宁波韵升股份有限公司 第十一届董事会第十三次会议决议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 宁波韵升股份有限公司于2025年11月19日向全体董事发出了以通讯方式召开第十一届董事会第十三次会 议的通知，于2025年11月24日以通讯方式召开第十一届董事会第十三次会议。本次会议应参加董事8 人，实际参加董事8人。本次会议的召集、召开和表决程序符合有关法律、法规和公司章程的规定，会 议形成的决议合法有效。 二、董事会会议审议情况 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600366 证券简称：宁波韵升 编号：2025-070 董 事 会 为推进公司国际化战略、提升品牌形象及构建多元化资本平台，根据公司总体发展战略及运营需要，公 司拟在境外发行股份（H股）并在香港联合交易所有限公司上市（以下简称"本次H股上市"）。公司董 事会同意授权公司管理层启动本次H股上市的相关前期筹备工作，后续将依规履行信息披露义务及决策 流程。公司计划与相关中介机构就本次H股上市的具体推进工作进行商 ...

此前，广州豪特打造的绿色节能型大数据中心项目，凭借冷热通道封闭等核心技术实现制冷效率提升 15%以上，PUE值低于1.35，机柜密度最高提升100%。 11月24日，证券时报记者从汽车热管理细分龙头开特股份(920978)获悉，公司宣布与广州豪特节能环保 科技股份有限公司(简称"广州豪特")签署增资入股协议。开特股份拟投资1000万元，正式切入数据中心 热管理赛道，开启"汽车+算力中心"双场景热管理布局。 作为国家级专精特新"小巨人"企业，开特股份构建了传感器、控制器、执行器"三器联动"的技术闭环， 拥有348项自主专利，是国内率先实现车用温度传感器国产替代的企业，同时凭借六维力传感器等技术 切入人形机器人领域。 开特股份表示，此次投资正是基于其在热管理核心部件研发、精密制造领域的积累，向高增长的数据中 心热管理赛道延伸的关键布局。 公开资料显示，广州豪特是中国第五大中立运营商数据中心能源管理解决方案提供商，公司专注数据中 心全生命周期服务，覆盖AI算力数据中心、边缘数据中心等核心场景，其液冷技术处于行业领先水 平，可提供适配高性能数据中心的先进冷却解决方案，保障设备稳定运行。 据开特股份介绍，双方将以此次千 ...

三季报过后，机构密集发布点评研报，其中，多家券商集体看好和而泰（002402）在控制器主业、盈利 能力与智能化新业务方面的综合表现。天风证券（601162）、国泰海通证券、中信建投（601066）证券 等均指出，公司在保持核心业务稳健增长的同时，正在通过AI融合与新领域拓展构建长期增长新曲 线。 中信建投证券则指出，公司正在通过投资并购的方式，加快机器人、传感器等核心环节的产业协同，积 极培育第二增长曲线。在机器人关键控制部位，公司已取得积极进展。 主业方面，控制器板块继续稳健扩张，该项业务前三季度实现收入79.64亿元，同比增长14.75%，是公 司整体增长的基石。天风证券看好公司通过供应链降本管理，有望保持盈利能力持续提升趋势。同时， 期待公司新布局如机器人等业务起量后带动营收快速增长同时规模效应带动新业务盈利能力提升。 除了巩固传统优势，公司也在智能感知与AI融合领域发力，积极开辟增长新赛道。天风证券指出，和 而泰前瞻布局体感交互技术，推出"感知计划"体感衣，已广泛适配VR/AR场景，并延伸至康养坐垫等产 品形态。在行业数智化趋势中，公司接入DeepSeek大模型，构建从"信息处理"到"设备控制"的软硬 ...

资料显示，安乃达驱动技术(上海)股份有限公司位于上海市闵行区光中路133弄19号A座1-2层，成立日 期2011年9月6日，上市日期2024年7月3日，公司主营业务涉及电动两轮车电驱动系统研发、生产及销 售。主营业务收入构成为：轮毂电机82.50%，中置电机10.17%，控制器及其他6.79%，其他(补 充)0.54%。 安乃达所属申万行业为：电力设备-电机Ⅱ-电机Ⅲ。所属概念板块包括：次新股、融资融券、专精特 新、小盘、机器人概念等。 截至9月30日，安乃达股东户数1.29万，较上期增加4.89%；人均流通股3399股，较上期增加44.64%。 2025年1月-9月，安乃达实现营业收入15.97亿元，同比增长34.10%；归母净利润9605.65万元，同比增长 13.05%。 分红方面，安乃达A股上市后累计派现1.45亿元。 11月21日，安乃达盘中下跌2.08%，截至09:54，报36.72元/股，成交1351.94万元，换手率0.83%，总市 值42.75亿元。 资金流向方面，主力资金净流出91.59万元，大单买入181.08万元，占比13.39%，卖出272.67万元，占比 20.17%。 安乃达今年 ...

Market Overview - A-shares collectively declined on Thursday, with over 3,000 stocks falling and trading volume dropping to recent lows, indicating poor market profitability [1] - The banking sector showed resilience, with several state-owned banks rising over 3% [1] - As the year-end approaches, market participants are exhibiting a cautious trading attitude, leading to a significant reduction in A-share trading volume [1] Future Outlook - The market is expected to experience fluctuations around the 4000-point level, which may prepare for a potential upward movement [1] - The manufacturing sector is anticipated to see an improvement in supply and demand by 2026, which could lead to a notable recovery in the earnings growth of A-share listed companies [1] - Key focus areas for November include the impact of the 14th Five-Year Plan on industries, event-driven dynamics in the technology sector, and price recovery driven by anti-involution trends [1] Sector Highlights - The technology sector remains a focal point in November, with opportunities for rebound in underperforming areas such as robotics, military, and smart vehicles [2] - The semiconductor industry is expected to continue its trend towards domestic production, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military sector is projected to see a recovery in orders by 2025, with signs of bottoming out in the performance of various military sub-sectors [2] - The innovative pharmaceutical sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth observed since Q3 2024 [2] - The banking sector has begun to see a rebound in mid-year performance growth following the impact of loan rate re-pricing, making it attractive to long-term institutional investors due to its dividend yield [2]

Core Viewpoint - BYD Electronics reported stable performance expectations for 2025, with a revenue of 123.3 billion RMB for the first nine months of 2023, a year-on-year increase of 0.95%, and a net profit of 3.14 billion RMB, up 2.4% year-on-year [1][2] Group 1: Financial Performance - The overall revenue from consumer electronics remained flat compared to the same period last year, with assembly business growth offset by a decline in components [1] - The automotive business showed year-on-year growth, while new intelligent products experienced a decline [1] - Profitability weakened in the third quarter, with expectations for fourth-quarter revenue to be comparable to the same period last year [1] Group 2: Automotive Electronics - The automotive electronics segment is expected to contribute significant growth, with products like smart cockpits, smart driving, and smart suspension systems already delivered [1] - The revenue forecast for automotive electronics in 2025 has been adjusted to 25 billion RMB, with a growth rate of approximately 25%, lower than initial expectations [1] - Anticipated improvements in vehicle value and increased penetration of high-end smart driving and suspension products are expected to drive growth in 2026 [1] Group 3: New Business Developments - The company has made progress in AI data centers and robotics, expanding into enterprise-level general servers, storage servers, and AI servers [2] - Liquid cooling products are ready, with orders expected to start materializing in the first quarter of next year [2] - The robotics business focuses on internal applications, with the first generation of humanoid robot prototypes launched and ongoing hardware and algorithm optimizations [2] Group 4: Future Projections and Ratings - Revenue projections for BYD Electronics from 2025 to 2027 are 185.2 billion RMB, 197.4 billion RMB, and 208.7 billion RMB, with growth rates of 4.4%, 6.6%, and 5.8% respectively [2] - Net profit forecasts for the same period are 4.27 billion RMB, 5.13 billion RMB, and 6.13 billion RMB, with growth rates of 0.1%, 20.2%, and 19.3% respectively [2] - A target price of 50.1 HKD is set, reflecting a 51.2% upside potential from the current price, maintaining a buy rating [2]

机构：中金公司 研究员：邓学/任丹霖/厍静兰/崔力丹 我们与市场的最大不同？市场关注公司机器人技术能力，我们提示公司产能全球布局，机器人及液冷在 海外客户拓展上均有潜力。 潜在催化剂：机器人/数据中心液冷业务获得订单。 盈利预测与估值 我们预计公司FY26-27 年EPS 分别为0.28/0.30 美元，FY25-27CAGR 为5.0%，当前股价对应FY26/27 14.4/13.3x P/E。采用P/E估值，给予目标价43.6 港元，对应FY26/27E 20.0/18.9x P/E，较当前股价有 40.2%的上行空间，给予跑赢行业评级。 风险 投资亮点 首次覆盖德昌电机控股（00179）给予跑赢行业评级，目标价43.60港元，基于P/E 估值法，对应估值倍 数FY26 20X，公司是全球微电机头部企业，进军人形机器人及液冷新领域。理由如下： 公司是汽车微电机领军企业，深度覆盖全球市场多年。公司深耕微电机行业60 余年，发展为微电机、 控制器等全球头部企业。据 FY2025 数据，分业务看汽车/工商业营收占比约85%/15%，汽车贡献近年来 主要增长；亚太/美洲/欧洲&中东&非洲的营收占比36.8%/32 ...

比亚迪电子（0285） 更新报告 全年业绩平稳，布局 AI 服务器和机器人产业链 ➢ 2025 业绩预期平稳：比亚迪电子 1-9 月份收入 1233 亿元人民 币，同比增 0.95%；净利润 31.4 亿人民币，同比增长 2.4%。 消费 电子整体与去年同期持平，其中组装业务增长，但零部件业务下 滑。汽车业务同比增长，新型智能产品下滑。三季度盈利能力有所 减弱，展望四季度，预计单季度收入规模与去年同期相当。2025 全 年利润预计同比持平。 ➢ 汽车电子贡献主要增量：公司的智能座舱、智能驾驶、智能悬 架系统、热管理、控制器和传感器产品已实现多产品交付，公司通 过技术创新打破技术壁垒，自主研发核心零部件，具备完善的自主 知识产权，能更好的应对产品降价的压力，维持稳定利润率。但面 对汽车行业日益激烈的竞争，2025 汽车电子的收入规模下调至 250 亿，增速约 25%，低于年初预期。展望 2026 年，单车价值量提升， 高阶智驾、智能悬架等产品渗透率提高，伴随母公司出海带来销量 增量，汽车电子明年有望保持良好增长。 ➢ AI 数据中心、机器人等新业务进展良好：公司拓展了企业级通 用服务器、存储服务器、AI 服务器 ...

2025年11月17日，一则来自港交所的递表公告，让成都卡诺普机器人技术股份有限公司（以下简称卡诺普） 成为科技圈焦点。 这家从成都大学生创业园走出的企业，历经13年深耕，如今带着全栈自主核心技术、覆盖40国的销售网络和 中国最大焊接机器人出口商的头衔，正式向港股发起冲击。 其背后，恰恰是中国民营科技企业打破国际垄断、实现技术出海的里程碑事件。从50万元初创资金，到构 建"底层硬件—OS—应用—云端"的全链条技术体系， 从简陋的老教学楼到3.5万平的智能产研基地，从服务 长尾中小企业到成为比亚迪、富士康等巨头的核心供应商， 卡诺 普的成长轨迹，藏着中国工业机器人产业逆 袭的密码，更书写了西部科技企业厚积薄发的精彩篇章。 | [编纂]的 编纂 数日 : 【编纂 胶日胶(祝乎 编纂 竹肥奥 合 周足) | | --- | | [编纂]數目 : [编纂]股H股(可于[编纂]) | | [编纂]數目 " [编纂]股H股(可于[编纂]及視乎[编纂]行使 | | 奥否而定) | | 最高[编纂] : 每股H股[编纂]港元,另加1.0％經紀佣金、 | | 0.0027%證監會交易徹費、0.00565%聯交所 | | 交易費 ...

Core Viewpoint - Anada's stock has experienced fluctuations, with a recent decline of 2.01% and a year-to-date increase of 10.81%, indicating volatility in its market performance [1]. Company Overview - Anada Technology (Shanghai) Co., Ltd. was established on September 6, 2011, and is set to be listed on July 3, 2024. The company specializes in the research, production, and sales of electric two-wheeler drive systems [1]. - The company's revenue composition includes hub motors (82.50%), mid-mounted motors (10.17%), controllers and others (6.79%), and other supplementary products (0.54%) [1]. Financial Performance - For the period from January to September 2025, Anada achieved a revenue of 1.597 billion yuan, representing a year-on-year growth of 34.10%. The net profit attributable to shareholders was 96.0565 million yuan, reflecting a growth of 13.05% [2]. - Since its A-share listing, Anada has distributed a total of 145 million yuan in dividends [2]. Market Activity - As of November 18, Anada's stock price was 39.06 yuan per share, with a market capitalization of 4.547 billion yuan. The trading volume was 23.1425 million yuan, with a turnover rate of 1.34% [1]. - The stock has appeared on the "Dragon and Tiger List" seven times this year, with the most recent occurrence on May 20, where it recorded a net buy of -8.117 million yuan [1]. Shareholder Information - As of September 30, Anada had 12,900 shareholders, an increase of 4.89% from the previous period. The average number of circulating shares per shareholder was 3,399, which is an increase of 44.64% [2]. Industry Classification - Anada belongs to the electrical equipment sector, specifically in the motor subcategories II and III. It is also associated with concepts such as newly listed stocks, margin trading, specialized and innovative enterprises, robotics, and small-cap stocks [2].