Market Performance - The other electronic sector increased by 2.07% compared to the previous trading day, with Hanshuo Technology leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Stock Highlights - Hanshuo Technology (301275) closed at 78.99, up 10.24%, with a trading volume of 132,600 shares and a transaction value of 1.007 billion [1] - Walden Materials (002130) closed at 29.78, up 10.01%, with a trading volume of 1,642,500 shares and a transaction value of 4.784 billion [1] - Other notable stocks include Ying Tang Zhi Kong (300131) up 5.63%, Ruikeda (688800) up 5.50%, and Fuxin Technology (688662) up 4.55% [1] Fund Flow Analysis - The other electronic sector saw a net inflow of 1.711 billion in main funds, while retail funds experienced a net outflow of 800 million [2] - The main funds' net inflow for Walden Materials was 1.504 billion, while retail funds had a net outflow of 709 million [3] - For Hanshuo Technology, the main funds' net inflow was 472.22 million, with retail funds seeing a net outflow of 41.47 million [3]

东吴证券股份有限公司关于 苏州瑞可达连接系统股份有限公司 2025 年度持续督导工作现场检查报告 经中国证券监督管理委员会"证监许可〔2025〕2410 号"文予以注册，苏州 瑞可达连接系统股份有限公司（以下简称"瑞可达"、"公司"）于 2025 年 11 月 14 日向不特定对象发行了 10,000,000 张可转换公司债券，每张面值 100 元，发 行总额 100,000.00 万元。公司本次可转换公司债券已于 2025 年 12 月 12 日起在 上海证券交易所上市。 根据《上海证券交易所科创板股票上市规则》《上海证券交易所上市公司自 律监管指引第 1 号——规范运作》等有关法律、法规的规定，东吴证券股份有限 公司（以下简称"东吴证券"或"保荐机构"）作为正在履行瑞可达持续督导工 作的保荐机构，对公司 2025 年的规范运作情况进行了现场检查，现就现场检查 的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 东吴证券股份有限公司 （二）保荐代表人 王博、徐辚辚 1、查看公司主要经营场所； 2、与上市公司董事、高级管理人员及有关人员访谈； 3、查阅公司现行有效的公司章程、公司治理制度、内部控 ...

关于可转债投资者适当性要求的风险提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据相关法律法规规定及《苏州瑞可达连接系统股份有限公司向不特定 对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的约定， 苏州瑞可达连接系统股份有限公司（以下简称"公司"）本次发行的"瑞可转债" 自2026年5月20日起可转换为公司股份。 公司现就本次向不特定对象发行可转换公司债券，对不符合上海证券交 易所科创板股票投资者适当性要求的投资者所持"瑞可转债"不能转股的风险， 提示如下： | 证券代码：688800 | 证券简称：瑞可达 | 公告编号：2026-001 | | --- | --- | --- | | 转债代码：118060 | 转债简称：瑞可转债 | | 一、可转换公司债券发行上市情况 苏州瑞可达连接系统股份有限公司 重要内容提示： 二、不符合科创板股票投资者适当性要求的公司可转债投资者所持本次可 转债不能转股的风险 公司为科创板上市公司，本次向不特定对象发行可转换公司债券，参与可转 债转股的投资者，应当 ...

Core Viewpoint - The high-speed copper cable market is experiencing rapid expansion driven by the increasing demand for high data rates and low latency transmission, particularly in AI servers and data centers, with significant growth projected through 2026 [1][7]. High-Speed Copper Cable Industry Definition and Classification - High-speed copper cables utilize copper as a conductor to achieve ultra-high data rates (e.g., 400Gbps, 800Gbps, and 1.6Tbps) over short distances (typically less than 10 meters) [1][2]. - The industry is categorized into three main types: passive copper cables (DAC), active copper cables (ACC), and active electrical cables (AEC), with AEC showing greater potential for AI applications due to enhanced signal quality and longer transmission distances [2]. High-Speed Copper Cable Industry Development Status - The global high-speed communication cable market is expected to reach approximately $400 million by 2025, with the high-speed copper cable segment accounting for $190 million (47.5%) [1][7]. - By 2026, the market is projected to grow to $580 million, with high-speed copper cables estimated at $270 million (46.55%) [1][7]. High-Speed Copper Cable Industry Supply Chain - The upstream supply chain includes raw materials such as copper, plating materials, and insulation materials, while the midstream consists of manufacturers of high-speed copper cables, and the downstream involves connector manufacturers serving various applications [8]. High-Speed Copper Cable Industry Development Environment - Related Policies - The rapid development of digital communication and digitization has led to strong demand for high-speed copper cables, supported by government policies aimed at technological upgrades and market expansion [8]. High-Speed Copper Cable Industry Competitive Landscape - The global high-speed copper cable market is highly concentrated, with the top five companies holding 86.8% of the market share [11]. - Major domestic players include Zhaolong Interconnect, Xinya Electronics, and Wolong Materials, with Wolong Materials holding a 24.9% market share, ranking second globally [11][12]. High-Speed Copper Cable Industry Development Trends - The demand for high-speed copper cables is expected to grow due to the rise of cloud computing, big data, and AI technologies, necessitating higher capacity and reliability in data transmission [14]. - Technological innovation will drive the industry forward, with domestic companies increasing R&D investments to enhance cable performance and potentially lead in the global market [14].

Core Viewpoint - The company, 瑞可达 (688800.SH), has a comprehensive and rich array of products and solutions for the fields of embodied intelligent robots and industrial robots, indicating a strong focus on these areas for future development [1] Group 1: Product Offerings - The company provides various connections for embodied intelligent robots, including power connections (power connectors and components), motion and motion control connections (signal connectors and components), visual and perception connections (RF and data connectors and components), rotary connectors and components (high-lifetime joints and 360-degree unlimited rotation connectors), high-speed brain and domain control connections (high-speed data and fiber optic connection components), and wireless connections (various robot antennas and RF transmission) [1] - The company has developed and completed dozens of products in collaboration with several leading global embodied robot companies, and has already established bulk supply capabilities [1] Group 2: Future Development Focus - The field of embodied intelligent robots is identified as one of the key areas for the company's future development [1]

Core Viewpoint - The company, Ruikeda (688800.SH), has a comprehensive and rich array of products and solutions for the fields of embodied intelligent robots and industrial robots, indicating a strong focus on these areas for future development [1] Group 1: Product Offerings - The company provides various products in the embodied intelligent robot sector, including power connections (power connectors and components), motion and motion control connections (signal connectors and components), visual and perception connections (RF and data connectors and components), rotary connectors and components (high-lifetime joints and 360-degree infinite rotation connectors), high-speed brain and domain control connections (high-speed data and fiber optic connection components), wireless connections (various robot antennas and RF transmission), and corresponding structural components [1] Group 2: Collaborations and Development - The company collaborates with several leading global companies in the embodied robot sector, having developed dozens of products and already established bulk supply capabilities, highlighting its commitment to this key development area [1]

Group 1 - The core point of the news is that Ruikeda's stock price decreased by 1.23% to 88.94 CNY per share, with a total market capitalization of 18.293 billion CNY as of the report date [1] - Ruikeda, established on January 11, 2006, and listed on July 22, 2021, specializes in the research, production, sales, and service of connector products, with 91.47% of its revenue coming from new energy connectors [1] - The company is located in Suzhou, Jiangsu Province, and operates as a high-tech enterprise in the connector industry [1] Group 2 - Xiangcai Fund holds a significant position in Ruikeda, with its fund "Xiangcai Innovation Growth One-Year Holding Period Mixed A" reducing its holdings by 12,000 shares to a total of 40,000 shares, representing 3.44% of the fund's net value [2] - The fund has a total scale of 77.1417 million CNY and has achieved a year-to-date return of 20.26%, ranking 4373 out of 8087 in its category [2] - The fund manager, Che Guanglu, has a tenure of 13 years and 308 days, with the best return during his tenure being 54.67% and the worst being -40.29% [3]

Group 1 - The core point of the news is that Suzhou Ruikeda Connector System Co., Ltd. experienced a stock price increase of 5.03%, reaching 90.83 CNY per share, with a total market capitalization of 18.681 billion CNY [1] - The company specializes in the research, production, sales, and service of connector products, with 91.47% of its revenue coming from new energy connectors [1] - The company was established on January 11, 2006, and went public on July 22, 2021 [1] Group 2 - Huatai Bairui Fund holds Ruikeda as its tenth largest position, with 129,600 shares, representing 0.45% of the fund's net value [2] - The fund, Zhongzheng 2000, has a total size of 2.168 billion CNY and has achieved a year-to-date return of 34.68% [2] - The fund's performance ranks 1419 out of 4197 in its category for the year [2] Group 3 - The fund managers of Zhongzheng 2000 are Liu Jun and Li Mu Yang, with Liu Jun having a tenure of over 16 years and a total asset scale of 542.504 billion CNY [3] - Liu Jun's best fund return during his tenure is 148.64%, while the worst is -45.64% [3] - Li Mu Yang has a tenure of nearly 5 years with a total asset scale of 29.768 billion CNY, achieving a best return of 148.64% and a worst return of -39.62% [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock performance relative to the benchmark index [6][13]. Core Insights - The company has experienced rapid revenue growth, with a 46.04% year-on-year increase in revenue to 2.321 billion yuan for the first three quarters of 2025, and a 119.89% increase in net profit attributable to shareholders, reaching 233 million yuan [3][4]. - Key drivers of profit growth include increased order volume, technological innovation, management reforms, improved overseas operations, and successful expansion into new business areas [3][4]. - The company is deepening its focus on the communication and new energy vehicle sectors, with significant supply agreements with leading manufacturers and ongoing development of advanced solutions in these fields [4][5]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 3.0 billion yuan, 4.3 billion yuan, and 5.5 billion yuan respectively, with corresponding net profits of 300 million yuan, 429 million yuan, and 549 million yuan [6][9]. - The company is expected to maintain strong growth rates, with revenue growth rates of 55.29% in 2024, 26.03% in 2025, and 34.07% in 2026 [9][12]. Company Overview - The latest closing price of the company's stock is 88.03 yuan, with a total market capitalization of 18.1 billion yuan [2]. - The company has a debt-to-asset ratio of 50.7% and a price-to-earnings ratio of 79.31 [2]. - The largest shareholder is Wu Shijun [2].

Group 1 - The core viewpoint of the news is that 瑞可达's stock has experienced significant fluctuations, with a year-to-date increase of 125.03% and a recent decline of 2.02% [1] - As of December 26, 瑞可达's stock price is 86.25 yuan per share, with a total market capitalization of 17.739 billion yuan [1] - The company has seen a net outflow of 113 million yuan in principal funds, with large orders showing a buy-sell ratio of 1.96 billion yuan to 2.64 billion yuan [1] Group 2 - 瑞可达's main business revenue composition includes 91.47% from new energy connectors, 3.96% from communication connectors, and 3.01% from other connectors [1] - As of September 30, 瑞可达's revenue for the first nine months of 2025 reached 2.321 billion yuan, a year-on-year increase of 46.04%, with a net profit of 233 million yuan, up 119.89% [2] - The company has distributed a total of 164 million yuan in dividends since its A-share listing, with 130 million yuan in the last three years [3]