证券代码：600353 证券简称：旭光电子 公告编号：2025-030 成都旭光电子股份有限公司 关于控股股东部分股票解除质押及质押的公告 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。 重要内容提示： ●截至公告披露日，新的集团有限公司（简称"新的集团"）持有成都旭光 电子股份有限公司（简称"公司"或"本公司"）股份232,761,142股，占本公 司总股本的28.04%，新的集团累计质押公司股份数量为99,722,306股，占其所持 股份数的42.84%，占公司总股本的12.02%。 公司于 2025 年 7 月 3 日接到控股股东关于部分股票解除质押及质押的通知， 具体情况如下： 一、上市公司股份解除质押的情况 1、提前解除 2025 年 7 月 13 日到期的 1,220.52 万股情况 5、提前解除 2025 年 7 月 13 日到期的 1,387.40 万股情况 | 股东名称 | 新的集团有限公司 | | --- | --- | | 本次解质（解冻）股份 | 13,874,000 股 | | 占其所持股份比例 | ...

Market Overview - A-shares experienced a strong opening on July 1, with the Shanghai Composite Index rising significantly, driven by the banking and power sectors, and total market turnover around 1.5 trillion yuan [1] - The banking sector showed a robust rebound, with all stocks in the sector rising, and Shanghai Pudong Development Bank reaching a historical high with a market capitalization of 432.18 billion yuan [2] Banking Sector Performance - The banking sector index increased by approximately 20% year-to-date, with a cumulative rise of nearly 70% since the end of 2023 [2] - Notable individual stock performances included Suzhou Bank rising over 5%, Xiamen Bank nearly 4%, and Hangzhou Bank over 3% [2] - The overall banking sector closed up 1.84% on July 1, ranking fifth among industry sectors for the day [2] Innovative Drug Sector - The innovative drug sector saw significant gains, with a total increase of 3.01% by the end of the trading day, ranking third among industry sectors [4] - Key stocks in this sector included Frontline Bio, which hit the daily limit, and several others like Guizhou Bailing and Seer Medical also reaching their daily limits [4] - The sector has been active since mid-May, with a notable surge in trading volume and stock prices [4] Policy Support for Innovative Drugs - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, focusing on R&D, market access, and payment systems [5] - These measures aim to address key issues in the innovative drug sector and promote genuine innovation [5] International Transactions in Innovative Drugs - There has been a surge in international transactions for innovative drugs, with a total of $45.5 billion in authorized transactions by Chinese companies from January to May 2025, surpassing the total for the first half of 2024 [6] - The year 2025 is expected to be significant for domestic innovative drug companies as they transition from generic to innovative drugs, with some companies reaching breakeven and profitability [6]

Core Viewpoint - The lithography machine concept sector has shown a positive performance with a 2.34% increase, ranking 8th among concept sectors, driven by significant gains in several stocks [1][2]. Group 1: Stock Performance - Within the lithography machine sector, 29 stocks experienced gains, with notable performers including: - Kaimeite Gases and Haili Shares both hitting the daily limit up, with increases of 10.00% and 9.99% respectively [1][3]. - Xuguang Electronics rose by 9.97% [3]. - Other significant gainers included Blue Ying Equipment (up 14.60%), Jiuri New Materials (up 5.93%), and Zhongci Electronics (up 4.55%) [1][2]. - Conversely, the sector also saw declines in stocks such as Tengjing Technology (down 3.29%), Electronic Science and Technology Digital (down 1.20%), and Fuchuang Precision (down 1.11%) [1]. Group 2: Capital Flow - The lithography machine sector attracted a net inflow of 825 million yuan from main funds, with 23 stocks receiving net inflows [2]. - Xuguang Electronics led the net inflow with 312 million yuan, followed by Haili Shares (290 million yuan) and Kaimeite Gases (58.84 million yuan) [2][3]. - The net inflow ratios for key stocks were as follows: - *ST and Ke, Xuguang Electronics, and Haili Shares had net inflow ratios of 41.92%, 20.54%, and 18.75% respectively [3].

Group 1 - The A-share photolithography concept stocks have become active again, with Kaimeteqi hitting the daily limit up, indicating strong market interest [1] - Blue Eagle Equipment rose by 7%, reflecting positive sentiment in the sector [1] - Other companies such as Zhongci Electronics, Xuguang Electronics, and Jiuri New Materials also experienced gains, suggesting a broader rally in the photolithography-related stocks [1]

Core Viewpoint - The flexible DC transmission concept has shown a positive performance with a 1.76% increase, ranking 7th among concept sectors, indicating strong investor interest and potential growth in this area [1][2]. Market Performance - As of June 27, the flexible DC transmission sector saw 42 stocks rise, with notable performers including Dazhongnan, which hit the daily limit, and others like Electric Power Research Institute and Shunma Electric Power, which increased by 11.91%, 6.21%, and 5.96% respectively [1]. - The sector experienced a net inflow of 523 million yuan from main funds, with 26 stocks receiving net inflows, and 6 stocks attracting over 30 million yuan each, led by Wanma Co. with a net inflow of 170 million yuan [2]. Fund Flow Analysis - The top stocks by net inflow ratio included Jingwei Huikai, Shunma Electric Power, and Senyuan Electric, with net inflow ratios of 13.26%, 11.77%, and 10.23% respectively [3]. - The detailed fund flow for the flexible DC transmission concept shows Wanma Co. leading with a 5.96% increase and a turnover rate of 13.45%, followed by Dazhongnan with a 9.97% increase and a turnover rate of 13.71% [3][4].

Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index closing at approximately 3362 points, down by 0.79%. The Shenzhen Component and ChiNext Index fell more significantly, down by 1.21% and 1.36% respectively, indicating a low market sentiment with over 4600 stocks declining [1]. Oil and Gas Sector - The oil and gas sector saw a significant surge, with stocks like Shouhua Gas hitting the daily limit up, driven by heightened tensions in the Middle East following Israel's military actions against Iran, raising concerns over potential oil supply disruptions. International oil prices spiked, with WTI crude oil surpassing $76 per barrel, marking a new high for the year [3]. - Despite the short-term volatility in oil prices due to geopolitical conflicts, the International Energy Agency (IEA) reports that global oil supply remains adequate, suggesting that sustained price surges are unlikely. Companies with strong production capabilities and cost control, such as CNOOC, are recommended for long-term investment [3]. Short Drama Concept - The short drama segment showed localized strength, with companies like Baina Qiancheng and Ciweng Media reaching their daily limits. This growth is attributed to Tencent's launch of a "short drama" mini-program, which has attracted a large user base through a free viewing model, alongside algorithmic recommendations from platforms like Douyin and Kuaishou [4]. - The short drama market caters to modern consumers' fragmented entertainment needs, with episodes lasting 1-3 minutes. The business model is evolving from paid content to ad monetization and integration with gaming and e-commerce, indicating significant growth potential. However, the market faces challenges due to content homogenization, making companies with strong IP reserves and production capabilities, such as Zhongwen Online, more valuable in the long run [4]. Other Sectors - The controlled nuclear fusion concept faced a collective downturn, with companies like Xuguang Electronics and Hezhu Intelligent hitting their daily limits. This sector had previously seen rapid gains, leading to profit-taking as market sentiment cooled. While the long-term prospects for controlled nuclear fusion are promising, significant technological breakthroughs and commercialization are expected to take time, with projections extending beyond 2035 [4]. - The diversified financial and superconducting sectors also underperformed, with companies like Ruida Futures and Nanhua Futures experiencing notable declines. This trend is attributed to a decrease in overall market risk appetite, leading to capital outflows from these high-volatility sectors. However, the long-term value of leading brokerage and futures firms remains intact, especially with ongoing capital market reforms [5]. Investment Perspective - The investment landscape is characterized as a marathon rather than a sprint, emphasizing the importance of focusing on fundamentals and long-term trends despite short-term market adjustments. The oil and gas sector benefits from global energy transitions, while the short drama concept aligns with consumer upgrade trends. There may also be opportunities in sectors experiencing corrections, suggesting a patient, value-driven investment approach [6].

Market Overview - The Shanghai Composite Index fell by 0.79% on June 19, with only one industry rising, which was the petroleum and petrochemical sector, up by 0.86% [2] - The textile and apparel, as well as beauty care industries, experienced the largest declines, down by 2.36% and 2.28% respectively [2] - The electronic industry also saw a decrease of 0.59% [2] Capital Flow - There was a net outflow of 51.66 billion yuan from the main funds across the two markets, with only three industries seeing net inflows [2] - The media industry had a net inflow of 182 million yuan, followed by the petroleum and petrochemical industry with 133 million yuan, and the home appliance industry with 295,150 yuan [2] - The electronic industry had the largest net outflow, totaling 5.408 billion yuan, followed by the non-bank financial sector with a net outflow of 4.807 billion yuan [2] Electronic Industry Performance - Within the electronic industry, there are 462 stocks, with 118 rising and 340 falling; three stocks hit the daily limit up while one hit the limit down [3] - A total of 133 stocks in the electronic sector saw net inflows, with six stocks having inflows exceeding 50 million yuan [3] - The top stock for net inflow was Northern Huachuang, with an inflow of 248 million yuan, followed by Lanke Technology and Zhongjing Electronics with inflows of 138 million yuan and 114 million yuan respectively [3] Electronic Industry Capital Inflow and Outflow - The top stocks for capital inflow included Northern Huachuang, Lanke Technology, and Zhongjing Electronics, with respective inflows of 248.39 million yuan, 138.38 million yuan, and 113.76 million yuan [4] - The stocks with the largest capital outflows included Dongshan Precision, with an outflow of 564.43 million yuan, followed by Xuguang Electronics and Luxshare Precision with outflows of 247.22 million yuan and 217.88 million yuan respectively [5]

Core Viewpoint - The company, Xuguang Electronics, is experiencing growth driven by its core businesses in power equipment, military industry, and electronic materials, with a notable improvement in gross margin in Q1 2025 compared to the previous year [1]. Group 1: Business Segments - In 2024, the company's revenue distribution was 54% from power equipment, 23% from military industry, and 5% from electronic materials, with vacuum circuit breakers being the leading product, contributing 43% to total revenue [2]. - The company achieved a record production and sales volume of 1.2 million vacuum circuit breakers in 2024, solidifying its leading position in the industry [4]. Group 2: Financial Performance - For 2024, the company reported a revenue of 1.586 billion yuan, a year-on-year increase of 20.5%, and a net profit attributable to shareholders of 102 million yuan, up 10.5% year-on-year, with a gross margin of 22.82%, down 3.87 percentage points [3]. - In Q1 2025, the company generated a revenue of 343 million yuan, a decrease of 11.4% year-on-year and 26.8% quarter-on-quarter, while the net profit attributable to shareholders was 30 million yuan, reflecting a year-on-year increase of 19.3% and a quarter-on-quarter increase of 39.3%, with a gross margin of 23.83%, up 3.6 percentage points year-on-year [3]. Group 3: Research and Development - The company increased its R&D expenditure by 23.9% in 2024, reaching 74 million yuan, indicating a strong commitment to innovation [2]. - The company successfully achieved an annual production capacity of 500 tons for aluminum nitride powder in 2024, introducing a high and mid-range product mix that meets international advanced standards [5]. Group 4: Market Opportunities - The company is focusing on emerging applications for its high-power electronic tubes, particularly in controlled nuclear fusion and semiconductor equipment, which are expected to drive revenue growth [4]. - The company is expanding its product offerings in new energy and power equipment, successfully securing multiple orders for bypass switches and rapid switches in offshore wind power projects [4].

Group 1 - The stock of Xuguang Electronics (600353) increased by 5.32% with a turnover rate of 17.72% and a trading volume of 2.018 billion yuan, showing a fluctuation of 15.29% throughout the day [2] - Institutional investors net sold 18.596 million yuan, while the Shanghai-Hong Kong Stock Connect saw a net purchase of 17.996 million yuan, with a total net purchase from brokerage seats amounting to 58.976 million yuan [2] - The top five brokerage seats accounted for a total transaction volume of 432 million yuan, with a buying amount of 245 million yuan and a selling amount of 187 million yuan, resulting in a net purchase of 58.377 million yuan [2] Group 2 - As of June 12, the latest margin trading balance for the stock was 492 million yuan, with a financing balance of 492 million yuan and a securities lending balance of 13,200 yuan [3] - Over the past five days, the financing balance increased by 8.8401 million yuan, representing a growth of 1.83%, while the securities lending balance rose by 610 yuan, showing an increase of 85.36% [3] - The company's Q1 report indicated a total revenue of 343 million yuan, a year-on-year decrease of 11.38%, while net profit reached 30.1412 million yuan, reflecting a year-on-year growth of 19.34% [3]

Summary of Key Points from the Conference Call Company Overview - **Company**: Xuguang Electronics - **Industry**: High-voltage vacuum circuit breakers and electronic materials - **Market Position**: One of the few companies in China capable of mass-producing high-voltage vacuum arc extinguishing chambers, holding a significant position in traditional power equipment [2][3] Core Business Segments - **Main Business Areas**: - Traditional power equipment (high-voltage vacuum arc extinguishing chambers) - Military products (DPC AI technology integration) - Electronic materials (full industry chain of aluminum nitride) [2][5] - **Market Share**: The vacuum switch accounts for 25% of the value in long straight devices, indicating a stable market demand due to its consumable nature [3][4] Growth and Financial Projections - **Revenue Growth**: Expected total revenue of nearly 1.6 billion RMB in 2024, a year-on-year increase of approximately 20% [4][10] - **Net Profit**: Anticipated net profit of around 100 million RMB, a year-on-year increase of about 10% [4][10] - **Market Valuation**: Current market value is less than 10 billion RMB, with projections suggesting it could reach 20-30 billion RMB by 2027, driven by significant investments in nuclear fusion expected to reach 24 billion RMB [6][7] Industry Trends and Opportunities - **Nuclear Fusion Investment**: Expected to reach 24 billion RMB by 2027 and 40 billion RMB by 2030, indicating a substantial market opportunity for Xuguang Electronics [6][8] - **Electronic Ceramics Growth**: Anticipated growth rate of over 30% in the electronic ceramics sector, particularly in aluminum nitride ceramics [4][8] - **Domestic Market Potential**: The domestic market for high-voltage vacuum arc extinguishing chambers and related products has significant room for growth and replacement [4][8] Competitive Landscape - **Key Competitors**: Major competitors include international giants like Thales, with Xuguang Electronics maintaining a competitive edge due to its technological barriers and historical significance [3][5] - **Market Positioning**: Xuguang Electronics is positioned as a leading supplier in the electronic vacuum device industry, particularly in high-voltage vacuum switches [16][17] Product Development and Innovations - **Nuclear Fusion Products**: Development of ultra-high power metal ceramic tetrodes for Tokamak devices, filling a domestic technology gap and establishing a unique supply position [12][24] - **CT Tube Market**: The CT tube market is expected to grow significantly due to high replacement rates driven by aging equipment [14][18] - **Electronic Materials**: The company has achieved a production capacity of 500 tons of aluminum nitride powder, with plans to expand into high-power applications [20][21] Future Outlook - **Strategic Focus**: Continued emphasis on high-voltage vacuum arc extinguishing chambers and military precision components, with expected growth in semiconductor-related applications [21][22] - **Emerging Technologies**: The company is well-positioned to capitalize on the growing demand for compact fusion devices and related technologies, with significant investment interest from major internet companies [23][26] Conclusion Xuguang Electronics is strategically positioned in a growing market with strong financial projections and a diverse product portfolio. The company's focus on innovation and expansion into emerging technologies, particularly in nuclear fusion and electronic materials, suggests a promising outlook for future growth and market valuation.