证券代码：300904 证券简称：威力传动 银川威力传动技术股份有限公司 投资者关系活动记录表 编号：2025-018 投资者关系活 动类别 □特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 ☑其他：线上会议 参与单位名称 及人员姓名 长江证券、博时基金、招商基金、工银瑞信、西藏合众易晟 时间 2025 年 7 月 24 日 地点 线上会议 上市公司接待 人员姓名 副总裁、董事会秘书周建林先生 投资者关系活 动主要内容介绍 一、介绍公司概况 副总裁、董事会秘书周建林先生向与会的机构投资者简要介绍 了公司的发展历程，重点讲解了公司的主营业务及核心产品。 威力传动于 2003 年成立于宁夏银川，现有员工千余人。主营业 务为风电专用减速器和增速器的研发、生产和销售，主要产品包括 风电偏航减速器、风电变桨减速器、风电增速器、新能源车辆三合 一驱动总成、工程机械车辆各类减速器、光热回转驱动、三相异步 电机和永磁电机等，致力于为新能源产业提供精密传动解决方案。 2023 年 8 月公司正式登陆深交所创业板。 公司深耕精密传动领域二十余年，凝聚了行业优秀人才，积累 了丰富的经验技 ...

乐山电力：上半年净利润790.31万元 同比下降14.55% 7月24日晚，乐山电力（600644）发布2025年半年度快报，公司上半年实现营业收入16.23亿元，同比增 长1.94%；实现归属于上市公司股东的净利润790.31万元，同比下降14.55%；实现扣除非经常性损益后 的净利润627万元，同比增长66.35%。 资料显示，乐山电力成立于1988年5月，主营业务是电力业务、天然气业务、自来水业务、新兴业务、 服务业务五大业务。 所属行业：公用事业–电力–电能综合服务 智明达：上半年净利润3830万元 同比增长2147.93% 7月24日晚，智明达（688636）发布2025年半年度报告，公司上半年实现营业收入2.95亿元，同比增长 84.83%；实现归属于上市公司股东的净利润3830万元，同比增长2147.93%。 资料显示，智明达成立于2002年3月，主营业务是提供定制化嵌入式模块和解决方案。 所属行业：国防军工–军工电子Ⅱ–军工电子Ⅲ 大湖股份：上半年亏损257.16万元 7月24日晚，大湖股份（600257）发布2025年半年度报告，公司上半年实现营业收入4.26亿元，同比下 降14.40%；实 ...

本文源自：金融界 作者：行情君 7月24日，港迪技术今日收盘84.5元，上涨1.68%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到52.44倍，总市值47.05亿元。 从行业市盈率排名来看，公司所处的通用设备行业市盈率平均78.57倍，行业中值44.54倍，港迪技术排 名第131位。 股东方面，截至2025年7月18日，港迪技术股东户数9713户，较上次增加76户，户均持股市值35.28万 元，户均持股数量2.76万股。 武汉港迪技术股份有限公司的主营业务是工业自动化领域产品研发、生产与销售。公司的主要产品是变 频器、行业专机、集装箱智能操控系统、散货智能操控系统、仓储智能操控系统。在企业荣誉方面，公 司先后获得"中国水泥行业智能信息化企业10强"（2021年度）、"中国创新建材企业100强"（2022年 度）、"中国建材服务业100强"（2021年度和2022年度）、通过2023年湖北省"省级工业设计中心"认 定、获选工信部认定的重点支持的国家级专精特新"小巨人"企业。 最新一期业绩显示，2025年一季报，公司实现营业收入6077.97万元，同比-5.50%；净利润-5191864.98 ...

1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints of the Report - In 2025Q2, the A-share market showed a volatile upward trend with significant structural differentiation and style rotation. The median return of active equity funds was 1.90%, outperforming major indices such as the CSI 300 and CSI 500. Nearly 70% of stocks in the whole market recorded positive returns [3]. - As of the end of Q2 2025, the total scale of active equity funds was 3.29 trillion yuan, a decrease of 0.04 trillion yuan from the previous quarter. In Q1 2025, there was a net outflow of 113.407 billion yuan from active equity funds [6]. - Different - style and theme fund managers had diverse investment strategies and outlooks. For example, value - style fund managers focused on undervalued traditional assets and looked for opportunities in some consumer and cyclical sectors; growth - style fund managers concentrated on long - term growth companies and adopted a "boom - mining + balanced allocation" strategy [21][23]. 3. Summary According to the Table of Contents 3.1 Active Equity - Type Fund 2025 Second - Quarter Report Data Review 3.1.1 Performance Review - In Q2 2025, the A - share market was volatile. After a brief decline in early April due to US tariff policies, it stabilized from mid - April to mid - May and saw theme rotations since June. The Guozheng 2000 and ChiNext 50 recorded relatively high positive returns of 4.41% and 3.19% respectively. The median return of active equity funds was 1.90%, and the median stock price change was 5.39% [3]. 3.1.2 Scale and Fund Flow - As of the end of Q2 2025, the total scale of active equity funds was 3.29 trillion yuan, down from 3.33 trillion yuan in the previous quarter. In Q1 2025, there was a net outflow of 113.407 billion yuan from active equity funds. Funds with a fund - flow change ratio < - 1% accounted for 74.34%, while those with a net inflow ≥ 1% accounted for only 16.51% [6]. 3.1.3 Position Change - As of Q2 2025, the average stock position of active equity funds was 87.23%, with an average position change of 1.15%. The average active position change was 1.18%, and the average natural position change was - 0.04%. 39.57% of funds adjusted their active positions by 0 - 5%, and 33.76% adjusted by - 5% - 0 [9]. 3.1.4 Industry Allocation - The top five industries for increased holdings were communication, medicine, non - bank finance, banking, and national defense and military industry. The top five industries for reduced holdings were food and beverage, automobile, commerce and retail, power equipment and new energy, and machinery. Five industries had over - allocation reductions, and nine industries had under - allocation increases [12]. 3.1.5 Individual Stock Heavy - Holdings - The top ten heavy - holding stocks by market value included Tencent Holdings, CATL, Kweichow Moutai, etc. The top ten heavy - holding stocks by the number of holding funds included CATL, Tencent Holdings, Zijin Mining, etc. The stocks with the largest increase in market value of heavy - holdings included Zhongji Innolight, New H3C Semiconductor Technology, etc., while those with the largest decrease included BYD, Alibaba - W, etc. [15][16][18] 3.2 Second - Quarter Report Fund Manager Views Summary 3.2.1 Value Style - Since 2022, value - style funds have attracted more attention. In 2025, they faced headwinds. Many value - style fund managers believed that undervalued stocks were still worth buying. In terms of position structure, most did not significantly adjust their allocations and focused on traditional undervalued assets, while also looking for opportunities in some consumer and cyclical sectors [21]. 3.2.2 Growth Style - Affected by overseas uncertainties and domestic policies, the market was volatile. Growth - style fund managers adhered to selecting long - term growth companies and adopted a "boom - mining + balanced allocation" strategy. They focused on AI, innovation drugs, and some emerging consumption sectors [23]. 3.2.3 Balanced Style - Balanced - style fund managers selected stocks from multiple dimensions and controlled portfolio risks through diversification. In the context of increased market risk appetite, many reduced holdings in traditional industries and high - dividend consumer stocks and increased holdings in growth stocks and booming industries [25]. 3.2.4 Consumption Theme - Traditional consumption showed differentiation and repair. New consumption had structural opportunities, but the sustainability and space of consumption trends needed to be judged. Some fund managers made structural adjustments in traditional consumption and increased investment in new consumption [27]. 3.2.5 Medicine Theme - Innovation drugs became a consensus. Some fund managers also looked for investment targets with low growth this year, such as innovative medical devices, CXO, and pharmacies [29]. 3.2.6 TMT Theme - The AI industry chain developed rapidly. TMT - theme fund managers continued to focus on AI - related companies and also paid attention to other technology sectors such as robotics and semiconductors [31]. 3.2.7 High - End Manufacturing - The attention to the military industry increased. High - end manufacturing showed competitive advantages, and some fund managers expected the recovery of some electro - new energy sectors [33]. 3.2.8 Cycle Theme - Resource sectors had long - term investment logic. Dividend - type cycle assets had allocation significance, and banks were still the core of the dividend sector [35]. 3.2.9 Hong Kong Stock Theme - Most fund managers were relatively optimistic about Hong Kong stocks. Some adjusted their positions from crowded sectors to the technology sector with lower valuations and expected performance growth [37].

2025 年 07 月 24 日 赵旭东 H70556@capital.com.tw 目标价(元) 67 公司基本信息 | 产业别 | | 机械设备 | | --- | --- | --- | | A 股价(2025/7/24) | | 57.89 | | 上证指数(2025/7/24) | | 3605.73 | | 股价 12 个月高/低 | | 68.22/41.93 | | 总发行股数(百万) | | 132.91 | | A 股数(百万) | | 132.21 | | A 市值(亿元) | | 76.54 | | 主要股东 | | 大连光洋科技 | | | | 集团有限公司 | | | | (25.57%) | | 每股净值(元) | | 13.75 | | 股价/账面净值 | | 4.21 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 5.2 -0.7 | 13.5 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-03-06 | 58.7 | 买进 | | 产品组合 | | | --- | --- | | 高端数控机 ...

"今天小米在这个领域绝对是最高峰，它把现有的供应链解决方案优化的最好了，但AI眼镜在今天更像 一个5岁小孩的智商"，XREAL创始人徐驰对作者说道，"小米已经证明了今天现有产业链能力下做出来 的体验仍然可能是不具备千万级市场甚至是百万级市场，AI眼镜是值得期待的，但现在还需要打磨。" AI消费电子时代，不谈AI，似乎就代表着"掉队"，但是各种AI终端推动了一年多的时间，很多领域仍 未想清楚如何落地。前段时间，小米和Rokid的相关产品遭到了市场的一些质疑，这也让徐驰更加坚信 现在还没有到真正的百镜大战，并将现有更多的精力投入到BB方案的AR眼镜上。 在他看来，今天AI眼镜体验和产业链成熟度还不够，更多的可能是二级市场对AI概念浅显的追逐。这 个行业更应该关注水下战争，能够用一种耐心的长期主义看待这个行业，水下的精彩会让大家在未来一 两年之内、两三年之内看到这个行业代替手机的希望。 "什么时候雷军亲自下场说把70%、80%的时间投入到眼镜上的时候，一定是这个行业真正百镜大战的 时候。" 在中国，当一个新兴产业中有巨头下场后，大概率意味着行业即将走完上半场，或者说整个供应链已经 趋于成熟。前段时间，小米AI眼镜的 ...

当下，智能家居历经技术与产业发展的多轮驱动，逐渐从原来的行业概念迈向普及入户阶段。然而，当 智能设备越来越多、控制系统日趋繁杂，一场关于用户体验走向割裂的行业现状，也在同步上演。据 《2024年中国智能家居白皮书》显示，有37%的用户家庭存在5个以上不同品牌的智能设备，平均要下 载4.3个APP进行控制。 相应的是，当品牌为用户带来了更满意的体验，市场端也会做出真实的反馈。据了解，目前智家APP月 活已达1100万+。而数字背后，正是千万家庭选择三翼鸟的真实缩影。 解题思路在于"场景和生态" 对企业而言，想让用户手机里的APP"瘦身"、体验更加智慧。归根结底在于需提供丰富且完善的场景解 决方案，并通过一个平台统一管理。而这就要求，企业要跳出"划江自治"的思路，通过汇集不同领域的 资源，来为用户带来更好的家庭体验。 在这点上，三翼鸟就带来了很好示范。可以观察到的是，在三翼鸟AI智慧家的各个场景中，不止有自 有品牌的卡萨帝、Haier家电产品，也有博洛尼定制、沃棣家具等跨领域的家居产品。而正是源于这样 的生态整合能力，使得三翼鸟能充分满足用户对家的不同需求。数据显示，目前三翼鸟定制平台拥有 900+柜电模块，可实 ...

证券研究报告·北交所公司深度报告·专用设备 卓兆点胶（873726） 智能点胶设备受益智能穿戴行业，并购优质 公司拓宽科技赛道 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 262.57 | 125.12 | 340.00 | 385.00 | 436.15 | | 同比（%） | (23.86) | (52.35) | 171.74 | 13.24 | 13.29 | | 归母净利润（百万元） | 63.93 | (20.75) | 54.33 | 63.21 | 82.57 | | 同比（%） | (27.73) | (132.46) | 361.82 | 16.34 | 30.63 | | EPS-最新摊薄（元/股） | 0.78 | (0.25) | 0.66 | 0.77 | 1.01 | | P/E（现价&最新摊薄） | 37.71 | (116.17) | 44.37 | 38.14 | 29.2 ...

分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 登记编号：S0890524080003 -- 公募基金专题报告 证券研究报告- F 主动权益基金经理在关注哪些方向? 2025Q2主动权益型基金季报点评 分析师:王骅 执业证书编号: S0890522090001 分析师:宋逸菲 执业证书编号: S0890524080003 4 十 十 回 明 。 2025年7月24日 久巾日册: ZUZ0牛7月Z4日 ▶销售服务电话: 021-20515355 ▶ 请仔细阅读报告结尾处风险提示及免责声明 目录/CONTENTS 主动权益型基金2025二季报数据回顾 1 ALLAD RECURITED 二季报基金经理观点综述 2 风格:价值、成长、均衡风格 行业主题:消费、医药、TMT、高端制造、周 期、港股主题 业绩回顾 规模变化:截至2025年二季度末,主动权益类基金（主 动管理的股票型和混合型基金,且成立以来权益仓位均值 占比在60%以上）总计规模为3.29万亿元,较上一季度的 3.33万亿元减少0.04万亿元。 资金流变化:我们采用"本季基金规模-上季基金规模* (1+本季基金净值回报率)"来定义资 ...

智通财经7月24日电，中密控股在互动平台表示，子公司优泰科是国内盾构机密封环节的核心供应商。 中铁工业，铁建重工是子公司优泰科的客户。 中密控股：子公司优泰科为中铁工业和铁建重工的盾构机供货 ...