近年来，越南不断努力为重大项目制定具备国际竞争力的激励与优惠政策，使越南成为全球投资者 眼中的理想目的地，吸引了众多涉及半导体、人工智能等高科技领域的战略性投资者和大型项目，如英 伟达（NVIDIA）、高通（Qualcomm）、SAP研发中心项目、瑞典SYKE、丹麦乐高（LEGO）、三 星、LG、富士康（Foxconn）、歌尔（Goertek）、立讯（Luxshare）等。 多位国会代表建议，越南应制定有选择性的招商政策，优先吸引承诺技术转让、使用越南劳动力并 与本土企业对接的项目；给予外企相应的投资优惠政策；建立"私企—国家—外企"三方联动机制，减少 对进口的依赖、提高本土化率、促进创新和技术转让，增强竞争力与全球价值链参与能力。 汇丰银行在《越南经济报告》也指出："尽管全球贸易环境波动不定，中国和美国世界两大经济体 仍在持续加大对越南的投资力度。" （原标题：越南努力提升外资质量） 《西贡解放日报》11月6日援引《越通社》报道，2021—2025年，越南外资注册总额达1850亿美 元，高于2016—2020年的1700亿美元，成为越南经济亮点。仅2025年1—9月，外资注册总额超285.4亿 美元，同比增 ...

2025 年 11 月 7 日 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 资料来源：iFind，东莞证券研究所 超配（维持） 电子行业双周报（2025/10/24-2025/11/06） 行 业 行业前三季度业绩快速增长，AI 相关细分表现亮眼 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 电子行业 SAC 执业证书编号： 行情回顾及估值：申万电子板块近2周（10/24-11/06）累计上涨4.29%， 跑赢沪深300指数2.40个百分点，在申万行业中排名第3名；板块11月累 计上涨1.27%，跑赢沪深300指数0.13个百分点，在申万行业中排名第10 名；板块今年累计上涨49.97%，跑赢沪深300指数30.69个百分点，在申 万行业中排名第4名。估值方面，截至11月6日，SW电子板块 ...

Core Insights - The electronic ETF market is currently experiencing a downturn, with a 1.8% drop in price and a trading volume of 36.83 million yuan, while the fund's latest scale is 658 million yuan [1] - Notable performers include Wentai Technology, which hit the daily limit, and Jiangbolong and Tuojing Technology, with increases of 3.49% and 1.62% respectively [1] - Conversely, Industrial Fulian, Transsion Holdings, and Huadian Co. showed weaker performance with declines of 4.62%, 4.39%, and 4.23% respectively [1] Industry Trends - Alphabet's announcement of its seventh-generation AI inference chip, TPU Ironwood, aims to enhance the AI hardware ecosystem by making it available to enterprises and developers [1] - TrendForce forecasts that global cloud service providers' capital expenditure will exceed 600 billion dollars by 2026, indicating a new growth cycle for AI server hardware [1] - Donghai Securities reports that North American cloud providers will accelerate capital expenditure to 113.3 billion dollars by Q3 2025, a 75% year-on-year increase, focusing on AI infrastructure deployment [1] - Qualcomm's introduction of AI200 and AI250 acceleration chips aims to compete in the high-end AI data center market, challenging Nvidia's dominance [1] - The demand in the electronic industry is recovering, with rising prices for memory chips and an unexpected increase in domestic production efforts [1][2] Semiconductor Sector - The global semiconductor equipment sales reached 33.1 billion dollars in Q2 2025, reflecting a 23% year-on-year growth driven by the AI boom [2] - Domestic semiconductor equipment manufacturers reported significant revenue growth in Q3, indicating smooth progress in downstream wafer fabs and sustained high R&D investment [2] - Major overseas companies experienced rapid revenue growth in China during Q3, suggesting that the expansion of advanced processes in domestic semiconductor manufacturing may accelerate [2] - The electronic ETF tracks the electronic 50 index, with top ten weighted stocks including Luxshare Precision, Cambricon, Industrial Fulian, and others [2]

公司概况：公司成立于2003年，主要从事消费电子及新能源汽车动力电池零部件的研发、生产和销售， 以及相关3C及半导体智能装配自动化设备的研发、生产、销售。业务结构来看，公司的可穿戴电子产 品结构性器件和消费电子功能性器件业务营收始终在公司业务体系中保持着较高位置，2020年以来始终 维持60%以上占比。同时，相关业务毛利率也维持高位运行，近4年毛利占比也维持在60%以上，是公 司利润的核心驱动要素。截止2025Q3，受益于电子产品结构性器件、新能源结构与功能性组件业务收 入增加，公司实现营收22.78亿元，同比进一步增长28.59%。内生外延全面布局轻量化材料体系。公司 消费电子结构件产品技术实力国内领先，积累了大批稳定且优质的客户资源。同时，公司于2025年战略 并购专业碳纤维产品厂商维斯德，有助于推动公司向产业链上游轻量化材料生态延展的战略布局，夯实 复合材料基础，巩固公司核心竞争力。 风险提示：新客户导入不及预期风险；行业景气度波动风险；其他风险。 服务消费电子头部品牌，助力未来爆款产品。公司在消费电子行业通过搭建轻量化材料技术平台，构筑 端侧AI轻量化结构件的先发优势，促使公司在技术迭代与市场扩张的良 ...

中证消费电子主题指数选取50只业务涉及元器件生产、整机品牌设计及生产等消费电子相关的上市公司证券作为指 数样本，以反映消费电子主题上市公司证券的整体表现。 有机构分析表示，消费电子板块中长期成长逻辑依然稳固，AI创新产业趋势明确，看好板块修复机会。国内供应链 具备强研发能力、强工程师红利、基本面稳固的消费电子板块龙头公司，有望深度受益于AI终端创新浪潮。 每日经济新闻 消费电子概念股早盘走弱，工业富联跌超5%，立讯精密、寒武纪-U、中芯国际跌超2%。 受盘面影响，多只跟踪中证消费电子主题指数的ETF跌超2%。 | 代码 | 名称 | 现价 | | 涨跌 涨跌幅 | | --- | --- | --- | --- | --- | | 561600 | 消费电子ETF | 1.237 | -0.035 | -2.75% | | 562950 | 消费电子ETF易方达 | 1.266 | -0.035 | -2.69% | | 561100 | 消费电子ETF富国 | 1.329 | -0.036 | -2.64% | | 159779 | 消费电子50ETF | 1.174 | -0.029 | -2.41% | ...

Core Insights - The article highlights the increasing activity of broker research following the disclosure of third-quarter reports by listed companies, with a notable focus on sectors such as solar energy, semiconductor materials, and consumer electronics [2][5]. Group 1: Broker Research Trends - As of early November, over 35 brokers have conducted research on companies in the solar component supply chain, semiconductor materials, and leading consumer electronics firms [2]. - From October 1 to November 5, a total of 953 listed companies in A-shares received broker research, with 42 companies receiving research from 40 or more brokers [5]. - The most researched companies include Aibo Medical, Huace Testing, and Jinpan Technology, which received 65, 64, and 62 broker inquiries respectively, all categorized under the new productivity label [5]. Group 2: Sector Focus - Brokers are particularly interested in sectors such as semiconductors, industrial automation, and high-end manufacturing, reflecting ongoing market attention to technology-driven industries [2][6]. - Companies like Zhaoyi Innovation and Canadian Solar have also attracted significant broker interest, receiving 55 and 49 inquiries respectively [5]. - The research interest extends to various industries, including medical devices, power equipment, and gaming, indicating a broad focus on high-growth sectors [6]. Group 3: Investment Strategies - Broker investment strategies are concentrated on high-prosperity industries, with a focus on sectors like AI, semiconductor equipment, and consumer electronics [10]. - The research teams from CITIC Securities and CICC suggest that the electronic sector's performance is expected to remain strong, driven by AI and domestic production growth [10][11]. - Recommendations for November include focusing on new economic sectors such as AI software and semiconductor equipment, while traditional sectors like coal and steel are also highlighted [11].

Core Viewpoint - The article highlights the increasing activity of broker research in various sectors following the disclosure of Q3 financial reports, with a particular focus on technology and new productivity sectors [1][2]. Group 1: Broker Research Activity - As of early November, over 953 A-share listed companies have been researched by brokers, with 42 companies receiving attention from 40 or more brokers [3]. - The most popular companies include Aibo Medical, Huace Testing, and Jinpan Technology, which received 65, 64, and 62 broker research reports respectively, all associated with new productivity [3]. Group 2: Sector Focus - Brokers are particularly interested in the semiconductor industry, high-end equipment, and companies with strong technological barriers and growth potential [5][6]. - Notable companies receiving significant attention include storage chip leader Zhaoyi Innovation and solar component leader Artis, which received 55 and 49 broker research reports respectively [3]. Group 3: Investment Strategies - Broker investment strategies are concentrated on high-growth industries, with a focus on sectors like AI, semiconductor equipment, and consumer electronics [8][9]. - The research teams suggest that the electronic sector is expected to maintain its performance, driven by AI and domestic production growth [8]. Group 4: Market Trends and Recommendations - The article emphasizes the importance of monitoring annual performance expectations and the quality of corporate earnings, as well as the potential for market funds to shift between technology, consumer, and defensive sectors [10]. - Investors are advised to consider policy direction, industry hotspots, valuation rationality, and risk control when making investment decisions [10].

Summary of Luxshare (A) Conference Call Company Overview - **Company**: Luxshare - **Sector**: Technology - **Key Customers**: Apple, Google, Microsoft, HP, Dell, Lenovo - **Sales Breakdown**: 80% consumer segment, 9% communication, 6% automotive, 3% computing [12][13] Key Industry Insights - **iPhone Demand**: Luxshare is a key assembler for iPhone 17/Pro Max models, with expected shipments of 239 million, 250 million, and 258 million units in 2025, 2026, and 2027 respectively, surpassing the previous high of 238 million units in 2021 [2][32][33] - **AI Server Growth**: Luxshare is a significant supplier for AI-related projects, benefiting from the build-up of AI datacenters in China and partnerships with global tech giants like Google, Cisco, and Microsoft [3][12] Financial Performance - **Earnings Growth**: Luxshare's earnings are projected to grow at a CAGR of over 25% from 2024 to 2027, driven by the iPhone upcycle and increasing contributions from automotive and communication sectors [13][18] - **Recent Earnings**: In Q3 2025, Luxshare reported earnings of CNY 4.8 billion, a 35% QoQ and 32% YoY increase, exceeding guidance [29][30] - **Q4 Guidance**: Expected earnings for Q4 2025 are projected to be between CNY 5.0 billion and CNY 5.7 billion, indicating a 9% QoQ and 24% YoY growth [31] Valuation and Price Target - **Price Objective**: Raised from CNY 50 to CNY 78, reflecting a P/E ratio of 24x for 2H26-1H27E, aligning with historical averages [1][14] - **Current Share Price**: CNY 63.00, with a market cap of CNY 457.24 billion [7] - **P/E Comparison**: Luxshare trades at 20x 2026-27E average P/E, below the Apple supply chain's 24x and AI server peers' 24-26x [25][29] Key Financial Metrics - **Net Income Projections**: - 2025E: CNY 16.88 billion - 2026E: CNY 21.29 billion - 2027E: CNY 27.55 billion [4][20] - **EPS Growth**: Expected to increase from CNY 2.33 in 2025 to CNY 3.80 in 2027, with a YoY growth rate of 25.9% in 2025 and 29.4% in 2027 [4][20] - **Free Cash Flow**: Projected to rise from CNY 4.33 billion in 2025 to CNY 30.19 billion in 2027 [4] Strategic Outlook - **AI and Technology Integration**: Luxshare's collaboration with OpenAI and other tech giants positions it well for future growth in the AI sector, with potential projects expected to materialize by 2027 [3] - **Market Positioning**: The company is expected to benefit from a stronger execution strategy compared to peers, enhancing its ability to capitalize on opportunities in the AI era [15] Conclusion - **Investment Recommendation**: The company maintains a "Buy" rating, supported by strong earnings growth, strategic positioning in the iPhone supply chain, and expanding opportunities in AI and technology sectors [1][13]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 1、商务部：欧盟正积极通过对外商签自由贸易协定加大出口市场多元化 力度。中方愿同欧盟深化互利合作，探讨商谈包括投资协定在内的各类经 贸协议的可能性，提高中欧贸易投资自由化便利化水平。 2、国务院国资委：将加强政策指导和考核激励，推动将"品牌价值"纳 入中央企业负责人经营业绩考核。 3、香港商务及经济发展局局长丘应桦表示，特区政府今年成立"内地企 业出海专班"，统筹和协调政府政策局、各部门及相关机构的出海工作。 资料来源：商务部，国务院国资委，网经社，Wind 资讯 【宏观策略】 资料来源：聚源，中原证券研究所 -15% -9% -3% 2% 8% 14% 19% 25% 2024.11 2025.03 2025.07 2025.11 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,007.76 | 0.97 | | 深证成指 | | 13,45 ...

立讯精密、鱼跃医疗则首次实施前三季度利润分配。其中，立讯精密拟每10股派发现金股利1.6元（含 税），合计派发金额11.65亿元（含税）。鱼跃医疗拟每10股派发现金红利2元（含税），共计派发总额 2亿元。 业内人士表示，稳定分红是检验上市公司经营质量的试金石，当前上市公司回报股东的意愿强烈，其稳 健的经营业绩、回升的盈利能力是核心支撑。今年前三季度，A股全市场共4183家上市公司实现盈利， 盈利面近八成，其中1957家公司营收、净利双增长。分季度看，第三季度上市公司营收、净利润同比增 长3.82%、11.45%，环比增长2.4%、14.12%，逐季向好态势继续巩固。 上市公司密集派发红包，离不开监管部门的支持引导。2023年发布的《上市公司监管指引第3号——上 市公司现金分红》以及2024年发布的新"国九条"，均对上市公司分红提出了明确要求。南开大学金融学 教授田利辉表示，严监管之下，长期分红不达标的上市公司将面临限制大股东减持、实施风险警示，甚 至可能影响其再融资、并购重组等资本运作，这些因素倒逼企业主动分红。 上市公司积极响应监管要求，制定并践行"提质增效重回报"相关行动方案，对一年多次分红、提升分红 稳 ...