（文章来源：证券日报） 证券日报网讯 2月25日，鹏翎股份在互动平台回答投资者提问时表示，截至2026年2月13日，公司的股 东总数为29350户。 ...

2026 年 02 月 25 日 公司研究●证券研究报告 | | | 拓普集团（601689.SH） 公司快报 2025 年业绩预告点评：全年业绩符合预期，机 器人、液冷蓄势待发 投资要点 财务数据与估值 | 会计年度 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 19,701 | 26,600 | 29,735 | 36,521 | 44,111 | | YoY(%) | 23.2 | 35.0 | 11.8 | 22.8 | 20.8 | | 归母净利润(百万元) | 2,151 | 3,001 | 2,768 | 3,467 | 4,347 | | YoY(%) | 26.5 | 39.5 | -7.8 | 25.3 | 25.4 | | 毛利率(%) | 23.0 | 20.8 | 19.3 | 19.7 | 20.2 | | EPS(摊薄/元) | 1.24 | 1.73 | 1.59 | 2.00 | 2.50 | | ROE(%) | 15.6 | 15. ...

格隆汇2月25日丨福达股份(603166.SH)公布，公司于2026年2月25日召开第六届董事会第三十三次会议 审议通过了《关于集中竞价减持已回购股份计划的议案》，同意公司采用集中竞价交易方式减持公司已 回购的股份，具体如下：自本公告披露之日起15个交易日后3个月内（即2026年3月19日～2026年6月18 日），通过集中竞价交易方式，按市场价格减持股份不超过645.65万股（占公司总股本的1.00%）。 ...

证券日报网讯2月25日，宁波华翔（002048）在互动平台回答投资者提问时表示，公司在智能底盘领域 采取合资合作加自研的方式正在迅速推进及落地的过程中。 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [26]. Core Insights - The market focus is on "resource price increases" and "technology growth," with cyclical sectors like oil, petrochemicals, and precious metals leading the gains due to geopolitical tensions and seasonal agricultural policies [3][19]. - The North Exchange is expected to benefit from new productivity policies and price elasticity in resource commodities, particularly in high-end equipment and new materials that align with national industrial upgrade directions [3][19]. - The report highlights a significant increase in MLCC prices, with major manufacturers like Murata and Samsung planning double-digit price hikes due to rising demand from AI infrastructure investments [2][3]. Summary by Sections Market Review - On February 24, the North Exchange A-share trading volume reached 16.379 billion yuan, a decrease of 0.057 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1,535.432, up 0.37% [8][13]. - Among 294 companies listed on the North Exchange, 242 saw their stock prices rise, 4 remained flat, and 48 experienced declines [15][16]. Key Company Announcements - Mingyang Technology reported a revenue of 389.60 million yuan for 2025, with a net profit of 82.14 million yuan, reflecting a year-on-year growth of 3.81% [19]. - Yisheng Precision announced a revenue of 35.19 million yuan, a year-on-year increase of 9.50%, with a net profit of 5.99 million yuan, up 10.70% [20][21]. - The report also mentions other companies like Iron Big Technology and Digital Human, which reported significant revenue growth due to market expansion and project completions [22][23].

瑞财经 刘治颖 近日，北交所决定终止安徽省小小科技股份有限公司（以下简称：小小科技）公开发行 股票并在北交所上市的审核，保荐机构为国元证券，保荐代表人为伏航、汤雨城，会计师事务所为天 健。 小小科技成立于1995年，注册资本4477万元，是一家专注于汽车传动及动力系统精密零部件研发、生产 和销售的高新技术企业。 2021年至2023年以及2024年上半年，公司营业收入分别为4.92亿元、4.65亿元、6.32亿元和2.91亿元；归 属于母公司所有者的净利润分别为5117.14万元、2929.40万元、9535.39万元和4551.73万元。业绩稳步提 升。 许茂源，1982年10月出生，中国国籍，无境外永久居留权，本科学历，助理工程师。2006年3月至2015 年5月任今都齿轮董事长；2011年9月至2015年9月任小小有限总经理；2015年10月至今任公司董事、总 经理。 | 项目 | 2024年6月30日 /2024年1月-6月 | 2023年12月31 日/2023年度 | 2022年12月31 日/2022年度 | 2021年12月31 日/2021年度 | | --- | --- | --- | - ...

近日，三星电子旗下全资子公司哈曼宣布其Ready系列产品及汽车音响产品迎来全面升级。哈曼表示， 依托其在座舱创新领域的深厚积淀，这些解决方案目前已可供汽车厂商集成应用，能够帮助车企降低集 成复杂度，加速软硬件开发与迭代，并在整车生命周期内持续提供智能、有价值的车载体验。 此前在CES 2026（国际消费类电子产品展览会）期间，哈曼不仅推出多音源车载音频与通信终端，还 同步升级了软件定义汽车工具、个性化、安全性和视觉体验方案，实现技术间的无缝协同。 哈曼最新的软件定义汽车工具链和商业生态系统，能够帮助汽车厂商在不增加平台复杂度的情况下显著 提升研发效率。其中，Ready CQuence Loop能够支持面向虚拟与物理目标的云原生开发 、测试和验 证；Ready CQuence Run作为行业内较为少见的Type-1型hypervisor（虚拟监控器）汽车虚拟化方案，可 实现混合关键域的安全隔离；汽车安全方面，哈曼Ready Care产品通过单次心跳检测以及增强型乘客位 置监测等功能，可实现驾乘人员状态监测及干预；Ready Aware产品依托现有互联技术，实现车联网 （V2N）道路危险预警与交叉路口预警功能，有 ...

Core Viewpoint - The A-share private placement market is witnessing a significant shift from traditional discount-based participation to high-premium issuance, with several projects achieving premium rates exceeding 20% [1][3]. Group 1: High Premium Issuance - A number of private placement projects have been successfully issued at high premiums, breaking the previous norm of "buying shares at a discount" [1][3]. - The issuance of shares by Guangdian Measurement has a premium rate of 29.09%, raising a total of 1.3 billion yuan at an issue price of 24.01 yuan per share [3]. - The automotive industry has seen particularly notable high-premium issuances, with companies like Jianghuai Automobile and Fengshen Co. achieving premium rates of 23.93% and 125% respectively [4]. Group 2: Participants in High Premium Placements - Public funds are the primary participants in high-premium private placements, with notable involvement from private equity, securities firms, insurance capital, and foreign institutions [1][6]. - The largest single subscription for the North Vehicle Blue Valley's new round of private placement was made by E Fund, amounting to 2.2 billion yuan [7]. - Notable individual investors, referred to as "bulls," have also played a significant role, with some becoming the largest subscribers in various projects [8][9]. Group 3: Investment Focus and Trends - The focus of investment has shifted towards sectors such as new energy vehicles, artificial intelligence, and high-end manufacturing, driven by macroeconomic policies and industry trends [2][10]. - The funds raised in these private placements are primarily allocated to the development of high-end intelligent electric platforms and new materials, aligning with the industry's push for innovation and sustainability [10][11]. - The demand for advanced materials and technologies in the automotive sector is increasing, with companies like Yao Pi Glass and Zhongbei Communication investing in energy-saving upgrades and 5G infrastructure [11][12].

Core Insights - AGIBOT has officially entered the German market, launching a full range of general-purpose embodied robot products and system-level industry solutions [1][4] - A strategic cooperation agreement has been signed with Minth Group, a leading global manufacturer of automotive exterior and structural components, to accelerate the localization and large-scale deployment of robotic technology in Europe [1][4] Company Overview - Minth Group operates 78 factories and offices globally, employing over 27,000 people, with a strong international presence [1][4] - The company has been deeply engaged in the European market for 15 years, holding over 40% market share in aluminum trim and battery housing structural components [1][4] Strategic Collaboration - The partnership aims to promote localized production of robots in Europe, providing continuous and reliable full-cycle service support to customers [1][4] - Minth Group's modern factories worldwide will serve as exclusive training bases for robot learning and data collection, enhancing both Minth's smart manufacturing upgrade and the robotics industry through valuable real-world data [1][4] Product Capabilities - AGIBOT's full range of robotic products is now capable of mature deployment and deep integration with real industrial scenarios [2][5] - The company aims to empower German and European enterprises to enhance production efficiency through advanced embodied intelligence technology [2][5][6]

Core Viewpoint - Morgan Stanley maintains an "Overweight" rating for Sensata Technologies (00425) and raises the target price from HKD 43 to HKD 50, while lowering the earnings forecasts for 2025, 2026, and 2027 by 7%, 12%, and 18% respectively due to rising costs impacting profit margins [1] Group 1: Financial Performance - The mid-term growth rate forecast has been increased from 7% to 9% based on higher-than-expected revenue from humanoid robots, liquid cooling, and electric vertical takeoff and landing aircraft businesses [1] - Sensata's stock price has risen 35% year-to-date, significantly outperforming the Hang Seng Index's increase of approximately 4%, indicating heightened market expectations for its humanoid robot and liquid cooling business orders [1] Group 2: Strategic Developments - Sensata has established a competitive advantage in global production layout compared to other Chinese suppliers, with factories in the United States, Canada, and Mexico [1] - The company announced a joint venture with Greentown Harmonic (688017.SH) in the U.S. to expand its humanoid robot joint module assembly business in the North American market [1] Group 3: Market Outlook - In light of global geopolitical uncertainties, there is an expectation that Sensata will have greater opportunities to secure orders from U.S. clients [1] - The battery casing business is anticipated to continue supporting the company's growth in the coming years [1] - Market speculation surrounds the potential return of founder Qin Ronghua at the upcoming shareholder meeting in May, which could serve as a significant catalyst for the company [1]