Industry Overview - On February 23, the stock price of AMRC (Amresk) fell by 2.99%, closing at $32.72, influenced by a collective decline in major U.S. stock indices: Dow Jones down 1.38%, Nasdaq down 1.09%, and S&P 500 down 0.96%. The technology and construction sectors, including Amresk, experienced an overall decline of 0.99%, indicating increased market risk aversion [1] Market Activity - On February 23, the trading volume was only 61,900 shares, with a transaction value of approximately $2.048 million, resulting in a turnover rate of 0.12% and a volume ratio of 0.46, reflecting low trading activity. In a low liquidity environment, small sell orders can significantly amplify price declines [2] Company Fundamentals - For the third quarter of fiscal year 2025, the company reported a year-over-year revenue growth of 5.01%. However, the gross margin was 15.91%, and the net margin was 3.52%. The debt-to-asset ratio reached 75.13%. The current price-to-earnings ratio (TTM) stands at 27.49, which is above the industry average, leading some investors to express concerns over high valuation and financial leverage [3]

免责声明 投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游艇损练透报纸贸易备 今日无新债 | 股 通宝光电 920168 团 | | | | --- | --- | --- | | 16.17 | 发行/行业市盈率 | 14.99/30.5 | | 发行价(元) | 申购上限 | 84.57万股 | ...

Core Insights - TTM Technologies (TTMI) achieved a record fourth-quarter 2025 non-GAAP EPS of 70 cents, a 42.9% increase year-over-year, surpassing the Zacks Consensus Estimate by 2.94% [1] - The company's net sales reached $774.3 million, reflecting an 18.9% year-over-year growth and also exceeding the consensus estimate by 2.94% [1] Q4 Top-Line Details - Aerospace & Defense sales increased by 3.9% year-over-year to $318 million, while Commercial revenues surged by 32.2% to $448.5 million, and RF&S Components sales rose by 5.4% to $10.7 million [2] End-Market Sales Distribution - In the reported quarter, the sales distribution was led by Aerospace & Defense (41%), followed by Data Center Computing (28%), Medical, Industrial & Instrumentation (14%), Automotive (9%), and Networking (8%) [3] - Combined revenues from Data Center Computing and Networking accounted for 36% of total sales, driven by strong demand in generative AI [3] Book-to-Bill Ratio and Backlog - TTM Technologies reported a book-to-bill ratio of 1.35, with the Aerospace & Defense program backlog reaching $1.6 billion [4] - The 90-day backlog, excluding shipments into customer hubs, increased to $0.65 billion from $0.50 billion year-over-year [4] Operating Details - The non-GAAP gross margin for Q4 2025 was 21.7%, an expansion of 120 basis points year-over-year, with a gross profit of $167.8 million [5] - Selling and marketing expenses rose by 5.5% year-over-year to $21.1 million, while general and administrative expenses increased by 10.6% to $50.1 million; however, R&D expenses decreased by 13.2% to $6.9 million [5] EBITDA and Operating Income - Adjusted EBITDA increased by 31.8% year-over-year to $126.2 million [6] - Non-GAAP operating income surged by 49.4% year-over-year to $98.2 million, with the operating margin expanding by 260 basis points to 12.7% [6] Balance Sheet & Cash Flow - As of December 29, 2025, TTM Technologies had cash and cash equivalents of $501.2 million, with total debt amounting to $916.2 million [7] - The net cash provided by operating activities was $62.9 million, while free cash flow stood at $11.7 million [7] Q1 & 2026 Guidance - For Q1 2026, TTM Technologies expects non-GAAP earnings between 64 cents and 70 cents per share, with net sales anticipated to be between $770 million and $810 million [8] - For the full year 2026, the company projects net sales growth in the range of 15% to 20% [8] Zacks Rank & Other Stocks - TTM Technologies currently holds a Zacks Rank 1 (Strong Buy) [10] - Other top-ranked stocks in the sector include Amkor Technology, IPG Photonics, and MKS Inc., all with a Zacks Rank 1 [10]

本报讯(记者方思伟)2月3日下午，出席省政协十三届四次会议的港澳地区政协委员热烈讨论政府工作报 告。大家盛赞江苏坚决扛好经济大省挑大梁责任，推动高质量发展继续走在前列，胜利完成"十四五"主 要目标任务，对报告提出的"十五五"时期工作总体要求、目标任务和2026年重点工作表示赞同，并围绕 中心大局，就因地制宜培育发展新质生产力、扩大高水平对外开放等积极建言献策。 "报告充满务实的精神、实干的劲头。"在尤肖吾委员看来，报告提出的"十五五"时期工作目标任务和对 今年重点工作作出的部署务实有效。"相信扎扎实实推动工作落地见效，江苏一定能在新征程上赢得主 动、赢得优势、赢得未来，不断开创高质量发展新局面。"张心瑜委员对报告中写到的"着力厚植为民情 怀"印象深刻。"报告提出，今年将办好12类45件民生实事，连续3至5年扎扎实实盯下去，真正解决群众 一批急难愁盼，让民生实事更加可及可感，让我们切实感受到省委、省政府坚持人民至上的工作理 念。"吴敏华委员关注到，报告中提到要加强与粤港澳大湾区建设等战略对接。"这与我们每一位港澳委 员密切相关。"她表示，在"十五五"开局之年要更好发挥优势，推动苏港澳交流合作取得更加丰硕成 果。 ...

● 免责声明 投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游躲损豢秃拐չ-α葛磊 02 三 O 今日中签缴 .. 今日申 .. <1 股 易思维 787816 闭 网 55.95 发行/行业市盈率 90.39/44.28 申购上限 0.6万股 发行价(元) 股 爱得科技 920180 配 7.67 发行/行业市盈率 14.98/42.57 申购上限 132.88万股 发行价(元) 今日无新债 ...

（编辑 王雪儿） 证券日报网1月30日讯 ，昂瑞微在接受调研者提问时表示，行业竞争格局的演变将受到整体市场环境与 新产品迭代速度等多重因素的影响，长期看会逐步从无序竞争回归到有序竞争。未来行业核心竞争力源 于客户合作粘性、产品创新、海外拓展及细分领域突破。在此背景下，公司将专注于核心技术的研发、 产品线的布局完善、客户和市场的开拓，以确保在激烈的市场角逐中稳固自身竞争优势。 ...

昨天上午，市两会闭幕后的首个工作日，南京便以"一马当先求突破"的实干姿态，正式发布《关于 加快培育新质生产力推动高质量发展的若干政策（2026年版）》（以下简称"《若干政策》"），着力系 统集成各类创新资源，聚力破解新质生产力发展的堵点、卡点，为南京在高质量发展上继续走在前列、 谱写"强富美高"新南京现代化建设新篇章注入强劲动力。 为深入贯彻落实习近平总书记对江苏工作重要讲话精神，更好扛起经济大省挑大梁的省会担当，从 今年起，南京将在每年初面向社会发布全年集成性一揽子政策安排，进一步激发经营主体活力、增强内 生发展动力。 此次发布的《若干政策》，是在"十五五"开局之际，我市立足新发展阶段，围绕高质量发展这一首 要任务、因地制宜发展新质生产力这一主攻方向，谋划推出的标志性政策举措，也是对刚刚闭幕的市两 会最新部署的细化落实。 《若干政策》围绕建设全国先进制造业基地、打造东部现代服务业中心、建设产业科技创新中心主 承载区、打造国际消费中心城市、推动项目投资扩容增效、扩大高水平对外开放、支持经营主体培优育 强、提升特大城市功能品质、厚植幸福南京城市底色等9个方面，提出42条具体政策措施。 实体经济是国民经济的命脉与 ...

Group 1 - The article discusses the subscription details for a new stock offering by North Chip Life, with a subscription limit of 0.9 million shares and an issue price of 17.52 yuan [1] - The industry price-to-earnings ratio is noted to be 41.36, indicating the valuation context for the stock offering [1] Group 2 - There are no new bonds available for subscription today, indicating a lack of new debt instruments in the market [2]

Group 1 - The company, Newcap (300248), acknowledges that its industry is significantly affected by seasonal factors, which also influence cash collection patterns [1] - The company has established a comprehensive set of management systems and processes for project acceptance, revenue recognition, and cash collection tracking, which are strictly implemented [1] - Currently, all operational activities of the company are proceeding normally [1]

Core Insights - As of December 24, 2025, Suzhou has a total of 227 A-share listed companies, with a total of 282 companies listed both domestically and internationally [2] - In 2025, Suzhou ranked first among major cities in China with 9 new A-share listed companies [2] - The growth of listed companies in Suzhou is attributed to a commitment to national industry development, a favorable business environment, and sustained capital support [2] Summary by Categories Company Development - Suzhou's listed companies are experiencing high-quality development, with a focus on expanding and strengthening their market presence [2] - The city has successfully added 9 new A-share companies in 2025, leading the nation in this metric [2] Business Environment - The favorable business environment in Suzhou is described as "rich and solid," providing a strong foundation for company growth [2] - The nurturing of companies is supported by a combination of local policies and economic conditions that facilitate business operations [2] Capital Support - The growth of listed companies is further enhanced by "patient capital," which plays a crucial role in their development and sustainability [2] - Continuous investment and financial backing are essential for the long-term success of these companies in Suzhou [2]