Core Viewpoint - Recent rumors suggested that Xinkailai would reverse merge with Keri Technology (002957.SZ), which Keri Technology has denied as untrue [1]. Group 1: Company Overview - Keri Technology is primarily engaged in the research, design, production, sales, and technical services of industrial automation equipment, as well as precision component manufacturing, positioning itself as a global supplier of integrated solutions for industrial automation and smart manufacturing [1]. - Xinkailai, a key semiconductor enterprise supported by Shenzhen, focuses on the research, manufacturing, sales, and service of semiconductor equipment and components [1]. Group 2: Recent Developments - Xinkailai announced two new products at the 2025 Bay Area Semiconductor Industry Ecosystem Expo: an EDA-related product that fills a gap in domestic high-end electronic design software technology, and a high-speed real-time oscilloscope that enhances the performance of domestic oscilloscopes by 500% [1]. - Following the product launch, related concept stocks experienced significant fluctuations [1]. Group 3: Market Response - As of 10:07 AM, Keri Technology's stock price was trading at 20.37 CNY per share, reflecting a 0.59% increase, with a total market capitalization of 8.6 billion CNY [2].

Market Overview - The market opened lower and experienced fluctuations, with the ChiNext Index leading the decline. As of the midday close, the Shanghai Composite Index was at 3973.31 points, down 0.43%, with a trading volume of 532 billion; the Shenzhen Component Index was at 13169.37 points, down 0.35%, with a trading volume of 733.7 billion; the ChiNext Index was at 3086.67 points, down 0.80%, with a trading volume of 327.8 billion [1]. Sector Performance - Energy metals, military equipment, and AI applications sectors saw the largest gains, while precious metals and pharmaceuticals experienced the most significant declines [2]. Market Hotspots - The Fujian sector saw a resurgence, with companies like Xiamen Construction and Pingtan Development hitting the daily limit. The AI application concept gained momentum, with multiple stocks like 360 also reaching the daily limit. The military industry maintained its strength, with Aerospace Development achieving two consecutive limits. The lithium mining concept was active, with Dazhong Mining hitting three consecutive limits. In contrast, pharmaceutical stocks showed divergence, with Jimin Health and Yaoyigou declining [3]. Institutional Insights - According to China Merchants Securities, domestic financial indicators are declining, which may weaken the macro liquidity-driven logic, but this does not indicate the end of the market. The market is expected to continue showing rotation between technology and cyclical sectors. Internationally, market risk appetite will depend on economic data backlog due to government shutdowns and statements from the Federal Reserve and Trump. A signal is needed to reduce uncertainty in expectations [4]. - Rongzhi Investment noted that recent market adjustment pressure mainly stems from the technology innovation sector, influenced by internal factors like profit-taking and increasing bearish sentiment on the AI bubble. Despite this, the resilience of large financial and cyclical sectors suggests a strong oscillating market. The consensus among investors is that the bull market has not peaked, with low-risk interest rates and ample liquidity supporting high-yield blue-chip stocks. The focus should be on industry and stock selection rather than short-term index fluctuations [5]. - CICC stated that Chinese stocks continue to benefit from the AI technology wave and ample liquidity, with reasonable valuations. Although year-end volatility may increase, no signals of a bull market peak have been observed, suggesting an overweight position. The same bullish logic applies to U.S. stocks, but concerns over high valuations and low elasticity during the dollar depreciation cycle warrant a neutral position. Commodity investments are recommended to hedge against risks and benefit from liquidity recovery [6]. Financing Data - The financing balance of the two markets decreased by 13.4 billion. As of November 14, the Shanghai Stock Exchange's financing balance was 1253.18 billion, down 5.428 billion from the previous trading day; the Shenzhen Stock Exchange's financing balance was 1213.681 billion, down 7.972 billion from the previous trading day, totaling 2466.861 billion, a decrease of 13.4 billion [7]. Company News - Alibaba announced the public beta launch of its Qianwen App, marking its entry into the AI-to-C market and competing directly with ChatGPT [8]. - There were rumors about Xinkailai planning a backdoor listing via Keri Technology, which Keri Technology denied, clarifying that while they supply semiconductor components to Xinkailai, they also collaborate with other major semiconductor companies and have a full order book extending into next year [9][10].

#科瑞技术否认新凯来借壳上市##科瑞技术称订单已排到明年#【新凯来要借壳上市？科瑞技术：不属 实】近日,有市场传闻新凯来将借壳科瑞技术上市。对此,科瑞技术在互动易平台上回应称，相关传闻不 属实。科瑞技术公司证券部工作人员进一步指出，公司确实有为新凯来供应半导体方面的零部件和设 备，但不单单是新凯来,"国内外比较大的(半导体公司)我们都有合作。目前订单都挺多的,基本上排到明 年了。"（泽塔） ...

科瑞技术（002957.SZ）11月17日在投资者互动平台表示，在新能源领域，公司定位于新能源锂电制造 设备行业中后段解决方案提供商，聚焦行业头部客户的需求，是裸电芯制作、电芯装配段、化成分容设 备的领先供应商。公司拥有CE切叠一体机、Z型切叠一体机、U型切叠一体机、激光切叠压一体机、激 光圆柱切卷一体机、多片叠一体机、高速热复合切叠一体机等全系列叠片产品，可覆盖动力、储能、消 费类电池领域，满足从小的手机电池到390电芯、590电芯的全产品制造应用。公司将持续关注行业技术 发展，积极探索行业技术，把握相关的业务机会，持续提升公司的技术能力与核心竞争力。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司在电芯产品方面有哪些布局？ ...

Core Viewpoint - Kory Technology's stock has shown a significant increase of 33.11% year-to-date, despite a recent decline of 4.13% over the last five trading days, indicating volatility in its performance [1][2]. Group 1: Company Overview - Kory Technology, established on May 23, 2001, and listed on July 26, 2019, is based in Shenzhen, Guangdong Province, specializing in the research, design, production, sales, and technical services of industrial automation equipment and precision components [2]. - The company's revenue composition includes 70.86% from automation equipment, 14.31% from precision components, 11.20% from automation equipment accessories, 2.71% from technical services, and 0.91% from other sources [2]. - Kory Technology operates within the mechanical equipment sector, specifically in automation equipment and industrial control devices, and is associated with concepts such as IoT, margin financing, small-cap stocks, and major fund holdings [2]. Group 2: Financial Performance - For the period from January to September 2025, Kory Technology reported a revenue of 1.761 billion yuan, reflecting a year-on-year growth of 0.22%, while the net profit attributable to shareholders increased by 49.79% to 247 million yuan [2]. - The company has distributed a total of 431 million yuan in dividends since its A-share listing, with 240 million yuan distributed over the past three years [3]. Group 3: Shareholder Information - As of October 31, 2025, Kory Technology had 39,600 shareholders, an increase of 13.07% from the previous period, with an average of 10,581 circulating shares per shareholder, down by 11.56% [2]. - Notable institutional shareholders include Huaxia CSI Robotics ETF, which holds 4.6211 million shares, and Hong Kong Central Clearing Limited, which has reduced its holdings by 118,260 shares [3].

Group 1 - The core point of the article is the denial of rumors regarding Xinkailai's reverse merger with Keri Technology, as confirmed by Keri Technology on November 17 [2] - Keri Technology stated that it supplies semiconductor components and equipment not only to Xinkailai but also to other major domestic and international semiconductor companies, with orders extending into next year [2] - Xinkailai, a key semiconductor enterprise supported by Shenzhen, focuses on the R&D, manufacturing, sales, and service of semiconductor equipment and components, and has gained significant attention from the capital market [2] Group 2 - At the 2025 Bay Area Semiconductor Industry Ecological Expo, Xinkailai announced two new products: an EDA-related product that fills a gap in domestic high-end electronic design software technology, and a high-speed real-time oscilloscope that enhances domestic oscilloscope performance by 500% [2] - Following the product launch, related concept stocks experienced fluctuations [2] - Keri Technology is primarily engaged in the R&D, design, production, sales, and technical services of industrial automation equipment, and is a global supplier of overall solutions for industrial automation and intelligent manufacturing [2]

每经AI快讯，有投资者在投资者互动平台提问：请问公司有向小鹏机器人提供相关设备吗？ （记者 王瀚黎） 科瑞技术（002957.SZ）11月17日在投资者互动平台表示，公司目前直接或间接为国内外品牌客户提供 人形机器人髋部、四肢、骨架、关节等部位或固定支架相关的精密零部件。公司始终致力于紧跟下游各 品牌客户的发展步伐，积极布局机器人相关领域更多业务机会。由于公司与客户签有严格的保密协议， 涉及客户的商业机密，出于审慎原则，不便对具体应用细节进行回复，敬请谅解。 ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司固态电池产线设备交付情况如何？ （记者 王瀚黎） 科瑞技术（002957.SZ）11月17日在投资者互动平台表示，在固态电池领域，公司目前已为国内外多家 相关厂商交付热压化成设备，相关设备已投入使用。 ...

科瑞技术（002957.SZ）11月17日在投资者互动平台表示，尊敬的投资者，您好！相关传闻不属实，谢 谢！ （记者 张海妮） 每经AI快讯，有投资者在投资者互动平台提问：市场传闻新凯来借壳贵公司，请问是否属实？ ...

Core Insights - The report from Pacific Securities highlights that Keri Technology achieved revenue of 1.761 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 0.22% [1] - The company reported a net profit attributable to shareholders of 247 million yuan, showing a significant year-on-year increase of 49.79% [1] - The "AI + semiconductor" business has emerged as a key growth driver for the company [1] Business Segments - In the first three quarters of 2025, the mobile terminal business generated sales revenue of 709 million yuan, accounting for 40.28% of total revenue [1] - The new energy business achieved sales revenue of 434 million yuan, representing 24.63% of total revenue [1] - The precision components business recorded sales revenue of 357 million yuan, making up 20.25% of total revenue [1] Market Position - The company is positioned as a core supplier of automation solutions for leading domestic and international enterprises [1] - Keri Technology has expanded its services to major clients across various industries, including photovoltaic, semiconductor, automotive, and logistics, through its three main business segments [1] - The report initiates coverage of the company with a "buy" rating [1]