计算机设备 安防视频监控产品智能化升级，特种+具身机器人打开成长空间 ——安联锐视深度报告 安联锐视（301042.SZ） 证券研究报告/公司深度报告 2025 年 12 月 18 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：王可 | | 营业收入（百万元） | | 688 | 691 | 430 | 662 | 924 | | | | 增长率 yoy% | | -13% | 0% | -38% | 54% | 40% | | 执业证书编号：S0740519080001 | | 归母净利润（百万元） | | 93 | 71 | 30 | 86 | 128 | | Email：wangke03@zts.com.cn | | 增长率 yoy% | | -10% | -23% | -58% | 187% | 50% | | | | 每股收益（元） ...

Core Viewpoint - The actual controller of Zhongwei Electronics will change to Fu Yingbo after a control rights transfer, with the transaction expected to complete by December 12, 2025 [2][6][7]. Group 1: Control Rights Change - The announcement states that Xinxiang Investment Fund No. 1 will remain the controlling shareholder, while the actual controller will shift from the Xinxiang Municipal Government to Fu Yingbo [6][7]. - After the completion of the transaction, the acquirer and its concerted parties will collectively control 22.00% of the shares of Zhongwei Electronics [7]. - Fu Yingbo is currently the CEO of Baiwang Co., Ltd. and has a background in data intelligence transformation [7]. Group 2: Company Background - Zhongwei Electronics, established in 2000, specializes in security video surveillance transmission technology and products, focusing on AI video applications and industry IoT solutions [7][8]. - The company provides standardized and replicable system solutions for various sectors, including smart highways, smart transportation, and smart city management, leveraging its "Zhongwei Cloud" AIoT video cloud platform [8]. Group 3: Historical Context - In 2022, Henan State-owned Assets took control of Zhongwei Electronics, with Xinxiang Investment Fund No. 1 officially completing its acquisition of the company in May 2022 [8].

上述权益变动完成后，公司控股股东仍为新乡产业基金壹号，公司实际控制人由新乡市人民政府变更为 付英波。 经公司向深圳证券交易所申请，公司股票自2025年12月12日（星期五）上午开市起复牌。 每经AI快讯，中威电子（SZ 300270，收盘价：11.25元）12月11日晚间发布公告称，公司于2025年12月 4日收到公司控股股东新乡市新投产业并购投资基金壹号合伙企业（有限合伙）的通知，获悉其正在筹 划公司控制权变更相关事宜，该事项可能导致公司实际控制人发生变更。 2025年12月10日，济南君川科技合伙企业（有限合伙）（以下简称"济南君川"）与新乡市新投产业并购 投资基金合伙企业（有限合伙）（以下简称"新乡产业基金"）签署了《有限合伙财产份额转让协议》， 济南君川拟协议受让新乡产业基金所持新乡市新投产业并购投资基金壹号合伙企业（有限合伙）（以下 简称"新乡产业基金壹号"）55.00%有限合伙财产份额并成为新乡产业基金壹号有限合伙人。同日，济南 君川执行事务合伙人北京九岱科技有限公司（以下简称"九岱科技"）与北京海厚泰资本管理有限公司 （以下简称"海厚泰"）签署《普通合伙财产份额转让协议》，九岱科技拟协议受让海厚 ...

每经AI快讯，中威电子（SZ 300270，收盘价：11.25元）12月10日晚间发布公告称，公司第五届第二十 五次董事会会议于2025年12月10日在公司18楼会议室以现场和通讯表决相结合的方式召开。会议审议了 《关于修订〈公司章程〉的议案》等文件。 2024年1至12月份，中威电子的营业收入构成为：安防视频监控行业占比42.35%，平安城市和智能交通 占比41.36%，其他行业占比8.27%，能源占比8.02%。 截至发稿，中威电子市值为34亿元。 每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 （记者 王瀚黎） ...

长江商报记者发现，2008年上市以来，大华股份累计派发现金分红97亿元，派息融资比148.98%。 大华股份主营安防视频监控产品的研发、生产和销售，近年来，公司加码人工智能领域布局。为此，公司研发投 入不菲。 行业龙头大华股份（002236.SZ）继续通过二级市场回购股份。 11月12日晚，大华股份公告，截至2025年11月12日，公司累计回购公司股份约 3330.09万股（含2023年回购的股 份），占总股本的1.01%，累计成交金额约6.55亿元。公司回购计划将继续进行。 长江商报消息 ●长江商报记者 沈右荣 2023年8月25日，大华股份曾公告，公司使用自有资金以集中竞价交易的方式回购公司部分股份用于实施股权激励 或员工持股计划，回购资金总额不低于4亿元且不超过6亿元，回购价格不超过31.71元/股。 2023年10月31日，大华股份披露回购股份进展，当年8月30日至10月27日期间，公司累计回购公司股份1981.96万 股，占公司当时总股本的 0.60%，最高成交价为 21.70 元/股，最低成交价为19.70元/股，成交总金额约为4.20亿元 （不含交易费用）。 由此可见，2025年的回购股份计划， ...

融资方面，安联锐视当日融资买入8241.18万元。当前融资余额3.74亿元，占流通市值的8.38%，融资余 额超过近一年90%分位水平，处于高位。 责任编辑：小浪快报 融券方面，安联锐视11月12日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 截至11月10日，安联锐视股东户数5862.00，较上期减少8.45%；人均流通股11256股，较上期增加 9.23%。2025年1月-9月，安联锐视实现营业收入3.34亿元，同比减少39.63%；归母净利润1516.66万元， 同比减少79.85%。 11月12日，安联锐视涨4.03%，成交额2.12亿元。两融数据显示，当日安联锐视获融资买入额8241.18万 元，融资偿还2158.70万元，融资净买入6082.49万元。截至11月12日，安联锐视融资融券余额合计3.74 亿元。 分红方面，安联锐视A股上市后累计派现3.77亿元。近三年，累计派现2.53亿元。 资料显示，珠海安联锐视科技股份有限公司位于广东省珠海市国家高新区科技六路100号，成立日期 200 ...

Group 1 - The core point of the article is that Tongwei Co., Ltd. (SZ 002835) announced a board meeting to discuss amendments to the company's articles of association, reflecting ongoing governance and operational adjustments [1] - For the first half of 2025, the company's revenue composition is entirely from the security video surveillance industry, indicating a focused business strategy [1] - As of the report date, the market capitalization of Tongwei Co., Ltd. is 3.8 billion yuan, highlighting its financial standing in the market [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant recovery after a decade of stagnation, with technology leading the market's resurgence [1] - The emergence of a "slow bull" market pattern suggests a new investment landscape, potentially benefiting companies in the technology sector [1]

Group 1 - The core point of the article is that Zhongwei Electronics (SZ 300270) announced its board meeting and discussed its Q3 2025 report, highlighting its revenue composition across various sectors [1] - The company's revenue for the year 2024 is structured as follows: 42.35% from the security video surveillance industry, 41.36% from safe city and intelligent transportation, 8.27% from other industries, and 8.02% from energy [1] - As of the report, Zhongwei Electronics has a market capitalization of 3.4 billion yuan [1]

Core Viewpoint - Allianz Ruishi's stock price dropped by 6.54% to 61.26 CNY per share, with a total market capitalization of 4.271 billion CNY as of the report date [1] Company Overview - Zhuhai Allianz Ruishi Technology Co., Ltd. is located in Zhuhai, Guangdong Province, established on August 6, 2007, and listed on August 5, 2021 [1] - The company specializes in the research, development, production, and sales of security video surveillance products, with 99.63% of its revenue coming from these products and 0.37% from other sources [1] Fund Holdings - Penghua Fund has a significant holding in Allianz Ruishi, with its Penghua Innovation Power Mixed Fund (LOF) holding 385,200 shares, accounting for 4.71% of the fund's net value, making it the seventh-largest holding [2] - The fund has experienced a floating loss of approximately 1.6525 million CNY due to the stock's decline [2] - The Penghua Innovation Power Mixed Fund (LOF) was established on June 10, 2019, with a current size of 337 million CNY and has achieved a year-to-date return of 41.23% [2]

Group 1 - The core viewpoint of the news is that Allianz Vision has experienced a decline in stock price and financial performance, with significant changes in financing and shareholder metrics [1][2]. Group 2 - On August 25, Allianz Vision's stock price fell by 0.88%, with a trading volume of 95.16 million yuan. The financing buy-in amount for the day was 15.53 million yuan, while the financing repayment was 13.27 million yuan, resulting in a net financing buy-in of 2.26 million yuan. The total financing and securities balance reached 158 million yuan [1]. - The financing balance of Allianz Vision is currently 158 million yuan, accounting for 5.46% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level [1]. - As of August 25, there were no shares sold or repaid in the securities lending market, with a securities lending balance of 0.00 yuan, also indicating a high level compared to the past year [1]. Group 3 - As of August 20, Allianz Vision had 9,545 shareholders, an increase of 0.89% from the previous period, while the average circulating shares per person decreased by 0.88% to 6,912 shares [2]. - For the first quarter of 2025, Allianz Vision reported an operating income of 100 million yuan, a year-on-year decrease of 28.45%, and a net profit attributable to the parent company of 6.92 million yuan, down 38.11% year-on-year [2]. - Since its A-share listing, Allianz Vision has distributed a total of 377 million yuan in dividends, with 253 million yuan distributed over the past three years [2].