2025.12. 15 本文字数：3975，阅读时长大约6.5分钟 作者 | 第一财经 王珍 李娜 外资封锁下的一场突围战 奔图执行董事尹爱国回忆说，他们开始做耗材生意，但很快触到"天花板"。"单纯地做耗材，天花板 还是很明显。" 奔图进入打印机市场关键驱动来自两方面：一是商业前景，看到打印机整机数十年的长期机会；二是 国家战略需求。"我们看到了供应链安全的风险，还有信息安全的风险。" 在普通用户眼中，打印机只是一个办公设备。"这个误区很大。"尹爱国说，一旦打印机接入网络，它 与相连电脑的通信通道就可能成为数据泄密渠道。"杀毒软件也不管用。" 物理隔离场景下打印机的安全风险更隐蔽：即使没有网络，信息仍可能通过耗材、配件芯片存储带 离，或由维护人员用特制设备导出，甚至能借助电源线与电力猫技术传导，安全隐患与可被植入的后 门不亚于甚至多于手机。 2025年末，佳能关闭其中国中山打印机工厂的消息，引发巨大关注。 这不仅是一家工厂的关停，更是一个时代的缩影。过去几十年里，以佳能、惠普为代表的日美品牌， 几乎定义了全球激光打印机市场。它们构建了极高的技术专利壁垒，掌控着利润丰厚的原装耗材生 意，并享受着相当"滋润"的日 ...

证券代码：002180 证券简称：纳思达 公告编号：2025-090 纳思达股份有限公司 关于公司中长期事业合伙人计划之第一期员工持股计划第一个锁定期 届满的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 纳思达股份有限公司（以下简称"公司"）于 2024 年 1 月 10 日召开第七届董 事会第十三次会议及第七届监事会第十二次会议，于 2024 年 1 月 30 日召开 2024 年第一次临时股东大会，分别审议通过了《关于<公司中长期事业合伙人计划之第 一期员工持股计划（草案）>及其摘要的议案》《关于<公司中长期事业合伙人计划 之第一期员工持股计划管理办法>的议案》《关于提请股东大会授权董事会办理公 司中长期事业合伙人计划之第一期员工持股计划有关事宜的议案》（以下简称"本 员工持股计划"）等议案。公司于 2024 年 7 月 30 日召开第七届董事会第十七次会 议审议通过了《关于修订<公司中长期事业合伙人计划之第一期员工持股计划（草 案）>及其摘要的议案》《关于修订<公司中长期事业合伙人计划之第一期员工持股 计划管理办法>的议案》《关于延长公司中 ...

中国打印机品牌的崛起，并不是简单的低价抢占或市场换技术。 2025年末，佳能关闭其中国中山打印机工厂的消息，引发巨大关注。 这不仅是一家工厂的关停，更是一个时代的缩影。过去几十年里，以佳能、惠普为代表的日美品牌，几 乎定义了全球激光打印机市场。它们构建了极高的技术专利壁垒，掌控着利润丰厚的原装耗材生意，并 享受着相当"滋润"的日子——打印业务通常贡献了集团超三分之二的利润。 格局正被重塑。IDC数据显示，在中国激光打印机市场，国产品牌的份额已从2010年的约10%，攀升至 如今的40%以上，外资品牌的份额缩小到60%以下；其中，佳能的份额从2018年的7.7%萎缩至2025年前 三季度的3.9%，而奔图在2025年前三季度的市占率分别23.5%、25.8%和21.3%，联想等国产品牌的份额 也均已超过10%。 这场崛起并非一蹴而就，而是一场始于耗材、困于专利、成于安全需求，跨越了近二十年的持久突围。 外资封锁下的一场突围战 奔图执行董事尹爱国回忆说，他们开始做耗材生意，但很快触到"天花板"。"单纯地做耗材，天花板还 是很明显。" 奔图进入打印机市场关键驱动来自两方面：一是商业前景，看到打印机整机数十年的长期机 ...

Core Insights - The report emphasizes that computational power is accumulating, leading to significant advancements in applications, particularly in AI, with a projected 10% impact point approaching in 2026 [3] - Institutional holdings in the computer sector are at a historical low of 2.4%, indicating potential for growth in valuations [3][21] - The report identifies three key focus areas for 2026: large models, computational power, and applications, all showing significant changes and accelerated iterations [3] Group 1: Market Overview - The computer index has shown a year-to-date increase of 18%, ranking 12th among all sectors, with AI computing, embodied intelligence, and AI applications as the main themes [9][10] - The report notes a basic performance turning point, with net profit rebounding and a stable overall performance expected for 2025 [10][13] Group 2: Valuation and Holdings - The report indicates that the computer sector's valuation is at a historical mid-to-high level, with PE (TTM) at 85.4, PS (TTM) at 3.6, and PCF (TTM) at 46.6 [18] - The report highlights that the computer sector's fund allocation is at a historical low, with a 2.4% allocation in Q3 2025 [21] Group 3: AI Model Developments - The report discusses the rapid narrowing of the performance gap between Chinese and American large models, with significant advancements in commercial applications expected [3][26] - It highlights the emergence of various large models in 2025, focusing on monetization, AI programming, and multi-modal capabilities [26][29] Group 4: Key Companies and Trends - The report identifies key companies in the computer sector, such as Zhongke Shuguang and Inspur Information, which have seen significant increases in their market values due to rising domestic computational capacity [23] - The report notes that the demand for AI applications is driving growth in various sectors, with companies like Alibaba and ByteDance leading in AI-related job creation [40]

证券日报网讯12月2日，纳思达（002180）在互动平台回答投资者提问时表示，公司一直严格按照法律 法规的要求履行信息披露义务，不存在应披露而未披露的事项。二级市场股价受资本市场环境、宏观经 济、投资者预期等诸多因素的影响。公司目前生产经营正常，并始终以为股东创造更多价值为目标，通 过持续创新和优化运营，努力实现公司价值长期健康可持续增长。 ...

证券日报网讯12月2日，纳思达（002180）在互动平台回答投资者提问时表示，截至2025年9月30日，公 司普通股股东总数为62222户。 ...

证券日报网讯 12月2日，纳思达在互动平台回答投资者提问时表示，奔图与华为鸿蒙系统 （HarmonyOS）战略合作签约仪式于今年6月在东莞成功举办。作为首家进行鸿蒙系统适配开发工作， 也是首家获得华为适配认证证书的第三方打印机企业，奔图对鸿蒙系统的全面适配，印证了国产操作系 统正实现从内核到应用层的全面自主可控。目前，奔图已经与统信UOS、麒麟OS等10余款国产操作系 统及20余款国产办公软件完成深度适配，在国产操作系统的技术适配上处于行业领先位置。 （文章来源：证券日报） ...

Core Viewpoint - The company Nasta (002180.SZ) has established a strategic partnership with Huawei's HarmonyOS, marking a significant step in the adaptation of domestic operating systems in the printing industry [1] Group 1: Partnership and Collaboration - Nasta's subsidiary, Bentu, successfully held a signing ceremony for the strategic cooperation with Huawei's HarmonyOS in June this year in Dongguan [1] - Bentu is the first third-party printer company to conduct adaptation development for the HarmonyOS and has received Huawei's adaptation certification [1] Group 2: Industry Position and Technological Adaptation - The comprehensive adaptation of Bentu to the HarmonyOS demonstrates the progress of domestic operating systems achieving full autonomy from the kernel to the application layer [1] - Currently, Bentu has completed deep adaptation with over 10 domestic operating systems, including Tongxin UOS and Kirin OS, as well as more than 20 domestic office software applications, positioning itself as a leader in the industry for technological adaptation [1]

纳思达在投资者互动平台回答称，公司重大资产重组完成后，公司负债规模及资产负债率均实现大幅下 降，改善财务状况，偿债能力大幅提升。损益表方面，2025年前三季度公司财务费用实现同比下降 34.20%。 ...

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]