天准科技（688003.SH）11月20日在投资者互动平台表示，天准科技旗下子公司天准星智的智能驾驶域 控制器产品已经服务于行业内多家智能驾驶科技公司和汽车主机厂客户，覆盖了包括Robotaxi在内的多 种自动驾驶应用场景。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司在Robotaxi这块的最新进展？ ...

（编辑 袁冠琳） 证券日报网讯 五粮液11月20日在互动平台回答投资者提问时表示，公司高度重视投资者合法权益保 护，近年来持续加大分红以回报股东。对于回购事项，公司一直在结合资本市场及自身实际情况，例如 实施规模、实施效果等方面积极研究预判。 ...

（编辑 袁冠琳） 证券日报网讯 三全食品11月20日在互动平台回答投资者提问时表示，公司引进行业专业人才，成立肉 制品事业部，依托公司源头直采的规模化优势以及"一个核心+多地辅助"的产能布局优势，推出爆汁烤 肠、真空量贩丸滑产品等新产品并将持续延伸；公司将持续优化经销商服务，提升公司与客户间的合作 粘性及满意度，对经销商的铺市率及铺市质量加强支持和监督；公司重视对新媒体的关注与研究，如在 年轻人常用的"小红书"平台，采用达人与素人结合的方式以美食笔记形式对新产品进行种草传播；在抖 音、微信等视频平台进行新产品视频传播；在线下媒体采用广覆盖、深渗透的策略，通过楼宇广告（电 梯广告）形式投放等，不断适应当前产品的传播方式，精准营销，全方位触达消费者。 ...

2025.11.20 作者 | 第一财经 黄思瑜 11月20日，合富中国（603122.SH）复牌后再度涨停，创出历史新高（26.18元/股）。停牌前，该公司 股价在14个交易日录得12个涨停板。10月28日～11月20日期间，该公司股价累计上涨291.92%。 20日晚间，该公司再度发布风险提示公告称，公司股价累计涨幅已严重偏离基本面，存在明显泡沫化特 征，击鼓传花效应明显，投资者参与交易可能面临较大风险。如公司股价进一步异常上涨，公司可能申 请停牌核查。 对于股价持续上涨的原因，合富中国相关人士对第一财经称，不了解具体原因，更多与市场行为有关。 关于是否与市场"看名字炒股"有关，上述人士表示，不予置评。 从龙虎榜情况来看，买卖前5名均为券商营业部席位，游资炒作迹象明显，参与者多为自然人、中小投 资者等。 而股价暴涨的背后，合富中国业绩持续下滑，并处于亏损状态。该公司也称，短期经营业绩面临一定压 力，存在业绩波动的风险，目前股价涨幅与公司经营情况严重偏离。 合富中国这轮涨停潮自10月28日开始，彼时每股股价在7元左右，之后开启了连板模式。到11月7日已连 续9个交易日涨停，在11月10日上涨5.26%之后， ...

格隆汇11月20日丨通鼎互联(002491.SZ)公布，公司收到吴企创基出具的《股份减持告知函》，获悉其 于2025年8月20日至2025年11月19日通过深圳证券交易所集中竞价和大宗交易方式合计减持公司股份 19,532,000股，占公司总股本的1.5880%。截至本公告披露日，其前述减持计划期限已届满。 ...

Core Viewpoint - The company has lowered its profit forecast and target price while maintaining a buy rating, with overall performance meeting expectations despite slight revenue shortfalls [2]. Financial Performance - The company announced its Q3 2025 results, with total revenue of 1.214 billion, a year-on-year increase of 32.58%, and a net profit attributable to shareholders of 260 million, up 78.55% year-on-year [2]. - Q3 revenue was 386 million, a year-on-year decline of 4.98%, while net profit for Q3 was 87 million, a year-on-year increase of 31.20% but a quarter-on-quarter decline of 7.46% [2]. - The company's Q3 gross margin remained stable at 36.15%, and the net profit margin reached 22.83%, an increase of 2 percentage points quarter-on-quarter [2]. Industry Demand and Business Development - Industry demand remains strong, with a focus on the advancement of the MDC business, as ultra-large clusters and rack-scale servers begin to ship, potentially making ultra-compact high-density connections the mainstream in new data centers [3]. - The company has received patent authorization for its MDC, indicating potential for better development in high-density optical connections in the future [3]. Catalysts - The acceleration of CPO technology implementation and continuous capacity expansion by the company are seen as positive catalysts for future growth [4].

（编辑 袁冠琳） 证券日报网讯 北京君正11月20日在互动平台回答投资者提问时表示，从去年末开始，公司对部分 DRAM产品进行了持续的备货，使得2025年公司存货规模有所提高。截至9月30日公司存货是29.20亿 元，具体请关注公司《2025年第三季度报告》。 ...

Core Viewpoint - Tongling Nonferrous Metals is a leading copper smelting enterprise in China, covering the entire industry chain from resource extraction to smelting and processing. The company is the largest producer of cathode copper in the country, with smelting capacity exceeding 1.7 million tons. However, since 2024, tightening copper ore supply has led to a decline in copper smelting fees, resulting in a slight decrease in the company's copper product profit margins. There are concerns about whether the company's substantial smelting capacity will be impacted by the continued decline in smelting fees, which could squeeze profit margins [1]. Copper Products Sector - From an industry perspective, the growth rate of electrolytic copper production in 2026-2027 may be lower than that of copper ore supply, indicating potential upward improvement in smelting fees. Demand from emerging sectors such as renewable energy and AI data centers is expected to drive an increase in copper demand. However, due to ongoing disruptions at the mining level and a slowdown in the expansion of midstream smelting capacity, the global copper supply-demand surplus may decrease, supporting an upward trend in copper prices in the medium term [2]. - On the company level, the expansion of the Mirador copper mine is expected to enhance the company's copper concentrate self-sufficiency and reduce production costs. The integrated project for green intelligent copper-based new materials is anticipated to expand the company's smelting capacity. With expectations of improving industry smelting fees and rising copper prices, the increase in resource self-sufficiency is likely to enhance profit elasticity in the smelting segment [2]. - The company is also focusing on high-end copper processing and precious metal resources, which are expected to drive profitability. The subsidiary Tongguan Copper Foil was listed separately in 2022, and the demand for high-end electronic copper foil products is anticipated to grow in the context of rapid development in AI and electronic communication industries. Additionally, the precious metals segment, including gold, is expected to continue contributing to the company's profits, with rising prices anticipated due to deteriorating dollar credit conditions. The expansion of the Mirador copper mine is expected to increase gold production, potentially leading to a rise in both volume and price in the gold segment [2]. Profit Forecast and Investment Recommendation - The company is projected to have EPS of 0.27, 0.38, and 0.43 yuan for the years 2025-2027. Based on a comparable company's 2026 PE of 16X, a target price of 6.08 yuan is set for the company. Therefore, the initial coverage recommends a buy rating for the company [3].

Core Viewpoint - The company reported a steady revenue growth in 2025 Q1-Q3, but faced a significant decline in net profit due to increased management expenses and foreign exchange losses [2][6]. Financial Performance - For 2025 Q1-Q3, the company achieved a revenue of 926 million yuan, a year-on-year increase of 3.7%, while the net profit attributable to shareholders was 29 million yuan, a year-on-year decrease of 59.6% [1][2]. - In Q3 2025, the company recorded a revenue of 318 million yuan, a year-on-year increase of 0.1% but a quarter-on-quarter decrease of 3.9%. The net profit was -2 million yuan, reflecting a year-on-year decline of 115.6% and a quarter-on-quarter decline of 117.8% [1][2]. Cost and Margin Analysis - The gross margin in Q3 2025 was 22.6%, down by 0.3 percentage points year-on-year and 0.1 percentage points quarter-on-quarter, primarily due to rising shipping costs and tariffs [2]. - The company's expense ratio for Q3 2025 was 19.9%, an increase of 4.9 and 3.0 percentage points year-on-year and quarter-on-quarter, respectively. The breakdown of expenses included sales, management, R&D, and financial expenses [2]. Product Development and Innovation - The company is focusing on the smart linear drive industry and is actively expanding its business scope by launching new smart-driven solutions for office furniture, including smart height-adjustable desks and multimedia sofa systems [3]. - The company is enhancing its industrial electric push rod products to replace traditional pneumatic and hydraulic push rods, aiming to improve operational efficiency and extend product lifespan [4]. Strategic Investments - The company is accelerating its entry into the humanoid robot sector through strategic investments, including a 10% stake in Huixing Power and a 16% stake in Mo's Intelligent, enhancing its capabilities in motor control and integrated joints [5]. - The company has a strong vertical integration in production and R&D, with 60% of its components being self-manufactured, which supports its innovation in robotics and related technologies [4]. Future Projections - Revenue forecasts for 2025-2027 are 1.4 billion, 1.56 billion, and 1.75 billion yuan, with net profits projected at 50 million, 90 million, and 120 million yuan, respectively. The current stock price corresponds to P/E ratios of 120.9, 73.8, and 54.3 for the respective years [6].

（编辑 袁冠琳） 证券日报网讯 厦门信达11月20日在互动平台回答投资者提问时表示，公司数智科技业务致力于建设数 智发展生态、打造数科业务品牌，锚定数智企业、数智政务、数智产品供应、数智创新、数智生态共五 大业务发展方向，通过"平台+数据+生态"三位一体模式，服务于智慧交通、智慧城管、智慧国防、智 慧仓储、智慧园区等多个核心领域，从事数智赋能整体解决方案的规划、实施、管理及维护等系列业 务。相关经营情况请关注公司发布的定期报告。 ...