评级调低方面，11月17日至11月23日，券商调低上市公司评级达到7家次，最新数据包括了华创证券对太阳能的评 级从"强推"调低至"推荐"，西部证券对源杰科技的评级从"买入"调低至"增持"，华创证券对泰坦科技的评级从"强 推"调低至"推荐"。 | | | | 7家最新被调低评级的公司 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 此前评级 | 最新评级 | 行业 | | 000591 | 太阳能 | 华创证券 | 强推 | 推荐 | 电力 | | 688498 | 源杰科技 | 西部证券 | 采入 | 増持 | 半导体 | | 688133 | 泰坦科技 | 华创证券 | 强推 | 推荐 | 化学制品 | | 000938 | 紫光股份 | 西部证券 | 买人 | 増持 | IT服务 | | 688232 | 新点软件 | 中泰证券 | 买人 | 増持 | 软件开发 | | 688056 | 菜伯泰科 | 华创证券 | 賀推 | 推荐 | 通用设备 | | 002541 | 鸿路钢构 | 华创证券 | 賀推 | 推荐 | 专业工 ...

南财投研通数据显示，11月17日至11月23日，券商给予上市公司目标价共118次，按最新收盘价计算，目标价涨幅 排名居前的公司有万丰奥威、光迅科技、太辰光，目标价涨幅分别为89.64%、81.99%、71.51%，分别属于汽车零 部件、通信设备、通信设备行业。 评级调低方面，11月17日至11月23日，券商调低上市公司评级达到7家次，最新数据包括了华创证券对太阳能的评 级从"强推"调低至"推荐"，西部证券对源杰科技的评级从"买入"调低至"增持"，华创证券对泰坦科技的评级从"强 推"调低至"推荐"。 | | | | 7家最新被调低评级的公司 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 此前评级 | 最新评级 | 行业 | | 000591 | 太阳能 | 华创证券 | 强推 | 推荐 | 电力 | | 688498 | 源杰科技 | 西部证券 | 采入 | 増持 | 半导体 | | 688133 | 泰坦科技 | 华创证券 | 强推 | 推荐 | 化学制品 | | 000938 | 紫光股份 | 西部证券 | 买人 | 増持 ...

（原标题：万丰奥威目标价涨幅近90%；太阳能等7家公司评级被调低｜券商评级观察） 评级调高方面，11月17日至11月23日，券商调高上市公司评级达到3家次，最新数据包括了财信证券对 华东重机的评级从"持有"调高至"增持"，华泰证券对中国石化的评级从"增持"调高至"买入"，中信证券 对鸿远电子的评级从"增持"调高至"买入"。 评级调低方面，11月17日至11月23日，券商调低上市公司评级达到7家次，最新数据包括了华创证券对 太阳能的评级从"强推"调低至"推荐"，西部证券对源杰科技的评级从"买入"调低至"增持"，华创证券对 泰坦科技的评级从"强推"调低至"推荐"。 首次覆盖方面，11月17日至11月23日券商共给出了77次首次覆盖，其中德力佳获得国信证券给予"优于 大市"评级，圆通速递、延江股份获得中泰证券分别给予"增持""买入"评级，远东股份获得天风证券给 予"买入"评级，蓝思科技获得华金证券给予"买入"评级。 免责声明：文中涉及的观点、数据、个股等要素仅供参考，不构成投资建议，操作风险自担，投资有风 险，入市需谨慎。 南财投研通数据显示，11月17日至11月23日，券商给予上市公司目标价共118次，按最新收盘 ...

公司动态跟踪 | 源杰科技 25Q3 CW 光源产品放量增收，毛利率同、环比改善 产品结构优化拉动毛利率同、环比改善，持续加大研发投入。25Q1/Q2/Q3 公司毛利率分别为 44.64%/51.71%/61.62%，25Q3 毛利率同比+39.64pct、 环比+9.91pct；费用率上，25Q3 公司销售/管理/研发/财务费用率分别为 2.47%/7.13%/15.71%/-1.81%，四费率合计 23.50%，同比-11.9pct、环比 +3.41pct。在研发方面，公司持续加大研发投入，研发费用达到 2801 万元， 占营业收入的比例为 15.71%。 产能：美国工厂处于基础设施建设与设备定价阶段，预计 26 年起逐渐释放 产能。公司将持续加强设备投入，预计 25 年底-26Q2 产能逐步释放，26 年 产能有望加速释放。 投资建议：公司持续加大对高速率光芯片、大功率光芯片、芯片工艺等相关 技术和产品的研发投入，持续提升产品竞争力。伴随产品良率提升和高毛利 产品占比提升，公司的盈利能力有望继续提升。预计公司 25/26/27 年归母净 利润 1.8 亿元/3.8 亿元/5.2 亿元，对应 P/E 为 ...

Core Viewpoint - The A-share market is experiencing a notable shift towards stock selection and sector rotation, with over 50 stocks upgraded and more than 90 downgraded in ratings, indicating a more cautious market sentiment and a focus on structural opportunities in technology, consumption, and dividend sectors [1][2][3]. Stock Rating Adjustments - Over the past month, 52 stocks have been upgraded, with the food and beverage sector having the highest number of upgrades at 7 stocks, followed by electronics and power equipment with 5 each, and pharmaceuticals and light industry with 4 each [1]. - Conversely, 92 stocks have been downgraded across 25 industries, with the automotive sector leading with 12 downgrades, followed by food and beverage with 10, and basic chemicals with 9 [2][3]. Sector Analysis - In the food and beverage sector, several companies such as Baba Foods and Ximai Foods have seen their ratings upgraded due to improved revenue growth and store efficiency [2]. - The electronics sector is expected to benefit from a recovery in terminal demand, with companies like Crystal Technology and Green Link Technology receiving upgrades [2]. - The automotive sector has faced downgrades due to short-term performance pressures, with companies like Meihu and New Spring seeing their ratings lowered [3]. Market Trends and Strategies - Analysts suggest that the market is moving towards a balanced style, with a preference for large-cap stocks and a potential shift towards value stocks [4]. - The focus on growth stocks remains, but the key is whether the underlying valuation logic changes, which could drive future performance [4]. - Investment opportunities are seen in themes such as anti-involution and dividend stocks, with a particular emphasis on technology sectors that align with national strategies and possess real technological barriers [5].

科创板股中，收盘价最高的是寒武纪-U，今日报收1249.00元，下跌5.54%，其次是源杰科技、国盾量子 等，最新收盘价分别为538.86元、436.00元。 科创板百元股中，今日平均下跌2.97%，具体来看，今日上涨的有7只，涨幅居前的有禾信仪器、德科 立、品茗科技等。下跌的有54只，跌幅居前的有普冉股份、源杰科技、影石创新等。 向前追溯发现，科创板百元股最新收盘价相对发行价平均溢价500.46%，溢价幅度居前的有上纬新材、 寒武纪-U、百利天恒等，溢价幅度分别为4549.16%、1839.74%、1416.84%。 以申万一级行业分类，科创板百元股较为集中的行业有电子、医药生物、计算机等，分别有30只、9 只、8只股票上榜。 资金流向方面，科创板百元股今日主力资金合计净流出53.99亿元，净流入资金居前的有德科立、源杰 科技、禾信仪器等，净流入资金分别为10961.90万元、7852.99万元、3084.73万元；净流出资金居前的 有寒武纪-U、中芯国际、国盾量子等，净流出资金分别为{6}。 以最新收盘价计算，科创板平均股价为37.48元，其中股价超100元的有61只，股价最高的是寒武纪-U。 证券时报· ...

Core Viewpoint - Yuanjie Technology (688498.SH), the second highest-priced stock on the Sci-Tech Innovation Board, has initiated plans for a Hong Kong listing to accelerate its international strategy and enhance its brand image and capital strength [2]. Group 1: Company Overview - Yuanjie Technology focuses on the optical chip industry, specializing in the research, design, production, and sales of optical chips, which are primarily used in telecommunications, data centers, and automotive LiDAR markets [2]. - The company was listed on the Sci-Tech Innovation Board in December 2022 [2]. Group 2: Financial Performance - In the first three quarters of 2025, Yuanjie Technology achieved operating revenue of 383 million yuan, a year-on-year increase of 115.09%, and a net profit attributable to shareholders of 106 million yuan, a staggering increase of 19,348.65% [3]. - The company's net profit growth rate is the highest among Sci-Tech Innovation Board listed companies and second among all A-share listed companies [3]. - Quarterly breakdown shows operating revenues of 84.4 million yuan, 121 million yuan, and 178 million yuan, with year-on-year growth rates of 40.52%, 100.6%, and 207.31% respectively [3]. Group 3: Business Segments - The significant growth in revenue is attributed to the increasing demand for CW silicon photonic light source products in the data center market, which has a high gross margin [4]. - In the first half of 2025, the telecommunications market revenue decreased by 8.93% to 99.87 million yuan, while revenue from the data center and other businesses surged by 1,034.18% to 105 million yuan [4]. Group 4: International Business - Currently, Yuanjie Technology's overseas business is relatively small, with revenue of 237,400 yuan in 2024, a year-on-year increase of 28.52%, and 255,600 yuan in the first half of 2025 [4].

Market Overview - The semiconductor sector experienced a decline of 1.24% on November 20, with Aisen Co. leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Top Gainers in Semiconductor Sector - Dawi Co. (002213) saw a significant increase of 10.00%, closing at 36.64 with a trading volume of 556,200 shares and a transaction value of 1.96 billion [1] - Tianyue Advanced (688234) rose by 5.77%, closing at 79.98 with a trading volume of 154,400 shares and a transaction value of 1.24 billion [1] - Hongwei Technology (688711) increased by 5.12%, closing at 23.59 with a trading volume of 125,700 shares [1] Top Decliners in Semiconductor Sector - Vincent Co. (688720) fell by 6.29%, closing at 54.65 with a trading volume of 65,400 shares and a transaction value of 368 million [2] - Demingli (001309) decreased by 6.16%, closing at 247.46 with a trading volume of 173,700 shares and a transaction value of 4.37 billion [2] - Kewai (300672) dropped by 6.12%, closing at 103.75 with a trading volume of 134,300 shares and a transaction value of 1.41 billion [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 5.54 billion from major funds, while retail investors saw a net inflow of 3.53 billion [2] - Major funds showed a net inflow in stocks like Dagang Co. (002077) with 93.35 million, while retail investors had a net outflow of 44.89 million [3] - Tianyue Advanced (688234) had a net inflow of 68.41 million from major funds, but a net outflow of 23.02 million from retail investors [3]

源杰科技三季报显示，2025年前三季度，公司实现营业收入3.83亿元，同比增加115.09%；实现归属于 上市公司股东的净利润1.06亿元，同比扭亏为盈。2025年第三季度实现营业收入1.78亿元，同比增加 207.31%，环比增加47.90%，实现归属于上市公司股东的净利润5963.89万元。主要系数据中心市场的 CW硅光光源产品逐步放量，公司营业收入同比增加，且高毛利率的数据中心板块业务大幅增加，产品 结构进一步优化，利润总额及净利润增加所致。 公司此前在三季度业绩交流会上表示，公司持续加强设备投入，综合设备交付节奏以及调试等因素，预 计产能将从今年年底至明年逐步成长。 中证报中证网讯（记者 何昱璞）源杰科技11月19日晚间公告，为加快公司国际化战略及海外业务布 局，进一步提升品牌形象及知名度，提高资本实力和综合竞争力，根据公司总体发展战略及运营需要， 拟在境外发行股份（H股）并在香港联交所上市。 源杰科技聚焦光芯片行业，主营业务为光芯片的研发、设计、生产与销售，目前公司的主要产品为光芯 片，主要应用于电信市场、数据中心市场、车载激光雷达市场等领域。经过多年研发与产业化积累，公 司已建立了包含芯片设计、晶 ...

Core Viewpoint - The company, Yuanjie Technology, plans to accelerate its international strategy and enhance its brand image by issuing H-shares and listing on the Hong Kong Stock Exchange [1][3]. Group 1: Company Overview - Yuanjie Technology focuses on the optical chip industry, specializing in the research, design, production, and sales of optical chips, which are primarily used in telecommunications, data centers, and automotive LiDAR markets [1]. - The company has established a comprehensive IDM (Integrated Device Manufacturer) business model, covering all processes from chip design to wafer manufacturing and testing, with multiple self-controlled production lines [1]. Group 2: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 383 million yuan, a year-on-year increase of 115.09%, and a net profit of 106 million yuan, marking a turnaround from losses [2]. - In the third quarter of 2025, the company reported a revenue of 178 million yuan, a year-on-year increase of 207.31% and a quarter-on-quarter increase of 47.90%, with a net profit of approximately 59.64 million yuan [2]. - The growth in revenue is attributed to the increasing volume of CW silicon optical source products in the data center market and a significant rise in the high-margin data center segment [2]. Group 3: Future Outlook - The company is enhancing equipment investments and expects production capacity to gradually increase from the end of this year to next year [2]. - The telecommunications market is cyclical, but with the implementation of 50GPON technology, significant changes in demand are anticipated in the coming years, and the company is actively preparing to support this industry development [2]. Group 4: H-Share Listing Preparation - The board of directors has authorized the management to initiate preparations for the H-share listing, with a timeframe of 12 months from the board's approval [3]. - The company plans to discuss the specific progress of the H-share listing with relevant intermediaries and must obtain approvals from regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [3]. - The success of the H-share listing is subject to uncertainties related to the approval processes [3].