格隆汇11月18日丨天禄科技(301045.SZ)在投资者互动平台表示，TFT型偏光片用TAC膜供应商以日韩企 业为主，尤其日本厂商的份额约80%，目前中国大陆TFT级TAC膜基本依赖进口。公司于2023年设立了 子公司安徽吉光，已引入位于TAC膜产业链下游的三利谱、显智链、北京电控产投以及毅鸣、毅司等股 东，联合产业各方合力打破日韩对TAC膜的垄断，助力我国面板产业链的自主可控。目前TAC膜项目已 完成主要生产设备的订购工作，重点推进厂房建设及跟进设备交货进度等工作。 ...

Group 1 - The stock price of Fangbang Co., Ltd. (688020) closed at 66.06 yuan on November 17, 2025, with an increase of 6.09% and a turnover rate of 4.22% [1] - The trading volume was 34,800 shares, with a total transaction amount of 226 million yuan [1] Group 2 - On November 17, the net outflow of main funds was 7.8075 million yuan, accounting for 3.45% of the total transaction amount [2][4] - Retail investors experienced a net outflow of 2.5248 million yuan, representing 1.11% of the total transaction amount [2] Group 3 - Fangbang Co., Ltd. provided a joint liability guarantee for its wholly-owned subsidiary, Zhuhai Dachuang Electronics Co., Ltd., for a bank loan of 100 million yuan from Agricultural Bank of China, with a guarantee period of three years [2][4] - The guarantee amount is within the approval limit of the company's board of directors and does not require further review [2] Group 4 - The company has established a management system for futures and derivatives trading to regulate trading behavior and mitigate risks [3] - The system stipulates that trading should only be related to hedging activities and prohibits speculative trading [3] - Transactions must be approved by the board of directors or shareholders, with significant amounts requiring shareholder approval [3]

Core Viewpoint - The company, Wogao Optoelectronics, announced the convening of its first meeting of the fifth board of directors on November 17, 2025, to review a proposal for extending the credit facility with banks [2] Group 1 - The board meeting is scheduled for November 17, 2025 [2] - The agenda includes a proposal to apply for an extension of the credit facility from banks [2]

Market Overview - The component sector increased by 0.73% on November 17, with Jinbai Ze leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Top Gainers in the Component Sector - Dengtianlu (301041) closed at 30.09, up 9.46% with a trading volume of 113,200 shares and a turnover of 331 million yuan [1] - Huazheng New Materials (603186) closed at 43.08, up 8.21% with a trading volume of 143,200 shares and a turnover of 605 million yuan [1] - Chaoying Electronics (603175) closed at 85.06, up 6.66% with a trading volume of 128,600 shares and a turnover of 1.051 billion yuan [1] Top Losers in the Component Sector - ST Dongjing (002199) closed at 9.23, down 3.85% with a trading volume of 56,000 shares and a turnover of 5.163 million yuan [2] - Jin'an Guoji (002636) closed at 16.11, down 3.30% with a trading volume of 365,900 shares and a turnover of 596 million yuan [2] - Xiehe Electronics (605258) closed at 34.38, down 1.72% with a trading volume of 27,000 shares and a turnover of 9.269 million yuan [2] Capital Flow Analysis - The component sector experienced a net outflow of 463 million yuan from institutional investors, while retail investors saw a net inflow of 62.235 million yuan [2] - The top net inflow from retail investors was seen in Chaoying Electronics (603175) with a net inflow of 1.10 million yuan [3] - Dengtianlu (301041) had a net inflow of 3.993 million yuan from institutional investors, but a net outflow of 5.362 million yuan from retail investors [3]

Core Viewpoint - Goldman Sachs has become more optimistic about AAC Technologies due to its new component (thermal plate) and favorable iPhone outlook [1] Financial Projections - The firm has raised its earnings forecasts for AAC Technologies for the years 2025 to 2027 by 1%, 4%, and 6% respectively, primarily reflecting increased revenue predictions from the thermal plate [1] - The increase in revenue is attributed to more smartphone models adopting the thermal plate and enhancements in smartphone specifications leading to higher unit content [1] Profitability Outlook - The firm maintains a positive view on the company's profit margin expansion due to product mix improvement, yield enhancement, and benefits from economies of scale in production [1] Target Price Adjustment - Based on a target price-to-earnings ratio of 25.6 times, Goldman Sachs has raised its target price for AAC Technologies from HKD 63.6 to HKD 68.6, maintaining a "Buy" rating [1]

Group 1 - The core focus of broker research in November has been on Chinese companies expanding overseas, with a total of 1990 research sessions conducted covering 398 A-share listed companies [1] - The most frequently researched stock this month is Trina Solar, which has been surveyed 39 times, followed by Luxshare Precision and Anji Technology, each with 36 surveys [1] - The industrial machinery and electronic components sectors have seen the highest interest, with 37 and 28 companies respectively being researched [1] Group 2 - Among the 398 stocks, 220 have seen price increases, with the highest increase being 189.46% for Huasheng Lithium Battery [1] - In terms of broker participation, CITIC Securities led with 102 research sessions, followed by Guotai Junan and Changjiang Securities with 99 and 77 sessions respectively [2] - The overseas expansion of Chinese companies has been a key topic during broker inquiries, with Trina Solar reporting significant growth in orders from high-margin markets like the US and Europe [2] Group 3 - The trend of Chinese companies going global is expected to significantly enhance their profit growth potential, as indicated by the performance of some representative companies exceeding market expectations [3] - The active research by brokers not only aids in value discovery and risk warning but also helps in understanding the cross-border financial needs of Chinese companies [3]

Group 1 - The core focus of broker research this month has been on Chinese companies expanding overseas, with a total of 1990 research sessions conducted covering 398 A-share listed companies [1] - The most frequently researched stock is Trina Solar, which has been surveyed 39 times, followed by Luxshare Precision and Anji Technology, both with 36 surveys [1] - The industrial machinery and electronic components sectors have seen the highest interest, with 37 and 28 companies respectively being researched [1] Group 2 - A total of 98 brokerage firms conducted research this month, with CITIC Securities leading with 102 surveys, followed by Guotai Junan and Changjiang Securities [2] - High-frequency questions during the research sessions indicate a strong interest in the overseas expansion of Chinese companies, with Trina Solar reporting significant growth in orders from high-margin markets like the US and Europe [2] - Tongyu Communication revealed that its overseas revenue has surpassed domestic revenue for the first time, becoming a key driver of growth [2] Group 3 - The trend of Chinese companies expanding overseas is seen as a significant market opportunity, attracting investor attention and guiding capital towards companies with global development prospects [3] - Some representative companies have exceeded market expectations in their overseas performance this year, indicating substantial profit potential [3]

Investment Rating - The investment rating for the industry is "Positive" and maintained [8] Core Viewpoints - The report highlights that Apple’s Q4 FY2025 revenue reached $416.16 billion, a year-on-year increase of 6.4%, with net profit at $112.01 billion, up 19.5%. The gross margin for the quarter was 47%, an increase of 1.0 percentage points, primarily due to product mix optimization [6][10] - For Q1 FY2026, Apple expects revenue growth of 10%-12% year-on-year, with a gross margin of 47%-48%, factoring in a $1.4 billion impact from tariff-related costs and operating expenses projected at $18.1-18.5 billion [6][10] - The report indicates that Apple's revenue by product segment for Q4 FY2025 includes: iPhone revenue of $49.03 billion (up 6.0%, 47.8% share), Mac revenue of $8.73 billion (up 12.7%, 8.5% share), iPad revenue of $6.95 billion (up 0.03%, 6.8% share), accessories revenue of $9.01 billion (down 0.3%, 8.8% share), and services revenue of $28.75 billion (up 15.1%, 28.1% share) [10] - Revenue by region shows: Americas at $44.19 billion (up 6.0%, 43.1% share), Europe at $28.70 billion (up 15.2%, 28.0% share), China at $14.49 billion (down 3.6%, 14.1% share), Japan at $6.64 billion (up 12.0%, 6.5% share), and Asia-Pacific (excluding China and Japan) at $8.44 billion (up 14.3%, 8.2% share) [10] - The report notes that tariff impacts resulted in $1.1 billion in costs for FY25Q4 and are expected to be $1.4 billion for FY26Q1. Apple has absorbed these costs to avoid passing them onto consumers, maintaining stable supply chain procurement prices [10] - In the AI sector, Apple has launched the M5 chip, which enhances AI performance by over four times compared to the M4 chip, and has introduced numerous new features in its personal intelligence system, Apple Intelligence [10]

Group 1 - A total of 346 listed companies were researched by institutions from November 10 to November 14, with Ambotong receiving the most attention from 95 institutions [1] - Boying Special Welding, Optoelectronics, and Anke Biology were followed closely, receiving attention from 79, 75, and 69 institutions respectively [1] - Boying Special Welding and Binglun Environment were researched 4 times, while Kesi Technology, Youcai Resources, Boshi Jie, Guangfa Securities, and Agricultural Products were researched 3 times [1] Group 2 - Institutions are continuously focusing on sectors such as industrial machinery, automotive parts and equipment, and electronic components [2]

Group 1 - The company, Dongmu Co., has stated that it is currently not involved in the PCB (Printed Circuit Board) sector [2] - The company's one-piece molded inductors can be applied in the semiconductor chip equipment field [2]