"十四五"时期，广安市邻水县经济总量稳步提升，连续5年跻身中国西部百强县；产业结构持续优化，汽摩配套产 业集群发展壮大，农业品牌效应显现；川渝合作纵深推进，川渝高竹新区建设、交通互联工程等取得突破；城乡 面貌显著改善，乡村振兴扎实推进；民生保障有力，教育、医疗水平提升。 "十五五"期间，邻水县将紧扣"同城融圈"首位战略，聚焦产业升级、城乡融合、生态宜居，加快建设重庆都市圈 新型卫星城，力争经济总量突破400亿元，推动高质量发展迈上新台阶。 "质效提升"促融合 乡村产业积厚成势 隆冬时节，走进邻水县丰禾镇团结果场，300余亩脐橙园里一派繁忙，新鲜采摘的脐橙在紧急打包，即将送往浙江 杭州。"今年脐橙长得好、产量高，色泽漂亮、甜度足，预计总产量达30余万斤。"团结果场业主杜开源介绍。 近日，在复盛镇光明村宝谷山脐橙园内，基地负责人季道明带领工人用石灰石硫合剂浆对脐橙果树根部涂刷，保 温防虫。"这批脐橙已于2025年12月集中采摘上市，正通过多种渠道销往全国。"季道明说道。 近年来，邻水县重点打造脐橙产业，从苗木培育、田间管理到采摘仓储，引入全流程科学种植技术，通过标准化 生产保障脐橙品质。截至目前，邻水脐橙种植面积 ...

| | | （二）劳动防护用品产品质量监督抽查 劳动防护用品产品质量监督抽查包括安全帽、安全网、安全带、安全鞋、防护手套等5种产品，涵盖销售领域共计31家（次）企业销售的33批次产品，其中4 批次安全帽、3批次安全网、3批次安全带、2批次安全鞋、2批次防护手套，共14批次产品被判定为不合格。 （三）成品油产品质量监督抽查 附原文： 郑州市市场监督管理局2025年产品质量监督抽查情况通报（第一期） 为切实保障产品质量安全，维护消费者合法权益，依据《中华人民共和国产品质量法》《产品质量监督抽查管理暂行办法》等法律法规，郑州市市场监督管 理局按照年度工作计划在全市范围内组织开展了产品质量监督抽查。现将有关抽查情况通报如下: 一、抽查基本情况 本次通报包含过滤式消防自救呼吸器、劳动防护用品、成品油、新能源产品、烟花爆竹、电热取暖器具、儿童推车/潜水电泵/配装眼镜、第一批重点工业产 品等8个项目消费及工业产品质量监督抽查，累计对667家（次）企业生产销售的723批次产品进行了质量检验。经检验，46批次产品被判定不合格（详细信 息见附件），监督抽查不合格发现率为6.36%。 二、具体抽查结果 （一）过滤式消防自救呼吸器等 ...

Group 1 - The core viewpoint of the news is that Junsheng Electronics has shown significant stock performance and financial growth in 2023, with a notable increase in share price and market capitalization [1][3]. - As of December 30, Junsheng Electronics' stock price increased by 2.05% to 30.34 CNY per share, with a total market capitalization of 47.05 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 96.83%, with a recent 3.94% rise over the last five trading days [1]. Group 2 - Junsheng Electronics, established on August 7, 1992, and listed on December 6, 1993, specializes in providing smart automotive technology solutions, operating in five business segments [2]. - The main revenue sources for Junsheng Electronics are automotive safety systems (62.53%), automotive electronic systems (27.53%), and other segments [2]. - As of September 30, the company reported a revenue of 45.84 billion CNY for the first nine months of 2025, reflecting a year-on-year growth of 11.45% [3]. Group 3 - The company has distributed a total of 1.53 billion CNY in dividends since its A-share listing, with 862 million CNY distributed over the past three years [4]. - As of September 30, 2025, the number of shareholders increased by 38.21% to 126,500, while the average circulating shares per person decreased by 28.33% [3][4]. - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 26.29 million shares, and Southern CSI 500 ETF, which reduced its holdings by 307,400 shares [4].

均胜电子今年以来股价涨83.02%，近5个交易日涨4.68%，近20日涨9.72%，近60日跌23.51%。 今年以来均胜电子已经2次登上龙虎榜，最近一次登上龙虎榜为9月17日。 12月19日，均胜电子盘中上涨2.03%，截至09:38，报28.21元/股，成交1.76亿元，换手率0.46%，总市值 437.47亿元。 资金流向方面，主力资金净流出538.71万元，特大单买入108.81万元，占比0.62%，卖出986.57万元，占 比5.60%；大单买入2732.91万元，占比15.52%，卖出2393.86万元，占比13.60%。 分红方面，均胜电子A股上市后累计派现15.32亿元。近三年，累计派现8.62亿元。 机构持仓方面，截止2025年9月30日，均胜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9302.12万股，相比上期增加2629.34万股。南方中证500ETF（510500）位居第五大流通股 东，持股1435.06万股，相比上期减少30.74万股。易方达中证人工智能主题ETF（159819）位居第六大 流通股东，持股805.33万股，相比上期减少41.30万股。永赢先进制 ...

第十五届全国运动会上，攀岩项目运动员在岩点间辗转腾挪，仿佛"飞檐走壁"，令人印象深刻。近年 来，攀岩成为不少人的运动新选择，无论是在室内岩馆体验攀登乐趣，还是在自然岩壁上挑战自我，每 一次手脚配合向上攀登，都是力量与勇气的突破。 近日，记者约请国家一级攀岩定线员、贵州巴壁虎攀岩馆馆长饶雄讲解这项运动的要领。 新手如何入门 初次接触攀岩，应请专业教练指导。青少年每周练习2至3次，半年以上可以独立攀岩；成人以同样的频 率练习，通常20节课以后可独立攀岩。 室内岩馆是新手安全入门的首选。室内岩馆为人工岩壁，岩点材质、大小、角度和线路均经过设计，相 对安全可控。岩馆有高墙区和抱石区，前者通常高15米，可练习速度攀岩和难度攀岩；后者在4.5米至 5.5米之间，主要考验完成度。攀爬过程中要不断克服障碍，有助于培养专注力、锻炼意志力。 这项运动需四肢协调发力、全身参与，有健身习惯的人一般入门更快，新手可以在攀爬过程中增强肢体 力量，循序渐进取得进步。 室内攀岩要注意什么 建议新手从最低难度的线路开始，优先学习三点平衡、脚法（用脚尖踩点）、正身和侧身动作等基本技 术，避免盲目挑战高难度动作导致受伤。 在高墙区攀爬时，首先要正 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, projecting a target price of HKD 23 based on a 2026 average valuation of PE=18x and a target market capitalization of HKD 35.6 billion [8]. Core Insights - The company is transitioning from the "Takata integration shadow" to a new phase characterized by "global safety cash cow + intelligent automotive Tier 1 + robotics second curve" [9]. - The automotive safety business is expected to maintain stable revenue growth in the mid-to-high single digits over the next three years, supported by the clearing of historical recall and restructuring costs, alongside increasing orders for new energy vehicles [7]. - The company is positioned as a leading global Tier 1 supplier in automotive safety, electronics, and robotics, with a comprehensive product line and platform-based R&D system [9][27]. Summary by Sections Investment Highlights - The company has become one of the few global suppliers capable of providing a complete set of passive safety systems to multinational automakers through acquisitions of KSS and Takata assets, with safety business revenue stabilizing in the hundreds of billions [7]. - The automotive electronics segment focuses on smart cockpits, connected vehicles, ADAS/domain control, and new energy management systems, forming a complete product line and platform-based R&D system [7]. - The company is advancing into robotics, creating integrated solutions for robotic control and collaborating with leading robotics players, which is expected to generate meaningful revenue in 3-5 years [8]. Financial Projections - Revenue projections for 2025-2027 are estimated at RMB 626 billion, RMB 670 billion, and RMB 719 billion, representing year-on-year growth of 12%, 7%, and 7% respectively. Net profit attributable to shareholders is projected at RMB 16 billion, RMB 18 billion, and RMB 20 billion, with growth rates of 67%, 12%, and 11% respectively [8]. Business Development Stages - The company has undergone several development stages: 1. Foundation Stage (2004-2010): Focused on local component supply and quality system establishment [10]. 2. Internationalization Stage (2011-2018): Transitioned to a global Tier 1 supplier through acquisitions [11]. 3. Optimization Stage (2019-2024): Focused on smart and electric vehicle trends, optimizing global operations [12]. 4. Re-entrepreneurship Stage (2025-present): Aiming for dual pillars of automotive and robotics Tier 1 development [13]. Market Position - The company ranks 41st among the largest automotive parts suppliers globally, with projected revenue of RMB 559 billion in 2024. It holds a 26.1% market share in China and a 22.9% share globally in passive safety [19][30]. - The revenue structure is highly internationalized, with approximately 25.3% from the Chinese market and 74.7% from overseas markets [21]. Competitive Landscape - The global automotive passive safety market is characterized by a high concentration of suppliers, with the top three companies holding over 90% market share. The company ranks second globally and in China, benefiting from increasing industry consolidation [42][43].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has shown steady revenue growth, with a 15.87% year-on-year increase in revenue for the first three quarters of 2025, reaching 1.784 billion yuan. However, net profit decreased by 12.06% to 172 million yuan due to rising expenses and one-time factors [4][5]. - The company is a leader in the automotive passive safety sector, with a product line that includes safety fabrics and airbags. It is also expanding into the semiconductor and computing power manufacturing sectors, aiming to create a second growth engine [5]. - The acquisition of a 57.84% stake in Fuchuang Youyue is planned, which would enhance the company's control over its operations in the AI and computing power manufacturing industry [6]. Financial Performance - For the first three quarters of 2025, the company reported a revenue of 1.784 billion yuan, with a quarterly revenue of 676 million yuan in Q3, reflecting an 18.34% year-on-year increase. However, net profit for Q3 fell by 43.72% to 36 million yuan [4]. - The company expects revenues of 2.7 billion yuan, 3.2 billion yuan, and 3.8 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 387 million yuan, 573 million yuan, and 775 million yuan for the same years [6][9]. - The company’s financial ratios indicate a projected increase in earnings per share (EPS) from 0.84 yuan in 2024 to 2.35 yuan in 2027, alongside a decrease in price-to-earnings (P/E) ratio from 54.62 to 19.56 over the same period [9][12].

Core Viewpoint - Junsheng Electronics experienced a stock price decline of 2.06% on November 21, 2023, with a current price of 25.71 CNY per share and a total market capitalization of 39.87 billion CNY [1] Financial Performance - For the period from January to September 2025, Junsheng Electronics reported a revenue of 45.84 billion CNY, reflecting a year-on-year growth of 11.45%, and a net profit attributable to shareholders of 1.12 billion CNY, which is an increase of 18.98% compared to the previous year [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 126,500, up by 38.21%, while the average circulating shares per person decreased by 28.33% to 10,710 shares [3] - The company has distributed a total of 1.53 billion CNY in dividends since its A-share listing, with 862 million CNY distributed over the past three years [4] Business Segments - Junsheng Electronics operates primarily in five business segments: - Automotive Safety Systems (62.53% of revenue) - Automotive Electronics Systems (27.53% of revenue) - Other segments (9.44% and 0.49%) [2] Market Activity - The stock has seen a year-to-date increase of 66.80%, but has declined by 4.81% over the last five trading days and 19.86% over the last 20 days [1] - The company has appeared on the stock market's "Dragon and Tiger List" twice this year, with the most recent occurrence on September 17 [1] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 93.02 million shares, an increase of 26.29 million shares from the previous period [4] - Southern CSI 500 ETF and E Fund CSI Artificial Intelligence Theme ETF have reduced their holdings, while Yongying Advanced Manufacturing Smart Selection Mixed Fund has exited the top ten circulating shareholders [4]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage with a target price yet to be specified [4]. Core Insights - The company is a leader in automotive passive safety components, with stable revenue and profit growth expected to continue. In the first half of 2025, the company achieved revenue of 1.108 billion yuan, a year-on-year increase of 14.42%, and a net profit of 137 million yuan, up 3.21% year-on-year [1][19]. - The company plans to acquire 57.84% of Fuchuang Youyue, aiming to fully own the company and leverage AI-driven industry demand for growth. This acquisition is expected to enhance the company's capabilities in the global optical communication and digital communication markets [2][16]. - Fuchuang Youyue's business shows strong growth momentum, particularly in optical modules, with significant revenue contributions expected from 1.6T modules starting in 2025. The company has established relationships with key clients, ensuring robust demand [3][67]. Summary by Sections 1. Passive Safety Product Leader - The company has established itself as a leader in the automotive passive safety sector, with a product line that includes airbags, airbag fabrics, and seat belts. The market for passive safety products is expected to grow steadily, particularly with increasing configurations in electric vehicles [1][27]. - Revenue and profit have shown consistent growth over the past three years, with a stable profit margin maintained in recent periods [19][21]. 2. Acquisition of Fuchuang Youyue - The planned acquisition of Fuchuang Youyue is a strategic move to explore a second growth curve, focusing on AI infrastructure and related demands. The acquisition is valued at 1.504 billion yuan, with the company aiming to fully integrate Fuchuang Youyue into its operations [2][39]. - Fuchuang Youyue's optical module business is expected to experience high growth, particularly in the 800G and 400G segments, with a projected doubling of revenue in 2024 [3][67]. 3. Profit Forecast and Valuation - The company is projected to maintain stable growth in its core business, with net profits expected to reach 300 million yuan, 410 million yuan, and 510 million yuan from 2025 to 2027, respectively. The corresponding price-to-earnings (P/E) ratios are forecasted to be 56, 42, and 34 times [4][10].

Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Views - The company achieved excellent performance in Q3 2025, with revenue of 1.834 billion yuan, a year-on-year increase of 39.98%, and a net profit attributable to shareholders of 263 million yuan, up 37.93% year-on-year [1][2] - The company is expected to continue high growth driven by volume, price, and profit improvements [3] Financial Performance Summary - In Q3 2025, the company reported revenue of 686 million yuan, a year-on-year increase of 35.39% and a quarter-on-quarter increase of 12.08% [2] - The comprehensive gross margin for Q3 2025 was 29.08%, with a year-on-year increase of 0.07 percentage points [2] - The net profit attributable to shareholders for Q3 2025 was 102 million yuan, reflecting a year-on-year increase of 50.88% [2] Growth Drivers Summary - The company is actively expanding global customer collaborations, deepening partnerships with traditional clients like Chery and Geely, and gaining projects from new energy vehicle manufacturers [3] - The average selling price (ASP) of safety belt products is expected to increase, with a projected ASP of 59.03 yuan per unit in 2024, up 6.53% year-on-year [3] - The company is enhancing its gross margin by increasing the self-manufacturing of components and has successfully developed new products in its electronics division [3] Earnings Forecast Summary - The company is projected to achieve net profits of 400 million yuan, 520 million yuan, and 700 million yuan for the years 2025, 2026, and 2027, respectively [3] - The corresponding price-to-earnings (PE) ratios are expected to be 28.9, 22.4, and 16.6 times for the same years [3] Target Price Summary - The report sets a 6-month target price of 27.25 yuan per share, based on a 25 times PE for 2026 [3]