Core Viewpoint - Furi Electronics experienced a stock price decline of 2.05% on November 12, with a current price of 14.31 CNY per share and a total market capitalization of 8.486 billion CNY, despite a year-to-date increase of 60.07% [1] Financial Performance - For the period from January to September 2025, Furi Electronics achieved a revenue of 9.34 billion CNY, representing a year-on-year growth of 19.11%, and a net profit attributable to shareholders of 87.36 million CNY, which is a significant increase of 165.17% [2] - The company has distributed a total of 91.20 million CNY in dividends since its A-share listing, with 11.86 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, Furi Electronics had 142,500 shareholders, an increase of 37.23% from the previous period, with an average of 4,162 circulating shares per shareholder, down by 27.13% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 6.59 million shares, an increase of 4.91 million shares from the previous period, and two new shareholders, including招商量化精选股票发起式A and 招商成长量化选股股票A [3] Market Activity - The stock has seen significant trading activity, with a net outflow of 36.37 million CNY from major funds on November 12, and it has appeared on the trading leaderboard 18 times this year, with the most recent appearance on August 20, where it recorded a net buy of -14.54 million CNY [1]

11月12日，宜安科技盘中下跌2.04%，截至10:54，报15.86元/股，成交2.05亿元，换手率1.86%，总市值 109.50亿元。 资金流向方面，主力资金净流出1147.60万元，特大单买入979.30万元，占比4.77%，卖出2501.49万元， 占比12.19%；大单买入3909.91万元，占比19.05%，卖出3535.32万元，占比17.23%。 责任编辑：小浪快报 宜安科技所属申万行业为：有色金属-工业金属-铝。所属概念板块包括：柔性电子、毫米波雷达、消费 电子、一体化压铸、5G等。 截至9月30日，宜安科技股东户数5.72万，较上期增加33.81%；人均流通股12016股，较上期减少 25.19%。2025年1月-9月，宜安科技实现营业收入11.64亿元，同比减少1.75%；归母净利润34.30万元， 同比减少86.02%。 分红方面，宜安科技A股上市后累计派现1.58亿元。近三年，累计派现207.13万元。 机构持仓方面，截止2025年9月30日，宜安科技十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股633.75万股，为新进股东。景顺长城研究精选股票A（000688）退 ...

Core Viewpoint - Pan-Asia Micro-Porous experienced a stock price decline of 2.16% on November 12, with a current price of 70.66 CNY per share, despite a year-to-date increase of 204.98% [1] Company Overview - Jiangsu Pan-Asia Micro-Porous Technology Co., Ltd. was established on November 8, 1995, and went public on October 16, 2020. The company specializes in the research, production, and sales of expanded polytetrafluoroethylene (ePTFE) membranes and other micro-porous materials [1] - The company's revenue composition includes: ePTFE micro-porous products (35.76%), CMD (14.94%), seals (13.74%), aerogels (11.07%), gas management products (9.18%), sound insulation products (6.63%), water-blocking membranes (5.01%), wiring harnesses (2.98%), and others (0.69%) [1] Financial Performance - For the period from January to September 2025, Pan-Asia Micro-Porous achieved a revenue of 500 million CNY, representing a year-on-year growth of 42.04%. The net profit attributable to shareholders was 90.71 million CNY, with a year-on-year increase of 36.17% [2] - The company has distributed a total of 112 million CNY in dividends since its A-share listing, with 77 million CNY distributed over the past three years [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Pan-Asia Micro-Porous was 4,035, a decrease of 2.18% from the previous period. The average number of circulating shares per shareholder increased by 2.23% to 22,552 shares [2] - Among the top ten circulating shareholders, XINGQUAN He Yuan Two-Year Holding Mixed A (011338) is the seventh largest shareholder with 1.3349 million shares, while Huatai-PineBridge Growth Focus Mixed (519068) is the eighth largest with 1.3273 million shares, having increased its holdings by 117,700 shares compared to the previous period [2]

Core Viewpoint - 崇达技术's stock price has shown a significant increase this year, with a year-to-date growth of 32.84%, despite recent declines in the short term [1][2]. Company Overview - 崇达技术, established on May 4, 1995, and listed on October 12, 2016, is located in Shenzhen, Guangdong Province. The company specializes in the design, research and development, production, and sales of printed circuit boards (PCBs) [1]. - The main revenue composition of the company includes: 82.83% from PCBs, 10.52% from waste materials and others, and 6.64% from IC substrates [1]. Financial Performance - For the period from January to September 2025, 崇达技术 achieved an operating revenue of 5.593 billion yuan, representing a year-on-year growth of 22.27%. The net profit attributable to the parent company was 314 million yuan, with a year-on-year increase of 19.58% [2]. - Since its A-share listing, 崇达技术 has distributed a total of 2.112 billion yuan in dividends, with 665 million yuan distributed over the past three years [3]. Shareholder Information - As of November 10, 2025, 崇达技术 had 72,900 shareholders, an increase of 2.39% from the previous period. The average number of circulating shares per shareholder was 10,661, a decrease of 2.33% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 36.2069 million shares, an increase of 29.2455 million shares from the previous period. The seventh-largest shareholder is the Southern CSI 1000 ETF, which is a new shareholder holding 6.1348 million shares [3]. Market Activity - On November 12, 崇达技术's stock price rose by 2.14%, reaching 13.39 yuan per share, with a trading volume of 92.4806 million yuan and a turnover rate of 0.90%. The total market capitalization stood at 16.306 billion yuan [1]. - The company has appeared on the "龙虎榜" (a stock trading list) twice this year, with the most recent appearance on August 21, where it recorded a net buy of -359 million yuan [1].

Core Viewpoint - Suzhou Su Da Wei Ge Technology Group Co., Ltd. has experienced a significant stock price fluctuation, with a year-to-date increase of 42.49% but a recent decline of 16.54% over the past five trading days [1] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.507 billion yuan, representing a year-on-year growth of 7.96% [2] - The net profit attributable to the parent company was 35.68 million yuan, showing a year-on-year decrease of 9.37% [2] Stock Market Activity - As of November 12, the stock price was 30.82 yuan per share, with a market capitalization of 8.003 billion yuan [1] - The stock has been on the "龙虎榜" (a list of stocks with significant trading activity) twice this year, with the most recent net purchase of 112 million yuan on September 5 [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 44,700, a rise of 45.75% from the previous period [2] - The average number of circulating shares per shareholder decreased by 31.39% to 4,703 shares [2] Dividend History - Since its A-share listing, the company has distributed a total of 108 million yuan in dividends, with no dividends paid in the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 2.3076 million shares, a decrease of 109,300 shares from the previous period [3]

Core Points - The stock price of Jintaiyang has decreased by 2.00% to 23.50 CNY per share as of November 12, with a market capitalization of 3.251 billion CNY [1] - Year-to-date, Jintaiyang's stock price has increased by 23.22%, but it has seen a decline of 1.59% over the last five trading days and 8.27% over the last 20 days [2] - For the period from January to September 2025, Jintaiyang reported a revenue of 424 million CNY, representing a year-on-year growth of 22.06%, and a net profit attributable to shareholders of 20.9741 million CNY, up 2.83% year-on-year [2] Company Overview - Jintaiyang, established on September 21, 2004, and listed on February 8, 2017, is located in Dongguan, Guangdong Province [2] - The company specializes in the research, production, and sales of new precision polishing materials, high-end intelligent equipment, and precision structural components, providing comprehensive solutions for precision polishing and manufacturing [2] - The revenue composition of Jintaiyang includes 60.74% from paper-based/fabric-based polishing materials, 24.77% from intelligent CNC equipment and precision structural components, and 14.22% from new polishing materials [2] Shareholder and Dividend Information - As of September 30, 2025, Jintaiyang has distributed a total of 108 million CNY in dividends since its A-share listing, with 37.354 million CNY distributed over the past three years [3] - The number of shareholders has decreased by 8.80% to 15,700, while the average circulating shares per person have increased by 8.02% to 7,486 shares [2][3] - Notably, Ping An New Xin Pioneer Mixed A (000739) has exited the list of the top ten circulating shareholders as of September 30, 2025 [3]

Core Viewpoint - The stock of Walden Materials has experienced fluctuations, with a recent decline of 2.90% and a total market capitalization of 32.909 billion yuan, reflecting mixed investor sentiment and trading activity [1]. Company Overview - Walden Materials, established on June 19, 1998, and listed on April 20, 2007, is located in Shenzhen, Guangdong Province. The company specializes in the research, development, manufacturing, and sales of polymer nuclear radiation modified new materials and a series of electronic, power, and wire products [2]. - The company's revenue composition includes: electronic materials (33.79%), communication cables (31.58%), new energy vehicle products (18.06%), power products (12.34%), others (2.22%), and wind power generation (2.02%) [2]. - Walden Materials operates in the electronic industry, specifically under the categories of other electronics and related concepts such as high-speed connectors, consumer electronics, robotics, Huawei concepts, and fast charging [2]. Financial Performance - For the period from January to September 2025, Walden Materials achieved a revenue of 6.082 billion yuan, representing a year-on-year growth of 26.17%. The net profit attributable to shareholders was 822 million yuan, with a year-on-year increase of 25.45% [2]. - The company has distributed a total of 779 million yuan in dividends since its A-share listing, with 433 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders of Walden Materials reached 203,300, an increase of 2.43% from the previous period. The average circulating shares per person decreased by 2.37% to 5,628 shares [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 60.8337 million shares as a new shareholder. The sixth-largest shareholder is the Southern CSI 500 ETF, holding 14.6809 million shares, which decreased by 287,700 shares compared to the previous period [3].

General Investment Ratings - The report does not explicitly provide an overall industry investment rating. However, for different asset classes, it offers specific short - term investment suggestions: - For stocks and bonds, short - term cautious long positions are recommended; for commodities, different sectors have different suggestions, including cautious long, cautious short, and cautious observation [3]. Core Views - Overseas, the US labor market shows signs of deterioration, the dollar index is falling, but the potential end of the long - term shutdown boosts global risk appetite. Domestically, China's economic growth has slowed in October, but inflation data has recovered, and the central bank's policies have increased liquidity and boosted domestic risk appetite. The short - term macro - upward driving force has strengthened, and the market focuses on domestic incremental stimulus policies and economic growth [3][4]. Summary by Categories Macro - finance - **Market Conditions**: Overseas, the ADP predicts a decline in US private - sector jobs, the dollar index is falling, and the potential end of the shutdown boosts global risk appetite. Domestically, China's manufacturing and export data in October are weak, but inflation data has recovered, and the central bank's policies have increased liquidity [3]. - **Investment Suggestions**: Stocks and bonds are expected to rebound in the short - term, with cautious long positions. For commodities, black metals are in short - term shock, with cautious observation; non - ferrous metals, precious metals, and some other sectors are in short - term shock and rebound, with cautious long positions; energy and chemical sectors are in short - term shock, with cautious observation [3]. Stocks - **Market Conditions**: Affected by sectors such as artificial intelligence, consumer electronics, and insurance, the domestic stock market has declined slightly. China's economic growth has slowed, but inflation data has recovered, and policies have boosted risk appetite [4]. - **Investment Suggestions**: Stocks are expected to rebound in the short - term, with cautious long positions [4]. Precious Metals - **Market Conditions**: The precious metals market rose on Tuesday night. The expectation of the US government ending the shutdown and potential Fed rate cuts has boosted prices. Spot gold has reached a high since October 23 [4]. - **Investment Suggestions**: Precious metals are in short - term shock and rebound, with a long - term upward trend. Short - term cautious long positions are recommended, and long - term buying on dips is advised [4]. Black Metals - **Steel**: Spot prices were flat on Tuesday, and futures prices continued to fluctuate. The change in coking coal supply expectations and the decline in coking coal prices have led to a weakening of the steel market. Demand is weak, and supply has decreased. The short - term market may continue to weaken, but the decline below 3000 points for rebar is limited [7]. - **Iron Ore**: Futures and spot prices weakened slightly on Tuesday. Steel mills' losses have accelerated production cuts, and iron ore demand may further decline. Supply has decreased, but port inventories have increased. The short - term price is expected to fluctuate within a range [7]. - **Silicon Manganese/Silicon Iron**: Spot prices were flat on Tuesday, and futures prices weakened slightly. Steel production has declined, reducing ferroalloy demand. Manganese ore prices are firm, and supply has decreased slightly. The prices of silicon manganese and silicon iron are expected to continue to fluctuate within a range [8]. Non - ferrous Metals and New Energy - **Copper**: There are differences within the Fed on interest rate cuts. US copper inventories are at a high level, and there is a risk of the Panama copper mine restarting. Domestic de - stocking is less than expected, but the shutdown of an Indonesian copper mine supports prices. The short - term price is expected to fluctuate at a high level [9]. - **Aluminum**: On Tuesday, Shanghai aluminum declined slightly. The market is worried about future supply shortages, but domestic de - stocking is difficult. The short - term price is expected to be strong, but there may be a significant correction later [10]. - **Tin**: The supply of tin is still tight, and the demand is weak. Tin ingot inventories have increased. The short - to - medium - term price is expected to be supported at the bottom but pressured at the top, with high - level fluctuations [11]. - **Lithium Carbonate**: The price of the lithium carbonate futures contract rose on Tuesday. The market has digested negative news, and the demand logic is dominant. The price is expected to be strong with fluctuations, but supply - side disturbances and hedging pressure need attention [12]. - **Industrial Silicon**: The price of the industrial silicon futures contract declined on Tuesday. Supply and demand are both weak, and the price is expected to fluctuate. Buying on dips is recommended [12]. - **Polysilicon**: The price of the polysilicon futures contract declined on Tuesday. There is a game between strong policy expectations and weak reality. The price is expected to fluctuate in a high - level range, and buying on dips is recommended [13][14]. Energy and Chemicals - **Crude Oil**: The weakness of the crude oil market is offset by the high premium of refined oil products. Supply concerns and technical buying support the price. The short - term price is expected to continue to fluctuate [15]. - **Asphalt**: Asphalt has rebounded slightly following crude oil, but the rebound space is limited. There is pressure on inventory accumulation, and supply pressure is increasing. Attention should be paid to the cost fluctuations of crude oil [15]. - **PX**: PX has weakened slightly. PTA's high - level operation provides some demand support. The PXN spread has rebounded slightly, and PX is still in a tight supply situation. Attention should be paid to cost changes [16]. - **PTA**: The expectation of inventory accumulation from November to December has decreased, but the actual production cut is not highly confirmed, and there is still a risk of inventory accumulation later [16]. - **Ethylene Glycol**: Ethylene glycol has declined again and is still under pressure. Port inventories have increased significantly, and there is pressure on inventory accumulation in mid - to - late November [16]. - **Short - fiber**: Short - fiber has declined slightly following the polyester sector, and there is still pressure in the later period. The follow - up upward space may be limited [17]. - **Methanol**: The methanol market has weakened. There is pressure on inventory accumulation, and the price is expected to decline with fluctuations, but the decline rate may slow down [17][18]. - **PP**: The price of polypropylene is expected to continue to decline. Demand improvement is limited, and supply is increasing. Cost support is insufficient [18]. - **LLDPE**: The price of polyethylene is expected to continue to be under pressure. Supply pressure is increasing, demand is weakening, and cost support is insufficient [19]. - **Urea**: The urea market is stable with a slight decline. Supply is expected to increase, and demand is differentiated. The short - term market is expected to continue to weaken slightly [19]. Agricultural Products - **US Soybeans**: The CBOT soybean price has declined. The market is optimistic about Sino - US soybean trade relations. Attention should be paid to USDA reports. If the USDA lowers the yield per unit, the US soybean's ending inventory will shrink, strengthening the cost - repair logic [20]. - **Soybean and Rapeseed Meal**: The supply of soybean meal is loose, and the basis is weak. With the improvement of Sino - US agricultural trade relations, the cost of imported soybeans has increased, and the risk of future shortages has decreased. Rapeseed meal generally follows the soybean meal market [20]. - **Oils**: Palm oil has entered the production - reduction cycle, and the market is weak and stable. The supply - demand situation of soybean oil is still unbalanced, and the price is stable within a range. Rapeseed oil inventories are decreasing, and the basis is strengthening [22]. - **Corn**: The futures price has risen continuously, driving up the price in the Northeast production area. Inventories are low, and the price is expected to be stable with a slight increase [22]. - **Pigs**: The planned slaughter volume of large - scale farms in November has decreased, and the supply pressure has eased. Demand has increased with the cooling weather. The pork price is expected to be weak and stable, and the futures price may be supported [22].

Core Insights - Yunzuka Technology reported a total revenue of 400 million yuan for the first three quarters of 2025, a year-on-year decline of 3.46%, with a net loss of 146 million yuan, further widening compared to the same period last year [2][3] - In Q3 alone, the company achieved a revenue of 154 million yuan, marking a year-on-year increase of 33.43%, while the net loss for the quarter was 45.9 million yuan, a reduction compared to the previous year's loss [2][3] Financial Performance - The gross margin for the first three quarters was only 3.57%, a significant drop of 77.95% year-on-year, and the net margin was -39.22%, down 87.62% year-on-year, indicating challenges in cost control and product value addition [4] - For the first half of 2025, the company reported a revenue of 246 million yuan, a year-on-year decrease of 17.66%, with a net loss of 99.9 million yuan, a substantial increase of 262.76% compared to the same period last year [3][4] Business Challenges - The decline in revenue and the widening loss were primarily attributed to the delayed release schedule of new consumer electronics, leading to a year-on-year decrease in orders, as well as adjustments in marketing strategies and customer order optimization [4] - Yunzuka Technology, which specializes in the development and production of camera optical modules and precision electronic components, is facing direct impacts from the slowdown in the global smartphone market, which affects its main clients such as Huawei, Xiaomi, OPPO, and VIVO [4] Strategic Initiatives - In response to the pressures from traditional business, Yunzuka Technology is actively exploring new business areas, including electronic ceramics and automotive electronics [4]

Market Overview - The three major A-share indices collectively adjusted today, with the Shanghai Composite Index down 0.38%, the Shenzhen Component Index down 0.52%, and the ChiNext Index down 0.74% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 12,680 billion yuan, a decrease of 1,864 billion yuan compared to the previous day [1] - Over 2,900 stocks in the market experienced an increase [1] Sector Performance - The sectors with the highest gains included cultivated diamonds, photovoltaic equipment, battery chemicals, gas, pharmaceutical commerce, and non-ferrous metals [1] - The sectors with the largest declines included coal mining and processing, insurance, liquor, AI corpus, computing power hardware, and securities [1] ETF Performance - In the ETF market, Hong Kong automotive ETFs showed strong performance, with gains of 2.38%, 2.35%, and 2.26% for Guangfa Fund, ICBC Credit Suisse Fund, and Huatai-PineBridge Fund respectively [1] - The new energy sector also performed well, with Penghua Fund's Science and Technology New Energy ETF rising by 1.94% [1] - Gold prices continued to rise, with Tianhong Fund's Shanghai Gold ETF increasing by 1.86% [1] - The coal sector saw significant declines, with the coal ETF down 2.56% [1] - The AI hardware sector weakened, with both the communication ETF and communication equipment ETF falling by 2% [1] - Consumer electronics concept stocks weakened, with the consumer electronics ETF down 1.63% [1]