从基金十大重仓股角度 数据显示，长江资管旗下1只基金重仓恒铭达。长江智能制造混合型发起式A（014339）二季度持有股 数53万股，占基金净值比例为3.12%，位居第八大重仓股。根据测算，今日浮盈赚取约114.48万元。 9月5日，恒铭达涨5.24%，截至发稿，报43.42元/股，成交3.33亿元，换手率4.09%，总市值111.25亿 元。 资料显示，苏州恒铭达电子科技股份有限公司位于江苏省昆山市巴城镇石牌塔基路1568号，成立日期 2011年7月27日，上市日期2019年2月1日，公司主营业务涉及消费电子功能性器件、消费电子防护产 品、消费电子外盒保护膜的设计、研发、生产与销售。主营业务收入构成为：精密柔性结构件 82.85%，精密金属结构件15.69%，材料及其他1.46%。 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。 责任编辑：小浪快报 长江智能制造混合型发起式A（014339）成立日期2021年12月29日，最新规模3.57亿。今年以来收益 18.91%，同 ...

恒铭达所属申万行业为：电子-消费电子-消费电子零部件及组装。所属概念板块包括：小米概念、智能 手机、中盘、小鹏汽车概念、无线耳机等。 截至6月30日，恒铭达股东户数1.99万，较上期减少2.53%；人均流通股9687股，较上期增加2.60%。 2025年1月-6月，恒铭达实现营业收入12.44亿元，同比增长32.18%；归母净利润2.34亿元，同比增长 43.01%。 分红方面，恒铭达A股上市后累计派现5.04亿元。近三年，累计派现3.33亿元。 机构持仓方面，截止2025年6月30日，恒铭达十大流通股东中，香港中央结算有限公司位居第七大流通 股东，持股197.83万股，相比上期减少123.04万股。南方中证1000ETF（512100）位居第十大流通股 东，持股166.11万股，为新进股东。 责任编辑：小浪快报 9月3日，恒铭达盘中上涨2.07%，截至10:42，报42.49元/股，成交1.51亿元，换手率1.87%，总市值 108.86亿元。 资金流向方面，主力资金净流出384.98万元，特大单买入990.79万元，占比6.54%，卖出521.07万元，占 比3.44%；大单买入3325.48万元，占比2 ...

Group 1 - The core viewpoint of the news is that Hongfuhuan's stock price has declined by 5.01% to 62.76 CNY per share, with a total market capitalization of 5.648 billion CNY as of the report date [1] - Hongfuhuan Technology Co., Ltd. specializes in the design, research and development, production, and sales of functional components for consumer electronics and automation equipment, with its main business revenue composition being 73.40% from consumer electronic functional components, 12.76% from cooling products, 8.89% from automation equipment and related products, and 4.96% from materials and others [1] - The company is located in Longgang District, Shenzhen, Guangdong Province, and was established on February 13, 2008, with its listing date on October 20, 2021 [1] Group 2 - Among the top ten circulating shareholders of Hongfuhuan, a fund under Dacheng Fund has increased its holdings by 68,400 shares, bringing its total to 333,000 shares, which accounts for 0.7% of the circulating shares [2] - The Dacheng CSI 360 Internet + Index A fund has a current scale of 698 million CNY and has achieved a year-to-date return of 35.65%, ranking 1064 out of 4222 in its category [2] - The fund has a one-year return of 86.08%, ranking 596 out of 3781, and a cumulative return since inception of 219.94% [2]

Core Viewpoint - Hengmingda's stock has shown significant growth in 2023, with a year-to-date increase of 32.78% and a recent surge in trading activity, indicating strong investor interest and confidence in the company's performance [1][2]. Company Overview - Hengmingda Electronics Technology Co., Ltd. was established on July 27, 2011, and went public on February 1, 2019. The company is located in Kunshan, Jiangsu Province, and specializes in the design, research and development, production, and sales of functional components, protective products, and protective films for consumer electronics [1]. - The company's main revenue sources are: precision flexible structural components (82.85%), precision metal structural components (15.69%), and materials and others (1.46%) [1]. Financial Performance - For the first half of 2025, Hengmingda reported a revenue of 1.244 billion yuan, representing a year-on-year growth of 32.18%. The net profit attributable to shareholders was 234 million yuan, reflecting a year-on-year increase of 43.01% [2]. - Since its A-share listing, Hengmingda has distributed a total of 504 million yuan in dividends, with 333 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Hengmingda was 19,900, a decrease of 2.53% from the previous period. The average number of circulating shares per shareholder increased by 2.60% to 9,687 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 1.9783 million shares, a decrease of 1.2304 million shares from the previous period. The Southern CSI 1000 ETF entered as a new shareholder with 1.6611 million shares [3]. Market Activity - On August 26, Hengmingda's stock price rose by 2.09%, reaching 43.48 yuan per share, with a trading volume of 144 million yuan and a turnover rate of 1.74%. The total market capitalization stood at 11.14 billion yuan [1]. - The stock has experienced notable price increases over various time frames: 6.70% over the last five trading days, 27.13% over the last twenty days, and 41.40% over the last sixty days [1]. Industry Context - Hengmingda operates within the electronics sector, specifically in consumer electronics components and assembly. The company is associated with concepts such as Xiaopeng Motors, Xiaomi, wireless headphones, smartphones, and smart wearables [1].

Company Overview - Hengmingda Electronics Technology Co., Ltd. is located in Kunshan, Jiangsu Province, established on July 27, 2011, and listed on February 1, 2019. The company specializes in the design, research and development, production, and sales of functional components, protective products, and protective films for consumer electronics [1]. - The main business revenue composition includes precision flexible structural components (82.85%), precision metal structural components (15.69%), and materials and others (1.46%) [1]. Financial Performance - As of June 30, 2025, Hengmingda achieved operating revenue of 1.244 billion yuan, representing a year-on-year growth of 32.18%. The net profit attributable to shareholders was 234 million yuan, with a year-on-year increase of 43.01% [2]. - Since its A-share listing, Hengmingda has distributed a total of 504 million yuan in dividends, with 333 million yuan distributed over the past three years [3]. Stock Performance - On August 25, Hengmingda's stock price increased by 2.16%, reaching 42.59 yuan per share, with a trading volume of 149 million yuan and a turnover rate of 1.85%. The total market capitalization is 10.912 billion yuan [1]. - Year-to-date, Hengmingda's stock price has risen by 30.07%, with a 7.63% increase over the last five trading days, 24.24% over the last 20 days, and 37.92% over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders is 19,900, a decrease of 2.53% from the previous period. The average number of circulating shares per person is 9,687, an increase of 2.60% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the seventh largest, holding 1.9783 million shares, a decrease of 1.2304 million shares from the previous period. The Southern CSI 1000 ETF is the tenth largest shareholder, holding 1.6611 million shares as a new shareholder [3].

东莞市达瑞电子股份有限公司 2025 年半年度报告全文 东莞市达瑞电子股份有限公司 东莞市达瑞电子股份有限公司 2025 年半年度报告全文 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人李清平、主管会计工作负责人李俊峰及会计机构负责人(会计 主管人员)胡启芳声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来发展战略、经营计划等前瞻性陈述，不构成公司对 投资者的实质性承诺，敬请投资者注意投资风险。 公司在本报告"第三节 管理层讨论与分析"之"十、公司面临的风险和 应对措施"中详细阐述了公司未来经营中可能面临的风险及应对措施，敬请 投资者予以关注。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 东莞市达瑞电子股份有限公司 2025 年半年度报告全文 目 录 东莞市达瑞电子股份有限公司 2025 年半年度报告全文 一、载有公司法定代表人、主管会计工作负责人、会计机构负责人签名并盖章的财务报表； 二、报告期内在中国证监会指定网站上公 ...

Core Viewpoint - Shenzhen Zhihui Precision Technology Co., Ltd. has proposed a 2025 Restricted Stock Incentive Plan to enhance its long-term incentive mechanism, attract and retain talent, and align the interests of shareholders, the company, and employees [10][11]. Summary by Sections Incentive Plan Overview - The incentive plan will grant a total of up to 11 million shares, accounting for approximately 4.22% of the company's total share capital of 260.62422 million shares [3][17]. - The plan includes two types of restricted stocks: Type I and Type II, with Type I comprising 2.5275 million shares (0.97% of total capital) and Type II comprising 8.4725 million shares (3.25% of total capital) [4][18]. Stock Grant Details - The grant price for both types of restricted stocks is set at 6.30 yuan per share [4][26]. - The first grant will consist of 8.8 million shares, with 2.5275 million shares for Type I and 8.4725 million shares for Type II [3][4]. Eligible Participants - A total of 215 individuals will be eligible for the incentive plan, including senior management, core technical personnel, and core business personnel, with 5 foreign employees and 1 employee from Hong Kong included [6][14]. - Independent directors and supervisors are excluded from being incentive participants [7][15]. Plan Management and Approval - The plan requires approval from the company's shareholders' meeting before implementation [8]. - The board of directors will manage the execution of the plan, with a Compensation and Assessment Committee overseeing its compliance and effectiveness [12][13]. Conditions and Adjustments - The plan stipulates that any changes in the company's capital structure, such as stock dividends or capital increases, will lead to adjustments in the number and price of restricted stocks granted [19][24]. - The plan includes provisions for the repurchase and cancellation of unvested stocks if participants no longer meet eligibility criteria [16][19]. Vesting and Lock-up Periods - The vesting period for Type I restricted stocks is a maximum of 60 months, with specific unlock schedules based on the grant date [20][21]. - Type II restricted stocks will be granted based on the fulfillment of specific conditions, with vesting occurring in stages [17][22]. Compliance and Legal Framework - The plan adheres to relevant laws and regulations, including the Company Law and Securities Law, ensuring that it does not violate any provisions that would disqualify the company from implementing stock incentives [11][12].

Core Viewpoint - Dongguan City aims to build a "global advanced manufacturing innovation leading city" by developing a modern industrial system characterized by "8+8+4," which includes traditional industries, strategic emerging industries, and future industries to support high-quality development [1][14]. Group 1: Industrial Structure - Dongguan has established a modern industrial system consisting of eight traditional advantageous industries, eight strategic emerging industries, and four future industries, creating a comprehensive industrial ecosystem [1][14]. - The eight traditional industries include food and beverage, paper and paper products, textiles and clothing, chemical manufacturing, furniture manufacturing, packaging and printing, toys and sporting goods, and molds and precision manufacturing [1][14]. - The eight strategic emerging industries focus on new-generation electronic information, high-end equipment manufacturing, semiconductors and integrated circuits, advanced materials, new energy, biomedicine and health, artificial intelligence, and low-altitude economy [1][14]. - The four future industries are next-generation mobile communication, frontier new materials, embodied intelligent robots, and future life health [1][14]. Group 2: Economic Performance - In 2024, Dongguan's GDP reached 1,228.215 billion yuan, with a year-on-year growth of 4.6%, indicating steady economic growth [5]. - The secondary industry added value was 6,800.80 billion yuan, growing by 6.6%, showcasing strong industrial growth momentum [5]. - The advanced manufacturing and high-tech manufacturing sectors saw significant growth, with advanced manufacturing value-added increasing by 11.1% and high-tech manufacturing value-added growing by 12.7% [7]. Group 3: Policy Framework - The "new quality productive forces" concept was introduced as a national strategy in 2024, emphasizing innovation-driven development and high-quality economic growth [11]. - Dongguan's government has implemented various policies to support the development of new quality productive forces, including plans for low-altitude economy, strategic emerging industries, and artificial intelligence integration into manufacturing [11][12]. - The city aims to cultivate over seven industrial clusters with a scale exceeding 100 billion yuan by 2027, with a focus on high-tech manufacturing and industrial investment growth [17]. Group 4: Future Development Trends - Dongguan is focusing on the integration of innovation chains and industrial chains, aiming to break through key technologies in semiconductors and industrial mother machines [29]. - The city plans to enhance the digital economy and advanced manufacturing integration, targeting a digital economy core industry scale of over 500 billion yuan by 2027 [30]. - Efforts are being made to accelerate green and low-carbon transformation, particularly in new energy and circular economy sectors [31]. - Dongguan aims to strengthen industrial collaboration with Shenzhen and Guangzhou, attracting global high-end innovation resources [32].

Core Viewpoint - The termination of three fundraising projects by Zhihua Technology raises questions about the company's operational decisions and financial management, especially given the significant losses reported in recent years [2][4][8]. Group 1: Fundraising and Project Termination - On May 12, Zhihua Technology announced the termination of three fundraising projects, reallocating the remaining 329 million yuan to supplement working capital permanently [2][4]. - The three projects were part of a 1.079 billion yuan fundraising effort initiated in late 2020, with approximately 174 million yuan already invested over four years [2][4][5]. - The terminated projects include the construction of production bases in Vietnam for electronic components and heat dissipation components, with investment progress at 46.78%, 25.26%, and 30.12% respectively [5][6]. Group 2: Financial Performance - Zhihua Technology has faced operational challenges, reporting a cumulative net loss of 628 million yuan from 2022 to 2024, with continued losses in the first quarter of this year [2][9]. - The company has not distributed cash dividends to shareholders since 2022, reflecting its ongoing financial difficulties [3][10]. - Despite a slight revenue increase in the first quarter of this year, the company continues to struggle with low gross margins and high operational costs, leading to persistent losses [9][10]. Group 3: Market Context - The consumer electronics industry has experienced cyclical fluctuations, impacting Zhihua Technology's performance and leading to a weaker-than-expected recovery in demand [2][9]. - The company’s revenue has shown volatility, with a decline in both revenue and net profit since its IPO in 2017, highlighting ongoing challenges in achieving stable growth [8][9].

Core Viewpoint - The company reported significant revenue and profit growth in 2024, driven by its core businesses in consumer electronics and new energy sectors, indicating a strong upward trend in profitability and market demand [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.566 billion yuan, a year-on-year increase of 83.55%, and a net profit attributable to shareholders of 242 million yuan, up 229.47% [1]. - For Q4 2024, the company reported revenue of 794 million yuan, a growth of 67.93%, and a net profit of 60 million yuan, increasing by 132.81% [1]. - In Q1 2025, the company generated revenue of 659 million yuan, reflecting a year-on-year growth of 45.41%, with a net profit of 57 million yuan, up 84.35% [1]. Business Segments - The consumer electronics functional components business generated revenue of 819.404 million yuan, a year-on-year increase of 78.76%, while the structural components business achieved revenue of 697.2125 million yuan, growing by 86.66% [2]. - The 3C smart assembly automation equipment business saw revenue of 149.8838 million yuan, marking a substantial growth of 186.37% [2]. - In the new energy sector, the company’s revenue from structural and functional components reached 877.5947 million yuan, up 76.16% year-on-year [2]. Cost Management - The company successfully reduced its expense ratios, with sales expenses of 82 million yuan and a sales expense ratio of 3.20%, down 2.28 percentage points year-on-year [2]. - Management expenses totaled 1.37 billion yuan, with a management expense ratio of 5.33%, decreasing by 5.54 percentage points [2]. - R&D expenses were 109 million yuan, with a ratio of 4.25%, down 1.73 percentage points [2]. Strategic Positioning - The company has established itself as a key supplier of functional and structural components and automation equipment in the consumer electronics sector, maintaining strong relationships with major clients such as Samsung, Apple, and others [3]. - Since 2022, the company has expanded into the new energy sector, entering the supply chains of leading companies like CATL and BYD, thereby enhancing its competitive advantage [3]. Profit Forecast - The company is projected to achieve revenues of 3.599 billion yuan, 4.653 billion yuan, and 5.573 billion yuan for the years 2025 to 2027, with net profits of 322 million yuan, 414 million yuan, and 504 million yuan respectively, indicating a positive growth outlook [4].