连城数控：公司经营压力仍然较大，暂无规模化扩产计划

Core Viewpoint - The company indicates that the supply-demand mismatch in the industry is not fully alleviated by 2025, despite various policies aimed at stabilizing market expectations and reducing negative sentiment [1] Industry Summary - The implementation of policies to "counteract involution" and regulate market order has had some positive effects on stabilizing market expectations and mitigating overall negative sentiment in the industry [1] - However, there has been no significant increase in equipment demand from downstream enterprises in the short term [1] Company Summary - In the fourth quarter of 2025, prices for key raw materials such as silicon and silver continue to rise, putting pressure on domestic customers due to increased costs and low component prices [1] - The company is facing significant operational pressure and currently has no plans for large-scale capacity expansion [1]