深圳欣锐科技股份有限公司 关于开展商品期货套期保值业务的可行性分析报告 一、开展商品期货套期保值业务的目的 深圳欣锐科技股份有限公司（以下简称"公司"）及子公司生产经营主要原 材料铜的价格受市场价格波动影响明显，为降低产品价格波动给公司带来的经营 风险，保障公司生产经营稳定，公司拟利用期货工具的避险保值功能，根据生产 经营计划择机开展商品期货套期保值业务。 二、开展商品期货套期保值业务基本情况 公司董事会授权公司及子公司经营管理层及其授权人士开展期货套期保值 业务，并按照公司制定的《期货套期保值业务管理制度》相关规定及流程进行套 期保值业务操作及管理。 1、交易金额 公司及子公司拟开展商品套期保值业务的保证金及权利金上限（包括为交易 而提供的担保物价值、预计占用的金融机构授信额度、为应急措施所预留的保证 金等）不超过人民币 500 万元，且任一交易日持有的最高合约价值不超过人民币 3,500 万元，该额度在审批期限内可循环滚动使用。 2、交易方式 1 公司开展套期保值业务不以投机为目的，主要为有效降低产品市场价格波动 可能对公司经营带来的影响，但同时也会存在一定的风险，具体如下： 1、市场风险 公司及子公司开 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 证券代码：300745 证券简称：欣锐科技 公告编号：2026-004 深圳欣锐科技股份有限公司 第四届董事会第九次会议决议公告 表决结果：同意 8 票，反对 0 票，弃权 0 票。 1 2、审议通过《关于开展商品期货套期保值业务的议案》； 深圳欣锐科技股份有限公司（以下简称"公司"）第四届董事会第九次会议 通知于 2026 年 2 月 27 日以邮件和网络通信的方式告知，会议于 2026 年 3 月 2 日在深圳市南山区留仙大道 3370 号南山智园崇文园区 3 号楼 35 层公司会议室召 开。本次会议以现场方式与电话会议相结合的方式召开，并采取现场表决与通讯 表决相结合的方式进行表决。 本次会议应出席董事 8 名，实际出席董事 8 名。其中：以通讯表决方式出席 会议的董事 4 名，分别为任俊照、陈丽红、李玉琴、谭岳奇。 本次会议由董事长吴壬华先生主持，公司董事会秘书和高级管理人员列席了 本次会议。 本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文件和 公司章程的规定，合法 ...

证券代码：300745 证券简称：欣锐科技 公告编号：2026-005 深圳欣锐科技股份有限公司 关于开展商品期货套期保值业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1、交易目的、交易品种、交易工具、交易场所和交易金额：为充分利用期 货市场的套期保值功能，降低深圳欣锐科技股份有限公司（以下简称"公司"） 及子公司生产经营主要原材料价格波动带来的不利影响，保障公司生产经营稳定， 公司拟根据生产经营计划择机开展商品期货套期保值业务，拟开展的商品期货套 期保值业务的期货品种仅限于境内商品期货交易所挂牌交易并与公司生产经营 业务有关系的原材料，即铜的期货交易合约。公司及子公司拟开展商品套期保值 业务的保证金及权利金上限（包括为交易而提供的担保物价值、预计占用的金融 机构授信额度、为应急措施所预留的保证金等）不超过人民币 500 万元，且任一 交易日持有的最高合约价值不超过人民币 3,500 万元，该额度在审批期限内可循 环滚动使用。 2、已履行的审议程序：公司第四届董事会第九次会议已审议通过《关于开 展商品期货套期保值业务的议案》。 3 ...

深圳欣锐科技股份有限公司 期货套期保值业务管理制度 第一章 总则 第一条 为充分发挥期货套期保值功能，规范深圳欣锐科技股份有限公司（ 以下简称"公司"）的期货套期保值业务，有效控制和防范期货套期保值风险 ，根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易 所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第2号-创业 板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第7号-交易与 关联交易》等相关法律、法规、规范性文件和《深圳欣锐科技股份有限公司章 程》（以下简称"《公司章程》"）的规定，结合公司实际情况，特制定本制 度。 第二条 本制度适用于公司及所属全资子公司、控股子公司（以下简称"子 公司"）开展的期货套期保值业务。未经公司审批同意，子公司不得进行期货套 期保值业务。 第三条 公司进行期货套期保值业务只能以规避生产经营中的原材料和产品 价格等风险为目的，不得进行以投机为目的的交易。 第四条 公司从事期货套期保值业务，应当遵守以下原则： （一）公司只限于在境内期货交易所进行场内市场交易，不得进行场外市场 交易； （二）公司进行期货套期保值业务的期货品种，应当仅限于公司生产 ...

电力设备 2026 年 02 月 27 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -34% -17% 0% 17% 34% 50% 67% 2025-02 2025-06 2025-10 2026-02 电力设备 沪深300 相关研究报告 《欧洲电动车销量月报（2025 年 12 月）：2025 年欧洲 9 国 BEV 同比+31%， 2026 年多国补贴将延续或重启—行业 点评报告》-2026.1.22 《欧洲电动车销量月报（2025 年 11 月）：法国、意大利补贴落地后 BEV 高 速 增 长 — 行 业 点 评 报 告 》 -2025.12.25 《光伏拐点已现，储能大势所趋—行 业投资策略》-2025.12.8 欧洲电动车销量月报（2026 年 1 月）：1 月欧洲 9 国 新能源车同比+23%，法、意、西等增长明显 ——行业点评报告 | 殷晟路（分析师） | 王嘉懿（分析师） | | --- | --- | | yinshenglu@kysec.cn | wangjiayi@kysec.cn | | 证书编号：S0790522080001 | 证书编号：S0790525060004 ...

Core Insights - The automotive electronic expansion valve is becoming increasingly crucial in automotive air conditioning and thermal management systems, leveraging advanced electronic control technology for precise refrigerant flow regulation, thereby enhancing passenger comfort [1][6] - The Chinese automotive electronic expansion valve market is projected to grow from 0.18 billion yuan in 2015 to 10.17 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 49.7% [1][6] - Domestic companies have made significant advancements in the technology of electronic expansion valves, breaking foreign monopolies and promoting domestic substitution [1][6] Industry Overview - The electronic expansion valve is a core component of modern automotive air conditioning systems, offering faster response and higher precision compared to traditional thermal expansion valves [3] - The industry is categorized into electromagnetic and electric electronic expansion valves, with the latter being more widely used due to its higher precision and broader adjustment range [3] - The industry chain includes upstream raw materials like metals, plastics, and semiconductors, as well as key components such as valve bodies and stepper motors [4] Market Dynamics - The demand for electronic expansion valves is closely tied to the growth of the new energy vehicle (NEV) market, with projections indicating NEV production and sales in China will reach 16.626 million and 16.49 million units respectively by 2025, marking increases of 29% and 28.2% year-on-year [4][5] - The global market for automotive electronic expansion valves is expected to continue growing, driven by rising environmental awareness and stricter government regulations [5] Competitive Landscape - The market is highly concentrated, with leading companies like Sanhua Intelligent Control and DunAn Environment dominating both domestic and global markets [7] - Sanhua Intelligent Control reported a revenue of 5.874 billion yuan from automotive components in the first half of 2025, reflecting an 8.83% year-on-year increase [8] - DunAn Environment's revenue from its NEV thermal management sector reached 481 million yuan in the first half of 2025, showing an impressive growth of 81.84% year-on-year [8] Industry Trends - The growth of the NEV sector is expected to drive demand for electronic expansion valves, as they are essential for efficient thermal management in these vehicles [9] - The industry is moving towards greater intelligence and digitization, enhancing precision, efficiency, and reliability through technologies like AI and IoT [9][10] - Lightweight design is becoming a critical focus, as reducing the weight of electronic expansion valves can improve vehicle efficiency and extend range [10]

Core Viewpoint - Xinyi Technology (stock code: 300745) has announced a forecast for 2025, expecting a net loss of between 110 million to 130 million yuan, with operating revenue projected to be between 2.6 billion to 2.8 billion yuan. The primary reasons for the loss include intensified market competition, increased R&D and management expenses, and asset impairment provisions [1][2]. Financial Performance - The company anticipates a net profit loss attributable to shareholders of between 110 million to 130 million yuan for 2025, with operating revenue expected to be between 2.6 billion to 2.8 billion yuan. The main factors contributing to this loss are pressure on gross margins due to market competition, rising R&D and management costs, and asset impairment provisions [2]. Project Development - According to institutional research information from November 20, 2025, Xinyi Technology's Anhui project will adopt a "one-time planning, phased construction" model, with the first phase expected to begin trial production in September 2026 and the second phase planned for operation in June 2027. This project aims to expand production capacity and broaden technology applications [3]. Financial Situation - As of February 2, 2026, the company's financing balance stands at 225 million yuan, accounting for 5.17% of its circulating market value, which exceeds the 80th percentile level over the past year, indicating a high level of short-term funding attention [4]. Business and Technology Development - In November 2025, the company launched the 9th generation platform "Ruihu" for vehicle power supplies and is extending its capabilities into the AI server power supply sector based on power electronics technology. Additionally, the company continues to invest in third-generation semiconductors (such as silicon carbide and gallium nitride) to enhance product competitiveness [5].

Core Viewpoint - Xinyi Technology (300745) focuses on innovation and application in high-power power electronic energy conversion systems and has not yet engaged in transformer-related businesses [1] Company Summary - The company has consistently concentrated on high-power power electronic energy conversion systems [1] - Currently, the company does not have any involvement in transformer-related operations [1]

Group 1 - The company, Xinrui Technology, announced on February 5 that it has disclosed its 2025 annual performance forecast on the Giant Tide Information Network, with further details to be provided in the upcoming 2025 annual report [2]

Core Viewpoint - The increase in R&D expenses for Xinyi Technology is driven by two main factors: deepening the technological barriers of its core business and exploring new markets based on a "technology homology" strategy [2] Group 1 - The company emphasizes that R&D is fundamental to its survival and development [2] - Any significant changes in R&D expenses are closely related to the company's future strategy [2] - The R&D expenses are based on a comprehensive and strategic investment considering medium to long-term technological layout and market demand foresight [2]