投资建议：该行预计公司2026-2027年实现营业收入35.70/42.18亿元，归母净利润0.91/4.20亿元。对应PS 分别为4.73/4.01倍，首次覆盖，给予"买入"评级。 风险提示：智驾及机器人产业进展不及预期、原材料成本大幅波动、市场竞争加剧。 2014年公司成立，现已形成R、M、E、EM四大平台的激光雷达产品，应用于ADAS、机器人等多个场 景；近期公司也正加快发展"创新业务"，主要产品为具身智能相关的机器人之眼AC1/2、灵巧手等。 智驾产业持续推进，公司ADAS雷达已与海内外多家车企合作 2025年国家加强对辅助驾驶的管理，2025年上半年L2以上渗透率同比提高12.3个百分点，带动激光雷达 出货量同步提升。公司ADAS雷达客户涵盖国内外多家车企，2021-2024年期间公司ADAS雷达交付量由 0.4万台增至52.0万台，2025年前三季度交付37.1万台。2025年机器人及其他激光雷达销量及收入同比高 增：公司机器人及其他激光雷达可用于多个场景，如具身智能、无人配送、割草机器人、Robotaxi、清 洁机器人等，客户包括宇树、智元、新石器、白犀牛、小马智行等。公司机器人及其他激光雷达交 ...

Core Viewpoint - Huadian Co., Ltd. has demonstrated strong operational performance in the first three quarters of 2025, driven by robust demand in artificial intelligence and high-speed network infrastructure, with record quarterly revenue and net profit [1] Group 1: Company Performance - In Q3 2025, Huadian Co. achieved a historical high in both revenue and net profit, with net profit exceeding 1 billion yuan for the first time [1] - The company reported a foreign exchange loss of approximately 18 million yuan and a loss from its Thailand subsidiary of about 43 million yuan in Q3 [1] - Huadian's stock price is currently 69.12 yuan, with a market capitalization of 133.01 billion yuan, and a rolling P/E ratio of 38.48, ranking 24th in its industry [1] Group 2: Business Strategy - The company focuses on differentiated business strategies in high-growth areas such as high-speed network switches and routers, AI servers, HPC, and smart automotive PCB products [2] - Huadian plans to invest approximately 4.3 billion yuan in a new project for high-end printed circuit boards to support AI chip production, expected to commence construction in late June 2025 [2] - The company is adapting its technical and production capabilities to meet long-term market demand while maintaining resilience and competitive advantages through innovation and a diversified customer base [2] Group 3: Shareholder Information - As of September 30, 2025, Huadian had 162,040 shareholders, an increase of 33,872 from the previous count, with an average holding value of 820,900 yuan per shareholder [3] - Ruiyuan Fund, a participant in the recent company research, focuses on value-driven long-term investments and has seen a 74.86% growth in its flagship fund over the past year [3]

智驾产业持续推进，公司ADAS雷达已与海内外多家车企合作 智通财经APP获悉，财通证券发布研报称，速腾聚创(02498)是国内优质激光雷达厂商，雷达产品种类多 且覆盖汽车和机器人两大核心场景，随着创新业务逐渐贡献收入，公司后续业绩有望保持高速增长。首 次覆盖，给予"买入"评级。 财通证券主要观点如下： 公司激光雷达种类丰富，加快发展"创新业务" 2014年公司成立，现已形成R、M、E、EM四大平台的激光雷达产品，应用于ADAS、机器人等多个场 景；近期公司也正加快发展"创新业务"，主要产品为具身智能相关的机器人之眼AC1/2、灵巧手等。 2025年国家加强对辅助驾驶的管理，2025年上半年L2以上渗透率同比提高12.3个百分点，带动激光雷达 出货量同步提升。公司ADAS雷达客户涵盖国内外多家车企，2021-2024年期间公司ADAS雷达交付量由 0.4万台增至52.0万台，2025年前三季度交付37.1万台。2025年机器人及其他激光雷达销量及收入同比高 增：公司机器人及其他激光雷达可用于多个场景，如具身智能、无人配送、割草机器人、Robotaxi、清 洁机器人等，客户包括宇树、智元、新石器、白犀牛、小马智行 ...

21世纪经济报道记者孙永乐 近日，财通证券公告称，董事会同意聘任其原监事会主席叶笃银为副总经理，任期自董事会审议通过之日起至该届董事会届满时止。 此前，2025年12月30日，财通证券临时股东会已高票通过了关于取消监事会并修订《公司章程》的议案。 据悉，证监会要求，上市公司应当在2026年1月1日前，按照《公司法》等规定，在公司章程中规定在董事会中设审计委员会，行使《公司法》规定的监事会 的职权，不设监事会或者监事。 目前，A股42家上市券商均已决议撤销监事会，逐步转而由董事会审计委员会行使《公司法》规定的监事会职权。 业内人士指出，叶笃银是一名具备深厚地方金融监管背景的券商高管，对政策法规及行业运行逻辑有着深刻理解，其被任为财通证券副总经理，能够帮助公 司在合规经营与业务发展之间实现更精准的平衡。 公开信息显示，叶笃银1973年2月出生，系公共管理硕士，曾任浙江省人大常委会办公厅副处级秘书，浙江省政府金融工作办公室综合管理处副处长、证券 期货处副处长（主持工作）、证券期货处处长、证券融资处处长，浙江省地方金融监督管理局证券融资处处长、银行保险处处长、一级调研员。 2024年2月，财通证券原监事、监事会主席郑 ...

Group 1 - The core point of the news is that Ecovacs Robotics has seen a stock price increase of 2.85% on January 12, reaching 85.86 CNY per share, with a total market capitalization of 49.706 billion CNY and a trading volume of 799 million CNY, marking a cumulative increase of 5.9% over three consecutive days [1] - Ecovacs Robotics, established on March 11, 1998, and listed on May 28, 2018, specializes in the research, design, production, and sales of various household service robots and smart home appliances, with service robots contributing 55.89% and smart living appliances 42.96% to its revenue [1] Group 2 - From the perspective of fund holdings, one fund under Caitong Securities Asset Management has a significant position in Ecovacs, with Caitong Zichan Xinrui Mixed A (004900) holding 1,500 shares, representing 0.86% of the fund's net value, making it the third-largest holding [2] - The fund has generated a floating profit of approximately 3,570 CNY today and 7,170 CNY during the three-day price increase period [2] - Caitong Zichan Xinrui Mixed A (004900) was established on December 6, 2017, with a current scale of 7.5953 million CNY, yielding 1.43% year-to-date and 10.57% over the past year [2]

财通资管中证1000指数增强A（019402）基金经理为辛晨晨。 1月12日，吉比特涨1.89%，截至发稿，报476.05元/股，成交13.60亿元，换手率4.00%，总市值342.95亿 元。吉比特股价已经连续3天上涨，区间累计涨幅6.55%。 资料显示，厦门吉比特网络技术股份有限公司位于福建省厦门软件园二期望海路4号101室，成立日期 2004年3月26日，上市日期2017年1月4日，公司主营业务涉及专业从事网络游戏创意策划、研发制作及 商业化运营。 从基金十大重仓股角度 数据显示，财通证券资管旗下1只基金重仓吉比特。财通资管中证1000指数增强A（019402）三季度持 有股数200股，占基金净值比例为0.91%，位居第四大重仓股。根据测算，今日浮盈赚取约1768元。连 续3天上涨期间浮盈赚取5850元。 财通资管中证1000指数增强A（019402）成立日期2024年4月29日，最新规模1143.64万。今年以来收益 6.15%，同类排名1663/5580；近一年收益38.23%，同类排名2054/4203；成立以来收益47.33%。 截至发稿，辛晨晨累计任职时间5年127天，现任基金资产总规模125 ...

Group 1 - Perfect World shares increased by 5.01%, reaching a price of 18.43 CNY per share, with a trading volume of 1.089 billion CNY and a turnover rate of 3.29%, resulting in a total market capitalization of 35.754 billion CNY [1] - Perfect World Co., Ltd. is based in Beijing and was established on August 27, 1999. It was listed on October 28, 2011. The company's main business includes the development, publishing, and operation of online games, as well as film and television production and related services [1] - The revenue composition of Perfect World includes: 50.18% from PC online games, 26.23% from mobile online games, 20.29% from TV series and short dramas, 1.85% from other game-related businesses, 0.50% from other film-related businesses, 0.48% from other sources, and 0.47% from console games [1] Group 2 - According to data from the top ten holdings of funds, one fund under Caitong Securities Asset Management holds a significant position in Perfect World. The Caitong Asset Management Technology Innovation One-Year Open Mixed Fund (009447) held 1.6134 million shares, accounting for 4.73% of the fund's net value, making it the third-largest holding [2] - The Caitong Asset Management Technology Innovation One-Year Open Mixed Fund (009447) was established on July 10, 2020, with a current size of 653 million CNY. Year-to-date returns are 5.91%, ranking 1891 out of 9012 in its category; the one-year return is 67.93%, ranking 867 out of 8157; and the return since inception is 88.39% [2]

Group 1 - The core point of the news is that Huafeng Technology's stock price increased by 5.21% to 111.58 CNY per share, with a trading volume of 1.639 billion CNY and a turnover rate of 8.37%, resulting in a total market capitalization of 51.438 billion CNY [1] - Huafeng Technology, established on November 21, 1994, is located in Mianyang, Sichuan Province, and specializes in the research, production, and sales of optical and electrical connectors and cable components, providing system solutions to customers [1] - The company's main business revenue composition includes components (61.65%), connectors (29.83%), system interconnection products (5.90%), other supporting components (1.68%), and others (0.94%) [1] Group 2 - From the perspective of fund holdings, one fund under Caitong Securities Asset Management has a significant position in Huafeng Technology, with the Caitong Asset Management Stable Growth Mixed A Fund (014625) reducing its holdings by 1 share in the third quarter, holding 19,200 shares, which accounts for 2.05% of the fund's net value, ranking as the seventh largest holding [2] - The Caitong Asset Management Stable Growth Mixed A Fund (014625) was established on June 10, 2022, with a latest scale of 91.1297 million CNY, showing a year-to-date loss of 0.19% and a one-year return of 10.08% [2] - The fund manager, Gong Zhifang, has a tenure of 8 years and 150 days, with a total asset scale of 21.058 billion CNY, achieving a best fund return of 39.79% during the tenure [3]

近日， 财通证券公告称，经董事会审议通过，同意聘任其原监事会主席叶笃银为副总经理，任期自董事会 审议通过之日起至该届董事会届满时止。2025年12月12日，财通证券临时股东会已高票通过了关于取消监 事会并修订《公司章程》的议案。 简历显示，叶笃银是一位拥有深厚地方金融监管背景的券商高管，曾长期在浙江金融监管局工作。随着他的到 任，以及2025年10月底新总经理应朝晖被成功任命，目前财通证券的高管序列中共有一名总经理及三名副总经 理，改变了过去相当长一段时间内副总经理缺人，总经理助理顶上的尴尬局面。 根据公开信息，叶笃银出生于1973年2月，系公共管理硕士，高级会计师，中国国籍，无境外永久居留权。他 曾任浙江省人大常委会办公厅副处级秘书，浙江省政府金融工作办公室综合管理处副处长、证券期货处副处长 （主持工作）、证券期货处处长、证券融资处处长，浙江省地方金融监督管理局证券融资处处长、银行保险处 处长、一级调研员。 2024年2月，财通证券原监事会主席郑联胜因工作调整辞职，目前担任该公司董事、审计委员会委员。随后， 财通证券根据中共浙江省委的任免通知，及控股股东浙江省金融控股有限公司（简称"浙江金控"）的推荐，提 ...

证券日报网讯 1月9日，财通证券发布公告称，公司第四届董事会第二十八次会议审议通过《关于审议 聘任副总经理的议案》《关于审议的议案》《关于修订的议案》。 （文章来源：证券日报） ...