证券研究报告/投资策略 机构调研、股东增持与公司回购策略周报（20251117-20251121） 投资要点 ➢ 机构调研热门公司梳理 近30天机构调研家数前二十的热门公司有联影医疗、蓝思科技、爱博医疗、 三花智控和兆易创新等。近5天机构调研家数前二十的热门公司有九号公司- WD、容百科技、蓝思科技、英唐智控和英联股份等。近30天机构调研家数前 二十的热门公司中评级机构家数大于或等于10家的有19家。骄成超声、澜起 科技和联影医疗2025年Q1-Q3归母净利润相较2024年同期实现较大增长。 ➢ 本周A股上市公司重要股东增持情况 2025年11月17日至2025年11月21日，共5家上市公司发布重要股东增持进 展情况公告，其中常熟银行增持股份占总股本比例大于1%，皇台酒业、龙利 得、福光股份和飞沃科技拟增持金额上下限均值占公告日市值比例大于1%。 ➢ 本周A股上市公司回购情况 2025年11月17日至2025年11月21日，共计65家公司发布回购进展情况公 告，评级机构家数大于10家（含10家）的共16家，预计回购金额上下限均值 占预案日市值比例大于1%的共5家，按拟回购金额上下限均值占最新公告日 市值比例由 ...

Group 1 - EVE Energy signed a procurement framework agreement with its affiliate, Smoore International, for continuous procurement of battery cells starting from January 1, 2026 [1] - Zhaoyi Information plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - Fuke Environmental announced a change in its stock abbreviation to "Fuke Technology" effective November 26 [1] Group 2 - Dajia Weikang's shareholder and director terminated a share reduction plan ahead of schedule, having reduced 1% of total shares [2] - Aohong Electronics received approval from the China Securities Regulatory Commission for the issuance of convertible bonds [2] - Yingfeng Environment's controlling shareholder plans to issue exchangeable bonds not exceeding 1 billion yuan [2] Group 3 - Longshen Rongfa's subsidiary obtained a renewed drug production license covering various pharmaceutical products [4] - Xinhua News' subsidiary invested 15 million yuan in a fund with a total commitment of 221 million yuan [5] - Guang'an Aizhong appointed two new deputy general managers [6] Group 4 - Fosun Pharma's subsidiary's drug for gastric cancer treatment was included in the breakthrough therapy program by the National Medical Products Administration [7] - Nanjiao Foods reported a significant decline in October net profit due to rising raw material costs [8] - Nanfeng Co. won two nuclear power project bids totaling 928.7 million yuan [10] Group 5 - Puluo Pharmaceutical received a drug registration certificate for its Cefdinir capsules [11] - Liming Co.'s subsidiary received environmental approval for a new pesticide raw material project [12] - Longhua New Materials' expansion project for polyether polyols has commenced trial production [13] Group 6 - Pumen Technology's products received IVDR CE certification from TÜV Rheinland [15] - China Chemical reported new contracts worth 312.67 billion yuan from January to October [18] - China Nuclear Construction achieved new contracts totaling 123.84 billion yuan as of October [19] Group 7 - Changshu Bank's executives plan to purchase at least 550,000 shares of the bank [20] - Shandong Steel's subsidiary is applying for bankruptcy liquidation to focus on core business [21] - Huakang Clean is expected to win a bid for a purification system project worth 176 million yuan [23] Group 8 - Huawu Co. plans to internally transfer subsidiary equity [24] - Tianen Kang's subsidiary received clinical trial acceptance for a new drug [26] - Tianyi Medical's subsidiary obtained a medical device registration certificate for a blood dialysis product [27] Group 9 - Xuelang Environment is facing a pre-restructuring application from creditors [27] - Chitianhua's subsidiary resumed production after passing safety inspections [28] - Huaping Co.'s director plans to reduce 0.03% of company shares [30] Group 10 - Xizhuang Co. plans to establish a wholly-owned subsidiary in Singapore [31] - Ruisheng Intelligent's subsidiary won a 60.23 million yuan ICT project bid [32] - Junyi Digital plans to invest 120 million yuan in Guanghong Precision [33] Group 11 - Fuguang Co.'s controlling shareholder plans to increase holdings between 80 million to 150 million yuan [34] - Ganyue Express reported a 13.68% increase in logistics revenue in October [39] - Jiangsu Sop terminated its 2025 private placement plan [41] Group 12 - Langke Intelligent's shareholders plan to reduce a total of 1.68% of company shares [42] - Yuantong Express reported an 8.97% increase in express product revenue in October [45] - Jinbei Automotive plans to invest 158 million yuan to acquire 52% of Zhongtuo Technology [46]

Key Highlights - CICC plans to absorb and merge with Dongxing Securities and Xinda Securities, with stock suspension starting from November 20 [1] - Saiwu Technology has delivered a small batch of perovskite stacked component light-transmitting film, with minimal impact on performance [1] - Zhongfu Industrial intends to invest 259 million yuan in a green manufacturing project for aluminum-based new materials [1] - Dafeng Industrial has won a contract for the construction of stage craft equipment for an international performing arts center, valued at 165 million yuan [2] - Jinbei Automotive plans to invest a total of 158 million yuan to acquire 52% equity in Zhongtuo Technology [1] - Pro Pharmaceutical intends to repurchase shares worth between 180 million and 360 million yuan [1] - Yandong Micro plans to reduce its stake by up to 2.5% through shareholders Jingguorui and the National Integrated Circuit Fund [1][3] - Zhaomin Technology plans to issue convertible bonds to raise no more than 590 million yuan [1] - Dongsoft Group has received a notification from an automotive manufacturer for designated cooperation [1]

Key Points - CICC plans to absorb and merge with Dongxing Securities and Xinda Securities, with stock suspension starting from November 20 [1] - Saiwu Technology has delivered a small batch of perovskite stacked component light-transmitting films, with minimal impact on performance [1] - Zhongfu Industrial intends to invest 259 million yuan in a green manufacturing project for aluminum-based new materials [1] - Zhaomin Technology plans to issue convertible bonds to raise no more than 590 million yuan [1] - Jinbei Automotive aims to invest a total of 158 million yuan to acquire 52% equity in Zhongtuo Technology [1][2] - Pro Pharmaceutical plans to repurchase company shares worth between 180 million and 360 million yuan [2] - Sudar Co. plans to reduce its stake by no more than 3% [2] - Yandong Micro and the National Integrated Circuit Fund plan to collectively reduce their stake by no more than 2.5% [2] - Fuguang Co.'s controlling shareholder plans to increase its stake by 80 million to 150 million yuan [2] - Dongsoft Group has received a notification from an automotive manufacturer for designated cooperation [1][2]

证券日报网讯 11月19日晚间，福光股份发布公告称，公司控股股东中融（福建）投资有限公司（简 称"中融投资"）基于对公司未来发展的信心和长期投资价值认可，拟自本公告披露之日起6个月内，通 过上海证券交易所允许的方式（包括但不限于集中竞价交易、大宗交易等）增持公司股份。增持金额不 低于8，000万元人民币，不超过15，000万元人民币，增持价格不低于21.00元（含）/股。资金来源为 自有资金或自筹资金（包括股票增持专项贷款），中国光大银行福州分行已向中融投资出具《贷款承诺 函》，同意为中融投资增持公司股票提供专项贷款，贷款额度不超过人民币13，500万元，期限3年。 （文章来源：证券日报） ...

Acquisitions - Chenyi Intelligent plans to acquire 55% equity of Huaze Electronics for cash, making Huaze a subsidiary after the transaction [1] - Beijiete intends to acquire 55% equity of Dahao Mining for 224.8 million yuan, which will be included in the consolidated financial statements post-transaction [2] - Jinbei Automotive aims to invest 158 million yuan to acquire 52% equity of Zhongtuo Technology through capital subscription and equity transfer, resulting in Zhongtuo becoming a subsidiary [3] Performance Disclosure - SF Holding reported a 13.68% year-on-year increase in express logistics revenue for October, totaling 20.091 billion yuan, with a business volume of 1.524 billion pieces, up 26.26% [4] - YTO Express announced an 8.97% year-on-year growth in express product revenue for October, reaching 6.216 billion yuan, with a business volume of 2.79 billion pieces, up 12.78% [5] - Yunda Holdings experienced a 0.88% year-on-year decline in express service revenue for October, totaling 4.495 billion yuan, with a business volume of 2.135 billion pieces, down 5.11% [6] Shareholding Changes - Kanglongda announced that Huzhou Helin Fund plans to reduce its stake by up to 3%, equating to a maximum of 4.8333 million shares [7] - Yandong Microelectronics disclosed that the National Integrated Circuit Fund and Jingguorui plan to reduce their stakes by a combined maximum of 2.5%, with the National Fund reducing up to 21.4143 million shares and Jingguorui up to 14.2762 million shares [8] - Fuguang Co., Ltd. reported that its controlling shareholder plans to increase its stake by no less than 80 million yuan and no more than 150 million yuan, with a minimum purchase price of 21 yuan per share [9] Risk Matters - Xuelang Environment received a pre-restructuring application from a creditor, citing the company's inability to repay due debts and lack of repayment capacity, but indicating potential for restructuring [10] - Jieqiang Equipment received a warning letter from Tianjin Securities Regulatory Bureau for administrative regulatory measures due to compliance issues [11] - Hefei Urban Construction confirmed that its operations are normal and there are no undisclosed significant matters, despite abnormal stock price fluctuations [12]

福光股份(688010.SH)发布公告，公司控股股东中融(福建)投资有限公司(以下简称"中融投资")基于对公 司未来发展的信心和长期投资价值认可，拟自本公告披露之日起6个月内，通过上海证券交易所允许的 方式(包括但不限于集中竞价交易、大宗交易等)增持公司股份。增持金额不低于8,000万元人民币，不超 过15,000万元人民币，增持价格不低于21.00元(含)/股。 ...

格隆汇11月19日丨福光股份(688010.SH)公布，公司控股股东中融(福建)投资有限公司(以下简称"中融投 资")基于对公司未来发展的信心和长期投资价值认可，拟自本公告披露之日起6个月内，通过上海证券 交易所允许的方式(包括但不限于集中竞价交易、大宗交易等)增持公司股份。增持金额不低于8,000万元 人民币，不超过15,000万元人民币，增持价格不低于21.00元(含)/股。资金来源为自有资金或自筹资金 (包括股票增持专项贷款)，中国光大银行福州分行(以下简称"光大银行")已向中融投资出具《贷款承诺 函》，同意为中融投资增持公司股票提供专项贷款，贷款额度不超过人民币13,500万元，期限3年。 ...

智通财经APP讯，福光股份(688010.SH)发布公告，公司控股股东中融(福建)投资有限公司(以下简称"中 融投资")基于对公司未来发展的信心和长期投资价值认可，拟自本公告披露之日起6个月内，通过上海 证券交易所允许的方式(包括但不限于集中竞价交易、大宗交易等)增持公司股份。增持金额不低于8,000 万元人民币，不超过15,000万元人民币，增持价格不低于21.00元(含)/股。 ...

证券代码：688010 证券简称：福光股份 公告编号：2025-052 福建福光股份有限公司 福建福光股份有限公司（以下简称"公司"）控股股东中融（福建）投资 有限公司（以下简称"中融投资"）基于对公司未来发展的信心和长期投资价值认 可，拟自本公告披露之日起 6 个月内，通过上海证券交易所允许的方式（包括但 不限于集中竞价交易、大宗交易等）增持公司股份。增持金额不低于 8,000 万元 人民币，不超过 15,000 万元人民币，增持价格不低于 21.00 元（含）/股。资金 来源为自有资金或自筹资金（包括股票增持专项贷款），中国光大银行福州分行 （以下简称"光大银行"）已向中融投资出具《贷款承诺函》，同意为中融投资增 持公司股票提供专项贷款，贷款额度不超过人民币 13,500 万元，期限 3 年。 本次增持计划不会导致公司股权分布不符合上市条件，不会导致公司控 股股东、实际控制人发生变化。 本次增持计划可能存在因资本市场情况发生变化、政策变化或增持股份 所需资金未能及时筹措到位等因素，导致增持计划无法实施或无法全部实施的风 险。如增持计划实施过程中出现相关风险情形，公司将及时履行信息披露义务， 敬请广大投资者 ...