每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 （记者 曾健辉） 每经AI快讯，卧龙电驱（SH 600580，收盘价：40.52元）11月20日晚间发布公告称，公司九届二十一次 董事会临时会议于2025年11月19日以现场结合通讯表决方式召开。会议审议了《关于向2025年限制性股 票激励计划激励对象首次授予限制性股票的议案》等文件。 2024年1至12月份，卧龙电驱的营业收入构成为：工业电机及驱动占比55.8%，日用电机及控制占比 24.21%，风光储氢占比7.64%，电动交通占比4.97%，其他占比4.96%。 截至发稿，卧龙电驱市值为633亿元。 ...

格隆汇11月19日丨通达动力(002576.SZ)在互动平台表示，目前公司生产的伺服电机铁芯，可适用于机 器人的驱动电机。 ...

中金发布研报称，首次覆盖德昌电机控股(00179)，给予"跑赢行业"评级，目标价43.6港元，相当于预测 2026及2027财年市盈率分别20倍及18.9倍。中金表示，公司是全球微电机龙头企业，进军人形机器人及 液冷新领域，因公司是汽车微电机领军企业，深度覆盖全球市场多年。汽车电动化趋势下微电机市场持 续扩容，公司优势稳固，加码人形机器人及液冷领域，打造新增长点。 ...

Group 1 - Jiangte Electric's stock increased by 5.54%, reaching 12.58 CNY per share, with a trading volume of 1.728 billion CNY and a turnover rate of 8.23%, resulting in a total market capitalization of 21.466 billion CNY [1] - Jiangte Electric, established on May 11, 1995, and listed on October 12, 2007, is primarily engaged in lithium mica mining and lithium carbonate processing, as well as the research, production, and sales of special motors [1] - The company's revenue composition includes 49.80% from motor products, 47.21% from lithium mining and lithium salt manufacturing, and 2.45% from other supplementary products [1] Group 2 - Guotai Fund has a significant holding in Jiangte Electric, with the Guotai CSI Machine Tool ETF (159667) increasing its stake by 2.1532 million shares in the third quarter, bringing its total holdings to 3.887 million shares, which accounts for 3.33% of the fund's net value [2] - The Guotai CSI Machine Tool ETF (159667) was established on October 12, 2022, with a current size of 1.17 billion CNY, achieving a year-to-date return of 44.11% and a one-year return of 52.41% [2] - The fund manager, Miao Mengyu, has been in the position for 4 years and 54 days, with the fund's total assets amounting to 7.268 billion CNY, and the best return during the tenure being 56.07% [3]

11月19日，江特电机涨5.54%，截至发稿，报12.58元/股，成交17.28亿元，换手率8.23%，总市值214.66 亿元。 资料显示，江西特种电机股份有限公司位于江西省宜春市袁州区环城南路581号，成立日期1995年5月11 日，上市日期2007年10月12日，公司主营业务涉及锂云母采选及碳酸锂加工,特种电机研发、生产和销 售。主营业务收入构成为：电机产品49.80%，锂矿采选及锂盐制造业47.21%，其他(补充)2.45%，其他 主营产品0.54%。 责任编辑：小浪快报 截至发稿，赵宗庭累计任职时间8年219天，现任基金资产总规模3558.65亿元，任职期间最佳基金回报 121.58%， 任职期间最差基金回报-32.63%。 从基金十大重仓股角度 数据显示，华夏基金旗下1只基金重仓江特电机。华夏中证机床ETF（159663）三季度增持12.75万股， 持有股数48.1万股，占基金净值比例为3.36%，位居第十大重仓股。根据测算，今日浮盈赚取约31.75万 元。 华夏中证机床ETF（159663）成立日期2022年10月12日，最新规模1.43亿。今年以来收益42.82%，同类 排名713/4208； ...

Group 1 - The core point of the article highlights the recent decline in the stock price of Huari Electric Co., Ltd., which fell by 5.12% to 13.53 CNY per share, with a trading volume of 1.22 billion CNY and a turnover rate of 4.89%, resulting in a total market capitalization of 24.35 billion CNY [1] - Huari Electric, established on February 12, 1996, and listed on March 20, 2017, specializes in the research, production, sales, and service of small power motors and micro-special motor commutators. The revenue composition includes: fully plastic type 42.57%, others (supplementary) 26.42%, ordinary type 23.97%, coil type 6.10%, and others 0.94% [1] Group 2 - From the perspective of major circulating shareholders, Citic Prudential Fund's multi-strategy mixed fund (LOF) A (165531) entered the top ten circulating shareholders of Huari, holding 850,700 shares, which accounts for 0.47% of circulating shares. The estimated floating loss today is approximately 621,000 CNY [2] - The Citic Prudential multi-strategy mixed fund (LOF) A (165531) was established on June 16, 2017, with a latest scale of 1.133 billion CNY. Year-to-date returns are 49.61%, ranking 813 out of 8138 in its category; the one-year return is 53.72%, ranking 666 out of 8055; and since inception, the return is 153.34% [2] Group 3 - The fund manager of Citic Prudential multi-strategy mixed fund (LOF) A (165531) is Wang Ying, who has been in the position for 8 years and 279 days. The total asset scale of the fund is 4.904 billion CNY, with the best fund return during the tenure being 52.85% and the worst being -8.42% [3] - The Citic Prudential multi-strategy mixed fund (LOF) A (165531) has Huari as one of its top holdings, with 850,700 shares representing 0.46% of the fund's net value, ranking as the seventh largest holding. The estimated floating loss today is approximately 621,000 CNY [4]

Group 1 - Jiangnan Yifan announced the release of 1.6 million shares from pledge by its controlling shareholder Liu Jincheng, who has a total of 13 million shares pledged, accounting for 42.78% of his holdings [1] - The company's revenue composition for the year 2024 is projected to be 98.87% from electric motors and 1.13% from other businesses [1] - As of the announcement, Jiangnan Yifan's market capitalization is 3 billion yuan [2]

Core Viewpoint - Dechang Motor Holdings (00179) experienced a decline of over 5%, closing at HKD 29.36 with a trading volume of HKD 48.88 million, as analysts express concerns over the company's limited disclosure on new business plans and the potential for a significant revaluation based on future updates [1][1][1] Financial Performance - The mid-term results for Dechang Motor Holdings, ending September, met expectations according to Morgan Stanley [1] - Citigroup noted that management anticipates moderate revenue growth for the second half of the fiscal year ending March 2026, with both Automotive Products (APG) and Industrial Products (IPG) segments expected to show growth [1][1] Business Outlook - The company has provided limited details regarding the progress of its new business initiatives, particularly in AIDC and robotics, which is likely to maintain a subdued market sentiment [1] - Citigroup believes that significant growth momentum may not be observed until the fiscal year 2027, with new businesses (AI liquid cooling pumps and humanoid robot joints) projected to account for only 3% of total sales in that year, insufficient to justify a substantial revaluation this year [1][1] Stock Performance - The company's stock price has increased approximately 2.8 times this year, attributed to the long-term growth potential of the two new business segments, although Citigroup argues that the stock is currently overvalued compared to its fundamentals [1][1][1]

花旗指出，公司管理层预计明年3月底止2026财年下半年收入将实现温和增长，其中汽车产品(APG)和 工业产品(IPG)两个分部均可能录得增长。惟该行认为增长势头最早可能要到2027财年才会见到，且两 大新业务(AI液冷泵及人型机械人关节)在2027财年预计总销售额中仅佔3%，不足以支持今年大幅重 估。花旗提及，公司今年以来股价累升约2.8倍，就是因为两大新业务，管理层强调有长期增长潜力。 但该行认为，公司股价已被过度重估，远较基本面超前。 小摩发布研报称，德昌电机控股9月底止中期业绩符合预期。公司于财报简报会中对新业务计划仍仅提 供极有限细节，延续其一贯的沟通风格。在缺乏更多关于AIDC及机器人订单进度的披露下，预期对该 股市场情绪将维持冷淡，认为任何关于这些业务渠道的具体更新皆可能触发显著的估值重估。 德昌电机控股(00179)跌超5%，截至发稿，跌5.53%，报29.36港元，成交额4887.62万港元。 ...

Core Viewpoint - Xiangming Intelligent experienced a stock price increase of 6.39%, reaching 31.31 CNY per share, with a trading volume of 41.32 million CNY and a turnover rate of 1.25%, resulting in a total market capitalization of 3.41 billion CNY [1] Group 1: Company Overview - Xiangming Intelligent Power Co., Ltd. is located at 518 Zhongwu Avenue, Changzhou, Jiangsu Province, and was established on December 22, 1995, with its listing date on March 25, 2022 [1] - The company's main business involves the research, production, and sales of micro-special motors, fans, and intelligent components [1] - The revenue composition of the main business is as follows: fans 51.21%, motors 44.71%, and intelligent components 4.08% [1] Group 2: Shareholder Information - According to data, Bodao Fund has one fund among the top ten circulating shareholders of Xiangming Intelligent, specifically Bodao Growth Zhihang Stock A (013641), which entered the top ten in the third quarter with 816,400 shares, accounting for 0.75% of circulating shares [2] - The fund has a latest scale of 2.245 billion CNY and has achieved a return of 43.88% this year, ranking 727 out of 4,212 in its category [2] - The fund manager, Yang Meng, has a cumulative tenure of 7 years and 103 days, with a total asset scale of 18.856 billion CNY, achieving the best fund return of 171.53% during his tenure [2]