TE Connectivity 2025 Investor Day Summary Company Overview - **Company**: TE Connectivity (NYSE: TEL) - **Event**: 2025 Investor Day held on November 20, 2025, in Philadelphia Key Industry Insights - **Industry Focus**: Connectivity solutions across various sectors including artificial intelligence, power grids, autonomous factories, and next-generation vehicles [4][10][14] - **Market Size**: The addressable market for TE Connectivity is approximately $130 billion, with significant fragmentation providing both organic and inorganic growth opportunities [14][28] Core Financial Highlights - **Revenue**: Over $17 billion in the previous year with a 21% operating income and 25% EBITDA [13][28] - **Free Cash Flow**: Increased from $1.6 billion to $3.2 billion, indicating strong operational improvements [29] - **Growth Projections**: Expected growth rate of 6%-8% over the next five years, a significant increase from previous performance [10][28] Strategic Initiatives - **Co-Creation Model**: Emphasis on engineering close to customers to foster innovation and address complex architectures [17][18] - **Engineering Capacity**: Increased engineering staff by 25% over the past five years, now totaling 10,700 engineers working on 5,000 projects [18][19] - **Localization**: 76% of operations are localized in regions where customers are based, with 90% of the supply chain also localized [21][22] Growth Drivers - **Industrial Solutions**: Expected to be the largest growth driver, with a focus on automation and connected living [11][44] - **Transportation Segment**: Anticipated 4%-6% content outperformance in the automotive sector [11][12] - **Digital Data Networks and Energy**: Significant growth expected due to massive capital expenditures in these areas [56][57] Market Trends - **Data and Power Needs**: Increasing demand for high-speed data transfer and power solutions driven by AI and electrification trends [35][39] - **AI Surge**: Over $400 billion expected to be invested in AI this year, with TE Connectivity positioned to benefit from this growth [62][63] Operational Excellence - **Quality Improvement**: Achieved a 50% improvement in quality over the last five years, with plans for another 50% improvement in the next five years [26] - **Customization and Scale**: TE Connectivity operates over 3,000 molding presses and 1,200 stamping presses, emphasizing the ability to customize products while maintaining scale [24][25] Conclusion - **Future Outlook**: TE Connectivity is confident in its growth trajectory, driven by strong customer relationships, innovative engineering, and a commitment to operational excellence [48][49] - **Commitment to Shareholders**: Continued focus on increasing dividends and maintaining a strong return on invested capital (ROIC) [32][33]

Core Insights - Amphenol (APH) is implementing an aggressive acquisition strategy that is yielding positive results, enhancing its long-term growth prospects [1] - The company's third-quarter performance showcases strong organic demand and the benefits of targeted M&A efforts, improving its competitive position [1][10] Acquisition Strategy - The acquisition of Rochester Sensors demonstrates Amphenol's focus on acquiring specialized technologies to enhance its interconnect and sensor systems portfolio [2] - Amphenol completed the acquisition of Trexon for approximately $1 billion, which adds harsh-environment connectivity solutions to its offerings [2] - The pending acquisition of CommScope's Connectivity & Cable Solutions (CCS) business is expected to close in Q1 2026, significantly expanding Amphenol's fiber-optic and broadband capabilities [3] Financial Performance - Amphenol's revenue for the full year 2025 is projected to reach $22.74 billion, reflecting a robust 49% year-over-year increase [4] - Management's sales outlook for Q4 2025 is between $6.0 billion and $6.1 billion, indicating an accelerating growth trajectory [4] - The Zacks Consensus Estimate for Amphenol's 2025 earnings is $3.30 per share, representing a 74.6% increase year-over-year [14] Competitive Landscape - TE Connectivity and Belden Inc. are Amphenol's main competitors, both pursuing active acquisition strategies in similar markets [5] - TE Connectivity focuses on high-ROIC M&A and allocates more free cash flow to buybacks and dividends, contrasting with Amphenol's broader acquisition approach [6] - Belden emphasizes innovation and capability upgrades, operating with a more specialized strategy compared to Amphenol's broad-scale consolidation efforts [7] Share Price and Valuation - Amphenol's shares have increased by 90.5% year-to-date, outperforming the broader Zacks Computer & Technology sector's growth of 23.6% [8] - The company is currently trading at a forward P/E of 35.13X, which is higher than the sector's average of 28.37X [11]

融券方面，瑞可达11月14日融券偿还600.00股，融券卖出200.00股，按当日收盘价计算，卖出金额1.44 万元；融券余量1.35万股，融券余额97.05万元，超过近一年80%分位水平，处于高位。 分红方面，瑞可达A股上市后累计派现1.64亿元。近三年，累计派现1.30亿元。 机构持仓方面，截止2025年9月30日，瑞可达十大流通股东中，香港中央结算有限公司位居第四大流通 股东，持股702.21万股，相比上期增加544.55万股。海富通股票混合（519005）、华商优势行业混合A （000390）退出十大流通股东之列。 资料显示，苏州瑞可达连接系统股份有限公司位于江苏省苏州市吴中区吴淞江科技产业园淞葭路998 号，成立日期2006年1月11日，上市日期2021年7月22日，公司主营业务涉及专业从事连接器产品的研 发、生产、销售和服务的高新技术企业。主营业务收入构成为：新能源连接器产品91.47%，通信连接 器产品3.96%，其他连接器产品3.01%，其他(补充)1.57%。 截至9月30日，瑞可达股东户数1.73万，较上期增加7.20%；人均流通股11859股，较上期减少6.72%。 2025年1月-9月 ...

11月12日，瑞可达涨5%，截至发稿，报71.60元/股，成交3.54亿元，换手率2.44%，总市值147.26亿元。 资料显示，苏州瑞可达连接系统股份有限公司位于江苏省苏州市吴中区吴淞江科技产业园淞葭路998 号，成立日期2006年1月11日，上市日期2021年7月22日，公司主营业务涉及专业从事连接器产品的研 发、生产、销售和服务的高新技术企业。主营业务收入构成为：新能源连接器产品91.47%，通信连接 器产品3.96%，其他连接器产品3.01%，其他(补充)1.57%。 从基金十大重仓股角度 数据显示，华宝基金旗下1只基金重仓瑞可达。华宝专精特新混合发起式A（016380）二季度持有股数 1.32万股，占基金净值比例为3.09%，位居第六大重仓股。根据测算，今日浮盈赚取约4.5万元。 华宝专精特新混合发起式A（016380）成立日期2022年9月27日，最新规模1057.98万。今年以来收益 62.89%，同类排名432/8251；近一年收益102.7%，同类排名327/8084；成立以来收益19.35%。 华宝专精特新混合发起式A（016380）基金经理为。 风险提示：市场有风险，投资需谨慎。本文为A ...

Core Insights - Baron Asset Fund's third-quarter 2025 investor letter indicates a decline of 4.23% for the fund, contrasting with a 2.78% decline for the Russell Midcap Growth Index and an 8.18% return for the Russell 3000 Index, driven primarily by expectations of Federal Reserve interest rate cuts [1] Company Highlights - Amphenol Corporation (NYSE:APH) reported a one-month return of 12.25% and an impressive 89.47% increase in share value over the past 52 weeks, closing at $139.09 per share with a market capitalization of $170.254 billion as of November 7, 2025 [2] - The company is recognized as a leading global supplier of advanced interconnect systems for data centers, benefiting from rising expectations for data center capital spending due to the accelerating adoption of AI [3] - Amphenol's acquisition of CommScope's Connectivity and Cable Solutions business for $10.5 billion was positively received by investors, showcasing the company's commitment to shareholder value through strategic capital deployment and disciplined acquisitions [3] Financial Performance - Amphenol's third-quarter sales surged by 53% in US dollars and 52% in local currencies, reaching $6.194 billion, reflecting strong demand in the market [4] - The number of hedge funds holding Amphenol shares increased from 69 to 81 in the second quarter, indicating growing interest among institutional investors [4]

Core Viewpoint - Amphenol Corporation is highlighted as a strong investment opportunity for the next decade, with recent price target increases from major analysts indicating robust demand in the IT and datacom sectors [1][3]. Group 1: Analyst Upgrades - JPMorgan raised Amphenol's price target to $145 from $125, maintaining an Overweight rating due to increased estimates based on strong market demand [1][2]. - BofA analyst Wamsi Mohan upgraded Amphenol to Buy from Neutral, with a new price target of $150, up from $120, reflecting positive market sentiment [3]. Group 2: Market Demand - The IT and datacom markets are identified as key growth drivers for Amphenol, with expectations that demand will persist as hyperscalers deploy dense compute racks that require numerous connectors [2].

Core Viewpoint - Chuangyitong (300991.SZ) focuses on connector products primarily used in data storage, consumer electronics, 5G communications, and new energy sectors [1] Summary by Categories Company Overview - Chuangyitong's connector products are essential components in various high-growth industries, indicating a strategic positioning in technology-driven markets [1] Industry Applications - The company's products are applied in multiple fields, including: - Data storage - Consumer electronics - 5G communications - New energy [1]

Core Insights - The liquid cooling connector is a critical component in liquid cooling systems, enabling safe and efficient heat management in high-power density scenarios, effectively overcoming the limitations of traditional air cooling [1][2][3] - The Chinese liquid cooling connector market is projected to grow from 1.8 billion yuan in 2021 to 5.011 billion yuan in 2024, with a compound annual growth rate (CAGR) of 40.6%, and is expected to reach 6.5 billion yuan by 2025 [1][10][11] - The industry is driven by increasing demand from data centers, energy storage systems, and electric vehicles, with AI computing and high-power servers being the core growth drivers [1][8][10] Industry Overview - Liquid cooling connectors ensure the efficient and safe transmission of cooling media, such as deionized water and glycol solutions, between devices [2] - The connectors must possess high thermal efficiency, gas tightness (leakage ≤ 0.02ml), pressure resistance (3-5 MPa), shock resistance (20G), and corrosion resistance [3] Market Dynamics - The Chinese liquid cooling connector market is expected to see a significant increase in demand due to policies supporting high-quality development in computing infrastructure and energy efficiency [1][7] - The market structure is dominated by data centers, which are projected to account for approximately 60% of the market share by 2024, followed by energy storage systems at around 20% [8][10] Competitive Landscape - The market is highly concentrated, with the top five companies holding over 70% of the market share. Leading companies include Staubli and Parker in the high-end market, while domestic players like AVIC Optoelectronics and Zhengbei Connection are prominent in the mid-tier market [11][12] - Domestic companies are accelerating the localization process, leveraging cost advantages and technological breakthroughs to enhance market competitiveness [12] Development Trends - The industry is evolving towards smart integration, standard collaboration, and scenario customization, with products transitioning from basic connectors to intelligent nodes that monitor system status in real-time [13][14] - Standardization and compatibility are becoming core development directions to address long-standing issues of interface incompatibility [15] - The diverse needs of downstream applications are driving the customization of materials and processes, with a focus on innovative solutions tailored to specific operational environments [16]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the North American connectors and components industry, particularly in relation to AI capital expenditures and improved demand in industrial and automotive sectors [1][2]. Core Companies Discussed 1. **Amphenol Corp (APH)** - Expected to benefit from AI server demand and interconnect growth, with a projected revenue of $5.55 billion for F3Q25, slightly above street estimates [17]. - Anticipated EPS for F3Q25 is $0.81, up from previous estimates [17]. - The company is expected to see continued momentum due to its leadership in AI/Data Center interconnects and recent acquisitions [16]. 2. **Corning Inc (GLW)** - Projected revenues of $4.32 billion for F3Q25, exceeding street expectations [9]. - EPS estimate for F3Q25 is $0.68, slightly above previous estimates [9]. - The optical communications segment is expected to drive growth, supported by AI initiatives and domestic manufacturing commitments from major clients like Apple [8][53]. 3. **TE Connectivity Ltd (TEL)** - Expected revenue of $4.56 billion for F4Q25, slightly below street estimates [21]. - EPS estimate for F4Q25 is $2.30, in line with street expectations [21]. - The automotive sector, which constitutes approximately 40% of total revenues, is expected to provide a near-term tailwind [20][59]. Key Insights and Trends - **AI Capital Expenditures**: Citi has raised its 2026 AI Capex forecast for hyperscalers from $420 billion to $490 billion, indicating strong growth in data centers and related infrastructure [2]. - **Automotive Production**: The global automotive industry outlook has improved, with automakers adapting to new trade policies, leading to a favorable demand environment [2]. - **Industrial Demand**: While 3Q orders may show mixed trends, AI, data center, and electrification markets are expected to reflect strong underlying momentum [2]. Financial Projections - **Amphenol**: Target price set at $145, reflecting a premium P/E multiple due to growth characteristics and AI potential [48]. - **Corning**: Target price of $93 based on a sum-of-the-parts analysis, with expected margin expansion from display price increases and improved optical segment results [54]. - **TE Connectivity**: Target price of $250 based on a 23x P/E multiple, with a focus on the stabilization of the automotive market and growth in AI infrastructure [62]. Risks Identified - **Amphenol**: Risks include economic slowdowns, tech spending reductions, and raw material price increases [50]. - **Corning**: Risks involve LCD glass market fundamentals, recession impacts, and currency volatility [56]. - **TE Connectivity**: Risks include economic fluctuations affecting auto production and raw material price increases [63]. Additional Notes - The conference highlighted the importance of domestic manufacturing and strategic partnerships in driving growth for these companies, particularly in the context of increasing demand for connectivity solutions in AI applications [1][8][20].

Core Insights - The third quarter of 2025 was marked by strong performance in US equities, driven by optimism regarding the Federal Reserve's dovish stance and a boom in artificial intelligence (AI) [1] - Mar Vista U.S. Quality Strategy reported a return of +3.29% net of fees, underperforming compared to the Russell 1000 Index (+8.00%) and the S&P 500 Index (+8.12%) [1] Company Highlights: Amphenol Corporation (NYSE:APH) - Amphenol Corporation's stock experienced a one-month return of 5.63% and a remarkable 93.70% increase over the past 52 weeks, closing at $125.79 per share with a market capitalization of $153.58 billion on October 8, 2025 [2] - The company reported strong Q2 results and an optimistic Q3 outlook, with revenue growth driven by AI-related product design wins, particularly contributions to NVIDIA's Blackwell NVL platform expected to ramp in the second half of 2025 [3] - Amphenol benefits from a diversified portfolio across various end markets, capitalizing on the trend of increased connectivity and intelligence in devices, while maintaining best-in-class margins and returns on invested capital [3] Market Position and Hedge Fund Interest - Amphenol Corporation was held by 81 hedge fund portfolios at the end of Q2 2025, an increase from 69 in the previous quarter, indicating growing interest among institutional investors [4] - The company's second quarter sales surged by 57% in U.S. dollars and 56% in local currencies, reaching $5.650 billion [4]