Core Insights - Yongding Co., Ltd. experienced a stock price decline of 2.04% on October 31, trading at 14.92 CNY per share with a market capitalization of 21.81 billion CNY [1] - The company has seen a significant stock price increase of 206.05% year-to-date, with notable gains over various time frames [1][2] Financial Performance - For the period from January to September 2025, Yongding Co. achieved a revenue of 3.63 billion CNY, representing a year-on-year growth of 22.13%, and a net profit attributable to shareholders of 329 million CNY, which is a remarkable increase of 474.30% [2] - The company has distributed a total of 1.05 billion CNY in dividends since its A-share listing, with 174 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, Yongding Co. had 158,500 shareholders, an increase of 12.32% from the previous period, with an average of 9,221 circulating shares per shareholder, down by 10.97% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Guotai Junan CSI Communication Equipment ETF, indicating a diverse institutional ownership [3]

Core Viewpoint - Yongding Co., Ltd. is a significant player in the domestic communication cable and superconducting materials sector, with competitive advantages in high-temperature superconducting technology and optical chip technology [1] Group 1: Business Overview - Yongding Co., Ltd. was established on June 30, 1994, and listed on the Shanghai Stock Exchange on September 29, 1997, with its headquarters in Suzhou, Jiangsu Province [1] - The company’s main business includes the R&D, production, and sales of communication products and software, overseas power engineering contracting, automotive wiring harnesses, and superconducting materials [1] Group 2: Financial Performance - For Q3 2025, Yongding's revenue was 3.63 billion yuan, ranking 4th among 12 companies in the industry, while the top company, Hengtong Optic-Electric, reported revenue of 49.621 billion yuan [2] - The net profit for the same period was 322 million yuan, also ranking 4th, with Hengtong's net profit at 2.537 billion yuan [2] - Revenue breakdown: automotive wiring harnesses contributed 782 million yuan (34.63%), power engineering 677 million yuan (29.96%), optical communication 428 million yuan (18.93%), superconducting and copper conductors 360 million yuan (15.91%), and big data applications 13.03 million yuan (0.58%) [2] Group 3: Financial Ratios - As of Q3 2025, Yongding's debt-to-asset ratio was 61.66%, slightly down from 61.85% year-on-year, which is higher than the industry average of 44.07% [3] - The gross profit margin for the same period was 13.86%, down from 17.96% year-on-year, and below the industry average of 24.18% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 12.32% to 158,500, with an average holding of 9,221.09 shares, down by 10.97% [5] - Hong Kong Central Clearing Limited is the third-largest shareholder, holding 24.7766 million shares, an increase of 16.4358 million shares from the previous period [5] Group 5: Growth Projections - According to Zheshang Securities, from 2019 to 2024, Yongding's revenue and net profit CAGR are projected to be 4% and 68%, respectively [6] - Specific business growth projections include: copper conductor revenue CAGR of 20% from 2024 to 2027, optical communication revenue CAGR of 17%, and automotive wiring harness revenue CAGR of 13% [6] - Expected net profits for 2025 to 2027 are projected at 370 million, 190 million, and 230 million yuan, with a CAGR of 54% from 2024 to 2027 [6]

Core Insights - The optical fiber sector experienced a decline of 2.56%, ranking among the top losers in the concept sector, with significant drops in stocks such as Hangzhou Dianzi and Tengjing Technology [1][2] - A total of 56 stocks in the optical fiber sector saw net outflows of 7.899 billion yuan, with Tianfu Communication leading the outflow at 2.459 billion yuan [2][4] Sector Performance - The optical fiber concept sector was one of the worst performers, with a decline of 2.56%, while other sectors like the China-Korea Free Trade Zone and Quantum Technology saw gains of 1.45% and 1.27% respectively [2] - The top gainers in the optical fiber sector included stocks like Jieput and Xinyin Electronics, which rose by 5.63% and 3.14% respectively [1][4] Fund Flow Analysis - The optical fiber sector faced a significant net outflow of 7.899 billion yuan, with 14 stocks experiencing outflows exceeding 100 million yuan [2][3] - The stocks with the highest net outflows included Tianfu Communication (-11.56%), ZTE Corporation (-2.97%), and Yongding Co. (-4.99%) [3][4] Stock Performance - Among the optical fiber stocks, Jieput saw the highest net inflow of 1.244 billion yuan, while other notable gainers included Hengtong Optic and Yuanjie Technology [4] - The stock performance varied widely, with some stocks like Tianfu Communication and Tengjing Technology experiencing significant declines of over 11% [3][4]

Market Overview - On October 29, the Shanghai Composite Index rose by 0.7%, the CSI 300 increased by 1.19%, the STAR 50 gained 1.18%, the CSI 1000 was up by 1.2%, the ChiNext Index surged by 2.93%, while the Hang Seng Index fell by 0.33% [4][5] - The best-performing sectors on October 29 were power equipment (+4.79%), non-ferrous metals (+4.28%), non-bank financials (+2.08%), basic chemicals (+1.53%), and steel (+1.26%). The worst-performing sectors included banks (-1.98%), conglomerates (-0.56%), food and beverage (-0.56%), textiles and apparel (-0.24%), and light industry manufacturing (-0.22%) [4][5] - The total trading volume for the A-share market on October 29 was 22,906.74 billion yuan, with a net inflow of 2.258 billion Hong Kong dollars from southbound funds [4][5] Key Recommendations - The report recommends Yongding Co., Ltd. (600105) based on its strong growth potential in the optical communication, overseas engineering, and automotive wiring harness sectors, driven by high-temperature superconducting materials and optical chip industries [6] - Despite short-term performance fluctuations mainly due to investment income, the long-term growth potential is supported by high-temperature superconducting materials and optical chip business [6] - The projected revenue for Yongding Co., Ltd. from 2025 to 2027 is 4,587.80 million yuan, 5,063.36 million yuan, and 5,747.82 million yuan, with growth rates of 11.59%, 10.37%, and 13.52% respectively. The net profit attributable to shareholders is expected to be 373.07 million yuan, 191.17 million yuan, and 226.42 million yuan, with growth rates of 507.46%, -48.76%, and 18.44% respectively [6] Important Insights - The strategy report suggests a balanced allocation approach for November, with a market view leaning towards large-cap stocks and value-oriented sectors [8] - The report indicates that the market's feedback mechanism is weakening, and upcoming regulations on public fund performance may further encourage style balance [8] - Key sectors to focus on include brokerage and banking, as well as industries experiencing upward trends such as communications (optical modules), electronics (storage), non-ferrous metals (copper), and basic chemicals [8][9]

Core Points - The controlling shareholder, Yongding Group, reduced its stake in Yongding Co., Ltd. by 1% from October 21 to October 28, 2025, selling 14,614,523 shares, which decreased their total holdings from 383,129,751 shares to 368,515,228 shares [1] - Following the reduction, Yongding Group's ownership percentage fell from 26.206% to 25.206% [1] - The average trading price of Yongding shares during the reduction period was 14.723 yuan, resulting in a total cash amount of approximately 215 million yuan from the sale [1] Shareholding History - Yongding Group initially held 68 million shares, representing 50.37% of the total share capital [1] - Since December 8, 2010, Yongding Group has cumulatively reduced its holdings by 92,777,600 shares, realizing approximately 358.1 million yuan in cash [2] - The historical reduction data shows various periods of share sales, with the most significant reduction occurring between March 1, 2023, and July 10, 2023, where 14,036,600 shares were sold at an average price of 6.33 yuan per share [2]

证券代码：600105 证券简称：永鼎股份 公告编号：临 2025-063 江苏永鼎股份有限公司 关于控股股东及其一致行动人权益变动触及 1%刻度 的提示性公告 控股股东及其一致行动人保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 一致行动人名称 投资者身份 统一社会信用代码 莫林弟 □ 控股股东/实控人 ☑ 控股股东/实控人的一致 行动人 □ 其他直接持股股东 □ ____________ ☑ 不适用 3.一致行动人信息 二、 权益变动触及 1%刻度的基本情况 江苏永鼎股份有限公司(以下简称"公司")于 2025 年 10 月 28 日收到永鼎 集团有限公司(以下简称"永鼎集团")的通知，永鼎集团于 2025 年 10 月 21 日 至 2025 年 10 月 28 日通过集中竞价交易方式减持公司股份 14,614,523 股，占公 司总股本的 1.00%。本次权益变动后，公司控股股东和一致行动人合计持有公司 股份数从 383,129,751 股减 ...

Market Overview - On October 28, the communication equipment sector rose by 0.01% compared to the previous trading day, with LianTe Technology leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Top Gainers in Communication Equipment - LianTe Technology (301205) closed at 112.60, up 15.12% with a trading volume of 197,900 shares and a transaction value of 2.167 billion [1] - DeKeLi (688205) closed at 114.10, up 7.34% with a trading volume of 145,300 shares and a transaction value of 1.647 billion [1] - YongDing Co., Ltd. (600105) closed at 16.08, up 7.06% with a trading volume of 3.0655 million shares and a transaction value of 4.942 billion [1] Top Losers in Communication Equipment - ChengTian WeiYe (300689) closed at 53.31, down 5.66% with a trading volume of 49,900 shares and a transaction value of 272 million [2] - ZhongTian Technology (600522) closed at 17.05, down 4.85% with a trading volume of 2.2863 million shares and a transaction value of 3.882 billion [2] - ZTE Corporation (000063) closed at 49.39, down 3.76% with a trading volume of 1.9606 million shares and a transaction value of 974.9 million [2] Capital Flow Analysis - The communication equipment sector experienced a net outflow of 4.818 billion from institutional investors, while retail investors saw a net inflow of 2.538 billion [2][3] - Major stocks like YongDing Co., Ltd. and LianTe Technology had varying net inflows and outflows from different investor categories [3] Individual Stock Capital Flows - YongDing Co., Ltd. had a net inflow of 464 million from institutional investors, while it faced a net outflow of 334 million from retail investors [3] - LianTe Technology saw a net inflow of 156 million from institutional investors but a net outflow of 85.229 million from retail investors [3]

Market Performance - The A-share market showed strength with the three major indices rising, as the ChiNext Index increased by over 1%, the Shanghai Composite Index rose by 0.21%, and the Shenzhen Component Index gained 0.52% [2] Quantum Technology Sector - The quantum technology concept was active, with companies like Geer Software achieving a 10% increase, Dahua Intelligent rising by 9.98%, Yongding Co. up by 7.59%, and Western Superconducting gaining 7.40% [4][5] - Beijing Boson Quantum Technology will provide top-tier quantum combination optimization algorithm solutions and stable quantum computing power services for the "Libra AI" quantum computing project of China Merchants Bank, utilizing a self-developed 1000-qubit coherent optical quantum computer [4] Individual Stock Highlights - Industrial Fulian (601138) saw a rapid increase, rising by 3.06% during the session, with a total market capitalization reaching 1.5 trillion yuan [5]

Core Viewpoint - The CPO concept stocks in the A-share market continue to show strong performance, with several companies reaching new historical highs in their stock prices [1]. Group 1: Stock Performance - LianTe Technology (301205) increased by 13.24%, with a total market value of 14.4 billion and a year-to-date increase of 46.78% [2]. - Jingwang Electronics (603228) hit the daily limit with a 10% increase, having a market value of 76 billion and a year-to-date increase of 184.10% [2]. - Dekeli (688205) rose by 8.89%, with a market value of 18.3 billion and a year-to-date increase of 66.20% [2]. - Yongding Co., Ltd. (600105) increased by 7.79%, with a market value of 23.7 billion and a year-to-date increase of 228.98% [2]. - Founder Technology (600601) rose by 6.84%, with a market value of 54.7 billion and a year-to-date increase of 191.80% [2]. - JepuTe (688025) increased by 4.16%, with a market value of 14.3 billion and a year-to-date increase of 218.53% [2]. - Zhongji Xuchuang (300308) rose by 3.98%, with a market value of 588 billion and a year-to-date increase of 330.63% [2]. - Xinyi Sheng (300502) increased by 3.66%, with a market value of 416.2 billion and a year-to-date increase of 409.25% [2]. - Cambridge Technology (603083) rose by 3.59%, with a market value of 41.3 billion and a year-to-date increase of 205.17% [2]. - Tianfu Communication (300394) increased by 3.22%, with a market value of 152.5 billion and a year-to-date increase of 203.14% [2]. - Sry New Materials (688102) rose by 2.60%, with a market value of 15.2 billion and a year-to-date increase of 125.09% [2]. - Tongfu Microelectronics (002156) increased by 2.18%, with a market value of 68.1 billion and a year-to-date increase of 52.21% [2]. Group 2: Historical Highs - Notable companies such as Founder Technology, Zhongji Xuchuang, Xinyi Sheng, and Sry New Materials have reached new historical highs in their stock prices [1].

Core Viewpoint - The A-share market is experiencing a collective rise in controllable nuclear fusion concept stocks, driven by recent policy announcements that highlight the importance of quantum technology and nuclear fusion as new economic growth points [1][2]. Group 1: Stock Performance - An Tai Technology (000969) and Dongfang Tantalum (000962) both reached the daily limit up of 10% [1]. - Western Superconducting (688122) increased by 9.09%, while Aikosebo rose by 8.47% [1][2]. - Yongding Co. (600105) saw a rise of 7.26%, and Jinbei Electric (002533) increased by 5.20% [1][2]. - Other notable performers include Jingda Co. (600577) with a 5.10% increase and Xuguang Electronics (600353) with a 4.66% rise [1][2]. Group 2: Market Context - On October 24, the Central Committee proposed the 15th Five-Year Plan, emphasizing the development of future industries, including quantum technology and nuclear fusion [2]. - The report from Guojin Securities indicates that these sectors are expected to receive top-level policy support and funding, enhancing their growth potential [2].