证券代码：603267 证券简称：鸿远电子 公告编号：临2025-052 北京元六鸿远电子科技股份有限公司 关于变更办公地址的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 北京元六鸿远电子科技股份有限公司（以下简称"公司"）在北京市新增一处办公地点，总部主要办公地 址发生变更，公司董事会秘书、证券事务代表联系地址等同步变更。为便于投资者与公司沟通交流，做 好投资者关系管理工作，现将变更具体情况公告如下： ■ 除上述变更外，公司网址、投资者热线、传真、投资者邮箱等其他联系方式保持不变，具体情况如下： 公司网址：www.yldz.com.cn 投资者热线：010-52270567、010-89237777 传真：010-52270569 投资者邮箱：603267@yldz.com.cn 联系地址：北京市丰台区智成北街6号院1号楼 邮政编码：100070 敬请广大投资者注意上述变更事项，若由此造成不便，敬请谅解。 特此公告。 北京元六鸿远电子科技股份有限公司董事会 2025年12月2日 ...

Core Viewpoint - Samsung Electro-Mechanics plans to expand its production capacity for multi-layer ceramic capacitors (MLCC) used in artificial intelligence servers starting in early next year, indicating a strategic response to the rapid growth in AI infrastructure investment [1][2]. Group 1: Expansion Plans - Samsung Electro-Mechanics is preparing to expand its MLCC production line in the Philippines, with plans to begin in the first quarter of next year [1]. - The company has confirmed that it is in the process of establishing a facility investment partnership network, with actual investments expected to start as early as the first quarter of this year, potentially amounting to several hundred billion Korean won [1]. Group 2: Market Demand and Production Capacity - The demand for MLCCs is rapidly increasing due to significant investments in AI infrastructure by major global tech companies, with AI servers requiring approximately ten times the number of MLCCs compared to standard servers [2]. - The operational rate of Samsung Electro-Mechanics' component factories, including MLCCs, has risen from 81% last year to 99% in the third quarter of this year, indicating near full capacity utilization [2].

Investment Rating - The report maintains an "Outperform" rating and raises the target price to RMB 171.49, reflecting a projected increase of 114% from the current price [4][9]. Core Insights - The company is positioned to benefit from the AI industry trend, with a strong focus on computing power, cloud services, and smart terminals, leading to high revenue growth [1][4]. - Revenue for the first three quarters of 2025 reached RMB 8.33 billion, a 54% year-over-year increase, while net profit attributable to shareholders was RMB 698 million, up 25% year-over-year [10]. - The company is enhancing its computing power service capabilities by procuring servers worth up to RMB 4.00 billion and increasing R&D investments to upgrade its service platform [11][12]. Financial Summary - Total revenue projections for 2023 to 2027 are as follows: RMB 4,658 million in 2023, RMB 7,410 million in 2024, RMB 11,766 million in 2025, RMB 17,216 million in 2026, and RMB 22,678 million in 2027, with growth rates of 47.9%, 59.1%, 58.8%, 46.3%, and 31.7% respectively [3]. - Net profit attributable to shareholders is projected to grow from RMB 287 million in 2023 to RMB 2,639 million in 2027, with growth rates of 119.5%, 140.8%, 66.4%, 61.1%, and 42.3% respectively [3]. - The projected EPS for 2025, 2026, and 2027 is RMB 3.33, RMB 5.36, and RMB 7.62 respectively [4][9]. Business Development - The company is expanding its business from data storage devices to IoT smart terminals and cloud platforms, focusing on computing power services [10]. - The platform has penetrated various sectors including cloud gaming, AI applications, and finance, and is continuously expanding its high-value customer base [11].

Core Viewpoint - The company, Taijing Technology (SH603738), produces quartz crystal components that serve as standard frequency sources and clock pulse signals, indicating a wide range of applications in various electronic devices [1]. Group 1 - The company's quartz crystal components are essential electronic components used in any application requiring frequency signals or clock generation [1].

Group 1 - Tianjian Co., Ltd. experienced a stock price increase of 6.49%, reaching 36.11 CNY per share, with a trading volume of 96.32 million CNY and a turnover rate of 3.91%, resulting in a total market capitalization of 5.896 billion CNY [1] - The company, established on April 1, 2015, and listed on June 9, 2023, is located in Yudu County, Ganzhou City, Jiangxi Province, and specializes in the research, manufacturing, and sales of micro-acoustic components, consumer, industrial, and automotive acoustic products, as well as health acoustic products [1] - The main business revenue composition is 98.95% from electronic components and 1.05% from other business activities [1] Group 2 - Among the top ten circulating shareholders of Tianjian Co., Ltd., Minsheng Jia Yin Fund's "Minsheng Jia Yin Sustained Growth Mixed A" (007731) increased its holdings by 362,200 shares in the third quarter, totaling 1.6622 million shares, which accounts for 2.35% of the circulating shares [2] - The fund has achieved a year-to-date return of 27.93%, ranking 2803 out of 8199 in its category, and a one-year return of 29.64%, ranking 2621 out of 8131 [2] - Since its inception on September 24, 2019, the fund has generated a cumulative return of 83.24% [2]

从基金十大重仓股角度 12月1日，香农芯创跌5.48%，截至发稿，报134.12元/股，成交40.51亿元，换手率6.60%，总市值623.50 亿元。 资料显示，香农芯创科技股份有限公司位于深圳市南山区海德三道166号航天科技广场B座22楼，成立 日期1998年9月16日，上市日期2015年6月10日，公司主营业务涉及电子元器件分销。主营业务收入构成 为：电子元器件分销业务97.03%，电子元器件制造业务1.93%，减速器业务0.93%，其他(补充)0.11%。 汇添富中证1000ETF（560110）基金经理为孙浩。 截至发稿，孙浩累计任职时间2年96天，现任基金资产总规模242.48亿元，任职期间最佳基金回报 124.82%， 任职期间最差基金回报-3.45%。 责任编辑：小浪快报 数据显示，汇添富基金旗下1只基金重仓香农芯创。汇添富中证1000ETF（560110）三季度持有股数 7300股，占基金净值比例为0.34%，位居第八大重仓股。根据测算，今日浮亏损失约5.67万元。 汇添富中证1000ETF（560110）成立日期2022年7月29日，最新规模1.97亿。今年以来收益24.39%，同 类排名 ...

Core Viewpoint - The article discusses the ongoing research by Zhihong on the application of accounting standards in the annual reports of listed companies, focusing on the execution of key accounting policies and regulatory requirements, along with practical application examples [1][2]. Group 1: Research Focus - Zhihong is releasing a series of articles analyzing the application of accounting standards in annual reports, including significant accounting policy choices and practical application cases [1]. - The upcoming publication in March 2025 will include practical guidelines for the application of accounting standards in annual reports for 2024 [2]. Group 2: Accounting Standards and Regulatory Requirements - The research covers various accounting standards such as Long-term Equity Investment (CAS2), Business Combinations (CAS20), Consolidated Financial Statements (CAS33), Government Grants (CAS16), Share-based Payment (CAS11), Asset Impairment (CAS8), and others [2]. - Specific areas of focus include the differences in execution of domestic and overseas standards for A+H shares, revenue deductions, and disclosures of non-recurring gains and losses [2]. Group 3: Revenue Recognition Examples - The article provides examples of revenue recognition based on whether a company acts as a principal or an agent in transactions, emphasizing the importance of control over goods before transfer to customers [3][4]. - Companies must analyze the substance of transactions to determine their role, using total revenue recognition for principals and net revenue recognition for agents [3][4]. Group 4: Practical Guidelines for Implementation - Companies can refer to three indicators when determining their role: assuming primary responsibility for transferring goods, bearing inventory risk before or after transfer, and having the authority to set prices [5][6]. - The article stresses that these indicators support the assessment of control but do not replace the need for a comprehensive evaluation of control [5][6]. Group 5: Case Studies - Several case studies illustrate the application of these principles in different business models, such as retail and construction, highlighting the nuances in revenue recognition based on control and responsibility [10][12][29]. - The examples demonstrate how companies should assess their control over goods and services to determine the appropriate method for revenue recognition [10][12][29].

Silver Market - Silver prices surged significantly on November 28, with COMEX silver futures reaching a high of $57.245 per ounce and London spot silver hitting $56.78 per ounce, while domestic futures peaked at 13,239 yuan per kilogram. The year-to-date increase has reached 90%, making it one of the strongest performers this year [1] - The strong performance of silver is driven by macro monetary policy expectations and supply-demand dynamics. The market now anticipates an 85% probability of a 25 basis point rate cut by the Federal Reserve in December, up from about 40% a week prior. This easing expectation has weakened the dollar index, reducing the holding cost of silver and attracting significant capital inflows into precious metals [1] - The global silver market has experienced a supply deficit for the fifth consecutive year, estimated at 95 million ounces. High photovoltaic installation levels and increased penetration of electric vehicles are expected to sustain industrial demand for silver, with projections indicating continued supply shortages through 2026, providing strong support for silver prices [1] Quantum Computing - On November 28, the University of Science and Technology of China achieved a significant breakthrough in quantum simulation by detecting high-order non-equilibrium topological phases using the programmable superconducting quantum processor "Zuchongzhi No. 2." This marks an important advancement in exploring complex topological states [2] - The experiment demonstrates the significant advantages of superconducting quantum processors in programmability and control precision, reinforcing the leading position of this technology route. The findings are expected to facilitate applications in condensed matter physics, quantum chemistry, and materials science, potentially addressing challenges in high-temperature superconductivity and complex molecular structures [2] Cybersecurity - The Political Bureau of the Central Committee of the Communist Party of China emphasized the importance of strengthening network ecological governance during a collective study session on November 28. This governance is crucial for national development and security, as well as for the interests of the people [3] - The meeting highlighted the challenges posed by emerging technologies such as artificial intelligence and big data, while also recognizing the new support conditions they provide for network governance. It called for the encouragement of new technology development in the internet and information sectors, and the establishment of a tiered and classified security regulatory mechanism [3] Tantalum Capacitors - Amid the rapid expansion of AI server data centers, the supply of tantalum capacitors is tightening, with Panasonic announcing price increases of 15% to 30% for certain models. This price hike follows similar actions by American manufacturers, indicating a hot market for tantalum capacitors [4] - The tantalum supply chain is characterized by oligopoly and long delivery times, suggesting a potential wave of price increases in 2026. Tantalum capacitors are critical electronic components used in power management, signal coupling, and filtering, with demand surging due to the rapid growth of AI and other high-tech applications [4] IP Economy - The film "Zootopia 2" achieved a single-day box office of over 700 million yuan on November 30, surpassing "Avengers: Endgame" to become the highest single-day box office for an imported film in China's history. The film's total box office has exceeded 2 billion yuan, making it the highest-grossing imported animated film in China [5] - The surge in demand for "Zootopia 2" has led to a significant increase in the prices of related merchandise, such as blind boxes, reflecting a trend of emotional consumption among young people [5] Copper Market - LME copper futures surged over 4% on Friday, breaking the $11,200 mark and reaching a historical high for the first time in four weeks. This increase is attributed to expectations of a Federal Reserve rate cut and a focus on supply shortages, with miners pricing commodities significantly above buyer expectations [6] - The global copper market is experiencing its tightest supply chain ever, driven by weak supply growth and frequent disruptions, alongside strong demand from emerging sectors and stable demand from traditional core areas [6] AI Toys - The AI emotional companion toy "Smart Hanhai" launched by Huawei sold out immediately upon release, indicating strong market demand. Additionally, Honor announced a strategic partnership with Aofei Entertainment to develop AI interactive toys targeting young consumers [7] - The AI toy market is expected to expand rapidly, with projections indicating that by 2030, the market size in China will exceed 100 billion yuan. The high gross margins of over 70% for mid-to-high-end AI toys are attracting significant investment [7] Energy Storage - On November 28, the Ministry of Industry and Information Technology held a meeting to discuss the battery industry, focusing on regulating competition and promoting high-quality development in the power and energy storage battery sectors. The meeting emphasized the need for targeted policy measures and monitoring of production capacity [9] - By 2025, the Chinese energy storage industry is expected to undergo a significant transition, with independent energy storage becoming mainstream as mandatory storage policies are phased out. The global market is experiencing rapid growth, particularly in the U.S. and Europe, leading to increased orders for domestic energy storage cell manufacturers [9]

Core Insights - The conference focused on the transformation of the high-end electronic components industry, highlighting the challenges and opportunities within the sector [1] Group 1: Industry Challenges - Traditional MLCC (Multi-layer Ceramic Capacitors) face a "bottleneck" dilemma due to the monopoly of Japanese companies like Murata, TDK, and Kyocera over key raw materials and manufacturing processes [1] - The entire supply chain, from key raw materials like BaTiO powder to core equipment and process formulas, is dominated by these Japanese firms, creating significant barriers for domestic alternatives [1] Group 2: Strategic Opportunities - The founder of Langxi Technology, Wang Daxiang, emphasized the potential of silicon capacitors, which utilize CMOS/MEMS technology, allowing them to operate independently of the ceramic material system dominated by Japanese manufacturers [1] - Langxi Technology aims to collaborate with leading companies in AI high-performance chips, SOC chips, power management ICs, and optical modules to develop integrated module-level products, positioning capacitors as part of comprehensive solutions rather than standalone components [1]

Core Insights - The silicon capacitor is expected to become a significant global market, projected to reach a scale of billions, addressing the limitations faced by traditional MLCCs in high-end electronic components [1][2] - Silicon capacitors offer advantages in high frequency, reliability, and miniaturization, making them suitable for advanced packaging and applications in AI chips and optical modules [1] Industry Overview - The global silicon capacitor market was valued at $1.58 billion in 2021 and is anticipated to experience rapid growth over the next three years due to increasing demand from AI servers, power management, and optical communication [1] - The technology development direction of silicon capacitors aligns closely with industry needs, creating a new blue ocean market that is not merely a replacement for traditional products [2] Company Strategy - Langxi Technology aims to penetrate the high-end electronic component market with silicon capacitors, collaborating with leading companies in AI high-performance chips, SOC chips, power management ICs, and optical modules [2] - The company emphasizes the importance of integrating capacitors as part of comprehensive solutions rather than standalone components, promoting standardization in the industry [2] Competitive Landscape - While there is a gap in brand influence and customer trust compared to international giants, the Chinese market's size and diversity allow for rapid iteration and optimization of new technologies [2] - Langxi Technology's flexibility in technology iteration and customized packaging solutions positions it to offer higher cost-performance solutions tailored to various application scenarios [2]