共创草坪 20251120 摘要 共创草坪预计 2026 年收入至少增长 15%，利润增长 20%以上，主要 得益于公司综合竞争力的增强和对行业需求增长的乐观预期，以及作为 龙头企业有望获得更多市场份额。 受益于原材料价格处于低位和成本加成定价模式，2025 年三季度公司 毛利率达到 35%以上，预计四季度盈利能力将继续受益于此趋势。预计 2026 年原材料价格相对稳定，利润率将在今年基础上小幅波动。 公司通过研发优化配方、生产节能降耗、自建上游供应链和材料采购降 本等多项措施降本增效，这些措施将在 2026 年继续体现效果，提升公 司盈利能力。 2025 年各区域休闲草业务表现良好，盈利能力显著改善。美洲和欧洲 价格保持稳定，亚太和非洲地区价格略有下降，预计美国降息后购买力 提升将对高端产品价格产生积极影响。 原材料价格下降会部分反映到报价中，但不会完全传导，对利润率影响 有限。目前按单报价比例已达 80%以上，库存周转周期约为一个月，影 响盈利能力走势。 Q&A 请介绍一下共创草坪在 2025 年三季度的经营情况以及对四季度和 2026 年的 展望。 2025 年三季度，共创草坪的整体经营情况符合年初规划 ...

（记者 王晓波） 顺络电子（002138.SZ）11月18日在投资者互动平台表示，1、今年以来，公司汽车电子业务增速仍维持 较高的增长态势，汽车电子市场是公司重要的新兴战略市场，我们持续看好汽车电子市场，一方面持续 深化客户合作广度和深度；另一方面，紧密围绕智能化浪潮大趋势，持续推出具有竞争力的产品。 2、 公司陶瓷业务目前主要为消费电子智能穿戴类产品，该类产品有较强定制属性，淡旺季波动较为明显。 3、信柏陶瓷已经在精密陶瓷领域累积了十余年的丰富经验，目前拥有先进完整的粉料制备和制品加工 工艺及产线，产品应用覆盖化工、机械、电子、新能源业务等多个行业，随着新产品新应用的不断推 进，公司持续看好信柏陶瓷产品的未来发展前景。衢州顺络目前的产品为自主研发及生产高密度PCB 板，定位为高密度、模块化、小型化PCB制造工艺平台。 衢州顺络PCB业务定位于配套供应消费类和 物联网等市场，以及模块化产品方向，为公司元器件做相应配套，打造一体化供应体系，目前产能及规 模较小，暂无继续扩产的规划。 每经AI快讯，有投资者在投资者互动平台提问：1、2024年财报显示汽车电子或储能专用增长66%，但 2025年1-9月仅为36%左 ...

Summary of Key Points Core Viewpoint - *ST Songfa (603268) experienced a decline of 4.5% in stock price, closing at 67.9 yuan on November 17, 2025, with significant trading activity and a notable contract announcement from its subsidiary [1][2]. Trading Information - On November 17, the main funds saw a net outflow of 28.51 million yuan, accounting for 8.81% of the total trading volume [2]. - Retail investors contributed a net inflow of 2.35 million yuan, representing 0.73% of the total trading volume [1]. Company Announcements - Guangdong Songfa Ceramics Co., Ltd.'s subsidiary, Hengli Shipbuilding (Dalian) Co., Ltd., signed contracts for the construction of two 30.6 million-ton VLCC super-large crude oil tankers and six 114,000-ton crude/product oil tankers [1]. - The total contract value is estimated to be between 600 million to 900 million USD, with delivery scheduled for the fourth quarter of 2027 and the second quarter of 2028 [1][2]. - These contracts are classified as routine operational contracts and do not require board or shareholder approval [1].

Core Viewpoint - The report by Zhiyan Consulting highlights a decline in China's ceramic product exports in September 2025, indicating potential challenges in the industry [1]. Export Data Summary - In September 2025, China's ceramic product export volume was 1.56 million tons, representing a year-on-year decrease of 2.7% [1]. - The export value for the same period was $1.474 billion, showing a year-on-year decline of 4.3% [1]. Industry Insights - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1]. - The firm has over a decade of experience in the industry research field, focusing on delivering quality services and market insights to empower investment decisions [1].

Core Insights - The report by Zhiyan Consulting analyzes the supply and demand dynamics of the ceramic tile industry in China from 2026 to 2032, providing insights into market trends and future prospects [1] Export Data - In August 2025, China's ceramic product exports reached 1.79 million tons, marking a year-on-year increase of 2.4% [1] - The export value for the same period was $1.572 billion, which represents a year-on-year decrease of 0.6% [1] Company Profile - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research, business plans, feasibility studies, and customized services [1] - The company emphasizes its commitment to providing comprehensive industry solutions to empower investment decisions through professional insights and market acumen [1]

Core Viewpoint - Marco Polo's stock price hit a record low since its listing, closing at 28.54 yuan with a decline of 9.25%, resulting in a total market capitalization of 34.103 billion yuan [1]. Group 1: Stock Performance - Marco Polo's stock reached a minimum price of 28.53 yuan during trading, marking a new low since its IPO [1]. - The closing price of 28.54 yuan reflects a significant drop of 9.25% from previous trading sessions [1]. - The company's total market capitalization stands at 34.103 billion yuan as of the latest trading day [1]. Group 2: IPO Details - Marco Polo was listed on the Shenzhen Stock Exchange on October 22, 2025, with an issuance of 11,949,200 shares, representing 10% of the total share capital post-issuance [1]. - The IPO price was set at 13.75 yuan per share, with the lead underwriter being China Merchants Securities Co., Ltd. [1]. - The total funds raised from the IPO amounted to 1,643,015,000 yuan, with a net amount of 1,559,993,779.50 yuan after deducting issuance costs [2]. Group 3: Fund Utilization - The company initially planned to raise 237,656.26 million yuan for various projects, including the construction of smart ceramic home industry parks and upgrades to production lines [2]. - The actual net funds raised were 816.5688 million yuan less than the original plan [2]. - The total issuance costs, excluding VAT, were 83.0212 million yuan, with underwriting and sponsorship fees amounting to 51.8868 million yuan [2].

Core Insights - The report by Zhiyan Consulting highlights the growth of China's ceramic product exports, with a quantity of 1.72 million tons in April 2025, representing a year-on-year increase of 13.6% [1] - The export value reached $2.052 billion in the same period, also reflecting a year-on-year growth of 13.6% [1] Industry Overview - The data is sourced from Chinese customs, indicating a robust performance in the ceramic products sector [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1]

Group 1: Market Performance - The market has shown a month-on-month recovery driven by "national subsidies" and the traditional peak season of "Golden September and Silver October," with a 23.84% increase in sales revenue from building materials and home furnishings compared to the previous month [1][2] - The Building Materials Home Furnishing Index (BHI) for September was reported at 122.93, reflecting a month-on-month increase of 12.87 points but a year-on-year decline of 3.75 points [1][2] - Cumulative sales revenue for the first three quarters of 2025 reached 1,044.801 billion yuan, representing a year-on-year decrease of 3.75% [1] Group 2: Export Trends - Furniture and its parts exports for the first three quarters of 2025 amounted to 338.4 billion yuan, showing a year-on-year decline of 3.9% [5] - The export value of lighting products decreased by 7.4% to 202.83 billion yuan, while ceramic products saw a slight increase of 1.7% with an export value of 114.77 billion yuan [5] - In September alone, furniture exports were 33.37 billion yuan, while lighting products and ceramics had exports of 18.81 billion yuan and 10.52 billion yuan, respectively [6] Group 3: Consumer Trends - The use of product barcodes in the furniture and home appliance categories saw a remarkable increase of 1,178% in the first three quarters of 2025 [9] - The introduction of new products in the home renovation sector, driven by the "old-for-new" consumption policy, resulted in a significant increase in the number of registered barcoded products [11][12] - The home appliance sector also experienced growth, with 18.1 million new barcoded products introduced, marking a year-on-year increase of 47.3% [12] Group 4: Industry Outlook - The Building Materials Industrial Prosperity Index rose by 4.4 points in September, indicating a recovery trend in the industry [13][15] - The investment demand index for building materials was reported at 106.4 points, reflecting a month-on-month increase of 6.3 points, suggesting continued recovery in the investment market [15] - The industrial consumption index also showed improvement, reaching 104.5 points, indicating a rebound in demand for building materials in related manufacturing sectors [15]

Group 1 - The core announcement is that Huitao Group (stock code: 8238) plans to raise approximately HKD 6.1 million through the placement of new shares, issuing 17,428,571 shares at a price of HKD 0.35, which represents a discount of about 17.65% compared to the previous trading day's closing price of HKD 0.425 [1] - The placement shares account for approximately 0.2% of the existing issued share capital and will also represent about 0.2% of the enlarged share capital upon completion [1] - The funds raised, approximately HKD 5.7 million after expenses, will be used for current business operations, development, and general working capital [1] Group 2 - Huitao Group is primarily engaged in the production and sale of ceramic products [1] - The issuance is conducted under a general mandate granted by the shareholders' meeting, with the expected completion date not disclosed [1]

Export Performance - In September, China's export year-on-year growth rate recorded 8.3%, an increase of 3.9 percentage points from the previous month, but the two-year average growth rate has declined[4] - Exports to emerging markets such as Latin America and Africa improved significantly, while direct exports to the U.S. rebounded[4] - Consumer electronics and general machinery saw notable increases in export volumes[4] Import Performance - China's import year-on-year growth rate in September was 7.4%, up 6.1 percentage points from August, significantly higher than the average of the past five years[12] - The increase in imports was primarily driven by rising demand for production raw materials and energy, with notable recovery in imports from resource countries and the EU[12] - Among major trading partners, imports from the EU rose by 9.5%, while imports from the U.S. decreased by 16.1%[12] Trade Balance - The trade surplus in September was $90.45 billion, a slight contraction from the previous month, but net exports continue to support the economy[16] - The outlook for exports in the fourth quarter is stable but expected to decline slightly due to elevated export bases and a weakening U.S. economy[16] Sector Insights - Significant improvements were noted in mobile phones and general machinery exports, with mobile phone exports increasing by over 15 percentage points year-on-year[9] - In the transportation sector, shipbuilding saw a growth rate of 43%, while automotive exports declined by 10.8%[9] Risks - Risks include potential underperformance of domestic economic recovery, unexpected declines in demand from developed countries, and changes in import-export policies[18][20]