Core Viewpoint - On November 18, 2025, Huatuo Cable (605196) closed at 34.06 yuan, down 2.32%, with a turnover rate of 2.3% and a trading volume of 116,100 shares, amounting to a transaction value of 397 million yuan [1]. Trading Information Summary - On November 18, the net outflow of main funds was 83.3153 million yuan, accounting for 20.97% of the total transaction value [1][3]. - Retail investors had a net inflow of 51.0629 million yuan, representing 12.85% of the total transaction value [1]. Company Announcement Summary - Huatuo Cable provided guarantees for its wholly-owned subsidiary Busan Cable and its wholly-owned subsidiary Huatuo International, with a total guarantee amount of 165.55 million yuan and a credit limit of 495,000 USD [1][3]. - The company will hold a third-quarter performance briefing on November 26, 2025, from 15:00 to 16:00, to discuss its operational results and financial status for the third quarter of 2025, with management available to answer investor questions [1][3].

Core Points - Huatong Cable (605196) closed at 34.06 yuan on November 18, 2025, down 2.32% from the previous trading day, with a total market capitalization of 17.405 billion yuan [1] - The company announced it is providing guarantees for its subsidiaries, including a guarantee of 66 million yuan for its wholly-owned subsidiary Busan Cable and a pledge guarantee of 40 million yuan for a time deposit [1] - The total amount of external guarantees provided by the company is 2.935 billion yuan, which accounts for 93.24% of the latest audited net assets, with no overdue guarantees reported [1] Summary by Category Stock Performance - Huatong Cable's stock opened at 34.68 yuan, reached a high of 35.17 yuan, and a low of 33.57 yuan on the reporting day, with a trading volume of 3.97 billion yuan and a turnover rate of 2.3% [1] Company Announcements - The company has provided guarantees for its subsidiaries, including 66 million yuan for Busan Cable and a maximum guarantee for a credit application of 495 million USD for both Busan Cable and Huatong International [1] - The guarantees are within the expected limit for the fiscal year 2025, and there are no counter guarantees involved [1]

证券代码：605196 证券简称：华通线缆 公告编号：2025-098 河北华通线缆集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 会议召开时间：2025 年 11 月 26 日（星期三）15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 总经理：张书军 重要内容提示： 投资者可于 2025 年 11 月 19 日（星期三）至 11 月 25 日（星期二）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dongmiban@huatongcables.com 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 河北华通线缆集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日发布公司 ...

证券代码：605196 证券简称：华通线缆 公告编号：2025-097 河北华通线缆集团股份有限公司 关于为子公司提供担保的进展公告 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。 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 | Pusan | Cables&Engineering Co.,Ltd 釜山电缆 工程有限公司（以下简称"釜山电缆"） | | --- | --- | --- | --- | --- | | 担 保 | 对 | 本次担保金额 | 10,600 | 万元人民币 | | 象一 | | 实际为其提供的担 保余额 | 19,134.62 | 万元 | | | | 是否在前期预计额 度内 | 是 □否 | □不适用：________ | | | | 本次担保是否有反 担保 | □是 否 | □不适用：________ | 担保对象及基本情况 | | | | 釜 山 电 | 缆 | 、 | 华 | 通 | 国 际 | ( 亚 | 太 | ) | 有 | 限 | 公 | (HT | 司 | | ...

Core Viewpoint - Huaxin Securities report highlights Huadong Cable's dual business model focusing on cable and oil service sectors, with significant growth in revenue despite a decline in net profit due to external factors [1] Company Overview - Huadong Cable maintains a collaborative development strategy in both cable and oil service businesses, with key products in the cable sector including medium and low voltage power cables and electrical equipment cables, widely used in power, mining, and oil and gas industries [1] - In the oil service sector, core products include continuous oil pipes and smart cable pipes [1] Financial Performance - For the first three quarters of 2025, the company reported revenue of 5.344 billion, a year-on-year increase of 13.30%, while net profit attributable to shareholders was 257 million, a year-on-year decrease of 7.38%, primarily due to tariff and freight disturbances [1] - In the first half of 2025, the company's revenue from overseas and domestic markets accounted for 70% and 27% respectively, with gross profit margins of 13.80% and 14.69% [1] Market Expansion - The company is expanding its presence in the African market by establishing production bases in Tanzania and Cameroon, aiming to meet local demand and extend its reach to surrounding areas [1] - In the North American market, a production base has been established in Panama, and efforts are underway to increase investment and expand capacity at the Busan base in South Korea [1] Investment Rating - The report assigns a "Buy" investment rating for Huadong Cable [1]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][7] Core Insights - The company is focusing on dual business development in cable and oil services, with significant overseas expansion efforts [5] - The upcoming production of the aluminum project in Angola is expected to contribute to profit elasticity due to low-cost hydropower resources [6] - Revenue for the first three quarters of 2025 reached 5.344 billion, a year-on-year increase of 13.3%, while net profit attributable to shareholders was 257 million, a decrease of 7.38% [5] Revenue and Profit Forecast - The company forecasts revenues of 74.25 billion, 92.82 billion, and 112.84 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.68, 1.23, and 2.04 [7][9] - The projected growth rates for revenue are 17.0% in 2025, 25.0% in 2026, and 21.6% in 2027 [9][11] Market Performance - The company's stock price is currently at 36.98 yuan, with a market capitalization of 18.9 billion [2] - The stock has a 52-week price range of 11.12 to 39.22 yuan [2]

Core Viewpoint - On November 17, a total of 17 listed companies will have their restricted shares unlocked, with a total market value of approximately 22.745 billion yuan [1] Summary by Category Restricted Shares Unlocking - The total number of restricted shares unlocking on this date is significant, with a total market value of about 22.745 billion yuan [1] - Specific companies and their respective unlocking details include: - Yingte Group (000411): 273,600 shares from equity incentive [1] - East China Pharmaceutical (000963): 1,630,300 shares from equity incentive [1] - Innovation New Materials (600361): 2.867 billion shares from other types [1] - Fida Environmental Protection (600526): 152 million shares with extended lock-up period [1] - New Mileage (002219): 8.7 million shares from equity incentive [1] - Anke Bio (300009): 12.3941 million shares from equity incentive [1] - Songcheng Performance (300144): 2.16 million shares from equity incentive [1] - Keheng Co., Ltd. (300340): 511,400 shares from equity incentive [1] - Haoxiangni (002582): 1 million shares from equity incentive [1] - Zhongzhi Technology (301361): 2.252 million shares from pre-issue [1] - Jack Co., Ltd. (603337): 2.4576 million shares from equity incentive [1] - Tian'ao Electronics (002935): 105,400 shares from equity incentive [1] - Huatuo Cable (605196): 556,000 shares from equity incentive [1] - Yongshuntai (001338): 266 million shares from pre-issue [1] - New World (301277): 149 million shares from pre-issue [1] - Yongxi Electronics (688362): 130 million shares [1] - Kangxi Communication (688653): 3.184 million shares [1]

Core Viewpoint - The electric grid equipment sector is experiencing significant activity, with the only electric grid equipment ETF (159326) rising by 1.4% and attracting substantial capital inflow, indicating strong investor interest in this area [1][2]. Group 1: Market Performance - As of November 13, the electric grid equipment ETF (159326) has attracted a total of 1.286 billion yuan in the last ten trading days, bringing its latest scale to 1.713 billion yuan [1]. - The ETF's performance is driven by key stocks such as Huadong Cable, Teradyne, Ping An Electric, and Shuangjie Electric, which are showing strong upward trends [1]. Group 2: Industry Trends - Under the dual carbon goals, the development of ultra-high voltage technology is becoming essential to address the structural mismatch between energy supply in the northern regions and demand in the central and eastern regions of China [1]. - Financial analysts note that China's electric grid construction technology is leading globally, and there is a growing demand in overseas markets due to aging grids and energy transitions, providing significant opportunities for domestic electric grid equipment companies [1]. - By 2025, many countries are expected to face frequent power outages due to extreme weather and aging grids, with the EU launching a large-scale euro grid renovation plan, creating further opportunities for Chinese companies [1]. Group 3: ETF Composition - The electric grid equipment ETF (159326) tracks the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment [2]. - The ultra-high voltage segment holds a significant weight of 64% in the ETF, the highest in the market, with leading companies like Guodian NARI, Tebian Electric, and Siyuan Electric among the top ten holdings [2].

Core Points - Huatong Cable (605196) announced the third unlock period for its 2022 restricted stock incentive plan, with the stock type being equity incentive shares [1] - The total number of shares available for circulation is 532,000 shares, which will be listed for trading on November 17, 2025 [1] - The subscription method for the shares is offline [1]

重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 532,000股。 证券代码：605196 证券简称：华通线缆 公告编号：2025-096 河北华通线缆集团股份有限公司 关于 2022 年限制性股票激励计划 第三个解除限售期解锁暨上市的公告 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、准确性和完整性依法承担法律责任。 本次股票上市流通总数为532,000股。 本次股票上市流通日期为2025 年 11 月 17 日。 河北华通线缆集团股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日 召开第四届董事会第十一次会议和第四届监事会第十一次会议，审议通过《关于 2022 年限制性股票激励计划第三个解除限售期解除限售条件成就的议案》，公司 《2022 年限制性股票激励计划（草案）》规定的 2022 年股权激励计划第三个解除 限售期解除限售条件已经成就，现将有关情况公告如下： 一、激励计划已履行的相关审批程序 1、2022 年 8 月 30 日，公司召开第三届董事会第十七次会议，审议通过了《关 于<公司 2022 ...