金管理有限公司、青榕资产管理有限公 司、明河投资、中天汇富基金管理有限公司。 上市公司接待人员：董事会秘书王恒斌先生 □媒体采访 √现场参观 □新闻发布会 √分析师会议 □路演活动 元件参数测试仪器和安规线材测试仪器：两类产品前 ...

证券代码：920509 证券简称：同惠电子 公告编号：2025-097 常州同惠电子股份有限公司 2025 年第三季度报告业绩说明会预告公告 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。 三、 参加人员 公司董事长、总经理：赵浩华先生； 财务负责人：唐玥女士； 董事会秘书：王恒斌先生。 一、 说明会类型 常州同惠电子股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日在 北京证券交易所官网（www.bse.cn）和《中国证券报》（www.cs.com.cn）披露了 《2025 年三季度报告》（公告编号：2025-095），为方便广大投资者更深入了解 公司 2025 年三季度经营业绩的具体情况，公司拟召开 2025 年第三季度报告业绩 说明会。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 11 月 4 日（星期二）15:00-16:30。 （二）会议召开地点 本次年度报告业绩说明会将采用网络方式召开，投资者可登陆全景网"投资 关系互动平台"（http://ir.p5w ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company reported a year-on-year increase of 68% in net profit attributable to shareholders for Q3 2025, benefiting from a strategic partnership with the National Third Generation Semiconductor Technology Innovation Center [5][8] - The company is positioned as a leader in electronic measurement instruments, capitalizing on the growing demand in semiconductor devices and new energy testing scenarios [8] - The company has established a wholly-owned subsidiary in Munich, Germany, to enhance its market share in Europe and expand overseas operations [8] Financial Performance - For Q1-Q3 2025, the company achieved revenue of 151 million yuan (up 16% year-on-year) and a net profit of 44.14 million yuan (up 59% year-on-year) [8] - Q3 2025 revenue was 51 million yuan (up 16% year-on-year, down 18% quarter-on-quarter), with a net profit of 14.83 million yuan (up 68% year-on-year, down 23% quarter-on-quarter) [8] - The company’s cash flow from operating activities improved significantly, with a net cash flow of 3.53 million yuan (up 211% year-on-year) [8] Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 236 million yuan, 287 million yuan, and 348 million yuan, respectively, with year-on-year growth rates of 21.88%, 21.25%, and 21.39% [7] - Net profit attributable to shareholders is forecasted to be 66 million yuan, 80 million yuan, and 97 million yuan for the same period, with growth rates of 30.08%, 21.68%, and 21.86% [7] - The current price-to-earnings (P/E) ratios for 2025-2027 are projected to be 94.58, 77.73, and 63.78, respectively [7]

Market Overview - The general equipment sector increased by 1.09% on October 29, with Tiangang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in General Equipment Sector - Tiangang Co., Ltd. (code: 920651) closed at 54.40, up 20.73% with a trading volume of 39,400 lots and a transaction value of 194 million [1] - Rongyi Precision (code: 920223) closed at 22.55, up 16.54% with a trading volume of 206,500 lots and a transaction value of 439 million [1] - Tonghui Electronics (code: 920509) closed at 43.59, up 12.61% with a trading volume of 132,300 lots and a transaction value of 533 million [1] - Other notable gainers include Riyue Ming (code: 300906) and Dingtai Gaoke (code: 301377), with increases of 12.14% and 12.03% respectively [1] Top Losers in General Equipment Sector - Weilon Co., Ltd. (code: 002871) closed at 15.29, down 7.72% with a trading volume of 155,600 lots and a transaction value of 242 million [2] - Haitai Cold Chain (code: 603187) closed at 14.31, down 4.02% with a trading volume of 222,200 lots and a transaction value of 317 million [2] - Yindu Co., Ltd. (code: 603277) closed at 18.16, down 3.86% with a trading volume of 67,600 lots and a transaction value of 121 million [2] Capital Flow Analysis - The general equipment sector saw a net inflow of 298 million from institutional investors, while retail investors experienced a net outflow of 258 million [2][3] - Major stocks like Huadong CNC (code: 002248) and Ningbo Jingda (code: 603088) had significant net inflows from institutional investors, amounting to 163 million and 144 million respectively [3] - Conversely, retail investors showed net outflows in several stocks, including Huadong CNC and Ningbo Jingda, indicating a shift in investor sentiment [3]

Core Insights - The North Exchange stocks showed strong performance in the afternoon, with the North 50 Index rising nearly 9% [1] - Notable gainers included Huaxin Yongdao up 25%, Better Ray up over 18%, and Fujida up over 16% [1] - The Chairman of the North Exchange, Lu Songbin, announced plans to optimize the index system and introduce the North 50 ETF, enhancing trading convenience [1] Company Performance - Huaxin Yongdao: October increase of 25.21%, total market value of 4.057 billion, year-to-date increase of 5.52% [2] - Better Ray: October increase of 18.74%, total market value of 39.6 billion, year-to-date increase of 82.19% [2] - Fujida: October increase of 16.37%, total market value of 6.407 billion, year-to-date increase of 25.64% [2] - Tianma New Materials: October increase of 13.88%, total market value of 3.846 billion, year-to-date increase of 45.86% [2] - Tonghui Electronics: October increase of 13.64%, total market value of 7.052 billion, year-to-date increase of 211.92% [2] - Shuguang Digital Innovation: October increase of 13.19%, total market value of 19.2 billion, year-to-date increase of 42.24% [2]

截至本公告日，公示期已结束。根据《优质中小企业梯度培育管理暂行办法》 规定，公示无异议的公司，将由国家工业和信息化部认定为专精特新"小巨人" 企业。 证券代码：920509 证券简称：同惠电子 公告编号：2025-096 常州同惠电子股份有限公司 关于公司通过国家级专精特新"小巨人"企业复核 并完成公示的公告 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、基本情况 近日，江苏省工业和信息化厅发布《关于江苏省第七批专精特新"小巨人" 企业和 2025 年专精特新"小巨人"复核通过企业名单的公示》，常州同惠电子 股份有限公司（以下简称"公司"）通过国家级专精特新"小巨人"企业复核。 董事会 2025 年 10 月 28 日 二、对公司的影响 公司此次通过国家级专精特新"小巨人"企业复核，是国家工业和信息化部 从技术研发深度、创新成果转化能力、生产制造精细化水平及综合运营实力等核 心维度，对公司长期深耕细分领域所获成绩的高度认可，有利于提高公司的品牌 知名度和在行业内的影响力，对公司整体发展产生积极影响 ...

证券代码：920509 证券简称：同惠电子 公告编号：2025-094 常州同惠电子股份有限公司 第五届董事会第十二次会议决议公告 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。 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 27 日 3.会议召开方式：现场和通讯相结合 4.发出董事会会议通知的时间和方式：2025 年 10 月 17 日以电话和网络方式 发出 5.会议主持人：赵浩华 6.会议列席人员：董事会秘书、其他高级管理人员 7.召开情况合法合规的说明： 会议召开及表决程序符合《中华人民共和国公司法》及有关法律、法规和《公 司章程》的规定。 2.会议召开地点：公司会议室 （二）会议出席情况 会议应出席董事 11 人，出席和授权出席董事 11 人。 二、议案审议情况 （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： 公司根据法律法规要求，已编制完成 2025 年第三季度报告。具体内容详见 公司于 2025 年 10 月 28 日在北 ...

Core Points - The total trading volume of stocks on the Beijing Stock Exchange reached 752 million shares, with a total transaction value of 17.605 billion yuan, an increase of 580 million yuan compared to the previous trading day [1] - A total of 156 stocks closed higher, accounting for 56.12% of the tradable stocks, with notable gainers including Tongyi Aerospace, Jiahe Technology, and Lingge Technology, which rose by 21.97%, 12.29%, and 5.74% respectively [1] - Conversely, 111 stocks closed lower, with significant declines seen in Chenguang Medical, Guangzi International, and Luqiao Information, which fell by 8.80%, 6.17%, and 5.74% respectively [1] Trading Activity - 52 stocks had transaction values exceeding 10 million yuan, with the highest transaction values recorded for Tongyi Aerospace (544.3 million yuan), Fujida (379.1 million yuan), and Tonghui Electronics (334.4 million yuan) [1] - The trading activity showed that 23 stocks had a turnover rate exceeding 10%, with 6 stocks exceeding 20%. The highest turnover rates were observed in Changjiang Nengke (43.34%), Tongyi Aerospace (28.98%), and Tiangang Co. (21.16%) [1] Stock Performance - The closing prices and performance of notable stocks included: - Tongyi Aerospace: Closing price at 18.10 yuan, up 21.97%, turnover rate at 28.98%, transaction value at 544.3 million yuan [1] - Fujida: Closing price at 28.55 yuan, down 2.02%, turnover rate at 6.98%, transaction value at 379.1 million yuan [2] - Tonghui Electronics: Closing price at 38.04 yuan, up 3.88%, turnover rate at 10.28%, transaction value at 334.4 million yuan [2] - Changjiang Nengke: Closing price at 18.98 yuan, up 0.48%, turnover rate at 43.34%, transaction value at 330.4 million yuan [2] - Jiahe Technology: Closing price at 36.00 yuan, up 12.29%, transaction value at 63.7 million yuan [3]

Group 1 - The Bay Area Semiconductor Expo successfully showcased high-growth semiconductor targets, with 18 companies in the semiconductor industry on the North Exchange, totaling a market value of 73.242 billion yuan as of October 17, 2025 [2][22][24] - Tonghui Electronics (920509.BJ) achieved a revenue of 101 million yuan in H1 2025, representing a year-on-year growth of 16.81%, and a net profit of 29.3099 million yuan, up 55.40% year-on-year [2][24][27] - The semiconductor industry is expected to benefit from the integration of the entire semiconductor supply chain, with significant participation from top global companies [12][13] Group 2 - The average weekly decline for five major industries, including high-end equipment and information technology, was recorded at -4.50% and -5.43% respectively [3][28] - The median price-to-earnings (PE) ratio for the high-end equipment industry dropped to 40.1X, while the information technology sector saw an increase to 69.6X [3][30] - The chemical new materials industry also experienced a decline in median PE ratio to 40.4X, with notable performers like Litong Technology increasing by 39.83% [3][31] Group 3 - In the technology sector, the median TTM PE ratio for 156 companies decreased from 48.9X to 45.8X, with an overall market capitalization drop from 495.739 billion yuan to 471.131 billion yuan [4][40][41] - The top five gainers in the technology sector included Wantong Hydraulic (+16.56%) and Tonghui Electronics (+15.66%) [4][38][43] - The smart manufacturing industry saw its median PE ratio drop to 50.1X, while the electronic industry’s median PE ratio fell to 54.0X [4][45][51] Group 4 - The third-quarter reports are being disclosed, highlighting high-growth and scarce targets such as Yabo Xuan, which reported a revenue of 419 million yuan, up 55.9% year-on-year [5][62] - Other companies like Minshida and Lichuang Technology also reported significant revenue growth, with Minshida achieving 343 million yuan in revenue, a 21.77% increase [5][63] - The announcements indicate a focus on innovation and technology advancements, with several companies receiving patents and regulatory approvals [5][62][63]