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].

Core Insights - A total of 11 companies listed on the Sci-Tech Innovation Board have released their performance forecasts for the first half of the year, with 10 companies expecting profit increases, resulting in a positive forecast ratio of 90.91% [1][3] Company Performance Forecasts - The company with the highest expected net profit increase is Guangda Special Materials, with a median expected increase of 367.51% [2] - Shengnuo Biological and Tailin Microelectronics follow, with median expected net profit increases of 292.82% and 267.00%, respectively [2] - Other companies with significant expected profit increases include: - Xindong Lianke: 171.92% - Guoli Co., Ltd.: 144.50% - Xinpeng Microelectronics: 104.00% - Lexin Technology: 71.50% - Nuotai Biological: 38.67% - C Yitang: 30.64% - Daotong Technology: 22.88% [2] Industry Overview - The majority of the companies with positive forecasts are in the electronic and medical sectors, indicating strong performance expectations in these industries [1][2]

Market Overview - US stock markets experienced a decline, with the Dow Jones down 0.94%, Nasdaq down 0.92%, and S&P 500 down 0.79%. Notable declines included Tesla at 6.79%, Apple at 1.69%, and Google A at 1.53%, while Amazon saw a slight increase of 0.03% [1] International Trade and Policy - The first wave of tax letters from Trump will affect 14 countries, including Japan and South Korea, with tax rates ranging from 25% to 40%, effective from August 1. The EU is reportedly close to reaching an agreement [2] - An EU spokesperson indicated that negotiations for a US-EU trade agreement have made progress, with a principle agreement expected [3] Company Developments - OpenAI is incurring high costs for talent retention, with equity compensation accounting for 119% of its revenue. Meanwhile, Meta is actively recruiting talent, with a senior AI executive from Apple set to join [4] - Samsung Electronics is expected to see a 39% decline in operating profit for Q2 due to weak AI chip sales [5] - Figure's CEO stated that humanoid robots are key to AGI and plans to deploy 100,000 units within four years [6] - Colin Murdoch, Chief Business Officer of Google DeepMind, announced that Isomorphic Labs, which designs drugs using AI, is preparing for its first human trials [7] Economic Forecasts - Goldman Sachs has revised its expectations for the Federal Reserve's interest rate cuts, now anticipating a potential cut in September, with a terminal rate of 3% to 3.25% [8] Domestic Industry Highlights DRAM Industry - Changxin Storage, a major domestic DRAM manufacturer, has initiated its IPO counseling, with a registered capital of 601.9 billion yuan and a valuation of 140 billion yuan. The success of Changxin and Yangtze Memory is expected to significantly impact the domestic semiconductor industry [11] Photovoltaic Industry - Major polysilicon manufacturers have raised prices for certain orders to 37 yuan per kilogram due to recent policy changes and industry self-discipline. The overall production of polysilicon is projected to increase, albeit at a limited rate [12] Petrochemical Industry - The price of butanone has risen by 4.54% to 8,267 yuan per ton, with a month-on-month increase of 28.51%. Supply disruptions due to maintenance at major production facilities are contributing to price increases [13] Automotive Components - A new mandatory national standard for passenger car brake systems will take effect on January 1, 2026, introducing new requirements for electric transmission brake systems and single-pedal braking [15] Company Earnings Forecasts - Industrial Fulian expects a net profit of 6.727 billion to 6.927 billion yuan for the first half of 2025, a year-on-year increase of 47.72% to 52.11%, driven by growth in cloud computing [16] - Rockchip anticipates a net profit of 520 million to 540 million yuan, a year-on-year increase of 185% to 195%, supported by AIoT product demand [17] - Loxin Technology projects a net profit of 250 million to 270 million yuan, a year-on-year increase of 65% to 78% [17] - China Power expects a net profit of 800 million to 1.15 billion yuan, a year-on-year increase of 68.28% to 141.90% [17]

Core Viewpoint - Several listed companies in the Shanghai and Shenzhen markets have announced significant developments, including management changes, stock trading fluctuations, and major contracts, which may present investment opportunities and risks for investors [2]. Group 1: Management Changes and Legal Issues - Scanda's chairman and general manager, Li Yuejie, along with director Zhu Chuncheng, have been subjected to criminal coercive measures due to alleged violations related to information disclosure [3]. - Longhong High-Tech is planning to acquire 100% equity of Guangxi Changke, leading to a stock suspension for up to 10 trading days [6]. Group 2: Stock Trading and Performance - New Asia Electronics reported abnormal stock trading with a cumulative price deviation exceeding 20% over three days, while confirming that its operations are normal and consistent with previously disclosed share reduction plans [5]. - ST Tiexin announced the removal of risk warnings and a name change, which will increase the trading limit from 5% to 10% [8]. Group 3: Financial Performance Forecasts - Industrial Fulian expects a net profit increase of 36.84% to 39.12% year-on-year for the first half of 2025, driven by a surge in AI-related business [18]. - Huayou Cobalt anticipates a net profit increase of 55.62% to 67.59% for the same period, benefiting from integrated operations and rising cobalt prices [19]. - Guoli Co. forecasts a staggering net profit increase of 130.91% to 158.08% for the first half of 2025, attributed to new product and market expansions [20]. - Bangji Technology expects a net profit increase of 166.77% to 200.91%, driven by increased sales from direct sales channels [21]. - Lier Chemical predicts a net profit increase of 185.24% to 196% due to rising product sales and cost reduction efforts [25]. Group 4: Major Contracts and Projects - Huadian Science and Technology signed significant contracts worth approximately RMB 25.16 billion for coal handling and transportation systems [41]. - Aerospace Engineering is the first candidate for a project with a bid of RMB 23.92 billion for a coal gasification facility [43].

Macro Dynamics - As of June 2025, China's foreign exchange reserves reached $331.74 billion, an increase of $32.2 billion from May, representing a growth rate of 0.98% [1] Company Dynamics - Industrial Fulian expects a net profit of 6.727 billion to 6.927 billion yuan for Q2 2025, a year-on-year increase of 47.72% to 52.11%, and for the first half of 2025, a net profit of 11.958 billion to 12.158 billion yuan, up 36.84% to 39.12% [12][13] - Guoli Co. anticipates a net profit of 34 million to 38 million yuan for the first half of 2025, reflecting a year-on-year growth of 130.91% to 158.08%, driven by the booming electric vehicle industry and effective cost management [14] - Changhong High-Tech is planning to acquire 100% equity of Guangxi Changke New Materials Co., Ltd., with the transaction expected to constitute a major asset restructuring [15] - Chuanjinno expects a net profit of 168 million to 188 million yuan for the first half of 2025, a year-on-year increase of 152.25% to 182.28%, supported by strong market demand and optimized production plans [16]