Group 1 - The core viewpoint of the news is that Wanlima's stock has shown significant volatility, with a year-to-date increase of 149.39%, but recent trading indicates a slight decline in the short term [1] - As of November 26, Wanlima's stock price is 10.25 CNY per share, with a market capitalization of 4.158 billion CNY and a trading volume of 276 million CNY [1] - The company has experienced a net outflow of 13.67 million CNY in principal funds, with large orders showing a mixed buying and selling pattern [1] Group 2 - Wanlima, established on April 19, 2002, and listed on January 10, 2017, is primarily engaged in the research, design, production, and marketing of leather products [2] - The company's revenue composition includes leather and textile products (54.06%), skincare and beauty (24.26%), fast-moving consumer goods (12.75%), online brand marketing services (8.80%), and others (0.13%) [2] - As of September 30, the number of shareholders decreased by 27.55% to 56,400, while the average circulating shares per person increased by 38.03% to 6,209 shares [2] Group 3 - For the period from January to September 2025, Wanlima reported a revenue of 366 million CNY, a year-on-year decrease of 15.68%, and a net profit attributable to shareholders of -65.83 million CNY, a decrease of 1.02% [2] - Since its A-share listing, Wanlima has distributed a total of 25.58 million CNY in dividends, with no dividends paid in the last three years [2]

Group 1 - A delegation of nine foreign experts from nine countries, including Russia, Germany, Italy, and Australia, visited the Shaanxi Xingkong Cross-Border Supply Chain Management Co., Ltd. to explore the cross-border service ecosystem of the Xi'an Airport Comprehensive Bonded Zone [1] - The company operates the largest cross-border e-commerce bonded warehousing service in Northwest China, with a bonded warehouse area of 15,000 square meters and a daily processing capacity of 30,000 orders [5][4] - The company has established stable partnerships with over 60 platforms, including JD.com and Xiaohongshu, and its bonded warehousing business accounts for over 70% of the bonded inventory service in the airport new city [5] Group 2 - The company benefits from the strategic location of the airport, with new international freight routes to Belgium and Hungary launched last year, reducing import times for European goods by three to four days [7] - In the first ten months of 2025, Xi'an's total import and export value reached 394.55 billion yuan, a 16% increase year-on-year, with exports growing by 20.3% and imports by 7.3% [7] - Xi'an is positioning itself as a new highland for opening up in inland China, aiming to create a new pattern of "land-sea internal and external linkage" and promote high-quality foreign trade development [9]

Group 1 - Company Lansoprazole enteric-coated gel mist has been approved for registration, used for treating gastric ulcers, duodenal ulcers, gastroesophageal reflux disease, Zollinger-Ellison syndrome, and anastomotic ulcers [2] - WanTong Development plans to invest 854 million yuan to acquire 62.98% stake in Shudu Technology, with the target PCIe 5.0 switch chip expected to start mass production by the end of 2025 [3] - Meta and Google are in discussions regarding TPU collaboration, drawing attention to Google's network architecture OCS [2] Group 2 - The National Space Administration of China issued an action plan for promoting high-quality and safe development of commercial aerospace from 2025 to 2027 [3] - The company has established a comprehensive technology system for satellite application, forming a full-chain data solution for national defense and smart city applications [3] - The company has completed the transfer of shares with Zhonghao Xinying, enhancing its position in the semiconductor industry [5] Group 3 - The company has signed a supplementary agreement with Choneng New Energy, increasing the sales quantity of lithium iron phosphate cathode materials from 150,000 tons to 1.3 million tons, with a total sales amount exceeding 45 billion yuan [6] - The company is a leading supplier of caustic soda, liquid chlorine, and specialty resins in East China [7] - The company is the largest private comprehensive third-party logistics provider in Xinjiang [7]

Core Viewpoint - The stock of Juran Smart Home has experienced fluctuations, with a year-to-date decline of 19.05%, while recent trading activity shows mixed results in terms of net inflow and outflow of funds [1][2]. Group 1: Stock Performance - As of November 26, Juran Smart Home's stock price increased by 2.12% to 2.89 CNY per share, with a total market capitalization of 17.996 billion CNY [1]. - The stock has seen a net inflow of 5.975 million CNY from main funds, with significant buying and selling activity recorded [1]. - Year-to-date, the stock has dropped 19.05%, with a slight increase of 0.70% over the past 20 days [1]. Group 2: Company Overview - Juran Smart Home, established on April 25, 1990, and listed on July 11, 1997, operates in various sectors including chain home furnishing, shopping centers, digital and smart services, and intelligent home decoration [2]. - The company's revenue composition includes 56.34% from product sales, 36.97% from leasing and management, and smaller contributions from franchise management and other services [2]. - As of November 20, the number of shareholders decreased to 98,800, while the average circulating shares per person increased by 3.49% [2]. Group 3: Financial Performance - For the period from January to September 2025, Juran Smart Home reported a revenue of 9.159 billion CNY, a year-on-year decrease of 3.38%, and a net profit of 398 million CNY, down 45.58% compared to the previous year [2]. - The company has distributed a total of 3.617 billion CNY in dividends since its A-share listing, with 1.643 billion CNY distributed over the last three years [3]. - As of September 30, 2025, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3].

Investment Rating - The report assigns an "Outperform" rating for the company, indicating a "Buy" recommendation for investors [2]. Core Insights - The company is a leading air logistics service provider backed by China Eastern Airlines Group, with a stable operating profit and significant growth in comprehensive logistics services [4][5]. - The air express business serves as the foundation, while comprehensive logistics solutions represent a secondary growth curve [4][5]. - The company has a robust network of air routes, covering 16 international cities and reaching 1,000 destinations globally [4][17]. - The comprehensive logistics solutions have seen a notable increase in revenue share, driven by the rapid growth of cross-border e-commerce logistics solutions [4][18]. Financial Performance - The company achieved a revenue of 20,621 million yuan in 2023, with a projected increase to 24,056 million yuan in 2024, reflecting a year-on-year growth of 17% [2]. - The net profit attributable to shareholders is expected to rise from 2,488 million yuan in 2023 to 2,688 million yuan in 2024, marking an 8% increase [2]. - The earnings per share (EPS) is projected to be 1.57 yuan in 2023, increasing to 1.69 yuan in 2024 [2]. Business Segments - The company's main business segments include air express, ground comprehensive services, and comprehensive logistics solutions [15][4]. - The air express segment is characterized by high gross margins and significant operational advantages, with a gross margin of 18.91% in H1 2025 [4][40]. - Ground comprehensive services benefit from a strong market position at Pudong Airport, achieving a gross margin of 34.19% in H1 2025, significantly higher than competitors [4][47]. - Comprehensive logistics solutions are expanding rapidly, with cross-border e-commerce solutions growing by 41% in export volume and 48% in weight in 2024 [58][62]. Market Outlook - The supply of cargo aircraft remains tight, while demand for air logistics is expected to improve due to economic growth and the booming cross-border e-commerce market [75][85]. - The report forecasts that the net profit for the company will reach 26.29 billion yuan in 2025, 28.10 billion yuan in 2026, and 31.15 billion yuan in 2027, with corresponding P/E ratios of 9.8X, 9.2X, and 8.3X [4][5].

当前外贸领域呈现出"冰火两重天"的景象：一边是传统外贸遭遇旺季"不旺"的寒意，另一边是跨境电 商的逆势增长。面对外贸格局的深刻变革与业态迭代，近期多条直飞货运航线密集启航，全力抢滩今年 的海外消费旺季，为"中国货通全球"加速。 支撑跨境电商 11月21日，一架B767全货机满载50吨跨境电商货物，从温州龙湾国际机场飞往乌兹别克斯坦首都塔 什干。这标志着温州首条直飞中亚的国际航空货运航线正式开通。这也是继今年7月杭州往来塔什干全 货机航线开通以来的又一条浙江省直达中亚地区的货运航线。 这条从温州直飞中亚的货运航线，首航搭载的货物以跨境电商商品为主。瞄准"黑五"、圣诞等海外消费 旺季，直航通道的打通为浙江及周边地区跨境电商企业抢占市场提供了更强的供应链保障，也进一步增 强了本地外贸企业的国际竞争力。 2025.11. 25 本文字数：3055，阅读时长大约6分钟 作者 | 第一财经 缪琦 与此同时，这条直飞中亚的货运航线，帮助温州机场补齐了版图——"十四五"期间开通的11条国际货 运航线，让其航空货运网络实现了东南亚、东北亚、中亚三大区域的全覆盖，为辐射欧洲市场搭建了重 要中转平台。 据新华社报道，8月乌鲁木齐直 ...

直飞货运航线的开通，不仅仅为了跨境电商 当前外贸领域呈现出"冰火两重天"的景象：一边是传统外贸遭遇旺季"不旺"的寒意，另一边是跨境电商 的逆势增长。面对外贸格局的深刻变革与业态迭代，近期多条直飞货运航线密集启航，全力抢滩今年的 海外消费旺季，为"中国货通全球"加速。 支撑跨境电商 11月21日，一架B767全货机满载50吨跨境电商货物，从温州龙湾国际机场飞往乌兹别克斯坦首都塔什 干。这标志着温州首条直飞中亚的国际航空货运航线正式开通。这也是继今年7月杭州往来塔什干全货 机航线开通以来的又一条浙江省直达中亚地区的货运航线。 这条从温州直飞中亚的货运航线，首航搭载的货物以跨境电商商品为主。瞄准"黑五"、圣诞等海外消费 旺季，直航通道的打通为浙江及周边地区跨境电商企业抢占市场提供了更强的供应链保障，也进一步增 强了本地外贸企业的国际竞争力。 与此同时，这条直飞中亚的货运航线，帮助温州机场补齐了版图——"十四五"期间开通的11条国际货运 航线，让其航空货运网络实现了东南亚、东北亚、中亚三大区域的全覆盖，为辐射欧洲市场搭建了重要 中转平台。 据新华社报道，8月乌鲁木齐直飞乌兹别克斯坦的国际货运航线开通，装载着50多吨的 ...

Core Insights - The commercial aerospace sector is experiencing notable stock performance, with Aerospace Power achieving a two-day consecutive limit-up in the A-share market [1] Group 1: Stock Performance - A total of 96 stocks in the A-share market reached their daily limit-up on November 25 [1] - Aerospace Power is highlighted as one of the stocks with a two-day consecutive limit-up in the commercial aerospace sector [1] Group 2: Related Stocks - Other notable stocks include: - *ST Suhao with 5 consecutive limit-ups in the innovative drug sector [1] - Mengtian Home with 5 consecutive limit-ups in the home furnishing sector [1] - Shida Group with 4 consecutive limit-ups in the intelligent computing center sector [1] - Tefa Information with 3 consecutive limit-ups in the optical communication sector [1] - Huanyue Century with 3 consecutive limit-ups in the AIGC and short drama sector [1] - Other sectors represented include cloud computing, cross-border e-commerce, and solid-state batteries [1]

来源：新浪证券-红岸工作室 1、据2024年5月8日互动易：2023 年公司开发锂电新产品 20 款，受到博世、Harbor Freight Tools 等客户 的认可。公司目前锂电产品的销售占比，不到总销售收入的 10%，还有很大的提升空间。谢谢！ 2、根据2024年年报，公司海外营收占比为91.85%，受益于人民币贬值。 3、专精特新"小巨人"企业是全国中小企业评定工作中最高等级、最具权威的荣誉称号，是指专注于细 分市场、创新能力强、市场占有率高、掌握关键核心技术、质量效益优的排头兵企业，对于提升中小企 业自身的竞争力，以及提升产业链、供应链稳定性和竞争力具有重大意义。公司已入选工信部国家级专 精特新小巨人企业名单。 4、根据2025年7月4日互动易：公司于2018年开始布局电商业务。先后在金华、杭州、深圳成立跨境电 商公司，通过亚马逊及其他电商平台推广及销售公司自主品牌电动工具及其他品类产品。2024年公司线 上销售收入同比增长58.64%。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-141.65万，占比0.03%，行业排名157/244 ...

Core Viewpoint - The company, Zhejiang Plade Electric Co., Ltd., has shown growth in revenue and profit, benefiting from cross-border e-commerce and the depreciation of the RMB, while also focusing on innovation and specialized products in the electric tool sector [2][6][7]. Company Overview - Zhejiang Plade Electric Co., Ltd. was established on November 1, 2005, and went public on May 30, 2023. The company specializes in the research, design, production, and sales of electric tools, with its main revenue sources being electric tool assemblies (94.85%), accessories (3.66%), and other (1.49%) [6]. - As of September 30, 2025, the company reported a revenue of 697 million yuan, representing a year-on-year growth of 7.74%, and a net profit attributable to shareholders of 61.5 million yuan, with an increase of 11.01% [7][8]. Market Position and Strategy - The company has established its own brand flagship stores on platforms like Amazon, eBay, Taobao, and Tmall, covering overseas markets in North America and Europe, with overseas revenue accounting for 67.86% of total revenue [2]. - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title in China, indicating strong market focus and innovation capabilities [2]. Financial Analysis - The stock's average trading cost is 28.75 yuan, with recent rapid outflows of shares, suggesting a potential need for portfolio adjustment. The current stock price is near a support level of 26.33 yuan, which, if breached, could lead to a downward trend [5]. - The main capital inflow today was 394,200 yuan, accounting for 0.02% of the total, with the industry ranking at 73 out of 244 [3][4]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 2.42% to 8,602, while the average number of circulating shares per person increased by 2.48% [6]. - The company has distributed a total of 59.27 million yuan in dividends since its A-share listing [8].