10月10日，拓普集团跌5.01%，截至发稿，报75.52元/股，成交21.12亿元，换手率1.57%，总市值 1312.41亿元。 资料显示，宁波拓普集团股份有限公司位于浙江省宁波市北仑区大碶街道育王山路268号，成立日期 2004年4月22日，上市日期2015年3月19日，公司主营业务涉及汽车零部件及配件的研发、生产和销售。 主营业务收入构成为：内饰功能件33.76%，底盘系统28.66%，减震器15.77%，汽车电子8.31%，热管理 系统7.58%，其他(补充)5.86%，电驱系统0.06%。 数据显示，英大基金旗下1只基金重仓拓普集团。英大睿鑫A（003446）二季度持有股数3.23万股，占基 金净值比例为2.85%，位居第八大重仓股。根据测算，今日浮亏损失约12.86万元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 英大睿鑫A（003446）成立日期2016年11月23日，最新规模5182.83万。今年以来收益31.27%，同类排 名3439/8166； ...

资料显示，航天科技控股集团股份有限公司位于北京市丰台区海鹰路6号院2号楼，成立日期1999年1月 27日，上市日期1999年4月1日，公司主营业务涉及车联网及工业物联网、航天应用产品、汽车电子、石 油仪器设备和电力设备。主营业务收入构成为：汽车电子84.98%，航天应用产品9.36%，平台软件及感 知设备6.62%，其他业务0.31%。 航天科技所属申万行业为：汽车-汽车零部件-汽车电子电气系统。所属概念板块包括：军民融合、黑龙 江自贸区、央企改革、北斗导航、空间站等。 10月9日，航天科技盘中上涨2.03%，截至13:01，报17.13元/股，成交4.29亿元，换手率3.22%，总市值 136.73亿元。 资金流向方面，主力资金净流出1202.48万元，特大单买入2862.35万元，占比6.67%，卖出3234.45万 元，占比7.53%；大单买入7811.21万元，占比18.19%，卖出8641.59万元，占比20.12%。 航天科技今年以来股价涨56.15%，近5个交易日涨6.93%，近20日涨4.26%，近60日涨40.87%。 今年以来航天科技已经6次登上龙虎榜，最近一次登上龙虎榜为9月3日，当日龙 ...

事件：公司发布2025 年中报。 2025H1，营业收入84.97 亿元，同比+37.80%；归母净利润12.93 亿元，同比+45.71%；扣非净利润12.36 亿元，同比+47.04%。 2025H1，公司海外市场收入28.62 亿，同比+88.91%。出海收入占比达33.68%，创历史新高。海外市场 销售毛利率35.69%，同比+1.87pct。 海外市场中欧洲、北美洲等电力发达地区输配电设备运行多年，有较大的改造更换空间；东南亚、中 东、非洲等地区电力基础设施建设落后，存在较大的新建业务机会。公司长期坚持海外战略，持续进行 产品和市场投入。公司多款产品在英国、意大利、沙特、科威特等多个国家市场实现了突破。 持续拓展汽车电子、柔性直流输电等新产品： 2025H1,公司汽车电子业务实现收入4545 万元，同比+216.58%。报告期内，公司持续拓展以超级电容 （含混合超容）、锂电池等高倍率储能元件为核心的汽车电子电器类业务；持续突破柔直相关业务。 投资建议：公司作为民营输变电设备龙头，有望持续受益海外+国内电网建设高景气，同时中压开关、 高压GIS、储能、超级电容、静止同步调相机、汽车电子等新产品有望持续 ...

9月28日晚间，宁波华翔（002048）发布公告，2025年9月28日，公司董事会审议通过了解聘副总经理井 丽华的议案。 来源：公司公告 宁波华翔表示，公司副总经理井丽华女士因个人原因，不再担任公司副总经理职务。解聘后井丽华女士 的具体工作将由公司另行安排，本次解聘事项不会对公司日常生产经营活动的正常运作产生不利影响。 截至本公告披露之日，井丽华女士持有公司股份21,000股，占公司股本的0.0026%。其所持有的公司股份 将继续按照相关法律法规、规范性文件的规定进行管理。 据宁波华翔2024年年报，井丽华女士，50岁，金融学博士，CPA（中国），曾任宁波华翔投资总监、建银 国际金融有限公司联席董事、卓亚融资有限公司高级经理。井丽华2024年年薪为162.21万元。 公开信息显示，宁波华翔成立于1988年，于2005年在深圳证券交易所上市，专业从事中高档乘用车零部 件的设计、开发、生产、销售及售后服务。公司为众多国际知名汽车品牌提供内外饰件、车身金属件、 汽车电子等产品和相关服务。 业绩方面，宁波华翔2025年上半年财报显示，公司当期实现营业总收入128.79亿元，同比增长10.89%，但 归属于上市公司股东 ...

Group 1 - The company has established a new manufacturing base in Shenzhen, covering an area of 53,000 square meters with a total construction area of 200,000 square meters [2] - Once fully operational, the new base is expected to produce tens of millions of complete machines annually and create approximately 10,000 direct jobs in the local area [2] - The new facility will focus on manufacturing products in various sectors, including smartphones/tablets, smart wearables, automotive electronics, and new energy [2] Group 2 - The company's future production scale will depend on specific customer demands and business models [2] - The company is also looking to explore new cooperation opportunities and development spaces in cutting-edge fields based on customer expansions [2]

【导读】博世集团计划裁员13000人，主要影响德国境内业务 当地时间9月25日，博世集团宣布将裁员13000人。此次裁员主要涉及移动出行部门，将在2030年前完成。 博世宣布裁员13000人 当地时间9月25日，德国最大的汽车零部件供应商博世集团计划再裁员13000人。 据德国《商报》报道，博世集团计划在2030年前于移动出行部门裁员约13000人，这次工作岗位调整将主要影响德国地区。 因市场需求下滑、成本压力以及贸易壁垒的挑战，博世集团决定在移动出行业务部门实施更大规模的裁员计划。此次裁员主要集中在德国工厂，受 影响的地点包括斯图加特-费尔巴赫、施韦伯丁根、瓦伊布林根、比尔以及萨尔州的洪堡，并将持续到2030年底。 博世集团人事董事斯特凡·格罗施此前在接受采访时表示，公司必须节省25亿欧元，而要实现这一目标只能依靠大幅裁员。"我们必须紧急着手提升出 行业务板块的竞争力，并持续进行结构性的成本削减。这对我们来说非常痛苦，但遗憾的是已经别无选择。" 博世集团管理层强调，裁员是实现目标的唯一途径，否则汽车业务很难达到7%的利润率。2024年汽车业务部门的利润率仅为3.8%。 博世集团的业务部门主要包括移动解决方案 ...

Group 1 - Bosch Group plans to lay off 13,000 employees, primarily affecting its mobility solutions division, to be completed by 2030 [1][3][5] - The layoffs are a response to declining market demand, cost pressures, and trade barriers, with a focus on German factories [5][6] - Bosch aims to save €2.5 billion through these layoffs, as the automotive division's profit margin is currently at 3.8%, far below the target of 7% [5][6] Group 2 - The mobility solutions division accounts for 59% of Bosch's total sales, making it the largest segment of the company [9] - Bosch's revenue for 2024 is projected at €90.5 billion, a 1.2% decline year-on-year, with EBIT dropping by 33% to €3.2 billion [9] - The layoffs reflect broader pressures in the German job market, with unemployment rising to 3.025 million in August 2023 [10]

Company Overview - Shanghai Longqi Technology Co., Ltd. is an ODM enterprise focused on the research, design, production, and comprehensive services of smart products, with over 20 years in the industry, set to be listed on the Shanghai Stock Exchange in 2024 (stock code: 603341) [2] - The company serves leading consumer electronics brands such as Xiaomi, Samsung, and Huawei, with products spanning smart phones, tablets, automotive electronics, and smart wearable devices [2] ESG Governance and Compliance - In 2024, the company enhanced its ESG governance structure by renaming the original board strategy committee to "Strategy and ESG Committee," and established implementation guidelines to define its responsibilities, including researching sustainable development and reviewing ESG reports [3] - New compliance documents were released in 2024, including the "Longqi Technology Business Ethics Code" and "Anti-Corruption Policy," with a 100% signing rate for the "Business Conduct Code" and "Integrity Commitment" [3] Risk Management and Internal Control - Longqi Technology has established a "three lines of defense" risk management system, with the first line being business departments, the second line being the internal control department conducting 80 special safety inspections in 2024 with a 100% rectification rate, and the third line being independent audits by the audit department, recovering losses of 8.43 million yuan [4] - The company has maintained an A-level tax credit rating for several years, paying a total of 407 million yuan in various taxes [4] Information Security and Supply Chain Compliance - The company has implemented information security compliance measures, including the "Employee Information Security Guidelines" and regular risk assessments, achieving 100% coverage for new employee training and no privacy breaches in the year [4] - Longqi Technology established an ESG audit mechanism for suppliers, completing CSR audits for 117 new suppliers and 92 existing ones in 2024, with over 70% passing rate, and conducted due diligence on nearly 600 direct suppliers regarding conflict minerals [4] Expert Commentary - The company has built a comprehensive anti-corruption and anti-bribery system, utilizing a risk map to manage business risks and covering over 20 compliance areas, reinforcing integrity risk management and internal control for over 10,000 employees [5]

事件： 公司发布股权激励计划草案公告。根据公司9 月25 日晚公告，公司拟向核心高管、技术骨干共计466 人 授予1680 万份股票期权（约占公司当前股本总额的1.98%）。其中，首次授予股票期权1,560.14 万份， 占本激励计划拟授予股票期权数量总额的92.87%；预留股票期权119.86 万份，占本激励计划拟授予股 票期权数量总额的7.13%。本激励计划首次授予的股票期权的行权价格为66.61 元/份。 点评： 激励费用分配较为合理，对各报告期业绩影响有限。根据公司公告，公司首次授予股份，对应25-29 年 各年预计产生股份支付费用分别为0.45/0.63/1.01/0.51/0.16 亿元。我们分析认为，特种集成电路以及 eSIM 等板块景气度不断上行，叠加股权激励计划进一步调动员工积极性，公司收入有望步入高速增长 期，各报告期摊销费用对于费用端影响有限，公司业绩有望实现高增。 上调2025E-2027E 盈利预测并维持"买入"评级。公司特种产品有序交付，叠加民品eSIM卡、汽车电子等 新市场持续拓展，收入及利润有望实现快速增长，我们上调公司2025-2027E 年归母净利润预测为 17.01/24 ...

Financial Data and Key Metrics Changes - For Q4, the company reported approximately $8.3 billion in revenue, exceeding guidance by roughly $800 million, with core operating income at $519 million and core operating margin at 6.3%, a 50 basis point improvement year-over-year [9][10] - Core diluted earnings per share was $3.29, while GAAP diluted earnings per share came in at $1.99 [9][10] - Full-year adjusted free cash flow was over $1.3 billion, with a healthy balance sheet showing a debt-to-core EBITDA ratio of 1.3x and cash balances of approximately $1.9 billion [12][13] Segment Performance Changes - Regulated Industries revenue was $3.1 billion, with a year-over-year increase of approximately 3% and core operating margin expanding by 40 basis points to 6.5% [10] - Intelligent Infrastructure revenue reached $3.7 billion, $400 million above expectations, with a core operating margin of 5.9% [10][11] - Connected Living and Digital Commerce revenue totaled $1.4 billion, reflecting a year-over-year decline of approximately 14%, but core operating margin improved by 210 basis points to 6.6% [11][34] Market Data and Key Metrics Changes - The automotive and transportation market is experiencing a decline of 5% due to slowing demand for battery electric vehicles in the U.S. and Europe, while healthcare outsourcing is expected to enter a growth phase [49][50] - The company anticipates Intelligent Infrastructure revenue to grow by 18% in FY 2026, driven by AI-related demand across capital equipment and cloud infrastructure [54][55] Company Strategy and Industry Competition - The company is focusing on system-level integration across its segments, particularly in Intelligent Infrastructure, to enhance customer deployment speed and reduce costs [51][52] - A deliberate shift in the Connected Living and Digital Commerce segment is underway, moving away from lower-margin legacy consumer programs towards higher-margin automation and advanced technologies [7][56] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the diversified model despite mixed dynamics across end markets, with strong performance in AI-related sectors offsetting weaknesses in automotive and renewables [36][60] - The company expects approximately 5% revenue growth for FY 2026, with core operating margin expanding to around 5.6% [57][58] Other Important Information - The company completed a $1 billion share repurchase authorization and plans to return 80% of annual adjusted free cash flow to shareholders [12][14] - The company is investing in AI and automation across its operations to enhance efficiency and competitiveness [44][46] Q&A Session Summary Question: Can you provide details on growth areas in AI? - The company expects 25% year-over-year growth in AI revenue, with significant growth in capital equipment and cloud infrastructure, while maintaining strong positions in existing markets [64][65]