Group 1 - The core viewpoint of the news is that Xiangming Intelligent has shown a slight decline in stock price and has experienced a net outflow in financing on November 17, 2023, indicating potential investor caution [1] - On November 17, 2023, Xiangming Intelligent's stock price fell by 0.27%, with a trading volume of 33.1 million yuan. The financing buy-in amount was 2.45 million yuan, while the financing repayment was 3.26 million yuan, resulting in a net financing buy-in of -0.81 million yuan [1] - As of November 17, 2023, the total balance of margin trading for Xiangming Intelligent was 147 million yuan, with the financing balance accounting for 4.59% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of November 10, 2023, the number of shareholders for Xiangming Intelligent increased by 1.42% to 11,200, while the average circulating shares per person decreased by 1.40% to 9,716 shares [2] - For the period from January to September 2025, Xiangming Intelligent reported operating revenue of 379 million yuan, a year-on-year increase of 0.54%, and a net profit attributable to shareholders of 19.58 million yuan, a year-on-year decrease of 3.72% [2] - Since its A-share listing, Xiangming Intelligent has distributed a total of 120 million yuan in dividends, with 76.70 million yuan distributed over the past three years [2]

2025年兰州市总部企业认定，是贯彻落实《关于加快兰州市总部经济发展的实施意见》，加快构 建"3+2"现代产业体系，推动总部经济高质量发展开展的专项活动，本次认定共确定31家企业，涵盖可 直接认定型、综合型、功能型和成长型四类，兰电股份凭借突出的产业贡献与职能定位，被认定为"功 能型总部企业"。 近日，兰州市发展和改革委员会发布2025年度总部企业认定名单，甘肃电气集团兰电股份成功入选，获 评"兰州市功能型总部企业"称号。 自搬迁至兰州新区以来，兰电股份始终聚焦电机主业，持续加大技术创新与产品研发投入，在服务地方 经济增长、驱动区域产业升级等方面发挥了重要作用，为兰州总部经济发展注入了实质动能。 下一步，兰电股份将紧扣国家"双碳"战略目标，持续深耕高效节能、新能源配套等前沿领域，强化技术 研发与产品创新，充分释放功能型总部的资源整合与产业辐射优势，深化产业链协同与集聚发展，为兰 州市乃至甘肃省的经济高质量发展与装备产业升级贡献更多力量。（来源：甘肃电气集团） ...

Core Insights - Jiangnan Yifan's stock price increased by 0.38% on November 14, with a trading volume of 48.08 million yuan. The financing buy-in amount was 4.87 million yuan, while the financing repayment was 7.12 million yuan, resulting in a net financing outflow of 2.24 million yuan [1] - As of November 14, the total margin balance for Jiangnan Yifan was 88.92 million yuan, accounting for 2.85% of its market capitalization, indicating a high level compared to the past year [1] - The company reported a decrease in revenue and net profit for the first nine months of 2025, with revenue of 202 million yuan (down 0.31% year-on-year) and a net profit of 58.33 million yuan (down 19.07% year-on-year) [2] Financing and Margin Data - On November 14, Jiangnan Yifan had a financing buy-in of 4.87 million yuan, with a total financing balance of 88.92 million yuan, which is above the 50th percentile level for the past year [1] - The company had no short-selling activity on November 14, with a short-selling balance of 0 yuan, indicating a high level of short-selling availability compared to the past year [1] Business Performance - Jiangnan Yifan's main business involves the research, development, manufacturing, and sales of customized micro-reduction motors, with revenue contributions from energy storage reduction motors (67.29%), RV reduction motors (15.11%), other products (9.18%), and solar motors (8.42%) [1] - The company has distributed a total of 240 million yuan in dividends since its A-share listing, with 197 million yuan distributed over the past three years [3]

Core Points - Jiangte Electric (002176) closed at 11.55 yuan on November 14, 2025, down 5.17% with a trading volume of 1.46 billion yuan [1][4] - The company plans to change its auditing firm to Rongcheng Accounting Firm due to changes in actual control and future business development needs [2][4] - The board approved a proposal to engage in commodity futures and derivatives trading for 2026, with a total margin and premium not exceeding 300 million yuan [2][4] Trading Information - On November 14, Jiangte Electric's stock price fell by 5.17%, with a turnover rate of 8.56% and a trading volume of 1.4598 million shares [1] - Over the past ten trading days, the main funds have seen a net outflow of 263 million yuan, while the stock price has increased by 2.06% [1] - The financing balance increased by 97.875 million yuan, and the short-selling volume decreased by 110,000 shares [1] Company Announcements - The 11th Board of Directors held its second meeting on November 14, 2025, approving proposals for futures and derivatives business and changing the auditing firm [1][2] - A notice was issued for the third extraordinary general meeting of shareholders to be held on December 1, 2025, to discuss the approved proposals [1] - The new auditing firm, Rongcheng Accounting Firm, has qualifications for securities services and has audited 518 listed companies in the manufacturing sector [2]

Core Viewpoint - Shenzhen Wenkai Electric Motor Co., Ltd. has been established with a registered capital of 1 million RMB, focusing on various sectors including electric motors, robotics, and new energy equipment [1] Company Overview - The company is legally represented by Wu Wenbo and has a registered capital of 1 million RMB [1] - The business scope includes research and development of electric motors and control systems, manufacturing and sales of gears and gearboxes, and development and sales of intelligent robots [1] Industry Focus - The company is involved in the manufacturing of special operation robots, automotive parts, and various mechanical and electrical equipment [1] - It also engages in the development and sales of artificial intelligence software and electronic products [1] - The company is positioned to operate in the fields of new energy drive equipment and communication equipment sales [1]

Core Viewpoint - Hengshuai Co., Ltd. has announced the development of a harmonic motor that utilizes harmonic magnetic fields, offering higher power density and material cost savings compared to traditional motors [1] Company Summary - The company has a long-term layout in the harmonic magnetic field motor technology sector and has accumulated significant technical expertise [1] - Multiple invention patent applications have been submitted for this motor technology, forming a patent family that establishes a technical moat and competitive advantage [1] Industry Application - The harmonic motor technology is applicable in both micro-special motors and large motors, with broad application scenarios in industrial and automotive sectors [1]

"党的二十届四中全会提出，要加强原始创新和关键核心技术攻关，强化企业科技创新主体地位， 鼓励企业加大基础研究投入。以'小技小改'攻破技术难关，带动企业实现降本增效目标，正是我们强化 企业科技创新主体地位的实践。"车间副主任冀成介绍，"以往，大型电机轴承内圈拆卸需多名工人忙上 几个小时，现在可缩短至几分钟，还有效避免了部件损伤。"据了解，该项技术已应用于多台大型电机 设备维修，通过零部件重复利用，直接节约成本超10万元。 "复活"闲置设备，是车间践行创新精神又一亮点。面对长期闲置的中频焊机，车间组织党员骨干牵 头攻关，通过更换老化电子元件，重构冷却循环系统，不仅让设备重启生产，还优化了焊接参数。此举 节省新设备采购费用40万元，更锤炼出一支具备自主设备维修能力的技术队伍。 11月12日，省能源集团旗下的辽宁电机集团抚顺电机公司设模车间内焊花飞溅，车间技术员宋旻和 几名工友戴着防护罩围在一台机床前。机床旁是一台正待维修的井下电机，转子轴上是电机的轴承内 圈。"我们正在观察'小技小改'的效果咋样"，摘下脸上的防护罩，宋旻笑脸展开，"又成功了。" 抚顺电机公司是目前国内规模最大的煤矿防爆电机企业，维修井下电机是企业的 ...

常州工学院电气信息工程学院特种电机团队受江苏明磁动力科技有限公司委托，开发了磁悬浮电机产 品，成套装备技术及其应用水平国际领先、国内第一。目前，该团队研发成果"磁悬浮水源热泵"填补集 中供暖领域国内空白，入选2024中国高校科技成果交易会120项路演项目之一。这是常州工学院推动产 学研合作从"自发、零散"迈向"有组织科研、有组织转化"跃升的生动缩影。 从最初"点对点"合作到"一院一镇、百团百企"扩大覆盖，再到共建"产业学院"深化融合阶段，常州工学 院摸索出从"碎片化对接"向"系统化协同"迭代升级路径。目前常州工学院已建成16个产业学院。学校联 合新创碳谷等企业共建的碳纤维新材料产业学院，获批工信部"专精特新"产业学院，为企业解决碳纤维 制备关键助剂油剂和上浆剂、复合材料大部件测试等领域"卡脖子"技术50余项，推动成果转化60余项。 □ 本报记者范玉贤 党的二十届四中全会提出，推动科技创新和产业创新深度融合，一体推进教育科技人才发展。常州工学 院与常州高新区以入选"双高协同"试点单位为契机，在深化产教融合、推进协同创新方面迈出关键一 步。 常州工学院党委书记汤正华表示，常州工学院作为扎根地方的应用型高校，把"优 ...

（来源：爱建证券研究所） ■ 公司发布截至2025年9月30日止六个月中期业绩公告，整体符合预期。公司2025财年上半年实现收入 18.33亿美元（YoY -1% / 剔除汇率影响 -2%）。毛利率为24.0%（YoY+0.4pct），调整后EBITA为1.59亿 美元（YoY -10%），调整后净利润1.23亿美元（YoY -8%），股东应占净利润1.33亿美元（YoY +3%）。 ■公司在中国本土新能源汽车品牌中新增项目，我们认为相关订单有望下半年逐步量产，带动APG业务 收入改善。1）APG（汽车产品组别）收入同比下降3%，其中亚太-6%、欧洲中东及非洲-1%、美 洲-1%，主要受中外合资OEM市占下滑及成熟项目价格调整影响；海外市场需求偏弱、贸易政策不确定 亦使部分OEM推迟新项目导入。细分应用中，散热管理、转向及闭合系统下降，制动系统增长部分抵 消影响。2）IPG（工商用产品组别）收入总体持平，其中亚太-5%、欧洲中东及非洲+7%、美洲-3%， 相关需求在后疫情阶段趋稳，公司在仓储自动化、医疗设备、半导体制造及液冷系统等细分领域持续拓 展。 ■我们持续看好公司人形机器人与液冷泵业务成为未来新增长点。 ...

Group 1 - Wolong Electric Drive announced the release of part of its share pledge, with a total of 15 million shares pledged by Wolong Shunyu, accounting for 2.96% of its total shares held and 0.96% of the company's total share capital [1] - The cumulative share pledge by Wolong Shunyu and its concerted parties also amounts to 15 million shares, representing 2.47% of their total shares held and 0.96% of the company's total share capital [1] - As of the report date, Wolong Electric Drive has a market capitalization of 64.8 billion yuan [1] Group 2 - For the year 2024, the revenue composition of Wolong Electric Drive is as follows: Industrial motors and drives account for 55.8%, daily-use motors and controls for 24.21%, wind-solar-storage-hydrogen for 7.64%, electric transportation for 4.97%, and others for 4.96% [1]