12月24日，江海股份涨5.13%，截至发稿，报30.75元/股，成交8.87亿元，换手率3.58%，总市值261.54 亿元。江海股份股价已经连续3天上涨，区间累计涨幅10.63%。 国投瑞银新能源混合A（007689）基金经理为施成。 截至发稿，施成累计任职时间6年273天，现任基金资产总规模107.36亿元，任职期间最佳基金回报 179.51%， 任职期间最差基金回报-25.72%。 从基金十大重仓股角度 资料显示，南通江海电容器股份有限公司位于江苏省南通市通州区平潮镇通扬南路79号，成立日期，上 市日期2010年9月29日，公司主营业务涉及电容器及其材料、配件的研发、生产、销售和服务。主营业 务收入构成为：铝电解电容82.75%，薄膜电容8.65%，超级电容6.00%，电极箔2.00%，其他0.60%。 从江海股份十大流通股东角度 数据显示，国投瑞银基金旗下1只基金位居江海股份十大流通股东。国投瑞银新能源混合A（007689） 三季度新进十大流通股东，持有股数535.02万股，占流通股的比例为0.65%。根据测算，今日浮盈赚取 约802.53万元。连续3天上涨期间浮盈赚取1503.41万元。 国投瑞银 ...

江海股份：电容"老兵"逐鹿AI新疆场 在江海股份电容生产智能车间里，自动化设备正以恒定的节奏，将电解纸和电极箔卷绕成一个个规整的 圆柱体，随后这些圆柱体被送入电解液含浸装置，几个小时后再经过密封、老化、测试、包装等工序， 即可出厂开启它们的使命。 小电容有大用途，它们中的一部分品种，会被集成到服务器电源模块中，安装在全球各地的AI数据中 心机柜中，扮演"备用电源"和"稳压器"的角色。人工智能浪潮奔涌向前，算力基础设施建设方兴未艾， 自1970年即开始研制电容器的江海股份，正以独特的方式投身这场科技变革。 瞄准蓝海 多技术路线卡位AI赛道 算力的尽头是能源，这已是业内共识。随着全球AI数据中心快速扩容和功率密度激增，其电源系统面 临前所未有的"削峰填谷"和瞬时保供压力。超级电容因其高功率密度、毫秒级快速响应和超长循环寿 命，成为应对这一挑战的关键元器件。这片新兴蓝海，吸引了全球厂商竞逐，江海股份是能与国际龙头 比拼的少数中国玩家之一。 接受上海证券报记者采访前，江海股份总裁丁继华正在看一份产品内部测试报告。"公司最新一代超级 电容的初期性能指标，已可比肩甚至超越日本同行。"他透露，公司在生产成本方面具备优势，产 ...

2025上半年电容上市企业营收榜单新鲜出炉，东阳光以71.24亿元营收登顶，它凭借在铝电解电容等领域的技术积累与规模化生产，持续占据行业头部位 置。其产品广泛应用于消费电子、新能源汽车等领域，营收规模的领先，彰显出老牌企业在供应链与市场渠道上的深厚积淀。三环集团、风华高科、江海股 份、法拉电子分别实现营收41.49亿元、27.72亿元、26.94亿元、24.99亿元，它们在各自细分领域展现竞争力。 榜单中既有深耕行业多年的"中坚力量"，也有近年上市的"新势力"。新企业虽营收规模尚小，但在特种电容、高端领域的技术探索，为行业注入了创新活 力。未来，随着新能源、人工智能等领域的发展，电容行业的技术与市场竞争或将愈发激烈。 温馨提示：投资有风险，入市需谨慎，以上信息仅供参考，不构成任何投资建议。 | 排序 | 企业 | 股票代码 | 上市时间 | 上市板块 | 菅收 (亿元) | | --- | --- | --- | --- | --- | --- | | 1 | HEC东阳光 | 600673 | 1993年 | 上海证券交易所 | 71.24 | | 2 | Three-circle Group三环集团 | ...

Core Viewpoint - Jianghai Co., Ltd. has experienced a stock price decline of 2.03% on December 2, 2023, with a current price of 26.55 CNY per share, despite a year-to-date increase of 53.27% [1] Financial Performance - For the period from January to September 2025, Jianghai Co., Ltd. achieved a revenue of 4.117 billion CNY, representing a year-on-year growth of 16.34%, and a net profit attributable to shareholders of 535 million CNY, up 8.19% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 1.212 billion CNY, with 565 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Jianghai Co., Ltd. is 47,400, a decrease of 6.11% from the previous period, with an average of 17,325 circulating shares per shareholder, an increase of 6.50% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 53.496 million shares, an increase of 39.722 million shares from the previous period [3] Market Activity - The stock has seen significant trading activity, with a net outflow of 3.2962 million CNY in principal funds on December 2, 2023, and a total trading volume of 210 million CNY [1] - Jianghai Co., Ltd. has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on September 2, 2023, where it recorded a net purchase of 252 million CNY [1]

Group 1 - Jiangsu Jianghai Capacitor Co., Ltd. experienced a stock price increase of 5.25%, reaching 27.25 CNY per share, with a trading volume of 367 million CNY and a turnover rate of 1.66%, resulting in a total market capitalization of 23.177 billion CNY [1] - The company's main business involves the research, development, production, sales, and service of capacitors and their materials, with revenue composition as follows: aluminum electrolytic capacitors 82.75%, film capacitors 8.65%, supercapacitors 6.00%, electrode foil 2.00%, and others 0.60% [1] Group 2 - The top circulating shareholder of Jianghai Co. is the Guotou Ruijin Fund, which has recently entered the top ten circulating shareholders with the Guotou Ruijin New Energy Mixed A Fund (007689), holding 5.3502 million shares, accounting for 0.65% of circulating shares, and generating an estimated floating profit of approximately 7.2763 million CNY [2] - The Guotou Ruijin New Energy Mixed A Fund has a total scale of 2.148 billion CNY and has achieved a year-to-date return of 44.31%, ranking 798 out of 8136 in its category, with a one-year return of 36.31%, ranking 1468 out of 8058 [2] Group 3 - The fund manager of Guotou Ruijin New Energy Mixed A Fund is Shi Cheng, who has been in the position for 6 years and 244 days, managing a total fund asset size of 10.736 billion CNY, with the best fund return during his tenure being 154.98% and the worst being -29.44% [3] Group 4 - The Guotou Ruijin New Energy Mixed A Fund reduced its holdings in Jianghai Co. by 132,300 shares in the third quarter, maintaining 5.3502 million shares, which represents 4.32% of the fund's net value, and continues to be the tenth largest holding [4]

Core Viewpoint - Jianghai Co., Ltd. has shown a significant increase in stock price this year, with a year-to-date rise of 57.03%, despite recent declines in the last few trading days [1][2]. Financial Performance - For the period from January to September 2025, Jianghai Co., Ltd. achieved a revenue of 4.117 billion yuan, representing a year-on-year growth of 16.34%. The net profit attributable to shareholders was 535 million yuan, reflecting an 8.19% increase compared to the previous year [2]. - The company has distributed a total of 1.212 billion yuan in dividends since its A-share listing, with 565 million yuan distributed over the last three years [3]. Stock Market Activity - As of November 17, Jianghai Co., Ltd.'s stock price was 27.20 yuan per share, with a market capitalization of 23.134 billion yuan. The stock experienced a trading volume of 1.07 billion yuan and a turnover rate of 0.48% [1]. - The company has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on September 2, where it recorded a net purchase of 252 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Jianghai Co., Ltd. was 47,400, a decrease of 6.11% from the previous period. The average number of circulating shares per shareholder increased by 6.50% to 17,325 shares [2]. - Notable changes in institutional holdings include Hong Kong Central Clearing Limited becoming the fourth largest shareholder with 53.496 million shares, an increase of 39.722 million shares from the previous period [3].

Core Viewpoint - Jianghai Co., Ltd. experienced a decline of 2.53% in stock price on November 11, with a trading volume of 423 million yuan, indicating a significant market reaction [1] Financing Summary - On November 11, Jianghai Co., Ltd. had a financing buy-in amount of 46.80 million yuan and a financing repayment of 76.20 million yuan, resulting in a net financing outflow of 29.40 million yuan [1] - The total financing and securities balance for Jianghai Co., Ltd. reached 918 million yuan, with the financing balance accounting for 3.88% of the circulating market value, which is above the 80th percentile of the past year [1] - The company had a securities lending repayment of 300 shares and a securities lending sell-out of 22,100 shares, with a sell-out amount of 613,700 yuan, while the securities lending balance was 2.27 million yuan, below the 50th percentile of the past year [1] Business Performance - As of September 30, Jianghai Co., Ltd. reported a total revenue of 4.12 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 16.34%, and a net profit attributable to shareholders of 535 million yuan, up 8.19% year-on-year [2] - The company has cumulatively distributed dividends of 1.21 billion yuan since its A-share listing, with 565 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders for Jianghai Co., Ltd. was 47,400, a decrease of 6.11% from the previous period, while the average circulating shares per person increased by 6.50% to 17,325 shares [2] - Notable changes in institutional holdings include Hong Kong Central Clearing Limited becoming the fourth largest shareholder with 53.50 million shares, an increase of 39.72 million shares, and new entries from Guotou Ruijin New Energy Mixed A and Southern CSI 1000 ETF among the top ten circulating shareholders [3]

Core Viewpoint - Jianghai Co., Ltd. is a leading player in the aluminum electrolytic capacitor industry in China, with a diversified product line and a strong market position in various applications [1] Group 1: Business Performance - In Q3 2025, Jianghai achieved a revenue of 4.117 billion yuan, ranking 4th in the industry [2] - The main business segments include aluminum electrolytic capacitors (2.229 billion yuan, 82.75%), film capacitors (233 million yuan, 8.65%), and supercapacitors (162 million yuan, 6.00%) [2] - The net profit for the same period was 537 million yuan, also ranking 4th in the industry [2] Group 2: Financial Ratios - As of Q3 2025, Jianghai's debt-to-asset ratio was 29.29%, lower than the industry average of 31.50% [3] - The gross profit margin for the period was 24.50%, below the industry average of 27.75% [3] Group 3: Executive Compensation - The chairman, Chen Weidong, received a salary of 902,300 yuan in 2024, a decrease of 54,300 yuan from 2023 [4] - The president, Ding Jihua, earned 726,500 yuan in 2024, an increase of 110,800 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.11% to 47,400 [5] - The average number of circulating A-shares held per shareholder increased by 6.50% to 17,300 [5] Group 5: Market Outlook and Growth Potential - The company is expected to see steady growth, particularly in the AI server power market, with projected net profits of 750 million, 945 million, and 1.101 billion yuan for 2025-2027 [5] - Key business highlights include strong growth in aluminum electrolytic capacitors in new energy sectors and solid-state capacitors for AI servers [5] - Dongwu Securities initiated coverage with a "buy" rating, forecasting revenues of 5.603 billion, 6.474 billion, and 7.322 billion yuan for 2025-2027 [6]

Core Insights - The report emphasizes the importance of high-quality development and technological self-reliance as key goals for the upcoming "15th Five-Year Plan" period, projecting a market space increase of approximately 10 trillion yuan over the next five years [6][7][8] - The retail banking sector is experiencing a manageable level of risk despite rising non-performing loan rates, with a focus on credit de-collateralization strategies [17][19][20][22] - The food and beverage industry shows mixed performance, with companies like Fuling Zhacai maintaining steady growth while others like Qiaqia Foods face short-term operational pressures [35][41] Macro Economic Overview - The "15th Five-Year Plan" aims for significant advancements in high-quality development, technological independence, and comprehensive reforms, with a focus on enhancing the quality of key industries [6][7] - Recent monetary policy discussions highlight the need for a stable and effective monetary policy framework to support financial market stability [7][8] Retail Banking Sector - Retail non-performing loan rates are high, but risks are considered manageable due to supportive policies and the nature of retail loans [19][20] - The transition period for new risk regulations is approaching its end, which may lead to an increase in reported non-performing loans for some banks [20][22] - The trend of de-collateralization in retail banking is evident, with banks shifting towards non-collateralized loans to mitigate risks [21][22] Food and Beverage Industry - Fuling Zhacai reported a steady revenue growth of 1.8% year-on-year for the first three quarters of 2025, with a focus on expanding product lines and market channels [35][36][38] - Qiaqia Foods experienced a significant decline in revenue and profit, with a 5.9% drop in Q3 revenue and a 72.6% decrease in net profit, attributed to increased competition and rising costs [41][43] - The overall food and beverage sector is adapting to market pressures by exploring new channels and product innovations to sustain growth [41][44] Agricultural Sector - Juxing Agriculture reported a steady increase in pig production, with a revenue growth of 42.57% year-on-year for the first three quarters of 2025, despite facing challenges from declining pork prices [56][57]

Investment Rating - The investment rating for Jianghai Co., Ltd. is maintained at "Buy" [1] Core Views - Jianghai Co., Ltd. has shown steady growth in the first three quarters of 2025, with revenue reaching 4.117 billion yuan, a year-on-year increase of 16.34%. The net profit attributable to shareholders is 535 million yuan, up 8.19% year-on-year [4] - The demand for AI server power supplies is expected to open up significant growth opportunities for the company, particularly in the aluminum electrolytic capacitor and supercapacitor markets [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 4.117 billion yuan, with a net profit of 535 million yuan, and a gross profit margin of 24.50% [4] - In Q3 2025, the company reported revenue of 1.423 billion yuan, a year-on-year increase of 21.12%, but a quarter-on-quarter decrease of 7.34% [4] - The projected net profit for 2025, 2026, and 2027 is estimated at 750 million yuan, 945 million yuan, and 1.101 billion yuan respectively, reflecting slight downward adjustments from previous forecasts [4] Market and Product Insights - The aluminum electrolytic capacitor and film capacitor markets are experiencing stable growth, with significant demand from the new energy and electric vehicle sectors [5] - The global AI data center power demand is expected to grow rapidly, with predictions indicating an increase in power capacity from 81 GW in 2024 to 277 GW by 2035 [6] - The company has made technological breakthroughs in aluminum electrolytic capacitors, enhancing their capacity, performance, and cost-effectiveness [5]