（文章来源：证券日报） 证券日报网讯电连技术10月9日在互动平台回答投资者提问时表示，以人形机器人为标杆的高端工业控 制应用领域正日益成熟，这一趋势不仅加速了工控领域高频、高速连接器的广泛应用，另外AI技术带 动高速连接器在通信领域如AI服务器及数据中心等的广泛运用，给行业发展带来较大的市场机遇。公 司密切关注AI技术大规模增加高频、高速连接使用场景的市场机遇，深入与头部应用客户与AI芯片厂 商合作，持续推进公司在工业控制领域及通信领域布局。 ...

QYResearch的观点和数据因被众多国内外知名企业、证券公司及媒体频繁引用与转载，而享有高度的品牌知名度。其权威 认证确保了所提供的行业分析及定制报告的可信度与专业度，是业界信赖的优选。 【2025年行业数据引用案例持续更新中，敬请关注】 灿芯半导体(上海)股份有限公司引用了QYResearch出版的ASIC设计服务市场报告 PART 0 1 相关报告《2025-2031全球及中国数字 ASIC 设计服务行业研究及十五五规划分析报告》 无锡信捷电气股份有限公司引用了QYResearch出版的伺服系统市场报告 PART 0 2 灿芯股份（688691）2025年半年度管理层讨论与分析 根据QYResearch的预计，2023年中国ASIC设计服务市场销售收入为15.03亿美元，预计到2030年可以达到34.16亿美元。 来源：证券之星 更多：https://stock.stockstar.com/RB2025083000024447.shtml | PART 0 3 | | --- | | 黑龙江天有为电子有限责任公司引用了QYResearch出版的车辆仪表盘市场报告 | 信捷电气（603416）2025年 ...

Group 1 - The core focus of the recent investor meeting held by Shaanxi Huada was on the acquisition of Shaanxi Huajing Microelectronics and its impact on the company's operations and market strategy [2][3] - The acquisition of 100% equity in Shaanxi Huajing Microelectronics is expected to enhance the company's product structure and create significant synergies, allowing it to transition from a single component supplier to a comprehensive system solution provider [2] - The company anticipates a growth in revenue for the year 2025, with a focus on increasing market development efforts and improving operational efficiency through cost reduction and lean management [3] Group 2 - Shaanxi Huada is expanding its product offerings in the civil goods sector, particularly in new communication technologies, leveraging the capabilities of Huajing Microelectronics [4] - The company is also focusing on the commercial aerospace sector, actively participating in standard-setting and expanding its product range for commercial satellites, which is expected to increase the value per satellite [4] - The investor meeting emphasized the company's commitment to transparent information disclosure, ensuring that all communications are accurate and timely [4]

Core Viewpoint - The company recognizes the iterative development of AI servers will necessitate corresponding upgrades in high-speed connectors and related products, presenting both opportunities and challenges [1] Group 1 - The PCIe standard has been continuously evolving in recent years due to technological advancements [1] - The company is actively increasing resource allocation to seize significant historical development opportunities within the industry [1]

Group 1 - Company maintains a close partnership with Huawei in the communications connector field, focusing on R&D and expanding into consumer electronics and automotive connectors [1] - The company has achieved mass delivery of high-speed connectors and optical modules, with a strong market presence due to high entry barriers [1] - In the first half of 2025, the company reported revenue of 3.045 billion yuan and a net profit of 162 million yuan, demonstrating operational resilience in a complex macroeconomic environment [1] Group 2 - The domestic computing power industry is experiencing high prosperity, and the company is leveraging its technical barriers and customer resources to enhance its consumer electronics connector product line [2] - The company is strategically expanding into high-growth sectors such as automotive electronics and smart terminal consumer electronics, which is expected to contribute significantly to performance [2] - The company has established relationships with well-known clients including Foxconn, Xiaomi, and OPP, and possesses advanced manufacturing capabilities [2] Group 3 - The photovoltaic industry is rapidly developing due to global carbon neutrality goals and clean energy transitions, with the company's subsidiary focusing on manufacturing core components for photovoltaic tracking brackets [3] - The company has established a solid reputation in the international market, achieving steady growth in shipment volumes and becoming a key supplier for major clients [3] - The company has a global production and supply network supported by factories in the US and Thailand, enhancing its operational efficiency [3] Group 4 - The company is one of the few in China capable of mass-producing high-speed connectors, with a focus on automotive connectors and photovoltaic bracket businesses [4] - Despite short-term pressures on the photovoltaic business due to global uncertainties, the long-term demand driven by carbon neutrality goals is expected to sustain growth [4] - The company's overseas production bases improve responsiveness to client needs and enhance supply chain resilience, supporting long-term growth [4]

Market Trends - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,765.88, down 1.25%, and the Shenzhen Component Index down 2.83% [4] - The overall market saw a significant increase in trading volume, with A-share transaction amounts reaching 14.92 trillion yuan, a 15.29% increase week-on-week [7] Industry Commentary - The non-bank financial sector reported a substantial increase in brokerage performance, with 42 listed brokerages achieving a total revenue of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit of 104.02 billion yuan, up 65.08% [6][7] - The communication sector is experiencing a surge in demand, particularly driven by Alibaba Cloud's Q2 performance, which exceeded expectations with a revenue increase of 26% to 33.4 billion yuan [8] Company Insights - Huafeng Technology (688629.SH) reported a significant revenue increase of 128.26% year-on-year, reaching 1.105 billion yuan in H1 2025, with a net profit of 151 million yuan, up 940.64% [10] - China General Nuclear Power Corporation (01164.HK) faced a revenue decline of 58% to 1.709 billion HKD in H1 2025, primarily due to accounting standards affecting trade business [12] - Kangchen Pharmaceutical (603590.SH) achieved a revenue of 460 million yuan in H1 2025, reflecting a growth of 13.8% [14] - Longjiang Securities (000783.SZ) reported a significant recovery in investment business, with a notable increase in operating performance [28] Investment Recommendations - The report suggests a "Buy-B" rating for Huafeng Technology, anticipating continued growth in the domestic AI server market and communication modules [10][11] - For China General Nuclear Power, a "Buy-B" rating is maintained, with expectations of recovery in profitability driven by strategic contracts and market demand [13] - Kangchen Pharmaceutical is also rated "Buy-B," with projected revenue growth driven by innovative drug development [14] Future Projections - Huafeng Technology is expected to continue benefiting from the domestic AI server market, with projections indicating a strong performance in the coming years [10][11] - China General Nuclear Power anticipates a rebound in net profit, with estimates of 3.76 billion HKD in 2025, growing significantly in subsequent years [13] - Kangchen Pharmaceutical forecasts revenues of 9.41 billion yuan by 2027, indicating robust growth potential [14]

Summary of Hu Guang Co., Ltd. Conference Call Company Overview - **Company**: Hu Guang Co., Ltd. - **Industry**: Manufacturing, specifically in wiring harnesses and connectors for automotive and robotics sectors Key Points and Arguments Business Performance - In the first half of 2025, Hu Guang achieved revenue of **36.29 billion yuan**, a year-on-year increase of approximately **8%** [3] - Gross margin was reported at **15.67%**, with a net margin of **7.62%**, resulting in a net profit of **2.76 billion yuan** [3] - The company aims for a total revenue target of **95 billion yuan** for 2025, with a projected net profit of **8 billion yuan** [9][10] Client and Revenue Structure - Major clients include: - **Sailis**: 45% of revenue, up from 35% in Q1 - **SAIC Volkswagen**: 12% - **Tesla**: 6% - **Li Auto**: 5.5% - **NIO**: 5% [3][18] - New partnerships with state-owned enterprises such as **FAW** and **Dongfeng** have been established, securing high-pressure wiring harness orders [2][4] Innovations and New Ventures - Hu Guang is collaborating with **Windfly** in the low-altitude economy sector, providing wiring harnesses for manned and unmanned aerial vehicles [2][6] - In the humanoid robotics sector, partnerships with **Zhiyuan** and **Fourier** have been initiated, focusing on wiring harnesses for various projects [2][7] - A new wholly-owned subsidiary, **All-round Giant Rise Intelligent Technology Suzhou Co., Ltd.**, is being established to create an innovation center with an expected investment of **20 billion yuan** [2][11][14] Market Expansion and Strategy - The company is expanding its overseas market presence, with a factory in **Romania** designated as a high-pressure wiring harness production base and plans to relocate low-pressure harness production to **North Africa** [5][20] - Hu Guang is also exploring the international market for robotics and related applications [20][21] Future Outlook - The second half of 2025 is expected to see the launch of several new models, which will positively impact revenue and profitability [8] - The company anticipates further improvements in net margins, potentially exceeding **8%** for the full year [9][18] Challenges and Responses - The current market trend shows clients prioritizing price over technology, which poses challenges for Hu Guang [18] - To address this, the company has diversified into the connector business, aiming for revenue between **90 million to 100 million yuan** in 2025, and **200 million to 300 million yuan** in 2026 [19] Robotics Development - Hu Guang is focusing on developing key components for robotics, with a strategy to enhance its competitive edge through innovation and partnerships with educational institutions [17][19] - The company plans to establish an innovation center and assembly plant for robotics, with ongoing discussions about product development [28] Financial Performance - The second quarter of 2025 saw a net margin of **8.8%**, attributed to increased production capacity and improved operational efficiency [5][27] Additional Important Information - The company is actively working on high-speed connector technology, with expectations of generating **200 million to 300 million yuan** in revenue from this segment in 2026 [26] - The transition of production from Romania to North Africa is anticipated to significantly reduce costs and improve profitability [25]

Core Insights - The article discusses the development policies and goals for the connector industry in China, highlighting the government's focus on enhancing technology, innovation, and market competitiveness in this sector [1][3][6]. Policy Overview - The connector industry policies in China have evolved from the "11th Five-Year Plan" to the "14th Five-Year Plan," emphasizing the importance of digital transformation and high-end development in the electronic components sector [1][3]. - Key policies include the "Industrial Technology Innovation Capability Development Plan (2016-2020)" and the "Basic Electronic Components Industry Development Action Plan (2021-2023)," which aim to boost the development of critical electronic components like connectors [3][4]. Development Goals - By 2023, the total sales of electronic components are expected to reach 21,000 million yuan, while the connector industry aims for a sales target of 3,967 billion yuan by 2025, with an average annual growth rate of 6% during the "14th Five-Year Plan" period [7]. - The industry aims to establish a standardized organization and patent alliance led by domestic companies, focusing on high-quality standards and patent layout [7]. Technological Advancements - The "Manufacturing Reliability Improvement Implementation Opinion" emphasizes the need for high reliability and longevity in connectors, pushing for advancements in technology and quality standards [8]. - Policies encourage the development of high-frequency, high-speed, and high-reliability connectors, with a focus on integrating cutting-edge technologies like silicon photonics and optical-electrical hybrid transmission [9]. Market Demand and Applications - The demand for connectors is expected to grow in sectors such as smart connected vehicles, low-altitude economy, and 5G communication, driving the need for high-voltage, high-current connectors [8][9]. - The article highlights the importance of aligning domestic production with international standards to enhance competitiveness in the global market [9]. Provincial Policies - Various provinces, including Henan, Sichuan, and Shaanxi, have outlined specific policies to develop high-speed connectors, indicating a regional commitment to advancing this sector [17]. - Local governments are also focusing on fostering innovation and supporting the growth of specialized enterprises within the connector industry [11][12].

Core Viewpoint - The report from Zhongtai Securities highlights that Yihua Co., Ltd. is expected to experience rapid growth in high-speed connectors due to increasing demand driven by AI and high-speed interconnectivity [1][3]. Group 1: Company Developments - Yihua Co., Ltd. approved an increase in the expected daily related transactions with its affiliate Suzhou Yihua New Energy Technology Co., Ltd. by 79.5 million yuan [1]. - The company’s subsidiary, Leqing Yihua, focuses on manufacturing and selling core components for photovoltaic tracking brackets, with major clients including NEXTracker, GCS, Array, Ideematec, and Gonvarri [1][2]. Group 2: Market Position and Performance - Yihua has established a solid reputation in the international market, achieving steady growth in shipment volumes and becoming a key supplier to its clients [2]. - The company has a global production and supply network supported by factories in the U.S., Thailand, and Wenzhou, Tianjin [2]. - The report indicates that the connector business is projected to grow significantly, with a forecasted revenue of 2.464 billion yuan in 2024, representing a year-on-year increase of 38.10% [4]. Group 3: Industry Trends - The photovoltaic industry is entering a rapid development phase due to global carbon neutrality goals and the transition to clean energy [1]. - The high-speed connector market is characterized by a variety of products and small batch sizes, with Yihua having established long-term partnerships with major companies like Huawei, ZTE, and Foxconn [3]. - The report anticipates that the AI-driven demand for high-speed interconnectivity will lead to accelerated growth in Yihua's high-speed communication connector business [3].

Group 1 - The third China International Supply Chain Promotion Expo (referred to as "Chain Expo") opened on July 16, featuring the theme "Linking the World, Creating the Future" and showcasing six chains and one exhibition area, attracting over 650 enterprises and institutions to promote global industrial and supply chain cooperation [1] - Mianyang, as China's only science and technology city, presented itself in the digital technology chain exhibition area with the theme "Mianyang Intelligent Manufacturing Links the World," showcasing five new industrial tracks including robotics, nuclear medicine, commercial aerospace, aerospace electronics, and magnetic materials [2][5] - Changhong, a leading enterprise in electronic information, showcased its independently developed FLASH radiotherapy system, AI TV, power systems, and high-speed connectors at the Mianyang exhibition area [2][5] Group 2 - The FLASH radiotherapy technology developed by Changhong can irradiate tumors with ultra-high dose rates in milliseconds, significantly reducing side effects by 30% to 80% compared to traditional radiotherapy, and shortening single exposure time to less than one second [7] - The X-Flash radiotherapy device for deep tumors is expected to undergo testing in 2025, while the e-Flash device for superficial tumors is already in clinical trials in collaboration with three clinical trial institutions [7] - The AI TV, known as the world's first AI TV, features advanced AI capabilities and can generate artwork based on user descriptions, showcasing its powerful search and interaction functions [10] Group 3 - Changhong's high-voltage connectors for aerospace applications can provide reliable energy transmission up to 1800V and are designed for various fields including EVTOL and new energy vehicles, with materials that are 25% to 40% lighter than aluminum alloy [14] - The main/APU battery developed by Changhong is the first domestic product to obtain the CTSOA certificate, designed for the C919 aircraft, capable of operating in extreme low temperatures and providing emergency power for aircraft [17] - The Chain Expo aims to enhance the connection between upstream and downstream of the industrial chain and promote cooperation among enterprises, emphasizing the importance of maintaining supply chain resilience and stability [17]