11月5日，新坐标盘中上涨2.01%，截至13:18，报74.98元/股，成交9848.55万元，换手率0.99%，总市值 102.34亿元。 新坐标今年以来股价涨242.06%，近5个交易日跌0.42%，近20日跌10.76%，近60日涨55.01%。 资金流向方面，主力资金净流出288.88万元，特大单买入0.00元，占比0.00%，卖出542.35万元，占比 5.51%；大单买入2451.97万元，占比24.90%，卖出2198.50万元，占比22.32%。 今年以来新坐标已经2次登上龙虎榜，最近一次登上龙虎榜为5月8日，当日龙虎榜净买入-849.86万元； 买入总计1.19亿元 ，占总成交额比11.22%；卖出总计1.28亿元 ，占总成交额比12.02%。 截至9月30日，新坐标股东户数1.00万，较上期减少10.58%；人均流通股13513股，较上期增加12.42%。 2025年1月-9月，新坐标实现营业收入5.93亿元，同比增长19.45%；归母净利润2.09亿元，同比增长 29.41%。 资料显示，杭州新坐标科技股份有限公司位于浙江省杭州市余杭区仓前街道龙潭路18号1-5幢，成立日 期2002年 ...

中新社北京11月2日电 题：博物馆见证元首外交，中韩关系刻下"新坐标" 中新社记者 郭超凯 11月的韩国庆州，银杏渐黄、秋意正浓。当地时间1日下午，韩国总统李在明同中国国家主席习近平在 庆州博物馆举行会谈。 中国国际问题研究院研究员杨希雨认为，两国元首会谈地点选在博物馆并不多见。此次中韩元首在"博 物馆中的博物馆"会谈，这一特殊安排新意十足、颇具匠心。 此访是习近平时隔11年再次对韩国进行国事访问，也是李在明就任总统后中韩元首首次会晤。从此访的 三个"新"，外界可感知中韩关系的发展方向。 当地时间11月1日下午，韩国总统李在明同中国国家主席习近平在庆州博物馆举行会谈。这是两国元首 握手合影。新华社记者 黄敬文 摄 安排有新意 大国外交中，领导人互动的地点往往承载特殊意涵。此次中韩元首会谈地点并未选择外交活动的传统场 所，而是定在了庆州博物馆。 庆州被誉为"没有屋顶的博物馆"，中韩文化的交融不仅体现在这座城市的一些历史遗迹之上，也流淌在 日常生活里。庆州博物馆中珍藏的一些文物更见证着中韩人民源远流长的友好交往。 1日下午，习近平乘车抵达庆州博物馆时，韩国礼仪队隆重欢迎。李在明热情迎接习近平。两人登上检 阅台。军 ...

，谷雨逐步打造起一个源自中国科技、具备全球竞争力的原料矩阵。这不仅是对功效的深耕，更是对研 发逻辑的根本性重塑——从分析近10万例国人肤质样本实现精准靶向，到运用AI筛选生物酶、模拟人 体转化过程，谷雨确保了原料库中的每一成员都具备分子结构明确、作用机理清晰、功效数据坚实的超 高纯度标准，为品牌提供了持续创新的源头活水。 综合其科研布局、战略雄心和对产业链的掌控力来看，谷雨已明确跻身国货品牌中的 "研发实力 派"或"第一梯队"。 1. 研发投入的"重仓" 在国货品牌中，敢于宣布如此巨额、长线研发投入的并不多见。这标志着谷雨已经从追求短期市场爆款 的模式，转向了 "长期主义" 的发展道路。这种战略选择，与国际一线护肤集团的思路一致，使其在国 货圈内脱颖而出。 2. 技术壁垒的"创芯" 国货品牌的发展可分为几个阶段：从渠道制胜、营销驱动，到如今的"技术为王"。谷雨通过"类人源外 泌素HME"这样的独家专利原料，正在构建自己的 "技术壁垒" 。这意味它不再只是热门成分的"搬运 工"或"组合者"，而是成为了新成分、新技术的"创造者"。这种能力，是区分普通国货品牌与领先科技 型品牌的关键。 3. 从核心原料到中国芯原料 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1]. Core Insights - The company has demonstrated continuous improvement in profitability, with a third-quarter dividend declared [1]. - For the first three quarters of 2025, the company achieved a revenue of 5.9 billion yuan, representing a year-on-year increase of 19.4%, and a net profit attributable to the parent company of 2.1 billion yuan, up 29.4% year-on-year [7]. - The gross margin for the first three quarters of 2025 was 54.4%, an increase of 1.9 percentage points year-on-year, while the net profit margin was 36.3%, up 2.5 percentage points year-on-year [7]. - The company is focusing on product development and expanding its presence in the screw rod sector, diversifying raw materials and applications [7]. Financial Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 680.28 million yuan, 856.32 million yuan, 1,122.33 million yuan, and 1,507.60 million yuan, respectively, with growth rates of 16.63%, 25.88%, 31.06%, and 34.33% [2]. - The net profit attributable to the parent company is forecasted to be 211.61 million yuan, 276.42 million yuan, 380.63 million yuan, and 490.83 million yuan for the same years, with growth rates of 14.76%, 30.63%, 37.70%, and 28.95% [2]. - The earnings per share (EPS) are expected to be 1.55 yuan, 2.03 yuan, 2.79 yuan, and 3.60 yuan for 2024A, 2025E, 2026E, and 2027E, respectively [2]. - The return on equity (ROE) is projected to increase from 15.72% in 2024A to 21.21% in 2027E [2]. Dividend Policy - The company has announced a cash dividend of 2.50 yuan per 10 shares for the third quarter of 2025, with a cumulative dividend payout ratio of 35.6% for the year [7].

Core Insights - The ChiNext board has evolved from an "innovation testing ground" to a "source of innovation power" supporting China's modernization efforts over its 16 years of operation [1] - The China Securities Regulatory Commission (CSRC) has announced the launch of reforms aimed at deepening the ChiNext board, which is crucial for fostering new productive forces and establishing a self-reliant industrial system amid global competition [1][2] Summary by Sections Development and Significance - The ChiNext board currently has about 90% of its companies in high-tech sectors, with nearly 70% belonging to strategic emerging industries, serving as a vital financing platform and a key hub connecting innovation, industry, and capital [1] - The reforms are seen as a strategic choice to enhance the capital market's ability to serve national strategies and high-quality development needs, especially in the context of the "14th Five-Year Plan" [1][2] Reform Details - The reforms propose to establish listing standards that better align with the characteristics of emerging fields and future industries, potentially broadening the growth pathways for new industries and technologies [2] - Historical milestones in China's capital market, such as the introduction of the registration system on the Sci-Tech Innovation Board, highlight the unique advantages and vitality of the market, responding to the needs of development and modernization [2]

Core Insights - The ChiNext board has evolved from an "innovation testing ground" to a "source of innovation power" supporting China's modernization efforts over its 16 years of operation [1] - The China Securities Regulatory Commission (CSRC) has announced the launch of reforms aimed at deepening the ChiNext board, which is crucial for fostering new productive forces and establishing a self-reliant industrial system amid global competition [1][2] Group 1 - The ChiNext board currently has approximately 90% of its companies in high-tech sectors, with nearly 70% belonging to strategic emerging industries, serving as a vital financing platform and a key hub connecting innovation, industry, and capital chains [1] - The reform aims to establish listing standards that better align with the characteristics of emerging fields and future industries, potentially broadening the growth pathways for new industries, business models, and technologies [2] - The historical context of capital market development in China shows that each institutional breakthrough, from the Sci-Tech Innovation Board to the ChiNext reforms, is closely tied to national development priorities, highlighting the unique advantages and vitality of China's capital markets [2] Group 2 - The reforms are expected to create a more inclusive institutional environment that nurtures innovation and entrepreneurship, while efficient capital allocation will drive the industrial chain towards higher-end development [2] - The ChiNext reform is a profound response to the questions of "who development is for and who it relies on," and a firm answer to "how to serve Chinese-style modernization" [2] - The capital market is positioned to become a "core engine" for promoting technological self-reliance and leading high-quality development, providing sustained momentum for the stability and long-term growth of the Chinese economy [2]

Core Viewpoint - The ChiNext board has evolved from an "innovation testing ground" to a crucial support for China's modernization, with approximately 90% of its companies being high-tech and nearly 70% belonging to strategic emerging industries [1][2] Group 1: Reform and Development - The China Securities Regulatory Commission has announced the launch of deep reforms for the ChiNext board, which is seen as a strategic choice to foster new productive forces and strengthen technological self-reliance [1] - The reform aims to establish listing standards that better align with the characteristics of emerging fields and future industries, potentially broadening the growth channels for new industries, new business formats, and new technologies [2] Group 2: Historical Context and Strategic Significance - The history of capital market development in China shows that each institutional breakthrough, from the Sci-Tech Innovation Board to the ChiNext reforms, closely aligns with national development needs, highlighting the unique advantages and vitality of China's capital market [2] - The ChiNext reform is a profound response to the questions of "who development is for and who it relies on," and it aims to effectively serve China's modernization [2]

Core Insights - The INNOPORT Second Zhengzhou Airport Global Entrepreneurship Competition and Global Entrepreneurs Conference took place on October 27-28, showcasing 34 high-quality projects competing for investment and recognition [1][3][20] - The event featured prominent speakers, including Chinese Academy of Sciences academician Li Yongfang, who discussed entrepreneurship, innovation ecosystems, and industry transformation trends [1][7][15] - A 5 billion yuan venture capital fund was launched to support quality projects, and 22 entrepreneurial ecosystem partners were announced to provide intellectual and resource support for the airport's entrepreneurial ecosystem [1][19] Competition Highlights - The competition included two categories: Growth Group and Startup Group, covering cutting-edge fields such as artificial intelligence, biomedicine, aerospace, new materials, and renewable energy [4][8] - Notable projects included "AI-Diabetes Fatty Liver Drug" from Harvard University, which won the Startup Group first prize, and "High-Precision Laser Manufacturing Robot" which won the Growth Group first prize [9][10] - The projects demonstrated high technological barriers and clear market demand, indicating strong potential for commercialization and investment value [8][9] Entrepreneurial Ecosystem Development - The Zhengzhou Airport has established a comprehensive support system for entrepreneurship, including a global entrepreneurship competition, a global entrepreneurs conference, and various funding initiatives [19][22] - The system aims to provide a worry-free environment for entrepreneurs across five dimensions: space, resources, project implementation, talent, and overall entrepreneurial ecosystem [19] - The event also included a financing matchmaking session to connect investment institutions with quality entrepreneurial projects, emphasizing the commitment to fostering a robust entrepreneurial ecosystem [17][19] Global Engagement - The Global Entrepreneurs Conference attracted over 300 entrepreneurs, investors, and industry leaders from around the world, providing insights and development strategies [10][20] - International experts shared their experiences and insights, highlighting Zhengzhou Airport's role as a pioneer in embracing the Fourth Industrial Revolution [11][14] - The conference aimed to position Zhengzhou Airport as a "Youth Entrepreneurship Paradise" and an "International Entrepreneurship Capital," enhancing its competitive advantage in urban development [14][22]

Summary of Conference Call for New Coordinates Industry and Company Overview - The conference call discusses the performance and outlook of New Coordinates, a company involved in manufacturing components for the automotive and robotics industries, particularly focusing on the production of screw rods and related technologies. Key Points and Arguments Financial Performance - In Q3 2025, New Coordinates achieved a cumulative revenue of 593 million yuan, representing a year-on-year growth of nearly 20% [4] - Net profit for the same period was 274 million yuan, with a year-on-year increase of over 27% [4] - The overall gross margin and net profit margin have steadily improved, attributed to cost reduction and efficiency gains across the entire industry chain, as well as significant achievements in overseas market expansion [2][4] Overseas Market Expansion - Overseas revenue accounted for over 52% of total revenue, with Czech and Mexican subsidiaries experiencing approximately 40% year-on-year growth [2][4] - The Mexican subsidiary reported revenue exceeding 50 million yuan in Q3 2025, marking a 4% increase year-on-year, indicating the gradual realization of scale effects [5] - New Coordinates anticipates that high growth rates in overseas business can be sustained for two to three more years, driven by new projects entering mass production [9] Production and Capacity - The company is on track to achieve a monthly production capacity of 20,000 planetary roller screw rods by the end of October 2025, with an expected increase to 30,000 units by March 2026 [3][18] - Production efficiency has been enhanced through improvements in internal track mold beds, facilitating easier model changes and overall production efficiency [12][14] Product Development and Technology - New Coordinates emphasizes that roller screw rods have a longer lifespan compared to ball screw rods, which meets current customer demands while continuing research and development [8] - The company has a strong technological foundation and innovation capabilities, with a focus on material science and manufacturing processes that minimize costs and enhance quality [23] Future Outlook - The company maintains its business guidance for Q4 2025, expecting domestic market demand to surge despite potential impacts from holiday seasons on overseas markets [6][7] - New projects with Chery and improved payment terms with BYD are seen as positive signals for continued growth [6][7][17] Robotics and New Projects - The company is advancing its robotics-related equipment production, with a target of 20,000 units, and is optimistic about the development prospects in this field [12] - New Coordinates is also exploring collaborations with partners like Nassen, with plans for mass production expected to begin in 2026 [21] Challenges and Considerations - The company acknowledges that while overseas orders are expected to enhance overall profit margins, the specific impacts will depend on the successful execution of new projects and market conditions [13] - The production of components for electric vehicles currently constitutes less than 12% of total revenue, primarily supplying hybrid models for BYD [10] Additional Important Information - The company is developing new stainless steel products and precision automotive parts, aiming for significant improvements in the following year [16] - The utilization rates of European and North American factories are high, with future capacity increases primarily relying on domestic assembly lines to enhance gross margins [11]

Investment Rating - The report maintains a "Recommended" rating for the company [5][11]. Core Insights - The company achieved a revenue of 203.18 million yuan in Q3 2025, representing a year-on-year growth of 20.61%, and a net profit attributable to shareholders of 67.43 million yuan, up 33.82% year-on-year [1]. - The growth in revenue is driven by the continuous expansion of overseas business, which accounted for 51.4% of total revenue in the first half of 2025, with a year-on-year growth of 30.7% [1]. - The company has established strong relationships with major clients such as Volkswagen, contributing to the growth of its overseas business [1]. - The gross margin for Q3 2025 was 55.2%, showing improvements both year-on-year and quarter-on-quarter, significantly higher than the average gross margin of 17.6% in the automotive parts industry [2]. - The company has increased its dividend payout ratio, with a total dividend amount of 74.45 million yuan for the first three quarters of 2025, representing 35.6% of the net profit attributable to shareholders [3]. - The company is actively developing new products using cold forging technology, expanding its material base to include aluminum, copper, titanium alloys, and stainless steel [3]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 203.18 million yuan and a net profit of 67.43 million yuan, with respective year-on-year growth rates of 20.61% and 33.82% [1]. - The gross margin for Q3 2025 was 55.2%, an increase from 54.1% in Q2 2025 and 52.3% in Q3 2024 [2]. - The net profit margin for Q3 2025 was 34.4%, up from 31.7% in the same period last year [2]. Dividend Policy - The company announced a cash dividend of 2.50 yuan per 10 shares for Q3 2025, marking the second dividend distribution for the year [3]. - The dividend payout ratio has increased from around 30% in 2019-2022 to 57.6% in 2024 [3]. Growth Prospects - The company is expected to continue its growth trajectory, with projected net profits of 270.09 million yuan, 325.38 million yuan, and 391.87 million yuan for 2025, 2026, and 2027 respectively [4]. - The company is expanding into new product areas, including precision electromagnetic valves and electric drive transmission systems, which are anticipated to support long-term growth [3].