Group 1: Industry Trends - Multiple consumer electronics and optical electronics companies are accelerating the launch of new products and expanding into emerging markets, indicating a new industry landscape [1] - Companies are focusing on terminal innovations, with significant developments in AR glasses and panoramic drones, enhancing the commercialization process [1] - The industry is witnessing a positive cycle from demand insights, product development to market promotion, creating new market opportunities [1] Group 2: Product Launches - Liyad has launched its first AR glasses and an AI interactive toy, with the AR glasses featuring professional translation and meeting functionalities [2] - The company is leveraging its Micro LED technology to develop AR glasses, targeting sectors like culture, tourism, and office markets for customized solutions [2] - Dragon Flag Technology has begun mass production of AI glasses charging cases, with expected rapid growth in shipments next year [3] Group 3: Automotive and Robotics Developments - Huqin Technology anticipates its automotive electronics revenue will exceed 1 billion yuan for the first time this year, with breakthroughs in smart cockpits and intelligent driving [4] - Tobo's smart automotive products, including charging piles and laser radar motors, are gaining market share, with significant increases in laser radar shipments expected [5] - Fuliwang is transitioning to the humanoid robot parts market, investing 1 billion yuan in a new manufacturing project, with initial samples already sent to major clients [6]

Group 1 - The core point of the article highlights the recent decline in the stock price of Tonglian Precision, which fell by 5.01% to 52.36 CNY per share, with a trading volume of 1.03 billion CNY and a turnover rate of 1.19%, resulting in a total market capitalization of 8.451 billion CNY [1] - Tonglian Precision, established on June 12, 2016, and listed on December 27, 2021, specializes in the research, design, production, and sales of high-precision, high-density, and complex-shaped precision components [1] - The company's main business revenue composition includes 66.47% from other metal craft products and plastic products, 30.78% from MIM products, 1.43% from molds and equipment, and 1.32% from other sources [1] Group 2 - In the context of major shareholders, Invesco Great Wall Fund's "Invesco Great Wall Steady Return Mixed A" (001194) entered the top ten circulating shareholders of Tonglian Precision in the third quarter, holding 2.5323 million shares, which accounts for 1.57% of the circulating shares [2] - The fund has reported a year-to-date return of 103.76%, ranking 31 out of 8147 in its category, and a one-year return of 93.96%, ranking 29 out of 8056 [2] - The fund manager, Jiang Shan, has been in position for 4 years and 93 days, with the fund's total asset scale reaching 36.787 billion CNY, achieving a best return of 188.52% and a worst return of -16.09% during his tenure [3] Group 3 - The Invesco Great Wall Steady Return Mixed A fund holds 2.5323 million shares of Tonglian Precision, representing 2.61% of the fund's net value, making it the tenth largest holding [4] - The estimated floating loss for the fund today is approximately 6.9892 million CNY [4]

Core Viewpoint - The financial performance of Tonglian Precision shows mixed results, with revenue growth but a significant decline in net profit, indicating potential challenges ahead for the company [2]. Group 1: Financial Performance - As of September 30, 2025, Tonglian Precision achieved a revenue of 642 million yuan, representing a year-on-year growth of 8.38% [2]. - The net profit attributable to shareholders was 5.76 million yuan, which reflects a substantial year-on-year decrease of 88.94% [2]. - Cumulative cash dividends since the company's A-share listing amount to 147 million yuan, with 131 million yuan distributed over the past three years [3]. Group 2: Shareholder and Market Activity - As of November 11, 2023, the trading volume for Tonglian Precision was 347 million yuan, with a net financing outflow of 20.62 million yuan [1]. - The total balance of margin trading and securities lending for Tonglian Precision was 442 million yuan, accounting for 4.96% of its market capitalization, indicating a high level of margin activity [1]. - The number of shareholders decreased by 20.08% to 4,670, while the average number of circulating shares per person increased by 26.02% to 34,560 shares [2]. Group 3: Institutional Holdings - As of September 30, 2025, notable institutional shareholders include Huaxia Industry Prosperity Mixed Fund, which is the fifth largest shareholder with 4.515 million shares, and several other new institutional investors [3]. - The seventh largest shareholder, Jin Ying Technology Innovation Stock A, increased its holdings by 428,600 shares compared to the previous period [3].

一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意深圳市泛海统联精密制造股 份有限公司首次公开发行股票注册的批复》（证监许可[2021]3470号），深圳市 泛海统联精密制造股份有限公司（以下简称"公司"）获准向社会公众公开发行 人民币普通股（A股）股票2,000.00万股，每股面值1元，发行价格为每股人民币 42.76元，募集资金总额为人民币855,200,000.00元，扣除各项发行费用（不含税） 人民币82,347,865.87元后，募集资金净额为772,852,134.13元。 证券代码：688210 证券简称：统联精密 公告编号：2025-082 深圳市泛海统联精密制造股份有限公司 关于全资子公司开立募集资金专户并签署募集资金专户存 储四方监管协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 三、《募集资金专户存储四方监管协议》的主要内容 公司及子公司广东统联与保荐机构、中国银行股份有限公司深圳东门支行签 署了《募集资金专户存储四方监管协议》，协议的主要内容如下： 甲方1：深圳市泛海统联精密制造股份有限公司 甲方2：广东统联精 ...

Market Overview - The consumer electronics sector experienced a decline of 1.77% on November 10, with Tonglian Precision leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Notable gainers in the consumer electronics sector included: - Shengli Precision (Code: 002426) with a closing price of 3.49, up 10.09% and a trading volume of 5,002,900 shares [1] - Yitian Co., Ltd. (Code: 300812) with a closing price of 28.75, up 7.48% and a trading volume of 128,500 shares [1] - Deep Technology (Code: 000021) with a closing price of 27.84, up 4.74% and a trading volume of 1,376,900 shares [1] - Conversely, significant decliners included: - Tonglian Xinyi (Code: 688210) with a closing price of 54.99, down 9.38% and a trading volume of 77,300 shares [2] - Kechuan Technology (Code: 603052) with a closing price of 35.18, down 6.96% and a trading volume of 178,700 shares [2] - Aohai Technology (Code: 002993) with a closing price of 45.00, down 6.27% and a trading volume of 78,700 shares [2] Capital Flow - The consumer electronics sector saw a net outflow of 4.776 billion yuan from institutional investors, while retail investors contributed a net inflow of 4.276 billion yuan [2][3] - The main capital inflow and outflow for selected stocks included: - Shengli Precision had a net inflow of 485 million yuan from main capital, while retail investors saw a net outflow of 373 million yuan [3] - Deep Technology had a net inflow of 455 million yuan from main capital, with a net outflow of 490 million yuan from retail investors [3] - Xiechuang Data (Code: 300857) had a net inflow of 111 million yuan from main capital, while retail investors experienced a net outflow of 120 million yuan [3]

Market Overview - The consumer electronics sector experienced a decline of 3.19% on November 7, with Tonglian Precision leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable gainers in the consumer electronics sector included: - Hongxi Technology, up 18.52% to 35.90, with a trading volume of 51,900 shares and a turnover of 173 million [1] - Spring Autumn Electronics, up 6.01% to 16.40, with a trading volume of 519,700 shares and a turnover of 843 million [1] - Major decliners included: - Tonglian Precision, down 5.72% to 60.68, with a trading volume of 51,000 shares and a turnover of 315 million [2] - Dingye Fuliang, down 4.62% to 72.70, with a trading volume of 1,585,400 shares and a turnover of 11.558 billion [2] Capital Flow - The consumer electronics sector saw a net outflow of 4.261 billion from institutional investors, while retail investors contributed a net inflow of 3.84 billion [2][3] - Specific stock capital flows indicated: - Lansi Technology had a net inflow of 68.39 million from retail investors, while it faced a net outflow of 23.4 million from institutional investors [3] - Feirongda experienced a net inflow of 63.82 million from institutional investors but a net outflow of 65.92 million from retail investors [3]

Core Viewpoint - The global Metal Injection Molding (MIM) market is projected to reach $4.405 billion in sales in 2024 and $4.829 billion in 2025, with China dominating the market, holding over 40% of the global share [1][3]. Group 1: MIM Technology Overview - MIM is a "near-net-shape" process that combines traditional powder metallurgy with modern plastic injection molding, recognized as a leading technology for component formation [2]. - The process allows for the production of complex metal parts with a tolerance of ±0.2% and a material utilization rate exceeding 95% [2]. - MIM is particularly suitable for small, complex components that are costly or difficult to manufacture using traditional methods like machining, casting, or forging [2]. Group 2: Market Growth and Projections - The global MIM market is expected to grow at a compound annual growth rate (CAGR) of over 10%, reaching $8.877 billion by 2031 [3]. - In China, the MIM market size was approximately ¥9.5 billion in 2023, with a CAGR of 8.77% from 2015 to 2023, and is projected to grow to ¥10.85 billion in 2024, reflecting a year-on-year increase of 14.2% [3]. Group 3: Emerging Applications in Robotics - The rise of humanoid robots is expanding the application of MIM technology, with potential uses in critical components such as gear reducers, dexterous hand joints, and sensor housings [4]. - MIM can produce complex, lightweight, and high-strength gears, addressing manufacturing challenges in robotics [4]. - The technology offers high precision and consistency for sensor housings and motor components, aligning with the trend towards lightweight designs [4]. Group 4: Investment Opportunities - Key companies to watch in the MIM sector include Tonglian Precision (688210.SH), with additional attention on Dongmu Co., Ltd. (600114.SH) and Haichang New Materials (300885.SZ) [5].

Group 1 - The core viewpoint of the news is the performance and market position of Tonglian Precision, which saw a stock price increase of 5.01% to 62.00 CNY per share, with a total market capitalization of 10.007 billion CNY [1] - Tonglian Precision specializes in the research, design, production, and sales of high-precision, high-density, and complex-shaped precision components, with its main business revenue composition being 66.47% from other metal craft products and plastic products, 30.78% from MIM products, 1.43% from molds and tools, and 1.32% from other sources [1] - The company was established on June 12, 2016, and went public on December 27, 2021, indicating a relatively recent entry into the public market [1] Group 2 - Minsheng Jia Yin Fund has a significant holding in Tonglian Precision, with its top fund, Minsheng Jia Yin Ju You Selected Mixed A (013296), reducing its stake by 6.48 thousand shares in the third quarter, now holding 240 thousand shares, which represents 9.51% of the fund's net value [2] - The fund has achieved a year-to-date return of 13.91% and a one-year return of 30.61%, ranking 5188 out of 8149 and 2084 out of 8053 in its category, respectively [2] - The fund manager, Zhu Chenzhe, has been in charge for nearly 3 years and has overseen a total fund asset size of 1.792 billion CNY, with the best and worst fund returns during his tenure being 12.19% and -1.95%, respectively [3]

Investment Rating - The report maintains a rating of "Add" for the industry [5] Core Viewpoints - Metal Injection Molding (MIM) is recognized as a leading advanced manufacturing technology, combining traditional powder metallurgy with modern plastic injection molding to produce complex metal parts with high precision and material efficiency [1][10] - The global MIM market is projected to exceed $4 billion, with a compound annual growth rate (CAGR) of over 10%, driven by stable demand in consumer electronics and rapid expansion into automotive and medical device sectors [2][30] - China dominates the global MIM industry, accounting for over 40% of the market share, with a market size expected to grow from approximately 9.5 billion yuan in 2023 to 10.85 billion yuan in 2024, reflecting a year-on-year growth of 14.2% [2][31] Summary by Sections 1. Metal Injection Molding: Future Advanced Manufacturing Technology - MIM is a "near-net-shape" process that allows for the production of complex metal parts with tolerances of ±0.2% and material utilization rates exceeding 95% [1][10] - The technology is particularly suitable for small, intricate components that are costly or difficult to manufacture using traditional methods [1][16] 2. MIM Applications in Robotics - The rise of humanoid robots presents new opportunities for MIM, with potential applications in critical components such as gear reducers, dexterous hand joints, and sensor housings [3][36] - MIM can produce complex, lightweight, and high-performance parts essential for the functionality of advanced robotic systems [3][39] 3. Market Size and Growth Drivers - The global MIM market is expected to reach $4.405 billion in 2024 and $4.829 billion in 2025, with a forecasted market size of $8.877 billion by 2031, indicating a CAGR of 10.7% from 2025 to 2031 [2][30] - The Chinese MIM market is projected to grow significantly, with a market size of approximately 10.85 billion yuan in 2024, driven by demand in the consumer electronics sector [2][33] 4. Key Companies to Watch - The report highlights "Tonglian Precision" as a key company to focus on, with additional attention on "Dongmu Co., Ltd." and "Haichang New Materials" [4][45][49]

Group 1: China Jushi (600176.SH) - The company achieved a revenue of 139.04 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 19.53% [6] - The net profit attributable to shareholders reached 25.68 billion yuan, up 67.51% year-on-year, with a non-recurring net profit of 26.12 billion yuan, increasing by 125.91% [6][9] - The company is expected to achieve net profits of 34.91 billion, 41.07 billion, and 46.48 billion yuan from 2025 to 2027, driven by the recovery of fiberglass prices and demand from various downstream sectors [9] Group 2: Transsion Holdings (688036.SH) - The company reported a revenue of 204.66 billion yuan in Q3 2025, a year-on-year increase of 22.60%, while the net profit attributable to shareholders was 9.35 billion yuan, down 11.06% year-on-year [11] - The company is expected to achieve revenues of 694.0 billion, 751.7 billion, and 871.6 billion yuan from 2025 to 2027, with net profits of 38.2 billion, 56.7 billion, and 70.8 billion yuan respectively [13] Group 3: Tonglian Precision (688210.SH) - The company reported a revenue of 2.4 billion yuan in Q3 2025, a year-on-year increase of 5.75%, while the net profit attributable to shareholders was 884,000 yuan, down 91.67% year-on-year [15] - The company is expected to achieve revenues of 11.4 billion, 15.5 billion, and 21.1 billion yuan from 2025 to 2027, with net profits of 1.0 billion, 1.9 billion, and 2.9 billion yuan respectively [17] Group 4: Topband Co., Ltd. (002139.SZ) - The company achieved a revenue of 26.9 billion yuan in Q3 2025, a slight increase of 0.1% year-on-year, while the net profit attributable to shareholders was 900 million yuan, down 44.7% year-on-year [18] - The company is expected to achieve net profits of 6.2 billion, 8.5 billion, and 10.8 billion yuan from 2025 to 2027 [19] Group 5: Inspur Information (000977.SZ) - The company reported a revenue of 1206.69 billion yuan in the first three quarters of 2025, a year-on-year increase of 45%, with a net profit of 14.82 billion yuan, up 15% year-on-year [25] - The company is expected to achieve net profits of 26.38 billion, 37.31 billion, and 47.77 billion yuan from 2025 to 2027 [26] Group 6: Benda Pharmaceutical (300558.SZ) - The company achieved a revenue of 27.17 billion yuan in the first three quarters of 2025, a year-on-year increase of 15.90%, while the net profit attributable to shareholders was 3.17 billion yuan, down 23.86% year-on-year [28] - The company is expected to achieve revenues of 35.50 billion, 43.71 billion, and 53.09 billion yuan from 2025 to 2027, with net profits of 5.73 billion, 7.21 billion, and 8.56 billion yuan respectively [29] Group 7: XWANDA (300207.SZ) - The company reported a revenue of 435.34 billion yuan in the first three quarters of 2025, a year-on-year increase of 13.73%, with a net profit of 14.05 billion yuan, up 15.94% year-on-year [35] - The company is expected to achieve net profits of 21.83 billion, 30.29 billion, and 40.31 billion yuan from 2025 to 2027 [37] Group 8: YH Technology (688080.SH) - The company achieved a revenue of 2 billion yuan in Q3 2025, a year-on-year increase of 34.5%, with a net profit of 400 million yuan, up 17.5% year-on-year [39] - The company is expected to achieve net profits of 1.5 billion, 2 billion, and 2.6 billion yuan from 2025 to 2027 [40] Group 9: Zhongji Xuchuang (300308.SZ) - The company reported a revenue of 102.2 billion yuan in Q3 2025, a year-on-year increase of 56.8%, with a net profit of 31.4 billion yuan, up 125% year-on-year [42] - The company is expected to achieve net profits of 107 billion, 205 billion, and 268 billion yuan from 2025 to 2027 [43] Group 10: Dongfang Tower (002545.SZ) - The company achieved a revenue of 33.92 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.05%, with a net profit of 8.28 billion yuan, up 77.57% year-on-year [44] - The company is expected to achieve net profits of 12.68 billion, 14.46 billion, and 17.19 billion yuan from 2025 to 2027 [46]