调研基本情况 2026年1月8日，深圳市沃尔核材股份有限公司（以下简称"公司"）以特定对象调研形式接待了机构投资 者调研。本次调研参与机构包括永赢基金、人保资产香港、轩汉投资、汇添富基金共4家机构，参与人 员分别为永赢基金郑奇波、人保资产香港陈其平、轩汉投资周垚煜、汇添富基金钱晨润。公司董事会秘 书邱微女士负责接待，调研地点位于深圳市坪山区兰景北路沃尔工业园综合楼会议室。 核心调研内容速递 在沟通交流环节，机构重点关注了公司核心设备进展、产能布局、技术优势及项目推进等情况，公司就 相关问题进行了详细回应。核心生产设备到位情况：16台进口发泡挤出机已投产 针对铜价上涨对高速通信线毛利率的影响，公司表示，以铜为主要原材料的产品定价会参照铜价合理浮 动，通过该机制可部分应对原材料价格波动对毛利率的影响。国内外新生产基地规划：聚焦通信线缆与 电子材料两大业务 公司拟在国内外新建三个生产基地，产能规划围绕两大业务展开：通信线缆业务重点布局高速通信线， 因该业务增长较快，将结合行业、市场及订单情况推进产能建设并预留弹性；电子材料业务增长稳健， 将基于既有规模、历史增长及客户需求稳步推进产能安排。港股项目进展：获证监会备案 ...

答：公司高速通信线厂房和生产设备具有一定通用性，且公 司购买的进口发泡芯线挤出机在技术性能上具有突出优势，也能 用于生产公司其他通信线缆产品，具备一定的产能调整空间。未 来，公司将持续关注行业和市场需求变化，结合客户订单情况和 自身经营情况，动态优化产能配置，合理匹配市场需求。 证券代码：002130 证券简称：沃尔核材 深圳市沃尔核材股份有限公司 投资者关系活动记录表 编号：2026-001 投资者关系活 动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 永赢基金 郑奇波 人保资产香港 陈其平 轩汉投资 周垚煜 汇添富基金 钱晨润 时间 2026 年 1 月 8 日 地点 深圳市坪山区兰景北路沃尔工业园综合楼会议室 上市公司接待 人员姓名 董事会秘书 邱微女士 投资者关系活 动主要内容介 绍 一、参观公司展厅 二、双方沟通交流 1、请问公司关键设备罗森道发泡设备的到货情况如何？目 前已经投产了多少台？ 答：2025 年以来公司的进口发泡芯线挤出机按计划陆续到 货，目前公司已拥有 16 台进口发泡芯线挤出机，其余设备受海 运时 ...

证券日报网讯 1月8日，沃尔核材在互动平台回答投资者提问时表示，公司的高速通信线处于产业链上 游，通过国内外连接器行业领先客户最终供应国际、国内各大服务器厂商终端使用。目前，公司是单通 道224G高速线的主要供应商，得到行业头部客户的认可并持续交货中；且公司已完成单通道448G高速 通信线样品的开发工作，并交给重点客户验证中。 （编辑 楚丽君） ...

通信电缆是传输电话、电报、传真文件、电视和广播节目、数据和其他电信号的电缆。由一对以上相互 绝缘的导线绞合而成。通信电缆与架空明线相比，具有通信容量大、传输稳定性高、保密性好、少受自 然条件和外部干扰影响等优点。按照线缆的型式，通信电缆可分为单导线、对称电缆、同轴电缆；按照 应用场合，通信电缆可分为长途电缆、市内电缆和局用电缆。 通信电缆的分类 二、通信电缆行业政策 内容概况：通信电缆是现代通信系统的核心基础设施，专门用于传输电信号或光信号。当前，我国正处 于5G网络深度覆盖、千兆光网加速普及以及"双千兆"网络协同发展的关键阶段，为通信电缆行业提供 了强劲的市场需求背景。根据工信部数据，截至2025年10月末，三家基础电信企业的固定互联网宽带接 入用户总数达6.97亿户，比2024年末净增2701万户。截至10月末，三家基础电信企业发展移动物联网终 端用户28.9亿户，比2024年末净增2.34亿户。互联网用户数量的持续增加和移动互联网的普及，使得数 据流量呈指数级增长，带动了通信基础设施的建设和升级，增加了对通信电缆的需求。与此同时，5G 技术的规模化商用与网络深度覆盖，需要海量的通信电缆来支撑密集的基站建 ...

每经AI快讯，有投资者在投资者互动平台提问：请问目前英伟达较为热销的算力机柜B200\B300是否已 经大量使用了铜连接，贵司产品有没有大量参与？国内寒武纪\华为\摩尔线程等算力厂商，是否也已经 大量间接采用公司的产品？ 沃尔核材（002130.SZ）12月31日在投资者互动平台表示，公司高速通信线业务处于产业链上游，主要 应用于数据中心、服务器等领域，直接客户包括安费诺、豪利士、莫仕、泰科等国际客户，以及立讯、 庆虹、华丰等国内连接器企业，直接客户进一步加工后再最终供应给国际、国内各大服务器厂商终端使 用。 （记者 胡玲） ...

Group 1 - The company,沃尔核材, claims that its high-speed communication wire products are currently at an industry-leading technological level [2] - The company's single-channel 224G high-speed wire is noted as the highest single-channel rate product in large-scale production within the industry [2] - The company has completed the development of the next-generation single-channel 448G high-speed communication wire samples, which are currently being validated by key customers [2]

证券日报网讯12月19日，沃尔核材（002130）在互动平台回答投资者提问时表示，目前公司高速通信线 订单情况良好，未来随着技术进步与应用拓展，高速通信需求将越来越多，其市场空间将不断拓宽，为 把握市场机会，公司经审慎决策后前瞻布局了对高速通信线的产能安排，有利于在未来竞争中占据主动 地位。第二，为匹配公司新能源汽车业务的发展需求，公司新能源汽车业务已布局深圳坪山、武汉蔡甸 两大生产基地，且武汉蔡甸生产基地二期建设完成后产能可进一步提升，未来公司将根据市场需求情 况，合理配置产能建设。 ...

Group 1 - The company,沃尔核材, confirmed that it does not have a direct partnership with 摩尔线程 [2] - The company's subsidiary, 乐庭智联, operates in the upstream of the supply chain for high-speed communication lines [2] - The products from 乐庭智联 are supplied to major domestic and international server manufacturers through leading clients in the connector industry [2]

Core Viewpoint - The company plans to invest up to 1 billion RMB (approximately 0.14 billion USD) in building production bases in Vietnam and Malaysia, with each location receiving up to 0.5 billion RMB. This investment aims to enhance the company's production capacity and respond to the growing demand in the communication cable industry [2][3]. Group 1: Investment Plans - The company intends to use self-raised funds for the construction of production bases in Vietnam and Malaysia, with a total investment not exceeding 1 billion RMB [2]. - The investment will cover land acquisition, new factory construction, equipment purchase, and working capital [2]. - Additionally, the company plans to invest up to 1.5 billion RMB in expanding the Huizhou Water口 Industrial Park to improve its production and R&D capabilities [2][4]. Group 2: Industry Context - The communication cable industry is experiencing rapid growth due to increasing demand from data centers, artificial intelligence, and high-performance computing applications [2][3]. - The company has established a strong market position in high-speed communication cables, serving major international clients [3]. Group 3: Strategic Advantages - The selected locations in Vietnam and Malaysia offer significant strategic advantages, including mature industrial support and favorable production conditions [3]. - Vietnam's robust port system and resource availability enhance operational efficiency, while Malaysia's political stability and skilled labor contribute to a conducive industrial environment [3]. - The establishment of overseas production bases is expected to optimize global capacity layout, enhance supply chain resilience, and improve market responsiveness [3][4]. Group 4: Capacity Expansion - The company has experienced rapid growth in its communication cable business, necessitating the expansion of its production capacity [4]. - The current facilities in Huizhou are insufficient to meet demand, prompting the need for additional external factory rentals [4]. - The expansion project aims to ensure stable production capabilities and mitigate risks associated with capacity shortages [4].

Core Viewpoint - The company,沃尔核材, is experiencing significant growth in its high-speed communication cable and new energy vehicle sectors, driven by increasing demand in global data centers, artificial intelligence, and high-performance computing applications. The company is also preparing for a Hong Kong stock issuance. Group 1: High-Speed Communication Cable Business - The company has a leading position in key equipment reserves for high-speed communication cables, backed by decades of experience in product development and process control [2][9] - In the first three quarters of 2025, the company's revenue from high-speed communication cables grew rapidly due to strong demand from downstream applications [3][10] - The company maintains a good overall gross profit margin for its high-speed communication cables, ensuring strong profitability [4][10] Group 2: New Energy Vehicle Business - The new energy vehicle segment has shown a compound annual growth rate of over 30% in the past three years, with the company ranking first in revenue for DC charging guns in 2024 [5][11] - The company is enhancing its market competitiveness by localizing core components and establishing a complete production line for niche products [11] - The company is expanding its international market presence by improving its product offerings to meet European and American standards and forming an overseas sales team [11] Group 3: Overall Business Strategy and Performance - The company has been in the new materials industry for nearly 30 years, leveraging its technological advantages and solid foundational capabilities to create a comprehensive competitive edge [6][12] - Future strategies include enhancing operational efficiency through refined management and empowering high-quality business development via intelligent construction [6][12] - The company reported a main revenue of 6.082 billion yuan in the first three quarters of 2025, a year-on-year increase of 26.17%, with a net profit of 822 million yuan, up 25.45% [7][13] Group 4: Hong Kong Stock Issuance - The company received approval from the China Securities Regulatory Commission for its Hong Kong stock issuance on December 9, 2025, and is actively promoting the related listing work [7][13]