立讯精密11月17日大宗交易平台共发生2笔成交，合计成交量14.62万股，成交金额826.76万元。成交价 格均为56.55元。从参与大宗交易营业部来看，机构专用席位共出现在1笔成交的买方或卖方营业部中， 合计成交金额为565.50万元，净买入565.50万元。 进一步统计，近3个月内该股累计发生12笔大宗交易，合计成交金额为9102.26万元。 证券时报·数据宝统计显示，立讯精密今日收盘价为56.55元，上涨0.07%，日换手率为1.02%，成交额为 42.06亿元，全天主力资金净流出1.10亿元，近5日该股累计下跌3.17%，近5日资金合计净流出92.64万 元。 两融数据显示，该股最新融资余额为63.63亿元，近5日增加2.30亿元，增幅为3.75%。（数据宝） 11月17日立讯精密大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 格 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 股） | （万元） | （元） | 折溢价（%） | | | | 10.00 | 565.50 | 56.55 | 0.00 | ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-11-17 | 002475 | 立讯精密 | 56.55 | 10.00 | 565.50 机构专用 | | 国泰海通证券股份 | | | | | | | | | 有限公司北京方庄 | | | | | | | | | 路证券营业部 | | 2025-11-17 | 002475 | 立讯精密 | 56.55 | 4.62 | 261.26 | 广发证券股份有限 | 财达证券股份有限 | | | | | | | | 公司石家庄自强路 | 公司石家庄建设南 | | | | | | | | 证券营业部 | 大街证券营业部 | 11月17日，立讯精密大宗交易成交14.62万股，成交额826.76万元，占当日总成交额的0.2%，成交价 56.55元，较市场收盘价56.55元持平。 ...

Investment Rating - The industry rating is maintained as "Outperform" [11] Core Insights - The report highlights the accelerating investment in AI infrastructure by major tech companies, indicating a robust demand for computing power and a positive outlook for the AI ecosystem [1][17] - The end-side AI market is expected to see significant growth, with key players like Apple, Nvidia, and Meta leading innovations and product launches [2][20][24] Summary by Sections AI Cloud Side - The ongoing US-China talks are easing tensions, leading to increased investments from major tech firms, which is expected to drive demand in the computing supply chain [1][17] - Meta has raised its capital expenditure forecast to $70-72 billion, driven by urgent needs in AI computing [1][18] - Microsoft's capital expenditure reached $34.9 billion in Q1 2026, with plans to double its data center capacity in the next two years [1][19] - Alphabet has adjusted its capital expenditure guidance for 2025 to $91-93 billion, focusing on expanding AI and cloud computing infrastructure [1][19] AI End Side - Apple reported record earnings, with iPhone revenue expected to grow by double digits in Q1 2026, and is increasing its AI R&D investments [2][20] - Nvidia's GTC Washington summit showcased the Vera Rubin superchip, with GPU shipment targets raised to 20 million by 2026 [2][24] - Meta's smart glasses have seen strong sales, with Reality Labs exceeding expectations, prompting increased production [2][26] - Industrial Fulian's net profit surged by 62% YoY in Q3, validating the profitability of its AI server business [2][29] - Luxshare Precision is leading innovations in AR technology and showcasing advanced optical interconnect solutions [2][32] - Google officially launched the seventh-generation TPU "Ironwood," expected to be available soon [2][41] - Rokid has introduced the new BOLON AI smart glasses, marking a significant collaboration in the smart wearable sector [2][8]

Group 1 - The company, Luxshare Precision (002475.SZ), claims to be a leader in CPC technology within the industry [1] - The company has collaborated with all major clients for 3-4 years on product technology research and development [1] - The company is currently working on converting its research and development results into products [1]

格隆汇11月17日丨立讯精密(002475.SZ)在互动平台表示，公司在CPC技术上处于行业领先地位，并与所 有头部客户共同经历了3-4年的产品技术预研，目前正推动研发成果向产品转化。 ...

Group 1 - The core focus of broker research in November has been on Chinese companies expanding overseas, with a total of 1990 research sessions conducted covering 398 A-share listed companies [1] - The most frequently researched stock this month is Trina Solar, which has been surveyed 39 times, followed by Luxshare Precision and Anji Technology, each with 36 surveys [1] - The industrial machinery and electronic components sectors have seen the highest interest, with 37 and 28 companies respectively being researched [1] Group 2 - Among the 398 stocks, 220 have seen price increases, with the highest increase being 189.46% for Huasheng Lithium Battery [1] - In terms of broker participation, CITIC Securities led with 102 research sessions, followed by Guotai Junan and Changjiang Securities with 99 and 77 sessions respectively [2] - The overseas expansion of Chinese companies has been a key topic during broker inquiries, with Trina Solar reporting significant growth in orders from high-margin markets like the US and Europe [2] Group 3 - The trend of Chinese companies going global is expected to significantly enhance their profit growth potential, as indicated by the performance of some representative companies exceeding market expectations [3] - The active research by brokers not only aids in value discovery and risk warning but also helps in understanding the cross-border financial needs of Chinese companies [3]

Transaction Overview - The company approved the sale of assets from its wholly-owned subsidiary, Ma'anshan Landai Transmission Machinery Co., Ltd., to Luxshare Precision Industry (Ma'anshan) Co., Ltd. on November 4, 2025 [2] - The assets being sold include the electric drive assembly business and related rights and interests, with a total pre-tax sale price of RMB 109,919,869.10, including a 13% value-added tax [2] - The asset valuation was conducted by Chongqing Huakang Asset Appraisal Co., Ltd. as per the asset appraisal report [2] Transaction Progress - As of the announcement date, the asset transfer agreement has been signed, and the delivery procedures have been completed [3] - Luxshare has paid a total of RMB 98,927,882.19, which accounts for 90% of the transfer price [3] Other Information - A warranty deposit of RMB 10,991,986.91, representing 10% of the transfer price, is pending payment based on the conditions outlined in the asset transfer agreement [4] - The company will continue to advance the transaction and fulfill its information disclosure obligations as progress is made [4]

截至2025年11月14日收盘，立讯精密(002475)报收于56.51元，下跌1.52%，换手率1.4%，成交量101.75万手，成交额58.29亿元。 当日关注点 交易信息汇总资金流向 11月14日主力资金净流出657.55万元；游资资金净流入5148.16万元；散户资金净流出4490.61万元。 公司公告汇总关于完成工商变更登记的公告 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 立讯精密工业股份有限公司于2025年11月13日完成工商变更登记，经深圳市市场监督管理局核准，公司更新了章程备案及董事、监事备案信息。 董事备案中，陈蔚航接替侯玲玲成为职工代表董事，其余董事名单调整顺序；监事备案由夏艳容、莫荣英、易佩赞变更为无备案人员。本次变更 未涉及营业执照其他登记事项。 来自交易信息汇总：11月14日主力资金净流出657.55万元，游资资金净流入5148.16万元，呈现主力与游资分歧态势。 来自公司公告汇总：立讯精密于2025年11月13日完成工商变更登记，职工代表董事发生变动，陈蔚航接替侯玲玲，监事备案人员全部退出。 ...

Summary of Greater China Technology Hardware Conference Call Industry Overview - The conference focused on the Greater China Technology Hardware sector, particularly in AI technology and hardware advancements [7][8]. Key Insights - **Opportunities in AI GPU and ASIC Servers**: There are significant opportunities in upgrading AI GPU and ASIC server designs, with major projects like GB300, Vera Rubin platform, and Kyber architecture showing promise [7][8]. - **AMD Helios Server Rack**: The AMD Helios server rack project is gaining traction, indicating a positive trend in server hardware demand [7]. - **Enhanced Computing Power**: AI ASIC servers are expected to enhance computing power and increase rack density, which is crucial for data centers [7]. - **Power Solution Upgrades**: Transitioning to 800V HVDC power architecture and the growing adoption of liquid cooling solutions are highlighted as key upgrades [7]. - **PCB/Substrate Capacity Expansion**: There is a wave of capacity expansion in PCB/substrate to support ongoing design upgrades, which is essential for meeting increased demand [7]. - **Data Network Improvements**: Upgrades in data and power interconnects are anticipated to improve data network transmission speed and capacity [7]. - **Consumer Electronics Demand**: The demand for consumer electronics is being impacted by rising memory costs, with Android smartphones being more vulnerable compared to iPhones [7]. - **Upcoming Foldable iPhone Models**: Anticipation for the release of foldable iPhone models in the second half of 2026 is noted as a potential market driver [7]. Stock Recommendations - **Key Stock Ideas**: - AI Server Hardware: Wistron, Hon Hai/FII, Wiwynn, Delta Electronics, AVC, BizLink, King Slide, Accton, Chenbro, Gold Circuits, Innolight, FIT, and Fositek [7]. - Edge AI: Xiaomi, Lenovo, Luxshare [7]. Valuation Comparison - A detailed valuation comparison of various companies within the Greater China Technology Hardware sector was provided, including metrics such as price, target price, EPS, P/E ratio, P/B ratio, and ROE [8]. - Notable companies included: - **Lite-On Tech**: Current price at 162.50, target price at 150.00, with a P/E ratio of 23.3 for 2025 [8]. - **Delta Electronics**: Current price at 922.00, target price at 1288.0, with a P/E ratio of 38.9 for 2025 [8]. - **Hon Hai**: Current price at 241.00, target price at 317.0, with a P/E ratio of 16.4 for 2025 [8]. - **Foxconn Tech**: Current price at 66.80, target price at 54.00, with a P/E ratio of 26.0 for 2025 [8]. Additional Considerations - The report emphasizes the importance of considering Morgan Stanley Research as one of several factors in investment decision-making, acknowledging potential conflicts of interest [4][5].

Investment Rating - The report maintains an investment rating of "Outperform" with a target price set for the next six months [4]. Core Insights - Alibaba has launched the "Qianwen" project, aiming to compete with ChatGPT by developing a personal AI assistant app, leveraging its Qwen model, which has a pre-training data volume of 36 trillion tokens and over one trillion parameters [1]. - SanDisk has raised NAND flash memory prices by 50%, indicating a tightening storage chip market driven by strong demand from AI data centers and limited global wafer production capacity [2]. - Baidu has unveiled its AI chip roadmap, introducing the Kunlun M100 and M300 chips, with plans to release new products annually over the next five years [3]. Summary by Sections Industry News Overview - The report highlights significant developments in the semiconductor and AI sectors, including the completion of the first phase of 6G technology trials in China and advancements in silicon carbide (SiC) technology [16][17]. Market Performance Review - The electronic sector experienced a decline of 4.77% in the week of November 10-14, 2025, ranking 30 out of 31 in overall industry performance [31][33]. - The report notes that the semiconductor sub-sector has a high price-to-earnings (PE) ratio of 95.27, indicating strong market expectations [40]. Investment Recommendations - The report suggests focusing on companies in the domestic computing power sector such as Feirongda and Xingsen Technology, as well as storage industry players like Zhaoyi Innovation and Bawei Storage [10].