10月24日，鼎通科技涨5.03%，截至发稿，报97.45元/股，成交5.90亿元，换手率4.43%，总市值135.65 亿元。 资料显示，东莞市鼎通精密科技股份有限公司位于广东省东莞市东城街道周屋社区银珠路七号，成立日 期2003年6月11日，上市日期2020年12月21日，公司主营业务涉及研发、生产、销售通讯连接器精密组 件和汽车连接器精密组件的高新技术企业。主营业务收入构成为：通讯连接器壳体CAGE41.36%，汽车 连接器组件25.82%，通讯连接器精密结构件16.53%，其他业务9.19%，精密模具5.46%，模具零件 1.65%。 德邦鑫星稳健灵活配置混合（001259）基金经理为。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从鼎通科技十大流通股东角度 数据显示，德邦基金旗下1只基金位居鼎通科技十大流通股东。德邦鑫星稳健灵活配置混合（001259） 三季度新进十大流通股东，持有股数90万股，占流通股的比例为0.65%。根据测算，今日浮 ...

Group 1 - The copper cable high-speed connection concept declined by 1.24%, ranking among the top declines in the concept sector as of the market close on October 23 [1] - Within the sector, companies such as Changfei Fiber, Dingtong Technology, and Huafeng Technology experienced significant declines, while Baosheng Co., Far East Co., and Zhongtian Technology saw increases of 1.65%, 0.80%, and 0.80% respectively [1][2] - The copper cable high-speed connection sector experienced a net outflow of 1.259 billion yuan, with 31 stocks seeing net outflows, and 8 stocks with outflows exceeding 50 million yuan [2] Group 2 - The top net outflow stocks in the copper cable high-speed connection sector included Changying Precision with a net outflow of 271 million yuan, Huagong Technology with 241 million yuan, and Changxin Bochuang with 123 million yuan [2][3] - The stocks with the highest net inflows included Zhongfu Circuit, Kabeiyi, and Ruikeda, with net inflows of 31.159 million yuan, 25.109 million yuan, and 10.122 million yuan respectively [2][3] - The trading volume and price changes of various stocks in the sector were highlighted, with notable declines in stocks like Huafeng Technology (-4.31%) and Dingtong Technology (-5.13%) [3]

Market Overview - The net outflow of main funds in the Shanghai and Shenzhen markets reached 44.231 billion yuan, with the Sci-Tech Innovation Board experiencing a net outflow of 290 million yuan [1] - A total of 251 stocks saw net inflows, while 338 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 156 stocks rose, with one stock, Silin Jie, hitting the daily limit, while 423 stocks declined [1] - The top three stocks with the highest net inflow of main funds were Haiguang Information (net inflow of 642 million yuan), Dingtong Technology (228.6018 million yuan), and Hanwujing-U (198.2726 million yuan) [2] Continuous Fund Flow Analysis - There are 58 stocks with continuous net inflows for more than three trading days, with Kangwei Century leading at 14 consecutive days of inflow [2] - Conversely, 143 stocks experienced continuous net outflows, with Hangke Technology leading at 15 consecutive days of outflow [2] Key Stocks with Significant Fund Flows - The top stocks by net inflow include: - Haiguang Information: 64.192 million yuan, 7.43% inflow rate, 2.06% increase [2] - Dingtong Technology: 22.860 million yuan, 16.22% inflow rate, 1.24% increase [2] - Hanwujing-U: 19.827 million yuan, 1.00% inflow rate, 4.42% increase [2] - The stocks with the highest net outflows include: - Huahong Company: 31.8 million yuan outflow, 1.59% decrease [1] - Yuanjie Technology: 30.3 million yuan outflow [1] - Kingsoft Office: 15.9 million yuan outflow [1]

Core Insights - As of October 22, 220 companies have released their Q3 2025 reports, with 147 reporting a year-on-year increase in net profit and 73 showing a decline [1] - 155 companies experienced a year-on-year increase in operating revenue, while 65 reported a decrease [1] - 125 companies saw both net profit and operating revenue increase, while 43 companies reported declines in both metrics [1] - Notably, 32 companies achieved a net profit growth rate exceeding 100%, with Xin Qiang Lian leading at 1939.50% [1] Financial Performance Summary - **Top Performers by Net Profit Growth**: - Xin Qiang Lian: Net profit of 66,384.29 million, up 1939.50%, operating revenue of 361,792.49 million, up 84.10% [1] - Guanghua Technology: Net profit of 9,039.34 million, up 1233.70%, operating revenue of 204,433.57 million, up 11.50% [1] - Wancheng Group: Net profit of 85,497.84 million, up 917.04%, operating revenue of 3,656,231.05 million, up 77.37% [1] - **Other Notable Companies**: - Shijia Guangzi: Net profit of 29,971.78 million, up 727.74%, operating revenue of 156,043.74 million, up 113.96% [1] - Shentong Technology: Net profit of 11,326.61 million, up 584.07%, operating revenue of 130,196.13 million, up 34.65% [1] - Yongding Co.: Net profit of 32,909.62 million, up 474.30%, operating revenue of 363,039.87 million, up 22.13% [1] Additional Insights - **Companies with Declining Performance**: - Xinlian Electronics: Net profit of 53,494.92 million, up 421.43%, but operating revenue slightly decreased by 0.37% [1] - Jinxichaxu: Net profit of 2,211.44 million, up 268.03%, with a negligible decline in operating revenue [1] - **Emerging Companies**: - Huadong Digital Control: Net profit of 2,312.18 million, up 151.78%, with a slight decline in operating revenue [2] - Zhongcai Technology: Net profit of 147,978.91 million, up 143.24%, operating revenue of 2,170,061.81 million, up 29.09% [2]

Core Viewpoint - The pension funds have actively invested in the secondary market, appearing in the top ten circulating shareholders of nine stocks by the end of the third quarter, with six new entries and two increased holdings [1][2]. Group 1: Pension Fund Holdings - By the end of the third quarter, pension accounts held a total of 103 million shares across nine stocks, with a combined market value of 3.281 billion yuan [1]. - The largest holding was in Haiyou Development, with pension funds holding 65.3843 million shares, making them the ninth and fourth largest shareholders [1]. - The second largest holding was in Guoyao Shares, with 20.318 million shares held by pension funds, ranking as the fourth largest shareholder [1]. Group 2: Stock Performance and Changes - Among the stocks held by pension funds, four had a market value exceeding 100 million yuan, including Chuncheng Power, Guoyao Shares, and Haiyou Development [1]. - The stock with the highest net profit growth in the third quarter was Dingtong Technology, achieving a net profit of 176.572 million yuan, a year-on-year increase of 125.39% [3]. - The pension fund's longest-held stock is Chuncheng Power, which has appeared in the top ten shareholders for 14 consecutive reporting periods, maintaining a holding of 7.9514 million shares [2]. Group 3: Sector Distribution - The pension fund's holdings are distributed across different boards, with five stocks on the main board, one on the Sci-Tech Innovation Board, and three on the Growth Enterprise Market [3]. - The pension fund's holdings include stocks from various industries, such as oil and petrochemicals, pharmaceuticals, automotive, basic chemicals, telecommunications, electronics, mechanical equipment, beauty care, and construction decoration [3].

| 代码 | 简称 | 持股量（万股） | 环比（%） | 占流通股比例（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 603129 | 春风动力 | 795.14 | 不变 | 5.21 | 汽车 | | 688668 | 鼎通科技 | 151.74 | 新进 | 1.09 | 通信 | | 603193 | 润本股份 | 45.44 | 新进 | 0.44 | 美容护理 | | 603163 | 圣晖集成 | 31.18 | 新进 | 0.89 | 建筑装饰 | （文章来源：证券时报网） 财报披露季，机构最新持股动向逐渐明朗。三季度末养老金账户出现在春风动力、鼎通科技、润本股 份、圣晖集成前十大流通股东榜。 基本养老保险基金一六零三二组合、基本养老保险基金一六零二二组合为春风动力第八、第四大流通股 东，合计持股量为795.14万股，占流通股比例5.21%。基本养老保险基金一九零六组合、基本养老保险 基金一六零五二组合为鼎通科技第七大、第九大大流通股东，合计持股量为151.74万股，占流通股比例 1.09%。基本养老保险基金一二零六组合为润本股份第九大流 ...

对于社保基金，本期较上一季未再披露的社保基金共计1个，即广发基金管理有限公司-社保基金2003组 合。 外资态度来看，本期较上一季度新披露的外资机构有 1 家 ，即香港中央结算有限公司。 2025年10月21日，鼎通科技(688668.SH)发布2025年第三季报。截至2025年10月20日，共有8个机构投资 者披露持有鼎通科技A股股份，合计持股量达5768.12万股，占鼎通科技总股本的41.44%。其中，机构 投资者包括东莞市鼎宏骏盛投资有限公司、香港中央结算有限公司、江苏银行股份有限公司-中航机遇 领航混合型发起式证券投资基金、交通银行股份有限公司-德邦鑫星价值灵活配置混合型证券投资基 金、基本养老保险基金一九零六组合、中国农业银行股份有限公司-新华优选分红混合型证券投资基 金、基本养老保险基金一六零五二组合、中国农业银行股份有限公司-宝盈转型动力灵活配置混合型证 券投资基金，机构投资者合计持股比例达41.44%。相较于上一季度，机构持股比例合计下跌了6.23个百 分点。 公募基金方面本期较上一季度持股减少的公募基金共计1个，即新华优选分红混合A，持股减少占比达 0.46%。本期较上一季度新披露的公募基金 ...

截至2025年10月20日收盘，鼎通科技(688668)报收于92.17元，上涨6.65%，换手率4.93%，成交量6.86万 手，成交额6.25亿元。 一、主要财务数据（一）主要会计数据和财务指标 单位：元 币种：人民币 项目本报告期本报告期比上年同期增减变动幅度(%)年初至报告期末年初至报告期末比上年同期增减变 动幅度(%)营业收入371,622,872.7348.121,156,197,220.6364.45利润总额 67,915,956.80132.20191,251,161.30134.08归属于上市公司股东的净利润 61,175,020.42110.67176,572,011.04125.39归属于上市公司股东的扣除非经常性损益的净利润 59,229,632.17129.40166,648,222.14134.46经营活动产生的现金流量净额 117,142,782.6592.71135,287,907.30114.15基本每股收益（元/股）0.44110.671.27125.39稀释每股收益（元/ 股）0.44110.671.27125.39加权平均净资产收益率（%）2.67增加1.03个百分点7 ...

Summary of Dinglong Technology Conference Call Company Overview - **Company**: Dinglong Technology - **Industry**: Telecommunications and Automotive Key Points Financial Performance - **Gross Margin**: Increased to 31.8% in Q3 2025, up from 27.4% in Q2 2025, attributed to product structure adjustments and high margins on telecommunications products, particularly the 122G product [2][12] - **Net Profit**: Q3 net profit was 61 million yuan, slightly down from 63 million yuan in Q2, indicating stable profitability [3] Telecommunications Business - **122G Product**: Monthly demand rose from 1.3 million units in Q2 to 1.5 million units in Q3, with expectations for year-end stockpiling [2][4][7] - **56G Product**: Demand decreased from 200-300 thousand units to 70-80 thousand units monthly, but remains stable [4][7] - **24G Product**: Expected to begin mass production in 2026, currently contributing minimally to revenue [4][7] Automotive Business - **Revenue Contribution**: Automotive business revenue share decreased to 10% due to rising metal material prices and adjustments to unprofitable products [2][5] - **BMS Aluminum Busbar Project**: Automatic line received customer approval, with mass production expected in Q1 2026 [2][5] - **Cost Pressures**: Rising metal prices have increased costs, particularly affecting automotive modules [8] Liquid Cooling Products - **Current Status**: In customer validation phase, with mass production expected to start by year-end or Q1 2026 [2][6] - **Production Facilities**: A cleanroom has been established to meet customer requirements [6][13] Future Growth Expectations - **New Projects**: Anticipated revenue growth from liquid cooling and BMS projects starting in 2026 [9] - **Market Adaptation**: Plans to optimize telecommunications and automotive business structures to mitigate raw material price fluctuations [9] Automation Investments - **Investment in Automation**: Significant investments made in automation equipment, expected to enhance production efficiency and reduce labor costs by Q1 2026 [19] - **Production Capacity**: Automation will allow for 24-hour continuous production, reducing quality risks associated with manual labor [19] Competitive Landscape - **Liquid Cooling Competition**: Two forms of competition exist; bundled delivery of liquid cooling plates and connectors is favorable for the company, while separate deliveries could pose challenges [20] - **Product Layout**: Focus on dual-layer cooling and liquid cooling products, with potential expansion into other product lines [21][25] Regional Expansion - **Vietnam Investment**: Ongoing registration and land acquisition for a new facility in Vietnam, expected to complete construction by the end of 2026 and begin production in early 2027 [24] - **Client Partnerships**: Collaborations with companies like Amphenol and Luxshare are progressing, with potential for increased production capacity in Vietnam [27] Market Demand and Pricing - **224G Product**: Anticipated rapid demand growth in 2026, with a price increase of approximately 20% due to EMI shielding factors, maintaining a profit margin of 33-35% [4][17] - **Price Adjustments**: The company is prepared for potential price reductions in the 122G product, estimated at 2-3% in 2026 [22] Revenue Projections - **Automotive Connector and BMS Revenue**: Expected revenue of 200-300 million yuan from automotive connectors and BMS projects in 2026, with a focus on high and low voltage connectors [23] Quarterly Trends - **Q4 Shipment Trends**: Positive shipment trends observed, with October demand at approximately 1.5 million units, expected to increase by year-end [28] Conclusion - **Strategic Focus**: The company aims to maintain profitability and adapt to market changes while expanding its product offerings and production capabilities in both telecommunications and automotive sectors [29]

Core Viewpoint - The company has shown significant growth in revenue and profit for the reporting period, indicating strong operational performance and potential investment opportunities. Financial Performance - Operating revenue for the reporting period reached approximately 371.62 million, representing a year-on-year increase of 48.12% [1] - Total profit amounted to approximately 67.92 million, up 132.20% compared to the same period last year [1] - Net profit attributable to shareholders was approximately 61.18 million, reflecting a growth of 110.67% year-on-year [1] - The net profit after deducting non-recurring gains and losses was approximately 59.23 million, an increase of 129.40% [1] - Cash flow from operating activities was approximately 117.14 million, showing a year-on-year increase of 92.71% [1] - Basic and diluted earnings per share were both 0.44, up 110.67% year-on-year [1] - The weighted average return on equity was 2.67%, an increase of 1.03 percentage points [1] Research and Development - Total R&D investment was approximately 28.13 million, an increase of 22.91% year-on-year [1] - R&D investment as a percentage of operating revenue was 7.57%, a decrease of 1.55 percentage points [1] Asset and Equity - Total assets at the end of the reporting period were approximately 2.40 billion, compared to 2.18 billion at the end of the previous year [1] - Equity attributable to shareholders was approximately 1.90 billion, up from 1.80 billion at the end of the previous year [1] Valuation Metrics - As of October 20, the company's price-to-earnings (P/E) ratio (TTM) was approximately 61.52, price-to-book (P/B) ratio (LF) was approximately 6.75, and price-to-sales (P/S) ratio (TTM) was approximately 8.64 [1]