Summary of Zhongrong Electric's Conference Call Company Overview - **Company**: Zhongrong Electric - **Industry**: New Energy Vehicles (NEV) and Electrical Components Key Points Industry and Market Dynamics - Zhongrong Electric is experiencing strong growth in the NEV sector, particularly with its incentive fuses penetrating high-voltage applications and motor-side protection, enhancing device value [2][4] - The company is actively expanding into the European market to capitalize on new vehicle cycles [2][4] - The overall market environment is challenging, with NEV growth slowing and raw material prices rising, yet Zhongrong Electric has managed to exceed expectations in 2025 [3][21] Financial Performance and Projections - The company expects a seasonal decline in Q1 2026, with January orders being strong but February potentially lower due to the Spring Festival [2][5] - In Q4 2025, the company achieved a record revenue of 700 million yuan, significantly outperforming the industry average [3][21] - The growth target for 2026 will be announced after the annual management meeting, with expectations of substantial growth despite not specifying exact figures [2][27] Cost Management and Raw Material Impact - Rising copper and silver prices have pressured profitability, but the company is implementing measures such as rolling procurement, project adjustments, and automation improvements to mitigate these effects [2][6] - The company is actively communicating with clients regarding cost pass-through and is preparing for annual price discussions considering various factors including raw material costs [10][11] Product Development and Expansion Plans - Zhongrong Electric is expanding its product line to include components and integrated products that match its fuses, with some already in the designated phase [2][8] - The company is also preparing to apply incentive fuses in HVDC systems, with ongoing research and development efforts to improve materials and processes [3][12][16] - New product developments include high-voltage distribution boxes and smart distribution boxes, which are expected to significantly enhance overall value [4][9] International Market Strategy - The company plans to continue its overseas market development, with production lines expected to start mass production in 2026 [7][23] - Key clients such as Tesla and European automakers are entering mass production phases, contributing to the company's growth [24][25] Competitive Landscape - Zhongrong Electric's main competitors are foreign brands, but it has achieved higher sales in the domestic market due to strong customer recognition and product performance [15] - The company aims to increase its market share in overseas markets as new models from international automakers are launched [22] Future Outlook - The company anticipates significant progress in overseas business starting in 2026, with production lines in Thailand and Xi'an expected to contribute to capacity expansion [23][28] - The company is also exploring new factory locations to meet future capacity demands, with plans for a second-phase factory construction by 2027 [28] Challenges and Considerations - The company faces challenges in maintaining gross margins due to fluctuating copper prices, with strategies in place to stabilize margins [32] - The smart distribution box project is still in the R&D phase and is not expected to contribute to sales in the short term [31] This summary encapsulates the key insights from Zhongrong Electric's conference call, highlighting the company's strategic direction, financial outlook, and market positioning within the NEV industry.

Core Viewpoint - The report from Zhonghang Securities indicates a strong recovery in the sales of new energy vehicles (NEVs) in nine European countries, projecting sales of 2.885 million units in 2025, a year-on-year increase of 32.6%, with a penetration rate of 29.0%, up by 6.7 percentage points [1][2]. Summary by Sections Overall Market Outlook - In 2025, NEV sales in nine European countries are expected to reach 2.885 million units, representing a 32.6% increase year-on-year, with a penetration rate of 29.0%, up 6.7 percentage points [2]. - The sales of Battery Electric Vehicles (BEVs) are projected at 1.892 million units, a year-on-year increase of 30.6%, while Plug-in Hybrid Electric Vehicles (PHEVs) are expected to reach 992,000 units, up 36.6% year-on-year [2]. Country-Specific Insights - **Germany**: The BEV sales are projected at 545,000 units, a 43.2% increase year-on-year, and PHEV sales at 311,000 units, up 62.3%. Germany will restart EV subsidies in January 2026, including Chinese brands [2][3]. - **United Kingdom**: BEV sales are expected to be 473,000 units, a 23.9% increase, and PHEV sales at 225,000 units, up 34.7%. EV subsidies will resume from July 2025 [2][3]. - **France**: BEV sales are projected at 326,000 units, a 12.1% increase, with December sales reaching 42,000 units, up 37.7%. Subsidies will continue into 2026 with increased standards [3]. - **Italy**: BEV sales are expected to be 95,000 units, a 44.2% increase, and PHEV sales at 99,000 units, up 89.4%. EV subsidies will be effective from October 22, 2025 [3]. - **Spain**: BEV sales are projected at 102,000 units, a 77.2% increase, and PHEV sales at 124,000 units, up 111.7%. The MOVES III subsidy plan will drive sales [3]. Investment Recommendations - The report suggests that the EU's proposal to adjust the 2035 emission reduction targets will not hinder the long-term trend of electrification in Europe. Instead, it will promote sales of small electric vehicles [4]. - Investment recommendations include: - **Lithium Batteries**: Recommended companies include CATL, Yiwei Lithium Energy, and Xinwangda [4]. - **Lithium Materials**: Recommended companies include Hunan Youneng and Tianci Materials [4]. - **Lithium Battery Structural Components**: Recommended companies include Minglida and Minth Group [4]. - **Power/Drive Systems**: Recommended companies include Weimaisi and Fute Technology [4]. - **Automotive Safety Components**: Beneficiary companies include Zhongrong Electric and Zhejiang Rongtai [4]. - **Charging Stations and Modules**: Recommended companies include Youyou Green Energy and Tonghe Technology [4].

大家早上壕！ 先看海外要闻： 美股继续收涨，道指收涨0.63%、纳指收涨0.91%、标普500收涨0.55%；Meta收涨5.66%，创7月31日以来最大单日涨幅；特斯拉涨4.15%、微软、 亚马逊至少涨1.31%，英伟达、谷歌A、苹果至多涨0.83%。 美国总统特朗普谈及美联储主席人选，声称：面试已经结束，很快会公布，心中有人选。 AI需求兑现但供应将至"最低点"，英特尔Q1指引逊色，盘后大跌超10%；英伟达四季度完成对英特尔50亿美元投资。 马斯克：特斯拉将在今年底、或明年向公众销售人形机器人；在美国得州的无人驾驶出租车RoboTaxi取消安全监督员。 SpaceX计划于2027年发射星链二代卫星，瞄准5G级体验。 今年产能已售罄！日本铠侠：NAND供应紧张料至少持续至2027年。 消息称 OpenAI 低调布局人形机器人：旧金山实验室百人团队训练机械臂做家务。 Meta宣布Threads平台月活跃用户突破4亿，面向全球推出广告。 苹果扩大硬件主管职权，释放CEO候选人信号。 5400美元！高盛大幅上调黄金目标价：富豪们正跑步入场，与央行争夺"有限实物储备"。 点评：平头哥依托阿里云的场景优势缩短芯片从设 ...

中熔电气 20260121 摘要 2025 年公司汽车业务同比增长超 50%，远超行业平均增速 28%，主要 得益于 800 伏平台需求增加及头部客户份额提升，如宁德时代和比亚迪。 四季度公司维持满产状态，订单和生产线表现良好，尽管 12 月车市表 现不如预期，但公司订单未受影响，一季度订单情况亦良好，但 2 月或 受春节影响。 面对原材料价格上涨，公司采取滚动采购和套期保值策略，并与客户沟 通价格调整，以应对普遍存在的成本上升压力，保障盈利水平。 公司正在积极拓展数据中心业务，并持续投入资源，包括人才引进和技 术研发，同时探索和储备新的产品品类，以增强在该领域的竞争力。 公司已向台达等客户提供 HVDC 产品，但尚未大规模应用，目前处于前 端阶段，等待行业需求爆发时，将迅速响应并获取更大市场份额。 公司储能产品主要应用于大型储能和工商储能，大型储能占据主导地位。 预计 2026 年，随着头部客户项目进展，激励垄断器等产品将在储能领 域得到更多应用。 公司正在考虑拓展新的保护器件品类，包括 PDU 产品以及其他集成保护 设备，为公司长期发展做准备，但短期内不会形成大量订单。 Q&A 请介绍一下中荣电电器 20 ...

Market Overview - The Shanghai Composite Index rose by 0.08% to close at 4116.94 points, with a daily high of 4135.96 points [1] - The Shenzhen Component Index increased by 0.7% to close at 14255.12 points, reaching a peak of 14320.94 points [1] - The ChiNext Index gained 0.54%, closing at 3295.52 points, with a maximum of 3329.5 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets reached 27119.75 billion yuan, with a financing balance of 26945.23 billion yuan and a securities lending balance of 174.52 billion yuan [2] - This represents an increase of 115.92 billion yuan compared to the previous trading day [2] - The Shanghai market's margin trading balance was 13746.08 billion yuan, up by 101.13 billion yuan, while the Shenzhen market's balance was 13373.67 billion yuan, increasing by 14.8 billion yuan [2] Fund Issuance - Seven new funds were launched yesterday, including: - E Fund Hong Kong Stock Connect Consumer Mixed A - E Fund Hong Kong Stock Connect Consumer Mixed C - Huitianfu Gain Return Bond A - Huaxia CSI 500 Free Cash Flow ETF Link C - Huitianfu Gain Return Bond C - Huaxia CSI 500 Free Cash Flow ETF Link A - E Fund Shanghai Composite ETF [4] Top Net Purchases on the Dragon and Tiger List - The top 10 net purchases on the Dragon and Tiger list included: - Zhongtung High-tech with a net purchase of 57664.7 million yuan - Longxin Technology with 26946.73 million yuan - Dazhu CNC with 25319.57 million yuan - Zhongrong Electric with 21762.39 million yuan - Tongfu Microelectronics with 20382.62 million yuan [6]

一、强势个股 二、强势概念板块 根据A股概念涨跌幅与所对应的股票池综合分析，涨幅靠前的三个概念板块分别为：金属铅、金属锌与黄金概念。排名前10位的概念板块相关数据见下表： | 概念名称 | 涨跌幅 (%) | 涨停用 | | --- | --- | --- | | 金属铝 | 5.01 | | | 金属锌 | 4.83 | | | 黄金概念 | 3.82 | | | 金属铜 | 3.33 | | | 先进封装 | 3.11 | | | 共封装光学 (CPO) | 3.09 | | | 存储芯片 | 2.8 | | | PCB概念 | 2.79 | | | 富士康概念 | 2.76 | | | 光刻机 | 2.76 | | （文章来源：21世纪经济报道） 截至1月21日收盘，上证综指上涨0.08%，收于4116.94点，深证成指上涨0.7%，收于14255.12点，创业板指上涨0.54%，收于3295.52点。今日沪深两市A股共 计90只涨停，综合当前连板数以及当日龙虎榜数据，其中较为强势的前三只个股分别为：广电电气（601616）、湖南白银（002716）与红宝丽（002165）。 今日强势个股前10位具体数 ...

证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交5.66亿元，其中，买入成交额为3.92亿 元，卖出成交额为1.74亿元，合计净买入2.18亿元。 资金流向方面，今日该股主力资金净流入1.77亿元，其中，特大单净流入2.54亿元，大单资金净流出 7699.30万元。近5日主力资金净流入1.81亿元。 中熔电气今日涨停，全天换手率7.31%，成交额7.20亿元，振幅0.62%。龙虎榜数据显示，机构净卖出 4674.84万元，营业部席位合计净买入2.64亿元。 深交所公开信息显示，当日该股因日收盘价涨幅达20.00%上榜，机构专用席位净卖出4674.84万元。 具体来看，今日上榜的营业部中，共有2家机构专用席位现身，即卖三、卖四，合计净卖出4674.84万 元。 融资融券数据显示，该股最新（1月20日）两融余额为2.86亿元，其中，融资余额为2.86亿元，融券余额 为50.05万元。近5日融资余额合计增加5101.82万元，增幅为21.75%，融券余额合计增加21.05万元，增 幅72.60%。（数据宝） 中熔电气1月21日交易公开信息 卖五 中原证券股份有限公司陕西分公司 0.00 1577.40 （文 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301031 | 中熔电气 | 143.40 | 20.00% | 5.03万 | | 7.20亿 | | 002782 | 可立克 | 22.84 | 10.02% | 25.65万 | | 5.68亿 | | 000670 | 盈方微 | 9.35 | 10.00% | 4.47万 | | 4178.52万 | | 002885 | 京泉华 | 29.91 | 5.84% | 48.00万 | | 14.30亿 | | 001287 | 中电港 | 26.26 | 4.87% | 57.59万 | | 14.91亿 | | 688800 | 瑞可达 | 90.95 | 4.54% | 12.17万 | | 10.92亿 | | 300736 | 百邦科技 | 17.85 | 4.02% | 7.98万 | | 1.40亿 | | 001298 | 好上好 | 34.20 | 3.67% | 28.97万 | | 9.80亿 | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q4 2025 performance exceeded market expectations, with a projected net profit of RMB 383 to 432 million, representing a year-on-year increase of 105% to 131% [7] - The automotive business remains the primary growth driver, with a forecasted revenue of nearly RMB 1.5 billion from automotive fuses in 2025, reflecting a growth of over 60% year-on-year [7] - The company is expanding into new product categories, including high-voltage direct current relays and integrated BDU, which are expected to contribute significantly to revenue in the coming years [7] Financial Projections - Total revenue is projected to grow from RMB 1,060 million in 2023 to RMB 3,985 million by 2027, with a compound annual growth rate (CAGR) of approximately 30.38% [1] - Net profit is expected to increase from RMB 116.98 million in 2023 to RMB 801.15 million in 2027, with a CAGR of 33.64% [1] - The earnings per share (EPS) is forecasted to rise from RMB 1.19 in 2023 to RMB 8.15 in 2027, indicating strong profitability growth [1] Market Data - The company's closing price is RMB 119.50, with a market capitalization of approximately RMB 11.75 billion [5] - The price-to-earnings (P/E) ratio is projected to decrease from 100.44 in 2023 to 14.67 in 2027, indicating improving valuation metrics [1][5]

证券时报·数据宝统计，截至上午收盘，今日沪指涨0.16%，A股成交量914.25亿股，成交金额16458.27 亿元，比上一个交易日减少11.70%。个股方面，2960只个股上涨，其中涨停68只，2301只个股下跌， 其中跌停8只。从申万行业来看，电子、有色金属、计算机等涨幅最大，涨幅分别为1.99%、1.50%、 1.00%；煤炭、食品饮料、银行等跌幅最大，跌幅分别为1.61%、1.14%、1.04%。（数据宝） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 电子 | 1.99 | 3505.53 | 6.05 | 中熔电气 | 20.00 | | 有色金属 | 1.50 | 1263.24 | 5.54 | 招金黄金 | 10.02 | | 计算机 | 1.00 | 1132.04 | -9.94 | *ST立方 | 20.00 | | 通信 | 0.95 | 767.32 | -23.41 | 世嘉科技 | 8.90 | | 机械设备 | 0.92 | 111 ...