昆山国力电子科技股份有限公司 对外担保管理制度 第一章 总则 第一条 为了维护投资者的利益，规范昆山国力电子科技股份有限公司（下 称"公司"或"本公司"）的对外担保行为，有效控制公司对外担保风险，确保 公司的资产安全，促进公司健康稳定地发展，根据《中华人民共和国公司法》（以 下简称《公司法》）、《中华人民共和国民法典》以及《公司章程》的有关规定， 制定本制度。 第二条 本制度适用于本公司及本公司的全资、控股子公司（以下简称"子 公司"）。 第三条 本制度所称对外担保（以下简称"担保"）是指公司以自有资产或 信誉为其他单位或个人提供的保证、资产抵押、质押以及其他担保事宜，包括公 司对控股子公司的担保。具体种类包括借款担保、银行开立信用证和银行承兑汇 票担保、开具保函的担保等。 本制度所称公司资产是指本公司拥有及控制的、能够以货币计量的并且能够 产生效益的经济资源，包括由流动资产、长期投资、固定资产、无形资产、递延 资产以及其他资产等构成的各种财产、债权和其他权利。 第四条 公司进行对外担保遵循平等、自愿、诚信、互利的原则，拒绝强令 为他人担保的行为。 第五条 公司对外担保实行统一管理，公司的分支机构不得对外提供 ...

昆山国力电子科技股份有限公司 累积投票制细则 第一章 总则 第三条 股东会选举产生的董事人数及结构应符合《公司章程》的规定。 第五条 公司董事候选人提名应符合《公司法》、《公司章程》等法律、法规及 公司内部规章要求。 第一条 为进一步完善公司法人治理结构、维护中小股东利益，规范公司选举 董事行为，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》（以下简称《证券法》）和《昆山国力电子科技股份有限公司章程》（以 下简称《公司章程》）及其他有关规定，特制定本实施细则。 第二条 本实施细则所指的累积投票制，是指股东会在选举两名以上董事时采 用的一种投票方式。即公司股东会选举董事时，每一普通股（含表决权恢复的优 先股）股份拥有与应选董事人数相同的投票权，股东拥有的投票权等于该股东持 有股份数与应选董事总人数的乘积。股东既可以用所有投票权集中投票选举一位 候选董事，也可以分散投票给数位候选董事。 第八条 董事候选人应在股东会召开前作出书面承诺，同意接受提名并公开本 人的详细资料，承诺公开披露的董事候选人的资料真实、完整，并保证当选后切 实履行董事的职责。 第六条 提名人应在提名前征得被提名人 ...

格隆汇8月7日丨国力股份(688103.SH)公布，公司控股子公司昆山国力源通新能源科技有限公司(以下简 称"国力源通")拟通过增资扩股的方式实施股权激励，注册资本拟由9,474.1864万元增加至10,974.1864万 元，新增注册资本由员工持股平台昆山市源宇企业管理合伙企业(有限合伙)(以下简称"昆山源宇")认 缴，国力源通股东国力股份及上海良泉投资有限公司放弃对国力源通本次股权激励增发股权的优先认购 权。本次交易完成后，公司持有的国力源通股权比例将由96.4286%下降为83.2483%，公司仍为国力源 通控股股东，国力源通仍为公司合并报表范围内的控股子公司。 国力源通部分高管、核心技术人员、骨干员工拟通过公司监事李清华先生担任执行事务合伙人的员工持 股平台昆山源宇参与本次股权激励。其中，公司监事李清华先生拟通过昆山源宇间接参与本次激励，获 授予440万元注册资本，对应认缴金额440万元;公司董事黄浩先生近亲属黄郅琪先生拟通过昆山源宇间 接参与本次激励，获授予50万元注册资本，对应认缴金额50万元。 ...

证券日报网讯8月4日晚间，国力股份发布公告称，2025年7月份，公司通过上海证券交易所交易系统以 集中竞价交易方式累计回购公司股份153，000股，占公司总股本的比例0.1605%。 ...

证券代码：688103 证券简称：国力股份 公告编号：2025-042 转债代码：118035 转债简称：国力转债 昆山国力电子科技股份有限公司 关于股份回购进展公告 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： 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购股份期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司截至上月末回购股份的进展情 况公告如下： 2025 年 7 月，公司通过上海证券交易所交易系统以集中竞价交易方式累计回 购公司股份 153,000 股，占公司总股本的比例 0.1605%，回购成交的最高价为 58.27 元/股，最低价为 55.79 元/股，支付的资金总额为人民币 8,797,714.82 元（不含 交易费用）。 截至 2025 年 7 月 31 日，公司已累计回购股份 366,143 股，占公司总股本的 比例为 0.3841%，购买的最高价为 58.27 元/股、最低价 ...

格隆汇8月4日丨国力股份(688103.SH)公布，2025年7月，公司通过上海证券交易所交易系统以集中竞价 交易方式累计回购公司股份153,000股，占公司总股本的比例0.1605%，回购成交的最高价为58.27元/ 股，最低价为55.79元/股，支付的资金总额为人民币8,797,714.82元（不含交易费用）。截至2025年7月 31日，公司已累计回购股份366,143股，占公司总股本的比例为0.3841%，购买的最高价为58.27元/股、 最低价为47.80元/股，已支付的总金额为19,891,590.68元（不含交易费用）。本次回购股份符合相关法 律法规及公司既定的股份回购方案之规定。 ...

Group 1 - The company Guokai Co., Ltd. (SH 688103) announced on August 4 that as of July 31, 2025, it has repurchased approximately 366,100 shares, accounting for 0.3841% of the total share capital, with a total expenditure of about 19.89 million yuan [2] - The highest purchase price for the repurchased shares was 58.27 yuan per share, while the lowest was 47.8 yuan per share [2] - For the fiscal year 2024, the company's revenue composition shows that electronic vacuum devices accounted for 98.14% of total revenue, while other businesses contributed 1.86% [2]

Industry Overview - The reed relay, composed of a reed switch and coil, is a key electronic switching component in modern electrical control systems due to its compact size, rapid response, and high reliability [1][18] - The application of reed relays is expanding in automation control, industrial equipment, and information transmission, driven by China's economic growth and technological advancements [1][18] - The market size of China's reed relay industry is projected to grow from 1.899 billion yuan in 2021 to 2.519 billion yuan in 2024, with a compound annual growth rate (CAGR) of 9.87% [1][18] - By 2025, the market size is expected to reach 3.036 billion yuan, supported by technological innovation and expanding application areas [1][18] Market Demand and Trends - The acceleration of industrial automation, particularly in the new energy sector, smart grid construction, and the rapid development of IoT technology, is creating significant market demand for reed relays [1][18] - The industry is benefiting from national policies promoting energy conservation, emission reduction, and smart manufacturing, presenting new development opportunities [1][18] Industry Structure - The reed relay industry has a relatively complete supply chain, covering upstream raw material supply, midstream research and manufacturing, and downstream application markets [12] - Upstream materials include iron-nickel alloys, glass tubes, precious metals, excitation coils, epoxy resins, and inert gases [12] Key Companies - Major companies in the reed relay industry include Kunshan Guoli Electronics Technology Co., Ltd., Shenzhen Magtech Electronics Co., Ltd., Shanghai Meigaole Electronics Co., Ltd., and Shanghai Standex-Meder Electronics Co., Ltd. [20][21] - Kunshan Guoli Electronics is noted for its vacuum relay products, including reed relays designed for RF and high-power applications, with projected revenue of 778 million yuan in 2024, a 15.43% increase [22] - Shenzhen Magtech focuses on producing various electronic components, including small-sized reed relays and high-voltage relays [24] Future Development Trends - The industry is expected to enhance performance by optimizing reed materials and improving packaging processes to increase environmental resistance [26] - There is a growing demand for miniaturized reed relays driven by the rapid development of consumer electronics and IoT devices [28] - Low-power reed relays are increasingly sought after in green energy sectors, with innovations aimed at reducing energy consumption while maintaining high sensitivity [29]

Core Viewpoint - The dry reed relay industry in China is experiencing significant growth driven by increasing demand in automation control, industrial equipment, and information transmission, with a projected market size increase from 1.899 billion yuan in 2021 to 2.519 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 9.87% [1][18]. Industry Overview - Dry reed relays are electromagnetic switches composed of reed switches and coils, known for their compact size, rapid response, and high reliability, making them essential in modern electrical control systems [1][18]. - The industry has seen a shift from initial applications in telephone communication and household appliances to widespread use in automation control and industrial applications [9]. Market Demand and Growth - The acceleration of industrial automation, particularly in the new energy sector, smart grid construction, and the rapid development of IoT technologies, has created substantial market demand for dry reed relays [1][18]. - The market size for dry reed relays in China is expected to reach 3.036 billion yuan by 2025, driven by technological innovation and expanding application areas [1][18]. Key Companies in the Industry - Major companies in the dry reed relay sector include Guokai Electronics, Shenzhen Magtech Electronics, Shanghai Meigaole Electronics, and others, reflecting a diverse competitive landscape [20][21]. - Guokai Electronics is noted for its high-performance vacuum relays and dry reed relays, with projected revenue of 778 million yuan in 2024, a 15.43% increase year-on-year [22]. Industry Chain Structure - The dry reed relay industry chain includes upstream raw material suppliers (iron-nickel alloys, glass tubes, precious metals), midstream R&D and manufacturing, and downstream applications in various sectors such as safety systems, automation control, and automotive electronics [12][18]. Development Trends - The industry is expected to focus on high performance, miniaturization, and low power consumption in response to market demands, particularly in automotive electronics and IoT applications [26][28][29]. - Innovations in materials and manufacturing processes are anticipated to enhance the reliability and lifespan of dry reed relays, with mechanical lifespans reaching billions of operations [26][29].

Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion industry, particularly during the "14th Five-Year Plan" period, suggesting a focus on the expansion of capital expenditures and the associated opportunities in the power supply systems for FRC and Z-pinch devices [2]. Core Insights - The power supply is deemed the "lifeline" of controllable nuclear fusion devices, with a significant value contribution. The report highlights that the power supply systems for nuclear fusion devices require high capacity (around 100MW), high voltage (up to 1MV), and high current (up to 100kA), with low ripple (1%-2%), indicating a higher complexity compared to traditional industrial power supplies [4][18]. - The report emphasizes the expected release of multiple orders due to the expansion of capital expenditures in the controllable nuclear fusion sector, driven by the construction of Tokamak and Z-pinch devices, as well as the commercial development of FRC devices [4][21]. Summary by Sections Section 1: Power Supply as the Lifeline of Controllable Nuclear Fusion Devices - The report categorizes nuclear fusion technology into magnetic confinement, inertial confinement, and magneto-inertial confinement, with Tokamak being the mainstream approach [12][14]. - The power supply system is identified as a core component of nuclear fusion devices, with a high value contribution, particularly in Tokamak systems where the power supply accounts for approximately 15% of the total value [18][23]. Section 2: Tokamak Requires Long Pulse Operation, Core is Pulse Power Supply - The Tokamak pulse power supply consists of magnet power supply, auxiliary heating power supply, and reactive power compensation systems, which are critical for plasma formation and maintenance [27]. - The report details the technical requirements for the magnet power supply, including high current, low ripple, and fast response times, indicating significant technical barriers [30][37]. Section 3: High Value Contribution of FRC and Z-Pinch Power Supply, Focus on Core Components - The FRC device is noted for its simplicity and lower costs, with expectations for early commercialization, while the Z-pinch approach has a high value contribution from its driver components [4][21]. - The report highlights the importance of fast control switches and pulse capacitors in the power supply for both FRC and Z-pinch devices, indicating a growing market opportunity [4][21]. Section 4: Investment Recommendations - Specific companies are highlighted for their potential in the nuclear fusion power supply market, including Xuguang Electronics, Wangzi New Materials, Guoli Co., and others, which are positioned to benefit from the expanding demand in this sector [4][22].