天眼查资料显示，立讯精密工业（盐城）有限公司，成立于2021年，位于盐城市，是一家以从事其他制 造业为主的企业。企业注册资本5000万人民币。通过天眼查大数据分析，立讯精密工业（盐城）有限公 司参与招投标项目17次，专利信息41条，此外企业还拥有行政许可10个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，立讯精密工业（盐城）有限公司申请一项名为"一种汽车线束固定架的调节 方法"的专利，公开号CN121256959A，申请日期为2025年11月。 专利摘要显示，本发明涉及汽车线束技术领域，公开了一种汽车线束固定架的调节方法。该方法包括采 集汽车线束和固定架的位置数据、张力数据及环境因素数据，生成实时状态数据集；接着对实时状态数 据集进行多维度交互分析，结合上下文信息理解固定架与线束的关联，识别交互模式和潜在偏差模式， 生成带优先级的调节标记数据集；随后基于实时状态数据集和调节标记数据集建立动态基准模型，利用 交互分析结果调整模型参数；再将实时状态数据与动态基准模型比对，识别位置或张力偏离行为并标记 调节需求，反馈至线束布局日志获取调节背景 ...

Group 1 - The core theme of the 2026 CES is edge AI, with terminal manufacturers in smartphones, PCs, and smart cars launching new products equipped with AI capabilities, accelerating the migration of AI from the cloud to devices [2] - The consumption electronics ETF closely tracks the CSI Consumer Electronics Theme Index, which selects 50 listed companies involved in component production and brand design to reflect the overall performance of the sector [2] - As of December 31, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index account for 54.35% of the index, including companies like Luxshare Precision, Cambricon, and BOE Technology Group [2] Group 2 - The CES event features significant presentations from industry leaders, including AMD's CEO Lisa Su and Lenovo's Chairman Yang Yuanqing, showcasing advancements in mixed AI technology [1] - NVIDIA will demonstrate its solutions driving innovation in various fields such as automotive, gaming, content creation, AI agents, physical AI, and robotics during CES [1]

Core Insights - The global Precision Intelligent Manufacturing Solutions (PIMS) market is experiencing continuous growth driven by high-tech and innovation in sectors such as consumer electronics, automotive electronics, communication and data centers, aerospace, and advanced equipment [1][3] - By 2025, the global PIMS market is projected to reach 9.47 trillion yuan, with system integration accounting for 4.92 trillion yuan (51.91%) and components and modules for 4.55 trillion yuan (48.09%) [1][4] - The market is expected to surpass 10 trillion yuan by 2026, with system integration growing to approximately 5.24 trillion yuan (52.26%) and components and modules to about 4.79 trillion yuan (47.74%) [1][4] Industry Definition and Classification - PIMS is a customer-centric, technology-driven manufacturing service that integrates advanced processing technologies, rapid prototyping, automation control, and intelligent systems to provide high-precision components, functional modules, and system integration [2][3] - The industry is characterized by deep customization, aiming to transform breakthrough product concepts into mass-producible products that meet high technical standards [2] Current Industry Status - The PIMS market is broad, with significant growth attributed to the increasing demand for refined manufacturing processes in emerging fields such as artificial intelligence and advanced medical equipment [3][4] - From 2019 to 2025, the PIMS market is expected to grow from 6.95 trillion yuan to 9.47 trillion yuan, indicating a robust upward trend [3][4] Industry Value Chain - The upstream of the PIMS industry includes basic raw materials such as metals, ceramics, and plastics, as well as production equipment like CNC machines and die-cutting machines [4][5] - The midstream processes various raw materials into specific functional components and integrates systems, while the downstream applications span consumer electronics, automotive, communication, data centers, energy, construction technology, medical, and renewable energy sectors [4][5] Competitive Landscape - The Chinese PIMS market features both comprehensive giants and niche "hidden champions," with leading companies like Luxshare Precision, GoerTek, and others dominating various segments [5][6] - Luxshare Precision ranks fourth globally and first in mainland China within the PIMS industry, excelling across major business lines in consumer electronics, automotive electronics, and communication and data centers [5][6] Industry Development Trends - The PIMS industry is characterized by high precision, efficiency, automation, and flexible customization, driven by rising consumer demands for product functionality, portability, and aesthetics [9][10] - The shift towards ultra-high precision, high performance, and high value-added manufacturing is being propelled by leading manufacturers adopting advanced equipment and materials [10] - Future developments will focus on smart, flexible, and sustainable manufacturing, integrating industrial internet, digital twins, artificial intelligence, and robotics to enhance manufacturing systems [10]

Group 1 - The company issued a clarification regarding recent rumors that have caused market confusion, stating that its core business is progressing as planned without any abnormal situations affecting operations [2] - Reports indicated that OpenAI's first AI hardware product, initially planned to be manufactured by the company, has been shifted to Foxconn due to production location considerations, raising concerns about the company's competitiveness in the AI hardware sector [3] - The company emphasized its capabilities in high-end consumer electronics and smart terminal fields, highlighting its vertical integration of multiple component categories and a global production layout to provide stable and high-quality manufacturing support [4] Group 2 - The company has completed the acquisition of German company Leoni, aiming to enhance its global production capacity and target a position among the top ten global automotive parts suppliers [4] - The automotive segment focuses on core components such as wiring harnesses and connectors, with plans to expand into system-level products like smart cockpits and smart chassis [4] - The company reserves the right to pursue legal action against any individuals or entities spreading false information or damaging its reputation [4]

Core Viewpoint - The announcement details the conversion of the company's convertible bonds and the adjustment of the conversion price, reflecting changes in the company's share capital due to stock option exercises and bond conversions [2][4][6]. Group 1: Convertible Bond Issuance and Listing - The company issued 30 million convertible bonds with a total value of RMB 300 million, approved by the China Securities Regulatory Commission [2]. - The bonds were listed on the Shenzhen Stock Exchange on December 2, 2020, under the name "立讯转债" and code "128136" [3]. Group 2: Conversion Price Adjustment - The initial conversion price was set at RMB 58.62 per share, which was adjusted to RMB 56.14 per share as of December 31, 2025, due to stock option exercises and bond conversions [4]. - The conversion price was further adjusted to RMB 56.13 per share, effective from January 6, 2026 [12][19]. Group 3: Conversion Period and Share Changes - The conversion period for the bonds started on May 10, 2021, and will end on November 2, 2026 [5]. - In the fourth quarter of 2025, the bonds were converted, resulting in a reduction of RMB 137,200 (1,372 bonds) and an increase of 2,434 shares in the company's total share capital [6]. Group 4: Stock Option Plan Impact - The company has multiple stock option plans, with various exercise periods and prices, which have influenced the conversion price adjustments [16][17]. - The total shares exercised under these plans from September 30, 2025, to December 31, 2025, amounted to 1,543,252 shares, representing 0.0212% of the total share capital [17].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is expected to benefit significantly from the AI computing demand, with its comprehensive layout in copper, optical, thermal, and power management solutions [5][6] - The company's communication business is projected to grow robustly, with a revenue forecast of 183.6 billion yuan in 2024, reflecting a CAGR of 19.6% from 2022 to 2024 [5][22] - The company is well-positioned to capture growth opportunities in the AI sector, particularly in data centers, where demand for high-speed interconnects is increasing [6][11] Summary by Sections Communication Business Overview - The company has a strong technical foundation and a full-stack layout in the data center business, covering high-speed interconnects, thermal management, power management, and complete machine manufacturing [15] - The communication business revenue was 128.3 billion yuan in 2022, with a significant increase attributed to the consolidation of Huiju Technology [22] Copper Interconnect - The demand for high-speed copper cables and connectors is expected to grow, driven by increasing bandwidth requirements from platforms like NVIDIA's NVLink [25] - The company has developed advanced copper cable solutions, including 224G and 448G products, which are in mass production and pre-research stages with major clients [47][48] Optical Interconnect - The company has a complete product line for optical modules and is actively advancing LPO/CPO technologies, which are expected to drive growth in the optical interconnect market [57] - The demand for optical modules is projected to increase significantly, with the market for 800G and 1.6T modules expected to reach 166 billion and 248 billion USD by 2026 and 2027, respectively [61] Thermal Management - The company has launched a complete set of liquid cooling solutions, with products already in mass production, and is exploring advanced technologies like microchannel cooling [10][11] Power Management - The company has achieved comprehensive power management solutions for intelligent computing centers, with products including cabinet power supplies and modular power supplies entering large-scale production [17]

Group 1 - In 2025, public funds conducted a total of 76,300 research visits to A-share listed companies, covering over 2,430 companies, indicating a proactive approach by institutional investors to uncover value and make forward-looking investments [1] - A total of 165 public institutions participated in the research of listed companies across all 31 Shenwan primary industries, with a significant concentration on leading stocks [2] - The top individual stock receiving attention was Huichuan Technology, with 497 research visits, followed by Luxshare Precision with 422 visits, highlighting the ongoing appeal of high-end manufacturing [2] Group 2 - The electronics industry was the most favored by public institutions, receiving over 14,000 research visits and covering 286 stocks, driven by trends in AI hardware upgrades and consumer electronics innovation [3] - The pharmaceutical and mechanical equipment industries followed, with over 9,900 and 9,400 research visits respectively, indicating a strong interest in these sectors [3] - A total of 88 public institutions conducted at least 400 research visits, with 14 leading institutions exceeding 1,000 visits, showcasing broad participation in market research [4] Group 3 - The active research engagement of institutions reflects their investment research strength, with Bosera Fund leading with approximately 1,800 visits, focusing on electronics, mechanical equipment, and pharmaceuticals [4] - The commercial aerospace sector is expected to enter a large-scale networking and application phase starting in 2026, driven by improved policy frameworks and technological maturity [4]

值得注意的是，传化智联（002010）(002010.SZ)以高达256.07%至361.57%的净利润预计增幅，暂列目前"预增王"。公司预计 2025年归母净利润为5.4亿至7亿元。公告显示，业绩大幅增长除因主营业务取得良好增长外，也受益于转让部分子公司股权确认 的投资收益及回购子公司股权提升持股比例等因素。 传统制造业在此轮业绩预告中表现尤为亮眼。钢铁行业方面，首钢股份（000959）(000959.SZ)预计2025年归母净利润为9.2亿元 至10.6亿元，同比增长95.29%至125.01%，增速上限在已披露公司中位居前列。公司表示，业绩增长得益于产品结构优化、高端 化发展及"极低成本"管理理念的贯彻。 同样属于钢铁板块的华菱钢铁（000932）(000932.SZ)在消化了补缴环保税及滞纳金约6.57亿元的情况下，依然预计净利润增长 27.97%至47.66%。对此，公司解释，主要得益于降本增效以及高端化、绿色化、智能化、精益化"四化转型等工作的开展。 以电子、医药生物为代表的高景气赛道则呈现批量报喜的态势。其中，电子行业的强一股份(688809.SH)预计净利润增长52.30% 至80.18%；医 ...

| 证券代码：002475 | 证券简称：立讯精密 | 公告编号：2026-002 | | --- | --- | --- | | 债券代码：128136 | 债券简称：立讯转债 | | 立讯精密工业股份有限公司 关于"立讯转债"转股价格调整的公告 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。 重要提示： 调整前"立讯转债"（债券代码：128136）转股价格为 56.14 元/股； 调整后"立讯转债"转股价格为 56.13 元/股； 转股价格调整起始日期：2026 年 1 月 6 日。 一、可转换公司债券转股价格调整依据 根据立讯精密工业股份有限公司（以下简称"公司"或"立讯精密"）《立讯 精密工业股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集 说明书》"）"转股价格的调整及计算方式"条款规定，在可转换公司债券（债券 简称"立讯转债"，债券代码"128136"，以下简称"可转债"）发行后，当公司 发生派送红股、转增股本、增发新股（不包括因本次发行的可转换公司债券转股而 增加的股本）、配股以及派发现金股利等情况时，公司将按上述条件出现的先后顺 ...

| 证券代码：002475 | 证券简称：立讯精密 | 公告编号：2026-003 | | --- | --- | --- | | 债券代码：128136 | 债券简称：立讯转债 | | 立讯精密工业股份有限公司 2025年第四季度可转换公司债券转股情况公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 经中国证券监督管理委员会《关于核准立讯精密工业股份有限公司公开发行可 转换公司债券的批复》（证监许可[2020]247号）批准，公司于2020年11月3日公开 发行3,000.00万张可转换公司债券，每张面值为人民币100.00元，发行总额为人民 币300,000.00万元。 （二）可转换公司债券上市情况 经深交所"深证上〔2020〕1170号"文同意，公司300,000.00万元可转换公司 债券于2020年12月2日起在深交所挂牌交易，债券简称"立讯转债"，债券代码 "128136"。 （三）可转换公司债券转股价格的调整情况 根据相关法规和《募集说明书》的规定，"立讯转债"的初始转股价格为58.62 元/股。 特别提示： | 证券代码：002475 | 证 ...