三、关于业务模式：（1）请补充说明你公司业务涉及AI大模型的具体情况，大模型的应用场景、具体 功能等；（2）请补充说明你公司下属公司经营范围包含电池制造；光伏设备及元器件制造等的具体情 况，是否实际开展相关业务及具体运营情况，是否已取得必要的资质许可，是否涉及限制或禁止外商投 资领域，外资股比上限规定，以及本次发行上市前后是否持续符合外商投资准入要求。 四、请按照《监管规则适用指引——境外发行上市类第2号》对以下事项进行核查，并出具明确结论性 意见：（1）发行人所有下属公司及分支机构情况，包括经营范围等信息；（2）核查前述主体的经营范 围及实际业务是否涉及限制或禁止外商投资领域，本次发行上市前后是否持续符合外商投资准入要求； （3）核查前述主体的对外担保情况、税务合规情况、环境保护、安全生产等的合规情况、重大诉讼、 仲裁或行政处罚等规范运作情况。目前仅核查主要子公司情况。 一、请结合股票质押原因、相关主体偿债能力等情况，补充说明本次发行上市前后，你公司控股股东的 股权质押情况，以及是否可能导致发行人控制权发生变化，是否导致发行人存在《境内企业境外发行证 券和上市管理试行办法》第八条规定的禁止性情形。 二、请补 ...

机构持仓方面，截止2025年9月30日，领益智造十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1.74亿股，相比上期增加5389.17万股。华泰柏瑞沪深300ETF（510300）位居第三大流通 股东，持股4768.07万股，相比上期减少128.78万股。易方达沪深300ETF（510310）位居第五大流通股 东，持股3452.71万股，相比上期减少106.96万股。嘉实中证稀土产业ETF（516150）位居第七大流通股 东，持股2890.31万股，为新进股东。华夏沪深300ETF（510330）位居第八大流通股东，持股2574.56万 股，相比上期减少35.84万股。嘉实沪深300ETF（159919）位居第九大流通股东，持股2215.01万股，相 比上期减少34.72万股。永赢科技智选混合发起A（022364）位居第十大流通股东，持股2003.37万股， 为新进股东。易方达战略新兴产业股票A（010391）退出十大流通股东之列。 融资方面，领益智造当日融资买入3.79亿元。当前融资余额27.58亿元，占流通市值的2.43%，融资余额 超过近一年90%分位水平，处于高位。 截至9月30日，领 ...

为苏州汽车零部件及汽车电子产业发展再添新动能，昨天（12月29日），领益智造汽车战略事业群 整合暨启航仪式在相城区举行。市委副书记、市长吴庆文，领益智造董事长曾芳勤出席。 副市长毛伟、相城区主要负责同志等参加。 活动现场，领益智造与科达斯特恩、浙江向隆机械进行了股权交割签约。通过此次并购，领益将完 善从动力电池结构件到新能源汽车饰件、动力传动系统轴件的产品布局，加快实现汽车零部件业务资源 整合。 近年来，相城把汽车电子（芯片）产业作为因地制宜发展新质生产力的核心赛道，初步构建起全产 业链布局，今年预计汽车电子产业规模将突破400亿元。 领益智造是人工智能终端硬件核心供应商，在全球范围内为客户提供精密功能件、结构件、模组等 一站式智能制造服务及解决方案。目前，领益已在相城区落户7家公司，涉及3C消费电子、智能穿戴、 智能家居、新能源汽车核心部件等重点领域。今年8月，领益智造与相城区政府签署协议，将携手打造 百亿级汽车零部件与人工智能硬件集群，目前相关项目加快推进、进展顺利。 ...

1. 领益智造全年业绩预期怎么样？ 截至2025年12月29日，根据朝阳永续季度业绩前瞻数据： 预测公司Q4一致预期营业收入506.10~603.58亿元，同比增长14.5%~36.5%； 预测公司Q4一致预期净利润24.07~31.41亿元，同比增长37.2%~79.1%。 关注后续财报数据披露后能否超预期，朝阳永续A股季度业绩前瞻数据将为投资者提供业绩鉴定。 | 机构间? | 发布日期 预测营业收入 | | 同比 | 预测净利润 | 同比 | 预测扣非净利润 | 同比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 卖方预测区间 | | 506.10~603.58 | 14.5%~36.5% | 24.07~31.41 | 37.2%~79.1% | - | | | 平均数 | -- | 523.68 | 18.5% | 25.53 | 45.6% | - | | | 中位数 | - | 516.46 | 16.8% | 25.09 | 43.1% | - | = | | 开源证券 | 2025-12-25 | 541.27 | 22.4% | ...

Core Viewpoint - The article highlights the strategic moves of Lingyi iTech, a key player in Apple's supply chain, focusing on its recent acquisition of a stake in a liquid cooling company, Limin Da, and its broader strategy to diversify into high-growth sectors, particularly in the AI and automotive industries [5][12]. Company Background - Lingyi iTech, founded by Zeng Fangqin in 2006, initially focused on precision parts for mobile phones, particularly for Nokia [7]. - The company gained prominence by securing orders from Apple, overcoming stringent quality and pricing demands [9][11]. - By 2024, Lingyi iTech's revenue reached 442.11 billion, with a market capitalization of 1,125 billion by the end of 2025, marking significant growth since its listing [11][12]. Recent Acquisition - Lingyi iTech announced the acquisition of a 35% stake in Limin Da for 875 million, with a valuation of Limin Da's total equity at 2.51 billion, reflecting a 34-fold premium [15][16]. - Limin Da is recognized for its collaboration with NVIDIA, providing critical cooling components for high-performance servers, which aligns with Lingyi iTech's strategic focus on AI and computing technologies [16]. Strategic Shift - The company has been actively restructuring its business by divesting non-core operations, such as its logistics and trade services, which previously accounted for 40.97% of its revenue in 2017 [13]. - Lingyi iTech has expanded into high-growth areas, including medical devices and electric vehicles, through various acquisitions [13][15]. Market Positioning - Lingyi iTech's recent moves position it as a comprehensive solutions provider in the AI and automotive sectors, with a product line that includes AI smartphones, wearable devices, and components for clean energy [15]. - The acquisition of Limin Da is seen as a strategic step to enhance its capabilities in the liquid cooling market, complementing its existing product offerings [16]. Industry Context - The article notes that other major players in the Apple supply chain, such as Luxshare Precision and Lens Technology, are also vying for positions within NVIDIA's supply chain, indicating a competitive landscape [17]. - The trend reflects a broader shift in the industry, where traditional supply chain companies are adapting to the demands of AI and high-performance computing markets [17].

Market Performance - The A-share market showed mixed results on December 29, with the Shanghai Composite Index rising by 0.04% to 3965.28 points, marking a nine-day consecutive increase, while the Shenzhen Component Index fell by 0.49% to 13537.1 points, and the ChiNext Index decreased by 0.66% to 3222.61 points [1]. Fund Manager Changes - From December 27 to December 29, a total of 63 fund managers experienced changes in their positions, with 83 fund products announcing departures of fund managers during this period, involving 32 managers [3]. - Over the past 30 days (November 29 to December 29), 696 fund products saw changes in their fund managers, indicating significant turnover in the industry [3]. - The reasons for the changes included 26 managers leaving due to job changes, one due to personal reasons, four due to product expiration, and one due to resignation [3]. Fund Manager Performance - Dai Jie from Pengyang Fund currently manages assets totaling 298 million yuan, with the highest return of 235.16% achieved by the Hui'an Fengze Mixed A fund (003889) during his tenure of 6 years and 147 days [5]. - Zhang Xun, also from Pengyang Fund, manages assets of 10.543 billion yuan, with the highest return of 129.11% from the Pengyang Digital Economy Pioneer Mixed A fund (012456) over a tenure of 1 year and 124 days [5]. Fund Company Research Activity - In the past month (November 29 to December 29), Huaxia Fund conducted the most company research, engaging with 39 listed companies, followed by Southern Fund, Bosera Fund, and Huitianfu Fund, which researched 34, 32, and 31 companies respectively [7]. - The most researched industry was specialized equipment, with 146 instances, followed by the computer equipment industry with 111 instances [7]. Recent Fund Research Focus - In the last week (December 22 to December 29), Lingyi Zhizao, a company in the consumer electronics sector, was the most researched, receiving attention from 40 fund institutions [9]. - Other companies with significant research interest included Pulite, Nord Shares, and Desai Xiwai, with 28, 23, and 22 fund institutions respectively [9].

- The report discusses a **volume-timing model** for broad-based indices, which provides signals based on market volume trends. As of December 26, 2025, the model indicates a "cautious" view for the SSE 50 index, while other indices such as SSE Composite, CSI 300, CSI 500, CSI 1000, ChiNext, and Beijing 50 show "bullish" signals[2][23][24] - A **momentum sentiment indicator** is introduced, which calculates the proportion of stocks in the CSI 300 index with positive returns over a specific period (N days). The formula is: $ \text{CSI 300 N-day Upward Proportion} = \frac{\text{Number of CSI 300 stocks with positive returns in the past N days}}{\text{Total number of CSI 300 stocks}} $ This indicator is effective in capturing upward opportunities but has limitations in avoiding risks during market downturns. Recently, the indicator's value has been around 71%[24][25][28] - A **moving average sentiment indicator** is also discussed, which uses eight moving averages (8, 13, 21, 34, 55, 89, 144, 233) to assess market trends. The indicator assigns values based on the number of moving averages above or below the current price. When the number of moving averages above the price exceeds five, the market is considered bullish. This indicator currently shows that the CSI 300 index is in a positive sentiment zone[30][33][36] - The report evaluates **cross-sectional volatility** and **time-series volatility** as measures of alpha generation potential. Cross-sectional volatility for CSI 300, CSI 500, and CSI 1000 stocks shows mixed trends, with CSI 500 experiencing an increase, indicating a better short-term alpha environment. Time-series volatility for all three indices has decreased recently, suggesting a weaker short-term alpha environment[41][42][43] - A **fund clustering degree indicator** is used to monitor the degree of fund concentration. This is measured by the standard deviation of cross-sectional returns of clustered funds. A lower standard deviation indicates higher clustering. Recently, the clustering degree has slightly increased, and both clustered funds and stocks have shown higher excess returns over the past week[83][85][87]

长江商报消息 ●长江商报记者 潘瑞冬 曾经的"果链女王"曾芳勤再次出手并购，抢占产业新风口。 日前，领益智造（002600.SZ）公告称，公司拟出资8.75亿元收购东莞市立敏达电子科技有限公司（简 称"立敏达"）35%股权。立敏达专注热管理领域，主要产品包括服务器液冷快拆连接器等。领益智造布 局AI服务器液冷赛道意图明显。 41岁辞职创业，曾芳勤在产业赛道布局上一向稳准狠。完成"果链"突围后，曾芳勤借助资本市场，通 过"买买买"不断扩展业务范围，推动领益智造从单一零部件供应商转型综合精密制造服务商。从新能源 汽车，到机器人，再到AI服务器液冷，她的每一步决策都充满了"未雨绸缪"的忧患意识。 2025年前三季度，领益智造归母净利润重回增长轨道。年内公司股价也近乎翻倍，市值站稳千亿，最新 市值达1125亿元。 目前，领益智造主要收入仍来自大客户苹果，公司的多元化布局能打开多大的增长空间，长江商报记者 将持续观察。 从零到一的"果链女王" 在遍地"草根"创业者的上世纪八九十年代，曾芳勤的履历堪称"精英范本"。 出生于广东深圳的她，于武汉大学毕业，后不甘于国企的安稳生活，远赴美国攻读硕士学位，归国后凭 借扎实的专业能 ...

Core Viewpoint - The article highlights the recent institutional research activities among listed companies, emphasizing the significant gains achieved by several companies following institutional interest, particularly in the context of mergers and acquisitions and technological advancements in various sectors [2][5][6]. Group 1: Institutional Research Activities - A total of 117 listed companies received institutional research from December 22 to December 26, with over 70% of these companies achieving positive returns [2]. - Notable stock performances included Chaojie Co., which rose by 41.6%, Guanglian Aviation by 32.44%, and Demingli by 24.97% [2]. Group 2: Key Companies and Developments - Lingyi Zhizao attracted significant attention due to its acquisition of a 35% stake in Dongguan Liminda Electronics Technology Co., valued at 875 million yuan, representing a premium of over 34 times the assessed value [5][6]. - The acquisition aims to enhance Lingyi Zhizao's product matrix in the AI hardware server sector, leveraging Liminda's expertise in thermal management solutions for enterprise-level servers [6]. Group 3: Company Innovations and Market Position - Pulit has made breakthroughs in modified materials and humanoid robots, with its products being used in key components of humanoid robots and expected to positively impact the company's performance as demand grows [9][10]. - Guangting Information is positioning itself as a "Digital Architect" in the automotive software industry, focusing on AI-driven software development processes to enhance productivity and support international expansion [12].

12月26日，领益智造发布公告，披露公司全资子公司收购浙江向隆机械有限公司（以下简称"浙江向 隆"）股权的交易取得关键进展，浙江向隆已正式成为公司控股子公司，并纳入合并报表范围。 公告显示，领益智造于2025年10月28日召开第六届董事会第二十次会议，审议通过相关议案，同意公司 全资子公司领益科技（深圳）有限公司以现金方式收购浙江向隆96.15%的股权，交易价格为240,384.00 万元（约24.04亿元）。交易对方包括Venture Equities Management, Inc.、宁波嘉隆工业有限公司、杭州 协邦企业管理有限公司及宁波隆俊企业管理合伙企业（有限合伙）。 12月26日，领益智造发布公告，披露公司全资子公司收购浙江向隆机械有限公司（以下简称"浙江向 隆"）股权的交易取得关键进展，浙江向隆已正式成为公司控股子公司，并纳入合并报表范围。 公告显示，领益智造于2025年10月28日召开第六届董事会第二十次会议，审议通过相关议案，同意公司 全资子公司领益科技（深圳）有限公司以现金方式收购浙江向隆96.15%的股权，交易价格为240,384.00 万元（约24.04亿元）。交易对方包括Venture ...