广发证券股份有限公司 关于烽火通信科技股份有限公司 参与投资设立基金合伙企业暨关联交易的核查意见 广发证券股份有限公司（以下简称"广发证券"或"保荐机构"）作为烽火通信 科技股份有限公司（以下简称"烽火通信"或"公司"）2024 年度向特定对象发行股 票项目的保荐机构，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》 《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》《上海证 券交易所上市公司自律监管指引第 11 号——持续督导》等有关规定，对烽火通 信参与投资设立基金合伙企业暨关联交易的事项进行了审慎核查，核查情况及核 查意见如下： 一、本次对外投资暨关联交易概述 为了延续公司的基金投资工作，持续通过基金投资帮助公司构建生态链、完 善产业布局，公司拟参与设立湖北烽火创业投资基金合伙企业（有限合伙）（以 下简称"烽火创业投资基金"，最终以登记机关核准登记的名称为准），以充分 发挥资金优势，围绕公司产业链上下游以获取技术、原料、渠道为目的，选择优 质项目进行投资布局，帮助公司实现高质量持续发展。 烽火创业投资基金认缴 ...

证券代码：600498 证券简称：烽火通信 公告编号：2025-082 烽火通信科技股份有限公司 关于参与投资设立基金合伙企业暨关联交易的公告 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： ● 烽火通信科技股份有限公司（以下简称"烽火通信"或"公司"）拟与 联通战新私募股权投资基金（武汉）合伙企业(有限合伙（) 简称"联通战新基金"）、 武汉光创新兴技术一期创业投资基金合伙企业（有限合伙）（简称"光创一期基 金"）、湖北省投资引导基金有限公司（简称"湖北省引导基金"）、关联方武 汉光谷丰禾私募基金管理有限公司（以下简称"光谷丰禾"）、关联方武汉烽合 广裕股权投资管理合伙企业（有限合伙）（以下简称"烽合广裕"）共同设立湖 北烽火创业投资基金合伙企业（暂定名，最终以登记机关核准登记的名称为准， 以下简称"烽火创业投资基金"），主要围绕光通信、产业数字化、半导体及集 成电路、电子核心产业等行业投资布局，在全球范围新一代信息技术领域筛选、 培育、扶持一批创新能力强的新一代信息技术企业，有效配套烽火通信构建生态 链，培 ...

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"）第九届董事会第十一次临 时会议于 2025 年 12 月 25 日以通讯方式召开。本次会议的会议通知以书面方式 发送至董事会全体董事。会议应参加董事十一人，实际参加董事十一人，符合《公 司法》和《公司章程》的规定，会议合法有效。 证券代码：600498 证券简称：烽火通信 公告编号：2025-081 烽火通信科技股份有限公司 第九届董事会第十一次临时会议决议公告 本次会议经审议通过了以下决议： 以 6 票同意、0 票反对、0 票弃权审议通过《关于拟参与投资设立基金合伙 企业暨关联交易的议案》：同意公司因业务需要，参与设立湖北烽火创业投资基 金合伙企业（暂定名，最终以登记机关核准登记的名称为准）。具体内容详见同 日披露于《中国证券报》《上海证券报》《证券时报》及上海证券交易所网站 （www.sse.com.cn）的《烽火通信科技股份有限公司关于参与投资设立基金合伙 企业暨关联交易的公告》（公告编号：2025-082）。 该议案表决时 ...

沪指12月26日上涨0.10%，申万所属行业中，今日上涨的有19个，涨幅居前的行业为有色金属、电力设 备，涨幅分别为3.69%、1.40%。跌幅居前的行业为电子、轻工制造，跌幅分别为0.71%、0.61%。通信 行业位居今日跌幅榜第三。 资金面上看，两市主力资金全天净流出232.84亿元，今日有8个行业主力资金净流入，电力设备行业主 力资金净流入规模居首，该行业今日上涨1.40%，全天净流入资金85.60亿元，其次是有色金属行业，日 涨幅为3.69%，净流入资金为38.14亿元。 通信行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300502 | 新易盛 | -0.60 | 2.81 | -126894.90 | | 300308 | 中际旭创 | -2.00 | 1.93 | -126237.63 | | 300548 | 长芯博创 | -3.66 | 8.13 | -48400.04 | | 300394 | 天孚通信 | -0.69 | 2.91 | -41804.99 | ...

Core Viewpoint - The stock of Fenghuo Communication has shown significant growth this year, with a year-to-date increase of 46.98%, and recent trading activity indicates strong investor interest and capital inflow [1][2]. Group 1: Stock Performance - As of December 25, Fenghuo Communication's stock price reached 28.34 yuan per share, with a trading volume of 1.361 billion yuan and a turnover rate of 3.82%, resulting in a total market capitalization of 38.49 billion yuan [1]. - The stock has experienced a 7.72% increase over the last five trading days and a 23.65% increase over the last 20 trading days, while it has seen a slight decline of 0.53% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 259 million yuan on February 19, accounting for 18.26% of total trading volume [1]. Group 2: Financial Performance - For the period from January to September 2025, Fenghuo Communication reported a revenue of 17.072 billion yuan, representing a year-on-year decrease of 19.30%, while the net profit attributable to shareholders increased by 30.28% to 513 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 last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Fenghuo Communication was 119,300, a decrease of 6.90% from the previous period, with an average of 9,928 shares held per shareholder, an increase of 9.08% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 21.3305 million shares, an increase of 5.5716 million shares from the previous period [3].

Core Viewpoint - The capital market is witnessing a surge in interest in the optical communication industry, driven by the demand for CPO (Co-Packaged Optics) technology, which is becoming a critical infrastructure for AI computing power [2][9]. Group 1: Company Financials - In 2024, the company reported revenue of 28.549 billion, a year-on-year decline of 8.29%, while net profit attributable to shareholders was 703 million, an increase of 39.05% [9]. - For the first three quarters of 2025, the company achieved revenue of 17.072 billion, a year-on-year decrease of 19.3%, with net profit of 513 million, up 30.28% [9]. - The company's gross profit margin has remained low, slightly above 20%, despite R&D expenditures consistently exceeding 12% of revenue [9][11]. Group 2: Debt and Financial Health - Following a recent capital increase, the company's debt ratio decreased from 64.99% at the end of 2024 to 61.42% by the end of Q3 2025, although interest-bearing debt rose significantly from approximately 10.3 billion to about 12.8 billion [3]. - The company has faced ongoing challenges with inventory depreciation and bad debt, with asset impairment losses increasing year-on-year [6][8]. Group 3: Government Support and Subsidies - Government subsidies and tax refunds have significantly contributed to the company's profitability, with these amounts surpassing net profit in recent years [9]. - From 2022 to 2024, government support and tax refunds totaled 280 million, 450 million, and 770 million, accounting for 68%, 89%, and 110% of net profit, respectively [9]. Group 4: Market Position and Technology - The company has developed a 400G coherent optical module and is preparing for 800G/1.6T silicon photonic module technology, which can reduce the size of 800G modules by 40% and power consumption by 35% [5]. - The CPO market is projected to reach 8.1 billion by 2030, with a compound annual growth rate of 137%, indicating significant growth potential in the optical communication sector [11].

Core Viewpoint - The demand for optical fibers and cables is expected to increase due to the ongoing advancements in AI model training and application deployment, which will drive the global optical fiber and cable market [1][2] Demand Side Summary - The continuous iteration of AI large models and accelerated application deployment will likely sustain the demand for optical fibers and cables globally [1] - The need for massive data flow within data centers will promote the use of high-end single-mode and multi-mode fibers along with ultra-high-speed optical modules, facilitating efficient short-distance data transmission and flexible interconnections [1] - G.654.E optical fibers will significantly enhance transmission distance and system capacity, aiding in the construction of more efficient and economical long-distance high-bandwidth networks [1] - The development of hollow-core fibers, which offer low latency, wide bandwidth, low loss, and low nonlinearity, is being actively promoted, indicating a potential long-term increase in demand for these new technologies [1] Supply Side Summary - The production cycle for optical preforms is long and technically demanding, leading to potential short-term supply tightness in the market [1] - The traditional optical preform production methods, including PCVD, OVD, and VAD, require high technical maturity and precise control, making capacity expansion challenging [1] - The increasing demand for optical fibers and cables will raise capacity requirements for manufacturers, likely driving up utilization rates in the short term [2] Market Outlook - Predictions indicate that global demand for optical fibers and cables could reach hundreds of millions of core kilometers by 2025, maintaining a growth trend [2] - Prices have shown a significant rebound since May, and the construction of AI data centers is expected to continue driving demand and price stability for optical fibers and cables [2] - The industry may experience a supply-demand imbalance in the short term due to limited capacity expansion among global manufacturers [2] Recommended Companies - Companies recommended for investment include Hengtong Optic-Electric (600487.SH) and Zhongtian Technology (600522.SH) [2] - Beneficiary companies include Yangtze Optical Fibre and Cable (06869, 601869.SH), Yongding Co., Ltd. (600105.SH), FiberHome Technologies Group (600498.SH), and TeFa Information (000070.SZ) [2]

Core Viewpoint - The report from Kaiyuan Securities indicates that the demand for optical fibers and cables is expected to increase due to the ongoing iteration of AI large model training and the accelerated application of AI in inference, which will drive global demand for optical fibers and cables [1] Group 1: Demand Drivers - The massive data flow demand within data centers, along with the collaboration of high-end single-mode and multi-mode fibers and ultra-high-speed optical modules, is likely to enable efficient short-distance data transmission and flexible interconnection, pushing intelligent computing centers towards higher density and lower power consumption [1] - The development of new technologies such as hollow-core fibers, which offer advantages like low latency, broad bandwidth, low loss, and low nonlinearity, is being actively promoted both domestically and internationally, suggesting a gradual increase in demand for hollow-core fibers in the long term [1] Group 2: Market Outlook - In the short term, there may be a supply-demand imbalance, with limited capacity for global manufacturers to expand production, potentially leading to a situation of supply shortage [1] - The demand and prices for optical fibers and cables are expected to maintain a steady upward trend, driven by the robust growth of AI and the resulting needs for interconnection within data centers and DCI [1] Group 3: Recommended Stocks - Recommended stocks include Hengtong Optic-Electric and Zhongtian Technology, while beneficiaries include Yangtze Optical Fibre and Cable, Yongding Co., Fenghuo Communication, and TeFa Information [1]

Market Overview - The Shanghai Composite Index rose by 0.07% on December 23, with nine sectors experiencing gains, led by the power equipment and building materials sectors, which increased by 1.12% and 0.88% respectively [1] - The social services and beauty care sectors saw the largest declines, with decreases of 2.07% and 1.65% respectively [1] - The communication sector fell by 0.53% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 44.851 billion yuan, with four sectors seeing net inflows [1] - The power equipment sector led the net inflow with 3.793 billion yuan, followed by the basic chemical sector with a net inflow of 1.002 billion yuan and a daily increase of 0.22% [1] - A total of 27 sectors experienced net capital outflows, with the defense and military industry facing the largest outflow of 8.698 billion yuan, followed by the communication sector with an outflow of 5.470 billion yuan [1] Communication Sector Performance - The communication sector had 124 stocks, with 28 stocks rising and 96 stocks declining; three stocks hit the daily limit up [2] - The top three stocks with the highest net inflow in the communication sector were Zhongguang Fang Lei (3.68 billion yuan), Lian Te Ke Ji (2.73 billion yuan), and De Ke Li (2.10 billion yuan) [2] - The stocks with the largest net outflows included Tongyu Communication (7.70 billion yuan), Xin Yisheng (6.78 billion yuan), and Fenghuo Communication (5.42 billion yuan) [2][4] Communication Sector Capital Inflow and Outflow - The top inflow stocks in the communication sector included: - Zhongguang Fang Lei: +20.00%, turnover rate 24.64%, net inflow 368.42 million yuan - Lian Te Ke Ji: +7.68%, turnover rate 30.69%, net inflow 272.82 million yuan - De Ke Li: +2.52%, turnover rate 12.24%, net inflow 210.46 million yuan [2] - The top outflow stocks in the communication sector included: - Tongyu Communication: -7.64%, turnover rate 44.08%, net outflow -770.33 million yuan - Xin Yisheng: -1.08%, turnover rate 3.34%, net outflow -678.16 million yuan - Fenghuo Communication: -4.03%, turnover rate 8.18%, net outflow -542.48 million yuan [4]

Company Overview - YF Communication Technology Co., Ltd. is located in Wuhan, Hubei Province, and was established on December 25, 1999, with its listing date on August 23, 2001 [1] - The company's main business involves the research, production, and sales of network information security products and mobile information products [1] - The revenue composition of the company is as follows: 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 - On December 23, YF Communication's stock fell by 5.08%, trading at 27.10 yuan per share, with a total transaction volume of 2.621 billion yuan and a turnover rate of 7.44% [1] - The total market capitalization of the company is 36.806 billion yuan [1] Shareholder Information - Among the top ten circulating shareholders of YF Communication, a fund under Southern Fund holds a significant position [2] - The Southern CSI 500 ETF (510500) increased its holdings by 539,600 shares in the third quarter, bringing its total to 11.102 million shares, which accounts for 0.94% of the circulating shares [2] - The estimated floating loss for the ETF today is approximately 16.0979 million yuan [2] Fund Manager Details - The fund manager of Southern CSI 500 ETF (510500) is Luo Wenjie, who has been in the position for 12 years and 249 days [3] - The total asset size of the fund is 170.251 billion yuan, with the best fund return during his tenure being 146.43% and the worst being -47.6% [3]