Group 1 - The fourth quarter of 2025 may be a key timing for bottoming out dividend stocks and obtaining excess returns, with current pessimistic expectations already reflected in the fundamentals [1] - The 10-year government bond yield has remained low at 1.6% to 1.9% since 2025, while the typical leading A/H share in the highway sector has a dividend yield of 5%/6.5% (2025 forecast) [1] - The top five sectors for net inflow of funds include photovoltaic, new energy vehicles, lithium batteries, non-ferrous metals, and brokerages [1] Group 2 - The domestic AI computing power ecosystem is evolving, with over 90% of the server tender results from major banks and telecom companies awarded to domestic suppliers [3] - The current storage cycle is expected to continue its upward trend at least until the second half of 2026, driven by conservative expectations and increased demand from North American cloud service providers [3] - Companies focusing on enterprise-level SSDs with strong price increase logic are recommended for investment [3] Group 3 - The current gold market is maintaining its strong performance primarily due to the profit effect, with less influence from fundamental factors [5] - The rise in international gold prices is driven by short-term fluctuations from the U.S. government shutdown, political changes in Japan, and ongoing expectations of interest rate cuts by the Federal Reserve [5] - There is a notable increase in copper prices due to supply shortages and the logic of the computing power revolution, suggesting investment opportunities in precious metals and copper [5] Group 4 - The short-term market trend is strong, with noticeable inflow of incremental funds and a favorable profit effect [7] - The Shanghai Composite Index continues to experience upward fluctuations, although individual stock momentum is weakening [11] - The logistics supply chain is expected to benefit from the increasing demand for energy security, with more segments of Chinese manufacturing accelerating overseas [11]

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投资风 险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、 经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应 充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 苏州未来电器股份有限公司 Suzhou Future Electrical Company Co.,Ltd. （苏州市相城区北桥街道庄基村） 保荐人（主承销商） （济南市市中区经七路 86 号） 苏州未来电器股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件及所 披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责； 投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发行人经 营与收益变化或者股票价格变动引致的投资风险。 首次公开发行股票并在 ...