Group 1 - The core point of the article highlights that Jinghua New Materials conducted two block trades on November 21, with a total trading volume of 2.222 million shares and a total transaction amount of 55.8389 million yuan [2] - The transaction price was 25.13 yuan, representing a discount of 4.81% compared to the closing price of the day [2] - Institutional specialized seats participated in one of the trades, with a total transaction amount of 21.3605 million yuan, indicating a net purchase of 21.3605 million yuan [2] Group 2 - Over the past three months, Jinghua New Materials has recorded a total of 33 block trades, amounting to 149 million yuan [2] - On the same day, the closing price of Jinghua New Materials was 26.40 yuan, reflecting an increase of 2.25%, with a turnover rate of 5.13% and a total transaction amount of 376 million yuan [2] - The stock experienced a net inflow of 5.8931 million yuan in main funds for the day, but has seen a cumulative decline of 5.04% over the past five days, with a total net outflow of 67.5112 million yuan [2]

Core Viewpoint - Jinhua New Materials (603683.SH) announced a significant reduction in shareholding by major shareholders, indicating a strategic shift in their investment approach [1] Shareholding Changes - Shareholder Zhou Xiaodong reduced his holdings by 3.4319 million shares, accounting for 1.19% of the total share capital, between October 21, 2025, and November 11, 2025 [1] - Shareholder Zhou Jinhang reduced his holdings by 3.896 million shares, representing 1.35% of the total share capital, from October 21, 2025, to November 21, 2025 [1] - Both shareholders decided to terminate their reduction plans early, with no further shares to be sold during the remaining period of the plan [1] Current Shareholding Status - As of the announcement date, the controlling shareholders Zhou Xiaodong, Zhou Xiaonan, and their concerted action person Zhou Jinhang collectively hold 94.7759 million shares, which is 32.73% of the total share capital [1]

触及 1%刻度、提前终止减持计划暨减持结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 证券代码：603683 证券简称：晶华新材 公告编号：2025-092 上海晶华胶粘新材料股份有限公司 关于控股股东、实际控制人及其一致行动人权益变动 控股股东暨实际控制人及其一致行动人持股的基本情况 本次减持计划实施前，上海晶华胶粘新材料股份有限公司（以下简称"公司"） 控股股东、实际控制人周晓东先生直接持有公司股份 42,839,600 股，占公司总 股本的 14.79%。公司控股股东、实际控制人之一致行动人周锦涵先生直接持有 公司股份 13,000,000 股，占公司总股本的 4.49%。 减持计划的主要内容和实施结果情况 公司于 2025 年 8 月 29 日披露了《控股股东暨实际控制人及其一致行动人、 高级管理人员减持股份计划公告》（公告编号：2025-071），自公告披露之日起 15 个交易日后的 3 个月内（根据中国证监会及上海证券交易所相关规定禁止减持的 期间除外），周晓东先生及其一致行动人 ...

Core Viewpoint - The company announced a reduction in shareholding by its major shareholders, which has led to a decrease in their overall ownership percentage, but this change does not affect the control of the company [1] Group 1: Shareholding Changes - The controlling shareholder, Zhou Xiaodong, along with his associates Zhou Jinhang and Zhou Xiaonan, collectively hold 94,775,940 shares, representing 32.73% of the total share capital [1] - Prior to this reduction, the combined shareholding percentage was 33.49%, indicating a decrease of 0.76% due to the implementation of a share reduction plan [1] - Zhou Xiaodong reduced his holdings by 3,431,900 shares, decreasing his ownership from 14.79% to 13.61% [1] - Zhou Jinhang reduced his holdings by 3,896,000 shares, decreasing his ownership from 4.49% to 3.14% [1] Group 2: Reduction Plan Details - The share reduction plan has been terminated early, and any uncompleted share reductions will not occur during the remaining period [1] - The changes in shareholding do not lead to a change in the company's controlling shareholder or actual controller [1]

Group 1 - The core point of the article highlights that Jinghua New Materials experienced a 2.25% increase in stock price, closing at 26.40 yuan, with two block trades totaling 2.222 million shares and a transaction value of 55.8389 million yuan [1] - The first block trade occurred at a price of 25.13 yuan for 850,000 shares, amounting to 21.3605 million yuan, with a discount rate of -4.81%. The buyer was an institutional entity, while the seller was Shanghai Securities Co., Ltd. [1] - The second block trade also took place at 25.13 yuan for 1.372 million shares, totaling 34.4784 million yuan, with the same discount rate of -4.81%. The buyer was Donghai Securities Co., Ltd. [1] Group 2 - Over the past three months, Jinghua New Materials has recorded a total of 33 block trades, with a cumulative transaction value of 149 million yuan [1] - In the last five trading days, the stock has declined by 5.04%, with a net outflow of main funds amounting to 65.5118 million yuan [1]

Group 1 - The core point of the news is that Jinghua New Materials conducted a block trade on November 21, with a total of 2.222 million shares traded, amounting to 55.8389 million yuan, which represents 12.93% of the total trading volume for that day [1] - The transaction price was 25.13 yuan per share, which is a discount of 4.81% compared to the market closing price of 26.4 yuan [1] Group 2 - The block trade involved two main transactions: one for 1.372 million shares with a transaction amount of 34.4784 million yuan, and another for 0.82 million shares with a transaction amount of 21.3605 million yuan [2] - The buying departments included a development department and an institutional special account, indicating a mix of retail and institutional interest in the stock [2]

Investment Rating - The report maintains an investment rating of "B" for the electronic skin industry, indicating a leading position in the market [1]. Core Insights - The electronic skin is a key tactile sensing system for humanoid robots, enabling them to interact with their environment through pressure and temperature sensing [13]. - The market for electronic skin is projected to reach $756 million by 2030, driven by the increasing demand for humanoid robots [4]. - The industry faces three major barriers: materials, manufacturing processes, and algorithms, which are critical for establishing competitive advantages [24][32]. Summary by Sections 1. Electronic Skin: Key to Humanoid Robot Interaction - Electronic skin mimics natural skin functions and is essential for humanoid robots to perceive their surroundings [13]. - The technology can be categorized into resistive, capacitive, and piezoelectric types, with resistive sensors being the most common in humanoid robots [2][21]. 2. Domestic Enterprises Accelerating Layout - Overseas companies dominate the high-end market, holding approximately 57.1% of the global flexible tactile sensor market share [4][41]. - Domestic companies are rapidly closing the technology gap, supported by favorable policies and manufacturing capabilities, with firms like Fulei New Materials and Hanwei Technology emerging as key players [5][46]. 3. Key Companies to Watch - Fulei New Materials has completed pilot production and is supplying small batches to leading clients in the dexterous hand sector [5]. - Hanwei Technology has established partnerships with nearly 30 robot manufacturers and is expanding its production capacity [5]. - Keli Sensor and other companies are also making strides in the electronic skin sector, focusing on multi-physical sensors and flexible tactile sensors [5][46].

Core Viewpoint - On November 21, a total of 9 companies had their restricted shares unlocked, with a total unlocking volume of 753 million shares, amounting to a market value of 49.147 billion yuan based on the latest closing price [1] Summary by Category Unlocking Volume - The companies with the highest unlocking volumes are Ruijie Networks, Jinghua New Materials, and Fenghuo Communication, with unlocking shares of 700 million, 27.1998 million, and 17.2516 million respectively [1] Unlocking Market Value - In terms of unlocking market value, Ruijie Networks, Jinghua New Materials, and Fenghuo Communication lead with values of 47.866 billion yuan, 0.702 billion yuan, and 0.039 billion yuan respectively [1] Unlocking Ratio - One company has an unlocking ratio exceeding 10%. The unlocking ratios for Ruijie Networks, Jinghua New Materials, and Fenghuo Communication are 88.0%, 9.39%, and 1.34% respectively [1]

Core Viewpoint - Shanghai Jinghua Adhesive New Materials Co., Ltd. is set to list 27.1998 million restricted shares, accounting for 9.39% of the total share capital, on November 21, 2025, following a simplified issuance process approved by the China Securities Regulatory Commission [1] Summary by Relevant Sections - **Share Issuance Details** - The restricted shares are part of a simplified issuance to specific investors, with the issuance approved on April 29, 2025, and completed on May 21, 2025 [1] - The issuance price was set at 8.36 yuan per share, raising approximately 227 million yuan in total [1] - **Lock-up Period** - According to regulations, the shares subscribed by the issuance targets cannot be transferred within six months from the end of the issuance [1] - The lock-up period for these shares is nearing its end, meeting the conditions for listing and circulation [1]

Market Overview - The Shanghai Composite Index closed at 3949.83 points, with a decline of 0.56% [1] - The total trading volume of A-shares reached 1,296.161 billion yuan [1] Technical Analysis - A total of 112 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Shanshui Bide (300844) with a distance of -1.40% - Yingboer (300681) with a distance of -1.28% - Yake Technology (002409) with a distance of -1.06% [1] Individual Stock Performance - Shanshui Bide (300844) saw a decline of 6.62% with a trading turnover rate of 3.31% [1] - Yingboer (300681) decreased by 2.30% with a turnover rate of 2.45% [1] - Yake Technology (002409) fell by 0.20% with a turnover rate of 2.33% [1] - Other notable declines include: - Bohai Automobile (600960) down by 3.53% - Western Gold (601069) down by 2.80% [1] Additional Stock Movements - Stocks such as Muyu (002714) and Qinglong (002457) showed slight increases of 0.80% and -3.28% respectively [2] - The stock performance of various companies indicates a mixed sentiment in the market, with several stocks experiencing declines while a few managed to gain [2]