Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company, Anfu Technology, has transformed from a retail business to a leader in the domestic small battery industry by acquiring a controlling stake in Nanfu Battery and divesting its original retail operations [3][15] - Nanfu Battery is recognized for its high profit margins, strong return on equity (ROE), and robust cash flow, maintaining a market share of over 80% in the domestic alkaline battery market [6][47] - The company is actively investing in high-tech sectors, including AI and semiconductor manufacturing, to build a second growth curve alongside its core battery business [3][5] Summary by Sections 1. Anfu Technology: Domestic Small Battery Industry Leader - Anfu Technology was established in 1984 and listed on the A-share market in 2016, initially focusing on retail [15] - In 2022, the company acquired 51% of Yajing Technology, gaining control of Nanfu Battery and successfully transitioning to the consumer battery sector [15][12] 2. Controlling Nanfu Battery: A Stable "Cash Cow" Business - Nanfu Battery has been the market leader in alkaline manganese batteries for 32 consecutive years, with a retail market share of 85.9% in alkaline 5 and 7 batteries for 2024 [6][47] - Revenue for Nanfu Battery grew from 2.18 billion to 4.64 billion (CAGR +10%) from 2016 to 2024, with net profit increasing from 500 million to 920 million (CAGR +8%) [6][53] - The company plans to acquire the remaining shares of Yajing Technology and minority stakes in Nanfu Battery to enhance profitability [6] 3. Strategic Investment in Yilaimi: Potential for "Electric + Optical" Dual Layout - Yilaimi is positioned to develop next-generation optical chips, with a production capacity supporting 200,000 to 500,000 chips annually [6] - The strategic investment in Yilaimi is part of the company's broader strategy to integrate into the semiconductor industry and explore new growth avenues [6] 4. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 4.82 billion, 5.31 billion, and 5.83 billion, with year-on-year growth rates of +4.0%, +10.1%, and +9.8% respectively [6] - The estimated net profit attributable to the parent company for the same period is 235 million, 421 million, and 594 million, reflecting significant growth [6] - The stock's reasonable value range is estimated between 57.6 and 69.1 yuan, corresponding to a market capitalization of 14.85 billion to 17.81 billion [6]

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院干电池研究小组发布的《2025-2030年中国干电池制造行业产销需 求与投资预测分析报告》 行业主要上市公司：安孚科技(603031)、野马电池(605378)、浙江恒威(301222)、长虹能源(920239)等 本文核心数据：产业链结构;企业区域分布 干电池产业链全景梳理：上游原材料简单，下游应用广泛 从干电池制造上游行业来看，干电池行业的上游供应商主要为电解二氧化锰粉、锌粉、隔离纸、钢壳、 碳棒、锌筒和铜针等生产制造企业。 从干电池制造下游应用市场来看，锌锰电池属于标准化产品，电池的尺寸、形状、性能规格等均具有国 际通用标准。由于制造工艺成熟、价格便宜、安全可靠、使用方便、放电和储存时间较长等优点，锌锰 电池目前已经成为了消费者日常生活中不可或缺的电子易耗品，主要应用场景包括电动玩具、家用电 器、家用医疗设备以及户外电子设备等产品。 从产业链具体涉及的企业来看，上游锰粉生产企业主要包括湘潭电化、汇元锰业、桂柳化工等，锌材厂 商主要包括宏达股份、驰宏锌锗、罗平锌电、西部矿业、中色股份等，而电池隔膜纸则包括上海恩捷、 星源材质、中材科技、中兴新材、河北 ...

2026年开年以来，A股市场震荡分化加剧，公募基金配置逻辑快速向低估值、高股息、强确定性切换。 在寻找安全垫的核心诉求下，同一主体两地上市的AH股折价修复行情持续演绎，一批高折价标的被公 募基金集中挖掘，港股定价优势凸显，折价收敛预期推动相关公司迎来估值修复。寻找避风港的套利策 略已成为基金经理获取个股超额收益的一大法宝。证券时报记者调研发现，一拖股份、浙江世宝、安德 利等AH双重上市企业，正成为公募南下布局的重点方向，其港股标的年内涨幅显著跑赢A股标的，折 射出基金对"便宜才是硬道理"的回归。 ...

Stock Performance - The stock price of Anfu Technology (603031) was reported at 55.06 yuan as of February 13, 2026, with a 5-day price fluctuation of 17.62% and four consecutive trading days of negative closing [2] - Technical indicators show that the short-term moving averages (5-day at 57.558 yuan and 10-day at 56.233 yuan) are entangled with the current price, which has fallen below both but remains above the 20-day moving average of 53.789 yuan [2] - The MACD histogram narrowed from 0.676 on February 9 to 0.002 on February 13, and the KDJ indicator's J line dropped from 81.565 to 43.365, indicating weakened bullish momentum and a short-term adjustment phase [2] Capital Flow - Capital flow has shown significant divergence, with a net inflow of 66.55 million yuan on February 9 leading to a price surge, followed by continuous net outflows from February 10 to 13, including a single-day net outflow of 35.46 million yuan on February 13 [3] - Retail investor participation has seen a net inflow, accounting for 35% of the total, while the high turnover rate (average of 4.17% over the past 5 days) indicates increasing divergence between bulls and bears, with substantial profit-taking pressure [3] Business Performance - The company has multiple factors influencing its recent performance, including a projected net profit increase of 28.55% to 50.91% for 2025 and plans for executives to increase their holdings by 11.90 to 13.40 million yuan [4] - The acquisition of shares in Yajing Technology has raised the company's stake in Nanfu Battery to 46.02% [4] - The company is also attempting to enter the CPO optical chip market through Yilong Micro, although the commercialization of related technologies requires further validation [4] - The battery sector has shown mixed performance, with a 0.69% decline on February 13, underperforming the broader market (Shanghai Composite Index down 0.58%), indicating potential impacts on market sentiment due to fluctuating industry demand [4] Company Valuation - The company's dynamic price-to-earnings ratio (TTM) stands at 73.68, which is above the industry average [5] - There is a divergence among investors regarding the synergy between the company's traditional battery business and its emerging technology transformation, leading to sensitive stock price reactions to news [5] - The stock experienced a correction following a price surge on February 9, reflecting a demand for adjustment after rapid short-term gains [5]

证券日报网讯 2月12日，安德利在互动平台回答投资者提问时表示，根据公开信息，深开鸿在国产开源 鸿蒙发行版、工业物联、智能设备操作系统等领域形成了自身的技术优势，其研发的操作系统及相关平 台具备自主可控、响应速度快、适配多行业场景等特点，能够为传统制造业的数字化升级提供技术支 撑，这与产业向创新驱动、智能升级发展的方向相契合。公司后续将以本次投资为契机，立足果汁制造 主业，重点探索深开鸿的数字化技术在公司生产端、供应链端、管理端的落地可能性，推动主业的数字 化、智能化升级。未来公司若有新的产业布局与投资计划，将始终以不脱离主业发展为前提，相关具体 信息也将严格按照规定及时履行信息披露义务。 （文章来源：证券日报） ...

证券日报网讯 2月12日，安孚科技在互动平台回答投资者提问时表示，苏州易缆微是一家专注于硅光异 质集成薄膜铌酸锂光子芯片的创业公司，其独创的硅光异质集成薄膜铌酸锂技术平台，适用于数据中心 的高速高密度光电集成芯片和光学引擎，是实现数据中心1.6T/3.2T集成高性能光模块和光电共封装CPO 的核心技术，具有平滑演进的技术优势、大幅降低功耗和运营成本的商业价值，已确立了数据中心硅光 领域单波200Gbps、400Gbps光芯片的全球技术领先地位。目前苏州易缆微已实现光纤阵列产品的批量 生产与出货，该产品主要应用于光模块内部的光互连结构，可有效支持高速率、高密度集成场景下的光 信号传输需求。后续请关注苏州易缆微官方发布的信息，以获取最新动态。 （文章来源：证券日报） ...

Group 1 - The company has been exporting to EU countries in recent years, with sales primarily conducted by domestic entities directly to EU clients [2] - Specific revenue contribution from the EU market will be detailed in the company's periodic reports [2]

Core Viewpoint - Anfu Technology (603031.SH) highlights the advancements of Suzhou Yilanwei, a startup focused on silicon photonic heterogeneous integration lithium niobate photonic chips, which are crucial for high-speed, high-density optical integration in data centers [1] Group 1: Technology and Innovation - Suzhou Yilanwei has developed a unique silicon photonic heterogeneous integration lithium niobate technology platform, suitable for high-performance optical modules and optical engine integration in data centers [1] - The technology enables the integration of high-performance optical modules at 1.6T/3.2T and is recognized for its smooth technological evolution, significantly reducing power consumption and operational costs [1] - The company has established a global leading position in the silicon photonics field with single-wave 200Gbps and 400Gbps optical chips [1] Group 2: Product Development and Market Application - Suzhou Yilanwei has achieved mass production and shipment of fiber array products, which are primarily used in the optical interconnect structures within optical modules [1] - These products effectively support the transmission needs of optical signals in high-speed, high-density integration scenarios [1]

Core Viewpoint - The article discusses the performance of the A-share market, highlighting the fluctuations in major indices and the notable movements in specific sectors such as media and pharmaceuticals. Market Performance - The Shanghai Composite Index decreased by 0.02% to 4122.34, while the Shenzhen Component Index also fell by 0.02% to 14206.26. The ChiNext Index dropped by 0.14% to 3328.02, and the Sci-Tech Innovation Board Index rose by 0.19% to 1800.35 [4][12]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.4 trillion yuan, with over 2800 stocks declining [6]. Sector Highlights - The media sector experienced significant gains, with multiple stocks such as Light Media and China Film hitting the daily limit, and Huace Film and Happiness Blue Sea rising over 15% [5][6]. - The innovative drug concept saw a surge, with stocks like Guangsheng Tang increasing by over 13% [6]. - The semiconductor sector also performed well, with stocks like Chipone Technology rising over 8% [10]. New Listings - Three new stocks were listed, with N Electric Technology opening at a remarkable increase of 750.05% on its first day [11]. Other Market Movements - The precious metals, shipping, and liquor sectors showed weakness, contrasting with the strong performance of the media and innovative drug sectors [5][6].

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry, indicating an expectation of returns exceeding the market benchmark by over 5% [4]. Core Insights - The report highlights that while the domestic subsidy effect is slowing, the "Two New" policy is expected to stimulate greater consumer potential in the home appliance sector. Leading white goods companies with higher energy efficiency product ratios and mature trade-in management processes are likely to benefit more significantly [3]. - The long-term strategy of expanding overseas production capacity remains a key focus, with companies that diversify their production locations expected to outperform. The report anticipates a valuation shift in 2026, particularly for companies like Roborock Technology and Lek Electric [3]. - The report emphasizes the importance of stable performance in core businesses and the potential for developing secondary growth avenues, with companies like Anfu Technology being highlighted for their strong cash flow and manufacturing capabilities [3]. Summary by Sections Domestic Market Insights - The report notes that the domestic market is experiencing a marginal slowdown in subsidy effects, but ongoing policy optimizations are expected to unlock more consumer potential [3]. Overseas Expansion - Companies are increasingly focusing on overseas production as a long-term strategy, with expectations of accelerated price increases starting in Q1 2026 due to tariff impacts and rising raw material costs [3]. Investment Recommendations - Key investment themes include: - Leading companies with higher operational efficiency and stable dividend yields are recommended for conservative allocation, with Haier Smart Home and Hisense Visual Technology as notable mentions [3]. - Companies with a focus on international expansion are expected to see valuation shifts, with Roborock Technology and Lek Electric recommended for buying [3]. - Companies with stable core business performance and potential for secondary growth avenues, such as Anfu Technology, are also highlighted [3].