Core Viewpoint - Yihua Co., Ltd. is strategically positioning itself to capitalize on the global energy transition and power system transformation, particularly in the electric balance system (EBOS) sector, as indicated by its recent developments and partnerships with U.S. clients [1][4]. Group 1: Company Developments - Yihua Co., Ltd. has established a dedicated supply chain for components related to the electric balance system (EBOS) in response to its U.S. clients' strategic development plans [1]. - The company reported a revenue of 3.045 billion yuan in the first half of 2025, with connector business revenue reaching 1.214 billion yuan, marking a year-on-year growth of 9.06% [2]. - The revenue from communication connector products significantly increased to 601 million yuan, reflecting a substantial growth of 28.14% [2]. Group 2: Market Opportunities - The implementation of the "Special Action Plan for Optimizing Power System Regulation Capacity (2025-2027)" by the National Development and Reform Commission and the National Energy Administration aims to enhance the power system's regulation capabilities, creating vast market opportunities for power equipment industry chain enterprises [1]. - The recent policies emphasize the importance of energy equipment in constructing a new energy system, indicating a favorable environment for companies like Yihua Co., Ltd. [1]. Group 3: Competitive Advantages - Yihua Co., Ltd. possesses strong independent mold development capabilities, with precision machining reaching up to 0.002mm, which supports product quality and delivery speed [3]. - The company has developed automated assembly and testing equipment for high-speed connectors and optical modules, effectively controlling manufacturing costs and improving production efficiency [3]. - Yihua Co., Ltd. has established a global supply network with production bases in the U.S. and Thailand, enhancing its market competitiveness and ability to respond to regional customer demands [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The target price of Rui Convertible Bond on the first day of listing is expected to be in the range of 129 - 134 yuan, and investors are advised to actively subscribe. The expected conversion premium rate on the first day of listing is in the range of 32% - 37% [3][20]. - The expected first - day lottery winning rate of the convertible bond subscription is around 0.0063% - 0.0075% [21]. 3. Summary According to Relevant Catalogs 3.1. Rui Convertible Bond New Issue Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The issuance method of Rui Convertible Bond is priority placement and online issuance, with both the bond and the issuer rated AA-. The issuance scale is 1 billion yuan, the initial conversion price is 73.85 yuan, the convertible bond parity on November 14, 2025, is 97.49 yuan, the pure bond value is 92.79 yuan, and the game terms are normal. Overall, the bond issuance scale is average, the liquidity is average, the rating is acceptable, and the bond floor protection is good [2][16]. 3.1.2. Analysis of New Bond Initial Listing Price - The company's main business is the R & D, production, sales, and service of connection system products. The funds raised will be used for the renovation and upgrade projects of high - frequency high - speed connection systems and intelligent energy connection systems, with the rest for working capital. This will help the company maintain its leading position and enhance its competitiveness [19]. - Based on market environment and parity level, the first - day conversion premium rate of Rui Convertible Bond is expected to be in the range of 32% - 37%, corresponding to a first - day target price of 129 - 134 yuan [3][20]. 3.1.3. Analysis of Convertible Bond New Issue Lottery Winning Rate - Assuming the old shareholders' placement ratio is 35% - 45%, the scale of Rui Convertible Bond available to the market is 550 million - 651 million yuan. With an assumed online effective subscription of 8.67 million households, the lottery winning rate is around 0.0063% - 0.0075% [21]. 3.2. Underlying Stock Fundamental Analysis 3.2.1. Company's Main Business and Industry Up - and Downstream Situation - The company is engaged in the R & D, production, sales, and service of connection system products, with a complete product chain and R & D and production capabilities for various connection systems. It has established long - term partnerships with well - known customers [22]. - The upstream suppliers are basic raw material and accessory industries with sufficient supply, which helps stabilize and reduce manufacturing costs. The downstream application fields of connectors are extensive, and the development of downstream industries such as new energy vehicles will drive the connector manufacturing industry [22][23]. 3.2.2. Company's Operating Conditions - The company's revenue has shown a fluctuating upward trend from 2022 to H1 2025, with the new energy sector's revenue accounting for an increasing proportion. The comprehensive gross margin has slightly decreased, and the net profit margin has fluctuated. The company's R & D and other expenses have generally increased, and the accounts receivable situation is relatively good, but the net profit attributable to the parent company has fluctuated greatly [26][29][31]. 3.2.3. Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the company's equity structure is relatively dispersed. Wu Shijun is the largest shareholder, and Huang Bo is the second - largest shareholder. Wu Shijun is the controlling shareholder and actual controller [45]. 3.2.4. Company's Business Characteristics and Advantages - The company has a complete product chain and offers comprehensive connection system solutions. It has advantages in technology R & D, continuous process innovation, and customer resources [49][52]. 3.2.5. Allocation of This Fund - Raising - The company plans to issue convertible bonds to raise up to 1 billion yuan. After deducting issuance fees, 500 million yuan will be used for the renovation and upgrade project of high - frequency high - speed connection systems, 200 million yuan for the renovation and upgrade project of intelligent energy connection systems, and the remaining 300 million yuan for working capital [14][53]. - The high - frequency high - speed connection system project will add a production capacity of 5.56 million sets, with expected post - tax internal rate of return of 15.94% and a payback period of 7.47 years. The intelligent energy connection system project will add a production capacity of 6.7 million sets, with an expected post - tax internal rate of return of 13.84% and a payback period of 7.69 years [53][54].

Core Viewpoint - Chuangyitong (300991.SZ) identifies SanDisk as a core customer, indicating a strong relationship that may influence future sales and product development [1] Group 1: Customer Relationship - SanDisk is highlighted as a key customer for the company, emphasizing the importance of this partnership in driving sales and market presence [1] Group 2: Product Pricing Dynamics - The pricing of storage products is primarily affected by fluctuations in storage chip prices, suggesting that the company may face challenges in maintaining margins if chip prices are volatile [1] - The sales price of the company's storage connectors remains relatively stable, indicating a potential buffer against the volatility seen in storage chip pricing [1]

Core Viewpoint - The company provides optoelectronic liquid interconnection solutions for the new generation of information technology and data center fields [1] Group 1: Brain-Computer Interface - The company offers lightweight and quick ICP series plastic plug-and-play connectors and components for connecting collected brainwave signals to peripheral devices [1] Group 2: Medical Robotics - The company provides integrated mixed transmission of network signals, control signals, and power signals through the MG series connectors and components, facilitating stable and efficient operation of medical robots [1]

Core Insights - Yonggui Electric has entered into a strategic partnership with Zhiyuan Robotics to explore the application of connectors and harnesses in humanoid robots, aiming for mutual development and innovation in both fields [1][2]. Group 1: Strategic Partnership - The framework agreement between Yonggui Electric and Zhiyuan Robotics focuses on leveraging each company's core strengths for resource sharing and complementary advantages [1]. - The partnership aims to accelerate the commercial application of humanoid robots in connector intelligent manufacturing and industry applications [1][2]. Group 2: Financial Performance - In the first three quarters of this year, Yonggui Electric achieved a revenue of 1.586 billion yuan, representing a year-on-year growth of 15.68% [2]. - The company has secured an intention order of 1.944 billion yuan for a project involving the production of 9.12 million sets of vehicle-mounted connectors, indicating strong demand in the automotive sector [2]. Group 3: Future Developments - The strategic cooperation agreement is a framework and does not involve specific transaction amounts; further details will depend on subsequent agreements and negotiations [3]. - The specific cooperation content and related agreements will be determined in future formal agreements, highlighting the uncertainty in the project's progression [3].

PART.02 近日，神舟二十一号载人飞船搭载长征二号F遥二十一运载火箭划破酒泉夜空，精准进入预定轨道，发射取得圆满成功。在这场万众瞩目的航 天任务中，长虹控股集团旗下四川华丰科技股份有限公司研制的高速连接器正默默发挥关键作用——为飞船交会对接的精准协同、宇航员生理 数据的实时监测，提供"数据高速零损耗传输"保障。 "虽然已经多次为神舟系列载人飞船提供特种产品，但每一次发射我们仍然十分关注，看到成功发射的消息，我们的心也踏实了！"长虹华丰科 技神舟二十一号项目研发团队负责人的感慨，不仅是企业服务国家重大工程的担当写照，更揭开了其背后一段从"卡脖子"困境突围、终成行业 领跑者的自主创新之路。 PART.01 一年破十年壁垒 "七号工程"啃下"卡脖子"硬骨头 "别人把'命门'攥在手里时，才懂'自主可控'这四个字重逾千斤。"长虹华丰科技自主创新负责人刘兴平的话，道尽了2018年行业危机时的紧迫 感。彼时，高速背板连接器作为通讯设备的"神经中枢"，长期被国际巨头垄断，国内通讯产业陷入"断供"风险。"要把自主权攥在自己手 里！"带着这份决心，长虹华丰科技火速组建"七号工程"攻坚团队，打响了一场与时间赛跑的突围战。 当时 ...

Core Insights - Yonggui Electric (300351) announced a strategic cooperation intention with Zhiyuan Innovation (Shanghai) Technology Co., Ltd. to explore applications of connectors and wiring harnesses in humanoid robots and vice versa [1][2] - The collaboration aims to leverage Yonggui Electric's deep understanding of the intelligent equipment industry in connector manufacturing and Zhiyuan Robot's leading core technology in embodied intelligent robots [1] - This partnership is aligned with the company's strategic development needs and is expected to facilitate business transformation and innovation, promoting the commercialization of humanoid robots in intelligent manufacturing [1] Company Overview - Yonggui Electric specializes in the research, development, manufacturing, sales, and technical support of various electrical connectors, connector components, and precision intelligent products [2] - The company is headquartered in Taizhou, Zhejiang, with R&D centers and production bases in Sichuan, Shenzhen, Shanghai, and Jiangsu [2] - As of the first three quarters of 2025, Yonggui Electric achieved revenue of 1.586 billion yuan, a year-on-year increase of 15.68%, and a net profit attributable to shareholders of 71 million yuan [2]

Core Viewpoint - The company, Yonggui Electric, has entered into a strategic cooperation agreement with Zhiyuan Innovation (Shanghai) Technology Co., Ltd. to explore applications of connectors and wiring harnesses in humanoid robots, as well as innovations in the connector manufacturing sector [1][5]. Summary by Sections 1. Basic Situation of the Framework Agreement - Yonggui Electric and Zhiyuan Innovation have signed a framework cooperation agreement aimed at leveraging their core strengths through resource sharing and complementary advantages to achieve mutual development [5]. - The agreement is a framework type and does not require approval from the company's board of directors or shareholders [5]. 2. Nature of the Strategic Cooperation Agreement - The strategic cooperation agreement is based on the willingness of both parties and is an intention-based arrangement, with specific cooperation details to be defined in subsequent formal agreements [6]. - The agreement does not specify any transaction amounts and is expected to have no significant impact on the company's current year operating performance; future impacts will depend on the execution of subsequent agreements [6].

Investment Rating - The investment rating for the company is "Add" [2] Core Insights - The company reported a revenue of 1.659 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 121.47%, and a net profit of 223 million yuan, marking a turnaround from a loss in the previous year [5][6] - The acceleration in data center construction, driven by advancements in artificial intelligence, cloud computing, and big data technologies, is expected to further boost the company's revenue from communication-related products [6] - The company has a full order book and high capacity utilization, indicating strong demand for its products [6] Financial Performance - The company achieved a quarterly revenue of 554 million yuan in Q3 2025, which is a 109.07% increase year-on-year but a 20.74% decrease quarter-on-quarter [6] - The projected revenues for 2025, 2026, and 2027 are 2.44 billion yuan, 3.65 billion yuan, and 4.73 billion yuan, respectively, with net profits expected to be 350 million yuan, 560 million yuan, and 800 million yuan [8][10] - The company’s earnings per share (EPS) are projected to improve from -0.04 yuan in 2024 to 1.74 yuan in 2027 [12] Market Position and Growth - The company is expanding its customer base for high-speed cable modules, collaborating with major manufacturers and internet companies [7] - The production capacity for high-speed cable modules has significantly increased, with further expansions planned based on customer demand [7] - The company is in the verification and small-batch stage for its CPU SOCKET products, with expectations for revenue growth starting next year [7]

Core Viewpoint - Ding Tong Technology's stock has experienced a decline of 5.27% over the past three days, with a current price of 89.05 yuan per share and a market capitalization of 12.396 billion yuan [1] Company Overview - Dongguan Ding Tong Precision Technology Co., Ltd. was established on June 11, 2003, and went public on December 21, 2020. The company specializes in the research, development, production, and sales of precision components for communication connectors and automotive connectors [1] - The revenue composition of Ding Tong Technology includes: - Communication connector housings: 41.36% - Automotive connector components: 25.82% - Precision structural parts for communication connectors: 16.53% - Other businesses: 9.19% - Precision molds: 5.46% - Mold parts: 1.65% [1] Fund Holdings - The Qianhai Kaiyuan Fund has a significant holding in Ding Tong Technology, with the Qianhai Kaiyuan Hong Kong-Shenzhen Enjoy Life Fund (004320) holding 205,600 shares, accounting for 7.65% of the fund's net value, making it the sixth-largest holding [2] - The fund has incurred a floating loss of approximately 213,800 yuan today, with total floating losses of 1,017,700 yuan during the three-day decline [2] - The Qianhai Kaiyuan Hong Kong-Shenzhen Enjoy Life Fund was established on May 12, 2017, with a current size of 255 million yuan. Year-to-date returns are 64.12%, ranking 363 out of 8,150 in its category [2]