（编辑 王雪儿） 证券日报网讯 科陆电子11月21日发布公告，在公司回答调研者提问时表示，公司严格按照企业会计准 则的要求，对期末各类资产进行全面清查和减值测试，基于会计谨慎性原则，对可能发生减值损失的资 产计提相应减值准备，以真实反映公司财务状况，具体情况请关注公司定期报告及相关公告。 ...

Core Viewpoint - The company, Heertai, announced that its wholly-owned subsidiary, Heertai International, has signed a subscription agreement to invest 15 million HKD (approximately 13.68 million CNY) for a 32.61% stake in a targeted fund, which has a total size of 46 million HKD (approximately 41.94 million CNY) [1] Investment Details - The targeted fund has a duration of 1 year, with the possibility of a 1-year extension [1] - The investment will be made using the company's own funds and will not affect its normal operations [1] Investment Focus - The targeted fund primarily aims to participate in investments related to companies listed in Hong Kong and the United States [1] Risk Considerations - The investment is currently in the preparatory stage and may face risks such as returns not meeting expectations [1]

Core Viewpoint - The A-share market is experiencing a strong bullish trend, with significant foreign investment interest and optimistic forecasts from major financial institutions regarding future index performance [3][4][7]. Foreign Investment Trends - Goldman Sachs predicts a 30% increase in major Chinese stock indices by the end of 2027, driven by 12% trend-based profit growth and a 5%-10% valuation adjustment [4]. - Morgan Stanley holds a bullish outlook on the Chinese stock market, with a total investment of approximately 75.70 billion yuan across 154 companies [7]. - JPMorgan has doubled its A-share holdings to approximately 79.31 billion yuan, indicating strong confidence in the market [10]. Institutional Holdings - As of October 30, 2025, Goldman Sachs has increased its holdings in A-shares to approximately 93.42 billion yuan, with 14 stocks valued over 1 billion yuan [6]. - Morgan Stanley's top holdings include companies like Si Yuan Electric and Jinko Solar, with significant year-to-date price increases [9]. - Barclays Bank has invested around 29.04 billion yuan in A-shares, focusing on technology, healthcare, and mining sectors [13]. Performance of Key Stocks - Goldman Sachs' top holdings include Hao Wei Group, Hua Gong Technology, and Xie Chuang Data, with average stock price increases of 52.97% this year [5][6]. - Morgan Stanley's top-performing stocks include Bei Fang Long Chuang and Shi Kong Technology, with increases of 360.29% and 341.75% respectively [8][9]. - UBS has invested heavily in San Huan Group, with a holding value of approximately 85.30 billion yuan, reflecting a focus on electronic components [16][17]. Market Sentiment - The overall sentiment among foreign investors is positive, with many believing that the A-share market is still in the early stages of a bull market, supported by ongoing asset reallocation by Chinese households [21][22].

Core Insights - The company reported a revenue of 81.876 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 6.34% [1] - The net profit attributable to shareholders decreased to 420 million yuan, reflecting a year-on-year decline of 23.86% [1] - Basic earnings per share were 0.34 yuan, down 22.73% compared to the previous year [1]

Financial Performance - The company's revenue for the first three quarters of 2025 reached 837 million CNY, a year-on-year increase of 2.59% [1] - Net profit attributable to shareholders was 192 million CNY, up 21.31% year-on-year [1] - The gross profit margin for the first three quarters was 47.73%, an increase of 1.49 percentage points compared to the previous year [1] - The net profit margin improved to 22.96%, up 3.55 percentage points year-on-year [1] - Operating expenses for Q3 2025 were 224 million CNY, a decrease of 10.26 million CNY compared to the same period last year [1] Business Structure and Growth - EMS 2.0 and 3.0, along with virtual power plant platforms, are the core growth drivers, while traditional EMS 1.0 products have seen a decline [1] - Domestic business focuses on sectors like rail transportation and petrochemicals, showing clear growth; overseas business has also increased, particularly in Southeast Asia, Europe, and Brazil [1][2] - The company provides services in the data center sector, including power monitoring and energy management, with typical project sizes often exceeding one million CNY [2] Market Demand and Challenges - There is strong market demand for zero-carbon industrial parks, supported by national and local government policies [2] - The company is experiencing a transitional phase, with significant growth in targeted sectors, but traditional business declines are affecting overall revenue growth [2] - Some new business projects have longer cycles, which delays revenue recognition [2] Client Engagement and Strategy - Large client business, centered around EMS 3.0, is a significant focus, although the overall proportion of large clients has not been disclosed [2] - High repurchase rates from large clients can drive sales of hardware and systems, enhancing customer loyalty and enabling standardized solutions to be replicated across more clients [2]

Group 1 - The core viewpoint of the article highlights the strong financial performance of Heertai, with significant year-on-year growth in revenue and net profit for the third quarter of 2023 [1] - Heertai reported a revenue of approximately 8.27 billion yuan for the first three quarters of 2023, representing a year-on-year increase of 17.47% [1] - The net profit attributable to shareholders of the listed company was approximately 603 million yuan, showing a substantial year-on-year increase of 69.66% [1] - The basic earnings per share reached 0.6517 yuan, reflecting a year-on-year growth of 70.87% [1] Group 2 - As of the report date, Heertai's market capitalization stands at 46.1 billion yuan [2]

Core Viewpoint - New Link Electronics (002546.SZ) reported a mixed performance in its third-quarter results, with a slight decline in revenue but a significant increase in net profit [1] Financial Performance - The company's operating revenue for the first three quarters was 550 million yuan, representing a year-on-year decrease of 0.37% [1] - The net profit attributable to shareholders of the listed company reached 530 million yuan, showing a substantial year-on-year increase of 421.43% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 118 million yuan, reflecting a year-on-year growth of 8.10% [1]

Core Insights - The company reported a third-quarter revenue of 173 million, representing a year-on-year decline of 17.24% [1] - Net profit for the third quarter was 347 million, showing a significant year-on-year increase of 141.14% [1] - For the first three quarters, total revenue reached 550 million, which is a slight year-on-year decrease of 0.37% [1] - Net profit for the first three quarters was 535 million, reflecting a substantial year-on-year growth of 421.43% [1]

Group 1 - The core viewpoint is that Yingweitong (002334.SZ) acknowledges that its photovoltaic business currently represents a small portion of the overall business and expresses a commitment to actively monitor market conditions to seize industry opportunities [1]

Group 1 - The company currently has no layout in superconducting materials, nuclear power, controllable nuclear fusion, or solid-state transformers [2]