格隆汇11月25日丨硕贝德(300322.SZ)在互动平台表示，公司主要提供天线（含卫通天线）、散热器件 模组、线束及连接件、智能传感模组等产品，产品广泛应用于消费电子、汽车、通信及AI等领域。 ...

Group 1 - Taiwan's semiconductor giant Panjit has approved the acquisition of 95% of Torex Vietnam Semiconductor, a subsidiary of Japan's Torex, to expand its product line and enhance its capabilities in automotive-grade power semiconductor packaging and testing [2] - The investment is aimed at strengthening Panjit's manufacturing base in Southeast Asia, enhancing production flexibility and supply chain resilience amid geopolitical uncertainties and global supply chain restructuring [2] - Torex Vietnam, established in 2008, specializes in semiconductor component packaging and testing services, utilizing patented Ultra Small Package (USP) technology [2] Group 2 - Vietnam aims to establish its first semiconductor manufacturing plant by 2026, highlighting its ambition to secure a position in the global chip supply chain [3] - The country has launched a national semiconductor industry development strategy for 2030, along with a talent cultivation plan and a list of 11 strategic technologies and products, including chips [3] - As of August 2025, Vietnam has approximately 170 foreign direct investment projects in the semiconductor and high-tech sectors, with a total registered capital of nearly $11.6 billion [3]

Market Performance - The Hong Kong stock market indices collectively rose, with the Hang Seng Index and the Hang Seng China Enterprises Index reaching intraday highs of 1.2%, and the Hang Seng Index briefly surpassing the 27,000-point mark, ultimately closing up by 0.85% and 0.82% respectively [1] - The Hang Seng Tech Index showed relatively weaker performance, with a slight increase of 0.16% [1] Sector Performance - Large technology stocks exhibited mixed performance, with Xiaomi up by 1.68%, JD.com by 1.3%, and Tencent by 1%, while Alibaba fell over 2% and Baidu dropped by 1.86% [1] - Major sectors such as banking, oil, and insurance stocks were notably active, with Industrial and Commercial Bank of China, Agricultural Bank of China, and China National Offshore Oil Corporation reaching historical highs [1] - China Life Insurance and New China Life Insurance showed strong performance [1] Consumer and Other Sectors - Home appliance sales for the Double Eleven shopping festival were impressive, with Hisense Home Appliances leading the gains, rising over 8% [1] - Biopharmaceutical stocks, gaming stocks, brain-computer interface concept stocks, coal stocks, and restaurant stocks all experienced increases [1] Weak Performers - The China Photovoltaic Industry Association stated that circulating rumors were false, leading to weak performance in photovoltaic stocks, with GCL-Poly Energy and New Energy Technology among the biggest decliners [1] - Rare earth concept stocks, gold stocks, automotive stocks, and military industry stocks generally declined [1]

Core Insights - Qualcomm is transforming into a technology company covering a power range from 5W to 500W, diversifying its business from mobile to data centers, robotics, automotive, and wearable devices [2] - The company has launched two AI-focused system-on-chips (SoCs), AI200 and AI250, aimed at enterprises looking to run existing AI models efficiently rather than training new ones [2] - Qualcomm's CEO highlighted the competitive edge in the data center market with a focus on inference, building on the software ecosystem established since the launch of the Cloud AI 100 in 2020 [2] - The new AI200 and AI250 chips utilize a novel architecture with DDR memory and PCI Express interfaces to enhance energy efficiency and computational density [2] - Samsung is expected to use Snapdragon mobile SoCs 100% in the Galaxy S25, with a projected 75% usage in the Galaxy S26 [3] - The market for AI-enabled wearable devices, including smart glasses, smartwatches, and smart earbuds, is rapidly expanding, presenting a significant growth opportunity for Qualcomm [3]

Core Viewpoint - The company has shown a significant positive trend in revenue, driven by growth in its three main business segments: robotics automation, semiconductors, and automotive [1] Group 1: Business Performance - The robotics automation segment has emerged as the core growth engine, with a year-on-year revenue increase of 81.39% in the third quarter [1] - The semiconductor and automotive segments also demonstrated positive performance, with quarter-on-quarter revenue growth of 1.42% and 12.94%, respectively [1]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [3][6]. Core Insights - The company achieved a revenue of 513 million yuan in the first three quarters of 2025, representing a year-on-year growth of 33.49%. The net profit attributable to the parent company was 82 million yuan, up 19.95% year-on-year [1]. - In Q3 2025, the company reported a revenue of 176 million yuan, a year-on-year increase of 22.25%, but a quarter-on-quarter decrease of 8.73%. The net profit for the same period was 27 million yuan, reflecting a year-on-year growth of 27.68% [2]. - The company focuses on emerging application scenarios, particularly in automotive, new energy, and robotics, which are expected to drive future growth [2][3]. Financial Performance Summary - For Q3 2025, the gross margin was 39.26%, slightly down by 0.14 percentage points year-on-year and 0.86 percentage points quarter-on-quarter. The net profit margin was 16.26%, up 1.22 percentage points year-on-year but down 0.32 percentage points quarter-on-quarter [2]. - The company has established a high barrier to entry in the connector business, maintaining a gross margin around 40% due to its high reliability industrial-grade products [3]. - The company has a robust R&D team of over 200 people and invests above the industry average in R&D, which supports its competitive edge in high-end precision industrial connectors [3]. Earnings Forecast and Financial Metrics - The company’s projected net profits for 2025-2027 are 117 million yuan, 146 million yuan, and 182 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 44, 35, and 28 [5][3]. - Revenue is expected to grow from 534 million yuan in 2024 to 966 million yuan in 2027, with growth rates of 9.8%, 23.4%, 20.9%, and 21.2% for the respective years [5][11].

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided report. 2. Core Viewpoints - Last week, Shanghai tin (SHFE) showed an overall oscillating and slightly stronger trend. On October 24, 2025, the spot price of 1 tin was 282,000 yuan/ton, with small price fluctuations and little change in the basis [11]. - In September 2025, the refined tin output was 9,770 tons, decreasing both month - on - month and year - on - year, and is expected to return to normal in October. The domestic tin ore output from January to August was 50,200 tons, showing a slight year - on - year increase. The resumption process of tin mines in Myanmar has affected the price range [11]. - In September, the demand growth rates of integrated circuits, automobiles, and PVC remained good, while the demand in traditional sectors such as computers, some white goods, and photovoltaics slowed down. In October, the demand in emerging sectors is expected to maintain its resilience, while the demand in some traditional sectors will be adjusted [11]. - The tin ore supply remains tight, and the processing fees continue to decline weakly. Overall, profits will remain at a low level under the influence of ore supply disruptions [11]. - LME inventory increased slightly week - on - week, SHFE inventory decreased slightly week - on - week, and social inventory increased slightly week - on - week [11]. - Due to insufficient supply, the domestic economy still has resilience, and the semiconductor and automobile industries are generally on an upward trend. There is still high uncertainty overseas, and there is an expectation of interest rate cuts in the future. With the repeated disruptions in the ore supply, the recommended trading strategy is to take a long - biased approach, with the weekly support level around 272,000 - 275,000 yuan/ton. For options, sell out - of - the - money put options [11]. 3. Summary by Directory 3.1 Week - ly Viewpoints and Strategies - **Market Conditions**: SHFE tin oscillated slightly stronger last week. The spot price of 1 tin was 282,000 yuan/ton on October 24, 2025, with small price fluctuations and little change in the basis [11]. - **Supply**: In September 2025, refined tin output was 9,770 tons, decreasing due to factory maintenance, and is expected to return to normal in October. The domestic tin ore output in August was 6,854.21 tons, showing a slight month - on - month increase [11][43]. - **Demand**: In September, the demand for integrated circuits, automobiles, and PVC increased well, while traditional sectors like computers and some white goods slowed down. In October, emerging sectors are expected to maintain demand resilience, and some traditional sectors will adjust [11]. - **Cost and Profit**: The tin ore supply is tight, and processing fees are declining weakly. Profits will remain low under ore supply disruptions [11]. - **Inventory**: LME inventory increased slightly week - on - week, SHFE inventory decreased slightly week - on - week, and social inventory increased slightly week - on - week [11][28][32]. - **Strategy**: Take a long - biased approach, with the weekly support level around 272,000 - 275,000 yuan/ton. Sell out - of - the - money put options. Pay attention to macro - policies, disruptions in Myanmar and Congo tin mines, Indonesia's export speed, and consumption data [11]. 3.2 Industry Chain Structure The report mentions the tin industry chain, but no detailed content is provided. 3.3 Futures and Spot Markets The report shows the SHFE and LME tin futures and spot prices and basis, but no detailed analysis is provided [17]. 3.4 Inventory - As of October 23, 2025, SHFE inventory was 5,470 tons, decreasing slightly week - on - week. As of October 22, 2025, LME total inventory was 2,720 tons, increasing slightly week - on - week [28]. - As of October 19, 2025, the refined tin social inventory was 7,925 tons, increasing slightly week - on - week [32]. 3.5 Cost and Profit As of October 23, 2025, the processing fee for Yunnan concentrate was 11,000 yuan/ton, and that for Guangxi concentrate was 7,000 yuan/ton. The processing fees continued to be weak [38]. 3.6 Supply - In September 2025, refined tin output was 9,770 tons, decreasing due to factory maintenance, and is expected to return to normal in October. The domestic tin ore output in August was 6,854.21 tons, showing a slight month - on - month increase [43]. - In September 2025, the capacity utilization rate of tin enterprises was about 64.23%, showing a decline [50]. 3.7 Demand - In September 2025, China's automobile output was 3.227 million vehicles, a year - on - year increase of 13.7%. In August 2025, China's electronic computer output was 32.66 million units, a year - on - year decrease of 4.8% [54]. - In September 2025, China's PVC output was 2.0307 million tons, a year - on - year increase of 4.9%. In September 2025, China's mobile electronic communication output was 150.29 million units, a year - on - year decrease of 9.4% [57]. - In September 2025, China's air - conditioner output was 18.0948 million units, a year - on - year decrease of 3%. China's refrigerator output in September 2025 was 10.1275 million units, a year - on - year decrease of 2% [61]. - In September 2025, China's washing machine output was 11.7848 million units, a year - on - year increase of 5.6%. China's color TV output in September 2025 was 20.6305 million units, a year - on - year increase of 3.9% [65]. - In September 2025, China's solar energy output was 70.87 million kilowatts, a year - on - year decrease of 1%. China's integrated circuit output in September 2025 was 43.7 million pieces, a year - on - year increase of 5.9% [69]. 3.8 Import and Export In September 2025, China imported 8,700 tons of tin ore, 1,269 tons of tin ingots, and exported 1,789 tons of refined tin [74]. 3.9 Supply - Demand Table The report provides a tin balance sheet from 2017 to 2025E, showing the production, demand, and supply - demand balance of China and the world in different years [77].

Core Viewpoint - The Chinese stock market experienced a decline, with the Shanghai Composite Index closing at 3889.50 points, down 0.19%, while the Shenzhen Component Index and the ChiNext Index also saw declines of 0.93% and 1.11% respectively, indicating a bearish sentiment in the market [1] Market Performance - The Shanghai Composite Index closed at 3889.50 points, with a trading volume of 1,085.41 billion yuan [1] - The Shenzhen Component Index closed at 13231.47 points, with a trading volume of 1,269.33 billion yuan [1] - The ChiNext Index closed at 3078.76 points, with a trading volume of 574.19 billion yuan [1] Sector Performance - The rare earth permanent magnet sector saw significant gains, with Northern Rare Earth and China Rare Earth hitting the daily limit [1] - The gold sector strengthened, with companies like Western Gold also reaching the daily limit [1] - The military trade sector was active, with Changcheng Military Industry achieving two consecutive limit-ups [1] - Other sectors that performed well included controllable nuclear fusion, semiconductors, software, and banking [1] - Conversely, sectors that experienced declines included humanoid robots, automotive, building materials, and pharmaceuticals [1]

Core Viewpoint - Yachuang Electronics has obtained agency qualifications from Yangtze Memory Technologies and Changxin Memory Technologies, primarily distributing their storage products, with applications in AI servers and the automotive sector [1] Group 1 - The company has secured agency qualifications from major memory manufacturers [1] - The distribution focus includes storage products for AI servers and automotive applications [1]

Group 1 - BMW is set to launch the new generation of its largest SUV, the X7, with the code G67, which will include a fully electric version called iX7, expected to have a maximum output of 800 horsepower [2] - The design of the new X7 will incorporate BMW's Neue Klasse philosophy, featuring a split headlight design with daytime running lights positioned along the edge of the hood [2] Group 2 - Wenzhou, Zhejiang Province, announced the suspension of its automobile replacement subsidy policy effective from October 10, 2025, as part of the implementation of national and provincial policies regarding consumer goods replacement [2] - Consumers in Wenzhou will need to register their newly purchased vehicles in the city to qualify for the scrapping and replacement subsidy starting from the same date [2] Group 3 - Mercedes-Benz unveiled a unique CLA concept car in collaboration with Hot Wheels, with only one unit produced globally, showcased at the "Hot Wheels Legends Tour" event [2] - The CLA concept features striking design elements such as pink glass, exaggerated wide-body kits, and asymmetrical wheel designs [2]