证券代码： 002324 证券简称：普利特 上半年公司新能源板块经营业绩触底反弹，未来随着公司在海外 布局的加速；钠离子电池的快速发展；半固态电池的持续交付；新 增方型产线产能的供不应求,将对公司新能源板块业绩起到积极的 影响。 3、公司在机器人领域的进展情况如何？ 公司作为改性材料行业的龙头企业，材料应用在绝大部分的国内 外主机厂中。公司积极布局改性 PEEK，改性 PPS，改性 PA 等材料在 机器人领域的应用，与下游机器人终端客户和零部件客户在前端设 计和验证方面进行三方深度合作，目前部分材料已经批量供应于工 业机器人领域，未来公司将重点推进改性材料产品在人形机器人的 轻量化应用。 4、公司 LCP 薄膜的壁垒主要体现在哪些方面？ 上海普利特复合材料股份有限公司投资者关系活动记录表 编号：2025-08-26 | 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 （请文字说明其他活动内容） | | 参与单位 | 西部证券、天风证券、开源证券、信达证 ...

扫码体验「睿兽Ａi智能体验」 2.【国内团队首次利用脑机接口实现脑积水精准诊疗】近日，天津大学脑机交互与人机共融海河实验 室与天津市环湖医院牵头，联合首都医科大学宣武医院、天坛医院等国内多家顶尖医疗机构，聚焦解 决脑积水精准诊疗这一国际性难题，共同启动全球首个神经重症脑机接口多中心临床试验。该项目以 脑积水精准诊疗为切口，基于脑机接口联合脑脊液循环动力学技术，将传统脑积水诊断时间从2至3天 缩短到30分钟，标志着脑机接口技术首次突破传统运动和认知功能修复应用范畴，全面走向神经重症 这一全新领域。（财联社） 3.【吉利：已拥有行业最大短刀电池产能】吉利透露旗下的吉曜通行已拥有行业最大的短刀电池先进 产能，目前在全国拥有8大生产基地，到2027年将形成70GWh产能规模。据吉利此前发布的2025年 中期财报显示，上半年新能源总销量超72万，同比增长126%。（钛度车库） 更多智能制造产业资讯 …… 此外，如果您还想 查公司、找项目、看行业，深入了解人形机器人、商业航天、AGI等热门赛 道 ，欢迎加入睿兽分析会员，解锁相关行业图谱和报告等。 （活动期间加入会员可免费获赠一 份产业日报） 1.【面向6G低轨卫星的多天 ...

英大证券研究所证券研究报告 金 点 策 略 晨 报 2025 年 8 月 26 日 总量视角 【A 股大势研判】 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 成交超 3 万亿史上第二，指数仍有进一步上冲的可能，警惕繁华之下所 隐藏的风险 观点： 周一晨报提醒，指数在短期内或有加速上涨的趋势，建议投资者顺势而为但 多一分理性和警惕。市场走势如我们预期，周一沪深三大指数延续近期上行态势， 呈现高开高走的强劲格局。尽管盘中有震荡与反复，但沪指仍成功突破关键点位， 创出 3883 点的年度新高，且两市成交额突破 3 万亿元，创下 2024 年 10 月 9 日 以来新高，并跻身 A 股历史成交额第二位。如此大的成交，既是行情快速推进的 信号，也提示市场后期可能出现较大幅度震荡。 成交量史上第二，显示出较强的市场活力与吸引力，指数在强劲动能支撑下 仍有进一步上冲的可能。然而，理智的投资者更应警惕繁华之下所隐藏的波动风 险。操作上，避免盲目追高，根据不同的情况，采取不同的策略，有业绩支撑且 形态走势良好的个股，可持仓待涨 ...

2025高分子产业年会 高分子电磁复合材料及应用论坛 9月10-12日 安徽·合肥 第六代太赫兹（THz） 频段传输技术（6G）近年来受到中国、美国、芬兰、韩国等多个国家相关部门和学术团队的关注和研究。6G频段在 100GHz- 10THz ，峰值传输速度高达100Gbps-1Tbps，通信延迟小于0.1毫秒。而与之对应的是，该技术对于 天线、PCB板、电磁屏蔽、热管理 等领域提出了全 新的要求。 电磁复合材料是5.5G/6G、消费电子、新能源、航空航天等领域的重要功能材料，是解决电磁干扰、保障电子器件稳定运行的重要技术手段。高分子电 磁复合材料以其质轻价廉、耐腐蚀、易加工成型和性能可调性好等特点备受关注。从突破理论极限的材料设计、精准成型工艺到参数表征、新兴应用领 域拓展， 高电磁屏蔽效能材料、低介电损耗材料、耐高温PCB板材、热管理材料、宽频适用材料 等一系列高分子电磁复合材料在 AI、5.5G/6G、低空 经济、新能源汽车、机器人 等行业中究竟有哪些材料研发需求和创新应用？ 对此，" 2025 DT新材料高分子产业年会 "将同期举办" 第三届第三届高分子电磁复合材料及应用论坛 "。本活动将邀约电磁屏蔽、 ...

Financial Data and Key Metrics Changes - Keysight reported a revenue increase of 11% year over year to $1.4 billion and earnings per share of $1.72, exceeding guidance [5][20] - Orders increased by 7%, with growth across both the Communication Solutions Group (CSG) and Electronic Industrial Solutions Group (EISG) segments [5][20] - Gross margin was reported at 64%, with operating margin at 25%, reflecting a 60 basis point increase year over year [20] Business Segment Data and Key Metrics Changes - CSG generated revenue of $940 million, up 11% year over year, with commercial communications revenue of $644 million, also up 13% [22] - EISG revenue reached $412 million, an 11% increase year over year, with growth across automotive, energy, semiconductor, and general electronics [22] - CSG delivered a gross margin of 67% and an operating margin of 26%, while EISG had a gross margin of 57% and an operating margin of 22% [22] Market Data and Key Metrics Changes - The aerospace, defense, and government sectors saw robust demand due to elevated defense spending globally, particularly in the U.S. and Europe [11][12] - The wireless business remained stable, with momentum in non-terrestrial networks and continued R&D activity in 5G Advanced [10] - Demand in the automotive sector improved sequentially, with stable year-over-year performance [15] Company Strategy and Development Direction - Keysight is capitalizing on the ongoing AI momentum and investing in advanced physical layer solutions and silicon photonics capabilities [6][7] - The company is focused on leading the industry into the next generation of innovation, particularly in 6G research and development [10][11] - Keysight's strategy includes enhancing collaboration with customers and leveraging a solid pipeline of opportunities [6][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the evolving trade and tariff environment while maintaining healthy margins and strong free cash flow [19] - The demand environment remains resilient despite macroeconomic uncertainties, leading to an upward revision of the full-year growth outlook [25] - Management noted that while some end markets are recovering, challenges remain in sectors like automotive [29] Other Important Information - Keysight's cash flow from operations was $322 million, with free cash flow of $291 million for the quarter [23] - The company repurchased approximately 300,000 shares at an average price of $164, totaling $50 million [23] - The pending acquisition of Spirent is expected to close in the fiscal fourth quarter, with regulatory reviews progressing [23][24] Q&A Session Summary Question: Can you help investors understand your view of the end markets now? - Management noted strong order growth and positive customer activity despite geopolitical challenges, indicating a better-than-expected performance [28][29] Question: What is supporting the revenue outlook into Q4? - Management highlighted the timing of large deals and expected more normal sequential seasonality in orders compared to revenue [31][32] Question: How should we think about the long-term growth rate? - Management indicated a bullish outlook for fiscal 2026, with a focus on executing Q4 and navigating tariff impacts [38] Question: What is the contribution of AI to Keysight's story? - Management emphasized that AI is driving demand across multiple end markets, particularly in wireline, with expectations for continued growth [40][41] Question: Can you outline the tariff impacts? - Management clarified that tariffs are expected to increase exposure by approximately $75 million annually, with mitigation strategies in place [48][51] Question: What is the outlook for the aerospace and defense market? - Management expressed confidence in ongoing demand due to robust backlogs and government budgets, with a steady growth trajectory expected [52][54] Question: How is the semiconductor business performing? - Management noted strong growth in the semiconductor business, driven by advanced nodes and increased customer interest in silicon photonics [90][91] Question: What is the impact of tariffs on orders? - Management stated that there has been no material pull-in of orders due to tariff changes, and demand profiles remain stable [104][105]

随着全球5G网络建设进入深水区，通信基站和数据中心的功率密度正经历前所未有的跃升。根据3GPP标准的节奏，5G-ADVANCED ( 5.5G ) 也逐渐 进入商用阶段，这为迈向6G打下基础。而在通信速率代际提升的同时，基站功耗也会随之迈上新台阶，带来更高的热管理挑战。 在这场静悄悄的"散热革命"中， 热界面材料（Thermal Interface Materials, TIM） 作为填补芯片与散热器间微隙的"隐形桥梁"，正成为保障通信系 统稳定性的战略物资。 基站体积的减小对天线、滤波器的集成化要求也较高，也使得小基站散热器的尺寸受到限制。但5G小基站的发热件尺寸小、功耗大，且长时间运行累 积的热量若不及时散发出去，就会严重影响到5G小基站的通讯信号及其使用寿命。但基站是典型的封闭式自然散热设备，当温度稳定后，所有热量都 会先传到外壳，再由外壳传导到空气。芯片和壳体之间需要借助导热界面材料，推动导热界面材料的提升。 当前主要有 四大类创新热界面材料 ，包括： 导热凝胶、相变材料（PCM）、碳基材料、液态金属 等。 中兴通讯 在BBU基带单元中采用7.8W/mK凝 胶方案，实现200万小时无故障运行。而相变材 ...

Core Insights - China Mobile has announced the results of its synchronized network equipment procurement for 2025-2027, with Zhejiang Saisi Electronic Technology Co., Ltd. winning the bid for the first share, involving a total investment of 200 million yuan [1][2]. Group 1: Project Overview - The total investment for the clock synchronization project by China Mobile is 200 million yuan, with the procurement of 953 sets of synchronization equipment, marking a historical high in deployment scale [2]. - The project aims to establish a nationwide integrated clock synchronization network using distributed satellite co-visibility systems and ultra-high precision synchronization technology, which is essential for future applications in 6G, computing networks, and dedicated enterprise lines [2][4]. Group 2: Technical Advantages of Saisi Electronic - Saisi Electronic's ultra-high precision clock synchronization equipment features five disruptive technologies that address timing challenges in the construction of the national integrated clock synchronization network, making it a key support for China Mobile [4]. - The equipment boasts ultra-high reliability with no single point of failure and a reliability rate exceeding 99.99%, ensuring stable operation for years while handling massive network element access demands [4][5]. Group 3: Industry Position and Achievements - Saisi Electronic has over 10 years of experience in the clock synchronization field, breaking the foreign monopoly on time-frequency synchronization technology and achieving several milestone results [5][6]. - The company has served over 1,000 key industry users and holds the largest market share in China's 5G clock synchronization sector, penetrating 70% of provincial backbone networks in the power sector and over 50% of new rail transit projects [5][6]. Group 4: Collaboration and Future Plans - Saisi Electronic has a decade-long partnership with China Mobile, consistently being shortlisted for its synchronization network construction and recognized as a key supplier [8]. - Future plans include deploying ultra-high precision clock synchronization equipment and co-building the national integrated clock synchronization network, enhancing the Beidou co-visibility network, and defining 6G timing standards to support the development of China's digital infrastructure [8].

Financial Performance - The company's total revenue for the first half of 2025 reached 735 million yuan, an increase of 6.25% year-on-year [1] - The net profit attributable to shareholders was 1.77 million yuan, a significant decrease of 94.07% year-on-year [1] - In Q2 2025, total revenue was 365 million yuan, down 6.22% year-on-year, with a net profit of -5.89 million yuan, a decline of 121.57% [1] Key Financial Metrics - Gross margin was 20.34%, down 19.66% year-on-year, while net margin fell to 0.24%, a decrease of 94.42% [1] - Total expenses (selling, administrative, and financial) amounted to 30.07 million yuan, accounting for 4.09% of revenue, an increase of 33.03% year-on-year [1] - Earnings per share dropped to 0.00 yuan, a decline of 94.06% compared to the previous year [1] Accounts Receivable and Cash Flow - Accounts receivable increased by 53.57% year-on-year, raising concerns about cash flow [1][22] - Operating cash flow per share decreased by 53.7% to 0.07 yuan [1] - The net cash increase from operating activities dropped by 53.7%, attributed to significant advance payments received in the previous period [9] Investment and Financing Activities - The company invested 100 million yuan in Wuhan Guangju Microelectronics Co., leading to an 8.77% decrease in cash funds [3][17] - Cash dividends paid amounted to 47.83 million yuan, contributing to a 41.67% reduction in cash outflows for dividends [18] - The net cash flow from investment activities saw a drastic decline of 174.2% due to the aforementioned investment payment [9] Operational Insights - The company reported a return on invested capital (ROIC) of 1.18%, indicating weak capital returns [19] - The business model relies heavily on research and development, necessitating careful examination of underlying drivers [21] - The company is actively pursuing new product development in 5G and 6G technologies, with ongoing orders and production [23]

Group 1 - The market saw a broad increase, with the ChiNext Index and the Sci-Tech 50 leading the performance, while the dividend and micro-cap indices lagged behind [10][12] - The communication, electronics, and non-bank financial sectors showed the highest gains, whereas the banking, steel, and textile sectors performed the weakest [12][31] - The relative PE of the ChiNext Index to the CSI 300 increased, indicating a rising valuation compared to the broader market [17][22] Group 2 - The overall valuation of major indices is at a high percentile compared to the past year, with the ChiNext Index showing a PE of 36.2 and a PB of 4.6, indicating a premium valuation [23][31] - The financial and real estate sectors are valued above the 50% historical percentile, while materials, equipment manufacturing, industrial services, transportation, consumption, and technology are below 50% [24][34] - The food and beverage, agriculture, and public utilities sectors are currently considered undervalued, with their valuations at near one-year lows [34][41] Group 3 - The report highlights that the semiconductor materials, digital currency, and 6G sectors are currently at high valuation percentiles compared to their three-year history [41][42] - The profitability expectations across various industries have seen slight adjustments, with the beauty and personal care sector experiencing the largest upward revision [4][20] - The report suggests that the current valuation of the non-bank financial, public utilities, agriculture, food and beverage, and social services sectors is relatively low based on the PB-ROE perspective [38][39]

Group 1 - The core viewpoint is that the International Telecommunication Union (ITU) emphasizes the need for a capability index system for 6G to break geographical limitations and reduce the digital divide [1] - China is accelerating the layout of satellite internet, focusing on covering countries along the "Belt and Road" and remote areas due to the tight space resources of low Earth orbit satellites [1] - The satellite internet is expected to become an important pillar of China's digital economy "new infrastructure" within the next three years, with a key position in the global low Earth orbit broadband competition [1] Group 2 - The traditional business of the communication industry is developing steadily, with active layouts in innovative applications, and the recent rebound in the industry has led to a recovery in valuation levels, although they remain at a low percentile [1] - The GW constellation, as the first integrated space-ground 6G internet plan, is planned to launch 12,992 satellites, with future plans to introduce direct satellite communication modes for mobile phones [1] - Satellite internet aims to achieve comprehensive coverage through space-ground integration, which is expected to alleviate network load and reduce costs for the construction and maintenance of cellular networks [1] Group 3 - The communication ETF (515880) tracks the communication equipment index (931160), which selects securities from companies engaged in the manufacturing of communication network infrastructure, terminal equipment, and related products to reflect the overall performance of the communication equipment industry [1] - The constituent stocks of the index have high technological content and innovation capabilities, reflecting the growth and cyclical characteristics of the industry, and can effectively showcase the development trends and technological advancements in the communication equipment field [1]