Group 1 - The report highlights that the North Exchange has entered a relatively low valuation phase, presenting a window for investment in hard technology and newly listed stocks [2][12][18] - The North Exchange's valuation has become more attractive, with the North 50 and North Specialized New indices showing a decline in performance, indicating a potential recovery opportunity [3][14][39] - The report suggests focusing on companies with low valuations in high-tech sectors, particularly those benefiting from the ongoing geopolitical tensions, such as the US-Iran conflict [3][40] Group 2 - The North Exchange's market performance shows that the North 50 index has decreased, with a current P/E ratio of 41.98X, indicating a significant valuation gap compared to other indices [3][11][18] - The report identifies specific sectors such as high-end equipment, information technology, and chemical new materials as having favorable P/E ratios, with the highest being 85.53X in information technology [3][18][41] - The report recommends a stock pool that includes companies like Wanyuantong and Beitery, which are positioned well within their respective industries and have shown strong growth potential [3][41][44] Group 3 - The North Exchange has seen a significant drop in daily trading volume, with an average of 135.53 billion yuan, down 14.80% from the previous week, indicating a decline in liquidity [27][30][32] - The report notes that the average daily turnover rate for the North 50 and North Specialized New indices has also decreased, reflecting a broader trend of reduced trading activity [30][32] - The report emphasizes the importance of monitoring liquidity trends as they can impact investment strategies and market sentiment [27][30][32] Group 4 - The report outlines the current IPO status, with three companies having passed the review and three awaiting approval, indicating ongoing activity in the North Exchange's listing process [4][8] - The report provides insights into the performance of newly listed companies, highlighting significant first-day gains, such as a 136.56% increase for Puang Medical [4][11][41] - The North Exchange continues to cultivate companies that may transition to larger exchanges, showcasing its role as a breeding ground for future market leaders [4][11][41]

Core Viewpoint - The event organized by China Merchants Securities and Shenzhen Securities Association aims to enhance investor understanding of the listed company, Hengtong Optic-Electric Co., Ltd., and its role in the AI computing power infrastructure through immersive activities and direct communication with the company [1][6]. Group 1: Company Overview - Hengtong Optic-Electric is a core supplier of passive optical devices in China, focusing on the research, manufacturing, and sales of passive optical components, including fiber optic connectors and internal optical devices [1][2]. - The company's products are widely used in data center passive optical wiring and internal connections of optical modules, making them essential for the construction of AI computing power infrastructure [1][2]. Group 2: Industry Insights - The manufacturing of passive optical devices requires high precision and reliability, which are key competitive advantages for companies in this field [2]. - The development of AI technology is driving rapid growth and upgrades in computing power infrastructure, creating new opportunities for advanced optical device products characterized by high speed, high density, miniaturization, and high integration [4]. Group 3: Investor Engagement - The event included immersive tours of Hengtong's production lines, allowing investors to observe the entire manufacturing process and understand the technical characteristics and application scenarios of the company's core products [1][2]. - A deep dialogue session followed the site visit, where company executives addressed investor questions regarding core capabilities and market strategies, emphasizing the company's commitment to the passive optical device sector [3][4]. Group 4: Future Outlook - Hengtong Optic-Electric aims to continue focusing on the passive optical device sector, enhancing its core competitive capabilities through technological innovation and strategic partnerships with globally recognized brands [3][4]. - The company is positioned to capitalize on industry growth opportunities by aligning its product development with the evolving demands of AI computing power infrastructure [4].

Core Viewpoint - The event organized by China Merchants Securities aims to enhance investor understanding of the upstream optical communication industry related to AI computing power through immersive activities and direct communication with the listed company, Hengtong Optic-Electric Co., Ltd. [1] Group 1: Company Overview - Hengtong Optic-Electric is a core supplier of passive optical devices in China, focusing on the research, manufacturing, and sales of passive optical components, including fiber optic connectors and internal optical devices [1][2] - The company's products are widely used in data center passive optical wiring and internal connections of optical modules, playing a crucial role in the infrastructure of AI computing power [1][2] Group 2: Immersive Research and Production Insights - Investors participated in a hands-on tour of Hengtong's production line, observing the entire manufacturing process of optical connectors, which highlighted the company's technical capabilities and the importance of passive optical devices in AI computing infrastructure [2] - The manufacturing of passive optical devices requires high precision and reliability, which are key competitive advantages for Hengtong in the industry [2] Group 3: Strategic Communication and Investment Logic - The company's general manager, He Li, emphasized the importance of their products as foundational infrastructure for the AI industry, stating that Hengtong focuses on passive optical devices and has established long-term strategic partnerships with globally recognized brands [3][4] - The company is positioned to benefit from the rapid growth and upgrade of computing power infrastructure driven by AI technology, with new opportunities arising for high-speed, high-density, and highly integrated optical devices [4] Group 4: Investor Engagement and Educational Initiatives - The event included a Q&A session where investors engaged with the management team on topics such as capacity planning and market competition, enhancing their understanding of the company's growth trajectory and development plans [5] - China Merchants Securities aims to regularly conduct such educational activities to provide investors with a platform for direct communication with listed companies, thereby fostering rational investment judgments through comprehensive industry insights [6]

招商证券股份有限公司 关于蘅东光通讯技术（深圳）股份有限公司 使用募集资金向全资子公司提供借款以实施募投项目的核查意见 招商证券股份有限公司（以下简称"保荐机构"）作为蘅东光通讯技术（深 圳）股份有限公司（以下简称"蘅东光"或"公司"）向不特定合格投资者公开 发行股票并在北京证券交易所上市（以下简称"公开发行股票并在北交所上市"） 的保荐机构，根据《证券发行上市保荐业务管理办法》《北京证券交易所上市公 司持续监管办法（试行）》《北京证券交易所证券发行上市保荐业务管理细则》《北 京证券交易所股票上市规则》、《北京证券交易所上市公司持续监管指引第 9 号— 募集资金管理》等相关法律、法规和规范性文件的规定，对蘅东光使用募集资金 向全资子公司提供借款以实施募投项目事项进行了核查，具体核查情况如下： 一、募集资金基本情况 蘅东光通讯技术（深圳）股份有限公司向不特定合格投资者公开发行股票并 在北京证券交易所上市申请于 2025 年 9 月 25 日经北京证券交易所上市委员会审 核同意，并于 2025 年 11 月 7 日获得中国证券监督管理委员会出具的《关于同意 蘅东光通讯技术（深圳）股份有限公司向不特定合格投资者公开 ...

招商证券股份有限公司 关于蘅东光通讯技术（深圳）股份有限公司 调整募集资金投资项目拟投入募集资金金额的核查意见 招商证券股份有限公司（以下简称"保荐机构"）作为蘅东光通讯技术（深 圳）股份有限公司（以下简称"蘅东光"或"公司"）向不特定合格投资者公开 发行股票并在北京证券交易所上市（以下简称"公开发行股票并在北交所上市"） 的保荐机构，根据《证券发行上市保荐业务管理办法》《北京证券交易所上市公 司持续监管办法（试行）》《北京证券交易所证券发行上市保荐业务管理细则》《北 京证券交易所股票上市规则》、《北京证券交易所上市公司持续监管指引第 9 号— 募集资金管理》等相关法律、法规和规范性文件的规定，对蘅东光调整募集资金 投资项目拟投入募集资金金额事项进行了核查，具体核查情况如下： 五、保荐机构核查意见 一、募集资金基本情况 2025 年 12 月 23 日，公司发行普通股 10,250,000 股，发行方式为向不特定 合格投资者公开发行，发行价格为 31.59 元/股，募集资金总额为 323,797,500.00 元，实际募集资金净额为 277,878,397.87 元，到账时间为 2025 年 12 月 25 ...

证券代码：920045 证券简称：蘅东光 公告编号：2026-033 蘅东光通讯技术（深圳）股份有限公司章程 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 审议及表决情况 蘅东光通讯技术（深圳）股份有限公司于 2026 年 3 月 20 日召开第二届董 事会第四次会议，审议通过《关于拟修订<公司章程>的议案》，表决结果：同 意 6 票；反对 0 票；弃权 0 票。本议案尚需提交股东会审议。 二、 分章节列示制度主要内容： 蘅东光通讯技术（深圳）股份有限公司章程 第一章 总 则 第一条 为维护蘅东光通讯技术（深圳）股份有限公司（以下简称"公司"）、 股东、职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称 "《证券法》"）、《北京证券交易所股票上市规则》、《上市公司章程指引》、《北 京证券交易所上市公司持续监管办法（试行）》和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公 ...

证券代码：920045 证券简称：蘅东光 公告编号：2026-026 蘅东光通讯技术（深圳）股份有限公司董事、高级管理人员 变动公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律 责任。 一、董事、高级管理人员任命的基本情况 蘅东光通讯技术（深圳）股份有限公司（以下简称"公司"）于 2026 年 3 月 20 日 召开了第二届董事会第四次会议，审议通过了《关于聘任高级管理人员的议案》《关 于提名公司第二届董事会独立董事的议案》等议案，表决结果为同意票数 6 票，反对 票数 0 票，弃权票数 0 票。 选举吴涛先生为公司董事会秘书，任职期限至公司第二届董事会任期届满之日止， 自 2026 年 3 月 20 日起生效。该人员持有公司股份 0 股，占公司股本的 0.0000%，不是 失信联合惩戒对象。 （注：吴涛先生于 2025 年 12 月以核心员工身份参与了"招商证券资管－招商银行 －招商资管蘅东光员工参与北交所战略配售集合资产管理计划"，认购金额为 163.95 万 元。） 提名华金秋先生为公司独立董事，任职 ...

证券代码：920045 证券简称：蘅东光 公告编号：2026-029 蘅东光通讯技术（深圳）股份有限公司 独立董事提名人声明 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 提名人蘅东光通讯技术（深圳）股份有限公司董事会，现提名华金秋为蘅东 光通讯技术（深圳）股份有限公司第二届董事会独立董事候选人，并已充分了解 被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大失信等不良 记录等情况。被提名人已书面同意出任蘅东光通讯技术（深圳）股份有限公司第 二届董事会独立董事候选人（参见该独立董事候选人声明）。提名人认为，被提 名人具备独立董事任职资格，与蘅东光通讯技术（深圳）股份有限公司之间不存 在任何影响其独立性的关系，且提名人与被提名人不存在利害关系或者可能妨碍 被提名人独立履职的其他关系，具体声明并承诺如下： 一、被提名人已同时符合以下条件： （一）具备上市公司运作的基本知识，熟悉相关法律法规、部门规章、规范 性文件及北交所业务规则； （二）具有五年以上履行独立董事职责所必需的法律、会计或者经济等工 ...

证券代码：920045 证券简称：蘅东光 公告编号：2026-028 蘅东光通讯技术（深圳）股份有限公司 二、本人任职资格符合下列法律法规、部门规章和规范性文件及北交所业务 规则的要求： （一）《公司法》关于董事任职资格的规定； 独立董事候选人声明 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 本人华金秋，已充分了解并同意由提名人蘅东光通讯技术（深圳）股份有限 公司董事会提名为蘅东光通讯技术（深圳）股份有限公司第二届董事会独立董事 候选人。本人公开声明，本人具备独立董事任职资格，保证不存在任何影响本人 担任蘅东光通讯技术（深圳）股份有限公司独立董事独立性的关系，具体声明并 承诺如下： 一、本人已同时符合以下条件： （一）具备上市公司运作的基本知识，熟悉相关法律法规、部门规章、规范 性文件及北交所业务规则； （二）具有五年以上履行独立董事职责所必需的法律、会计或者经济等工作 经验； （三）具有良好的个人品德，不存在重大失信等不良记录； （四）北交所规定的其他条件。 （二）《中华人民共和国公务员法》的相关 ...

证券代码：920045 证券简称：蘅东光 公告编号：2026-025 蘅东光通讯技术（深圳）股份有限公司 关于调整募集资金投资项目拟投入募集资金金额的公告 鉴于公司本次向不特定合格投资者公开发行股票募集资金净额为 277,878,397.87 元，低于公司《招股说明书》中的募投项目拟投入的募集资金金 额 49,363.29 万元，根据《上市公司募集资金监管规则》《北京证券交易所股票 上市规则》《北京证券交易所上市公司持续监管指引第 9 号——募集资金管理》 等相关规定并结合公司发展规划和经营需要，现对募集资金投资项目拟投入的募 集资金投资额进行相应调整，具体调整内容如下： | 序号 | 项目名称 | 原拟投入募集资金 | 调整后拟投入募集资 | | --- | --- | --- | --- | | | | 金额（万元） | 金金额（万元） | | 1 | 越南生产基地扩建项目 | 10,000.00 | 7,200.00 | | --- | --- | --- | --- | | 2 | 桂林制造基地扩建（三期）项目 | 20,958.09 | 9,587.84 | | 3 | 总部光学研发中心建设项目 | ...