11月25日，江海股份涨5.25%，截至发稿，报27.25元/股，成交3.67亿元，换手率1.66%，总市值231.77 亿元。 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727.63万元。 国投瑞银新能源混合A（007689）成立日期2019年11月18日，最新规模21.48亿。今年以来收益 44.31%，同类排名798/8136；近一年收益36.31%，同类排名1468/8058；成立以来收益109.91%。 截至发稿，施成累计任职时间6年244天，现任基金资产总规模107.36亿元，任职期间最佳基金回报 154.98% ...

江海股份所属申万行业为：电子-元件-被动元件。所属概念板块包括：电动物流车、浙江国资、消费电 子、华为概念、航天军工等。 11月17日，江海股份盘中上涨2.03%，截至10:09，报27.20元/股，成交1.07亿元，换手率0.48%，总市值 231.34亿元。 资金流向方面，主力资金净流入304.47万元，特大单买入575.60万元，占比5.38%，卖出107.68万元，占 比1.01%；大单买入1480.10万元，占比13.84%，卖出1643.54万元，占比15.37%。 江海股份今年以来股价涨57.03%，近5个交易日跌4.53%，近20日跌6.56%，近60日跌5.56%。 今年以来江海股份已经7次登上龙虎榜，最近一次登上龙虎榜为9月2日，当日龙虎榜净买入2.52亿元； 买入总计8.44亿元 ，占总成交额比18.50%；卖出总计5.91亿元 ，占总成交额比12.96%。 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 ...

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]

Core Viewpoint - Jianghai Co., Ltd. has shown significant stock performance with a year-to-date increase of 69.61%, despite recent declines in the short term [1][2]. Financial Performance - For the first half of 2025, Jianghai Co., Ltd. achieved a revenue of 2.694 billion yuan, representing a year-on-year growth of 13.96%, and a net profit attributable to shareholders of 358 million yuan, up 3.19% year-on-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 past three years [3]. Stock Market Activity - As of October 15, Jianghai Co., Ltd.'s stock price was 29.38 yuan per share, with a market capitalization of 24.988 billion yuan [1]. - The stock has been active on the trading board, appearing seven times this year, with the latest appearance on September 2, where it recorded a net buy of 252 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 3.41% to 50,400, while the average number of circulating shares per person increased by 3.53% to 16,268 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and new entrant China Europe Times Pioneer Stock A [3]. Business Overview - Jianghai Co., Ltd. specializes in the research, production, and sales of capacitors and related materials, with its main revenue sources being aluminum electrolytic capacitors (82.75%), film capacitors (8.65%), supercapacitors (6.00%), and electrode foils (2.00%) [1]. - The company operates within the electronic components sector, focusing on passive components and is associated with concepts such as 5G and electric logistics vehicles [2].

Core Viewpoint - Jianghai Co., Ltd. has shown significant stock performance with a year-to-date increase of 79.37%, despite recent declines in the short term [1][2]. Financial Performance - For the first half of 2025, Jianghai Co., Ltd. achieved a revenue of 2.694 billion yuan, representing a year-on-year growth of 13.96%, and a net profit attributable to shareholders of 358 million yuan, up 3.19% year-on-year [2]. - Cumulatively, the company has distributed 1.212 billion yuan in dividends since its A-share listing, with 565 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 29, Jianghai Co., Ltd.'s stock price was 31.07 yuan per share, with a market capitalization of 26.426 billion yuan [1]. - The stock 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 June 30, 2025, the number of shareholders decreased by 3.41% to 50,400, while the average circulating shares per person increased by 3.53% to 16,268 shares [2]. - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 13.7728 million shares, a decrease of 41,200 shares from the previous period [3].

Core Insights - Jianghai Co., Ltd. experienced a slight increase in stock price by 0.18% on September 24, with a trading volume of 9.87 billion yuan [1] - The company reported a financing buy-in of 114 million yuan and a financing repayment of 139 million yuan on the same day, resulting in a net financing outflow of 24.64 million yuan [1] - As of September 24, the total margin balance for Jianghai Co. was 857 million yuan, with the financing balance accounting for 3.08% of the circulating market value, indicating a high level compared to the past year [1] Financing and Margin Data - On September 24, Jianghai Co. had a financing buy-in of 114 million yuan, with a current financing balance of 855 million yuan, which is above the 80th percentile of the past year [1] - The company had a margin repayment of 700 shares with no shares sold on that day, resulting in a margin balance of 1.96 million yuan, which is below the 40th percentile of the past year [1] Company Overview - Jianghai Co., Ltd. is located in Nantong, Jiangsu Province, and was established on September 29, 2010, focusing on the research, production, sales, and service of capacitors and related materials [1] - The main revenue composition of the company includes aluminum electrolytic capacitors (82.75%), film capacitors (8.65%), supercapacitors (6.00%), electrode foils (2.00%), and others (0.60%) [1] Shareholder and Financial Performance - As of June 30, the number of shareholders for Jianghai Co. was 50,400, a decrease of 3.41% from the previous period, while the average circulating shares per person increased by 3.53% to 16,268 shares [2] - For the first half of 2025, Jianghai Co. achieved a revenue of 2.694 billion yuan, representing a year-on-year growth of 13.96%, and a net profit attributable to shareholders of 358 million yuan, up by 3.19% [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 past three years [2] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder with 13.7728 million shares, a decrease of 41,200 shares from the previous period [2] - The fund "China Europe Times Pioneer Stock A" entered the top ten circulating shareholders as the seventh-largest with 10.5 million shares [2] - "Manulife Transformation Opportunity Stock A" remained the eighth-largest circulating shareholder with 9.2958 million shares, while "Guotou Ruijin New Energy Mixed A" exited the top ten list [2]

Core Viewpoint - Jianghai Co., Ltd. has shown significant stock performance with an 86.24% increase year-to-date, despite a recent decline of 2.95% over the last five trading days [1] Financial Performance - For the first half of 2025, Jianghai Co., Ltd. achieved a revenue of 2.694 billion yuan, representing a year-on-year growth of 13.96%, and a net profit attributable to shareholders of 358 million yuan, up 3.19% year-on-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] Shareholder Information - As of June 30, 2025, Jianghai Co., Ltd. had 50,400 shareholders, a decrease of 3.41% from the previous period, with an average of 16,268 circulating shares per shareholder, an increase of 3.53% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 13.7728 million shares, and new entrant China Europe Era Pioneer Stock A, holding 10.5 million shares [3] Market Activity - Jianghai Co., Ltd. has been active in the market, appearing on the trading leaderboard seven times this year, with the most recent appearance on September 2, where it recorded a net purchase of 252 million yuan [1] - The stock's trading volume on September 22 reached 448 million yuan, with a turnover rate of 1.72% [1] Business Overview - Jianghai Co., Ltd. specializes in the research, production, sales, and service of capacitors and related materials, with its main revenue sources being aluminum electrolytic capacitors (82.75%), film capacitors (8.65%), supercapacitors (6.00%), electrode foils (2.00%), and others (0.60%) [1]