Core Viewpoint - The company plans to invest 800 million yuan to establish a new testing base in Chengdu, Southwest China, to address long-term development issues and support its strategic goals for the 14th Five-Year Plan [1] Group 1: Investment and Development - The total investment for the Chengdu testing base is 800 million yuan [1] - The new base aims to resolve the issue of leasing space for the company's laboratory, preventing operational disruptions due to lease expirations [1] - Establishing the Southwest testing base will help the company reduce rental and operational costs, thereby enhancing profitability [1]

Core Viewpoint - The company plans to invest 800 million yuan in the construction of a new testing base in Chengdu, which is a strategic move to enhance regional layout and overcome business limitations [1] Group 1: Investment Details - The total investment for the Southwest Testing Base in Chengdu is 800 million yuan [1] - The establishment of this base is aimed at supporting sustainable development by providing dedicated office and laboratory space [1] Group 2: Strategic Importance - The new facility will help avoid constraints related to leasing, such as structural limitations and expansion challenges [1] - It will mitigate risks associated with relocating after lease expiration, ensuring stable operations for the laboratory [1] - This investment is expected to strengthen the company's long-term operational planning and enhance its competitive edge [1]

证券代码：002967 证券简称：广电计量 公告编号：2025-071 广电计量检测集团股份有限公司 关于投资建设广电计量西南（成都）检测基地的公告 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。 一、投资概述 广电计量检测集团股份有限公司（以下简称"公司"）为满足公司经营发展 需要，解决西南区域长期发展问题，实现公司"十五五"战略发展规划目标，公 司拟投资建设广电计量西南（成都）检测基地（以下简称"西南检测基地"），项 目总投资 8 亿元。 公司成都实验室基地现有经营场地均为租赁场地，主要园区场地处于饱和状 态，且各实验室布局分散，其中计量实验室、可靠性与环境实验室、电磁兼容实 验室等专业实验室受限于场地问题较难扩张产能，新兴领域相关计量检测业务较 难建设配套实验室，制约公司在西南区域的发展。 建设西南检测基地，是公司深化区域布局，突破业务限制的重要举措。公司 1 将在成都获得支撑可持续发展的办公和实验场所，可避免租赁场地在建筑结构及 拓展空间对业务发展的制约，也避免租赁场地到期后搬迁对实验室正常运营的不 利影响和风险，为公司长远经营规划及持续竞争力提升提供 ...

证券代码：002967 证券简称：广电计量 公告编号：2025-070 广电计量检测集团股份有限公司 第五届董事会第二十六次会议决议公告 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。 一、董事会会议召开情况 同意公司投资 50 万美元设立广电计量检测（越南）有限公司（暂定名，以 实际注册登记为准）。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 （二）审议通过《关于投资建设广电计量西南（成都）检测基地 的议案》 同意公司投资建设广电计量西南（成都）检测基地，项目投资总额 8 亿元。 公司授权经营管理层及相关下属企业在投资额度内签署相关协议、参与竞拍项目 用地以及项目建设。 详见公司刊登于巨潮资讯网 www.cninfo.com.cn 及《证券时报》《中国证券报》 的《关于投资建设广电计量西南（成都）检测基地的公告》（公告编号：2025-071）。 1 表决结果：同意 9 票，反对 0 票，弃权 0 票。 三、备查文件 广电计量检测集团股份有限公司（以下简称"公司"）第五届董事会第二十 六次会议于 2025 年 11 月 24 日以通讯方式召开。会议通 ...

Investment Rating - The report indicates that the detection service industry is a typical "long slope, thick snow" track, suggesting a high investment rating due to the long-term stable growth of free cash flow from leading companies [4][19]. Core Insights - The high valuation of leading companies in the detection service industry reflects their ability to generate stable and sustainable free cash flow over a long duration, which is discounted to present value [7][19]. - The detection service industry is characterized by perpetual growth attributes, with leading companies forming a competitive moat due to their first-mover advantages [8][40]. - The global market size for the detection service industry has exceeded 2 trillion RMB and continues to grow rapidly, driven by economic development and industrial upgrades [8][40]. Summary by Sections Introduction: Why Does the Detection Service Have "Valuation Premium"? - The ability to create free cash flow is linked to a company's profit growth capability (g) and profit quality (ROE). Higher profit and cash flow generation capabilities warrant higher valuations [7][19]. Characteristics of the Detection Service Industry: Perpetual Growth Attributes - The industry has a large market space and can sustain growth, driven by mandatory legal requirements, foundational support for commercial activities, and inherent needs of the public [8][40]. - The return on equity (ROE) is stable due to high barriers to entry, including brand credibility, laboratory networks, and qualification thresholds [8][51]. Review of International Leaders: SGS's Performance Over Two Decades - SGS has demonstrated a compound annual growth rate (CAGR) of 6.7% in revenue and 9.4% in net profit from 2001 to 2024, with free cash flow CAGR at 8.2%, indicating its stability as an industry benchmark [9][63]. - The company is expected to achieve organic revenue growth of 5%-7% until 2027, with an anticipated increase in operating profit margin by at least 1.5 percentage points [9][63]. Domestic Review: Expectations for Huace and Guangdian's ROE Recovery - Huace Testing is expected to see a recovery in ROE as it shifts from a revenue-oriented strategy to a profit-oriented one, with anticipated improvements in valuation [10][11]. - Guangdian Measurement's stock price volatility is closely tied to its performance, with a new management team focusing on high-end manufacturing and technology R&D, leading to rapid ROE and net profit recovery [11].

Core Viewpoint - The company is committed to supporting the national strategy for technological self-reliance and is optimistic about the domestic production of high-end manufacturing and testing equipment [1] Group 1 - The company is actively contributing to the development of domestic high-end manufacturing and is confident in the progress of domestic testing equipment and instruments [1] - The ongoing process of domestic substitution for testing equipment and materials is effectively reducing the supply chain "bottleneck" risks [1] - The company is enhancing its supply chain autonomy and control capabilities steadily [1] Group 2 - The company plans to develop procurement plans based on actual equipment purchasing needs and production capacity planning [1] - This approach aims to ensure stable progress in all production and operational activities [1]

Core Viewpoint - The company Guangdian Measurement (002967) is experiencing a continuous growth phase in its satellite internet quality assurance platform project, gradually onboarding clients in related fields [1] Group 1 - The satellite internet quality assurance platform project is in a phase of sustained growth [1] - The company is progressively introducing relevant field clients into its operations [1]

Core Viewpoint - Guangdian Measurement has shown a mixed performance in stock price and financial metrics, with a notable increase in revenue and net profit year-on-year, indicating potential growth in the measurement and testing services sector. Financial Performance - As of September 30, 2025, Guangdian Measurement achieved a revenue of 2.416 billion yuan, representing a year-on-year growth of 11.86% [2] - The net profit attributable to shareholders for the same period was 239 million yuan, reflecting a year-on-year increase of 26.51% [2] Stock Performance - The stock price of Guangdian Measurement increased by 27.14% year-to-date, but has seen a decline of 2.23% over the last five trading days [1] - The stock is currently priced at 20.18 yuan per share, with a market capitalization of 11.77 billion yuan [1] Shareholder Information - As of September 30, 2025, the number of shareholders decreased to 29,200, a reduction of 0.72% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and new entrants such as Guangfa Multi-Factor Mixed Fund [3] Dividend Distribution - Guangdian Measurement has distributed a total of 607 million yuan in dividends since its A-share listing, with 481 million yuan distributed over the last three years [3] Business Overview - Guangdian Measurement specializes in measurement services, testing services, and the development of testing equipment, with its main revenue sources including reliability and environmental testing (25.28%) and measurement services (23.54%) [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002967 证券简称：广电计量 公告编号：2025-069 广电计量检测集团股份有限公司 关于归还部分暂时补充流动资金的闲置募集资金的公告 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。 广电计量检测集团股份有限公司 董 事 会 2025年11月19日 2025年3月26日，广电计量检测集团股份有限公司（以下简称"公司"）第五届董事会第十八次会议和第 五届监事会第十次会议审议通过《关于使用闲置募集资金暂时补充流动资金的议案》，为提高资金使用 效率，减少财务费用，合理利用暂时闲置募集资金，在保证不影响募集资金投资项目正常进行的情况 下，公司及全资子公司（募集资金投资项目所属公司）使用1.50亿元的闲置募集资金暂时补充流动资 金，期限自董事会通过之日起不超过12个月，具体详见公司刊登于巨潮资讯网www.cninfo.com.cn及 《证券时报》《中国证券报》《上海证券报》《证券日报》的《关于使用闲置募集资金暂时补充流动资 金的公告》（公告编号：2025-020）。 2025年11月18日，公司已将用于暂 ...

Price Movements - The price of physical gold from Zhouliufu is quoted at 1257 CNY per gram on November 18, 2025, down by 14 CNY from the previous trading day [1] - Platinum is priced at 594 CNY per gram, a decrease of 4 CNY from the previous day [1] - Gold bar prices are quoted at 1152 CNY per gram, also down by 14 CNY from the previous trading day [1] Market Context - Saudi Crown Prince Mohammed bin Salman is visiting Washington and will hold a U.S.-Saudi Investment Forum on November 19 at the John F. Kennedy Center for the Performing Arts [1] - The forum is expected to gather CEOs from top U.S. companies, including Chevron, Qualcomm, Cisco, General Dynamics, and Pfizer [1]