Core Viewpoint - Luxshare Precision expresses optimism about the rapid growth of AI-related businesses in the next 2-3 years, particularly in the areas of optics, electricity, power supply, and thermal management [2] Group 1: AI-Related Business Growth - The company anticipates that the AI-related sectors of optics, electricity, power supply, and thermal management will experience significant growth [2] - Among these sectors, the power supply module is expected to have the fastest growth rate in terms of shipment volume, despite its relatively low unit price [2] - The overall growth potential in absolute terms is substantial due to the anticipated increase in shipment volumes for power supply modules [2]

人民财讯11月26日电，立讯精密（002475）近日在机构调研中表示，立讯汽车连接器产品目录今年上 线，涵盖全系低压、高压、高速产品及定制件，成为中国少数全系正向开发厂商。全球连接器市场约 2000亿人民币并持续扩张。高压连接器已是主要厂商之一，数年前量产，预计未来主流中国厂商不超过 五家。高速连接器去年量产，明年将爆发，预计主流厂商不超过三家。低压连接器去年量产并迅速推 广，预计未来主流中国供应商不超过两家，可能仅一家参与全球竞争。立讯产品已获全球知名车厂认可 及海外高压连接器订单，预计2027年将成为最大的中国汽车连接器厂商。 ...

人民财讯11月26日电，立讯精密（002475）近日在机构调研中表示，在人形机器人领域，公司已具备全 产业链核心能力，除电池与部分关节模组外，可自主完成谐波齿轮等关键部件的精加工。在产能与产线 建设方面，立讯精密今年预计出货3000台人形机器人，当前第一代产线为半自动化手工线。公司计划于 明年初推出"制造2.0"产线，该产线具备高度柔性、高度自适应与高自动化特性，将实现从零件到整机 组装的完整生产能力。 ...

Core Insights - The company, Luxshare Precision (002475.SZ), conducted an investor relations activity from November 20 to 26, 2025, in Dongguan, Guangdong, attracting over 200 renowned domestic and international institutions, including Goldman Sachs and BlackRock [1] Business Strategy and Development - The company emphasizes cross-domain collaboration and long-termism as key traits for its success in new markets, particularly in automotive and AI computing sectors, aiming to be among the top three in each field within five years [2] - The automotive segment has established four product lines: connectors, wiring harnesses, domain controllers, and intelligent chassis, with a goal to become the largest automotive connector manufacturer in China by 2027 [5] Consumer Electronics - The company is leveraging both OEM and ODM strategies to shorten product development cycles and enhance manufacturing processes, with a focus on AI hardware such as AI Boxes and smart glasses [3] Data Center Business - The data center segment is experiencing growth driven by advancements in power supply and cooling technologies, with the 448G CPC copper connection technology expected to become mainstream [4] AI and Robotics - The company is enhancing manufacturing efficiency through an "AI smart employee" system and plans to launch a highly automated "Manufacturing 2.0" production line by 2026, with a focus on industrial applications [6] Growth Expectations - The management anticipates significant growth across power modules, optical modules, electrical connections, and cooling solutions, with power modules expected to see the fastest growth [8] Technical Strategy - The company maintains that copper connection technology will coexist with optical technology, emphasizing the continued relevance of 448G copper connections in the market [9] Profit Structure in Automotive Business - The wiring harness segment provides stable cash flow, while domain controllers and intelligent chassis are expected to become major growth drivers post-2026 [10] Overseas Expansion - Vietnam remains the preferred location for capacity transfer, but the company is diversifying its production footprint in Southeast Asia to mitigate geopolitical risks [11]

Group 1 - The top 20 stocks with significant capital inflow as of November 26 include Xinyisheng with 1.659 billion yuan, Zhongji Xuchuang with 1.632 billion yuan, and Yangguang Electric with 0.977 billion yuan [1] - Other notable stocks in the top 20 by capital inflow are Inspur Information with 0.777 billion yuan, Luxshare Precision with 0.731 billion yuan, and Huadian Technology with 0.679 billion yuan [1] - The list also features Shenghong Technology with 0.642 billion yuan, Changying Precision with 0.640 billion yuan, and Fenda Technology with 0.454 billion yuan [1] Group 2 - ZTE Corporation received a capital inflow of 0.425 billion yuan, while Rockchip received 0.363 billion yuan [1] - Other companies in the top 20 include Dayang Electric with 0.358 billion yuan, Tianfu Communication with 0.353 billion yuan, and Industrial Fulian with 0.341 billion yuan [1] - The list concludes with Dongshan Precision at 0.329 billion yuan, Zhaoyi Innovation at 0.303 billion yuan, and Sanhua Intelligent Control at 0.293 billion yuan [1]

Core Viewpoint - A total of 13 companies have announced their performance forecasts for the year 2025, with 9 companies expecting profit increases and 2 companies anticipating profit declines [1] Summary by Category Performance Forecasts - 9 companies are forecasting profit increases, with the highest expected net profit growth of 26.09% from Luxshare Precision (002475) [1] - 2 companies are predicting profit declines, with Zhongcheng Consulting (920003) expecting a decrease of -4.14% [1] Company Specifics - Luxshare Precision (002475): Expected net profit growth of 26.09%, latest closing price at 55.70, year-to-date change of 37.42% [1] - Hongyuan Co. (920018): Expected net profit growth of 21.42%, latest closing price at 28.35, year-to-date change of -32.50% [1] - Aomeisen (920080): Expected net profit growth of 16.44%, latest closing price at 28.10, year-to-date change of -24.28% [1] - Taikai Ying (920020): Expected net profit growth of 10.44%, latest closing price at 17.29, year-to-date change of -20.10% [1] - Danna Life Science (920009): Expected net profit growth of 8.92%, latest closing price at 88.00, year-to-date change of -13.81% [1] - Xintong Electric (001388): Expected net profit growth of 5.40%, latest closing price at 43.23, year-to-date change of -31.01% [1] - New Henghui (301678): Expected net profit growth of 4.66%, latest closing price at 66.20, year-to-date change of 58.07% [1] - Nanfang Digital (301638): Expected net profit growth of 2.76%, latest closing price at 24.61, year-to-date change of 33.17% [1] - C Hai'an (001233): Expected profit stability with a forecast of 0.14% [1] - Zhongcheng Consulting (920003): Expected profit decline of -4.14%, latest closing price at 33.40, year-to-date change of -13.34% [1] - Jinhua New Material (920015): Expected profit decline of -5.47%, latest closing price at 49.60, year-to-date change of 17.29% [1] - Yongtai Energy (600157): Performance warning issued, latest closing price at 1.57, year-to-date change of -8.19% [1] - Ruihua Technology (920099): Expected profit increase, latest closing price at 30.96, year-to-date change of 7.96% [1] Industry Insights - The electronic industry shows strong performance with multiple companies forecasting significant profit increases [1] - The power equipment and machinery sectors also have companies with positive forecasts, indicating potential growth opportunities [1] - The construction decoration and basic chemical industries are facing challenges with companies predicting profit declines [1]

Group 1 - The core viewpoint of the articles highlights the target price increases for several listed companies, particularly in the semiconductor and consumer electronics sectors, as recommended by various brokerages on November 25 [1][2]. Group 2 - The companies with the highest target price increases include: - **豪威集团 (OmniVision Technologies)**: Target price increased by 35.83% to 159.00 CNY, rated "Buy" by Huaxing Securities [2]. - **北方华创 (North Huachuang)**: Target price increased by 25.12% to 523.00 CNY, rated "Buy" by CITIC Securities [2]. - **立讯精密 (Luxshare Precision)**: Target price increased by 22.17% to 68.05 CNY, rated "Buy" by Huaxing Securities [2]. Group 3 - On November 25, a total of 14 listed companies received brokerage recommendations, with companies like 梅花生物 (Meihua Biological), 维力医疗 (Weili Medical), and 东航物流 (China Eastern Logistics) receiving one recommendation each [2]. Group 4 - In terms of initial coverage, three companies received new ratings on November 25: - **维力医疗 (Weili Medical)**: Rated "Buy" by CITIC Jian Investment [3]. - **东航物流 (China Eastern Logistics)**: Rated "Buy" by Zhongtai Securities [3]. - **爱博医疗 (Aibo Medical)**: Rated "Recommended" by Ping An Securities [3].

Group 1: Company Overview and Strategic Vision - Lixun Precision has maintained a principle of not making excuses for performance, focusing on resilience and long-term planning since its listing [2][3] - The company emphasizes balanced development across short, medium, and long-term goals, integrating internal growth with external acquisitions [2][3] - Lixun aims to become a trusted partner in the smart manufacturing sector, ensuring high-quality products for consumers [6][14] Group 2: Business Segments and Innovations - The company has established a leading position in multiple fields by focusing on foundational technologies and cross-disciplinary innovation [4][6] - Lixun's automotive business has developed four major segments: connectors, wiring harnesses, intelligent control, and power systems, with a comprehensive product lineup [14][15] - The AI computing segment has made significant breakthroughs, with the company likening its current stage to the consumer electronics business in 2016-2017 [3][6] Group 3: Market Position and Growth Potential - The global automotive connector market is approximately RMB 200 billion, with Lixun aiming to become the largest Chinese automotive connector manufacturer by 2027 [14][15] - The global automotive wiring harness market is around RMB 400 billion, with Lixun expected to become the largest Chinese automotive wiring harness manufacturer this year [15][16] - Lixun's goal is to achieve a 10% market share in the global chassis market, which is valued at approximately RMB 600 billion [17][19] Group 4: AI and Robotics Development - Lixun is committed to advancing AI and humanoid robotics, focusing on internal system applications and external product empowerment [20][21] - The company plans to produce 3,000 humanoid robots this year, with a fully automated production line expected to launch next year [22][30] - Lixun's strategy includes enhancing manufacturing efficiency through core components and industrial robots [30][31] Group 5: Challenges and Strategic Responses - The company has adapted to geopolitical challenges by shifting over 95% of its products for the U.S. market to overseas manufacturing [24][38] - Lixun is focused on maintaining competitive advantages in the copper cable sector while preparing for potential shifts to new technologies like NPO and CPO [25][26] - The company emphasizes the importance of differentiation in product offerings to establish long-term partnerships with new customer groups in the data center sector [27][28]

Group 1 - The total margin financing and securities lending balance in A-shares reached 24,630.32 billion yuan, an increase of 43.63 billion yuan from the previous trading day, accounting for 2.59% of the A-share circulating market value [1][2] - The trading volume of margin financing and securities lending on the same day was 1,879.83 billion yuan, which is an increase of 230.65 billion yuan from the previous trading day, representing 10.29% of the total A-share trading volume [1][2] Group 2 - In terms of industry capital flow, among the 31 primary industries tracked by Shenwan, 24 industries experienced net financing inflows, with the telecommunications industry leading with a net inflow of 1.651 billion yuan [2] - Other industries with significant net financing inflows included defense and military, electronics, and machinery equipment [2] Group 3 - A total of 25 stocks had net financing inflows exceeding 100 million yuan, with Xinyi Technology leading at 513 million yuan [3][4] - Other notable stocks with high net financing inflows included Guangku Technology, ZTE Corporation, Luxshare Precision, Zhongji Xuchuang, Shenghong Technology, Changxin Bochuang, Sunshine Power, Yidian Tianxia, and Changcheng Military Industry [3][4]

Group 1 - On November 25, among the 31 primary industries tracked by Shenwan, 24 industries experienced net financing inflows, with the communication industry leading at a net inflow of 1.651 billion yuan [1] - Other industries with significant net financing inflows included defense and military, electronics, machinery equipment, computers, transportation, and real estate [1] Group 2 - A total of 1,775 individual stocks received net financing inflows on November 25, with 154 stocks having net inflows exceeding 30 million yuan [1] - Among these, 25 stocks had net inflows exceeding 100 million yuan, with Xinyi Sheng leading at a net inflow of 513 million yuan [1] - Other notable stocks with high net financing inflows included Guangku Technology, ZTE Corporation, Luxshare Precision, Zhongji Xuchuang, Shenghong Technology, Changxin Bochuang, Sunshine Power, and Yidian Tianxia [1]