证券日报网讯 11月13日晚间，欣锐科技发布公告称，公司于2025年10月28日披露《关于对外投资暨签 署的公告》（公告编号：2025-070），公司在合庐产业新城（庐江台创园）投资欣锐科技年产300万套 新能源汽车车载电源零部件生产基地项目，将注册成立一家独立核算的法人单位作为项目实施主体。近 日，公司已完成上述项目实施主体（全资子公司安徽欣锐汽车电子有限公司）的工商注册登记手续，并 取得了庐江县市场监督管理局颁发的《营业执照》。 （文章来源：证券日报） ...

在上市委会议现场，关于经营稳定性与业绩可持续性，上市委要求通宝光电说明与主要客户合作的稳定 性与可持续性，应对客户较为集中风险的措施及有效性；说明主要客户对公司实施"年降"政策对公司未 来业绩可能产生的影响。 另外，关于存货管理，上市委要求通宝光电说明存货"寄售仓"模式中发出商品管理及存货内部控制的有 效性。 北京商报讯（记者 马换换 李佳雪）11月13日晚间，北交所官网显示，常州通宝光电股份有限公司（以 下简称"通宝光电"）IPO当日上会获得通过。 据了解，通宝光电定位于汽车电子零部件制造商，主营业务为汽车照明系统、电子控制系统、能源管理 系统等汽车电子零部件的研发、生产和销售。公司IPO于2025年4月27日获得受理，当年5月28日进入问 询阶段。公司此次冲击上市拟募集资金3.3亿元。 ...

证券日报网讯 11月13日晚间，腾龙股份发布公告称，常州腾龙汽车零部件股份有限公司（以下简称"公 司"）于2025年8月12日召开2025年第二次临时股东大会，审议通过了《关于取消监事会、变更注册资本 并修订的议案》，公司原注册资本为49，079.9306万元，因回购注销第一期员工持股计划未解锁股份， 导致注册资本发生变化，本次变更后注册资本为49，077.0148万元。近日，公司根据上述情况办理完成 了工商变更登记手续，并领取了常州市政务服务管理办公室颁发的《营业执照》。 （文章来源：证券日报） ...

Core Viewpoint - Tongbao Optoelectronics Co., Ltd. has successfully passed the IPO review by the Beijing Stock Exchange, marking its third attempt to go public after previous withdrawals in 2017 and 2024 [2] Group 1: Company Background and Development - Tongbao Optoelectronics was established in 1991 and transformed into a limited liability company in 2004, later becoming a joint-stock company in 2015 [3] - The company has been listed on the National Equities Exchange and Quotations (NEEQ) since 2015 and has entered the innovation layer in 2020, indicating a new development stage [3] - As of the reporting period, the company holds 79 patents, including 18 invention patents, and has been recognized as a national "specialized, refined, distinctive, and innovative" small giant enterprise [3] Group 2: Financial Performance - The company's revenue has shown steady growth, increasing from 389.70 million yuan in 2022 to 587.79 million yuan in 2024 [3] - Research and development expenditures have also risen from 13.38 million yuan in 2022 to 23.86 million yuan in 2024, with a partial amount of 12.01 million yuan in the first half of 2025 [3] Group 3: Customer Dependency - The company has a high dependency on major clients, with sales to the top five customers accounting for 94.65%, 98.42%, 96.57%, and 99.11% of total revenue from 2022 to the first half of 2025 [4] - The largest customer, SAIC-GM-Wuling, represented 66.83%, 63.99%, 83.35%, and 93.45% of revenue during the same periods, indicating increasing reliance [4] Group 4: Inventory and Receivables - The company's inventory values at the end of each reporting period were 178.18 million yuan, 146.54 million yuan, 128.35 million yuan, and 115.66 million yuan, representing a significant portion of current assets [5] - Accounts receivable were valued at 113.58 million yuan, 184.34 million yuan, 182.11 million yuan, and 131.43 million yuan, also comprising a large share of current assets, which may affect cash flow and increase bad debt risks [5] Group 5: Ownership Structure and Disclosure Issues - The company has a concentrated ownership structure, with the controlling shareholders holding 78.75% of the shares, which raises concerns about potential improper control [6] - The company faced regulatory scrutiny for inaccurate financial disclosures from 2021 to 2023, resulting in a warning letter from the Jiangsu Securities Regulatory Bureau [8]

Core Points - The A-share market index (Shanghai Composite Index) has reached 4026.52 points, marking a new high in nearly a decade, driven by multiple factors including policies, funding, and industry dynamics [2][4] - Over the past decade, the "Ningbo Legion" has consistently performed well in terms of both the quantity and quality of IPOs, maintaining a leading position nationally [3][6] - Ningbo's A-share IPOs have been closely aligned with the overall market trends, with significant milestones achieved in 2017 and 2020 [4][6] IPO Market Dynamics - The A-share IPO process can be divided into three phases over the last decade: recovery (2013-2018), prosperity (2019-2022), and tightening (2023 onwards) [4] - Ningbo has seen a total of 123 A-share IPOs, ranking in the top ten cities in China for both the number of IPOs and total market capitalization, which stands at 1.62 trillion yuan [6][19] - The manufacturing sector remains a strong foundation for Ningbo's IPOs, with 63 companies listed on the Shanghai Stock Exchange and 17 on the Shenzhen Stock Exchange [9][11] Regional Distribution and Growth - The distribution of listed companies in Ningbo has evolved, with the top regions now being Yinzhou and Beilun, while Yuyao has emerged as a significant player [12][14] - Yinzhou continues to lead in terms of market capitalization, with notable companies like Ningbo Bank and Ningbo Port contributing significantly [14] - The growth of IPOs in Beilun, Yuyao, and Cixi has been remarkable, with each region seeing substantial increases in both the number of companies and total market value [14][16] Industry Focus and Future Outlook - Beilun has focused on new energy vehicles and robotics, while Yuyao has developed strengths in automotive parts and integrated circuits [16][19] - Despite the growth, many Ningbo-listed companies remain relatively small, with only five companies exceeding 50 billion yuan in market capitalization [19] - There are currently 51 companies in Ningbo preparing for IPOs, indicating a potential for further economic vitality through capital market engagement [19]

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly highlighting opportunities in high-end and intelligent vehicles, as well as the growth of new energy vehicles [4]. Core Insights - The automotive industry is experiencing a divergence in profitability, driven by scale effects and a shift towards high-end and intelligent products. The wholesale sales of passenger vehicles reached 7.686 million units in Q3 2025, up 14.7% year-on-year and 8.1% quarter-on-quarter. New energy vehicle sales were particularly strong, with 4.024 million units sold, reflecting a year-on-year increase of 24.2% [1][39]. - The report emphasizes the growth in the component sector, with revenues reaching 279.8 billion yuan in Q3 2025, a year-on-year increase of 17.9%. The profitability of intelligent components is notably strong, with a gross margin of 18.3% [2]. - In the commercial vehicle segment, heavy truck sales increased by 58.1% year-on-year, with revenues of 108 billion yuan, while bus profitability is also on the rise due to domestic and export demand [3]. - The motorcycle segment is seeing accelerated growth in mid-to-large displacement models, with sales of 259,000 units in Q3 2025, up 19.2% year-on-year [4]. Summary by Sections 1. Industry Overview - The automotive sector's fund holding ratio decreased to 6.00% in Q3 2025, reflecting a slight decline in investor confidence amid concerns over seasonal demand and competition [12]. 2. Passenger Vehicles - The report notes that the passenger vehicle market is being driven by policy support and the increasing penetration of new energy vehicles, with a total of 5.947 million units insured domestically in Q3 2025, up 2.6% year-on-year [39]. - The average selling price (ASP) is showing divergence, with some brands performing better than others, particularly in the new energy segment [39]. 3. Components - The component sector is benefiting from scale effects and a decrease in raw material costs, leading to a gross margin increase of 0.6 percentage points year-on-year [2][3]. - Key areas such as intelligent driving and lightweight components are outperforming the average growth rates in the industry [2]. 4. Commercial Vehicles - Heavy truck sales reached 282,000 units in Q3 2025, with a revenue increase of 26.9% year-on-year, while bus sales also showed positive growth [3]. 5. Motorcycles - The motorcycle segment is experiencing robust growth, particularly in exports, with total revenue reaching 15.41 billion yuan, a year-on-year increase of 25.4% [4]. 6. Investment Recommendations - The report recommends investing in high-quality autonomous brands such as Geely, Xpeng, BYD, and others, as well as in key component manufacturers in the intelligent driving and new energy sectors [4].

Core Viewpoint - Chaojie Co., Ltd. announced the convening of its seventh board meeting to elect a new chairman, indicating ongoing corporate governance activities and potential leadership changes [1] Company Summary - Chaojie Co., Ltd. reported its revenue composition for the year 2024, with automotive sales accounting for 80.56%, electronics and electrical appliances for 14.39%, other businesses for 2.6%, aerospace for 2.33%, and telecommunications for 0.12% [1] - As of the report, Chaojie Co., Ltd. has a market capitalization of 6.8 billion yuan [1]

Core Viewpoint - Demais is focusing on enhancing its role from a "supplier" to a "strategic partner" in the automotive industry, particularly in the development of electric drive systems and other components for new energy vehicles [1][2]. Group 1: Company Strategy and Development - The company aims to deepen its involvement in front-end product design and R&D, capitalizing on the automotive industry's growth, especially in new energy vehicles [1]. - Demais plans to improve product added value and strengthen customer development efforts to solidify its overall strength [1]. - The company is committed to optimizing its operations, enhancing production capacity, and deepening existing business to ensure steady growth and strengthen core competitiveness [2]. Group 2: Financial Performance and Management - According to periodic reports, Demais has shown improvement in operating cash flow and accounts receivable turnover efficiency compared to 2024 [2]. - The company is focusing on core business investments while reducing expenditures on non-core assets, ensuring that current funding needs are met [2]. - Demais is implementing a talent development plan to optimize employee incentives and create a cohesive team [2]. Group 3: Long-term Vision and Market Expansion - The long-term development plan includes expanding into new fields such as consumer electronics, healthcare, nuclear power, and robotics while consolidating its traditional automotive parts business [3]. - The company is adopting advanced management models to enhance organizational resilience and risk management capabilities [3]. - Demais is committed to smart manufacturing and digital platform development, aiming for a comprehensive transition from "manufacturing" to "intelligent manufacturing" [3].

Core Viewpoint - The 2025 Central Display and Audiovisual Industry Ecosystem Summit held in Liuyang highlights the city's emerging industries and its dual focus on traditional and new sectors, aiming for high-quality economic development through a modern industrial system [1][4]. Group 1: Electronic Information Industry - Liuyang signed 115 new projects from January to October this year, with a total investment of 387.34 billion yuan, of which over half (201 billion yuan) is from the electronic information industry [4]. - Leading companies like Lens Technology and Huike Optoelectronics are pivotal in the electronic information sector, driving the industry cluster towards a "trillion-level" scale [4][6]. - Lens Technology has expanded into the automotive sector, supplying major clients like Porsche and Tesla, while also maintaining its leadership in the consumer electronics market [5][6]. - Huike Optoelectronics has invested 320 billion yuan in a new production line for ultra-high-definition displays, significantly enhancing the competitiveness of the local industry [6][7]. Group 2: Biopharmaceutical Industry - Liuyang has become a national-level biopharmaceutical base, with over 280 companies in the sector, including four listed firms and more than 850 approved drug varieties [12][13]. - The recent national drug procurement results show that four local companies secured eight products, reflecting their competitive edge in the market [9][10]. - Companies like Warner Pharmaceutical and Jiutian Pharmaceutical have made significant strides in innovation, with Warner's R&D investment reaching 1.58 billion yuan in 2024, a 53.45% increase year-on-year [13][14]. - The biopharmaceutical sector is transitioning from generic drugs to innovative products, supported by a robust policy framework from the local government [15]. Group 3: Intelligent Equipment Industry - The intelligent equipment sector in Liuyang is also a key industry, with companies focusing on niche markets to achieve competitive advantages [17][18]. - Huayou Vision Technology has become a unique supplier for large automotive components, while other firms like Hunan Fangheng New Materials are leading in specialized materials [16][18]. - The industry has seen significant innovation, with companies like Huaheng Robotics developing advanced automation solutions that enhance production efficiency [19]. - Liuyang's strategy emphasizes the importance of specialization and innovation in driving the growth of its intelligent equipment sector [19].

资料显示，立中集团以"新材料和汽车轻量化零部件全球供应商"为市场定位，深耕铝合金及铝合金轻量 化产品近40年，在汽车轻量化高端铝合金车轮领域积累了丰富的技术和生产经验。 2025年前三季度，公司实现营业总收入229.21亿元，同比增长18.34%；归母净利润6.25亿元，同比增长 26.77%。 具体来看，获定点的三家子公司为Lizhong Mexico S DE RL DE CV（墨西哥立中）、NewThai Wheel Manufacturing Co.,Ltd.（新泰车轮）及保定市立中车轮制造有限公司。 客户包括某国际知名汽车制造商、某国际知名豪华车企及某新能源头部汽车制造商，项目周期内销售金 额分别约为6.97亿元（6年）、1.68亿元（4年）、2.7亿元（3年），合计约11.35亿元。 中证智能财讯立中集团（300428）11月13日晚间公告，近日，公司多家子公司收到客户铝合金车轮项目 的定点通知，项目周期内销售额合计约11.35亿元。 公司表示，本次获得客户铝合金车轮项目定点，进一步彰显了客户对公司在高端铝合金车轮产品开发设 计、技术质量、生产保障能力的认可，持续巩固了公司全球化战略布局的领先优势 ...