Group 1 - The company's stock experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from November 24 to November 26, 2025 [1] - The company conducted an internal review and confirmed that there were no undisclosed significant matters affecting the stock price, and the operational situation remains normal [1][2] - The company announced on November 26, 2025, that the largest voting rights holder has increased their shareholding and provided details on subsequent plans for further increases [1] Group 2 - The board of directors confirmed that there are no undisclosed matters that should be reported according to the Shenzhen Stock Exchange regulations, and previous disclosures do not require correction or supplementation [2] - The company has ensured compliance with fair information disclosure practices and has designated specific media for information disclosure [3]

Core Viewpoint - Dongguan Qunshang Optoelectronics Co., Ltd. (the "Company") has announced that its largest voting rights holder, Dongguan Jingtengda Enterprise Management Partnership (Limited Partnership), has increased its shareholding, thereby becoming the controlling shareholder of the Company [2][3]. Summary by Sections Shareholding Increase - On November 25, 2025, Jingtengda acquired a total of 10,067,600 shares, representing 0.71% of the Company's total share capital, for an amount of 29.9823 million yuan [2][3]. - Following this acquisition, Jingtengda's voting rights shareholding increased from 21.31% to 22.02%, confirming its status as the controlling shareholder, with Li Junfeng remaining the actual controller [2][3]. Future Plans - Jingtengda plans to continue increasing its shareholding, with a target of acquiring no less than 71 million shares (including the initial increase) within six months from November 25, 2025 [4][5]. - The increase will be executed through various methods permitted by the Shenzhen Stock Exchange, including but not limited to centralized bidding, block trading, and agreement transfer [4][5]. Funding and Compliance - The funding for the share acquisition will come from self-owned or self-raised funds [5]. - The increase plan is compliant with relevant laws and regulations, including the Company Law and Securities Law, and will not trigger a mandatory takeover bid [6][8].

Core Viewpoint - The controlling shareholder of Jiangsu Hengtong Optic-Electric Co., Ltd. plans to increase its stake in the company, demonstrating confidence in the company's future and aiming to boost investor confidence [2][3]. Summary by Sections 1. Disclosure of the Increase Plan - The controlling shareholder, Hengtong Group, intends to increase its stake in the company with an investment amount not less than 150 million yuan and not exceeding 300 million yuan [2]. 2. Progress of the Increase Plan - On September 22, 2025, Hengtong Group executed the first purchase of 100,000 shares, accounting for 0.0041% of the total share capital, with a transaction amount of 2.28 million yuan [3]. - As of November 24, 2025, Hengtong Group has cumulatively acquired 7,535,573 shares, representing 0.31% of the total share capital, with a total transaction amount of 150.05 million yuan, reaching the lower limit of the planned increase [3]. - Hengtong Group now holds 593,765,498 shares, which is 24.07% of the total share capital, while Hengtong Group and its concerted parties hold 689,059,931 shares, accounting for 27.93% [3]. 3. Risks of Implementation - There are potential risks that the increase plan may not be implemented due to changes in the capital market or unforeseen factors [4][6].

Core Viewpoint - The company plans to appoint Tianzhi International Accounting Firm as its auditing institution for the year 2025, replacing the previous auditor, Shanghui Accounting Firm, after thorough communication and without any objections from either party [3][12][13]. Group 1: Appointment of Auditing Firm - The proposed auditing firm is Tianzhi International Accounting Firm [2]. - The previous auditing firm was Shanghui Accounting Firm, which provided a standard unqualified audit report for the fiscal year 2024 [11]. - The change in auditing firms is based on the company's assessment of its current business situation and future auditing service needs [3][12]. Group 2: Auditing Firm's Qualifications - Tianzhi International has accumulated sufficient professional risk funds and insurance coverage, with a total compensation limit of no less than 200 million yuan [4]. - In the past three years, Tianzhi International has not faced any civil liability due to its professional conduct [4]. - Tianzhi International has received one administrative penalty and nine supervisory measures in the last three years, but no criminal penalties [5]. Group 3: Audit Fees - The estimated audit fee for 2025 is 700,000 yuan, unchanged from the previous period [10]. - The board of directors will seek authorization from the shareholders' meeting to negotiate the audit fee based on market principles and the company's business scale [10]. Group 4: Shareholders' Meeting - The third extraordinary shareholders' meeting for 2025 is scheduled for December 11, 2025 [20]. - The meeting will adopt a combination of on-site and online voting methods [20][21]. - Shareholders must register for the meeting by December 10, 2025, and provide necessary identification [30][32].

（文章来源：证券日报） 证券日报网讯 11月24日晚间，光电股份发布公告称，公司于2025年11月23日召开第七届董事会第二十 次会议，审议通过《关于使用自有资金支付募投项目所需款项并以募集资金等额置换的议案》，同意公 司及子公司在募集资金投资项目（简称"募投项目"）实施期间，根据实际情况先行使用自有资金支付募 投项目部分款项并以募集资金进行等额置换，该部分等额置换资金视同募投项目使用资金。 ...

中信证券股份有限公司 关于北方光电股份有限公司 使用自有资金支付募投项目所需款项并以募集资金等额置换 的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为北方光电 股份有限公司（以下简称"光电股份"、"公司"）2023 年度向特定对象发行 A 股 股票的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票 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》以及 《上市公司募集资金监管规则》等相关规定，对光电股份使用自有资金支付募投 项目所需款项并以募集资金等额置换的事项进行了审慎核查，具体情况如下： 三、使用自有资金支付募投项目部分款项并以募集资金等额置换的原因 根据《上市公司募集资金监管规则》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》的相关规定："募集资金投资项目实施过程中，原则上 应当以募集资金直接支付，在支付人员薪酬、购买境外产品设备等事项中以募集 资金直接支付确有困难的，可以在自有资金支付后六个月内实施置换。"公司及 子公司在募投项目实施过程中涉及上述以募集资金支付确有困难的情形，主要情 形及原因如下： 1、募投项目支出涉及人员工 ...

证券代码：600184 股票简称：光电股份 编号：临 2025-58 北方光电股份有限公司 关于使用自有资金支付募投项目所需款项 并以募集资金等额置换的公告 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、准确性和完整性承担法 律责任。 北方光电股份有限公司（以下简称"公司"）于 2025 年 11 月 23 日召开第七届董 事会第二十次会议，审议通过《关于使用自有资金支付募投项目所需款项并以募集资 金等额置换的议案》，同意公司及子公司在募集资金投资项目（以下简称"募投项目"） 实施期间，根据实际情况先行使用自有资金支付募投项目部分款项并以募集资金进行 等额置换，该部分等额置换资金视同募投项目使用资金。保荐机构中信证券股份有限 公司（以下简称"保荐人"）对本次募集资金置换事项出具了无异议的核查意见。现 将相关事项公告如下： 一、募集资金情况 经中国证券监督管理委员会《关于同意北方光电股份有限公司向特定对象发行股 票注册的批复》（证监许可〔2025〕1044 号）同意，公司向特定对象发行 A 股股票 73,966,642 股 ， 每 股 发 行 价 格 为 ...

Group 1 - The stock price of Guangdian Co., Ltd. increased by 5.06% on November 24, reaching 18.07 yuan per share, with a trading volume of 435 million yuan and a turnover rate of 4.78%, resulting in a total market capitalization of 10.53 billion yuan [1] - Guangdian Co., Ltd. has experienced a continuous increase in stock price for three consecutive days, with a cumulative increase of 1.96% during this period [1] - The company, established on August 31, 2000, and listed on November 6, 2003, is located in Xi'an, Shaanxi Province, and primarily engages in the production, research and development, and sales of defense products and optoelectronic materials and devices [1] Group 2 - The top circulating shareholder of Guangdian Co., Ltd. includes a fund under China Post Fund, specifically the China Post Military-Civilian Integration Flexible Allocation Mixed A (004139), which entered the top ten circulating shareholders in the third quarter with 1.25 million shares, accounting for 0.25% of circulating shares [2] - The fund has generated a floating profit of approximately 1.0875 million yuan today, with a floating profit of 412,500 yuan during the three-day increase [2] - The fund, established on April 1, 2017, has a latest scale of 858 million yuan, with a year-to-date return of 23.83%, ranking 2784 out of 8209 in its category, and a one-year return of 15.46%, ranking 3924 out of 8129 [2]

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5] Core Viewpoints - The uncertainty in the Asia-Pacific situation is increasing, which may accelerate the equipment construction in China, focusing on new combat capabilities [2][12] - China's high-end aviation equipment showcased at the Dubai Airshow is expected to further expand the military trade market [12][15] - The Fujian aircraft carrier has conducted its first live training at sea, indicating a significant advancement in operational capabilities and technology [12][18] - The report emphasizes the importance of domestic demand for new combat capabilities and military trade as key growth areas [19] Summary by Sections Investment Suggestions and Targets - The report highlights various investment targets across different segments, including: - Engine and fuel chain: Companies like Xi'an Aero Engine (600893), Western Superconducting (688122), and others [19][20] - New quality and domains: Companies such as Aerospace Electronics (600879), Haige Communication (002465), and others [19][20] - Military electronics: Companies like Aerospace Electric (002025), Zhonghang Optical (002179), and others [19][20] - Military trade and main equipment: Companies such as AVIC Shenyang Aircraft (600760), AVIC Chengfei (302132), and others [19][20] Industry News and Market Performance - The report notes that the defense and military industry index has outperformed the broader market, with a decline of only -1.72% compared to the Shanghai Composite Index's -3.90% [22][25] - The report provides a detailed analysis of weekly market performance, indicating that the defense and military sector remains resilient amid broader market declines [22][25] Key Events and Developments - The report outlines significant recent events, including: - The U.S. government approved a new round of arms sales to Japan, which may heighten regional tensions and prompt China to expedite its military equipment development [12][9] - The successful live training of the Fujian aircraft carrier, showcasing advanced operational capabilities [12][18] - The participation of Chinese high-end military equipment in international exhibitions, enhancing China's presence in the global military trade market [12][15]

Market Overview - The ground armament sector experienced a decline of 3.13% on November 20, with Changcheng Military Industry leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Changcheng Military Industry (601606) closed at 52.00, down 5.71% with a trading volume of 678,400 shares and a transaction value of 357.1 million [2] - Other notable declines include: - Tianzuo Equipment (300922) down 5.69% to 23.71 with a transaction value of 139 million [2] - Beifang Changlong (301357) down 5.32% to 156.98 with a transaction value of 1.182 billion [2] - Jiekang Equipment (300875) down 4.33% to 46.42 with a transaction value of 371 million [2] Capital Flow Analysis - The ground armament sector saw a net outflow of 836 million from institutional investors, while retail investors contributed a net inflow of 679 million [2][3] - The capital flow for major stocks includes: - Changcheng Military Industry with a net outflow of 423 million [3] - Inner Mongolia First Machinery (600967) with a net outflow of 110 million [3] - Beifang Navigation (600435) with a net outflow of 54 million [3]