Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Insights - The company is accelerating its acquisition of Qinhuai Data, with a total investment of 11.2 billion yuan, and has already contributed 3 billion yuan. The acquisition is expected to enhance the company's capabilities in AI computing infrastructure [1][2]. - The acquisition will allow the company to leverage its clean energy bases to create a synergistic effect with Qinhuai Data's computing facilities, aiming for a strategic transition from a traditional materials supplier to an integrated digital ecosystem service provider [2]. - The company has launched a global first SST (Smart Static Transformer) intelligent direct current power supply system, which boasts a conversion efficiency of 98.5% and a power density of 1MW/㎡, marking a significant step in the AI computing sector [3]. - The company is building a comprehensive technology ecosystem from hardware to computing applications, including partnerships in liquid cooling technology and investments in optical chip companies, indicating a strategic focus on covering the entire value chain of AI computing infrastructure [4]. Financial Projections - The company is projected to achieve revenues of 15.67 billion yuan, 24.5 billion yuan, and 31 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 1.437 billion yuan, 2.235 billion yuan, and 2.791 billion yuan [5][7]. - The expected P/E ratios for the years 2025, 2026, and 2027 are 46.6, 29.9, and 24.0, respectively, reflecting a positive outlook on the company's growth potential [5][7].

Market Overview - The Shanghai Composite Index rose by 0.29% on November 27, with 13 out of the 28 sectors experiencing gains. The leading sectors were light industry manufacturing and basic chemicals, with increases of 1.09% and 1.01% respectively [1] - Conversely, the comprehensive and media sectors faced the largest declines, with drops of 2.34% and 1.40% respectively, placing the comprehensive sector at the top of the decline list for the day [1] Capital Flow Analysis - The net outflow of capital from the two markets reached 21.827 billion yuan, with six sectors seeing net inflows. The light industry manufacturing sector led with a net inflow of 590 million yuan, while the electronics sector had a slight increase of 0.26% and a net inflow of 499 million yuan [1] - A total of 25 sectors experienced net capital outflows, with the computer sector leading at a net outflow of 4.048 billion yuan, followed by the media sector with a net outflow of 3.730 billion yuan. Other sectors with significant outflows included pharmaceuticals, telecommunications, and electrical equipment [1] Comprehensive Sector Performance - The comprehensive sector declined by 2.34% with a total net outflow of 27.1 million yuan. Among the 16 stocks in this sector, 5 saw gains while 11 experienced losses [2] - The stocks with the highest net inflows in the comprehensive sector included Sanmu Group, with a net inflow of 22.9632 million yuan, followed by Zhejiang Agricultural Shares and Yueda Investment with net inflows of 3.5287 million yuan and 3.0615 million yuan respectively [2] - The stocks with the largest net outflows included Dongyangguang, with a net outflow of 126.4508 million yuan, followed by Nanjing Xinbai and Yuegui Shares with outflows of 42.6610 million yuan and 33.9380 million yuan respectively [2]

Core Viewpoint - Dongyangguang's stock price has shown significant volatility, with a year-to-date increase of 92.91%, but recent trading indicates a slight decline in the short term [1][2]. Company Overview - Dongyangguang Technology Holdings Co., Ltd. was established on October 24, 1996, and listed on September 17, 1993. The company operates in four main business segments: electronic new materials, alloy materials, chemical products, and pharmaceutical manufacturing [2]. - The revenue composition of Dongyangguang includes high-end aluminum foil (40.81%), chemical new materials (27.63%), electronic components (25.40%), and other categories [2]. Financial Performance - For the period from January to September 2025, Dongyangguang achieved a revenue of 10.97 billion yuan, representing a year-on-year growth of 23.56%. The net profit attributable to shareholders was 906 million yuan, showing a remarkable increase of 189.80% [2]. - The company has distributed a total of 2.395 billion yuan in dividends since its A-share listing, with 999.8 million yuan distributed in the last three years [2]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 83.12% to 85,400, with an average of 35,128 circulating shares per person, a decrease of 45.39% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 48.79 million shares, an increase of 11.45 million shares compared to the previous period [3].

Transaction Overview - On September 10, 2025, Guangdong Dongyangguang Technology Holdings Co., Ltd. approved a proposal to jointly increase capital in a joint venture with its controlling shareholder, Shenzhen Dongyangguang Industrial Development Co., Ltd., for the acquisition of 100% equity in Qinhuai Data China [1] - The capital increase will be directed towards Yichang Dongshu No. 1 Investment Co., Ltd., which will use the funds to acquire the target company through its wholly-owned subsidiary, Yichang Dongshu No. 3 Investment Co., Ltd. [1] - The transaction involves signing a share transfer agreement with multiple parties, including Stack HK Limited and BCPE Stack ZJK Limited [1] Transaction Progress - As of the announcement date, the National Market Supervision Administration has issued a decision not to conduct further antitrust review of the transaction, allowing it to proceed [2] - Investors and buyers have cumulatively contributed and paid 11.2 billion yuan, with the company contributing 3 billion yuan [2] - A merger loan agreement has been signed for 16.8 billion yuan, bringing the total transaction price to 28 billion yuan, which will be paid to the sellers [2] Other Matters - The parties involved will continue to advance the transaction and complete the delivery process as per their agreements [2] - The company will monitor the progress and fulfill its information disclosure obligations as required by laws and regulations [2]

Market Overview - On November 26, the comprehensive sector rose by 1.81% compared to the previous trading day, with Teda Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Top Gainers - Teda Co., Ltd. (Code: 000652) closed at 4.59, up 10.07% with a trading volume of 828,800 shares and a turnover of 376 million yuan [1] - Te Li A (Code: 000025) closed at 20.96, up 10.03% with a trading volume of 248,100 shares and a turnover of 496 million yuan [1] - Hongmian Co., Ltd. (Code: 000523) closed at 3.55, up 9.91% with a trading volume of 1,244,600 shares [1] Market Capital Flow - The comprehensive sector saw a net inflow of 369 million yuan from main funds, while retail funds experienced a net outflow of 128 million yuan [2] - The main funds showed a significant interest in East Sunshine (Code: 600673) with a net inflow of 162 million yuan, representing 11.10% of the total [3] - Teda Co., Ltd. also attracted a net inflow of 113 million yuan, accounting for 29.94% of the total main fund inflow [3]

| 证券代码：600673 | 证券简称：东阳光 | | 编号：临 | 2025-69 号 | | --- | --- | --- | --- | --- | | 债券代码：242444 | 债券简称：25 | 东科 01 | | | 广东东阳光科技控股股份有限公司 关于与关联方共同增资合资公司用于收购秦淮数据中国 100% 股权暨关联交易的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 一、交易概述 2025 年 9 月 10 日，广东东阳光科技控股股份有限公司（以下简称"公司"、 "上市公司"或"东阳光"）召开了第十二届董事会第十七次会议并审议通过了 《关于与关联方共同增资合资公司用于收购秦淮数据中国 100%股权暨关联交易 的议案》，同意公司与控股股东深圳市东阳光实业发展有限公司（以下简称"深 圳东阳光实业"）共同对宜昌东数一号投资有限责任公司（以下简称"东数一号"） 进行增资（以下简称"本次增资"）。同时，东数一号通过全资孙公司宜昌东数 三号投资有限责任公司（以下简称"东数三号"）收购秦淮数据中国区业务经营 ...

截至本公告披露日，本次交易投资人、买方等已经按照《股权转让协议》的约定累计出资和支付112亿 元款项，其中公司已经向东数一号出资30亿元。此外，东数一号下属全资子公司上海东创未来数据有限 责任公司已就本次交易签署并购贷款协议，后续将按照协议约定将168亿元并购贷款出资至东数三号， 与前述款项合计280亿元作为交易价款，按协议约定支付给卖方。 格隆汇11月26日丨东阳光(600673.SH)公布，2025年9月10日，公司召开了第十二届董事会第十七次会议 并审议通过了《关于与关联方共同增资合资公司用于收购秦淮数据中国100%股权暨关联交易的议 案》，同意公司与控股股东深圳市东阳光实业发展有限公司共同对宜昌东数一号投资有限责任公司进行 增资。 同时，东数一号通过全资孙公司宜昌东数三号投资有限责任公司收购秦淮数据中国区业务经营主体 100%股权，并由东数三号与交易对方StackHKLimited、BCPE Stack ZJK Limited、WT Alpha Ltd、吴华 鹏、肖蒨等签署了《股权转让协议》。本次交易完成后，公司成为东数一号的参股股东，间接持有标的 公司参股股权。 ...

Core Viewpoint - Dongyangguang announced a joint capital increase with its controlling shareholder, Shenzhen Dongyangguang Industrial, for Dongshu No. 1, which will acquire 100% equity of Qinhuai Data China through its subsidiary Dongshu No. 3 [1] Group 1 - As of the announcement date, the State Administration for Market Regulation has decided not to conduct further review of this transaction [1] - The parties involved have cumulatively contributed and paid 11.2 billion yuan, with the company contributing 3 billion yuan to Dongshu No. 1 [1] - A merger loan agreement of 16.8 billion yuan has been signed by the subsidiary of Dongshu No. 1, with the total transaction price amounting to 28 billion yuan [1] - All parties will continue to advance the transaction and complete the delivery work [1]

东阳光药(06887.HK)发布公告，公司有意于公开市场上购回自身股份。公司管理层对集团前景充满信 心，而建议回购体现了董事会及管理层团队对公司长远业务前景及发展的信心。董事会认为建议回购符 合公司与公司股东的整体最佳利益。 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司章程指引》及《公司章程》的 有关规定，广东东阳光科技控股股份有限公司（以下简称"公司"）于2025年11月25日召开公司2025年第 二次职工代表大会，选举张光芒先生为公司第十二届董事会职工代表董事（简历详见附件），任期与公 司第十二届董事会董事一致。 广东东阳光科技控股股份有限公司董事会 2025年11月26日 附：张光芒先生简历 张光芒先生原为公司第十二届董事会非职工代表董事，经公司职工代表大会选举后变更为第十二届董事 会职工代表董事，公司第十二届董事会及各专门委员会构成人员不变。 张光芒先生符合《公司法》等相关法律法规及《公司章程》中关于职工代表董事任职的资格和条件。本 次选举后，公司第十二届董事会仍由9位董事组成，其中兼任公司高级管理人员职务的董事以及由职工 代表担任的董事人数总计未超过公司董事总数的二分之一，符合相关法律法规及《公司章程》的规定。 特此公告。 张光芒，男，1976年11月出生，中国国籍，中 ...