11月24日，顺络电子盘中上涨2.01%，截至13:51，报34.50元/股，成交2.33亿元，换手率0.90%，总市值 278.18亿元。 机构持仓方面，截止2025年9月30日，顺络电子十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股4519.19万股，相比上期减少506.74万股。兴全趋势投资混合(LOF)（163402）位居第四大 流通股东，持股1514.25万股，相比上期减少1921.60万股。南方中证500ETF（510500）位居第五大流通 股东，持股1174.67万股，相比上期减少19.53万股。交银新生活力灵活配置混合A（519772）位居第十 大流通股东，持股668.42万股，为新进股东。兴全轻资产混合(LOF)（163412）退出十大流通股东之 列。 责任编辑：小浪快报 资金流向方面，主力资金净流入1227.09万元，特大单买入232.15万元，占比1.00%，卖出109.72万元， 占比0.47%；大单买入4258.06万元，占比18.25%，卖出3153.40万元，占比13.52%。 截至9月30日，顺络电子股东户数4.60万，较上期增加16.79%；人均流通股1645 ...

Core Viewpoint - The article discusses the recent price increases of tantalum capacitors by major manufacturers, particularly KEMET under Yageo, and the underlying factors driving these changes, including rising raw material costs and increased demand from key markets such as AI applications [3][6][12]. Group 1: Price Increases and Market Reactions - KEMET issued price increase notices in April and October, citing significant demand growth for polymer tantalum capacitors and rising costs in labor, materials, and equipment [6][7]. - The price increase for the October notice is reported to be between 20% to 30%, affecting larger size products used in high-end applications like AI servers and GPU power modules [6][7][12]. - Other manufacturers, including domestic firms and Panasonic, have also raised prices, with increases ranging from 20% to 25% due to similar cost pressures [7][8]. Group 2: Tantalum Capacitor Market Overview - The tantalum capacitor market is highly concentrated, dominated by a few key players: KEMET (leading with a global market share), AVX (26%), Panasonic (14%), and Vishay (10%) [20][24]. - Tantalum capacitors are known for their high reliability and stability, making them suitable for critical applications in industrial and military sectors, despite their smaller market share compared to other capacitor types [24][28]. Group 3: Demand and Supply Dynamics - The global tantalum supply is concentrated, with significant production coming from regions like the Democratic Republic of Congo, which produces about 42% of the world's tantalum [11][12]. - The demand for tantalum capacitors has been notably driven by the AI sector, with KEMET reporting that their polymer tantalum capacitor revenue share reached 22% in the first half of 2025 [30][34]. - The overall market for tantalum capacitors is projected to grow from approximately $2.59 billion in 2024 to $4.32 billion by 2033, with a compound annual growth rate of 5.9% [27][28]. Group 4: Company Performance Insights - Yageo (KEMET) has expanded its product line significantly after acquiring KEMET, enhancing its position in the tantalum capacitor market and achieving a gross margin of around 38% during peak periods [29][33]. - AVX has seen an increase in orders for polymer tantalum capacitors, particularly due to the expansion of AI and solid-state drive markets [36]. - Panasonic's industrial segment, which includes capacitors, has reported growth driven by demand for AI server applications, contributing to overall revenue increases [37][40]. Group 5: Industry Trends and Future Outlook - The article notes a broader trend of price increases across the passive components industry, not limited to tantalum capacitors, indicating a potential shift in market dynamics [48]. - The ongoing demand for tantalum capacitors in emerging technologies like AI suggests that the market may continue to experience volatility and growth in the coming years [46][48].

6 证券研究报告 点评报告 2025 年 11 月 20 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、产业综合组： 英伟达公布了第三财季的经营业绩，三季度实现营业收入 570.06 亿美元，同比增 长 62%，超出 551.9 亿美的元分析师预期，毛利率为 73.4%，较上年同期下降 1.2 个百分点，净利润为 319.10 亿美元，同比增长 65%；其中最为关注的三季度数据 中心营业收入为 512 亿美元，也超出分析师预期 493.4 亿美元。公司预计四季度 营收 637 亿-663 亿美元，也超出分析师预期 619.8 亿美元。在英伟达业绩和下一 季度展望全面超预期的情况下，我们认为存储行业是该产业链的各细分行业中值 得重点关注的产业。因为目前存储涨价最猛，后续涨价逻辑最顺，而且其它细分 产业后面几个月难有公开数据验证，但存储市场价格透明，因此我们更看好存储 产业后续的投资价值。 风险提示： 对上述事件发展趋势的点评，存在由于经济增长、行业竞争、销售不及预期等变 化，而不如预期的可能。 第一创业证券研究所 请务必阅读正文后免责条款部分 第 1 页 共 3 页 分析师：刘笑瑜 证书编号： S ...

Important Market News - The three major US stock indices closed higher, with the Dow Jones up 0.10%, S&P 500 up 0.38%, and Nasdaq up 0.59% [1] - Major tech stocks showed mixed results, with Nvidia rising nearly 3% and increasing its market value by $125.4 billion (approximately ¥891.7 billion), while Netflix fell over 3% [1] - Gold prices increased by 0.15%, reaching $4,073.67 per ounce, while international oil prices dropped significantly, with WTI crude down 2.18% to $59.35 per barrel [1] Industry Insights - Google launched its latest inference model, Gemini 3.0 Pro, which shows significant improvements in reasoning, programming, and multimodal capabilities, achieving a visual understanding accuracy of 72.7% [3] - The launch of "Gemini Agents" marks Google's first systematic offering of an AI assistant capable of executing multi-step tasks to consumers [3] - The AI server and new energy vehicle sectors are driving demand for passive components, with AI servers using 8 times more MLCCs than traditional servers, and electric vehicles using 18,000 MLCCs per vehicle, which is 6 times that of fuel vehicles [6] - Windfall Technology announced price increases for various products due to rising metal prices, with price hikes ranging from 5% to 30% across different product categories [5] - The Chinese toy industry is transitioning from a "global manufacturing base" to an "innovation leader," with the domestic market retail sales expected to reach ¥97.85 billion in 2024 and surpass ¥100 billion in 2025 [7] Company Updates - People's Tongtai announced that its controlling shareholder, Harbin Pharmaceutical Group, plans to reduce its stake by up to 579,880 shares, accounting for no more than 1% of the total share capital [8] - Huahai Qingke's shareholder plans to reduce its stake by up to 353,410 shares, also not exceeding 1% of the total share capital [8] - Langke Intelligent's controlling shareholder plans to reduce its stake by up to 363,630 shares, representing 1.19% of the total share capital [9]

Core Viewpoint - 麦捷科技's stock has experienced a decline in recent trading sessions, with a notable drop in share price and market capitalization, while the company continues to show growth in revenue and profit year-on-year [1][2]. Financial Performance - As of November 10, 麦捷科技 reported a revenue of 2.903 billion yuan for the period from January to September 2025, representing a year-on-year growth of 21.71% [2]. - The net profit attributable to shareholders for the same period was 245 million yuan, reflecting a year-on-year increase of 1.53% [2]. Stock Performance - 麦捷科技's stock price fell by 5.38% year-to-date, with a 3.07% decline over the last five trading days, a 2.17% drop over the last 20 days, and a 9.44% decrease over the last 60 days [1]. - The stock was trading at 11.70 yuan per share with a market capitalization of 10.285 billion yuan as of November 19 [1]. Shareholder Information - The number of 麦捷科技's shareholders increased to 47,300 as of November 10, a rise of 0.67% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 0.66% to 17,542 shares [2]. Dividend Distribution - 麦捷科技 has distributed a total of 444 million yuan in dividends since its A-share listing, with 292 million yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which increased its holdings by 627,400 shares to 10.6698 million shares [3]. - Southern CSI 1000 ETF and Huaxia CSI 1000 ETF saw a decrease in their holdings, with reductions of 56,800 shares and 9,500 shares, respectively [3].

Core Viewpoint - The stock of Shunluo Electronics has experienced a decline of 2.00% on November 17, with a current price of 34.28 CNY per share and a total market capitalization of 27.641 billion CNY. The company has seen a year-to-date stock price increase of 10.96% but has faced a recent decline over the past five trading days [1]. Financial Performance - For the period from January to September 2025, Shunluo Electronics reported a revenue of 5.032 billion CNY, reflecting a year-on-year growth of 19.95%. The net profit attributable to shareholders was 769 million CNY, marking a 23.23% increase compared to the previous year [2]. - The company has distributed a total of 2.32 billion CNY in dividends since its A-share listing, with 869 million CNY distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Shunluo Electronics reached 46,000, an increase of 16.79% from the previous period. The average number of circulating shares per shareholder decreased by 14.38% to 16,456 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 45.1919 million shares, a decrease of 5.0674 million shares from the previous period. Other notable shareholders include Xingquan Trend Investment Mixed Fund and Southern CSI 500 ETF, both of which have reduced their holdings [3]. Business Overview - Shunluo Electronics, established on September 8, 2000, and listed on June 13, 2007, specializes in the research, production, and sales of new electronic components, primarily chip inductors and chip varistors. The company's main business revenue composition is 99.13% from chip electronic components and 0.87% from other sources [1]. - The company operates within the electronic components industry, specifically in passive components, and is associated with various concepts including NFC, inductors, SOFC, PCB, and 5G [1].

Core Viewpoint - Dali Kape's stock has shown fluctuations with a recent increase of 2.06%, and the company has demonstrated a solid revenue growth trajectory in 2025, indicating potential investment opportunities in the electronic components sector [1][2]. Company Overview - Dali Kape Technology Co., Ltd. is located in Dalian, Liaoning Province, and was established on March 17, 2011. The company specializes in the research, development, manufacturing, and sales of RF microwave ceramic capacitors [1]. - The main business revenue composition is 98.15% from ceramic capacitors and 1.85% from other sources [1]. Financial Performance - For the period from January to September 2025, Dali Kape achieved an operating income of 286 million yuan, representing a year-on-year growth of 13.75%. The net profit attributable to the parent company was 126 million yuan, reflecting a year-on-year increase of 43.20% [2]. - Since its A-share listing, Dali Kape has distributed a total of 60 million yuan in dividends [3]. Stock Market Activity - As of November 17, Dali Kape's stock price was 17.32 yuan per share, with a market capitalization of 6.928 billion yuan. The stock has increased by 5.93% year-to-date, with a recent decline of 1.59% over the last five trading days [1]. - The company has appeared on the "龙虎榜" (a stock trading list) once this year, with a net buy of 17.75 million yuan on April 18 [1]. Shareholder Information - As of November 10, Dali Kape had 20,000 shareholders, a decrease of 2.93% from the previous period. The average number of circulating shares per person increased by 3.02% to 10,539 shares [2]. - As of September 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 2.9999 million shares as a new investor [3]. Industry Context - Dali Kape operates within the electronic components sector, specifically in passive components, and is associated with concepts such as 5G, aerospace and military, optical communication, and military informationization [2].

江海股份所属申万行业为：电子-元件-被动元件。所属概念板块包括：电动物流车、浙江国资、消费电 子、华为概念、航天军工等。 11月17日，江海股份盘中上涨2.03%，截至10:09，报27.20元/股，成交1.07亿元，换手率0.48%，总市值 231.34亿元。 资金流向方面，主力资金净流入304.47万元，特大单买入575.60万元，占比5.38%，卖出107.68万元，占 比1.01%；大单买入1480.10万元，占比13.84%，卖出1643.54万元，占比15.37%。 江海股份今年以来股价涨57.03%，近5个交易日跌4.53%，近20日跌6.56%，近60日跌5.56%。 今年以来江海股份已经7次登上龙虎榜，最近一次登上龙虎榜为9月2日，当日龙虎榜净买入2.52亿元； 买入总计8.44亿元 ，占总成交额比18.50%；卖出总计5.91亿元 ，占总成交额比12.96%。 资料显示，南通江海电容器股份有限公司位于江苏省南通市通州区平潮镇通扬南路79号，成立日期，上 市日期2010年9月29日，公司主营业务涉及电容器及其材料、配件的研发、生产、销售和服务。主营业 务收入构成为：铝电解电容82.75%，薄 ...

Core Viewpoint - The company indicates that the prices of passive components such as inductors and capacitors are market-driven, and industry price increases are beneficial for enhancing competitiveness in the civilian market [2] Group 1: Company Strategy - The company is actively promoting market expansion in civilian sectors such as low-altitude economy, commercial aerospace, and new energy vehicles [2] - The company encourages stakeholders to pay attention to its announcements and periodic reports for specific operational performance details [2]

Group 1 - The core viewpoint of the article is that the price of passive components such as inductors and capacitors is following market trends, and the industry's price increase is beneficial for enhancing competitiveness in the civilian market [1] - The company is actively promoting market expansion in civilian sectors such as low-altitude economy, commercial aerospace, and new energy vehicles [1]