【文/观察者网 王一】在高调将所有外国无人机及其组件列入受管制"黑名单"不久后，美国政府似乎突 然看清了现实。 英国路透社、香港《南华早报》等媒体1月9日注意到，美国商务部当天低调更新网站，撤回了一项拟议 的对中国无人机实施进口限制的计划。 据报道，在对中国制造的乘用车和卡车采取进口限制措施后，美国商务部去年9月以所谓的国家安全为 由，计划出台规则限制甚至禁止中国无人机进口，以应对"信息和通信技术供应链风险"。相关提案10月 8日提交白宫审查，在经历数月内部磋商后，于今年1月8日撤回。9日，美国政府网站以低调更新的形式 发布了撤销消息。 不过，美国联邦通信委员会（FCC）禁止外国无人机在美销售的公告仍在。上月，FCC以"不可接受的 国安威胁"为由，将所有外国制造的无人机及其组件列入受管制"黑名单"。美国彭博社当时提到，大 疆、道通等中国无人机厂商将受到影响。本周，FCC还进一步宣布，对部分非中国制造的无人机给予豁 免。 路透社指出，FCC的限制意味着，中国无人机厂商将无法获得在美销售新款无人机和关键部件所需的批 准。但这些限制措施并不禁止此前已获批准的无人机型号继续被进口、销售或使用，也不影响已经购买 的设备 ...

拓展海外生产基地，发力 储能 、 机器人 业务， 富佳股份 （603219.SH）正在"三手抓"。 1月7日晚间，富佳股份发布的向不特定对象发行可转换公司债券预案显示，公司募集资金总额不超过7 亿元（含7亿元）。 长江商报记者发现，富佳股份此次募资总金额中，"越南生产基地（二期）建设项目"拟使用募集资金金 额3.28亿元，约占总募资的47%。 2025年上半年，富佳股份境外营收达10.36亿元，同比增长28.79%，占主营业务营收比例约为70%。 目前，富佳股份已成为清洁家电知名ODM供应商，也是全国十大吸尘器出口企业，产品涵盖北美、欧 洲、亚洲、大洋洲等多个地区。 3.28亿募资投向海外项目 富佳股份主营吸尘器、扫地机器人等智能清洁类小家电产品及无刷电机等重要零部件的研发、设计、生 产与销售，同时积极拓展机器人产品业务与储能产品业务。 1月7日晚间，富佳股份发布的向不特定对象发行可转换公司债券预案显示，本次拟发行可转换公司债券 数量不超过700万张（含700万张），募集资金总额不超过7亿元（含7亿元），具体发行数额由公司股东 会授权公司董事会或董事会授权人士在上述额度范围内确定。 公告显示，富佳股份此次募集 ...

无刷电机是一种通过电子转换器替代机械电刷和换向器的先进电机技术。EPS、EHB、EMB电机是电动 化、智能化底盘的核心部件。瑞溪电子的核心技术是无刷电机的生产工艺和研发工艺，核心团队经验丰 富，产品线完整，主打汽车底盘核心安全件无刷电机，包含转向电机、制动电机、悬挂电机、制氧电机 等。本次投资完成后，公司与瑞溪电子将围绕无刷电机应用领域开展深度合作，结合公司EHB、EMB 等产品，共同推进技术协同与产业融合，形成优势互补，提升公司市场竞争力。 格隆汇12月26日丨万安科技(002590.SZ)公布，公司于2025年12月26日与严文一女士签订了《关于浙江 瑞溪电子科技有限公司的股权转让协议》。根据转让协议，严文一女士将持有的浙江瑞溪电子科技有限 公司（简称"瑞溪电子"）的1.5%的股权转让给公司，股权的转让价格为人民币4,614,830元。同日，公司 与瑞溪电子、上海上汽创远创业投资合伙企业（有限合伙）（简称"上汽方"）、浙江哲琪投资控股集团 有限公司、张忠良、宁波市聚汇溪企业管理咨询合伙企业（有限合伙）、宁波市拓哲瑞企业管理咨询合 伙企业（有限合伙）、俞强共同签订了《关于浙江瑞溪电子科技有限公司之投资协议》 ...

无刷电机是一种通过电子转换器替代机械电刷和换向器的先进电机技术。EPS、EHB、EMB电机是电动 化、智能化底盘的核心部件。瑞溪电子的核心技术是无刷电机的生产工艺和研发工艺，核心团队经验丰 富，产品线完整，主打汽车底盘核心安全件无刷电机，包含转向电机、制动电机、悬挂电机、制氧电机 等。本次投资完成后，公司与瑞溪电子将围绕无刷电机应用领域开展深度合作，结合公司EHB、EMB 等产品，共同推进技术协同与产业融合，形成优势互补，提升公司市场竞争力。 格隆汇12月26日丨万安科技(002590.SZ)公布，公司于2025年12月26日与严文一女士签订了《关于浙江 瑞溪电子科技有限公司的股权转让协议》。根据转让协议，严文一女士将持有的浙江瑞溪电子科技有限 公司（简称"瑞溪电子"）的1.5%的股权转让给公司，股权的转让价格为人民币4,614,830元。同日，公司 与瑞溪电子、上海上汽创远创业投资合伙企业（有限合伙）（简称"上汽方"）、浙江哲琪投资控股集团 有限公司、张忠良、宁波市聚汇溪企业管理咨询合伙企业（有限合伙）、宁波市拓哲瑞企业管理咨询合 伙企业（有限合伙）、俞强共同签订了《关于浙江瑞溪电子科技有限公司之投资协议》 ...

随着机器人、新能源汽车等高端领域的蓬勃发展，微特电机作为核心执行单元之一，其需求与技术标准正 同步跃升，国产核心部件企业迎来了黄金发展期。今年9月在北交所上市的常州三协电机股份有限公司（股 票代码：920100，简称：三协电机）正是其中的佼佼者。公司凭借在协作机器人、高端纺织机械等领域的 显著技术突破，精准契合了高价值赛道需求。2025年前三季度，公司营收同比增长38.00%至4.07亿元，其亮 眼业绩有力印证了技术聚焦与战略深耕相结合发展路径的成功，成为国产微特电机产业升级的标杆企业。 高价值领域需求爆发，微特电机成核心刚需 微特电机通常指一类体积小、重量轻、结构精密，兼具微型化和特种功能的电机，广泛应用于电器及设备 的动力驱动，或在控制系统中承担机电信号或能量的检测、执行、转换等关键功能，是电子设备和精密机 械的"动力核心"。三协电机聚焦的控制类电机是微特电机的重要分支，其核心产品包括步进电机、伺服电机 和无刷电机及其配套组件，能够精准满足机器人、安防监控、纺织机械、光伏发电、半导体设备、消费电 子（3C）、汽车、医疗器械、智能物流等多个高附加值领域的需求。 截至2025年6月，三协电机已累计取得56项专 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Insights - The company is a core manufacturer of electric tool components, expanding into new energy and other growth areas [6]. - The company is expected to achieve significant revenue growth driven by its electric tool components and new energy vehicle sectors [9]. - The company has established a global production and sales network, enhancing its operational efficiency and market reach [64]. Financial Data and Profit Forecast - Total revenue is projected to reach 1,230 million yuan in 2024, with a year-on-year growth rate of 31.3% [7]. - Net profit attributable to shareholders is forecasted at 154 million yuan for 2024, reflecting a growth of 26.4% [7]. - The company anticipates achieving net profits of 172 million yuan, 208 million yuan, and 261 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11.8%, 21.5%, and 25.0% [9][71]. Business Overview - The company focuses on electric tool components and consumer electronics, with a comprehensive product matrix including smart switches, controllers, and brushless motors [18][23]. - The company has a strong customer base, with major clients contributing significantly to its revenue, including leading global companies in the electric tool industry [46][48]. - The company has established production bases in Vietnam and Mexico, which contribute to its revenue and mitigate risks associated with tariff changes [64]. Market Position and Growth Potential - The company is well-positioned to benefit from the recovery of the North American real estate market, which is expected to drive demand for electric tools [11][58]. - The electric tool industry is projected to see a recovery in 2024, with a year-on-year shipment growth of 24.8% [58]. - The company is expanding into new fields such as new energy vehicles and energy storage, which are expected to contribute to its growth starting in 2026 [66].

12月19日，华之杰涨0.76%，成交额2570.12万元。两融数据显示，当日华之杰获融资买入额138.85万 元，融资偿还346.04万元，融资净买入-207.20万元。截至12月19日，华之杰融资融券余额合计7225.15 万元。 截至9月30日，华之杰股东户数1.76万，较上期减少32.78%；人均流通股1114股，较上期增加48.76%。 2025年1月-9月，华之杰实现营业收入10.31亿元，同比增长22.60%；归母净利润1.11亿元，同比增长 8.60%。 分红方面，华之杰A股上市后累计派现4000.00万元。 责任编辑：小浪快报 融资方面，华之杰当日融资买入138.85万元。当前融资余额7225.15万元，占流通市值的7.14%。 融券方面，华之杰12月19日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 资料显示，苏州华之杰电讯股份有限公司位于江苏省苏州市吴中区胥口镇孙武路1031号，成立日期2001 年6月6日，上市日期2025年6月20日，公司主营业务涉及致力于为电动工具、消费电子等领域产品提供 智能、安全、精密的 ...

Core Viewpoint - Sanxie Electric has demonstrated strong financial performance in the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, attracting interest from major investment institutions [2][3]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 407.25 million yuan, representing a 38.00% increase year-on-year, and a net profit attributable to shareholders of 46.15 million yuan, up 21.15% [2][4]. - In Q3 2025 alone, the company reported a revenue of 152 million yuan, with a remarkable year-on-year growth of 79.95%, and a net profit of 14.62 million yuan, increasing by 46.10% [3][4]. - As of September 30, 2025, the company's total assets reached approximately 672.99 million yuan, a 41.59% increase from the previous year, while net assets attributable to shareholders rose by 62.95% to about 459.11 million yuan [4]. Dividend and Investor Relations - Following its listing on the Beijing Stock Exchange, Sanxie Electric announced a dividend plan, distributing 5 yuan per 10 shares, totaling 36.90 million yuan, reflecting the company's commitment to rewarding investors [5]. Innovation and Technology - Sanxie Electric emphasizes technological innovation as its core competitive advantage, with a dedicated R&D team and significant investment in research, totaling approximately 1.06 million yuan in 2024 [6]. - The company has secured 56 patents, including 10 invention patents, and its products meet international standards, competing with leading global brands [6]. Market Expansion and Product Development - The company is focusing on high-end products such as brushless motors and has established a presence in various high-value sectors, including robotics and renewable energy [7][8]. - Sanxie Electric has formed strategic partnerships with industry leaders and is expanding its global footprint, with plans to enter the U.S. market and establish a manufacturing base in Vietnam [8].

Core Insights - The company Huazhi Jie experienced a slight increase in stock price by 0.11% on November 27, with a trading volume of 29.88 million yuan [1] - As of November 27, the total margin balance for Huazhi Jie was 89.99 million yuan, representing 8.68% of its market capitalization [1][2] - For the period from January to September 2025, Huazhi Jie reported a revenue of 1.031 billion yuan, reflecting a year-on-year growth of 22.60%, and a net profit attributable to shareholders of 111 million yuan, up 8.60% year-on-year [2] Financing and Margin Data - On November 27, Huazhi Jie had a financing buy-in amount of 3.41 million yuan, with a net financing purchase of 944,400 yuan after repayments [1] - The company had no short-selling activity on November 27, with zero shares sold or repaid [1] Shareholder Information - As of September 30, Huazhi Jie had 17,600 shareholders, a decrease of 32.78% from the previous period, while the average number of circulating shares per shareholder increased by 48.76% to 1,114 shares [2] Dividend Information - Since its A-share listing, Huazhi Jie has distributed a total of 40 million yuan in dividends [3]

Core Viewpoint - Huazhi Jie (SH 603400) announced the convening of its 18th meeting of the third board of directors on November 27, 2025, to discuss the proposal for the third extraordinary shareholders' meeting of 2025 [1] Company Summary - For the first half of 2025, Huazhi Jie's revenue composition is as follows: smart switches account for 56.29%, smart controllers for 12.9%, electric tools - others for 12.72%, brushless motors for 8.75%, and consumer electronics - precision structural components for 3.14% [1] - As of the report date, Huazhi Jie has a market capitalization of 5.3 billion yuan [1]