万马股份分析师会议 调研日期：2025年08月21日 调研行业：电网设备 参与调研的机构：兴业证券、人保资产等 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | / 调研基本情况 调研对象：万马股份 所属行业：电网设备 接待时间：2025-08-21 上市公司接待人员：公司副总经理、董事会秘书 赵宇恺 1 ...

Core Viewpoint - The company, YuanCheng Co., is focused on the research, production, and sales of electric wires and cables, with a commitment to expanding its business in the data center infrastructure sector [1]. Group 1: Company Overview - YuanCheng Co. reported a stock price of 5.08 yuan as of August 13, 2025, reflecting a decrease of 0.39% from the previous trading day [1]. - The company's main products include power cables, control cables, and fire-resistant cables, which are applicable in new infrastructure projects such as data centers [1]. Group 2: Business Development - The company has indicated its intention to continue expanding its business related to new infrastructure construction, particularly in the data center sector [1]. - Recent communications on the investor interaction platform confirmed that the company's products are suitable for use in data centers [1]. Group 3: Market Activity - On August 13, 2025, the net outflow of main funds was 738.03 million yuan, with a cumulative net outflow of 2,793.33 million yuan over the past five days [1].

格隆汇8月13日丨远程股份(002692.SZ)于投资者互动平台表示，公司的电力电缆、控制电缆、防火电缆 等产品可应用于数据中心领域。公司将继续拓展包括大数据中心在内的新型基础设施建设相关业务，为 经济高质量发展贡献远程力量。 ...

Group 1: Company Overview and Strategy - Zhejiang Wanma Co., Ltd. focuses on a "one body, two wings" development strategy, emphasizing three main business sectors: electric cables, new materials, and new energy [2][3]. - The company has established itself as a comprehensive cable supplier with a mature cable industry chain, offering a wide range of products including ultra-high voltage cables and fire-resistant cables [3][4]. Group 2: Product Offerings - The main products in the cable sector include 500kV and below ultra-high voltage cross-linked polyethylene insulated cables, low-voltage cables, fire-resistant cables, and various special cables [3][4]. - The equipment cable sector consists of coaxial cables, indoor and outdoor optical cables, security cables, data cables, and industrial intelligent equipment cables [3][4]. Group 3: Competitive Advantages - The company possesses a leading product design and manufacturing capability, supported by a technical team with over 15 years of experience in intelligent equipment cables [6]. - Wanma is the first in China to have a TUV-certified robot cable laboratory, which has accumulated extensive experimental data in the field [6]. - The company has established itself as a key participant in the formulation of multiple industry standards, enhancing its competitive edge in the market [6]. Group 4: Market Position and Growth - By 2024, Wanma aims to become the largest supplier of robot cables for KUKA in China, successfully replacing imports and breaking the monopoly of international high-end robot cable giants [5]. - The market share of Wanma's high-voltage insulation materials has increased from approximately 15% in 2021 to about 20% [10]. Group 5: Innovations and Future Developments - The Wanma Robotic Intelligence Equipment Cable & Cable Assembly System provides comprehensive design and manufacturing solutions for intelligent automation devices [8]. - The company is actively developing underwater cable materials, achieving international advanced levels in key performance metrics [11][12]. Group 6: Risk Considerations - The revenue contribution from industrial robots, humanoid robots, and robotic dog cables is currently small, prompting investors to be cautious and consider investment risks [7][8].

Core Insights - The article highlights the significant growth and support for the private economy in Guangzhou, with a focus on the implementation of the "Guangzhou Support for Private Economic Development Regulations" and its positive impact on local GDP and private enterprises [1] Group 1: Economic Performance - In the first quarter of this year, the added value of the private economy in Guangzhou reached 327.94 billion yuan, representing a year-on-year growth of 4.6%, contributing to a 2.1% increase in the city's GDP, and accounting for 43.5% of the total GDP, the highest proportion in nearly five years [1] - The number of high-tech enterprises in Guangzhou has increased to 13,000, while the number of technology-based small and medium-sized enterprises has reached 21,000, with a notable increase in specialized "little giant" enterprises [2] Group 2: Innovation and Technology - The establishment of companies like Southern Pearl River Technology Co., which specializes in fire-resistant cables, showcases the innovation within the region, as they have developed products that maintain functionality under extreme conditions [2] - The laser welding detection system developed by Deqing Optical represents a significant breakthrough in domestic high-end manufacturing, moving from reliance on imports to achieving local production [4] Group 3: Policy Support - The Guangzhou government has implemented various supportive policies, such as flexible land leasing and reduced costs for industrial land, which have significantly lowered operational costs for businesses [6][8] - Specific measures in districts like Baiyun and Haizhu have included financial incentives for R&D and talent subsidies, facilitating the growth of private enterprises in high-end manufacturing and electronic information sectors [9]