每经AI快讯，有投资者在投资者互动平台提问：请教下公司在卫星业务方面的布局，以及钽电容业务 的情况。 （记者 王晓波） 振华科技（000733.SZ）12月26日在投资者互动平台表示，您好。公司是国内卫星制造与火箭发射核心 元器件的关键供应商，产品已稳定配套应用于高、中、低轨各型卫星，并与银河航天、长光卫星等客户 建立了深度合作关系。目前，公司已实现电容器产品从技术到关键原材料的全面自主可控，其中钽电容 产品在高端特种应用领域出货量位居行业前列，是高端特种应用领域的重要供应商。请注意投资风险。 ...

每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 王晓波） 截至发稿，ST惠伦市值为23亿元。 每经AI快讯，ST惠伦（SZ 300460，收盘价：8.03元）12月26日晚间发布公告称，公司于近日接到公司 控股股东新疆惠伦股权投资合伙企业（有限合伙）（以下简称"新疆惠伦"）及实际控制人赵积清先生的 通知，获悉其持有的部分股份被司法冻结及已质押股份被司法再冻结，本次冻结股份合计约2553万股。 截至本公告披露日，控股股东新疆惠伦及实际控制人赵积清累计被冻结股份约2646万股。 2025年1至6月份，ST惠伦的营业收入构成为：电子元器件占比96.52%，软件及信息技术服务业占比 3.48%。 ...

Group 1: Overseas Market Development - Arrow Home has been focusing on internationalization, increasing strategic investment in overseas markets, and establishing partnerships with local distributors to expand its sales network, resulting in significant revenue growth outside North America, although overall overseas revenue has declined due to changes in the international economic environment [2] - Yiduoli has been enhancing its overseas market presence, with product registrations completed in over 30 countries and regions, and plans to establish a subsidiary in Brazil to strengthen sales coverage in Latin America [3] - Companies like Boying Welding and Jereh have also reported significant progress in their international strategies, with Boying Welding investing in a production base in Vietnam and Jereh expanding its overseas business to over 70 countries [4] Group 2: New Year Development Plans - Wave Optoelectronics plans to focus on semiconductor and laser businesses, aiming for steady growth and expansion into new application areas while maintaining core competitiveness [5] - Arrow Home intends to enhance retail channel management and promote new products in collaboration with Hongmeng Smart Selection, aiming for broader coverage and efficiency in 2026 [5] - Changbao Co. expects to maintain a favorable market for boiler pipes and will focus on high-end product promotion and structural upgrades [7] Group 3: AI Development - Shenzhen Huaqiang emphasizes that AI is a core driver for growth in electronic components, with increasing demand in AI servers and data centers [8] - Zhongdian Port reported a significant increase in AI-related revenue, reaching 9.309 billion yuan in the first three quarters of 2025, reflecting a 78.3% year-on-year growth [9] - Companies like Hanwei Technology are actively integrating AI into their product offerings, developing multi-dimensional sensor systems for intelligent robotics [8][9]

Core Insights - The report from Guosen Securities indicates that by 2026, A-share companies will transition from merely exporting goods to a phase of collaborative output involving capacity, branding, and management systems, marking a qualitative shift in overseas operations [1] - Among 2,723 A-share companies engaged in overseas business, 60.96% hold a positive attitude towards international expansion, with 45.38% of 12,393 related announcements reflecting positive statements, indicating that going global has shifted from an optional strategy to a necessary action [1] Industry Analysis - "High-tech" industries are becoming the main force in overseas expansion, with technological barriers and industry concentration determining long-term value. The core logic of industry selection focuses on high-tech moats and strong industry clusters, which provide irreplaceability along with cost and efficiency advantages [2] - Three key sectors identified for overseas expansion include: - Chemical new materials (polyurethane, fiberglass) leveraging global pricing power and overseas base layouts to avoid trade barriers - High-end equipment (buses, construction machinery, semiconductor equipment) capitalizing on technology spillover to capture markets in "connector countries" - Electronic components (servers, MLCC) benefiting from global AI computing infrastructure and automotive electronics demand [2] - Data shows that over 70% of companies in machinery, power equipment, pharmaceuticals, computers, and automobiles are positively inclined towards overseas operations, making them core vehicles for international expansion [2] Regional Opportunities - Distinct opportunities are emerging across global markets, with a strategic focus on three core regions: - Europe emphasizes high-end manufacturing and green transformation, with localized production in new energy buses and chemical new materials to overcome technical and tariff barriers - Southeast Asia serves as a "backyard" for industry chain overflow, with semiconductor equipment and consumer electronics benefiting from mature process expansion and consumption upgrades - The Middle East and Latin America are emerging as new frontiers for photovoltaic energy storage and construction machinery, driven by energy transition and infrastructure demands [2] Investment Strategy - An "hourglass" portfolio is recommended to balance stable returns with growth flexibility, focusing on both "globalization dividend assets" and "technology breakthrough growth stocks": - The left side targets high-dividend, low-valuation stable assets, such as commercial buses and leading chemical new materials companies with stable overseas revenue and strong cash flow - The right side invests in high-growth, technology-driven assets, corresponding to "very positive" companies like semiconductor equipment and AI server firms, which are expected to experience nonlinear growth due to global supply chain restructuring and technological iteration [3]

出海范式全面升级，从产品输出迈向体系出海成为核心主线。2026 年 A 股公 司出海已告别单纯的商品出口阶段，进入产能、品牌、管理体系协同输出的 质变期。量化数据显示，2723 家涉出海业务的 A 股公司中，60.96%持积极态 度，12393 条相关公告中 45.38%为积极类表述，反映出出海已从可选战略转 为必选动作。龙头企业通过海外建厂、本地化运营、全产业链配套，实现从 中国制造到全球制造的跨越。 "双高"行业成出海主力，技术壁垒与产业集聚度决定长期价值。行业选择 的核心逻辑聚焦高技术护城河与强产业集聚度，这两类行业既具备不可替代 性，又拥有成本与效率优势。三大黄金赛道：化工新材料（聚氨酯、玻纤） 凭借全球定价权与海外基地布局规避贸易壁垒；高端装备（客车、工程机械、 半导体设备）依托技术外溢抢占"连接器国家"市场；电子元器件（服务器、 MLCC）受益于全球 AI 算力基建与汽车电子化需求。从数据看，机械设备、 电力设备、医药生物、计算机、汽车五大行业积极类公司数占比超七成，成 为出海核心载体。 证券研究报告 | 2025年12月25日 资配跨年展望(二) 大国出海下的"新核心资产" 区域机会呈现差异化， ...

证券日报网讯 12月25日，振华科技在互动平台回答投资者提问时表示，2024年高新电子元器件领域市 场出现阶段性量价齐跌，导致公司2024年经营业绩有所下降。2025年，公司不断加大运营管控效率，持 续推进成本管控工程；加快推动数智化转型升级，提高生产效率和产品质量，打造低成本、高质量、规 模化的盈利模式；积极向商业航天、低空经济、民用航空及新能源汽车等战略性新兴领域延伸，不断挖 掘新的增长点。募投项目延期是公司结合实际经营情况、整体市场变化和客户需求，从谨慎使用募集资 金角度，对募投项目建设进度相应作出调整，稳步推进项目实施，详见《关于部分募集资金投资项目计 划进度延期的公告》。 （编辑 丛可心 王雪儿） ...

证券日报网讯12月25日，振华科技（000733）在互动平台回答投资者提问时表示，不同的应用场景对产 品性能及可能性有着不一样的要求，例如，航空航天等领域对电子元器件有着抗辐射、耐极端环境、高 可靠性及长寿命等严苛要求。公司主营产品广泛应用于航空、航天、电子、兵器、船舶及核工业等重要 领域，并已成为该应用领域的重要支撑力量。未来，公司将持续关注相关行业发展机会和技术应用场 景，加大研发投入，不断提升核心竞争力。 ...

证券日报网12月25日讯，顺络电子（002138）在接受投资者提问时表示，公司产品属于电子元器件，目 前公司电感产品技术水平与全球知名电子元器件厂商技术水平比肩，产品拥有核心竞争力，且公司拥有 全球领先的大客户群体，聚焦大客户战略，涵盖了全球主要相关行业的标杆企业，与客户建立的是长期 合作关系。公司产品价格一般随行就市，就公司各类核心产品来讲，依托于产品性能优异的竞争力和整 体稳定的行业竞争格局，目前来看，价格体系呈现一个相对稳定的状态。 ...

证券日报网12月25日讯，顺络电子（002138）在接受投资者提问时表示，数据中心、服务器是公司战略 布局新兴战略市场之一，公司立足于小型化、高精度、大功率技术优势，为客户供应各类型的一体成型 功率电感、组装式功率电感、超薄铜磁共烧功率电感、钽电容产品等，并为客户定制配套的产品解决方 案。公司基于对材料、设备、设计、制造工艺的能力，把握住产业机会，为各类AI服务器类客户提供 一站式元器件解决方案。客户已覆盖国内头部服务器厂商及海外头部功率半导体模块厂商，目前公司 AI服务器相关的订单饱满，相关业务快速增长(今年以来，海外业务增速迅猛)。 ...

（原标题：中航光电发生2笔大宗交易 合计成交9974.90万元） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 两融数据显示，该股最新融资余额为14.89亿元，近5日增加9039.27万元，增幅为6.46%。 据天眼查APP显示，中航光电科技股份有限公司成立于2002年12月31日，注册资本211827.105万人民 币。（数据宝） 12月25日中航光电大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日 收盘折溢 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额 | 格 | | 买方营业部 | 卖方营业部 | | 股） | （万 元） | （元） | 价 （%） | | | | 232.90 | 8125.73 | 34.89 | 0.00 | 申万宏源证券有限公司洛阳 | 中泰证券股份有限公司洛阳南昌路证 | | | | | | 分公司 | 券营业部 | | 53.00 | 1849.17 | 34.89 | 0.00 | 申万宏源证券有限公司洛阳 | 中泰证券股份有限公司洛阳南昌路证 | | | | | | 分公司 | 券 ...