研究早观点 2025 年 6 月 13 日 星期五 市场走势 【今日要点】 【行业评论】通信：山西证券通信行业周跟踪：海外强业绩引领下算 力仍是最强主线，移动普缆招标平稳落地 【公司评论】德尔股份(300473.SZ)：德尔股份快报-固态电池产线落地， 汽零主业恢复增长 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,402.66 | 0.01 | | 深证成指 | | 10,234.33 | -0.11 | | 沪深 | 300 | 3,892.20 | -0.06 | | 中小板指 | | 6,404.25 | -0.15 | | 创业板指 | | 2,067.15 | 0.26 | | 科创 | 50 | 977.97 | -0.30 | | 资料来源：最闻 | | | | 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 资料来源：最闻 1、博通、 ...

上交所4只基准做市债ETF规模集体破百亿 近期上交所基准做市债ETF规模持续扩容，4只产品相继突破百亿元大关，截至6月10日，合计规模近 480亿元，较发行规模增长300%，其中规模最大的易方达公司债ETF137亿元。4只基准做市债ETF上市 以来交投活跃，进入6月以来日均成交额74亿元。6月6日，4只产品正式纳入通用质押式回购标的，有助 于投资者提高资金使用效率，满足多元投资策略。（智通财经） 深交所将迎"H+A"上市公司 业内：新一轮行情呼之欲出 6月10日，中办、国办发布《关于深入推进深圳综合改革试点深化改革创新扩大开放的意见》（简称 《意见》）。《意见》指出，允许在香港联合交易所上市的粤港澳大湾区企业，按照政策规定在深圳证 券交易所上市。"这意味着深圳将迎来'H+A'上市公司，新一轮行情呼之欲出。"前海开源基金首席经济 学家杨德龙指出，一方面，政策的推出给深交所带来更多优质上市公司资源；另一方面，在港上市的粤 港澳大湾区企业不乏一批科技龙头企业，代表了经济转型方向，也为壮大A股市场带来了新机遇。（新 京报） 宝马5系新车上市半年狂降18万 保值率5年下降近40% 近期，2025款宝马i3五折甩卖、20 ...

Group 1: China Resources Beer (00291) - The company achieved positive sales growth in April and May, aligning with the sales trend from January to May 2025 [1] - The management expects pressure on the liquor business revenue due to weak demand and high base, aiming to avoid losses and impairments [1] - The company benefits from favorable raw material factors, leading to a gross margin increase of over 1 percentage point, while operational costs are reduced through "Three Precision" initiatives [1] - Heineken sales grew over 20% year-on-year, while Super X saw approximately 10% growth; Snow Beer Pure Life experienced a slight decline [1] - Sales momentum is strong in Guangdong, particularly around Shenzhen, with expectations for East and South China to drive growth in 2025 [1] - The ready-to-drink channel remains weak, but there was slight improvement in some dining markets in May [1] Group 2: Capital Expenditure and Financial Projections - The company plans to expand Heineken production capacity in Fujian and continue investments in maintenance, production line transformation, and liquor business in 2025 [2] - Future capital expenditures are expected to gradually decrease [2] - Key assumptions for financial projections include a weighted average cost of capital (WACC) of 11.3% and a terminal growth rate of 3% [2] Group 3: Kingsoft Software (03888) - The upcoming game "Mecha BREAK" is expected to be a key driver for Kingsoft's stock price [3] - The game is highly anticipated, ranking 5th on Steam's wishlist, with 3.5 million pre-registrations and a peak of over 300,000 concurrent players during closed testing [4] - Potential outcomes for the game's performance include revenue predictions of 500 million RMB if it ranks 10-20 on Steam, and over 300 million RMB if it enters the top ten [4] Group 4: FiberHome Technologies (601869) - Goldman Sachs reviewed FiberHome's earnings forecast following China Mobile's 2025-26 tender results, which were below expectations [6] - FiberHome's winning share in the tender decreased to 13.6%, down from 19-20% in previous tenders, and the average procurement price dropped by 26% [7] - The tender results indicate a cautious outlook for the telecom industry's fiber optic cable demand [7] Group 5: Q Technology (01478) - Q Technology reported a 1.9% month-on-month increase in smartphone camera module shipments for May 2025, but a year-on-year decline of 17.5% [8] - The shipment of camera modules with 32 million pixels and above saw a year-on-year decline of 19.0% [8] - Fingerprint recognition module shipments surged by 45.0% year-on-year, benefiting from market share gains and increased production capacity [8]

长江商报奔腾新闻记者注意到，在算力市场需求火爆的背景下，迈信林于2024年设立子公司瑞盈智算， 开始切入算力领域。这一年，公司算力服务及销售业务收入为6573万元，占同期公司总收入的比重为 13.79%。 长江商报奔腾新闻记者杨蝶 迈信林(688685.SH)持续稳健经营。 6月9日晚间，迈信林发布公告称，公司控股子公司瑞盈智算、瑞芯智能与北京城建分别签署了1份《基 础算力服务合同》，合同标的为瑞盈智算、瑞芯智能向北京城建提供高性能服务器集群，用于基于 openCL的仿真模型推理。另外，瑞盈智算与北京京仪签署了2份合同，分别为《工业智算基础算力服务 合同》《通用AI智算中心基础算力服务合同》，合同标的为瑞盈智算向北京京仪提供高性能服务器集 群，用于北京京仪自研环保治理层面垂类大模型的推理应用。4份合同累计签订金额为11.84亿元。 迈信林表示，本次签订的合同为公司日常经营性合同，不涉及关联交易，若合同顺利履行，预计将会对 公司2025年度或未来业绩产生积极影响。 资料显示，迈信林是一家专注于航空航天零部件的工艺研发和加工制造的企业，公司主要产品或服务涉 及航空航天、船舶、电子科技、半导体、大数据分析等领域。2 ...

Core Viewpoint - The article highlights the journey of Chengdu Runlong Electric Co., Ltd., a small enterprise that has become a leading manufacturer of drying filters in China and globally, emphasizing its innovative approaches and resilience in the face of competition from international giants like Haier [1][4][26]. Company Overview - Chengdu Runlong Electric Co., Ltd. has grown over 30 years to become the market leader in drying filters in China and ranks among the top globally [1]. - The company was founded by Huang Yingli in 1995, initially as Chengdu Longquan Refrigeration Component Factory, focusing on a critical component of refrigeration systems [4][11]. Product Significance - Drying filters play a crucial role in refrigeration systems by filtering impurities and moisture, ensuring the longevity and efficiency of refrigerators [1][8]. - The design of drying filters includes a copper shell and a high-efficiency molecular sieve to effectively remove contaminants from refrigerants [8]. Technological Advancements - The company transitioned from outdated hot-rolling technology to cold-extrusion technology, significantly improving product quality and meeting stringent standards set by major clients like Haier [9][11]. - This shift not only enhanced the aesthetic and cleanliness of the products but also positioned Runlong as a competitive player in the market [11]. Market Position and Strategy - Runlong's dedication to meeting Haier's high standards led to its recognition as Haier's Best Quality Supplier in 1998, marking a significant milestone in its growth [11][12]. - The company adopted a diversification strategy to reduce dependency on a single client, enhancing its resilience against market fluctuations [15]. Industry Impact - By 2008, Runlong was designated as the leading unit for the national standard GB/T 23135-2008 for drying filters, showcasing its evolution from a follower to a rule-maker in the industry [18]. - The company has developed a rapid response system for customized solutions, catering to high-end markets such as vaccine cold chains and aerospace [17][18]. Competitive Edge - Runlong has built a competitive barrier through over 20 core patents and a focus on high-end customization, distinguishing itself from competitors who primarily engage in mass production [20]. - The company's commitment to quality, rooted in military standards, has established a strong reputation and customer trust [15][22]. Future Outlook - The article emphasizes the need for more companies like Runlong to emerge in China's manufacturing sector to strengthen the supply chain and enhance competitiveness amid global challenges [26].

Group 1: New IPO - Huazhi Jie - Huazhi Jie is positioned in the intelligent control industry, focusing on providing smart, safe, and precise key components for electric tools and consumer electronics [2] - The company primarily engages in the R&D, production, and sales of components for electric tools and consumer electronics, including smart switches, smart controllers, brushless motors, and precision structural parts [2] - The IPO price is set at 19.88 yuan per share, with an institutional offering price of 19.98 yuan per share, resulting in a market capitalization of 14.91 billion yuan [4] - The company has a P/E ratio of 13.05, significantly lower than the industry average of 34.45, indicating potential undervaluation compared to peers [4] - The funds raised will be allocated to expand production capacity for 86.5 million electric tool smart components, with an investment of 4.26 billion yuan, and to supplement working capital with 0.60 billion yuan [7] - Approximately 40% of the company's revenue comes from domestic operations, while 60% is generated from international markets, highlighting a strong export orientation [8] Group 2: New IPO - Jiaoda Tiefa - Jiaoda Tiefa specializes in the R&D, production, and sales of intelligent products and equipment for rail transit, along with providing professional technical services [9] - The company’s products and services are widely used in high-speed rail, conventional rail, and urban rail transit, with major clients including China National Railway Group and China Railway Construction Corporation [9][11] - The company plans to invest in new projects, including a production facility for rail transit intelligent products with an investment of 0.60 billion yuan and a R&D center with an investment of 0.51 billion yuan [11] - The actual controller of Jiaoda Tiefa is Wang Pengxiang, who holds a 13.99% direct stake and controls a total of 41.05% of the voting rights through various agreements [12]

编号：2025-007 证券代码：301389 证券简称：隆扬电子 活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 中信证券、淡水泉投资、诚通证券、苏州大学商学院、上海银 行、贵山基金、君榕资产（以上排名不分先后） 时间 2025 年 6 月 9 日 地点 公司会议室 上市公司接待人员姓 名 董事会秘书 金卫勤 证券事务代表 施翌 主要内容介绍 公司证券事务代表向与会人员介绍了公司概况、发展布局， 董事会秘书同与会人员进行了问答交流，本次交流主要内容如下： Q1、关税对公司的影响？ 公司基于当前公司境外业务的业务模式，公司大部分产品 通过国内保税区完成出口交付，2024 年保税区业务占比 26.04%。2024 年境外直接出口部分占比 6.39%，其出口地区多 为东南亚地区。因此，该模式下关税的变化对公司生产经营直 接影响较小。另外，公司在越南及泰国进行了海外布局，分别 设立了工厂，以因应国际形势的变化，分散风险。 Q2、公司收购双联项目的主要原因有哪些？ 威斯双联与公司隶属同一行业，具有显著的协同效应。公 司通过本次收购，将优化供应 ...

Titan International (TWI) Conference June 05, 2025 10:00 AM ET Speaker0 I'm Joe Gomes, managing director and senior analyst at Noble Capital. With us today for a fireside chat is Paul Reitz, president and CEO of Titan International. Good morning, Paul, and thanks for taking the time to sit down with us. Speaker1 Hey. Good morning, Joe. Good to be with you. Speaker0 So let let's start big broad. For those in the audience new to the Titan story, can you provide a brief overview of the company, the products, t ...

徕木股份 2024 年年度股东大会会议资料 上海徕木电子股份有限公司 会议资料 二〇二五年六月 徕木股份 2024 年年度股东大会会议资料 徕木股份 2024 年年度股东大会会议资料 上海徕木电子股份有限公司 为了维护投资者的合法权益，确保股东在公司2024年年度股东大会期间依法 行使权利，保证股东大会的正常秩序和议事效率，根据《公司法》、《上市公司 股东大会规则》和《公司章程》的有关规定，特制定如下会议须知： 一、为保证股东大会的严肃性和正常秩序，切实维护与会股东或其代理人的 合法权益，除出席会议的股东或其代理人、公司董事、监事、高级管理人员、公 司聘请的律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。股 东大会设秘书处，具体负责大会有关事宜。 二、为保证股东大会的顺利召开，出席会议的股东或其代理人须在会议召开 前10分钟到会议现场向大会秘书处办理签到手续。出席会议的股东或其代理人须 出示以下证件和文件办理登记手续：（1）自然人股东：本人身份证原件、股票 账户卡原件；（2）自然人股东授权代理人：代理人身份证原件、自然人股东身 份证复印件、授权委托书原件及委托人股票账户卡原件；（3）法人股东法定代 ...

塔吊林立、机械轰鸣。当下的鲁西新区,建设者们迎着初夏热浪,以汗水为墨、以机械为笔,在桩机的轰鸣 中,将规划蓝图化作拔地而起的厂房,书写高质量发展新篇章。 项目建设是拉动经济增长的"火车头",是推动高质量发展的"强引擎"。鲁西新区将继续以项目建设为抓 手,坚持"项目为王"理念,全力推进项目建设,在高质量发展的道路上书写更加绚丽的篇章。 与麦帝尔项目遥相呼应,海希储能项目建设现场同样繁忙有序。走进建设场地,机械设备轰鸣声、工人们 的指挥声相互交织,构成激昂的建设交响曲。施工人员们忙碌而有序地开展各项工作,现场一派热火朝天 的景象。作为新区重点培育的新兴产业项目,海希储能项目自去年3月开工建设以来,一直按照施工计划有 序推进。项目建成后,将成为集储能技术研发、生产、应用于一体的综合性产业基地,不仅能有效带动储 能装备制造相关产业发展,还将助力新区在绿色能源领域实现新突破。 从汽车零部件到绿色储能,一个个优质项目在鲁西新区落地生根、茁壮成长,背后离不开新区持续优化的 营商环境和高效的服务保障。为确保项目顺利推进,新区成立工作专班,实行"一对一"服务,从项目审批到 建设施工全程跟踪协调,及时解决企业遇到的难题。同时,不 ...