深圳顺络电子股份有限公司 关于为控股公司提供担保的进展情况公告 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。 股票代码：002138 股票简称：顺络电子 编号：2025-093 上述事宜详见公司分别于 2025 年 2 月 28 日、2025 年 3 月 21 日刊登于证券 时报及巨潮资讯网（http://www.cninfo.com.cn）的公告。 一、担保情况概述 本次担保使用额度情况如下： 单位：人民币万元 | | | | 股东大会审 | 本次担保 | 本次担保 | 本次担保 | | --- | --- | --- | --- | --- | --- | --- | | 担保方 | 被担保方 | 资产负债率 | 批额度 | 前担保余 | 额度 | 后担保余 | | | | | | 额 | | 额 | | 公司 | 东莞顺络 | 70%以下 | 450,000 | 379,000 | 60,000 | 439,000 | 二、进展情况介绍 2025 年 11 月 27 日，公司作为保证人与东莞银行股份有限公司东莞分行（以 下简称"东莞银行东莞分行"）签署 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of the consumer electronics sector, particularly in the AI/AR market, which saw a significant year-on-year sales increase of 186% in Q3 2025 [1][2] - The consumer electronics ETF (561600) has shown a consistent upward trend, achieving a 1.14% increase and marking its fourth consecutive rise [1] - Major companies in the consumer electronics index, such as Longying Precision and Shunluo Electronics, have experienced notable stock price increases, with Longying Precision rising by 11.79% [1] Group 2 - CINNO Research reported that the AR market continues to grow, with sales surpassing 129,000 units, and one-piece AR glasses achieving a remarkable growth rate of 355% [1] - The top ten weighted stocks in the consumer electronics index account for 56.3% of the total index, indicating a concentration of market influence among leading firms [2] - Despite a slowdown in overall smartphone shipment growth, demand for storage chips and related materials remains strong, driven by AI-related needs [2]

Market Overview - In November, the A-share market experienced a general decline, with the STAR Market 50 index dropping the most by 7.1%, while the Shanghai 50 index fell the least by 1.3%. Other major indices such as CSI 300, ChiNext, and CSI 1000 saw declines of -2.7%, -4.5%, and -3.4% respectively. The performance across industries showed significant divergence, with sectors like comprehensive services, banking, and media leading in gains [1][8][10] - The Hong Kong stock market also showed a volatile trend in November, influenced by fluctuations in the Federal Reserve's interest rate expectations and increasing concerns over the AI bubble. As of November 26, 2025, the Hang Seng Hong Kong 35 index rose by 1.1%, while the Hang Seng Index and Hang Seng China Enterprises Index saw minimal changes of 0.1% and -0.1%, respectively. The Hang Seng Technology Index dropped by 4.9% [1][10][11] A-share Insights - The market is believed to still be in a bull phase, but may enter a period of wide fluctuations in the short term. Compared to previous bull markets, there remains considerable room for index growth, but the emphasis on a "slow bull" policy may prioritize the duration of the bull market over its magnitude. Short-term catalysts appear weak, leading to a potential focus on defensive and consumer sectors, while TMT and advanced manufacturing sectors are recommended for mid-term attention [2][13][14][16][19] - In the context of market fluctuations, defensive sectors such as banking, utilities, and coal, along with consumer sectors like food and beverage, are highlighted as potential areas for investment. Historical trends suggest that previously lagging sectors may perform better during periods of market turbulence [16][17] Hong Kong Market Insights - The outlook for the Hong Kong market remains positive, with expectations of continued upward movement due to strong overall profitability and relatively low valuations. The "dumbbell" strategy is recommended, focusing on technology growth and high dividend stocks. Key areas of interest include domestic policies supporting self-sufficiency in chips and high-end manufacturing, as well as independent internet technology companies [3][21][24] - The report emphasizes the importance of high dividend, low volatility strategies, particularly in sectors such as telecommunications, utilities, and banking, which can provide stable returns [21][24] Stock Recommendations - For December 2025, the A-share stock selection includes: Sunlord Electronics, Zhongji Xuchuang, Huayou Cobalt, Sinopec, PetroChina, Zhengguang Co., Haier Smart Home, Hengli Hydraulic, Hangcha Group, and Goldwind Technology [26][27] - The recommended stocks for the Hong Kong market include: Tencent Holdings, China Mobile, China Tower, CNOOC Services, Huiju Technology, Sinopec Engineering, and AIA Group [30][31]

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]

Core Viewpoint - The company, Sunlord Electronics (002138), emphasizes its focus on the development of electronic components, particularly inductors, which are on par with global leading manufacturers in terms of technology and core competitiveness [1] Group 1: Company Strategy - The company has established long-term cooperative relationships with a global leading customer base, focusing on a strategy that targets major clients across key industries [1] - The pricing of the company's core products is aligned with market trends, indicating a responsive pricing strategy [1] Group 2: Product Competitiveness - The technology level of the company's inductor products is comparable to that of renowned global electronic component manufacturers, showcasing its competitive edge in the market [1]

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]

Core Insights - The company has maintained a competitive average gross margin in the industry since its listing, driven by continuous R&D investment and management innovation [2] - The vision of the company is to become an expert in the electronic components field, expanding from inductors to core areas such as magnetic devices, microwave devices, sensors, and precision ceramics [2] - The company focuses on self-developed and designed products, which allows for high added value and a strong pricing power, ensuring a healthy gross margin [2] R&D and Innovation - The company has a long-term commitment to R&D in basic materials and technology platforms, resulting in a significant reserve of research outcomes [2] - Continuous technological, process, and equipment innovations have led to improved production efficiency [2] - The company participates in the early R&D design phases of core clients' products, contributing to enhanced overall gross margin levels [2] Market Position and Growth - An increase in orders and rising capacity utilization have significantly supported the company's stable and high-quality gross margin [2] - The scale effect from large-volume production of various products has further improved the company's profitability [2] - The transition from a traditional "product provider" to a "value creator" has enriched the company's product matrix and is expected to optimize gross margin levels [2]

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]

Group 1: Industry Perspective on Institutional Research - The research indicates a rebound in institutional research activity, particularly in the electronics, power equipment, and construction decoration sectors, with a total of 726 research instances last week, higher than 674 instances in the same week of 2024 [3][19] - The increase in research activity is noted across various sectors, including electronics, power equipment, construction decoration, agriculture, environmental protection, textiles, building materials, retail, defense, home appliances, and coal [3][19] - In October, due to the earnings report disclosure period, the total number of institutional research instances across the A-share market significantly dropped to 1,768, lower than 1,994 instances in October 2024 [20][21] Group 2: Individual Stock Perspective on Institutional Research - The stocks that received the most attention recently include Huichuan Technology, Fengyuan Co., and Ice Wheel Environment, with Huichuan Technology being researched 9 times last week [25][28] - Over the past month, stocks such as Oke Yi, Huichuan Technology, Ice Wheel Environment, and others have seen a high number of research instances, indicating strong market interest [29][30] - Huichuan Technology has been frequently researched due to its early advantage in the eCall system, which is expected to create a stable demand of nearly 30 million units annually starting from July 1, 2027, as all cars sold in China must be equipped with the system [27]

Core Viewpoint - The announcement indicates that shareholders Hengshuntong and President Shi Hongyang have released a portion of their pledged shares, totaling 8.81 million shares, which represents 1.09% of the company's total equity. This release is not expected to have a substantial impact on the company [1]. Summary by Relevant Sections - **Shareholder Actions** - Hengshuntong released 4.2 million shares and 2.5 million shares, while Shi Hongyang released 806,300 shares, 200,000 shares, and 1.1 million shares, totaling 8.81 million shares released [1]. - **Ownership Structure** - After the release of the pledged shares, Hengshuntong, Shi Hongyang, and their concerted actions hold a total of 92.87 million shares, accounting for 11.52% of the total shares [1]. - **Pledged Shares Status** - Following the release, the total pledged shares amount to 30.74 million shares, which is 3.81% of the total equity [1].