（编辑 任世碧） 证券日报网讯 11月18日晚间，锐捷网络发布关于首次公开发行前已发行股份解除限售并上市流通的提 示性公告称，本次解除限售并上市流通的股份为公司首次公开发行前已发行的股份。解除限售股份的股 东户数为2户，解除限售股份数量为700，000，000股，占公司总股本的比例为88.00%。限售期限为自 公司首次公开发行的股票上市之日起36个月。本次解除限售股份的上市流通日期为2025年11月21日（星 期五）。 ...

Core Viewpoint - Sichuan Huiyuan Communication Co., Ltd. plans to raise up to 610 million yuan through a private placement of A-shares, with all proceeds intended for working capital replenishment [1] Group 1: Fundraising Details - The company intends to issue no more than 53.65 million shares at a price of 11.37 yuan per share, with the sole subscriber being Hefei Dingyun Technology Industry Development Partnership [1] - The issuance constitutes a related party transaction as Dingyun Industry is controlled by the company's chairman, Li Hongxing [1] Group 2: Shareholding and Control Changes - Following the issuance, Dingyun Industry will become the controlling shareholder, and Li Hongxing will officially assume the role of actual controller [1] - The company previously entered a state without a controlling shareholder or actual controller due to the auction of shares held by its former largest shareholder [1] Group 3: Business Overview - Huiyuan Communication specializes in power optical cables and online monitoring systems, primarily serving State Grid and Southern Power Grid with customized optical cable products [2] - The company aims to expand its plastic optical fiber cable business and plans to invest more funds for capacity expansion and technological upgrades, leveraging its established market position and customer trust [2]

Market Overview - Global stock markets experienced a significant decline, with the Korean Composite Index and Nikkei 225 both dropping over 3% [1] - A-shares also fell, with 4,106 stocks closing down, particularly in coal, power equipment, steel, and non-ferrous metals sectors [1] - The Shanghai Composite Index closed down 0.81% at 3,939.81 points, while the ChiNext Index fell 1.16% to 3,069.22 points [2] Sector Performance - The TMT (Technology, Media, and Telecommunications) sector showed resilience, with the media sector rising by 1.6% [7] - Semiconductor, computer software, and Huawei HiSilicon concepts saw gains, while sectors like power battery recycling, phosphorus chemical, and coal experienced significant declines [4] - Among 31 first-level industries, 26 sectors closed down, with coal, power equipment, steel, and non-ferrous metals each dropping around 3% [5] Trading Activity - Daily trading volume slightly increased from 1.93 trillion yuan to 1.95 trillion yuan, indicating active leverage funds [2] - Margin trading balance in Shanghai and Shenzhen returned to 2.5 trillion yuan as of November 17 [2] Investment Sentiment - Market sentiment remains cautious due to external market declines and the need for A-shares to correct [1] - Investors holding heavy positions in technology stocks are advised to reduce their holdings, particularly in thematic technology stocks [1][11] Future Outlook - Analysts suggest a "dual-line layout" strategy, focusing on undervalued financial and dividend sectors while also participating in TMT segments with potential for rebound [12] - The long-term trend for technology remains positive, with ongoing support from policies and rapid development in AI and semiconductor sectors [11][13]

Core Insights - The company announced the establishment of a wholly-owned subsidiary, Qingdao Dingxin Zhidian Energy Storage Technology Co., Ltd., to meet strategic development and operational needs [1] - The registered capital of the new subsidiary is RMB 5 million [1] - The wholly-owned subsidiary, Qingdao Zhidian New Energy Technology Co., Ltd., holds 100% equity in the newly established company [1] - The new subsidiary has completed the business registration process and obtained a business license [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The acquisition of a 19% stake in Baicai Bang by the company's wholly-owned subsidiary Mingcheng Jinkong is aimed at expanding into the advanced communication sector [1][8] - The company is expected to benefit from resource synergy and open a second growth curve through this acquisition, especially as the real estate sector begins to stabilize [24] Summary by Sections 1. Baicai Bang as an Emerging Communication Network Equipment Provider - Baicai Bang focuses on 5G/4G/2G mobile communication and future integrated communication solutions (6G), covering both terrestrial and aerial communication sectors [13] - The founding team has strong expertise and a solid shareholder background, including support from notable investment institutions [13][20] 2. Acquisition Achieves Resource Synergy and Expands into Emerging Communication Fields - Baicai Bang possesses end-to-end network solution capabilities, breaking the technical monopoly of traditional communication giants [21] - The market for Baicai Bang is characterized by vast space and rapid growth, particularly in emerging markets and vertical industries [22] - The company has established a global marketing network, serving over 1,400 clients across more than 100 countries [20] 3. Investment Recommendations - The report revises the net profit forecast for 2025-2026 to RMB 280 million (previously RMB 143 million) and RMB 249 million (previously RMB 129 million) respectively, with a 2027 forecast of RMB 268 million [24]

Core Viewpoint - The company has completed internal verification of its self-developed electrolyte and membrane technology, but commercial application will take more time [1] Group 1 - The company's electrolyte and membrane technology has undergone successful internal validation [1] - Systematic debugging of the technology is still being optimized [1] - Commercialization of the technology is not expected to occur immediately [1]

Core Viewpoint - The company emphasizes the importance of 6G communication technology and has initiated relevant research and development efforts to align with market demands and customer needs [1] Group 1 - The company is actively conducting preliminary research and layout work related to 6G technology [1] - The company has started the development of corresponding processes and products based on customer and market demands [1] - The company will continuously track the evolution of 6G technology and the standard-setting process to seize industry development opportunities [1] Group 2 - The company aims to ensure timely provision of supporting technologies and product solutions as the development of 6G progresses [1]

限售期限为自公司首次公开发行的股票上市之日起36个月，上市流通日期为2025年11月21日。本次解除 限售前后股本结构变动情况如下： 11月18日，锐捷网络（301165）发布公告，本次解除限售并上市流通的股份为公司首次公开发行前已发 行的股份，解除限售股份的股东户数为2户，解除限售股份数量为7亿股，占公司总股本的比例为88%。 2025年前三季度，锐捷网络实现收入106.80亿元，归母净利润6.80亿元。 本次解除限售股份的股东分别为福建星网锐捷通讯股份有限公司和厦门锐进东方企业管理咨询合伙企业 （有限合伙）。 | 类别 | 本次变动前 | | 本次变动股份 | 本次变动后 | | | --- | --- | --- | --- | --- | --- | | | 数量 | 占总股本比 | 数 | 数量 | 占总股本比 | | | | 例 | | | 例 | | 一、有限售条 件流通股 | 700,000,000 | 88.00% | -700,000,000 | | | | 其中:高管锁 定股 | | | | | | | 首 发 前 限售股 | 700,000,000 | 88.00% | -700,00 ...

汇源通信公告，公司2025年度拟向特定对象发行A股股票，发行股票数量不超过5365万股，募集资金总 额不超过6.1亿元，扣除发行费用后的募集资金净额拟全部用于补充流动资金。本次发行完成后，公司 控股股东将变更为合肥鼎耘科技产业发展合伙企业（有限合伙），实际控制人将变更为李红星先生。公 司股票将于2025年11月19日复牌。 ...

Price Movements - The price of physical gold from Zhouliufu is quoted at 1257 CNY per gram on November 18, 2025, down by 14 CNY from the previous trading day [1] - Platinum is priced at 594 CNY per gram, a decrease of 4 CNY from the previous day [1] - Gold bar prices are quoted at 1152 CNY per gram, also down by 14 CNY from the previous trading day [1] Market Context - Saudi Crown Prince Mohammed bin Salman is visiting Washington and will hold a U.S.-Saudi Investment Forum on November 19 at the John F. Kennedy Center for the Performing Arts [1] - The forum is expected to gather CEOs from top U.S. companies, including Chevron, Qualcomm, Cisco, General Dynamics, and Pfizer [1]