证券研究报告 | 浙商早知道 报告日期：2025 年 09 月 26 日 浙商早知道 2025 年 09 月 26 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn ❑ 大势：周四上证指数收盘与前一天持平，沪深 300 上涨 0.6%，科创 50 上涨 1.2%，中证 1000 下跌 0.4%，创业板 指上涨 1.6%，恒生指数下跌 0.1%。 ❑ 行业：周四表现最好的行业分别是传媒（+2.2%)、通信（+2.0%)、有色金属（+1.9%)、电力设备（+1.6%)、计算 机（+1.5%)，表现最差的行业分别是纺织服饰（-1.5%)、综合（-1.3%)、农林牧渔（-1.2%)、家用电器（-1.1%)、 交通运输（-1.0%)。 ❑ 资金：周四沪深两市总成交额为 23711 亿元，南下资金净流入 110.5 亿港元。 ❑ 【浙商大制造中观策略 邱世梁/周艺轩】美利信（301307）公司深度：精密压铸全球龙头，有望开辟液冷、人形 机器人、半导体新赛道——20250924 ❑ 【浙商大制造中观策略 邱世梁/陈明雨/谢金翰 ...

Market Performance - The ChiNext Index fell by 0.16%, closing at 3091.00 points, with a total trading volume of 603.66 billion yuan, a decrease of 231.40 billion yuan compared to the previous trading day [1] - Among the tradable ChiNext stocks, 378 stocks closed higher, with 14 stocks rising over 10%, including Yuma Technology, Green Island Wind, and Tianshan Electronics, which hit the daily limit [1] - A total of 990 stocks closed lower, with 3 stocks declining over 10% [1] Turnover Rate - The average turnover rate for the ChiNext today was 4.39%, with 28 stocks having a turnover rate exceeding 20% [1] - The highest turnover rate was for Boliang Optoelectronics at 53.62%, which closed up 14.60% with a trading volume of 2.609 billion yuan [1][3] - Other notable stocks with high turnover rates included *ST Dongtong, Xidian Co., and Lihengxing, with turnover rates of 48.18%, 45.66%, and 43.85% respectively [1][3] Institutional Activity - Six high-turnover ChiNext stocks appeared on the Dragon and Tiger List, with five stocks showing institutional participation [3] - Lihengxing had four institutional seats with a total net purchase of 51.92 million yuan, while Tianshan Electronics had two institutional seats with a net purchase of 45.53 million yuan [3] - Boliang Optoelectronics saw a net sell-off of 131 million yuan despite a net purchase of 629.35 million yuan from the Shenzhen Stock Connect [3] Capital Flow - Among high-turnover stocks, 19 experienced net inflows of main funds, with Boliang Optoelectronics, Wanlima, and Kexin Machinery receiving the most significant inflows of 209 million yuan, 120 million yuan, and 113 million yuan respectively [4] - Conversely, Hanwei Technology, Gaolan Co., and Lihengxing faced the largest net outflows of 364 million yuan, 179 million yuan, and 178 million yuan respectively [4] - Only one high-turnover stock released a performance forecast for the first three quarters, with Aifenda expecting a net profit of 99 million yuan, representing a year-on-year increase of 14.72% [4]

Core Viewpoint - The SENSOR CHINA 2025 exhibition will take place from September 24 to 26, showcasing the advancements in the sensor industry over the past decade and focusing on technology iteration and market explosion [13][24]. Event Details - The exhibition will cover an area of 30,000 square meters and feature over 600 sensor-related enterprises, with 8 major display zones and more than 30 high-profile concurrent events [1][13]. - The event will gather over 500 industry leaders to discuss growth trends and innovations in the sensor industry [1][18]. Registration and Attendance - Pre-registration for attendees is currently ongoing, allowing for easy access to entry tickets and conference passes [3][7]. - Attendees can exchange their pre-registration QR codes for visitor badges at the venue [7][8]. Exhibition Highlights - The exhibition will feature a variety of concurrent forums and activities, including discussions on sensor technology applications in smart manufacturing, smart driving, and environmental monitoring [18][20]. - A total of 30+ forums will be held, with participation from over 500 industry experts, academicians, and leaders [18][20]. Special Features - The event will include the finals of the International Smart Sensor Innovation Competition, showcasing 30 outstanding projects that have advanced through rigorous selection [25]. - Eight specialized exhibition zones will be set up, covering various aspects of the sensor industry, from robotics to smart healthcare [25]. Logistics and Amenities - The venue is located in Shanghai, with convenient access from major transportation hubs, including airports and train stations [30]. - Attendees can enjoy a variety of dining options nearby, with a range of cuisines available [30]. Future Events - The next SENSOR CHINA Expo & Conference is scheduled for September 16-18, 2026, at the same venue [34].

Group 1 - Several companies, including Wolong Electric Drive, Jinfat Technology, Wuzhou New Spring, and Wanxiang Qianchao, experienced a limit down in their stock prices [1] - Sanhua Intelligent Control and Bojie Co. are close to limit down, indicating significant market pressure [1] - Companies such as Junwei Intelligent and Hanwei Technology also showed notable declines in their stock prices [1]

Group 1 - The humanoid robot concept continues to experience a pullback, with several companies, including Wolong Electric Drive, Jinfa Technology, Wuzhou New Spring, and Wanxiang Qianchao, hitting the daily limit down [1] - Other companies such as Sanhua Intelligent Control, Bojie Co., Junpu Intelligent, and Hanwei Technology also saw declines [1] Group 2 - Food and Beverage ETF (Product Code: 515170) has seen a decline of 3.91% over the past five days, with a price-to-earnings ratio of 20.72 times and a net outflow of 54.45 million yuan [3] - Gaming ETF (Product Code: 159869) increased by 6.33% in the last five days, with a price-to-earnings ratio of 47.57 times and a net outflow of 52.87 million yuan [3] - Semiconductor ETF (Product Code: 588170) rose by 9.10% over the past five days, with a net inflow of 25.54 million yuan [3] Group 3 - Cloud Computing 50 ETF (Product Code: 516630) experienced a slight decline of 0.81% in the last five days, with a high price-to-earnings ratio of 122.71 times and a net inflow of 0.421 million yuan [4]

（文章来源：每日经济新闻） 每经AI快讯，9月19日，人形机器人概念股午后再度跳水，卧龙电驱、金发科技、五洲新春、万向钱潮 跌停，三花智控、博杰股份接近跌停，均普智能、汉威科技跌幅居前。 ...

Group 1 - The A-share market's robotics concept stocks experienced a decline in the afternoon session [1] - Companies such as Wolong Electric Drive and Wuzhou New Spring hit the daily limit down [1] - Other companies including Puzhizhineng, Sanhua Intelligent Control, Beiwai Technology, Hanwei Technology, Changying Precision, and Shuanghuan Transmission also followed the downward trend [1]

Core Viewpoint - The performance of the Zhongzheng 2000 ETF managed by Jiashi Fund has shown a decline in its share price and mixed results among its major holdings since its inception on September 14, 2023 [1] Group 1: ETF Performance - As of the midday close on September 19, the Zhongzheng 2000 ETF Jiashi (159535) decreased by 0.92%, trading at 1.395 yuan with a transaction volume of 453,100 yuan [1] - Since its establishment, the fund has achieved a return of 40.87%, with a monthly return of 1.85% [1] Group 2: Major Holdings Performance - Major stocks within the ETF include: - Meiri Hudong down 0.31% - Hanwei Technology down 7.97% - Hongchuang Holdings up 5.27% - Dongtu Technology down 1.34% - Hengbao Shares down 5.53% - Taiji Shares down 0.72% - Rejing Biology down 4.53% - Shijia Photon up 0.67% - Huasheng Tiancai down 4.24% - Tainkang up 1.49% [1]

Group 1 - Hanwei Technology's stock increased by 5.90% on September 17, with a trading volume of 6.073 billion yuan [1] - The company had a financing buy amount of 687 million yuan and a financing repayment of 687 million yuan on the same day, resulting in a net financing buy of 171,300 yuan [1] - As of September 17, the total financing and securities lending balance for Hanwei Technology was 1.091 billion yuan, which is 4.85% of its circulating market value, indicating a high level compared to the past year [1] Group 2 - As of June 30, Hanwei Technology had 74,300 shareholders, an increase of 18.45% from the previous period, while the average circulating shares per person decreased by 15.57% to 3,811 shares [2] - For the first half of 2025, Hanwei Technology reported a revenue of 1.177 billion yuan, a year-on-year increase of 5.67%, and a net profit attributable to shareholders of 59.073 million yuan, up 14.47% year-on-year [2] - The company has distributed a total of 239 million yuan in dividends since its A-share listing, with 94.8185 million yuan distributed over the past three years [2] Group 3 - As of June 30, 2025, the top ten circulating shareholders of Hanwei Technology included Penghua Carbon Neutral Theme Mixed A, which held 11.2503 million shares, a decrease of 210,000 shares from the previous period [3] - Yongying Advanced Manufacturing Smart Selection Mixed A increased its holdings by 1.8675 million shares to 6.2853 million shares, ranking as the fourth largest circulating shareholder [3] - Other notable changes included a decrease in holdings for Hong Kong Central Clearing Limited and several mixed funds, indicating a shift in institutional ownership [3]

（文章来源：证券时报网） 数据宝统计，截至11:04，汉威科技成交额45.11亿元，创2025年2月24日以来新高。最新股价上涨 6.41%，换手率22.53%。上一交易日该股全天成交额为44.79亿元。 据天眼查APP显示，汉威科技集团股份有限公司成立于1998年09月11日。注册资本32744.5619万人民 币。（数据宝） ...