Group 1 - The core viewpoint is that Founder Securities has given Guangdong Lingyi Intelligent Manufacturing Co., Ltd. a strong buy initial rating [1]

Company Overview - Lingyi Technology, established on July 1, 1975, and listed on July 15, 2011, is located in Jiangmen City, Guangdong Province. The company specializes in the production and sales of new electronic components, mobile phone, and computer accessories. The main revenue composition is as follows: AI terminals 88.32%, others 6.68%, and automotive and low-altitude economy 5.01% [1][2]. Stock Performance - As of November 6, Lingyi Technology's stock price increased by 2.12%, reaching 14.93 CNY per share, with a trading volume of 1.453 billion CNY and a turnover rate of 1.37%. The total market capitalization is 109.079 billion CNY [1]. - Year-to-date, the stock price has risen by 87.56%, but it has seen a decline of 6.16% over the last five trading days and 13.00% over the last twenty days. Over the last sixty days, the stock price increased by 54.72% [1]. Financial Performance - For the period from January to September 2025, Lingyi Technology achieved a revenue of 37.590 billion CNY, representing a year-on-year growth of 19.39%. The net profit attributable to shareholders was 1.941 billion CNY, reflecting a year-on-year increase of 38.17% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 539,100, up by 82.54%. The average circulating shares per person decreased by 43.07% to 13,300 shares [2]. - The company has distributed a total of 3.224 billion CNY in dividends since its A-share listing, with 1.512 billion CNY distributed in the last three years [3]. Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 174 million shares, an increase of 53.8917 million shares from the previous period. Other notable institutional shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, with varying changes in their holdings [3].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002600 证券简称：领益智造 公告编号：2025-184 广东领益智造股份有限公司 关于归还临时补充流动资金的募集资金的公告 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。 广东领益智造股份有限公司（以下简称"公司"）于2024年12月6日召开第六届董事会第九次会议和第六 届监事会第八次会议，审议通过了《关于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司 在确保不影响募集资金投资项目建设进度的情况下，使用不超过人民币80,000万元（含本数）的闲置募 集资金临时补充流动资金，使用期限自董事会审议通过之日起不超过12个月，公司承诺在到期日之前及 时归还至募集资金专户。具体内容详见公司于2024年12月7日在巨潮资讯网（www.cninfo.com.cn）披露 的《关于使用部分闲置募集资金暂时补充流动资金的公告》（公告编号：2024-148）。 截至2025年11月4日，公司已将临时补充流动资金的75,000万元闲置募集资金全部归还至募集资金专用 账户，使用期限未超过自董事会审议通过之日起十二 ...

公司实际使用闲置募集资金 75,000 万元临时补充流动资金，公司在使用闲 置募集资金临时补充流动资金期间，严格遵守相关法律、法规和规范性文件的规 定，对资金进行了合理的安排与使用，没有影响募集资金投资计划的正常进行， 没有变相改变募集资金用途。 截至 2025 年 11 月 4 日，公司已将临时补充流动资金的 75,000 万元闲置募 集资金全部归还至募集资金专用账户，使用期限未超过自董事会审议通过之日起 十二个月，并将上述归还情况通知了公司保荐机构及保荐代表人。 特此公告。 广东领益智造股份有限公司董事会 二〇二五年十一月五日 证券代码：002600 证券简称：领益智造 公告编号：2025-184 广东领益智造股份有限公司 关于归还临时补充流动资金的募集资金的公告 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。 广东领益智造股份有限公司（以下简称"公司"）于 2024 年 12 月 6 日召开第 六届董事会第九次会议和第六届监事会第八次会议，审议通过了《关于使用部分 闲置募集资金暂时补充流动资金的议案》，同意公司在确保不影响募集资金投资 项目建设进度的情况 ...

Market Performance - The AI PC concept index declined by 2.49%, ranking among the top declines in the concept sector as of the market close on November 4 [1] - Within the AI PC sector, companies such as Baiwei Storage, Xinghuan Technology, and Demingli experienced significant declines, while Wen Tai Technology, Haopeng Technology, and China Great Wall saw slight increases of 1.38%, 0.32%, and 0.18% respectively [1] Capital Flow - The AI PC concept sector experienced a net outflow of 3.877 billion yuan, with 37 stocks seeing net outflows, and 12 stocks having outflows exceeding 100 million yuan [2] - Shenghong Technology led the outflow with a net withdrawal of 622 million yuan, followed by Changying Precision, Lingyi Technology, and Tongfu Microelectronics with outflows of 495 million yuan, 294 million yuan, and 278 million yuan respectively [2] - The stocks with the highest net inflows included Pengding Holdings, Haopeng Technology, and Aohai Technology, with inflows of 65.96 million yuan, 23.06 million yuan, and 8.61 million yuan respectively [3] Stock Performance - The top decliners in the AI PC concept included Shenghong Technology (-1.22%), Changying Precision (-5.33%), and Lingyi Technology (-2.30%) [2] - Notable gainers in the sector were Wen Tai Technology (+1.38%) and Haopeng Technology (+0.32%) despite the overall decline [1][3]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, particularly focusing on the potential growth of SiC/GaN power devices driven by new power supply solutions for AI data centers [6]. Core Insights - The demand for AI servers and data centers is expected to open up growth opportunities for SiC/GaN power devices, with new power supply solutions like HVDC and SST becoming increasingly important [3][11]. - The report highlights that the transition to 800V HVDC power supply architecture is anticipated to significantly enhance power efficiency and reduce operational costs for data centers [9][28]. Summary by Sections 1. AI Data Center Power Requirements - The power requirements for AI data centers are increasing, with single cabinet power rising from 5-8 kW to 20-50 kW, and potentially exceeding 100 kW [19]. - NVIDIA is promoting the transition to an 800V HVDC power supply architecture, which is expected to be fully implemented by 2027 [26][28]. 2. SST (Solid State Transformer) - SSTs are characterized by high efficiency and compact size, making them suitable for modern power supply needs [37]. - The adoption of SST technology is expected to become mainstream in future power supply solutions, significantly improving space utilization and power efficiency in data centers [47]. 3. HVDC and SST Impact on Power Semiconductors - The report indicates that HVDC and SST solutions will enhance the performance requirements for power semiconductors, creating a favorable environment for the penetration of SiC/GaN devices [56]. - The market for SiC/GaN devices is projected to reach $2.7 billion by 2030, driven by their application in 800V HVDC data center power systems [11][68]. 4. SiC/GaN Growth Potential - The report identifies key companies that are well-positioned to benefit from the growth in SiC/GaN devices, including industry leaders like Innoscience and Tianyu Advanced [3][14]. - The penetration rates for SiC and GaN in the power semiconductor market are expected to increase, with forecasts suggesting a rise in demand due to AI computing facilities [68].

Core Viewpoint - Lingyi Technology has experienced a decline in stock price, dropping 2.3% to 14.84 CNY per share, with a total market capitalization of 108.42 billion CNY, and a cumulative drop of 8.23% over the past four days [1] Company Overview - Lingyi Technology, established on July 1, 1975, is located in Jiangmen City, Guangdong Province, and was listed on July 15, 2011. The company specializes in the production and sales of new electronic components, mobile phone, and computer accessories [1] - The revenue composition of Lingyi Technology is as follows: AI terminals account for 88.32%, other products 6.68%, and automotive and low-altitude economy 5.01% [1] Shareholder Information - Yongying Fund has a presence among the top ten circulating shareholders of Lingyi Technology, with its fund, Yongying Technology Smart Selection Mixed Fund A (022364), newly entering the top ten with 20.03 million shares, representing 0.28% of circulating shares [2] - The fund has incurred a floating loss of approximately 7.01 million CNY today and a total floating loss of 26.64 million CNY during the four-day decline [2] - Yongying Technology Smart Selection Mixed Fund A was established on October 30, 2024, with a latest scale of 2.278 billion CNY, achieving a year-to-date return of 201.23% and a one-year return of 249.77% [2] - The fund manager, Ren Jie, has a tenure of 1 year and 6 days, with total fund assets of 12.878 billion CNY, and has delivered a best return of 240.91% and a worst return of 9.43% during his tenure [2]

Core Viewpoint - The rare earth industry is experiencing fluctuations in stock performance, with significant growth in the rare earth ETF, driven by rising prices and increased demand expectations due to delayed export control measures [1][3][4]. Group 1: Market Performance - As of November 4, 2025, the China Rare Earth Industry Index decreased by 0.71%, with mixed performance among constituent stocks [1]. - Baotou Steel (包钢股份) led the gains with an increase of 4.14%, while Shengxin Lithium Energy (盛新锂能) experienced the largest decline [1][6]. - The rare earth ETF managed by Harvest (嘉实) saw a trading volume of 62.65 million yuan, with a significant growth of 5.327 billion yuan in the last three months, ranking first among comparable funds [3]. Group 2: Fund Performance - The rare earth ETF has seen an increase of 866 million shares in the past month, also ranking first among comparable funds [3]. - Over the past 18 trading days, the ETF attracted a total of 1.675 billion yuan in inflows [3]. - As of November 3, 2025, the net value of the rare earth ETF has increased by 86.47% over the past two years, placing it in the top 4.41% of index equity funds [3]. Group 3: Price Trends and Forecasts - According to Guojin Securities, the price of praseodymium and neodymium oxide rose by 6.08% week-on-week, driven by increased demand expectations and delayed export control measures [4]. - The overall sentiment in the rare earth sector is bullish, with expectations of a supply-demand resonance due to external export pressures and ongoing supply reforms [4]. - Guosheng Securities highlights the broad market potential for rare earth recycling and magnetic materials, anticipating rapid growth in related companies' performance as rare earth prices recover [4]. Group 4: Key Stocks - The top ten weighted stocks in the China Rare Earth Industry Index account for 61.61% of the index, with Northern Rare Earth (北方稀土) holding the largest weight at 17.20% [3][6].

证券日报网讯领益智造（002600）11月3日在互动平台回答投资者提问时表示，公司于2025年4月11日审 议通过使用2-4亿元回购公司股份。截至9月30日，公司累计回购公司股份38，231，900股，成交金额约 3.20亿元(不含交易费用)。公司后续将根据市场情况在回购期限内继续实施回购计划，并将在回购期间 根据相关法律、法规和规范性文件的规定及时履行信息披露义务。 ...

领益智造（002600）(002600.SZ)公告，公司截至2025年10月31日累计以集中竞价交易方式回购公司股 份3823.19万股，占公司总股本的0.53%，成交金额为3.2亿元(不含交易费用)。 ...