江苏中天科技股份有限公司 2025 年第一次临时股东会会议资料 时间：2025 年 12 月 16 日(星期二)下午 2:30 地点：江苏省南通经济技术开发区齐心路 88 号公司会议室 参会人员：江苏中天科技股份有限公司（以下简称"公司"）股东及股东代 表、董事、高级管理人员及公司聘请的见证律师 二〇二五年十二月十六日 1 江苏中天科技股份有限公司 2025 年第一次临时股东会会议资料 江苏中天科技股份有限公司 2025 年第一次临时股东会议程 会议议程： 一、主持人宣布会议开始 二、介绍股东到会情况 三、介绍本次会议见证律师 四、推选监票人 五、宣读会议审议事项： 议案一：关于修订《江苏中天科技股份有限公司关联交易管理制度》的议案 ................................................................... 3 议案二、关于部分募投项目结项并将节余募集资金用于新增募投项目的议案 ................................................................... 4 议案三、关于预计 2026 年度日 ...

| 序号 | | 股东名称 | 持股比例 ÷ | 认缴出资额 # | 认缴出资日期 # 首次持股日期 # | | | --- | --- | --- | --- | --- | --- | --- | | | | > 郑州天河通信科技有限公司 | 100% | 500万元 | 2030-11-20 | 2025-11-28 | | | 级 | 河南省通信电缆有限公司 | 51.00% | 28050万元 | 2030-12-31 | | | | 計 課 | 江苏中天科技股份有限公司 | 49.00% | 26950万元 | 2030-12-31 | | | 合 缔造有远儿的商业传 | 郑州捷贸通信科技有限公司 | | 8 查一下 | | 企业中心 ー 応用 ▼ | 0 0 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 基本信息 9 | 法律诉讼 | 经营风险 | 经营信息 | 企业发展 | 知识产权 | D | | | 工商信息 ● | | | | | | | | | 工商信息 | 历史工商信息 | | | 目 文字介绍 | 5 工商官网快照▶ ...

Core Insights - The quantum communication industry is characterized by a focus on integrating various technologies to enhance competitiveness, with Guodun Quantum as the core player leading in multiple sectors including quantum communication, computing, and precision measurement [1][2]. Company Overview - Guodun Quantum (688027.SH) is the only listed company covering the entire quantum communication, computing, and precision measurement sectors, with 588 patents and involvement in national projects like the "Beijing-Shanghai Backbone" [3]. - Other notable companies include Keda Guokuan (300520.SZ), Shenzhou Information (000555.SZ), and Huagong Technology (000988.SZ), which have high relevance in quantum technology due to their specialized developments and applications [2][3]. Financial Performance - In H1 2025, Hengtong Optics (600487.SH) and Zhongtian Technology (600522.SH) led the revenue with 32.05 billion and 23.6 billion respectively, while Guodun Quantum and Electric Science Cyber Security (002268.SZ) reported lower revenues as they focus on niche markets [4][6]. - The gross profit margins varied significantly, with Dipu Technology (300768.SZ) achieving the highest at 62.4%, followed by Tianfu Communication (300394.SZ) at 50.8% and Guodun Quantum at 48.4% [5][6]. Regional Layout - The quantum communication industry shows a clear clustering in the Yangtze River Delta, with major cities like Shanghai and Hefei being key locations for many companies, while the Beijing-Tianjin-Hebei region focuses on governmental and financial applications [7][9]. Business Planning - Guodun Quantum aims to commercialize low-cost quantum technology and expand into consumer markets, while other companies like Hengtong and Zhongtian are accelerating the industrialization of quantum optical cables and exploring 5G integration [15][17].

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300638 | 广和通 | 32.38 | 20.01% | 145.74万 | 45.28亿 | | 600734 | 实达集团 | 5.59 | 10.04% | 638.56万 | 33.47亿 | | 603803 | 瑞斯康达 | 11.43 | 10.01% | 54.24万 | 6.04亿 | | 002792 | 通宇通讯 | 26.16 | 10.01% | - 3.09万 | 8074.41万 | | 000063 | 中兴通讯 | 46.30 | 10.00% | 327.26万 | 146.66亿 | | 002881 | 美格智能 | 45.87 | 10.00% | 12.59万 | 5.61亿 | | 920374 | 云里物里 | 25.90 | 7.47% | 2.29万 | 5869.62万 | | 300555 | ST路通 | 13.63 | 7.15% | 8.08万 | 1.08亿 | | 920249 ...

Core Viewpoint - The A-share market shows positive momentum with the electric grid equipment ETF (159326) experiencing a notable rebound, driven by increased demand for electricity due to AI advancements and aging power grids in developed countries [1] Group 1: Market Performance - As of 14:00 on December 1, the electric grid equipment ETF (159326) rose by 0.64% with a trading volume of 196 million yuan [1] - The ETF has seen a net inflow of 139 million yuan over the past two days, bringing its total size to over 2 billion yuan, a record high since its inception [1] Group 2: Industry Insights - High demand for electricity is anticipated due to the explosion of AI computing power, with Goldman Sachs projecting a 160% increase in electricity demand from global data centers by 2030 [1] - Aging power grids in Europe and the U.S. require urgent upgrades, leading to a forecasted global investment in power grids exceeding 400 billion dollars [1] - CITIC Securities indicates that the high demand for electricity driven by AI will significantly boost the need for supporting electrical equipment [1] Group 3: ETF Composition - The electric grid equipment ETF (159326) is the only ETF tracking the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as power transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment [1] - The index has a high weight of 65% in ultra-high voltage components, the highest in the market [1]

Core Viewpoint - Zhongtian Technology achieved a net profit attributable to shareholders of 2.34 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 1.2%, while Q3 net profit was 770 million yuan, down 9.4% year-on-year [1] Group 1: Financial Performance - The company reported a net profit of 2.34 billion yuan for Q1-Q3 2025, with a year-on-year growth of 1.2% [1] - In Q3 2025, the net profit was 770 million yuan, reflecting a decline of 9.4% compared to the same period last year [1] - The decline in Q3 performance was primarily attributed to changes in the fair value of held stocks [1] Group 2: Business Development - The company is actively expanding its hollow core fiber optic business, which is expected to benefit from the improvement in offshore wind energy market conditions [1] - Collaborations with major domestic communication equipment manufacturers have led to successful trials of hollow core fiber in data center internal connections, addressing the increasing demand for high-speed and stable transmission in AI data centers [1] - The successful application of "hollow core fiber technology" marks a significant transition from technology reserve to project implementation [1] Group 3: Future Outlook - The company has a sufficient order backlog and is expected to benefit from the improving conditions in the offshore wind energy sector [1] - Profit forecasts for 2025-2027 are set at 3.41 billion, 4.16 billion, and 4.96 billion yuan, with year-on-year growth rates of 20%, 22%, and 19% respectively [1] - The current stock price corresponds to price-to-earnings ratios of 16, 13, and 11 times for the years 2025, 2026, and 2027 [1] - The investment rating is maintained at "Buy" [1]

南财投研通数据显示，11月24日至11月30日，券商给予上市公司目标价共80次，按最新收盘价计算，目 标价涨幅排名居前的公司有中天科技、爱玛科技、翔楼新材，目标价涨幅分别为66.77%、55.79%、 50.25%，分别属于通信设备、摩托车及其他、特钢行业。 11月24日至11月30日目标价涨幅排名 | 证券代码 | 证券名称 | 机构 | 最新评级 | 醫育目标价 | 目标涨幅 | | --- | --- | --- | --- | --- | --- | | | | | | (元) | (%) | | 600522 | 中天科技 | 国泰海通证券 | 増持 | 26.40 | 66.77 | | 603529 | 爰玛科技 | 中信证券 | ボン | 48.00 | 55.79 | | 301160 | 翔楼新材 | 中信证券 | 派 | 90.00 | 50.25 | | 603998 | 方盛制药 | 国泰海通证券 | 增持 | 16.60 | 44.98 | | 688772 | 珠海冠宇 | 国金证券 | 派 | 32.91 | 43.71 | | 600862 | 中航高科 | 国泰海通证券 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is actively expanding its hollow core fiber optic business, which is expected to benefit from the rising demand in offshore wind energy [5] - The company reported a stable revenue growth of 10.7% year-on-year for the first three quarters of 2025, with a total revenue of 37.97 billion yuan [6] - The company has sufficient orders on hand, amounting to 31.8 billion yuan, which includes 13.1 billion yuan from marine series projects and 16.2 billion yuan from grid construction [6] Financial Performance Summary - For 2023, the company is projected to achieve a revenue of 45.065 billion yuan, with a year-on-year growth rate of 11.91% [5] - The net profit attributable to the parent company for 2025 is estimated at 3.411 billion yuan, reflecting a growth rate of 20.19% [5] - The earnings per share (EPS) for 2025 is expected to be 1.00 yuan, with a price-to-earnings (P/E) ratio of 15.84 [5] Revenue and Profit Forecast - The company’s revenue is forecasted to grow to 53.352 billion yuan in 2025, with a year-on-year growth rate of 11.02% [5] - The net profit is expected to reach 4.160 billion yuan in 2026, with a growth rate of 21.95% [5] - The projected return on equity (ROE) for 2027 is 11.24% [5] Order Backlog and Market Position - As of October 24, 2025, the company has a robust order backlog, which is anticipated to support future performance [6] - The company has successfully applied hollow core fiber technology in data centers, meeting the increasing demand for high-speed and stable transmission [6] - The company remains a leader in the field of direct current cables, having won significant projects in offshore wind energy [6]

- The report introduces a **comprehensive impact coefficient model** to measure the impact of multiple index adjustments on individual stocks. The model is defined as follows: $effect\_total_{s}=\sum_{i=1}^{n}\frac{wt\_chg_{s_{i}}\times fund\_size_{i}}{amount\_avg_{s_{i}}20}$ where $effect\_total_{s}$ represents the comprehensive impact coefficient of stock $s$ across sample indices, $wt\_chg_{s_{i}}$ is the estimated weight change of stock $s$ in index $i$, $fund\_size_{i}$ is the tracking scale of index $i$, and $amount\_avg_{s_{i}}20$ is the average trading volume of stock $s$ over the past 20 days[11] - The report highlights the **impact of index sample stock adjustments** on individual stocks, focusing on the December 2025 periodic adjustments of major indices such as CSI 300, CSI A500, and SSE 50. The analysis includes the calculation of the comprehensive impact coefficient for stocks being added or removed from indices, as well as the potential passive trading impact due to weight adjustments[13][14][16] - The report identifies **stocks with significant positive and negative impact coefficients** due to index adjustments. For example, stocks like Tower Group, Jiangzhong Pharmaceutical, and Zhengbang Technology have positive impact coefficients above 2, while stocks like Deep Expressway and Wanhe Electric have significant negative impact coefficients[16][17][18] - The report evaluates the **impact of weight cap adjustments** for stocks like Zhongji Xuchuang and Xinyisheng in thematic indices such as CS Artificial Intelligence and Communication Equipment. Due to exceeding the weight cap, these stocks are expected to experience passive outflows of approximately 6.3 billion yuan and 2.7 billion yuan, respectively. However, the report concludes that the negative impact is limited due to sufficient liquidity and potential inflows from other indices[5][19][20]