今年上半年，多起移动电源（俗称充电宝）燃爆事故将该行业的安全问题推向聚光灯下，也引起监管关 注。11月中旬，强制性国家标准《移动电源安全技术规范》（征求意见稿）（以下简称新规）在工信部 官网发布，公示时间为11月12日至12月11日。 《每日经济新闻》记者研究发现，与此前备受关注的移动电源应带有"3C"认证标识相比，新规对移动 电源的标识要求增加较多，例如要求在产品本体上应具备电池的材料体系、生产日期、建议安全使用年 限等标识。此外，新规还对移动电源过充电保护、过放电保护、短路保护、过载、误操作、智能管理等 提出要求，要求在短路、过充放电、误操作等情况下，移动电源均应不起火、不爆炸、不破裂、不漏 液。 此外，标识要求中，与过去只看"3C"认证标识、品牌名称等不同，新规要求，产品本体上应当具备电 池的材料体系（如镍钴锰体系、镍钴铝、钴酸锂、磷酸铁锂、掺混体系应写明所有组分）、生产日期 （格式应为"×年×月×日"），移动电源本体上还应标识建议安全使用年限，内容为"建议安全使用年限 为×年"或采用相关标志进行标识。 在智能管理方面，新规要求移动电源应具备智能化管理系统，该系统应具备智能监测、智能调节，以保 证锂离子 ...

今年以来，已经有100多家A股公司处于赴港上市的不同阶段，相关表格见文末。 近期，递表港交所的公司包括海澜之家、东山精密、领益智造等，公告赴港上市的公司有源杰科技、卓易信息、大商 股份、德业股份、四方精创、泽璟制药、安克创新等。 格隆汇获悉，11月12日，来自湖南长沙的A股上市公司安克创新科技股份有限公司（简称：安克创新，300866.SZ)发布 公告称，为进一步推进公司全球化战略布局，提升公司综合竞争力，公司拟在境外发行境外上市股份（H股）并申请 在港交所主板挂牌上市。 安克创新于2020年8月在创业板上市，截止2025年11月25日收盘，公司股价106.25元/股，市值约569.7亿元。 2025年9月，安克创新因涉嫌逃税和产品安全问题引发美国调查，公司股价自8月的高点至今跌幅约30%，市值蒸发超 200亿。 更为严峻的是，公司还因电芯安全隐患在全球范围内大规模召回充电宝，据不完全统计，公司今年已累计涉召回充电 宝超百万个。 01 谷歌前员工创业，专注于充电宝等消费电子领域 安克创新成立于2011年12月，总部位于湖南省长沙高新开发区。 公司的共同实际控制人为阳萌、贺丽夫妇，截至2025年6月底，二人总计 ...

天眼查显示，近日，深圳市安克医疗器械有限责任公司成立，法定代表人为岑继东，注册资本300万人 民币，由深圳市安克创新科技有限公司全资持股。 来源：市场资讯 序号股东名称持股比例1深圳市安克创新科技有限公司100% 经营范围含一般经营项目是：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；通讯 设备销售；电子产品销售；日用百货销售；国内贸易代理；第二类医疗器械销售。（除依法须经批准的 项目外，凭营业执照依法自主开展经营活动），许可经营项目是：第二类医疗器械生产；第三类医疗器 械生产；第三类医疗器械经营。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经 营项目以相关部门批准文件或许可证件为准） 企业名称深圳市安克医疗器械有限责任公司法定代表人岑继东注册资本300万人民币国标行业制造业> 专用设备制造业>电子和电工机械专用设备制造地址深圳市宝安区新安街道兴东社区70区润坊路5号润 智研发中心1栋16F1601企业类型其他有限责任公司营业期限2025-11-24至无固定期限 ...

Core Viewpoint - The company has achieved significant growth in the small charging product category, with a projected revenue of 9.65 billion yuan in 2024, representing a 28% year-on-year increase, accounting for approximately 39% of total revenue for the year [1] Industry Overview - The small charging category is expected to maintain steady growth, with compound annual growth rates (CAGR) for mobile power and chargers projected in the mid-single digits [2] - The industry is supported by regulatory compliance and the removal of original chargers by smartphone manufacturers, which is likely to enhance growth for leading companies [2] - The demand for convenient, safe, and efficient charging solutions is driving upgrades in the charging category, with 96% of new smartphone models in 2024 supporting fast charging [2] - The wireless charging market is expected to grow at a CAGR of 26% from 2024 to 2032, indicating significant structural growth opportunities in the small charging category [2] - Anker Innovation and Ugreen Technology have shown strong performance in product shipments and average selling prices, with Anker's shipment volume and average price growing at CAGRs of 5% and 13%, respectively, from 2021 to 2023 [2] Company Analysis - Anker is recognized as the leading brand in the small charging segment, with a focus on research and sales while outsourcing production and procurement [3] - The company maintains its competitive edge by continuously capturing user needs and leading in technology, such as PowerIQ for compatibility issues and GaN technology for high power in a compact size [3] - Anker's products have a stable leading position on Amazon in terms of market share, average price, and ratings, with superior channel penetration [3] - The company emphasizes cost efficiency and operational excellence, achieving high performance metrics compared to competitors, including R&D personnel compensation and inventory turnover [3] - There remains significant market share potential for Anker in the small charging business due to low product functionality recognition and strong brand support [3] Investment Outlook - The industry is expected to benefit from regulatory compliance and the discontinuation of original chargers, providing strong support for leading companies' growth [4] - The charging category is anticipated to see rapid growth in segments such as fast charging, wireless charging, and multi-output solutions [4] - Anker has established itself as the global leader in digital charging, with stable leading positions in market share, average price, and ratings on Amazon [4] - The company is projected to achieve net profits of 2.657 billion, 3.198 billion, and 3.895 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 20.80, 17.29, and 14.19 times [4]

[Table_scodeMsg1] 联合研究丨公司深度丨安克创新（300866.SZ） [Table_Title] 纵览安克创新增长前景系列之四： 如何看待小充板块增长持续性？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 行业维度，一方面，行业加强合规化认证、手机厂商陆续取消附赠原装充电器，均有望对优质 龙头企业增长中枢的提升构成较强支撑；另一方面，充电类目有望围绕便捷、安全、高效等需 求点不断展开升级，快充、无线充、多输出、叠加屏显等细分方向有望快速增长。公司凭借持 续捕捉用户需求并技术赋能，2020 年公司即成就全球第一数码充电品牌的优异认知，亚马逊份 额、均价、评分均稳定领先。在产品功能性识别度较低，同时公司已经建立起较强品牌加持下， 公司小充业务仍存在较大的市场份额攫取空间。 分析师及联系人 [Table_Author] 陈亮 李锦 杨洋 SAC：S0490517070017 SAC：S0490514080004 SAC：S0490517070012 SFC：BUW408 SFC：BUV258 SFC：BUW100 霍博 ...

长江证券研报指出，欧美用电问题凸显，安克创新增长势能充沛。欧美市场用电成本高，电价波动幅度 大、用电稳定性不足等问题突出，储能赛道有望持续增长，便携式储能&户储行业大盘远期复合增速均 在20%+，阳台光储、澳洲户储边际景气优异。于公司而言，作为阳台光储开创者，有望持续享受行业 优异增速红利，优异产品竞争力加持下，便携式储能和户储赛道的份额或稳中有升，预计公司2025- 2027年归母净利润分别为26.57、31.98和38.95亿元，对应PE分别为20.80、17.29 和14.19倍，维持"买 入"评级。 ...

Core Viewpoint - Anker Innovations plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange, marking a new phase in its globalization strategy and serving as a significant indicator of the global expansion of Chinese brands [1][2] Strategic Layout - The H-share issuance signifies a new stage in Anker's globalization strategy, aimed at enhancing its overall competitiveness [2] - The company has adjusted its supply chain significantly, with about half of its products exported to the U.S. now produced overseas [2] - Anker has faced a major product recall crisis in 2025, recalling approximately 2.352 million power banks over three months [2] Financial Strength - Anker reported a revenue of 21.019 billion yuan for the first three quarters of 2025, a year-on-year increase of 27.79%, and a net profit of 1.933 billion yuan, up 31.34% [3] - The third quarter alone saw revenues of 8.152 billion yuan, a 19.88% increase, and a net profit of 766 million yuan, up 27.76% [3] - The recall events could lead to estimated economic losses between 432 million yuan and 557 million yuan if full refunds are issued [3][4] Business Matrix - Anker has diversified its business beyond charging accessories, focusing on smart power, smart home automation, and smart audio [6] - The smart power segment generated 6.816 billion yuan in revenue in the first half of 2025, accounting for 52.97% of total revenue [6] - The charging and storage products saw a revenue increase of over 100% [6] Risk Analysis - The frequent recalls highlight issues in Anker's asset-light business model, particularly in quality control [8] - The company relies heavily on third-party manufacturers, leading to a lack of control over critical supply chain components [8] - Regulatory scrutiny has increased due to the recall incidents, with the Civil Aviation Administration of China prohibiting certain power banks from being carried on flights [8] Crisis Response - Anker initiated a proactive recall process and offered multiple compensation options to affected customers [11][12] - The company has partnered with ATL, a leading battery manufacturer, to improve product quality and supply chain stability [12] Future Outlook - The H-share listing presents opportunities for funding and brand enhancement, but the recall crisis poses challenges to brand trust [13][15] - Anker's diversified business model mitigates the impact of the recall, as power banks account for only about 10% of total revenue [7] - The company's stock price showed resilience following the recall announcement, indicating investor confidence in its diversified strategy [14]

Core Insights - The electronic sector has significantly outperformed the market since 2025, driven by substantial capital expenditures and demand for computing power from major companies like Google, Meta, Microsoft, and Amazon, which collectively spent nearly $100 billion in Q3 2025, a year-on-year increase of approximately 70% [1] - The demand for high-end PCBs (Printed Circuit Boards) has surged due to the explosion of computing power, particularly for AI servers, which require advanced PCB designs [1] - The global PCB market is projected to approach $95 billion by 2029, with the specialized PCB market for AI and high-performance computing expected to grow at a compound annual growth rate (CAGR) exceeding 20% from 2024 to 2029 [1] Semiconductor Sector - In Q3 2025, top performers in the semiconductor sector included companies like Silan Micro with a 1109% year-on-year growth and Geke Micro with 519% [2] - The strong performance of Nvidia and Google's AI advancements indicate that the AI industry is in an accelerating growth phase, presenting opportunities in the PCB sector as it aligns with AI chip upgrades [2] PCB Sector - Companies in the PCB sector, such as Shenghong Technology and Shennan Circuit, reported significant revenue and net profit growth, reflecting the rapid increase in orders for AI servers and related equipment [1][2] - The PCB market is experiencing a transformation driven by AI, which is reshaping the value chain of the electronic industry and creating new growth opportunities [2] Market Activity - On November 24, 2025, the PCB sector saw active trading, with stocks like Pengding Holdings and Huadian Shares rising over 1%, indicating positive market sentiment [3] - The electronic ETF (515260), which focuses on core leaders in the electronic sector, has attracted significant investment, with a total of 11.2 million yuan in inflows over three days, reflecting investor confidence in the sector's future performance [3] Investment Tools - The electronic ETF (515260) and its linked funds are designed to track the electronic 50 index, focusing on semiconductor and consumer electronics sectors, including high-demand areas like AI chips and 5G [5][6] - The ETF's composition heavily features the Apple supply chain, which accounts for 44.63% of its holdings, benefiting from the anticipated strong performance of Apple's product line [6] - Government policies are supporting the semiconductor industry, aiming for self-sufficiency and leveraging AI to enhance consumer electronics, positioning the electronic sector for potential growth [6]

欧美用电问题凸显，公司增长势能充沛 分区域看，美国/欧洲市场在政策退坡等因素下短期节奏有所扰动，澳洲市场在"Cheap HomeBatteries"补 贴计划加持下景气表现突出，对应单7 月澳大利亚太阳能电池安装数量接近2024年全年总量1/4。格局 维度，美国市场呈现Tesla 和Enphase 双寡头格局，欧洲和澳洲市场对于优质的非本土厂商并不排斥。产 品方面，对比Anker Solix X1 和Tesla Powerwall 3 来看，Anker Solix X1 在电芯材质、模块化、每千瓦时 价格等维度上更加领先。后续公司也有望凭借优异品牌积淀持续开拓优质渠道。 投资建议：赛道景气较优，公司动能充沛 欧美市场用电成本高，电价波动幅度大、用电稳定性不足等问题突出，储能赛道有望持续增长，便携式 储能&户储行业大盘远期复合增速均在20%+，阳台光储、澳洲户储边际景气优异。于公司而言，作为 阳台光储开创者，有望持续享受行业优异增速红利，优异产品竞争力加持下，便携式储能和户储赛道的 份额或稳中有升，我们预计公司2025-2027 年归母净利润分别为26.57、31.98 和38.95 亿元，对应PE 分 别为2 ...

[Table_scodeMsg1] 联合研究丨公司深度丨安克创新（300866.SZ） [Table_Title] 纵览安克增长前景系列报告之五： 如何看待储能板块增长势能？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 欧美市场用电成本高，电价波动幅度大、用电稳定性不足等问题突出，储能赛道有望持续增长， 便携式储能、户储行业大盘远期复合增速均在 20%+，阳台光储、澳洲户储边际景气优异。于 公司而言，作为阳台光储开创者，有望持续享受行业优异增速红利，优异产品竞争力加持下， 便携式储能和户储赛道的份额或稳中有升。 分析师及联系人 [Table_Author] 陈亮 李锦 杨洋 SAC：S0490517070017 SAC：S0490514080004 SAC：S0490517070012 SFC：BUW408 SFC：BUV258 SFC：BUW100 霍博 请阅读最后评级说明和重要声明 2 / 23 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 安克创新（300866.SZ ...