智能医疗板块震荡走高，金城医药（300233）涨超10%，和而泰（002402）、卫宁健康（300253）涨超 9%，药石科技（300725）涨超5%，苑东生物、成都先导跟涨。 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the telecommunications industry [1]. Core Insights - The NTN (Non-Terrestrial Network) industry chain is maturing rapidly, with ground infrastructure poised for significant development. The MWC Shanghai 2025 highlighted satellite internet as a key focus, presenting at least three catalysts and investment opportunities for the sector [2][15]. - The next-generation low Earth orbit (LEO) constellation design is nearly mature, with domestic projects like Qianfan, State Grid, Hongyan, and Tianqi starting to form. The NTN architecture is becoming mainstream, benefiting major 5G equipment manufacturers such as Huawei, ZTE, and others [3][16]. - As the trial commercial use of low Earth orbit constellations approaches, ground infrastructure will see accelerated growth. The low Earth satellite communication system in China is expected to enter public testing this year, with consumer-level satellite networking anticipated in the second half of the year [4][17]. Summary by Sections 1. Weekly Viewpoint and Investment Suggestions - The NTN industry is expected to benefit from the upcoming commercial trials of low Earth orbit satellites, with significant opportunities in ground infrastructure and satellite payloads [15][17]. - Key companies to watch include: - Low Earth Satellite Payload: Xinke Mobile, Fenghuo Communication, ZTE, Tongyu Communication, Jingxin Communication, and others [20]. - Low Earth Ground Infrastructure: Changjiang Communication, Zhenyou Technology, Xinke Mobile, China Tower, and others [20]. - Super Node Communication: Zhongji Xuchuang, Xinyi Sheng, Wolong Nuclear Materials, and others [20]. 2. Market Overview - The telecommunications index rose by 1.58% during the week of June 16-20, 2025, while major indices like the Shanghai Composite Index and Shenzhen Component Index saw declines [8][18]. - The top-performing sectors included optical modules (+9.6%), optical cables (+8.2%), and liquid cooling (+3.8%) [8][18]. 3. Company Performance - Notable stock performances included Longfly Fiber (+15.10%), Yuanjie Technology (+12.06%), and others leading in gains, while Zhenyou Technology and others faced significant declines [34][36].

| 1．基本情况 | | | --- | --- | | 信息披露义务人 | 刘建伟 | | 住所 | 广东省深圳市南山区****** | | 权益变动时间 | 2025年6月18日至2025年6月20日 | | 权益变动过程 | 刘建伟先生因偿还质押融资债务以及个人资金需求，于2025年6月18日至 2025年6月20日期间通过集中竞价交易的方式累计减持公司股份8,272,000股 ，占公司总股本的0.8942%，占剔除公司回购专用账户股份后总股本比例的 0.8978%。本次权益变动不会导致公司控制权发生变化，不会对公司的治理 | | | 结构及持续经营产生重大影响。 | | 股票简称 和而泰 | | | 股票代码 | | 002402 | | | --- | --- | --- | --- | --- | --- | --- | | 变动方向 上升□ | | 下降√ | 一致行动人 | 有□ | 无√ | | | 是否为第一大股东或实际控制人 | | | 是√ 否 □ | | | | | 2．本次权益变动情况 | | | | | | | | 股份种类（A 股、B 股等） | | 减持股数（万股） | | ...

证券代码：002402 证券简称：和而泰 公告编号：2025-042 深圳和而泰智能控制股份有限公司 关于实际控制人部分股份解除质押及质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳和而泰智能控制股份有限公司（以下简称"公司"）近日收到实际控制 人刘建伟先生的通知，获悉刘建伟先生所持有的公司部分股份办理了解除质押及 质押的业务，具体事项公告如下： 一、本次股份解除质押情况 | 股东 | 是否为控股 股东或第一 | 本次解除质 押股份数量 | 占其所持 股份比例 | 占公司总 股本比例 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 一致行动人 | (股) | （%） | （%） | | | | | 刘建伟 | 是 | 2,880,000 | 2.0542 | 0.3113 | 2025 年 4 | 2025 年 6 | 深圳担保集团有 | | | | | | | 月 23 日 | 月 20 日 | 限公司 | | 合计 | | ...

Group 1 - As of June 20, the total market financing balance is 1.80 trillion yuan, a decrease of 8.23 billion yuan from the previous trading day [1] - The financing balance for the Shanghai Stock Exchange is 911.05 billion yuan, down by 4.20 billion yuan, while the Shenzhen Stock Exchange's balance is 884.53 billion yuan, down by 3.99 billion yuan [1] - A total of 1,417 stocks received net financing purchases, with 184 stocks having net purchases exceeding 10 million yuan, and 12 stocks exceeding 50 million yuan [1] Group 2 - The stock with the highest net financing purchase on June 20 is Zhejiang Rongtai, with a net purchase of 121.39 million yuan, followed by Dongxin Peace and Sanhua Intelligent Control with net purchases of 100.88 million yuan and 85.68 million yuan respectively [2] - Industries with significant net purchases include basic chemicals, household appliances, and non-bank financials, each with two stocks listed among those with net purchases exceeding 50 million yuan [1][2] - The average ratio of financing balance to circulating market value for stocks with large net purchases is 4.10%, with Heertai having the highest ratio at 9.36% [2]

证券代码：002402 证券简称：和而泰 深圳和而泰智能控制股份有限公司 投资者关系活动记录表 编号：20250620 | 投资者关系活动 | □特定对象调研 □分析师会议 | | | | | --- | --- | --- | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | | | | □新闻发布会 □路演活动 | | | | | |  现场参观 | | | | | |  其他（电话会议） | | | | | 参与单位名称 | 广州私募基金协会、西部证券、民生加银基金、华安基金、国 投证券、中信证券、点亮投资、小维塔投资、凯思基金、信见 | | | | | | 投资、熙宁投资、民沣基金、明华信德基金、润融私募投资基 | | | | | | 金、弘安资产、涌瑞私募基金、乐盈（珠海）私募证券投资管 | | | | | | 理公司 | | | | | 时间 | 年 月 日 2025 6 19 10:00-11:00 | | | | | | 2025 年 6 11:00-12:00 | 月 | 19 | 日 | | | 年 月 日 2025 6 20 10:00-11:00 | | ...

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 刘菁菁 A0230522080003 liujj@swsresearch.com 李国盛 A0230521080003 ligs@swsresearch.com - 联系人 刘菁菁 (8621)23297818× liujj@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 02 日 关注控制器低位修复，激光雷达机 器人领域出货亮眼 看好 ——申万宏源通信周专题（20250526-20250530） 本期投资提示： ⚫ 控制器板块此前超跌较为显著，且基本面边际向好显著，有望实现业绩修复和估值修复 双击。就控制器板块代表公司和而泰和拓邦股份来看，2025Q1 业绩已呈现修复态势， 可乐观展望后续季度业绩表现。 ⚫ 复盘历史十年控制器板块代表公司和而泰和拓邦股份股价表现，我们认为： ⚫ （1）控制器板块股价表现对业绩敏感度较高，业绩对原材料价格变动敏感度高。在 18 年、 21-23 年期间，控制器部分原材料（包括 MCU 芯片、容阻件、PCB、金属等）价 格 ...

证券代码：002402 证券简称：和而泰 公告编号：2025-040 深圳和而泰智能控制股份有限公司 2024年年度权益分派实施公告 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，不存在虚 假记载、误导性陈述或者重大遗漏。 特别提示： 1、根据《公司法》等相关法律法规的规定，深圳和而泰智能控制股份有限公 司（以下简称"公司"）通过回购专用证券账户持有的公司股份3,746,700股不享有 参与利润分配的权利，本次权益分派以公司现有总股本925,080,285股剔除回购专 用证券账户持有股份3,746,700股后的921,333,585股为基数，向全体股东每10股派 发现金红利1.00元（含税），合计人民币92,133,358.50元（含税），送红股0股（含 税），不以公积金转增股本。 2、因公司回购股份不参与本次权益分派，且本次权益分派实施前后公司总股 本保持不变，现金分红总额分摊到每一股的比例将减小，因此，本次权益分派实 施后除权除息价格计算时，每10股现金红利应以0.995949元计算，每股现金红利应 以0.0995949元/股计算（每股现金红利=现金分红总额÷总股本，即0.0995949元/股 ...

Core Viewpoint - The company, Heertai, is optimistic about its future development, focusing on stable growth in its main business while exploring new growth points for long-term sustainable development [1][2]. Group 1: Overseas Capacity and Market Strategy - Heertai's overseas production capacity accounts for 30% to 40% of its total global capacity, effectively mitigating risks from trade wars and ensuring operational stability [1]. - The company has no current plans to increase its stake in the emerging technology of Moer Thread, but it remains attentive to its technological developments for potential future collaboration [1]. Group 2: Robotics and Automotive Electronics - Heertai is well-prepared for the humanoid robot sector, having made technological advancements and investments in related products such as robotic vacuum cleaners and pool cleaning robots [1]. - The company has made significant progress in automotive electronics, establishing three major product systems with a full order book, showcasing its strong competitive edge in this area [1]. Group 3: Financial Performance and Growth Projections - Institutions predict Heertai's net profit growth rates for this year, next year, and 2027 to be 97.51%, 32.16%, and 32.01% respectively, indicating a potential for three consecutive years of over 30% net profit growth [2]. - The company's first-quarter performance showed over 30% revenue growth and over 75% net profit growth year-on-year, with a nearly 146% increase in net cash flow from operating activities [2]. Group 4: Research and Development - As a leading domestic smart controller enterprise, Heertai has a competitive advantage in the global smart controller industry due to its strong R&D capabilities and operational excellence [3]. - The company's R&D expenditure reached 619 million yuan in 2024, marking a historical high [3].

Core Viewpoint - The company held an earnings briefing for 2024 and Q1 2025, where significant concerns were raised regarding the collective share reduction by executives, leading to investor anxiety about the company's future prospects [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23]. Group 1: Share Reduction Concerns - The collective share reduction by executives is primarily attributed to personal financial needs and debt repayment, not a lack of confidence in the company's future [6][12][19][22][23]. - The company management reassured investors that they remain optimistic about the company's long-term development and are committed to enhancing operational performance [10][18][22][23]. - The share price has experienced significant volatility due to the reduction, raising questions about the management's commitment to investor interests [6][9][10][19][22]. Group 2: Company Performance and Strategy - The company reported stable growth in Q1 2025, with a focus on maintaining operational efficiency and enhancing profitability [10][18][20][21]. - The company is actively expanding its market presence in various sectors, including home appliances, automotive electronics, and intelligent products, while also exploring new business opportunities [17][20][21]. - The management emphasized the importance of investor communication and confidence-building measures to mitigate the impact of share reductions on market perception [10][18][22][23]. Group 3: Future Outlook - The company plans to continue investing in research and development to strengthen its competitive edge and market position [17][20][21]. - There are no immediate plans for share issuance or significant changes in capital structure, as the company focuses on stabilizing its financial health [10][18][20]. - The management is committed to enhancing investor relations and ensuring transparency in operations to foster long-term value creation for shareholders [10][18][22][23].