格隆汇10月9日丨一博科技(301366.SZ)在投资者互动平台表示，公司尚未与摩尔线程建立业务关系，后 期是否有业务合作请留意公司相关的信息披露。公司珠海工厂已正常投产，生产经营情况稳步向好，产 能利用率稳步提升。前述项目投产后，公司将继续努力开拓客户，加强与现有客户的合作深度，提高一 站式服务能力，用方便、快捷、高质量的服务满足客户的需求，具体情况请查询公司已披露的相关信 息。 ...

来源：格隆汇APP 格隆汇10月8日｜据周二提交给证券交易所的声明称，和硕联合子公司斥资3,070万美元在得克萨斯州 Blue Springs Business Park购买工业建筑和土地，用于生产和运营。交易包括168,784平方英尺的工业建 筑和12.52英亩的土地。 ...

| | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 长城基金 及人员姓名 金证券 | 信达澳亚基金 先锋基金 中泰证券 国投证券 平安证券 华 | | 时间 2025 | 年 9 月 29 日、9 月 30 日 | | 地点 | 公司本部会议室 | | 上市公司 接待人员姓名 | 董事、副总裁周庚申 董事会秘书钟彦 | | | 本次会议主要介绍了公司概况、发展历程、全球布局、核心竞争优势 | | | 以及产品与业务，并就调研投资者关心的公司所处行业动态、三大主营业 | | | 务情况、未来发展方向等有关问题进行了解答。 | | | 一、公司基本情况介绍 | | | 公 司 是 全 球 领 先 的 专 业 电 子 制 造 企 业 ， 连 续 多 年 在 MMI | | 投资者关系活 动主要内容介 | （Manufacturing Market Insider）全球电子制造服务行业（Electronic | | ...

EMS 厂商在参与人形机器人产业方面有哪些优势和劣势？ EMS 厂商参与人形机器人产业的优劣势分析 20250928 摘要 EMS 厂商凭借长期合作关系和客户资源，有望快速进入人形机器人市场， 尤其是在 Meta 和字节跳动等互联网大厂寻求硬件合作伙伴的背景下， 为其提供了新的业务增长机会。 EMS 厂商在 3C 产品领域积累的快速迭代响应能力，对人形机器人初期 研发至关重要，尤其是在产品尚未完全定型且需要频繁更新的阶段，这 种能力尤为关键。 EMS 厂商具备的大批量生产经验，能够确保人形机器人从研发到大规模 商业化的顺利过渡，这种能力在制造业中具有稀缺性，对未来的商业化 至关重要。 人形机器人市场为 3C 设备零部件供应商提供了新的增长曲线，其未来 销量潜力巨大，可能达到手机级别，而单价接近汽车级别，为供应商带 来新的业务机会。 人形机器人核心零部件与 3C 产品存在技术重合，过去在消费电子领域 的新材料、新结构创新可应用于人形机器人，推动技术进步和创新。 Q&A 3. 大批量生产经验：EMS 厂商具备大规模生产的成熟经验，可以确保人形 机器人从研发到批量生产的顺利过渡。这种能力在制造业中非常稀缺， 对于未 ...

Market Overview - The U.S. stock market experienced a decline for the third consecutive trading day, with the S&P 500 index falling by 0.5%, marking its longest losing streak in over a month [2] - The Dow Jones Industrial Average dropped by 173 points, or 0.4%, while the Nasdaq Composite also fell by 0.5% [2] - Despite the recent declines, all three major indices remain close to their historical highs set earlier in the week [2] Economic Indicators - Reports indicate that the U.S. economy may be stronger than economists had anticipated, which could reduce the likelihood of multiple interest rate cuts by the Federal Reserve in the coming months [2] - The Federal Reserve recently implemented its first interest rate cut of the year, with expectations for more cuts by the end of next year [2] - Stronger-than-expected economic performance may alleviate the Fed's urgency to cut rates, especially given the existing inflation risks [2] Company Performance - CarMax's stock plummeted by 20.1% after reporting quarterly profits below analyst expectations, with a decline in vehicle sales compared to the previous year [4] - Jabil's stock fell by 6.7% despite reporting stronger-than-expected quarterly profits, attributed to demand from artificial intelligence [4] - Oracle's stock decreased by 5.6% after a significant rise earlier in the month due to announcements of large AI contracts [5] - Starbucks' stock slightly declined by 0.5% following the announcement of a $1 billion restructuring plan, which includes store closures and job cuts [5] - IBM's stock rose by 5.2% after HSBC announced a promising quantum computing trial with the company [5] Sector Trends - The bond market saw a slight increase in Treasury yields as traders reduced bets on future interest rate cuts by the Fed, with the 10-year Treasury yield rising from 4.16% to 4.17% [4] - The housing sector showed signs of optimism, with KB Home's stock fluctuating after reporting quarterly profits above analyst expectations, driven by declining mortgage rates [6]

Financial Data and Key Metrics Changes - For Q4, the company reported approximately $8.3 billion in revenue, exceeding guidance by roughly $800 million, with core operating income at $519 million and core operating margin at 6.3%, a 50 basis point improvement year-over-year [9][10] - Core diluted earnings per share was $3.29, while GAAP diluted earnings per share came in at $1.99 [9][10] - Full-year adjusted free cash flow was over $1.3 billion, with a healthy balance sheet showing a debt-to-core EBITDA ratio of 1.3x and cash balances of approximately $1.9 billion [12][13] Segment Performance Changes - Regulated Industries revenue was $3.1 billion, with a year-over-year increase of approximately 3% and core operating margin expanding by 40 basis points to 6.5% [10] - Intelligent Infrastructure revenue reached $3.7 billion, $400 million above expectations, with a core operating margin of 5.9% [10][11] - Connected Living and Digital Commerce revenue totaled $1.4 billion, reflecting a year-over-year decline of approximately 14%, but core operating margin improved by 210 basis points to 6.6% [11][34] Market Data and Key Metrics Changes - The automotive and transportation market is experiencing a decline of 5% due to slowing demand for battery electric vehicles in the U.S. and Europe, while healthcare outsourcing is expected to enter a growth phase [49][50] - The company anticipates Intelligent Infrastructure revenue to grow by 18% in FY 2026, driven by AI-related demand across capital equipment and cloud infrastructure [54][55] Company Strategy and Industry Competition - The company is focusing on system-level integration across its segments, particularly in Intelligent Infrastructure, to enhance customer deployment speed and reduce costs [51][52] - A deliberate shift in the Connected Living and Digital Commerce segment is underway, moving away from lower-margin legacy consumer programs towards higher-margin automation and advanced technologies [7][56] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the diversified model despite mixed dynamics across end markets, with strong performance in AI-related sectors offsetting weaknesses in automotive and renewables [36][60] - The company expects approximately 5% revenue growth for FY 2026, with core operating margin expanding to around 5.6% [57][58] Other Important Information - The company completed a $1 billion share repurchase authorization and plans to return 80% of annual adjusted free cash flow to shareholders [12][14] - The company is investing in AI and automation across its operations to enhance efficiency and competitiveness [44][46] Q&A Session Summary Question: Can you provide details on growth areas in AI? - The company expects 25% year-over-year growth in AI revenue, with significant growth in capital equipment and cloud infrastructure, while maintaining strong positions in existing markets [64][65]

Financial Data and Key Metrics Changes - For Q4, the company reported approximately $8.3 billion in revenue, exceeding guidance by roughly $800 million, with core operating income at $519 million and a core operating margin of 6.3%, a 50 basis point improvement year-over-year [9][12][17] - Core diluted earnings per share was $3.29, while GAAP diluted earnings per share came in at $1.99 [9][12] - Full-year adjusted free cash flow exceeded $1.3 billion, with a debt-to-core EBITDA ratio of 1.3 times and cash balances of approximately $1.9 billion [12][13] Segment Performance Changes - Regulated Industries revenue was $3.1 billion, with a year-over-year increase of approximately 3% and a core operating margin of 6.5% [10] - Intelligent Infrastructure revenue reached $3.7 billion, $400 million above expectations, with a core operating margin of 5.9% [10][11] - Connected Living and Digital Commerce revenue totaled $1.4 billion, reflecting a year-over-year decline of approximately 14%, but with a core operating margin of 6.6%, up 210 basis points year-over-year [11][12] Market Data and Key Metrics Changes - The automotive and transportation market is expected to decline by 5% in FY26, while healthcare outsourcing is entering a growth phase, particularly in drug delivery systems [49][50] - AI-related revenue is projected to grow by roughly 25% in FY26, reaching about $11.2 billion, driven by strong demand in cloud and data center infrastructure [53][54] Company Strategy and Industry Competition - The company is focusing on system-level integration across its segments, particularly in Intelligent Infrastructure, to enhance speed and reduce costs for customers [51][52] - A deliberate shift is being made in Connected Living and Digital Commerce to exit lower-margin programs while investing in higher-margin opportunities [55][56] - The company aims to maintain a disciplined capital allocation strategy, returning approximately 80% of free cash flow to shareholders [57] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the diversified portfolio despite mixed market dynamics, with strong performance in AI-related sectors offsetting weaknesses in automotive and renewables [35][36] - The company is well-positioned for sustainable growth, targeting 6% plus core operating margins and over $1.5 billion in adjusted free cash flow over time [57][58] Other Important Information - The company completed a $1 billion share repurchase authorization and has a new $1 billion program authorized for FY26 [14][15] - The company is investing in AI and automation across its operations to enhance efficiency and competitiveness [39][43] Q&A Session Summary Question: Can you provide details on growth areas in AI? - The company expects 25% year-on-year growth in AI revenue, with significant growth in capital equipment and cloud and data center infrastructure, while maintaining strong positions in existing markets [64][65] Question: What is the outlook for healthcare growth? - Growth is anticipated in drug delivery systems and devices, with a healthy pipeline of new business awarded, contributing to margin expansion [66]

Core Viewpoint - Huizhou Guanghong Technology Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding its application for a specific stock issuance, covering key aspects such as operational status and the acquisition of AC Company [1] Group 1: Operational Analysis - Guanghong Technology's revenue for the reporting period was 4,179.78 million, 5,402.45 million, 6,881.41 million, and 1,195.79 million, with net profits attributable to ordinary shareholders (after deducting non-recurring gains and losses) of 261.25 million, 373.49 million, 240.60 million, and 29.77 million respectively [2] - The trends in revenue and net profit after deductions are not entirely consistent, with both showing aligned trends in 2023, while in 2024 and the first half of 2025, discrepancies arose due to declining gross margins and increased management expenses [2] - The EMS industry has shown a growth trend, with a compound annual growth rate of approximately 5.58% from 2017 to 2023, and is expected to reach 644.9 billion by 2028 [2] - Guanghong Technology has established a strong market position through rapid response, quality control, and customer resources [2] Group 2: Customer and Supplier Relationships - The top five customers account for 73.28%, 76.22%, 72.23%, and 67.06% of sales, indicating a slightly higher customer concentration compared to industry peers, primarily due to revenue being sourced from the consumer electronics sector [3] - The company has long-term stable relationships with major customers, with no single customer contributing more than 40% of sales, indicating low dependency risk [3] - There are instances of overlap between customers and suppliers, such as with Huajin Technology and Longqi Technology, due to certain materials being processed and sold to third-party clients [3] Group 3: Accounts Receivable and Construction Management - Accounts receivable are primarily aged within one year, with good post-period collection performance and sufficient bad debt provisions in compliance with accounting standards [4] - As of June 30, 2025, ongoing construction projects include equipment installation, factory construction, and other installation projects, with strict adherence to accounting standards and internal controls [4] Group 4: Acquisition of AC Company - The acquisition of AC Company is based on mutual industry positioning and operational considerations, as AC Company also operates in the EMS sector, providing synergistic benefits [5] - The transaction arrangements for acquiring AC Company and TIS factory equity comply with agreements, with fair pricing and accurate information disclosure, ensuring no harm to the interests of the listed company or minority investors [6] Group 5: Evaluation and Integration Planning - The evaluation methods used for the acquisition have reasonable parameters, and the asset pricing is fair compared to market benchmarks and historical evaluations [7] - Guanghong Technology possesses the necessary personnel, technology, and market reserves for integrating the acquired assets, with a feasible integration control plan in place [7] - The acquisition is not expected to introduce significant adverse impacts on competition or the independence of the listed company's operations [7]

Core Viewpoint - Huizhou Guanghong Technology Co., Ltd. has provided a detailed response to the Shenzhen Stock Exchange regarding its application for a specific stock issuance, addressing various aspects of its operations, finances, and acquisitions [1] Financial and Operational Analysis - During the reporting period, Guanghong Technology's operating revenues were 4,179.78 million, 5,402.45 million, 6,881.41 million, and 1,195.79 million, while the net profits attributable to ordinary shareholders after deducting non-recurring gains and losses were 261.25 million, 373.49 million, 240.60 million, and 29.77 million [2] - The company explained that the inconsistent trends in operating revenue and net profit for 2024 and the first half of 2025 were mainly due to declining gross margins and increasing management expenses [2] - The business model primarily follows a "sales-driven production, production-driven procurement" approach, with no single customer accounting for more than 40% of sales and no single supplier accounting for more than 30% of purchases, indicating no significant dependency [2] - Ongoing construction projects include the installation of equipment and factory buildings, with the Shenzhen Guanghong Technology Smart Park and the fourth phase of the Vietnam factory still under construction as of June 2025 [2] - Interest capitalization for the construction of the Smart Park complies with accounting standards [2] Strategic Considerations for Acquisition of AC Company - The total amount to be raised for the acquisition of 100% of AC Company and 0.003% of TIS factory, along with supplementary working capital, is not to exceed 1,032.94 million [3] - AC Company ranks 47th among global EMS providers and focuses on electronic manufacturing services in the automotive electronics sector [3] - The acquisition is aligned with national policies encouraging mergers and acquisitions to support core business development, and the growth of the new energy vehicle industry presents opportunities in the automotive electronics EMS sector [3] - The acquisition is expected to enhance Guanghong Technology's global industrial layout and improve its operational sustainability and risk resistance [3] - There is synergy between Guanghong Technology and AC Company in products, services, procurement, and regional layout, making the investment necessary [3] Transaction Arrangement and Compliance - The acquisition transaction timeline is clear, with a reasonable pricing basis established on the listing price from the Beijing Property Exchange, ensuring fairness [4] - All preconditions for the transaction have been met, including foreign direct investment permits, antitrust approvals, and necessary regulatory documents from Chinese authorities [4] - The company has fulfilled required decision-making procedures and information disclosure obligations, with clear ownership of the target company and no legal obstacles to the acquisition [4] - The comprehensive response from Guanghong Technology provides important insights for investors regarding the company's strategy and operations [4]

记者丨 崔海花 编辑丨梁明 张嘉钰 9月22日，市场早盘缩量震荡，创业板指一度跌逾1%。截至早盘收盘，沪指涨0.07%，深成指 涨0.17%，创业板指跌0.09%。沪深两市半日成交额1.34万亿，较上个交易日缩量1511亿。 | 内地股票 | | | | --- | --- | --- | | 行情 | 资金净流入 | 涨跌分布 | | 上证指数 | 深证成指 | 北证50 | | 3822.59 | 13093.29 | 1589.36 | | +2.50 +0.07% +22.43 +0.17% +11.36 +0.72% | | | | 科创50 | 创业板指 | 万得全A | | 1383.31 | 3088.28 | 6218.55 | | +20.66 +1.52% -2.73 -0.09% +9.18 +0.15% | | | | 沪深300 | 中证500 | 中证A500 | | 4504.91 | 7193.98 | 5434.26 | | +2.99 +0.07% +23.63 +0.33% | | +0.97 +0.02% | | 中证1000 | 深证100 | 中证红利 | | 7 ...