Core Insights - The global ear-worn device market is projected to ship 170 million units in the first half of 2025, representing a year-on-year growth of 11.8%, with open-type products accounting for 10.1% of shipments and experiencing a significant growth of 61.1% [1] Group 1: Market Overview - Open-type products primarily consist of neck-mounted, ear-clip, and ear-hook styles, with ear-clip products emerging as the fastest-growing category, achieving a shipment share of 41.6% and a year-on-year growth of 89.3% in the first half of 2025 [3] - Ear-hook products, while established earlier, have seen a year-on-year growth of 78.9% due to their comfort and stability, while neck-mounted products, mainly utilizing bone conduction technology, have a more stable market presence with a growth of 6.0% [3] Group 2: Regional Insights - China and the United States dominate the global open-type market, accounting for over 80% of shipments, with rapid development also observed in the Asia-Pacific and Western European markets as product maturity and user acceptance increase [5] - Chinese manufacturers, such as Huawei and Soundcore, are leading the market, with Huawei setting trends in the ear-clip segment and韶音 holding a dominant position in the global bone conduction and ear-hook markets [5] Group 3: Market Characteristics - The open-type market is characterized by a diverse player landscape, with China being the core market driving global growth, and more Chinese audio manufacturers expected to expand overseas leveraging supply chain and R&D advantages [7] - The ear-clip and ear-hook products are developing concurrently in overseas markets, with ear-hook products favored by sports enthusiasts for their secure fit, while ear-clip products attract users in daily commuting and office settings [7] - The market exhibits a two-tier development structure, with products priced below $50 targeting entry-level consumers and those above $100 focusing on advanced technology and premium materials for high-end users, providing clear entry points for new manufacturers [7] Group 4: Future Outlook - IDC's China Research Director, Pan Xuefei, indicates that open-type headphones have evolved into a significant growth engine within the ear-worn market, with the Chinese market leading the charge and establishing a foundation for scaling the category [8] - Chinese audio manufacturers are expected to leverage the advantages of "new form + new technology" to accelerate overseas expansion, potentially overcoming barriers in developed regions and addressing saturation and homogenization issues in traditional true wireless markets [8]

Core Viewpoint - Huawei's computing concept continues to rise, with significant stock price increases for related companies following the announcement of new chip releases at the Huawei Connect 2025 event [1] Group 1: Stock Performance - Fenghuo Communication (600498) reached the daily limit increase - Xingtuxinke, Xinghuan Technology, and Xinan Century all rose over 10% - Other companies such as Shenzhou Digital (000034), Gaoxin Development (000628), and Dahua Technology (002236) also experienced stock price increases [1] Group 2: Huawei's Chip Release Timeline - Huawei plans to launch the Ascend 950PR chip in Q1 2026 - The Ascend 950DT chip is expected to be released in Q4 2026 - The Ascend 960 chip is scheduled for Q4 2027, followed by the Ascend 970 chip in Q4 2028 [1]

Group 1 - The A-share market saw a strong performance in CPO concept stocks, with Dekoli hitting the daily limit up of 20% [1] - Guangku Technology increased by over 18%, while Fenghuo Communication, Zhongtian Technology, and Hengtong Optic-Electric all reached the daily limit up of 10% [1] - Other notable performers included Zhongbei Communication and Changxin Bochuang, which rose by over 8%, and Guangxun Technology, Huamao Technology, Unisplendour, and Tongfu Microelectronics, which increased by over 6% [1]

Core Viewpoint - The stock of Fenghuo Communication has shown significant growth this year, with a notable increase in both share price and trading volume, indicating strong market interest and potential investment opportunities [1][2]. Company Overview - Fenghuo Communication, established on December 25, 1999, and listed on August 23, 2001, is located in Wuhan, Hubei Province. The company specializes in the research, production, and sales of network information security products and mobile information products [1]. - The main revenue composition includes: 78.51% from communication system equipment, 18.02% from optical fiber cables, 1.98% from data network products, and 1.49% from other sources [1]. Financial Performance - For the first half of 2025, Fenghuo Communication reported a revenue of 11.117 billion yuan, a year-on-year decrease of 19.73%. However, the net profit attributable to shareholders increased by 32.02% to 287 million yuan [2]. - The company has distributed a total of 3.791 billion yuan in dividends since its A-share listing, with 494 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 8.49% to 128,200, with an average of 9,102 circulating shares per shareholder, an increase of 9.28% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 15.7589 million shares, an increase of 242,300 shares from the previous period [3].

Investment Rating - The report maintains an "Overweight" rating for the communication industry [5]. Core Insights - The communication industry experienced steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1,785 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.43 billion yuan, up 11.26% year-on-year [2][8]. - In Q2 2025, the industry continued to show robust growth, with revenue of 942.48 billion yuan, reflecting a year-on-year increase of 10.91%, and net profit attributable to shareholders of 98.68 billion yuan, up 12.33% year-on-year [11]. - Key sectors such as optical modules, communication PCBs, network equipment manufacturers, and IoT modules demonstrated strong performance, ranking among the top five in revenue and net profit growth rates [14][16]. Summary by Sections 1. H1 2025 Performance Overview - The communication industry achieved total revenue of 1,785 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and net profit attributable to shareholders of 160.43 billion yuan, up 11.26% year-on-year [2][8]. 2. AI Industry Chain Investment - Overseas cloud vendors are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, marking an increase of 82.96% year-on-year [22]. - Major companies like Apple and Meta are significantly increasing their investments in AI infrastructure, indicating a robust outlook for the AI industry chain [22][24]. 3. Sector Performance Changes - The optical module and device sector reported revenue of 479.88 billion yuan in H1 2025, with a year-on-year increase of 64.88%, and net profit of 108.76 billion yuan, up 111.99% year-on-year [31]. - The communication PCB sector achieved revenue of 572.49 billion yuan in H1 2025, reflecting a year-on-year growth of 37.66%, and net profit of 80.58 billion yuan, up 80.79% year-on-year [36]. - The network equipment sector generated revenue of 5,071.11 billion yuan in H1 2025, with a year-on-year increase of 28.86%, and net profit of 191.84 billion yuan, up 19.57% year-on-year [40]. 4. Telecom Operators' Performance - The basic telecom operators' sector reported revenue of 10,133.93 billion yuan in H1 2025, a slight increase of 0.33% year-on-year, with net profit of 1,136.01 billion yuan, up 5.14% year-on-year [54]. - China Mobile's total connections reached 3.815 billion, with a net increase of 145 million, and its digital transformation revenue grew by 6.6% year-on-year [55].

为保证持续督导工作的有序进行，根据相关规定，广发证券委派李善军先生（简历附后）接替陆靖先生 担任公司持续督导保荐代表人，继续履行持续督导职责。 本次保荐代表人变更后，公司2024年度向特定对象发行股票项目持续督导工作的保荐代表人为李善军先 生和金坤明先生。 公司董事会对陆靖先生在持续督导期间所做出的贡献表示衷心感谢！ 特此公告。 证券代码：600498 证券简称：烽火通信 公告编号：2025-046 转债代码：110062 转债简称：烽火转债 烽火通信科技股份有限公司 关于变更持续督导保荐代表人的公告 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个别及连带责任。 烽火通信科技股份有限公司（以下简称"公司"）近日收到广发证券股份有限公司（以下简称"广发证 券"）《关于变更公司保荐代表人安排的通知》，广发证券作为公司2024年度向特定对象发行股票项目 的持续督导保荐机构，原指派陆靖先生、金坤明先生作为持续督导保荐代表人，现陆靖先生因工作变 动，不再负责公司持续督导工作。 烽火通信科技股份有限公司 董事会 2025年9月16日 李善军：会计 ...

Core Viewpoint - The stock of Fenghuo Communication has shown a significant increase in price and trading activity, indicating positive market sentiment and potential investment opportunities [1][2]. Company Overview - Fenghuo Communication, established on December 25, 1999, and listed on August 23, 2001, is located in Wuhan, Hubei Province. The company specializes in the research, production, and sales of network information security products and mobile information products [1]. - The main revenue composition includes: 78.51% from communication system equipment, 18.02% from optical fiber cables, 1.98% from data network products, and 1.49% from other sources [1]. Stock Performance - As of September 16, the stock price increased by 2.04% to 25.48 CNY per share, with a total market capitalization of 32.386 billion CNY. The stock has risen 32.15% year-to-date [1]. - In the last five trading days, the stock rose by 5.16%, while it decreased by 1.74% over the past 20 days and increased by 24.54% over the last 60 days [1]. Trading Activity - The net inflow of main funds was 8.049 million CNY, with significant buying activity from large orders, indicating strong investor interest [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 259 million CNY on February 19 [1]. Financial Performance - For the first half of 2025, Fenghuo Communication reported a revenue of 11.117 billion CNY, a year-on-year decrease of 19.73%, while the net profit attributable to shareholders increased by 32.02% to 287 million CNY [2]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 8.49% to 128,200, with an average of 9,102 circulating shares per shareholder, which increased by 9.28% [2]. - The company has distributed a total of 3.791 billion CNY in dividends since its A-share listing, with 494 million CNY distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 15.7589 million shares, an increase of 242,300 shares from the previous period [3].

转债代码：110062 转债简称：烽火转债 证券代码：600498 证券简称：烽火通信 公告编号：2025-046 烽火通信科技股份有限公司 董事会 2025 年 9 月 16 日 附件：李善军先生简历 烽火通信科技股份有限公司 关于变更持续督导保荐代表人的公告 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个别及连带责任。 烽火通信科技股份有限公司（以下简称"公司"）近日收到广发证券股份有 限公司（以下简称"广发证券"）《关于变更公司保荐代表人安排的通知》，广 发证券作为公司 2024 年度向特定对象发行股票项目的持续督导保荐机构，原指 派陆靖先生、金坤明先生作为持续督导保荐代表人，现陆靖先生因工作变动，不 再负责公司持续督导工作。 为保证持续督导工作的有序进行，根据相关规定，广发证券委派李善军先生 （简历附后）接替陆靖先生担任公司持续督导保荐代表人，继续履行持续督导职 责。 本次保荐代表人变更后，公司 2024 年度向特定对象发行股票项目持续督导 工作的保荐代表人为李善军先生和金坤明先生。 公司董事会对陆靖先生在持续督导期间所做出的 ...

Market Overview - The Shanghai Composite Index rose by 1.65% on September 11, with 31 out of 41 sectors experiencing gains, led by the communication and electronics sectors, which increased by 7.39% and 5.96% respectively [1] - The net inflow of capital in the two markets reached 34.518 billion yuan, with 11 sectors seeing net inflows, particularly the electronics sector, which attracted 21.723 billion yuan [1] Communication Sector - The communication sector saw a significant increase of 7.39%, with a total net capital inflow of 7.222 billion yuan, and 113 out of 125 stocks in this sector rose, including 5 stocks that hit the daily limit [2] - The top three stocks in terms of net capital inflow were NewEase (19.82 billion yuan), Zhongji Xuchuang (17.34 billion yuan), and Tianfu Communication (12.14 billion yuan) [2] - The sector also had 6 stocks with net outflows exceeding 50 million yuan, with the largest outflows from Erli San (7.25 billion yuan), China Unicom (7.12 billion yuan), and Sanwei Communication (6.38 billion yuan) [2] Capital Flow in Communication Sector - The top gainers in the communication sector included: - NewEase: +13.42% with a turnover rate of 8.60% and a capital flow of 1982.36 million yuan - Zhongji Xuchuang: +14.28% with a turnover rate of 5.94% and a capital flow of 1738.86 million yuan - Tianfu Communication: +13.54% with a turnover rate of 8.07% and a capital flow of 1214.21 million yuan [2] - The top losers in terms of capital outflow included: - Erli San: +3.96% with a turnover rate of 37.46% and a capital outflow of -7249.65 million yuan - China Unicom: +0.17% with a turnover rate of 3.31% and a capital outflow of -7116.28 million yuan - Sanwei Communication: +2.82% with a turnover rate of 53.05% and a capital outflow of -6379.34 million yuan [3]

Group 1 - The company will hold a half-year performance briefing on September 18, 2025, from 13:00 to 14:45 [2][4] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted via video recording and online interaction [3][4] - Investors can submit questions from September 11 to September 17, 2025, and the company will address common concerns during the briefing [2][4][3] Group 2 - Key personnel attending the briefing include the Chairman, President, Vice President, CFO, and Independent Director [4] - Investors can participate in the briefing online and will receive timely responses to their inquiries [4][6] - After the briefing, investors can access the main content and details of the event through the Shanghai Stock Exchange Roadshow Center [6]