转自：前瞻产业研究院 行业主要上市公司：立讯精密(002475.SZ)、中航光电(002179.SZ)、长盈精密(300115.8Z)、得润电子 (002055.SZ)、航天电器(002025.8Z)、意华股份(002897.SZ)等 本文核心数据：市场规模;产品结构;区域结构 1、定义及分类 光纤连接器是指光纤系统中能够实现光纤之间可拆卸(活动)连接的一种基础无源光器件，它把光纤的两个端 面精密对接起来，以使发射光纤输出的光能量能最大限度地耦合到接收光纤中去，并使由于其介入光链路而 对系统造成的影响减到最小，这是光纤连接器的基本要求。在一定程度上，光纤连接器影响了光传输系统的 可靠性和各项性能。常见的光纤连接器类型主要包括FC、SC、ST、LC、MPO/MTP等类型。 按市场规模计，目前光纤连接器细分产品结构中小方型光纤连接器占比较高，占据着近35%全球光纤连接器 市场份额。 2、2024年全球光纤连接器市场规模约55.6亿美元 在高容量数据传输和下一代通信网络的需求不断增长的推动下，2024年全球光纤连接器市场规模已攀升至 55.6亿美元，同比增长7.2%。 3、光纤连接器细分产品结构中小方型占比较高 4 ...

产业链剖析：中游为核心环节 连接器制造行业上游市场为原材料市场，主要分为金属原材料和非金属原材料，中游即为连接器制造行 业，由制造企业通过对上游原材料进行加工处理，制配组立，经过测试之后得到连接器成品。连接器作 为传递信号、交换信息的基本单元，决定了涉及电子信息领域的终端产品均需要使用，因此连接器下游 几乎涵盖电子工业全领域。但不同领域因终端需求差异、单品信息化程度差异等，细分连接器市场规模 有较大差别。 从生态图谱来看，中国连接器上游原材料供应部分的上市企业相对较多，钢铁、有色金属塑胶原材料上 市企业包括了中国铜业、鞍钢集团、五矿金属以及海利得等，中游的连接器生产制造企业主要为立讯精 密、中航光电、得润电子、信维通信等。 转自：前瞻产业研究院 行业主要上市公司：立讯精密(002475.SZ)、中航光电(002179.SZ)、长盈精密(300115.8Z)、得润电子 （维权）(002055.SZ)、航天电器(002025.8Z)、意华股份(002897.SZ)等 本文核心数据：产业链生态图谱;代表性企业产销量 连接器产业链区域热 力地图：集中在东部及东南沿海地区 从中国连接器产业链企业区域分布情况来看，中游连 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [6][15]. Core Views - The company's revenue for the first half of 2025 reached 2.935 billion yuan, a year-on-year increase of 0.47%, while the net profit attributable to the parent company was 86.6952 million yuan, a year-on-year decrease of 77.49% [1][2]. - Despite a decline in performance, the company has seen a rapid growth in orders, particularly in defense, new energy, and data communication sectors, although revenue growth has not kept pace due to extended customer product acceptance cycles [2][3]. - The company is focusing on enhancing its production capacity and has implemented measures to optimize order scheduling and supply chain resources, which is expected to lead to improved performance in the second half of the year [3]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin and net margin were 31.94% and 3.91%, respectively, both showing a decline of 15.58 percentage points and 11.16 percentage points year-on-year [2]. - The company has actively managed costs, with sales expense ratio, R&D expense ratio, and management expense ratio decreasing by 0.86 percentage points, 2.02 percentage points, and 1.41 percentage points, respectively [2]. Order and Production Capacity - The company has secured opportunities for three key new projects and has seen over 30% year-on-year growth in orders from new industries [3]. - A total of 15 major industrialization projects have been identified, contributing to a significant increase in orders [3]. Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down by 51% and 37% to 442 million yuan and 713 million yuan, respectively, with a new forecast for 2027 at 988 million yuan [3]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.97 yuan, 1.56 yuan, and 2.17 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 56x, 34x, and 25x [3][5].

Market Overview - The Shanghai Composite Index is at 3839.08 points, above the six-month moving average, with a decline of 0.76% [1] - The total trading volume of A-shares is 23899.72 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 16 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Digital Human: 10.98% - *ST Baoshi: 5.13% - Aerospace Electric: 3.50% [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Wangcheng Technology: 0.11% - Zhu Laoliu: 0.16% - Yintuwanglian: 0.17% [1] Performance of Selected Stocks - The following stocks have notable performance metrics: - Digital Human: Today's increase of 14.01% with a turnover rate of 25.34% [1] - *ST Baoshi: Increased by 5.05% with a turnover rate of 2.04% [1] - Aerospace Electric: Increased by 3.55% with a turnover rate of 2.36% [1]

Core Viewpoint - The Shanghai Composite Index closed at 3800.35 points, above the six-month moving average, with a decline of 1.76% on the day, and the total trading volume of A-shares reached 31,977.88 million yuan [1] Group 1: Market Performance - The A-share market saw 10 stocks break above the six-month moving average today, with notable stocks including Digital People, *ST Baoshi, and Pano Technology, which had divergence rates of 9.85%, 2.43%, and 1.42% respectively [1] - Stocks with smaller divergence rates that just crossed the six-month moving average include ST Nachuan, Spring Airlines, and Zhongbai Group [1] Group 2: Individual Stock Analysis - Digital People (835670) experienced a price increase of 12.84% with a turnover rate of 30.12%, closing at 17.23 yuan, showing a divergence rate of 9.85% from the six-month moving average of 15.69 yuan [1] - *ST Baoshi (000595) rose by 2.33% with a turnover rate of 3.18%, closing at 5.27 yuan, with a divergence rate of 2.43% from its six-month moving average of 5.14 yuan [1] - Pano Technology (831175) increased by 2.45% with a turnover rate of 14.76%, closing at 17.59 yuan, showing a divergence rate of 1.42% from the six-month moving average of 17.34 yuan [1]

Core Insights - The report highlights the robust performance of various sectors, particularly in electric equipment, coal, and healthcare, indicating potential investment opportunities in these areas [6][9][11]. Industry Commentary Electric Equipment and New Energy - UBTECH leads the establishment of two national technical standards for humanoid robots, indicating a strong push towards innovation in robotics [6]. - The China Photovoltaic Industry Association (CPIA) emphasizes the need for self-regulation to maintain fair competition in the photovoltaic market, urging companies to adhere to legal standards and avoid price wars [6]. - The price of polysilicon remains stable, with a current average of 44.0 CNY/kg, supported by production cuts from leading companies [6][10]. Coal Industry - The trend of shrinking coal imports has slowed, with July 2025 showing a year-on-year decrease of 22.94% but a month-on-month increase of 7.78% [9][12]. - The average import price for coal is reported at 67 USD/ton, reflecting a downward trend compared to the previous year [12]. Healthcare Sector - The report on Kaineng Health indicates stable performance with significant potential in the health sector, driven by high-margin terminal services [11][13]. Machinery and Equipment - Jinxi Axle reported a significant turnaround with a net profit of 13.90 million CNY in H1 2025, driven by high growth in railway vehicle contributions [23][25]. - Hangcha Group's revenue reached 9.30 billion CNY in H1 2025, with a notable increase in both domestic and export sales of forklifts [26]. Aerospace and Defense - AVIC Shenfei's contract liabilities increased significantly, indicating strong future demand for military aircraft, particularly the J-16 and J-35 models [28][31]. Chemical Industry - LUXI Chemical reported stable revenue growth, with a focus on transitioning from single-agent to compound agents, reflecting a strategic shift in product offerings [40]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the electric equipment sector, such as Aiko and Longi Green Energy, and those involved in coal production like Huayang Co. and Jinkong Coal [8][12][26]. - In the healthcare sector, companies like Kaineng Health are recommended due to their promising growth in high-margin services [11][13].

Company Update - The company Aerospace Electric (SZ 002025) announced on August 27, 2025, that its Vice President Wang Linghong submitted a resignation letter due to work changes, and he will not hold any other position in the company after his resignation [1] - For the first half of 2025, the company's revenue composition was 98.21% from the electronic components industry and 1.79% from other businesses [1] Industry Insight - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related listed companies [1]

证券日报网讯8月26日晚间，航天电器（002025）发布公告称，2025年8月26日，公司董事会收到公司副 总经理王令红的书面辞职报告，王令红先生因工作变动原因申请辞去公司副总经理职务。 ...

证券代码：002025 证券简称：航天电器 公告编号：2025-59 贵州航天电器股份有限公司 贵州航天电器股份有限公司董事会 关于公司副总经理辞职的公告 2025 年 8 月 27 日 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 2025 年 8 月 26 日，贵州航天电器股份有限公司（以下简称"公 司"或"航天电器"）董事会收到公司副总经理王令红的书面辞职报 告，王令红先生因工作变动原因申请辞去公司副总经理职务。 根据《公司法》、《公司章程》有关规定，副总经理王令红先生的 辞职申请自辞职报告送达公司董事会当日生效。王令红先生辞职后， 不在公司担任其他任何职务。 截至 2025 年 8 月 26 日，王令红先生持有航天电器股份 20,770 股，其将继续按照《上市公司股东减持股份管理暂行办法》《上市公 司董事、监事和高级管理人员所持本公司股份及其变动管理规则》《贵 州航天电器股份有限公司 2022 年限制性股票激励计划》等相关规定 进行股份管理。 特此公告。 ...

Group 1 - The stock price of Aerospace Electric fell by 2.05% on August 26, reaching 51.62 CNY per share, with a trading volume of 1.44 billion CNY and a market capitalization of 23.509 billion CNY [1] - Year-to-date, Aerospace Electric's stock price has increased by 6.81%, with a recent 5-day increase of 1.35%, a 20-day decrease of 1.86%, and a 60-day increase of 2.77% [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on January 15, where it recorded a net buy of -202 million CNY [1] Group 2 - Aerospace Electric, established on December 30, 2001, and listed on July 26, 2004, is located in Guiyang, Guizhou Province, and specializes in high-end relays, connectors, micro motors, optoelectronic devices, and cable assemblies [2] - The main business revenue composition includes connectors and integrated interconnection products at 70.35%, motor and control components at 22.49%, relays at 3.39%, optoelectronic devices at 1.98%, and others at 1.79% [2] - As of June 30, 2025, the company reported a revenue of 2.935 billion CNY, a year-on-year increase of 0.47%, while the net profit attributable to shareholders decreased by 77.49% to 86.6952 million CNY [2] Group 3 - Since its A-share listing, Aerospace Electric has distributed a total of 1.367 billion CNY in dividends, with 446 million CNY distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders include notable funds such as E Fund Defense Industry Mixed A and Huaxia Military Industry Safety Mixed A, with significant increases in their holdings [3]