股票代码：002138 股票简称：顺络电子 编号：2025-085 深圳顺络电子股份有限公司 关于股东部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳顺络电子股份有限公司（以下简称"公司"）于近日接到公司股东新余市 恒顺通电子科技开发有限公司（以下简称"恒顺通"）通知，获悉恒顺通将持有 本公司部分股份办理股票质押式回购业务，现将有关事项公告如下： | 股东名 | 是否为控股 股东或第一 | 本次质押 | 占其所持 | 占公司 | 是否为限售 | 是否为 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | 大股东及其 | 数量（股） | 股份比例 | 总股本 | 股（如是，注 | 补充质 | 质押起始日 | 质押到期日 | 质权人 | 质押用途 | | | 一致行动人 | | | 比例 | 明限售类型） | 押 | | | | | | 恒顺通 | 是 | | | | | | 年11月 2025 | 年2 月 2026 | 广 ...

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1] Core Viewpoints - The demand for tantalum capacitors is increasing due to the rise in AI server applications, leading to price hikes of 20%-30% by major manufacturers [3][6] - The global tantalum capacitor market is expected to grow from $432 million in 2024 to $3.612 billion by 2031, with a significant concentration of market share among the top four manufacturers [3][13] - Domestic companies like Hongda Electronics and Shunluo Electronics are ramping up R&D in tantalum capacitors to capture market opportunities [19][28] Summary by Sections Tantalum Capacitor Market - Tantalum capacitors are essential for high-density circuits and are widely used in military, aerospace, consumer electronics, and automotive applications [7][11] - The global tantalum capacitor market is projected to grow steadily, with a market size of $2.432 billion in 2024 and an expected increase to $2.561 billion in 2025 [12][15] - The top four manufacturers (KEMET, AVX, Panasonic, and Vishay) hold a combined market share of 96% [13] Company Analysis - **Hongda Electronics**: Focuses on high-end electronic components, with a revenue of 1.586 billion yuan in 2024 and a gross margin of 57.63%. The company is experiencing a recovery with a revenue increase of 18.81% in the first three quarters of 2025 [20][24] - **Shunluo Electronics**: Achieved a revenue of 5.897 billion yuan in 2024, with a compound annual growth rate of 17.96% from 2022 to 2024. The company is expanding its R&D in tantalum capacitors and has a gross margin of 36.50% [28][29] Market Performance - The SW electronic industry index decreased by 1.65%, ranking 28th out of 31 sectors, while the Shanghai and Shenzhen 300 index fell by 0.43% [3][47] - The top-performing sub-sectors within the electronic industry include consumer electronic components and assembly, which increased by 1.32% [51]

Core Viewpoint - The company is actively engaged in foundational research for 6G communication, which is still in its early stages within the industry [1] - The company has made significant investments in the energy storage sector, focusing on SOFC high-temperature fuel cells and micro-inverters [1] Group 1 - The industry is currently in the initial phase of 6G communication research [1] - The company is conducting research in foundational areas related to 6G technology [1] Group 2 - The company is primarily focused on SOFC high-temperature fuel cells, which are categorized as solid-state batteries [1] - The company is also involved in related products such as micro-inverters in the energy storage field [1]

Core Points - The stock price of Shunluo Electronics fell by 2.05% on November 4, trading at 37.82 CNY per share with a total market capitalization of 30.495 billion CNY [1] - Year-to-date, the stock has increased by 22.42%, but it has seen a decline of 8.76% over the last five trading days [1] - The company specializes in the research, production, and sales of new electronic components, primarily chip inductors and chip varistors, with 99.13% of its revenue coming from these products [1] Financial Performance - For the period from January to September 2025, Shunluo Electronics reported a revenue of 5.032 billion CNY, representing a year-on-year growth of 19.95% [2] - The net profit attributable to shareholders for the same period was 769 million CNY, showing a year-on-year increase of 23.23% [2] - The company has distributed a total of 2.32 billion CNY in dividends since its A-share listing, with 869 million CNY distributed over the past three years [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 16.79% to 46,000, while the average number of circulating shares per person decreased by 14.38% to 16,456 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 45.1919 million shares, a decrease of 5.0674 million shares from the previous period [2] - New entrants among the top ten circulating shareholders include the Jiayin New Vitality Flexible Allocation Mixed A fund, holding 6.6842 million shares [2]

Group 1 - The report highlights the acceleration of performance benchmark adjustments for public funds, with 79 active equity funds changing their benchmarks in 2025, compared to only 54 in 2024, indicating a better alignment with risk-return characteristics [1][24] - The report notes a shift in the distribution of active equity funds' performance deviation from benchmarks, with a decrease in funds showing significant negative deviations, reflecting a focus on generating excess returns relative to benchmarks as part of the high-quality development initiative [1][24] Group 2 - The report discusses the performance of the convertible bond market, noting a slight decline in the China Convertible Bond Index by 0.11% in October, while year-to-date, it has increased by 16.99% [3] - It emphasizes the differentiation in performance among various styles of convertible bonds, with low-priced, high yield-to-maturity, and high dividend styles outperforming others [3] - The report suggests strategies for future investment, including focusing on undervalued options, a dual low and momentum strategy, and bonds with defensive attributes [3] Group 3 - The macroeconomic environment review indicates a weak recovery in domestic demand, with strong exports and a cautious approach to policy adjustments [4][33] - The report anticipates continued positive trends in U.S. equities driven by interest rate cuts, AI developments, and improved U.S.-China relations, while cautioning against potential AI bubbles [4][33] Group 4 - The report on the semiconductor industry highlights stable market conditions in September, with strong AI-related orders and a notable increase in storage prices [7] - It projects a robust recovery in the semiconductor market, particularly in advanced packaging and testing, driven by demand from AI and automotive sectors [7] Group 5 - The agricultural sector report indicates a mixed outlook, with expectations of a recovery in the beef industry and a focus on domestic brands in the pet economy [8] - It highlights the importance of structural growth opportunities in the poultry sector, particularly in breeding and resource management [8]

Core Points - The company, Shunluo Electronics, announced that its shareholder, Xinyu Hengshuntong Electronic Technology Development Co., Ltd., will release a portion of its pledged shares, totaling 6,200,000 shares [1] Group 1 - The announcement was made on the evening of November 3 [1] - The release of pledged shares indicates a potential change in the shareholder's investment strategy [1] - The specific number of shares being released is significant, amounting to 6.2 million shares [1]

股票代码：002138 股票简称：顺络电子 编号：2025-084 深圳顺络电子股份有限公司 关于股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳顺络电子股份有限公司（以下简称"公司"）于近日接到公司股东新余市 恒顺通电子科技开发有限公司（以下简称"恒顺通"）通知，获悉恒顺通将持有 本公司部分股份办理解除质押业务，现将有关事项公告如下： | 股东名称 | 是否为控股 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股东或第一 | 本次解除质押 | 占其所持股 | 占公司总股 | | 起始日 | | 解除日期 | | 质权人 | | | 大股东及其 | 股份数量（股） | 份比例 | 本比例 | | | | | | | | | 一致行动人 | | | | | | | | | | | 恒顺通 | 是 | 6,200,000 | 11.17% | 0.77% | 2024 | 年 12 | 月 | 2 ...

证券日报网讯顺络电子（002138）11月3日发布公告，在公司回答调研者提问时表示，公司非常重视研 发，历年均大比例投入研发费用，自上市至今，业务规模持续成长，年销售收入复合增长率约24%，研 发费用支出情况也基本随业绩增长而同比例增加。通过不断强调研发优势战略，目前已经形成一整套的 研发体系，从材料研发、设备研发、工艺研发、人才储备和培养、行业前瞻性研究等方向开展和落实。 ...

Group 1: Company Performance and Capacity Utilization - The company currently has a full order book, maintaining a high capacity utilization rate [2] - The annual sales revenue compound growth rate is approximately 24%, with R&D expenses increasing in proportion to performance growth [3] Group 2: Product Advantages and Applications - The company has developed a new series of tantalum capacitor products suitable for various fields, including communications, consumer electronics, AI data centers, automotive electronics, and industrial control [2] - Tantalum capacitors meet the high-temperature and high-voltage stability requirements of AI server applications [3] Group 3: Automotive Electronics Business - The automotive electronics sector is a key strategic area for the company, with products covering electric vehicle systems and extending to intelligent driving and smart cockpit applications [3] - The company anticipates healthy growth in the automotive electronics field, driven by new product introductions and market share expansion among core customers [3] Group 4: Investment and Expansion Plans - The company operates in a capital-intensive industry, necessitating ongoing expansion to sustain growth [4] - There will be no large-scale expansion in traditional product capacity; instead, the focus will be on supplementing bottleneck processes to improve existing product line utilization [4]

Core Viewpoint - The A-share market showed a mixed performance in October, with the Shanghai Composite Index rising by 1.85%, while the Shenzhen Component Index and the ChiNext Index fell by 1.1% and 1.56% respectively. The focus is on identifying investment opportunities for November as multiple brokerages have released their monthly investment portfolios across various sectors [1]. Group 1: Recommended Stocks - A total of 11 stocks, including Huadian Technology, Industrial Fulian, and Yun Aluminum, received recommendations from two brokerages each [4]. - Among the recommended stocks, Zhongji Xuchuang had the highest increase in October, rising over 17% to a closing price of 473.01 yuan, while Top Group experienced the largest decline, falling over 8.9% to a closing price of 73.78 yuan [4]. Group 2: Industry Preferences - Several brokerages suggest focusing on sectors such as non-ferrous metals, brokerage firms, and pharmaceuticals, indicating a potential increase in market volatility [6]. - Guosheng Securities recommends a balanced asset allocation to navigate short-term fluctuations, emphasizing the importance of verifying economic conditions, particularly in sectors like non-ferrous metals, lithium batteries, and storage [6]. - Zhongyuan Securities anticipates a continuation of structural oscillation in the market, advising investors to consider low-volatility assets as a fundamental allocation [6]. Group 3: Investment Strategies - Donghai Securities highlights three main investment lines, including a focus on technology, particularly in artificial intelligence, and investment opportunities related to the "14th Five-Year Plan" strategic emerging industries [7]. - The expectation of increased investment in the fourth quarter is also noted, particularly regarding its impact on upstream resource demand [7].