2025 年 11 月 26 日 机构关注度环比回升：电子、电力设备、建筑装饰 策略研究团队 ——机构调研周跟踪 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn 机构调研信息是对基本面信息的重要补充，但信息量大且杂乱。为了清晰梳理 出调研中有效、增量信息，我们推出机构调研周跟踪系列，汇总最近一周、一 个月公开的机构调研信息，涵盖行业、个股两维度，包含调研热度（环比、同 比数据）、调研获得的行业及个股信息增量。 行业视角看机构调研情况: 电子、电力设备、建筑装饰的调研热度有所上升 周度：上周，全 A 的被调研总次数环比微微提升，且高于 2024 年同期，调研热 度有所回暖。一级行业中，按机构被调研总次数从高到低排序，电子、机械设备、 电力设备、医药生物和基础化工的关注度较高。 边际变化上，相较前一周，电子、电力设备、建筑装饰、农林牧渔、环保、纺织 服饰、建筑材料、商贸零售、国防军工、家用电器等的调研总次数有所上升。 月度：10 月，或因财报披露期，全 A 的被调研总次数环比大幅下跌，低于 2024 年同期。最新一个月，一级行业中，按机构被调研总次数从高到低排序，机械设 备、电子、医药生 ...

证券之星消息，11月26日元件板块较上一交易日上涨2.72%，沪电股份领涨。当日上证指数报收于3864.18，下跌0.15%。深证成指报收于 12907.83，上涨1.02%。元件板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002463 | 沪电股份 | 72.83 | 8.78% | 151.17万 | | 107.76亿 | | 002384 | 东山精密 | 74.00 | 6.80% | 79.20万 | | 57.99亿 | | 301041 | 金直泽 | 32.31 | 6.77% | - 18.54万 | | 5.75亿 | | 688183 | 生益电子 | 94.31 | 6.07% | 26.59万 | | 24.73亿 | | 301566 | 达利凯普 | 19.75 | 5.78% | 49.59万 | | 9.56亿 | | 300814 | 中富申路 | 91.44 | 5.06% | 30.98万 | | 27.61亿 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company is positioned as a global leader in AI PCB manufacturing, leveraging significant opportunities from the AI wave and deepening partnerships with major GPU and ASIC clients [1][4]. - The company has achieved technological advancements in HDI and high-layer PCBs, with capabilities to produce 6-stage 24-layer HDI products and ongoing development for next-generation technologies [2]. - The expansion of production capacity is on track, with overseas facilities in Thailand and Vietnam progressing as planned, and domestic projects also advancing [3]. Financial Projections - Revenue is projected to reach 37 billion yuan in 2026 and 59.9 billion yuan in 2027, with net profit estimates of 12 billion yuan and 19.7 billion yuan for the same years respectively [4][6]. - The company expects significant growth rates, with a revenue growth of 87.5% in 2025 and 84% in 2026 [6]. - The earnings per share (EPS) is forecasted to increase from 5.76 yuan in 2025 to 22.68 yuan in 2027 [6]. Production and Client Engagement - The company is enhancing its production capabilities and customer engagement by participating in key projects, allowing for early involvement in client R&D and product development [3]. - The company is focusing on long-term planning with clients, aligning its production and technology strategies with their future needs [3].

中原证券表示，头部云厂商资本开支展望乐观，AI算力产业链各环节需求高景气。800G需求放量， 1.6T加速导入，行业处在800G向1.6T技术迭代时期。光模块头部厂商技术领先、客户关系稳固、具备规 模化交付能力，优势将进一步凸显。AI发展推动大型数据中心的建设，光器件厂商受益于终端需求， 进入扩产红利期。 申万宏源认为，A股的有效突破最终还是要靠科技引领。国信证券指出，当市场进入快速上涨阶段，领 涨板块往往是当时主导产业的应用领域，如2015年上半年的"互联网+"，2021年的新能源车。着眼未来 一年，仍看好科技主线。 细分方向来看，光模块三巨头大爆发，中际旭创涨超15%，股价创历史新高，最新市值超6100亿元，新 易盛、天孚通信分别涨超11%和9%，表现亮眼！此外，印制电路板（PCB）龙头胜宏科技涨近7%，AI 芯片龙头寒武纪涨超5%，涨幅居前。 | 序号 | 名称 | 80 | 两日图 | 申万一级行业 | ■万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 中标旭创 | 1 ...

| 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量（万手） = 总成交额（亿元）▼ | 净流入 (亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 游戏 | 3.89 | 2059.80 | 311.46 | 29.12 | 24 | 0 | | 2 | 通信设备 | 3.66 | 1968.69 | 1020.24 | 36.46 | 82 | ന | | 3 | 高等屋 | 3.40 | 400.72 | 80.12 | 10.33 | 11 | 0 | | র্ব | 元件 | 3.25 | 1362.09 | 513.74 | 35.53 | રેર | ഗ | | 5 | 教育 | 3.10 | 544.45 | 44.38 | -0.69 | 15 | പ | | 6 | 熊雅寺暹 | 2.80 | 587.03 | 261.71 | 6.66 | 11 | 1 | | 7 | 工业等遥 | 2.49 | 2896.86 | 339.48 | 17.98 | દર | വ | | 8 | ...

中国经济网北京11月25日讯 A股三大指数早盘集体上涨，截至午间收盘，上证指数报3880.22点，涨幅 1.13%；深证成指报12841.60点，涨幅2.04%；创业板指报3005.23点，涨幅2.60%。 行业板块方面，通信设备、元件、贵金属等板块涨幅居前，机场航运、养殖业板块跌幅居前。 A股市场板块涨跌幅排行 | 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量（万手） | 净流入(亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 通信设备 | 4.51 | 1394.28 | 756.05 | 70.44 | 87 | 1 | | 2 | 元件 | 4.28 | 968.95 | 378.73 | 47.41 | ਦੇਰੇ | 1 | | 3 | 需要置 | 4.21 | 276.04 | 55.43 | 11.11 | 11 | 0 | | র্ব | 教育 | 3.70 | 403.82 | 33.80 | 0.49 | 16 | 1 | | 5 | 其他电源设备 | 3.21 | 508. ...

证券之星消息，11月24日元件板块较上一交易日上涨0.18%，中富电路领涨。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。元件板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300814 | 中富电路 | 87.70 | 17.75% | 32.09万 | | 27.17亿 | | 688539 | 高华科技 | 34.69 | 6.54% | 5.68万 | | 1.95亿 | | 301366 | 一博科技 | 35.72 | 4.87% | 7.67万 | | 2.73亿 | | 688655 | 迅捷兴 | 17.36 | 3.83% | 2.12万 | | 3632.93万 | | 301251 | 威尔高 | 51.94 | 3.65% | 4.06万 | | 2.09亿 | | 002134 | 天津普林 | 21.89 | 3.45% | 6.59万 | | 1.42亿 | | 30156 ...

Core Insights - The A-share market experienced a decline, with the Shanghai Composite Index falling by 2.45%, the Shenzhen Component Index by 3.41%, and the ChiNext Index by 4.02%. The total trading volume reached 19,836 billion yuan, an increase of 2,610 billion yuan compared to the previous day, with over 5,000 stocks declining across the market [2][8]. Market Review - The market saw significant declines across major indices, with the North Star 50 dropping by 4.71%. The sectors that performed actively included the China Shipbuilding System and Sora concept, while the battery, energy metals, and silicon energy sectors faced adjustments [2][8]. Important News - Multiple government departments have been actively engaging with foreign enterprise executives, signaling a commitment to expanding foreign investment and optimizing the business environment. This aligns with China's 14th Five-Year Plan, which aims to enhance foreign enterprises' confidence in the Chinese market [3][9]. - The 2025 China 5G + Industrial Internet Conference was held in Wuhan, focusing on the integration of 5G, artificial intelligence, big data, and industrial internet technologies. The Ministry of Industry and Information Technology emphasized the implementation of actions to empower industrial internet and AI integration, promoting the development of a new industrial network [3][9]. Industry Analysis - The SW Electronics sector reported strong growth in Q3 2025, with revenue reaching 29,756.92 billion yuan, a year-on-year increase of 19.46%. The overall expense ratio was 10.52%, down by 0.66 percentage points, indicating effective cost control. The net profit attributable to shareholders was 1,477.90 billion yuan, up 37.79% year-on-year, outpacing revenue growth [10][11]. - In the semiconductor segment, profitability improved, with strong performances in chip design and integrated circuit manufacturing. The demand for AI computing power and the ongoing domestic substitution trend have driven growth in these areas [11]. - The consumer electronics sector saw a recovery in profitability in Q3 2025, supported by national subsidy policies and inventory replenishment cycles. The upcoming release of new products by major manufacturers is expected to further boost demand [11]. - The optical and optoelectronic sectors experienced varied profitability, with optical components showing significant growth. The printed circuit board (PCB) and passive components segments also reported revenue and profit increases, driven by the demand for AI server PCBs [13]. Investment Recommendations - The SW Electronics industry is expected to continue its positive trajectory in 2025, driven by self-sufficiency and AI computing power. Key sub-sectors such as integrated circuit manufacturing, analog chip design, digital chip design, PCB, and optical components are recommended for investment due to their strong performance [11][13].

本周关注点 公司公告汇总 截至2025年11月21日收盘，方邦股份（688020）报收于59.52元，较上周的62.27元下跌4.42%。本周， 方邦股份11月17日盘中最高价报66.8元。11月21日盘中最低价报58.15元。方邦股份当前最新总市值 49.03亿元，在元件板块市值排名45/57，在两市A股市值排名3271/5167。 广州方邦电子股份有限公司为全资子公司珠海达创电子有限公司向中国农业银行股份有限公司广州珠江 支行申请的1亿元银行贷款提供连带责任保证担保，担保期限为主债务履行期届满之日起三年。本次担 保金额在公司董事会审批额度内，无需另行审议。珠海达创为公司合并报表范围内子公司，公司对其经 营具有控制力，担保风险可控。截至公告日，公司及子公司无其他对外担保，无逾期担保。 广州方邦电子股份有限公司为规范期货和衍生品交易行为，防范风险，依据相关法律法规及公司章程， 制定本制度。制度明确公司从事期货和衍生品交易应遵循合法、审慎、安全、有效原则，仅限于与生产 经营相关的套期保值活动，不得从事以投机为目的的交易，且不得使用募集资金。交易须经董事会或股 东会审议，涉及重大金额的需提交股东会审议。公司应建立 ...

Investment Rating - The industry investment rating is "Outperform the Market" [39] Core Viewpoints - The SW Electronics industry showed strong performance in the first three quarters of 2025, with revenue reaching CNY 29,756.92 billion, a year-on-year increase of 19.46%. The net profit attributable to shareholders was CNY 1,477.90 billion, up 37.79% year-on-year, indicating improved profitability across the industry [1][10][16]. Summary by Sections Semiconductor - The semiconductor sector demonstrated enhanced profitability, with revenue of CNY 4,941.14 billion, a 14.51% year-on-year increase. The net profit attributable to shareholders rose by 50.41% to CNY 438.90 billion, driven by AI computing acceleration and a favorable cycle for storage chips [2][18]. Consumer Electronics - The consumer electronics sector saw a recovery in Q3, with revenue of CNY 14,668.03 billion, a 25.65% year-on-year increase. The net profit attributable to shareholders grew by 23.53% to CNY 594.55 billion, supported by national subsidy policies and inventory replenishment [2][21]. Optical and Optoelectronic - The optical and optoelectronic sector achieved revenue of CNY 5,600.39 billion, a 6.64% year-on-year increase, with net profit rising significantly by 76.41% to CNY 96.04 billion. The performance was driven by recovery in downstream demand [2][24]. Components - The components sector reported revenue of CNY 2,528.55 billion, a 24.25% year-on-year increase, with net profit growing by 50.40% to CNY 259.11 billion. The demand for server PCBs was boosted by AI computing construction [2][30]. Electronic Chemicals - The electronic chemicals sector achieved revenue of CNY 470.11 billion, a 9.34% year-on-year increase, with net profit rising by 16.26% to CNY 48.05 billion, indicating improved profitability [2][31]. Other Electronics - The other electronics sector reported revenue of CNY 1,548.72 billion, a 28.58% year-on-year increase, with net profit growing by 31.26% to CNY 41.26 billion, although profitability slightly declined [2][35]. Investment Recommendations - The report suggests focusing on strong-performing sub-sectors such as PCB, analog chips, storage chips, wafer foundry, and optical components, which have shown significant year-on-year growth in net profit [3][36].