证券代码：002577 证券简称：雷柏科技 深圳雷柏科技股份有限公司投资者关系活动记录表 | □ | 投资者调研 □ 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 ■ | | 参与单位名称 | 线上参加本次"2025 年度深圳辖区上市公司投资者网上集体接 | | 及人员姓名 | 待日活动" 的投资者 | | 时间 2025 | 年 11 月 20 日（星期四）下午 14:30-17:00 | | 地点 | "全景路演"网站 （https://rs.p5w.net） | | | 董事长兼总经理：曾浩先生 | | 上市公司接待 | 独立董事：李天明先生、刘勇先生 | | 人员姓名 | 副总经理兼董事会秘书：谢海波先生 | | | 财务总监：谢艳女士 | | | 为进一步加强与投资者的互动交流工作，深圳雷柏科技股份有 限公司参加由深圳证监局和中证中小投资者服务中心指导、深 圳上市公司协会与深圳市全景网络有限公司联合举办的"2025 | | | 年度深圳辖区上市公司投资者网上集体接待日活 ...

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院通信芯片研究小组发布的《中国通信芯片行业市场前瞻与投资战 略规划分析报告》。 行业主要上市公司：海尔智家(600690)、美的集团(000333)、格力电器(000651)、小米集团(01810)、石 头科技(688169)。 本文核心数据：中国通信芯片行业市场规模;中国通信芯片行业代表性企业产量 行业概况 2、产业链剖析 从通信芯片产业链上游来看，上游主要是原材料及设备供应商，为通信芯片制造提供基础材料和芯片制 造所需的各类设备;产业链的中游主要是加工制造厂商，厂商根据物联网设备的不同应用场景和需求， 完成通信芯片的设计、制造和封测，随后模组厂商将通信芯片与其它电子元件集成在一起，终端设备商 将物联网模组集成到各种终端设备中，实现设备的智能化和互联互通;下游终端应用场景多元化，通信 芯片广泛应用于智能家居、通信设备、通信终端、智能工业场景等领域。 1、通信芯片定义及分类 通信芯片是专门用于处理数据传输和通讯协议的集成电路。它是实现各类信号传输、处理和转换的核心 组件，在各种电子设备中扮演着至关重要的角色。 通信芯片通常由射频前端、基带处理单元、接口模块 ...

Group 1: Company Performance and Market Position - The company has achieved a compound annual growth rate (CAGR) of approximately 24% since its listing, indicating strong growth in the high-end electronic components sector [6] - The company has a solid market position, competing with international giants like Murata and TDK, and has established a significant presence in emerging markets such as automotive electronics and AI servers [6] - The company’s AI server-related orders are robust, with rapid growth observed, particularly in overseas markets [2] Group 2: Product Development and Innovation - The company has developed a new series of tantalum capacitors with unique designs and automated production lines, enhancing product quality and consistency [2] - The new tantalum capacitors are positioned for various applications, including consumer electronics, AI data centers, automotive electronics, and eSSD, reflecting a broad market potential [5] - The company has successfully launched AI inductive products using multiple manufacturing processes, catering to leading domestic and international server manufacturers [6] Group 3: Investor Relations and Market Perception - Recent stock price declines have raised concerns among investors, despite the company’s strong operational performance and order volume [5] - The management acknowledges the need to better communicate the company's value to investors, as current market valuations do not reflect its performance [7] - The company has implemented employee stock ownership plans and has conducted share buybacks to enhance shareholder returns, alongside increasing dividend payouts [7] Group 4: Legal and Competitive Challenges - The company is facing legal challenges from a Japanese firm, which may impact customer confidence and order decisions; however, management maintains that operations are normal and communication with clients is ongoing [3] - The company emphasizes its commitment to intellectual property and has a dedicated team to manage these aspects, ensuring that external factors do not disrupt its strategic goals [4]

Market Overview - The three major A-share indices experienced a collective decline today, with the Shanghai Composite Index down 0.40% closing at 3931.05 points, the Shenzhen Component down 0.76% at 12980.82 points, and the ChiNext Index down 1.12% at 3042.34 points. The total trading volume in the Shanghai and Shenzhen markets was 170.82 billion, a slight decrease of 17.7 billion from the previous day [3][6]. Market Sentiment - The market sentiment remains uncertain, with many investors unclear whether the current market is in a bull or bear phase. The indices opened higher but faced a downward trend without significant resistance [5][6]. - The banking sector showed strong support, with major banks like Industrial and Commercial Bank of China and Bank of China reaching historical highs, indicating a determined effort to stabilize the market [6]. Sector Performance - A notable event was the impact of a report regarding potential interest subsidies for the real estate sector, which initially boosted the sector and led to a temporary rise in the Hang Seng Index. However, this effect was short-lived, and the real estate sector eventually retreated [6][7]. - Despite positive news from Nvidia's quarterly report, which exceeded market expectations and led to a 5% increase in its stock price, the semiconductor sector in A-shares saw a decline of approximately 1%. This suggests a significant profit-taking pressure within the tech sector [7][8]. Individual Stock Movements - Approximately 1,400 stocks rose while around 3,600 stocks fell, indicating a broad market decline. The median decline for falling stocks was 0.75%, aligning with the outflow of 60 billion in main capital [7]. - The announcement of a merger between CITIC Securities and other firms did not generate interest in the brokerage sector, reflecting a lack of positive market sentiment towards this segment [8].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is a leading player in the home hardware industry, focusing on design, brand building, and channel development, with a strong emphasis on product design and marketing expertise from its founder [2][20]. - The company has shown robust growth, with projected revenues of 2.857 billion yuan in 2024, representing a year-on-year increase of 28.6%, and a net profit of 531 million yuan, up 59.7% year-on-year [2][4]. - The home hardware industry is characterized by a fragmented market structure, with the company holding the top market share in the storage hardware segment [3][92]. Summary by Sections Company Overview - Founded in 2004, the company specializes in home hardware, including storage hardware, basic hardware, kitchen and bathroom hardware, and outdoor furniture [20]. - The company emphasizes product design, brand awareness, and a balanced channel structure, with no reliance on a single major customer [2][20]. Industry Landscape - The home hardware industry in China exceeds 200 billion yuan, with exports nearing 100 billion yuan, indicating a significant domestic market [3][92]. - The company ranks first in market share for storage hardware, with a strong online sales presence [3][92]. Growth Drivers - Revenue growth is driven by product category expansion, channel development, and international market exploration [4]. - The company’s revenue composition for 2024 is projected to be 30% from storage hardware, 43% from basic hardware, 13% from kitchen and bathroom hardware, 9% from outdoor furniture, and 5% from other products [4][21]. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 712 million yuan, 896 million yuan, and 1.094 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 34%, 26%, and 22% [4][6]. - The report suggests that the company’s balanced multi-category and multi-channel strategy, along with its strong profitability, justifies the "Buy" rating [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 11月19日，江苏神通阀门股份有限公司（下称"江苏神通"）举办机构投资者电话调研会议，会议由中金 公司组织，公司副总裁兼董秘章其强出席并与机构投资者交流。本次调研围绕公司竞争态势、业务布 局、行业趋势等核心问题展开，透露出公司在核电阀门领域的领先地位及多元化发展战略。 投资者活动基本信息 据公告，本次投资者活动类别为机构投资者电话调研会议，召开时间为2025年11月19日下午16:30— 18:30，地点位于公司会议室。参与单位为中金公司等机构投资者，上市公司接待人员为副总裁兼董秘 章其强。 核电阀门龙头地位稳固 市占率超90% 同时，公司在新兴领域的布局初见成效。氢能源方面，参股公司神通新能源研发的特种高压阀门已具备 批量供货能力；半导体装备领域亦有积极进展。持续的研发投入助力公司在核电、氢能源、半导体装备 及海工船舶等关键领域保持技术领先，开发更具竞争力的产品以应对市场需求变化。 备件需求与行业趋势打开长期成长空间 针对核电阀门更换周期问题，公司指出，阀门作为易损易耗品，需定期检修维护并更换老化零部件。随 着在运核电机组有序扩容，叠加老旧机组备件需求持续释 ...

具体看，6个子行业前三季度均实现营收、归母净利润同比增长，除光学光电子、电子化学品以外，其 他子行业收入增速超10%，且全部子行业均实现利润双位数增长。其中，光学光电子、半导体、元件板 块利润增速较快，盈利能力迅速提升。在自主可控、国产替代大潮下，电子行业整体景气度提升、盈利 能力改善趋势确定。 半导体：自主可控加速，景气度提升 2025年前三季度，半导体板块实现营业收入5013亿元，较2024年同期4381.01亿元增长14.43%，保持双 位数增长;实现归母净利润438.98亿元，较2024年同期292.94亿元大幅增长49.85%，增速进一步提升。分 季度看，半导体板块2025Q3实现营收1788.03亿元，同比增长12.55%，增速略有放缓，但2025Q3环比 2025Q2仍增长4.32%。2025Q3实现归母净利润197.54亿元，同比大幅增长73.15%，环比2025Q2增长 32.16%。 消费电子：景气度逐步提升，零部件率先复苏 2025年前三季度，电子行业实现营收、利润双增，利润增速快于收入，且环比增速持续加快，行业景气 度提升 2025年前三季度，消费电子板块实现营业收入1.48万亿元，较 ...

Core Viewpoint - The domestic R&D demand is showing marginal improvement, driven by the overseas expansion of innovative drugs, leading to a recovery in R&D orders and stabilization of industry prices after a decline in 2023. The CRO sector is expected to see better performance growth by 2026, while the CDMO industry has also reached a bottom and is poised for continued strong growth due to robust demand for new molecules and new orders [1][2][3]. CRO Sector - The domestic R&D demand is recovering, with an increase in orders and stabilization of prices, indicating a clear upward trend for CRO companies. Clinical CROs like Tigermed, Nossan, and Prasis are expected to see revenue growth turning positive by 2025, with significant contributions from overseas business [2][3]. - The recognition of domestic CRO clinical data is improving, which is beneficial for companies like Tigermed [2]. CDMO Sector - The CDMO sector has seen a recovery in performance, with new orders continuing to improve quarterly. The global demand for innovative drug R&D is driving growth in new orders and backlog [3]. - The industry is benefiting from increased capacity utilization and profitability, with a strong certainty of performance and profit growth expected to continue into 2026 [3]. Life Sciences Sector - The life sciences upstream sector is experiencing a dual drive from domestic substitution and overseas expansion, with urgent demand for domestic alternatives in areas like cell culture media and biological reagents. Companies are expected to capture market share through new product categories and cost-effective offerings [4]. - The demand for specific segments such as drug efficacy, antibodies, and proteins is increasing, indicating a clear long-term growth logic for the industry [4]. API Sector - The raw material pharmaceutical industry is currently in a phase of price bottoming and supply surplus, with traditional product performance under pressure. However, companies are extending their business into generics, innovative drugs, and specialty APIs, which may lead to value reconstruction through business structure optimization [5]. - The valuation of raw material pharmaceutical companies is at a low point, presenting opportunities based on changes in new business layouts [5]. Investment Recommendations - For clinical and preclinical CROs, companies like Tigermed, Nossan, and Yinos are recommended due to the gradual recovery of the industry and expected improvement in order structure [6]. - In the CDMO sector, companies such as WuXi AppTec, WuXi Biologics, and others with strong fundamentals and capacity advantages are highlighted for their potential benefits from industry recovery and high demand for new molecules [6]. - In the life sciences upstream sector, companies like Baitai Biotechnology and others are recommended due to accelerated domestic substitution and strong overseas growth [6]. - Companies like Pro Pharma and Huahai Pharmaceutical are noted for their new business layouts that are expected to contribute significant value increments [6].

截至2025年11月20日 11:04，上证科创板半导体材料设备主题指数下跌1.60%。成分股方面涨跌互现， 天岳先进领涨7.35%，有研硅上涨1.44%，和林微纳上涨1.36%；神工股份领跌4.89%，艾森股份下跌 3.98%，中微公司下跌3.89%。科创半导体ETF（588170）下跌1.69%，最新报价1.39元。 流动性方面，科创半导体ETF（588170）盘中换手7.5%，成交2.46亿元。拉长时间看，截至11月19日， 科创半导体ETF（588170）近1月日均成交4.55亿元，领先同类。 规模方面，科创半导体ETF（588170）近3月规模增长28.85亿元，实现显著增长。 招商证券指出，进入2025年三季度以来存储行业全面进入加速上行周期，不同于此前供给侧减产或退出 带来的价格短暂上行，本轮存储行业上行周期主要系AI时代下存储需求爆发推动，同时供给侧产能开 出有限，因此行业供需缺口持续扩大，价格加速上涨。在此背景下，海外存储原厂盈利能力持续提升， 国内部分存储模组公司快速扭亏为盈，2025年下半年利润预计将加速释放，利基存储芯片和存储产业链 配套公司亦将持续受益于存储涨价浪潮。 相关ETF：公 ...

江苏常宝钢管股份有限公司投资者关系活动记录表 证券代码：002478 证券简称：常宝股份 编号：2025-007 3、公司特材项目的进展和产能预期？ 回复：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，同时将有计划的做好海洋脐带缆、EP 管等国 ...