贵金属期货 周报—2025-9-26 1、黄金AU 观点： 在贸易战重启背景下经济衰退问题制约金银饰品 消费需求；贵金属的需求在于去美元背景下的主权基金选择；在美国重启降息 之际，美元中期贬值因素和近端收益率曲线下沉对贵金属形成支撑；跟踪到国内黄金仓单有相对显著的上升。 基本面： 1、美国对进口医疗器械、工业机械等发起232条款调查。2、特朗普取消与民主党有关临时拨款法案的会晤计划，称会晤不可能有成果。 3、美国第二季度GDP被大幅上修至增长3.8%，前值为3.3%；9月20日当周初请失业金人数录得21.8万人，为2025年7月19日当周以来新低， 前值由23.1万人修正为23.2万人。4、欧洲央行行长拉加德：欧洲央行已经达到了通胀目标，但不确定性依然存在；管委Scicluna：当前利 率水平适宜，央行有能力应对下行风险；管委斯图纳拉斯：无需进一步宽松。 2、白银AG 观点：在贸易战重启背景下经济衰退问题制约金银饰品 消费需求；贵金属的需求在于去美元背景下的主权基金选择；在美国重启降息 之际，美元中期贬值因素和近端收益率曲线下沉对贵金属形成支撑；跟踪到国内黄金仓单有相对显著的上升。 基本面： 1、美国对进口医 ...

Core Viewpoint - The company is focusing on the development of humanoid robot PCBs and has made significant progress in collaboration with leading companies in the industry [1] Group 1: Company Development - The company has been developing humanoid robot PCB products since 2020, covering various electronic circuit applications such as central control systems, visual perception systems, joint drive systems, energy management, wireless charging, and dexterous hands [1] - The company has successfully secured a new product designation from a leading North American humanoid robot company, with design plans frozen and preparations for mass production underway [1] - The company is actively advancing partnerships with domestic leading humanoid robot clients and has obtained new project designations through client certifications for the next generation of humanoid robots [1]

Core Insights - The 2025 IPC CEMAC Electronic Manufacturing Annual Conference in Shanghai highlighted the importance of innovation and supply chain resilience in the electronics industry [1][2] - The global electronics market is valued at $6 trillion, with a trade volume of $4.5 trillion, and the components sector alone is worth $2.5 trillion [1] - 60% of companies reported rising raw material costs, and 57% indicated increased labor costs, with a diffusion index for skilled labor availability and profit margins below 100, indicating contraction [1] Industry Trends - Three key forces shaping the future of the electronics industry are technological innovation (AI, semiconductor breakthroughs), green sustainability (from optional to essential), and supply chain resilience (stability, adaptability, diversity) [2] - The global electronics association emphasized that trade conflicts and geopolitical fluctuations will not affect the openness and universality of international standards [2] China's Role - China remains an irreplaceable part of the global electronics supply chain, accounting for over 50% of global PCB production capacity, with growth rates surpassing global and emerging regions [2] - In 2024, China's equipment manufacturing value added is projected to grow by 7.7%, and high-tech manufacturing value added by 8.9%, both exceeding the 5.8% growth of large-scale industrial value added [2] - The shift from being the "world's factory" to an emerging innovation driver is evident, with international interest in China's technological advancements rather than just cost reduction [2]

Core Viewpoint - Wu Tong Holdings (300292.SZ) and its subsidiaries do not engage in PCB (Printed Circuit Board) business, focusing instead on EMS (Electronic Manufacturing Services) with SMT (Surface Mount Technology) as the core [1] Company Operations - The company’s subsidiary, Intelligent Electronics, specializes in EMS, which involves sourcing PCB, chips, semiconductors, and other materials and components from upstream suppliers [1] - After procurement, the company completes processes such as surface mounting, inspection, assembly, and testing before delivering products to downstream customers [1] Industry Presence - Wu Tong Holdings has established a certain level of industry recognition in sectors such as new energy vehicles and industrial control [1]

证券日报网讯欧菲光（002456）9月26日在互动平台回答投资者提问时表示，公司拥有全球化研发团 队，在中国、美国、日本、韩国等地均建立了创新研发中心，并积极与国内外院校、科研机构建立紧密 的合作关系，持续关注市场动态获取行业前沿信息，研发驱动创新，不断实现关键技术突破与产品应 用，加快进口替代。2025年上半年，公司国外销售收入为12.70亿元，占营业收入比重为12.91%。公司 将以全球视野参与国际竞争，积极开拓新市场，寻找新机遇，完善全球销售网络，依托技术创新精准匹 配客户需求，突破关键海外客户，把握海外资本市场的多元化机会，为高质量发展注入新动能。 ...

Group 1 - The company, Chongda Technology (002815.SZ), has notable clients in the server industry, including ZTE, H3C, and Inspur [1] - The company's products are utilized in various fields such as server motherboards, storage devices, and GPUs [1]

9月26日下午，立讯精密跌超5%，成交额超200亿元。 ...

Group 1 - The core point of the news is that Shengyi Technology's stock price dropped by 5.08% to 53.46 CNY per share, with a trading volume of 1.734 billion CNY and a turnover rate of 1.33%, resulting in a total market capitalization of 129.868 billion CNY [1] - Shengyi Technology, established on June 27, 1985, and listed on October 28, 1998, is located in Dongguan, Guangdong Province. The company specializes in the design, production, and sales of copper-clad laminates, bonding sheets, printed circuit boards, ceramic electronic components, LCD products, electronic-grade glass cloth, epoxy resin, copper foil, flexible materials for electronics, display materials, packaging materials, and insulation materials [1] - The main business revenue composition of Shengyi Technology includes: copper-clad laminates and bonding sheets (65.96%), printed circuit boards (28.63%), comprehensive utilization of waste resources (3.37%), and others (2.04%) [1] Group 2 - Dongxing Fund has one fund heavily invested in Shengyi Technology, specifically the Dongxing Digital Economy Mixed Fund A (020440), which reduced its holdings by 10,400 shares in the second quarter, now holding 59,700 shares, accounting for 4.54% of the fund's net value, ranking as the tenth largest holding [2] - The Dongxing Digital Economy Mixed Fund A was established on January 16, 2024, with a latest scale of 15.4004 million CNY. Year-to-date returns are 46.64%, ranking 1446 out of 8171 in its category; the one-year return is 86.5%, ranking 916 out of 8004; and since inception, the return is 56.57% [2]

9月26日，弘信电子跌5.06%，截至发稿，报32.86元/股，成交9.39亿元，换手率6.00%，总市值158.57亿 元。 资料显示，厦门弘信电子科技集团股份有限公司位于福建省厦门火炬高新区(翔安)产业区翔海路19号之 2，成立日期2003年9月8日，上市日期2017年5月23日，公司主营业务涉及柔性印制电路板(FPC)、软硬 结合板及背光模组的研发、生产和销售。主营业务收入构成为：印制电路板48.49%，算力及相关业务 42.41%，背光模组8.01%，其他1.09%。 截至发稿，崔蕾累计任职时间6年325天，现任基金资产总规模949.76亿元，任职期间最佳基金回报 145.27%， 任职期间最差基金回报-15.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，南方基金旗下1只基金位居弘信电子十大流通股东。南方中证1000ETF（512100）二季度增 持68.44万股，持有股数360.93万股，占流通股的比例为0.79%。根据 ...

Core Viewpoint - Dongshan Precision has experienced a significant decline in stock price, with a 5.12% drop on September 26, leading to a cumulative decline of 7.36% over three consecutive days [1] Company Overview - Dongshan Precision Manufacturing Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on October 28, 1998, with its IPO on April 9, 2010 [1] - The company specializes in manufacturing and servicing precision sheet metal parts, precision castings, and electronic manufacturing, as well as flexible circuit board design, production, and sales [1] - The revenue composition of the company includes: 65.23% from electronic circuit products, 17.98% from touch panels and LCD modules, 13.93% from precision components, 1.69% from LED display devices, and 1.17% from other sources [1] Fund Holdings - According to data, one fund under Caitong Securities Asset Management holds a significant position in Dongshan Precision, specifically the Caitong Asset Consumer Selection Mixed A Fund (005682), which held 292,300 shares as of the second quarter, accounting for 4.34% of the fund's net value [2] - The fund has incurred a floating loss of approximately 1.1078 million yuan today, with a total floating loss of 1.7216 million yuan during the three-day decline [2] - The Caitong Asset Consumer Selection Mixed A Fund was established on April 2, 2018, with a current scale of 241 million yuan and has achieved a year-to-date return of 63.16%, ranking 543 out of 8,171 in its category [2]