数据来源：wind 消息面上，CINNO Research最新统计数据显示，2025年三季度国内消费级AI/AR市场蓬勃发展，市场销 量同比激增186%；其中，AR市场延续高增长态势，突破12.9万台，一体式AR眼镜凭借355%的增速成 为最大亮点。此外，近期不带屏幕的AI眼镜虽不具备显示功能，但是可以培育市场，表现较为活跃， 三季度主要小米AI智能眼镜、雷鸟V3眼镜表现突出。预计，四季度百度、暴龙、星纪魅族等一批AI眼 镜上市，市场表现继续向好。 中山证券认为，头部厂商新机销售势头良好，反映出消费者对高端化、创新性功能的持续青睐，有助于 提振整体消费电子产业链信心。同时，尽管手机整体出货增速放缓，但在AI相关需求拉动下，存储芯 片及相关设备材料需求仍保持强劲。 消费电子ETF紧密跟踪中证消费电子主题指数，中证消费电子主题指数选取50只业务涉及元器件生产、 整机品牌设计及生产等消费电子相关的上市公司证券作为指数样本，以反映消费电子主题上市公司证券 的整体表现。 数据显示，截至2025年10月31日，中证消费电子主题指数(931494)前十大权重股分别为立讯精密 (002475)、寒武纪(688256)、工业富 ...

2025 年 11 月 28 日 总量研究 宽幅震荡，静待风起 ——2025 年 12 月 A 股及港股月度金股组合 要点 11月港股市场走势震荡。11月受美联储降息预期波动、AI泡沫担忧加剧等因素 影响，港股市场整体走势较为震荡。截至2025年11月26日，恒生香港35、恒生 指数、恒生中国企业指数、恒生综合指数、恒生科技的涨幅分别为1.1%、0.1%、 -0.1%、-0.7%、-4.9%。 A股观点：市场仍处牛市，但短期或宽幅震荡 市场大方向或仍处在牛市中，不过短期或进入宽幅震荡阶段。与往年牛市相比， 当前指数仍然有相当大的上涨空间，但是在国家对于"慢牛"的政策指引之下， 牛市持续的时间或许要比涨幅更加重要。不过短期来看，市场可能缺乏强力催化， 叠加年末部分投资者在行为上可能趋于稳健，股市短期或以震荡蓄势为主。 配置方面，短期关注防御及消费板块，中期继续关注 TMT 和先进制造板块。市 场处于震荡的过程中时，前期滞涨方向可能表现会更好，对应于本轮即为高股息 及消费板块。中期来看，流动性驱动行情下，行情中期 TMT 更容易成为主线， 本轮或许也会如此。若行情转向基本面驱动，考虑到当前行情或正处于中期，先 进 ...

Core Insights - The report by Ernst & Young highlights a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and Hong Kong markets accounting for 16% and 33% of global IPO numbers and fundraising amounts respectively [1] - Chinese companies secured five positions in the global top ten IPOs, with an increase in numbers compared to 2024, primarily in the automotive, mining, energy, and advanced manufacturing sectors [1] - The industrial, technology, and materials sectors are the top three in terms of IPO quantity [1] Market Performance - The A-share market has shown signs of recovery amidst fluctuations, with overall market confidence improving and a strong technical outlook [2] - The "14th Five-Year Plan" policies, capital market developments, and declining interest rates are positively influencing the market, indicating a phase of recovery [2] - Third-quarter reports indicate moderate improvements in fundamentals, which may drive further market recovery [2] Index and ETF Information - The CSI 500 Quality Growth Index selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the CSI 500 Index, providing diverse investment options [2] - As of October 31, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index accounted for 21.64% of the index [2] - The top ten stocks include Huagong Technology, Kaiying Network, Dongwu Securities, Tianshan Aluminum, Keda Li, Crystal Optoelectronics, Shunluo Electronics, Chuangfeng Power, Changjiang Securities, and Shanghai Electric [2][4]

证券日报网讯顺络电子（002138）11月27日发布公告，在公司回答调研者提问时表示，公司产品属于电 子元器件，成立以来一直专注于主业发展，目前公司电感产品技术水平与全球知名电子元器件厂商技术 水平比肩，产品拥有核心竞争力，且公司拥有全球领先的大客户群体，聚焦大客户战略，涵盖了全球主 要相关行业的标杆企业，与客户建立的是长期合作关系。公司各核心产品价格随行就市。 ...

Core Viewpoint - The company has developed a new series of tantalum capacitor products that cater to various high-demand sectors, including communications, consumer electronics, AI data centers, automotive electronics, and industrial control, leveraging years of research and development in the tantalum capacitor field [1] Tantalum Capacitor Applications - The new tantalum capacitor products are suitable for AI data centers due to their ability to operate in high-temperature environments and maintain voltage stability [1] - In the automotive electronics sector, the products meet the increasing reliability and stability requirements driven by the development of electric vehicles and advanced driver-assistance systems [1] - For enterprise solid-state drives (ESSD), the company has introduced high-performance polymer tantalum capacitors that fulfill the needs for higher read/write speeds, lower latency, larger storage capacity, and enhanced reliability [1] - The new tantalum capacitors have gained recognition from high-end clients in the consumer electronics market, thanks to their thin profile and low equivalent series resistance (ESR) [1] Future Outlook - The company’s innovative designs and packaging have elevated the development of tantalum capacitors to a new level, with a positive growth trend anticipated for the future [1]

证券日报网讯顺络电子11月27日发布公告，在公司回答调研者提问时表示，公司自上市以来，持续进行 研发投入及管理创新，不断推出具有核心竞争力的新产品、降本提效管理工作不断深化，历年平均毛利 率均保持在同行业较优水平。（1）公司的愿景是"成为电子元器件领域专家"，在过去的二十余年里， 公司跟随全球电子信息产业链的发展，获得了宝贵的事业机会及持续增长的市场空间，从电感领域出 发，向以"磁性器件、微波器件、传感及敏感器件、精密陶瓷"为核心的产业领域，积极开拓，聚焦战略 市场，为公司规模成长持续贡献新的增长极。（2）公司产品均属于自主研发、设计，自身拥有强大的 核心技术及综合服务实力，不断在推出具有高附加值的新产品，行业壁垒较高，高附加值的新产品在竞 价时有更充裕的溢价空间，保障了毛利的空间。（3）订单增加，产能利用率的不断提升在较大程度上 保障了公司稳定、优质的毛利率水平。各类产品大规模上量带来的规模效应，进一步提升了公司的盈利 水平。（4）公司基于长期对基础材料、技术平台的研发，储备了大量的研发成果，通过不断进行技术 创新、工艺创新、设备创新、提高技术水平及管理水平来实现生产效率的提升。（5）公司参与到核心 大客户 ...

Group 1: Automotive Electronics Business - The automotive electronics business is a key strategic area for the company, with a market potential in the hundreds of billions [2] - The company has achieved comprehensive coverage of electric vehicle scenarios, including intelligent driving and smart cockpit applications [2] - The company anticipates rapid growth in the automotive electronics sector, driven by new product introductions and expanding core customer market share [2] Group 2: AI Data Center Development - The AI data center is a new strategic market for the company, focusing on high-precision and high-power density technologies [3] - The company provides a complete product solution for AI servers, covering various power supply needs, and has secured orders from leading domestic and international clients [3] - The overseas business for AI servers has seen rapid growth this year [3] Group 3: Tantalum Capacitor Products - The company has invested in the tantalum capacitor field for years, developing new products suitable for various applications, including communications and automotive electronics [4] - Tantalum capacitors meet the high reliability and stability requirements of automotive electronics and AI server environments [4] - The company has launched high-performance polymer tantalum capacitors for enterprise SSDs, catering to industry demands [4] Group 4: Gross Margin Trends - The company has maintained a competitive average gross margin since its listing, supported by continuous R&D investment and management innovation [4] - The focus on high-value-added products and strong core technology has allowed for better pricing power and margin protection [4] - Increased orders and capacity utilization have contributed to stable and high-quality gross margins [4] - The company is transitioning from a "product provider" to a "value creator," which is expected to further optimize gross margin levels [4] Group 5: Product Pricing Situation - The company's products are aligned with market prices, maintaining competitiveness with leading global electronic component manufacturers [5] - The company has established long-term partnerships with major global clients across various industries [5]

2025 年 11 月 26 日 机构关注度环比回升：电子、电力设备、建筑装饰 策略研究团队 ——机构调研周跟踪 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn 机构调研信息是对基本面信息的重要补充，但信息量大且杂乱。为了清晰梳理 出调研中有效、增量信息，我们推出机构调研周跟踪系列，汇总最近一周、一 个月公开的机构调研信息，涵盖行业、个股两维度，包含调研热度（环比、同 比数据）、调研获得的行业及个股信息增量。 行业视角看机构调研情况: 电子、电力设备、建筑装饰的调研热度有所上升 周度：上周，全 A 的被调研总次数环比微微提升，且高于 2024 年同期，调研热 度有所回暖。一级行业中，按机构被调研总次数从高到低排序，电子、机械设备、 电力设备、医药生物和基础化工的关注度较高。 边际变化上，相较前一周，电子、电力设备、建筑装饰、农林牧渔、环保、纺织 服饰、建筑材料、商贸零售、国防军工、家用电器等的调研总次数有所上升。 月度：10 月，或因财报披露期，全 A 的被调研总次数环比大幅下跌，低于 2024 年同期。最新一个月，一级行业中，按机构被调研总次数从高到低排序，机械设 备、电子、医药生 ...

顺络电子公告称，近日公司股东恒顺通、总裁施红阳将部分股份办理解除质押。恒顺通分别解除420万 股、250万股，施红阳分别解除80.63万股、20万股、110万股，合计解除880.63万股，占公司总股本 1.09%，解除日期均为2025年11月24日。截至公告披露日，恒顺通、施红阳及其一致行动人合计持股 9286.76万股，占比11.52%，本次解质押后质押股份3074.4万股，占总股本3.81%。本次解除质押对公司 无实质性影响。 ...

股票代码：002138 股票简称：顺络电子 编号：2025-092 深圳顺络电子股份有限公司 关于股东部分股份解除质押的公告 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。 | 股东名称 | 是否为控股 股东或第一 | 本次解除质押 | 占其所持股 | 占公司总股 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 大股东及其 | 股份数量（股） | 份比例 | 本比例 | | | | | | 一致行动人 | | | | | | | | 恒顺通 | 是 | 4,200,000 | 7.57% | 0.52% | 年 月 2024 12 | 2025年 11月 24 | 深圳市高新投集团有 | | | | | | | 日 17 | 日 | 限公司 | | 恒顺通 | 是 | 2,500,000 | 4.50% | 0.31% | 2024 年 12 月 | 2025年 11月 24 | 深圳市高新投集团有 | | | | | | | 17 日 | 日 | 限公司 | ...