【导读】富临精工实控人安治富年内拟再度减持1%股份 中国基金报记者 夏天 继今年8月份减持1709.74万股、套现2.23亿元后，铁锂龙头 富临精工 （证券代码： 300432）实际控制人 安治富 再抛减持计划。 11月17日晚间， 富临精工 公告称，安治富因个人资金需求计划自公告发布之日起十五个交 易日后的三个月内，以集中竞价交易方式减持公司股份不超过1709.76万股，占公司总股本 比例为1.00%。 截至公告披露日， 安治富 直接持有富临精工1.69亿股，占公司总股本比例为9.90%。 安治 富 及其一致行动人合计持有公司股份7.05亿股，占本公司总股本比例为41.24%。 富临精工 表示，本次减持计划的实施后，安治富仍为公司实际控制人，不会导致公司控制权 发生变更，不会对公司治理结构及持续性经营产生影响。 公开资料显示， 富临精工 成立于1997年，2015年登陆深交所创业板，现主要从事汽车零部 件、锂电正极材料的研发、生产和销售。其中， 锂电正极材料 主要产品为高压密磷酸铁锂正 极材料，应用于新能源汽车动力电池和储能领域，主要客户为宁德时代、比亚迪等。 今年9月29日， 富临精工 公告称，子公司 江 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company reported a revenue of approximately 11.413 billion yuan for the first three quarters of 2025, an increase of 18.83% year-on-year. However, the net profit attributable to shareholders decreased by 9.19% to about 623 million yuan [2][4]. - The Q3 performance was under pressure, with revenue of 3.95 billion yuan, showing a weak sequential growth of 0.4%. The decline in core customer production was a significant factor [9]. - The company expects net profits for 2025-2027 to be 919 million, 1.381 billion, and 1.732 billion yuan, respectively, with corresponding PE ratios of 36.17X, 24.08X, and 19.20X [2][9]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a net profit of 200 million yuan, down 27.1% quarter-on-quarter and 4.1% year-on-year. The gross margin was 15.6%, a decrease of 5.7 percentage points from the previous quarter [9]. - The company’s expense ratio for the quarter was 10.8%, reflecting a reduction in sales and financial expenses [9]. Business Development - The company is accelerating its layout in the seating and robotics sectors, with the seating business expected to become a third growth driver. The establishment of a new robotics company aims to enhance its core component offerings [9]. - The overseas market is expected to contribute significantly to stable growth, with a focus on increasing the share of Tesla's supply [9]. Future Outlook - The report anticipates a recovery in overseas demand, particularly from core customers, which will support the main business's growth trajectory [9]. - The company is positioned to benefit from new product launches and increased production volumes in the upcoming quarters [9].

证券日报网讯富维股份（600742）11月17日在互动平台回答投资者提问时表示，截至目前，公司暂未对 科技型公司进行直接股权投资。2025年，公司参与出资设立吉林旗挚汽车产业链创业投资基金，公司作 为基金有限合伙人计划出资1亿元人民币，目前已经实缴5000万元人民币。该基金拟主要投向新能源汽 车及相关延伸产业，依托基金管理人的专业团队优势、项目资源优势和平台优势，积极寻找具有良好发 展前景的项目，也有利于公司分享潜在的投资回报，并能有效降低公司的投资风险，为公司及股东创造 合理的投资回报。 ...

Major Events - Huaxia Happiness has been designated a temporary administrator for pre-restructuring by the court due to its inability to repay debts and lack of repayment capacity, despite having restructuring value [2] - Zhongyi Technology announced that its operations are normal, with no significant changes in its business environment [2] - Tianpu Co., Ltd. announced a comprehensive tender offer at a price of 23.98 yuan per share, aiming to acquire 33.52 million shares, which is 25% of the company's issued shares [3] - Kesi Technology reported that its subsidiary has achieved preliminary results in the trial production of RF transceiver chips, which are intended for various communication applications [3] - Huayin Power plans to raise no more than 1.5 billion yuan through a private placement to fund multiple wind power projects and supplement working capital [4] - Yongtai Technology's subsidiary is set to begin trial production of a lithium battery additive project with an annual capacity of 5,000 tons, increasing the total capacity to 10,000 tons per year [5] - Quanyuan Spring's subsidiary is involved in a lawsuit concerning a construction contract dispute, with the amount in question being 123 million yuan, representing 10.12% of its latest audited net assets [5] - Daimai Co., Ltd. plans to invest 100 million yuan to establish a wholly-owned subsidiary focused on robotics, pending regulatory approval [6] Shareholding Changes - Energy Guozhen's major shareholder plans to increase its stake by at least 2%, equivalent to 13.62 million shares, with a partial increase already executed [7] - Guangge Technology's shareholders plan to reduce their holdings by up to 3.99%, with specific amounts detailed for each shareholder [7] - Koli'er intends to repurchase shares worth between 10 million and 20 million yuan for employee stock ownership plans or equity incentives [8] - Kaichuang International's major shareholder reduced its stake by 1.2170%, with the share price range specified [9] Major Contracts - *ST Songfa's subsidiary signed significant contracts for the construction of large oil tankers, with contract values ranging from 200 to 300 million USD and 400 to 600 million USD [10] - Trina Solar's subsidiary signed contracts for the sale of 2.66 GWh of energy storage products, with a notable portion allocated to North American clients [10] - China Railway Construction recently won major projects totaling 49.629 billion yuan, which accounts for 4.65% of its audited revenue for the year 2024 [10]

公告称，依托汽车与机器人在结构设计、制造工艺上的技术同源性，公司充分发挥控制器领域技术优 势，积极向机器人领域延展产品应用场景，目前已进入机器人关节模组控制器产品的开发阶段。 智通财经APP讯，云意电气(300304.SZ)公告，公司拟使用自有资金人民币1亿元在江苏省南京市投资设 立全资子公司"南京云意机器人有限公司"(暂定名)，加速机器人领域战略布局。 ...

Group 1: Market Trends - The pace of new listings has slowed, with 12 new private placement projects added in the last two weeks, a decrease of 10 projects compared to the previous period[2] - The number of terminated projects also decreased by 8, totaling 8 terminations in the same period[2] - The number of projects approved by the review committee increased by 5, totaling 12 approvals, while the number of projects registered by the CSRC decreased by 13, totaling 2 registrations[2] Group 2: Project Analysis - Fangzheng Technology plans to raise up to 1.98 billion CNY for an AI and high-density interconnect circuit board project, expected to generate an annual output value of approximately 2 billion CNY[2] - Deler Co. intends to acquire 100% of Aizhuo Technology and raise 0.83 billion CNY for smart upgrades, with the target company's valuation at 270 million CNY, reflecting a 203.33% increase[2][26] Group 3: Pricing and Discount Rates - The average base discount rate for the newly listed projects was approximately 14.34%, with a market price discount rate of 21.94% for the only competitive project listed in the last two weeks[30] - The average market price discount rate for two pricing projects was 48.99%[31] Group 4: Lock-up Period Returns - Among the three competitive projects that were unlocked, two had positive returns, with an average absolute return of 21.56% and an average excess return of -22.25%[42] - The average market price discount rate for these projects was 11.04%, indicating a slight increase from the previous period[42] Group 5: Risk Factors - Risks include slower-than-expected progress in private placement reviews, fluctuations in secondary market stock prices, and changes in the market environment for private placement pricing[49]

金工量化专题报告 9 支个股或将调入沪深 300 指数 指数成分股定期调整预测（2025.12） 核心结论 随着被动投资影响力扩大，指数成分股调整所带来的调仓效应日益凸显。当 主要宽基指数调整成分股时，相关 ETF 的再平衡交易往往会在短期内对调入 调出个股的流动性和价格产生显著影响。基于此，对 5 个核心宽基指数—— 沪深 300、中证 A500、科创 50、中证 500、创业板指进行成分股调整预测， 有助于把握被动资金调仓带来的短期交易机会。 主要结论五、创业板指：常山药业、惠城环保、罗伯特科等 8 支个股有望 调入；而欧普康视、易华录、怡合达等 8 支个股或将调出。 风险提示：本文仅根据编制方案与历史数据在合理假设条件下进行测算，无 法完全准确代表指数成分股未来实际调整；基于历史数据进行客观测算，不 构成个股投资建议；数据与模型构建过程可能存在偏差。 证券研究报告 2025 年 11 月 17 日 【报告亮点】 【主要结论】 主要结论一、沪深 300：华电新能、胜宏科技、宁波港等 9 支个股有望调 入沪深 300 指数；而 TCL 中环、纳斯达、星宇股份等 9 支个股或将调出。 主要结论二、中证 A50 ...

Core Viewpoint - Xinpeng Co., Ltd. (002328) has announced plans for its production and operational site in Thailand, which will feature dedicated and public lines for various applications including liquid cooling, energy storage, and automotive components [1] Company Summary - Xinpeng Co., Ltd. is expanding its operational capabilities in Thailand by setting up specialized equipment that can cater to multiple industries [1]

证券日报网讯 松芝股份11月17日在互动平台回答投资者提问时表示，公司在上海自贸区临港新片区的 建设项目旨在满足集团研究开发、国际贸易与国际结算等业务需求，目前项目仍处于建设期，暂未有实 际业务落地。公司上海总部具有为所述客户配套提供乘用车热管理产品的生产制造能力。 （编辑 袁冠琳） ...

研 究 专 题 2025 年 11 月 17 日 上市节奏放缓，收益创近期新低 ——定增市场双周报 2025.11.03-2025.11.16 本期投资提示： 证 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 定增双周报 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 新 股 发 行 券 研 究 报 告 相关研究 - ⚫ 新增节奏放缓，过会项目数增加。截至 2025 年 11 月 17 日，上两周（11 月 3 日至 11 月 16 日）新增 12 宗定增项目（其中竞价 5 宗），环比减少 10 宗；终止 8 宗（其中竞价 4 宗）， 环比减少 8 宗；发审委通过 12 宗（其中竞价 6 宗），环比增加 5 宗；证监会通过 2 宗（均 为竞价项目），环比减少 13 ...