北交所 万源通：昆山万源通电子科技股份有限公司的主营业务是印刷电路 板的研发、生产和销售。2025年上半年，公司多层板、双面板和单 面板产品收入占比分别为43.54%、29.70%、18.72%。 许昌智能：许昌智能继电器股份有限公司的主营业务是智能配用电 产品、新能源产品和系统的研发、设计、组装、销售和服务，以及 电力工程总承包业务。2025年上半年，公司配用电自动化系统及智 能元件、高低压成套开关设备及智能开关元件、电力工程总承包项 目和新能源业务收入占比分别为35.41%、30.79%、18.50%、12.07%。 ◼ 风险提示。原材料价格波动风险；算力中心建设不及预期；市场竞 争加剧的风险。 北 交 所 研 究 2026 年 2 月 25 日 电源设备需求持续增长 北交所专题报告 投资要点： ◼ 关注2家电源行业相关企业 证 券 研 行业指数走势 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 -20% 0% 20% 40% 19/09 19/11 20/01 20/03 20/05 20/07 券商 ...

希荻微回复称，公司深耕车规级电源管理芯片领域，产品覆盖DC/DC转换器、LDO稳压器、高/低边开 关芯片、PMIC等核心品类，部分产品已批量应用于智能座舱和车身控制等场景。公司各类车规级芯片 产品在单车的价值量估算已超过百元，具体数值随车型配置（如新能源/燃油车、智能化等级）有所差 异。公司将持续丰富产品料号，加速在研及规划产品量产，进一步覆盖整车电子电气架构的核心环节。 随着产品矩阵持续壮大、客户渗透率提升，单车价值量有望向更高区间迈进，但具体目标需结合市场需 求、量产节奏动态评估。 格隆汇1月30日｜有投资者在互动平台向希荻微提问：纳芯微单车价值已达1500元远期将达3000至4000 元，请问公司的单车价值是多少，远期能达多少？ ...

证券日报网讯1月29日，希荻微在互动平台回答投资者提问时表示，公司深耕车规级电源管理芯片领 域，产品覆盖DC/DC转换器、LDO稳压器、高/低边开关芯片、PMIC等核心品类，部分产品已批量应用 于智能座舱和车身控制等场景。截至目前，公司各类车规级芯片产品在单车的价值量估算已超过百元， 具体数值随车型配置(如新能源/燃油车、智能化等级)有所差异。公司将持续丰富产品料号，加速在研及 规划产品量产，进一步覆盖整车电子电气架构的核心环节。随着产品矩阵持续壮大、客户渗透率提升， 单车价值量有望向更高区间迈进，但具体目标需结合市场需求、量产节奏动态评估。 ...

1月27日，联合动力跌0.22%，成交额2.27亿元。两融数据显示，当日联合动力获融资买入额1446.70万 元，融资偿还1806.22万元，融资净买入-359.52万元。截至1月27日，联合动力融资融券余额合计2.55亿 元。 机构持仓方面，截止2025年9月30日，联合动力十大流通股东中，长城久嘉创新成长混合A（004666） 位居第八大流通股东，持股51.73万股，为新进股东。 责任编辑：小浪快报 融券方面，联合动力1月27日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 资料显示，苏州汇川联合动力系统股份有限公司位于江苏省苏州市吴中区越溪天鹅荡路52号，成立日期 2016年9月30日，上市日期2025年9月25日，公司主营业务涉及公司致力于成为全球领先的智能电动汽车 部件及解决方案提供商,主要产品包括电驱系统(电控、电机、三合一/多合一驱动总成)和电源系统(车载 充电机、DC/DC转换器、二合一/三合一电源总成)等动力系统核心部件。主营业务收入构成为：电驱系 统86.85%，电源系统12.64%，其他(补充)0.43%，其他0. ...

Core Viewpoint - The company, Huichuan Technology, is planning to list its shares on the Hong Kong Stock Exchange to enhance its international presence and brand image, while also aiming to increase its overseas revenue share, which is currently low at 6.4% as of mid-2025 [1][5]. Group 1: Company Overview - Founded in 2003, Huichuan Technology successfully entered the A-share market within seven years and has since grown into a leading enterprise with a market capitalization exceeding 200 billion yuan [1]. - The company focuses on automation, digitalization, and intelligence in the industrial sector, with four main business areas: general automation, new energy vehicles, smart elevators, and rail transit [3]. Group 2: Recent Developments - Huichuan Technology announced its plan for an overseas share issuance and listing in Hong Kong on January 20, 2025, as part of its internationalization strategy [3]. - Prior to this IPO plan, the company successfully spun off its subsidiary, United Power, which went public on September 25, 2025, and is involved in core components for power systems [4]. Group 3: Financial Performance - The company's revenue has shown steady growth, with figures of approximately 230.08 billion yuan in 2022, 304.2 billion yuan in 2023, and projected 370.41 billion yuan in 2024. Net profits for the same years were around 43.2 billion yuan, 47.42 billion yuan, and 42.85 billion yuan respectively [5]. - For the first three quarters of 2025, Huichuan Technology reported revenues of about 316.63 billion yuan, a year-on-year increase of 24.67%, and a net profit of approximately 42.54 billion yuan, up 26.84% year-on-year [5]. Group 4: International Strategy - The company aims to increase its overseas business share by enhancing brand building, establishing international platforms for sales, R&D, and supply chain, and leveraging customized solutions for multinational clients [6].

Core Viewpoint - The company, Huichuan Technology, is planning to list its shares on the Hong Kong Stock Exchange to enhance its international strategy and brand image, while also aiming to increase its overseas revenue share, which is currently low at 6.4% as of mid-2025 [2][5][8]. Group 1: Company Overview - Huichuan Technology was founded in 2003 and successfully went public on the A-share market in 2010, becoming a leading enterprise with a market capitalization exceeding 200 billion yuan [2][5]. - The company focuses on automation, digitalization, and intelligence in the industrial sector, with four main business areas: general automation, new energy vehicles, smart elevators, and rail transit [5]. Group 2: Recent Developments - On January 20, 2025, Huichuan Technology announced its plans for an overseas share issuance (H-shares) and listing on the Hong Kong Stock Exchange, aiming to deepen its international strategy and enhance its global competitiveness [5][6]. - Prior to this IPO plan, Huichuan Technology successfully spun off its subsidiary, United Power, which was listed on the A-share market in September 2025 [5][6]. Group 3: Financial Performance - The company has shown steady revenue growth, with revenues of approximately 230.08 billion yuan, 304.2 billion yuan, and 370.41 billion yuan for the years 2022, 2023, and 2024 respectively, and net profits of around 43.2 billion yuan, 47.42 billion yuan, and 42.85 billion yuan for the same years [7]. - For the first three quarters of 2025, Huichuan Technology reported revenues of about 316.63 billion yuan, a year-on-year increase of 24.67%, and net profits of approximately 42.54 billion yuan, up 26.84% year-on-year [7]. Group 4: International Strategy - The company recognizes the need to increase its overseas revenue, which accounted for only about 6.43% of total revenue as of mid-2025, with overseas revenue around 13.19 billion yuan out of a total of 205.09 billion yuan [8]. - Huichuan Technology aims to enhance its international presence by focusing on brand building, establishing international platforms for sales, R&D, and supply chain, and leveraging customized solutions for multinational clients [8].

Core Viewpoint - On December 19, 2023, United Power's stock rose by 4.54%, with a trading volume of 415 million yuan, indicating positive market sentiment towards the company [1]. Group 1: Financial Performance - For the period from January to September 2025, United Power achieved a revenue of 14.525 billion yuan, representing a year-on-year growth of 35.52% [2]. - The net profit attributable to shareholders for the same period was 792 million yuan, reflecting a year-on-year increase of 38.38% [2]. Group 2: Shareholder and Market Activity - As of November 28, 2023, the number of shareholders for United Power was 65,600, a decrease of 7.30% from the previous period [2]. - The average number of circulating shares per shareholder increased by 7.88% to 2,542 shares [2]. - On December 19, 2023, United Power recorded a financing buy-in of 36.2745 million yuan, while the financing repayment was 41.0236 million yuan, resulting in a net financing outflow of 4.7492 million yuan [1]. Group 3: Company Overview - United Power, officially known as Suzhou Huichuan United Power System Co., Ltd., was established on September 30, 2016, and is located in Suzhou, Jiangsu Province [1]. - The company aims to become a global leader in intelligent electric vehicle components and solutions, with its main products including electric drive systems and power systems [1]. - The revenue composition of United Power is as follows: electric drive systems account for 86.85%, power systems for 12.64%, and other categories for 0.51% [1].

Group 1 - The core viewpoint of the news highlights the recent trading performance and financial metrics of United Power, indicating a slight increase in stock price and notable financing activities [1] - On November 25, United Power's stock rose by 1.59%, with a trading volume of 185 million yuan. The net financing buy was negative at 5.28 million yuan, with a total financing balance of 292 million yuan, representing 6.54% of the circulating market value [1] - The company specializes in electric vehicle components and solutions, with its main products including electric drive systems (86.85% of revenue) and power systems (12.64% of revenue) [1] Group 2 - As of November 10, the number of shareholders for United Power was 70,800, a decrease of 3.89%, while the average number of circulating shares per person increased by 4.05% to 2,356 shares [2] - For the period from January to September 2025, United Power reported a revenue of 14.525 billion yuan, reflecting a year-on-year growth of 35.52%, and a net profit attributable to shareholders of 792 million yuan, up 38.38% year-on-year [2] - Among the top ten circulating shareholders as of September 30, 2025, Changcheng Jiujia Innovation Growth Mixed A (004666) was the eighth largest shareholder, having newly acquired 517,300 shares [2]

Core Viewpoint - The stock of United Power has experienced a decline of 8.22% year-to-date and 11.10% over the last five trading days, despite a recent increase of 2.05% on October 16, 2023, indicating potential volatility in the market [1]. Group 1: Company Overview - United Power, established on September 30, 2016, is located in Suzhou, Jiangsu Province, and aims to be a global leader in intelligent electric vehicle components and solutions [2]. - The company's main products include electric drive systems (controllers, motors, integrated drive assemblies) and power systems (on-board chargers, DC/DC converters) [2]. - Revenue composition shows that electric drive systems account for 86.85%, power systems for 12.64%, and other sources for 0.51% [2]. Group 2: Financial Performance - For the first half of 2025, United Power reported a revenue of 9.148 billion yuan, representing a year-on-year growth of 51.08% [2]. - The net profit attributable to shareholders for the same period was 549 million yuan, reflecting a significant year-on-year increase of 92.91% [2]. Group 3: Market Activity - As of October 16, 2023, United Power's stock price was 28.36 yuan per share, with a total market capitalization of 68.2 billion yuan [1]. - The stock has seen a net inflow of 1.4025 million yuan from main funds, with significant buying activity noted on September 25, 2023, when it reached a net purchase of 154 million yuan [1].

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. (stock code: 301656) has officially listed on the Shenzhen Stock Exchange's ChiNext board, aiming to become a global leader in intelligent electric vehicle components and solutions [1] Industry Overview - The automotive industry is a key area in China's modernization efforts, with new energy vehicles (NEVs) being a strategic direction for development, enhancing manufacturing competitiveness and contributing to global green development [1][3] - Since the 18th National Congress, China has established a national strategy for NEV development, implementing over 70 supportive policies, leading to significant historical achievements in the industry [3] Company Development - United Power focuses on technological innovation in core components of NEVs, achieving self-research and large-scale application of key parts and software algorithms, thus enhancing the localization rate of upstream components [4][6] - The company has developed a multi-product, multi-level, and multi-disciplinary core technology matrix, holding 98 invention patents and 407 utility model patents, and has participated in numerous national-level research projects [7] Market Position - United Power has a strong market presence, with its electric control products holding approximately 10.1% market share, electric motor products at 11.3%, and drive assembly products at 7.1% in the Chinese NEV market [8] - The company has established deep cooperation with 8 out of the top 10 NEV manufacturers in China and is one of the earliest domestic suppliers to achieve large-scale exports to international mainstream automotive manufacturers [8][9] Financial Performance - From 2022 to 2024, United Power has developed hundreds of electric drive system solutions for over 40 customers, with cumulative shipments exceeding 7.7 million units, significantly outpacing industry growth [9] - The company plans to use IPO proceeds for projects related to core component production, R&D center construction, and digital system development, which will enhance its competitive edge and support the growth of China's NEV industry [9] Future Outlook - United Power aims to continue focusing on core technological innovation and global development, contributing to high-quality development of China's NEV sector and supporting national energy security and carbon neutrality goals [9]