Core Viewpoint - Beijing Junzheng is advancing its self-developed CPU cores, with V2 already in mass production and V3 still in the research and development phase, indicating a focus on enhancing its product line and competitive edge in the market [1][3][4] Group 1: Company Developments - The company has successfully mass-produced the V2 self-developed CPU core, which is now integrated into some of its products to meet computing needs in various scenarios [3] - V3 is currently under development, with no specific timeline for sampling disclosed, as it is still in the R&D phase [1][3] - The self-developed CPU cores are part of the company's strategic layout in processor architecture and chip design, focusing on instruction set support, low power optimization, and security features [3] Group 2: Market Context - There is a growing demand for computing power and a steady advancement in domestic substitution, positioning local chip design companies with self-developed CPU capabilities to build stronger technical barriers and bargaining power in niche markets [4] - The ongoing development of new CPU cores like V3 is expected to enrich the company's product line and enhance its long-term competitiveness, with future sampling and customer integration progress being closely monitored [4]

Core Insights - Pingao Co., Ltd. plans to invest 400 million yuan in Jiangyuan Technology Co., Ltd. through capital increase, acquiring a 15.4182% stake post-investment, based on a pre-investment valuation of 24.19 billion yuan [1][2] - Jiangyuan Technology's shareholders will acquire a total of 12% stake in Pingao Co., Ltd. through share transfer, establishing a strategic partnership between the two companies [1][2] Investment and Strategic Partnership - The investment marks a significant milestone for Pingao Co., Ltd. in the domestic computing power sector, enhancing its strategic collaboration with Jiangyuan Technology [1][3] - The partnership is characterized by mutual empowerment, with Jiangyuan Technology's shareholders recognizing Pingao's growth potential and acquiring shares in Pingao [2][3] Product Development and Technological Advancements - The collaboration has already led to the launch of the "Pingyuan AI Integrated Machine" series, which utilizes Jiangyuan's D10 chip, providing comprehensive coverage from edge to cloud [3][4] - Jiangyuan Technology has successfully produced its first-generation D1 chip and the D10 computing power card, which is now widely applied [4][5] Market Context and Future Outlook - The partnership addresses the urgent need for domestic chip production amid limited external supply of high-end GPUs and surging domestic demand for computing power [6] - The upcoming launch of Jiangyuan's second-generation T800 chip, expected to match or exceed NVIDIA's H100 performance, signifies a major step in the domestic AI chip self-sufficiency process [5][6] - The collaboration is seen as a key breakthrough in the transition of domestic AI chips from "usable" to "highly usable/scalable," reflecting the maturity of the domestic AI chip industry chain [6]

证券日报网讯隆华科技（300263）11月20日在互动平台回答投资者提问时表示，公司始终重视新技术、 新产品的研发，积极探索国产替代。未来，公司将持续强化核心技术的自主创新能力，不断提升自身竞 争力并拓展市场空间。 ...

11月6日-7日，混沌创新院精心策划了一场大湾区校友企业参访活动，旨在搭建一个深度碰撞与实地感知 的场域。 本次参访走进了 瑞德制药 、 KK集团以及赫基集团（总部） ，业务分别涉及到宠物经济、新零售以及时 尚服饰零售。我们还分别邀请到这三家企业的创始人、CTO以及品牌CEO，和大家面对面交流，共同探寻 机遇与挑战并存的AI时代下的全新增长路径。 以下内容，为本次活动的精彩回顾。 参访第一站：瑞德制药 混沌创新院校友企业参访 当AI的浪潮快速涌向真实的产业场景，每一个行业都站在了创新与重构的十字路口。当下的我们比以往任 何时候都更需要回归到商业现场，在实践的土壤中寻找答案。 瑞德制药 是 宠物药品智造先锋 ，其旗下 宠药品牌 「 Dr.Red 瑞德医生」 ， 深耕 于 宠物药品、宠物功 能护理产品 领域， 并 建造了国内第一个高水平专注宠物药品的 GMP 工厂 。 瑞 德 制 药 在参访过程中，由 混沌 创新院 2025 级 2 班校友、瑞德制药创始人 王军军 为同学们带来了精彩的分 享。王军军此前还成立过宠物营养品赛道领导者品牌 「 R ed Dog 」 ， 率先开创 中国宠物营养膏剂品 类 ，旗下多款产品 ...

Core Viewpoint - Qiaofeng Intelligent Equipment Co., Ltd. has demonstrated significant growth in revenue and profit for the first three quarters of 2025, driven by strong performance in the consumer electronics sector and effective cost management [2][3]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.871 billion yuan, a year-on-year increase of 56.71%, and a net profit attributable to shareholders of 277 million yuan, up 83.55% [2]. - In Q3 alone, revenue reached 657 million yuan, marking a 69.98% increase year-on-year, while net profit surged to 97.76 million yuan, a substantial growth of 182.23% [2]. Downstream Structure - The consumer electronics sector accounted for approximately 25% of sales, with other significant contributions from molds (6%) and engineering machinery (5%), all of which have shown recovery and growth [3]. 3C Business Growth - The growth in the consumer electronics industry is supported by four key factors: structural adjustments in orders, the replacement of outdated equipment, innovations in end products, and the acceleration of product iterations driven by AI technology [4]. Capacity Layout - New production capacities in Dongguan and Nanjing are set to alleviate capacity constraints and support growth over the next two to three years, with the company actively planning new capacity layouts [5]. Industry Competition - The competitive landscape in the metal cutting machine tool industry is characterized by a large market with many small enterprises. Leading companies with strong R&D capabilities and brand reputation are expected to gain market share [6]. - Qiaofeng Intelligent's competitive advantages include a comprehensive product range, a robust sales service system, and an integrated R&D and production model [6]. Gross Margin - The company's gross margin has remained stable between 29% and 30% since 2022, supported by product upgrades and improved manufacturing efficiency, which have helped mitigate pricing pressures [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company has evolved from a modified plastics manufacturer to a global chemical new materials platform, successfully applying its products in cutting-edge industries such as AI servers, humanoid robots, and new energy vehicles [6]. - The modified plastics business remains a solid foundation, with a leading gross margin in the industry due to its integrated supply chain and material solutions [6]. - The company is well-positioned to benefit from domestic substitution and technological upgrades in the new materials sector, with significant growth potential in specialty engineering plastics and biodegradable plastics [6]. - The earnings forecast indicates a steady increase in EPS from 0.54 to 0.85 yuan from 2025 to 2027, with corresponding PE ratios decreasing from 35.01 to 22.16 [6]. Summary by Sections 1. Performance Overview: Healthy Profit Structure and Expected Profitability - The company has shown robust revenue growth, achieving 49.62 billion yuan in revenue in the first three quarters of 2025, a 22.62% year-on-year increase, and a net profit of 1.065 billion yuan, up 55.86% [6][17]. - The profit structure is now driven by sustainable growth areas such as automotive materials and high-end specialty engineering plastics, rather than relying on sporadic medical products [17]. 2. Integrated Supply Chain Builds Competitive Advantage in Modified Plastics - The modified plastics segment has consistently accounted for over 50% of revenue since 2020, with sales volume reaching 2.0908 million tons in the first three quarters of 2025, a growth of 18.16% [40]. - The company’s total production capacity for modified plastics is set to reach 3.72 million tons per year by the end of 2024, maintaining a leading position in the industry [40]. 3. "Domestic Substitution" and "Industry Upgrade" Drive New Materials Business - The new materials segment, including specialty engineering plastics and biodegradable plastics, is expected to grow significantly, with sales volume of 20,080 tons in the first three quarters of 2025, a 22.36% increase [6]. - The company is actively developing high-performance biodegradable plastics and specialty engineering plastics, which are crucial for emerging industries [6]. 4. Earnings Forecast and Valuation - The company’s revenue is projected to grow from 60.51 billion yuan in 2024 to 67.31 billion yuan in 2025, with a compound annual growth rate of approximately 14.62% from 2020 to 2024 [5][75]. - The report highlights a favorable valuation compared to peers, with an average PE of 44.74 and 30.10 for 2025 and 2026, respectively [75].

证券日报网讯常宝股份（002478）11月20日发布公告，在公司回答调研者提问时表示，特材项目是公司 高端化转型的核心项目，也是公司成立至今投资强度最大、技术要求最高、产业链延伸最关键的国产替 代标杆项目，该项目对于公司突破高端管材"卡脖子"技术、拓展高附加值应用场景具有重要价值，将成 为公司未来高端化升级的核心项目。公司即将正式举办常宝特材项目竣工仪式暨产品发布会，向全球客 户展示项目建设成果、核心技术优势，后续项目将逐步正式进入生产运营阶段。特材项目聚焦国产替代 领域，产品技术含量高，生产工艺复杂。公司已通过外部引进与内部培养选拔组建了行业一流的专业技 术与管理团队，为项目落地后生产运行提供核心支撑。项目投产后需经历市场拓展、工艺调试、客户认 证、挂样测试等必要流程，产能释放需一定周期，项目的投产和后续达产是一个逐步释放的过程。公司 将依托多年积累的市场资源、客户基础、品牌知名度，将在现有延伸产品上加快市场开发进度，如不锈 钢锅炉管及HRSG产品、高端换热器用管、镍基合金油管等，同时将有计划地做好海洋脐带缆、EP管等 国产替代产品的开发。公司将集中优势资源和团队力量，争取特材项目早日实现既定建设目标。 ...

证券代码：301603 证券简称：乔锋智能 乔锋智能装备股份有限公司 2025 年 11 月 18 日投资者关系活动记录表 编号：2025-012 | 投资者关 | 特定对象调研 分析师会议 | | --- | --- | | 系活动类 | 媒体采访 业绩说明会 | | 别 | 新闻发布会 路演活动 | | | 现场参观 其他：电话会议 | | 参与单位 | 新华基金 3 人、华西证券 1 人。 | | 名称 | | | 时间 | 2025 年 11 月 18 日 10:00-10:50。 | | 地点 | 腾讯会议 | | 上市公司 | 1、副总经理、董事会秘书：陈地剑 | | 接待人员 | 2、证券事务代表：王璐 | | 姓名 | 3、证券事务专员：汪泳展 | | 投资者关 | 1、公司前三季度业绩情况如何？ | | 系活动主 | 2025 年前三季度公司实现营业收入 18.71 亿元，同比增长 | | 要内容介 | 56.71%；归母净利润 2.77 亿元，同比增长 83.55%；扣非净利润 2.70 | | 绍 | 亿元，同比增长 年全年。 83.12%。营业收入和利润规模均已超过 2 ...

证券日报网讯 紫光国微（002049）11月20日在互动平台回答投资者提问时表示，公司石英晶体频率器 件业务目前产能匹配市场需求，是满产满销的态势，产品主要是面向外部客户销售，后续公司岳阳的超 微型石英晶体谐振器生产基地逐步投产来满足增量订单的需求。未来，公司积极推动国产替代，持续聚 焦网络通信、车用电子、工业控制等核心领域，并加快布局低空经济等新兴赛道，不断提升重点市场份 额与新兴领域渗透率。 ...

证券代码：002213 证券简称：大为股份 深圳市大为创新科技股份有限公司 投资者关系活动记录表 编号：20251120 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ■其他 上市公司集体接待日 活动参与人员 参与本次深圳辖区上市公司集体接待日活动的投资者 时间 2025 年 11 月 20 日（星期四）15：40－17：00 地点 "全景路演"网站（https://rs.p5w.net） 形式 网上 上市公司接待 人员姓名 董事、副总经理、董事会秘书何强先生、副总经理全衡先生、 财务总监钟小华女士 投资者关系活 动主要内容介 绍 为进一步加强与投资者的互动交流，公司于 2025 年 11 月 20 日 15：40－17：00 采用网络文字交流的方式参加 2025 年 度深圳辖区上市公司集体接待日活动，与投资者互动交流内容 如下： 一、半导体存储业务相关问答： 1.请问大为股份高管，公司为深圳本地上市公司，其子公 司大为创芯也是深圳本地企业，主营存储芯片。前期市场存 储芯片表现活跃，股价涨幅很大，作为国内经济发达城市的 同类企业，为什么股价 ...