【导读】披露股份回购并注销，创科实业大涨超5% 中国基金报记者 郭玟君 11月20日，港股窄幅整理，恒生指数收盘涨0.02%，报25835.57点；恒生科技指数下跌 0.58%，报5574.59点；恒生中国企业指数微跌0.08%，报9143.34点。市场成交额为 2451.36亿港元，较前一交易日2114.26亿港元有所放大。 银行、地产走强，半导体、汽车走弱。创科实业涨5.36%，李宁涨4.00%，华润置地涨 2.52%。 | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 创科实业 | 0669 | 88.500 c | 4.500 | 5.36% | 7.44亿 | -11.45% | | 2 | 李宁 | 2331 | 17.920 c | 0.690 | 4.00% | 4.76亿 | 12.73% | | 3 | 华润置地 | 1109 | 30.060 c | 0.740 | 2.52% | 7.10亿 | 40.58% | | ব | 中国 ...

证券代码：301387 证券简称：光大同创 编号：2025-04 深圳光大同创新材料股份有限公司投资者关系活动记录表 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | √其他（2025 年度深圳辖区上市公司投资者网上集体接待日） | | | 通过全景网"投资者关系互动平台"（https://ir.p5w.net）线上参 | | 参与单位名称 | 年度深圳辖区上市公司投资者网上集体接待日"活动 与"2025 | | | 的投资者 | | 时间 | 2025 年 11 月 20 日 14:30-17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 董事长、总经理：马增龙 | | 上市公司接待 | 董事、副总经理、财务总监：马英 | | 人员姓名 | 独立董事：唐都远 | | | 董事会秘书：占梦昀 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次活动中提出的问题进行了回复： | | ...

Group 1: Company Overview - Anjie Technology's core business is in consumer electronics, focusing on precision functional and structural components for smart devices like smartphones and laptops, maintaining stable strategic partnerships with major global brands [2] - The company is actively developing in emerging technology fields, including AI glasses, humanoid robots, and foldable screens, aligning product development with customer needs [2] Group 2: Global Expansion - Anjie Technology has accelerated its global layout with operational factories in Thailand and the USA, achieving mass production and delivery of various products, while the Vietnam factory is preparing for production [3] - The company aims to enhance its international R&D, production, and supply chain capabilities to strengthen its global competitive advantage [3] Group 3: New Energy Vehicle Business - In the new energy vehicle sector, Anjie Technology provides components for battery modules, cooling systems, charging ports, and high-voltage connectors, while also entering the high-power wireless charging system market [4] - The company plans to follow industry technology trends, focusing on innovation and product upgrades, while expanding its customer base and market presence in the new energy vehicle sector [4]

据财政部网站消息，为发挥政府采购示范引领作用，加强政府采购需求管理和标准化建设，支持新能源 汽车推广应用，财政部会同工业和信息化部研究起草了《新能源汽车政府采购需求标准（征求意见 稿）》，本标准适用于新能源汽车政府采购项目，供采购人参考使用。新能源汽车是指纯电动汽车、插 电式混合动力（含增程式）汽车、燃料电池（氢能）汽车。 LPR连续6个月保持不变 2025年11月20日，中国人民银行授权全国银行间同业拆借中心公布新版LPR报价：1年期品种报3.0%， 上月为3.0%；5年期以上品种报3.5%，上月为3.5%。自今年5月降息后，LPR已连续6个月保持不变。 《新能源汽车政府采购需求标准（征求意见稿）》公开征求意见 宏观要闻 商务部回应二手车出口如何监管 ...

Company Overview - Longhua New Material has completed a 150 million yuan project to expand its annual production capacity of polyether polyols to 330,000 tons, increasing its total capacity to 1.29 million tons per year [1] - The new project focuses on high-activity soft foam polyether polyols and CASE polyether polyols, which are widely used in automotive interiors, thermal insulation materials for footwear and clothing, adhesives, and foams [1] - The company has established stable partnerships with several well-known automotive manufacturers, including Mercedes-Benz, BMW, BYD, and Tesla, to meet the growing demand in the new energy vehicle sector [1] Industry Context - The expansion of Longhua New Material's capacity coincides with a structural adjustment period in the polyether polyol industry, which has seen increasing concentration, with the top five companies holding a significant market share [2] - Major players like Wanhua Chemical dominate the market due to their integrated supply chain advantages in upstream propylene oxide [2] - Recent price declines in key raw materials, such as propylene oxide and ethylene oxide, are alleviating cost pressures, providing support for the release of new production capacity [2] Product Development and Innovation - Longhua New Material has strong R&D capabilities and has developed core technologies for high solid content, low viscosity, water-resistant, ultra-low VOC, and high whiteness polyether products, enhancing its technical standards [3] - The company has established its own production facilities for polyether products and holds independent intellectual property rights in key production technologies [3] - By maintaining stable raw material supply channels with multiple suppliers, the company reduces reliance on any single supplier, which may mitigate the direct impact of raw material price fluctuations on the polyether market [3]

华新精科在本次业绩说明会上介绍，根据中国电器工业协会于2024年8月出具的《关于江阴华新精密科 技股份有限公司市场地位的证明》，2021年至2023年，华新精科在精密冲压铁芯领域内资企业中销售额 整体排名前五；在其中的汽车铁芯领域内资企业中销售额整体排名前三；用于新能源汽车驱动电机的铁 芯产品2021年至2023年销售总额超14亿元，在内资企业中销售额整体排名前二。根据江苏省机械行业协 会出具的《证明》，2021年至2023年1—6月，按套数计算，公司新能源汽车驱动电机铁芯国内细分市场 排名均为前三名。 华新精科（603370）11月20日举办2025年第三季度业绩说明会，公司管理层就公司经营业绩、发展战略 等情况与投资者进行交流。 华新精科专注于精密冲压领域产品的研发、生产和销售。公司主要产品为各类精密冲压铁芯及铁芯生产 相关的精密冲压模具。其中，精密冲压铁芯是公司的主要产品，可分为新能源汽车驱动电机铁芯、微特 电机铁芯、电气设备铁芯、点火线圈铁芯等多种类型，主要供应给国内外众多大型汽车零部件厂商、电 机制造厂商、电气设备制造厂商、汽车整车厂等各类企业；同时，公司还会向客户提供生产铁芯产品所 需的精密冲压模 ...

Group 1: Company Overview - The company specializes in electric control technology for electric vehicles, industrial automation, and elevator control systems, including products like electric motor controllers and medium-voltage inverters [2][4] - As of June 2025, revenue contributions from electric vehicle motor controllers, medium-voltage inverters, and other businesses are 77.88%, 18.45%, and 3.67% respectively [4] Group 2: Orders and Market Position - The company has a healthy order backlog and is optimistic about emerging industry opportunities [3][4] - The company maintains a strong reputation in the industry due to its comprehensive design and production capabilities, with products meeting CE certification standards [3] Group 3: Financial Health - As of the end of Q3 2025, the company has cash and receivables totaling 340 million yuan, indicating sufficient cash flow [4] - The company plans to adopt a diversified financing strategy to optimize financial resource allocation and mitigate risks [3] Group 4: Shareholder Actions - Shareholders have completed their reduction of holdings, and there are currently no new plans for further reductions [5] - The company is committed to maximizing shareholder value and will adhere to legal disclosure obligations regarding shareholder actions [5]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 98,980.00 | -320.00↓ 前20名净持仓（日，手） | -180,463.00 | -3365.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 479,602.00 | -23530.00↓ 近远月合约价差（日，元/吨） | -280.00 | -40.00↓ | | | 广期所仓单（日，手/吨） | 26,916.00 | +150.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 91,300.00 | +2400.00↑ 工业级碳酸锂平均价（日，万元/吨） | 88,900.00 | +2400.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | -7,680.00 | +2720.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 1,145.00 | +70.00↑ 磷锂铝石平均价（日，元/吨） ...

Core Insights - Wuling Hongguang's first new energy product, Wuling Hongguang EV, was unveiled and is set to launch in 2026, completing the new energy transition for the Wuling Hongguang family of commercial vehicles [1] - The penetration rate of new energy commercial vehicles has significantly increased, with a year-on-year growth of 60.2% in sales compared to 24% for passenger vehicles in the first ten months of this year [1] - The export growth of new energy commercial vehicles is outperforming that of passenger vehicles, with a 150% increase in exports year-on-year for the first three quarters of 2025 [1] Industry Trends - The new energy penetration rate for commercial vehicles reached 30.9% in October, maintaining above 30% for two consecutive months, compared to just 2% in 2020 [1] - The market for new energy commercial vehicles is becoming a significant growth driver for China's overall new energy vehicle market [1] - Wuling Hongguang has launched multiple new energy models as part of its transition strategy, achieving over 500,000 total sales and 120,000 sales in new energy commercial vehicles from January to October this year [2] Company Strategy - Wuling Hongguang's energy strategy includes three types: fuel, range-extended, and pure electric, with the newly unveiled Hongguang EV following the "one car, three power" approach [2] - The company aims to enhance its market position by expanding its new energy vehicle offerings, including the upcoming Hongguang and Hongguang L models [2]

Core Viewpoint - Everbright Securities maintains a "Buy" rating for Geely Automobile (00175) and raises the target price to HKD 26.01, citing strong revenue growth and significant increases in total sales and core net profit for Q3 2025 [1] Financial Performance - In the first three quarters of 2025, Geely's total revenue increased by 26.5% year-on-year to CNY 239.48 billion, with a gross margin of 16.5%, up 0.3 percentage points year-on-year; core net profit rose by 59% to CNY 10.62 billion [1] - For Q3 2025, total revenue grew by 26.1% year-on-year and 14.7% quarter-on-quarter to CNY 89.19 billion, with a gross margin of 16.6% [1] Sales and Market Share - Geely's total sales in the first three quarters of 2025 increased by 45.7% year-on-year to 2.17 million units, with new energy vehicle sales accounting for 53.8% of total sales, up 17.2 percentage points year-on-year [2] - In Q3 2025, total sales rose by 42.5% year-on-year and 7.9% quarter-on-quarter to 761,000 units, with new energy vehicle sales making up 58.2% of total sales [2] New Model Performance - The Galaxy series has shown strong sales performance, with a year-on-year increase of 205.6% in the first nine months of 2025; new models like Galaxy M9 and Zeekr 9X are expected to drive further sales growth [2] Integration and Global Expansion - The privatization of Zeekr is progressing smoothly, with completion expected by the end of 2025; this integration is anticipated to optimize resources and enhance efficiency [3] - Geely aims to expand its global sales network to over 1,000 locations by 2026, with a target of exporting one million vehicles by 2027 [3] Profit Forecast - The company has raised its net profit forecasts for 2025, 2026, and 2027 by 10%, 3%, and 6% respectively, now projecting CNY 17.74 billion, CNY 19.18 billion, and CNY 21.23 billion [4]