- 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]

证券日报网讯 11月28日晚间，中天科技发布公告称，公司于2025年11月28日召开第九届董事会第八次 会议，全票审议通过了《关于2026年度预计对外担保额度的议案》。2026年，公司主营业务将继续围绕 能源网络、通信网络等领域。为满足控股子公司对生产经营所需流动资金的实际需要，公司拟为其提供 担保。本次为控股子公司提供担保额（包括贷款、银行承兑汇票、外汇衍生品交易、信用证、保函以及 日常经营发生的履约类担保等）总金额为5，664，538.00万元。本次担保事项尚需提交公司股东会审 议。 （文章来源：证券日报） ...

Core Viewpoint - The regular adjustment of index samples for various indices including CSI 300, CSI 500, CSI 1000, CSI A50, CSI A100, and CSI A500 will take effect after the market closes on December 12, as announced by China Securities Index Co., Ltd. on November 28 [1]. Group 1: CSI 300 Index Adjustments - The CSI 300 index will replace 11 samples, with new additions including Guolian Minsheng, Guangqi Technology, Ningbo Port, Huadian New Energy, Dongshan Precision, Zhongtian Technology, Zhinanceng, and Light Media. The removed samples include FAW Liberation, Oppein Home, Flat Glass, Longyuan Power, and Trina Solar [2][3]. - The number of samples in the information technology and communication services sectors will increase by 4 and 2 respectively, with weightings rising by 1.46% and 0.75% [5]. Group 2: CSI 500 Index Adjustments - The CSI 500 index will replace 50 samples, with new additions such as Dongfang Yuhong, Heertai, Huahong Company, Yantian Port, Dazhu CNC, Oppein Home, Zhongce Rubber, and Supor. Removed samples include China Great Wall, Semir Apparel, Zhongwen Media, and Wangfujing [5]. - The industrial sector will see an increase of 11 samples, with a weighting rise of 2.48% [6]. Group 3: CSI 1000 Index Adjustments - The CSI 1000 index will replace 100 samples, with new additions including Fenghua Hi-Tech, Shijia Photon, Guoji Precision, Yongding Co., Fuling Pickled Cabbage, Galaxy Magnet, and Hanyu Pharmaceutical [6]. - The number of samples in the communication services and industrial sectors will increase by 6 and 2 respectively, with weightings rising by 0.44% and 0.37% [6]. Group 4: Other Indices Adjustments - The CSI A50 index will replace 4 samples, with new additions including Zhongji Xuchuang, Huagong Technology, Guangqi Technology, and Shenghong Technology, while removing ZTE, Sanhuan Group, Shanghai Airport, and Hualu Hengsheng [7]. - The CSI A100 index will replace 6 samples, with new additions such as Dongfang Fortune, Guangqi Technology, and Zhongke Shuguang, while removing Shanghai Airport, Unisplendour, and CITIC Securities [8]. - The CSI A500 index will replace 20 samples, with new additions including Zhongtian Technology, Genesis, Borui Pharmaceutical, Guotai Haitong, and Chip Origin [9].

重要内容提示： 担保对象及基本情况 | 江苏中天科技股份有限公司下属控 | 被担保人名称 | 股子公司 | | | | | --- | --- | --- | --- | --- | --- | | 本次担保金额 | 5,664,538.00 | 万元 | 担 | 保 | 对 | | 实际为其提供的担保余额 | 1,210,144.91 | 万元 | 象 | | | | □是 | □否 | 不适用：2026 | 年预 | 是否在前期预计额度内 | 计额度 | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | | | 证券代码：600522 证券简称：中天科技 公告编号：临 2025-073 江苏中天科技股份有限公司 关于预计 2026 年度对外担保额度的公告 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。 累计担保情况 | 对外担保逾期的累计金额（万元） | | 0 | | --- | --- | --- | | 截至 2025 年 10 月 31 日上市公司 | | | | 及其控股子公司 ...

证券代码：600522 证券简称：中天科技 公告编号：临 2025-072 ● 本次预计关联交易事项尚需提交股东会审议。 ● 公司关联交易出于正常的生产经营需要，以市场价格为定价依据，遵循 公开、公平、公正的原则，不影响本公司的独立性，不会对关联人形成较大依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 江苏中天科技股份有限公司 关于预计2026年度日常关联交易的公告 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： 2025年11月27日，江苏中天科技股份有限公司（以下简称"公司"）召开了 独立董事专门会议2025年第四次会议，审议通过了《关于预计2026年度日常关联 交易的议案》（3票同意，0票反对，0票弃权）。 独立董事专门会议认为：公司本次预计2026年日常关联交易是出于公司生产 经营需要，并履行了规定的决策程序，不存在损害公司及股东利益的情形。全体 独立董事同意关于预计2026年度日常关联交易的议案。 2025年11月27日，公司召开了董事会审计委员会2025年第九次会议，审议通 过了 ...

证券代码：600522 证券简称：中天科技 公告编号：临 2025-074 江苏中天科技股份有限公司 关于召开2025年第一次临时股东会的通知 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： 一、召开会议的基本情况 （一）股东会类型和届次 2025年第一次临时股东会 （二）股东会召集人：董事会 （三）投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结 合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 16 日 14 点 30 分 召开地点：江苏省南通经济技术开发区齐心路 88 号公司会议室 股东会召开日期：2025年12月16日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 （七）涉及公开征集股东投票权 无 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 16 日 至2025 年 12 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时 ...

证券代码：600522 证券简称：中天科技 公告编号：临 2025-071 江苏中天科技股份有限公司 第九届董事会第八次会议决议公告 表决结果：同意 8 票（关联董事薛驰先生回避表决），反对 0 票，弃权 0 票。 本议案尚需提交股东会审议。 2、审议通过了《关于预计 2026 年度对外担保额度的议案》。 详见 2025 年 11 月 29 日公司刊登在《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《江苏中天科技股份有限公司关 于预计 2026 年度对外担保额度的公告》（公告编号：临 2025-073）。 一、董事会会议召开情况 江苏中天科技股份有限公司（以下简称"公司"）于 2025 年 11 月 24 日以电 子邮件等方式发出了关于召开第九届董事会第八次会议的通知。本次会议于 2025 年 11 月 28 日以通讯方式召开，应参会董事 9 名，实际参会董事 9 名。本 次会议由董事长薛驰先生主持，会议的召集、召开符合有关法律、行政法规、部 门规章、规范性文件和《公司章程》的规定，表决形成的决议合法、有效。 二、董事会会议审议情况 会议以记名投票的方式审议通 ...

Core Insights - Wind energy stands out among renewable energy sources due to its economic viability, rapid development, and strong commercialization potential [1][4] - The demand for wind energy cables is increasing significantly due to advancements in wind power technology, making it a rising star in the cable industry [1][6] - The market size of China's wind energy cable industry is projected to reach 47.4 billion yuan in 2024, representing a year-on-year increase of 41.0% [1][7] - The growth of the wind power sector is expected to drive further investments in offshore wind power, leading to increased demand for wind energy cables [1][7] Wind Energy Cable Industry Overview - Wind energy cables are designed for the unique environments of wind power generation systems, featuring high-pressure current capacity, high-temperature resistance, and durability against environmental factors [3][6] - The cables are categorized into onshore and offshore types, with specific requirements for each based on their application [3][6] Industry Development Background - The Chinese government has prioritized the development of renewable energy, particularly in wind energy, as outlined in various policy documents [4][5] - The increasing demand for wind energy cables is driven by the growth of wind power projects and advancements in technology [4][5] Industry Chain - The wind energy cable industry consists of upstream raw materials (copper, aluminum, polyethylene, PVC), midstream manufacturing, and downstream wind power applications [5][6] Current Industry Status - The cumulative installed capacity of wind power in China reached 580 million kilowatts by September 2025, with a year-on-year growth of 21.3% [6] - Wind energy cables play a crucial role in connecting various components of wind power systems and transmitting generated electricity to the grid [6][7] Competitive Landscape - The wind energy cable market has traditionally been dominated by established companies from Europe, the US, Japan, and South Korea, but Chinese companies are rapidly gaining market share [7][8] - Key domestic players include Zhongtian Technology, Hengtong Optic-Electric, and Oriental Cable, with notable advancements in technology and market presence [7][8] Industry Development Trends - The wind energy cable industry is expected to evolve towards higher performance, efficiency, and smart technology applications [11][12] - The market size is anticipated to continue growing rapidly due to increasing global emphasis on renewable energy and offshore wind power development [11][12] - Companies are likely to expand into overseas markets, leveraging technological advancements and addressing global demand gaps [12]

Core Viewpoint - The leakage cable industry is a significant segment of the cable sector, focusing on the production of specialized cables with signal transmission and antenna functions, experiencing continuous growth due to rapid advancements in mobile communication and rail transit sectors, supported by favorable national policies [1][9]. Industry Overview - Leakage cables, also known as leakage coaxial cables, are designed with periodic slots in the outer conductor, allowing electromagnetic wave transmission and radiation, making them essential for wireless communication in confined spaces like subways and tunnels [3][4]. - The leakage cable market in China reached a size of 2.9 billion yuan in 2019, projected to grow to 6.21 billion yuan by 2024, with a compound annual growth rate (CAGR) of 16.4% [1][10]. Industry Chain - The leakage cable industry consists of three main segments: upstream (raw material suppliers), midstream (manufacturing), and downstream (application fields). The upstream includes suppliers of metals like copper and aluminum, while the midstream focuses on the production processes, and the downstream involves applications in various sectors such as transportation and security [6][7]. - Copper is the primary raw material for leakage cables, with China's copper production maintaining over 20 million tons annually. In 2023, copper production decreased by 3.04%, but is expected to rebound by 6.01% in 2024 [7]. Market Dynamics - The urban rail transit sector is a major application area for leakage cables, with the total operational mileage of urban rail transit in China expected to increase from 7,973.41 kilometers in 2020 to 12,160.77 kilometers by 2024, enhancing the demand for reliable signal systems [8][9]. - Domestic companies like Zhongtian Technology and Tongding Interconnection have made significant technological advancements, breaking foreign monopolies in high-end leakage cable markets [11]. Development Trends - High performance is a key future trend, with leakage cables expected to evolve towards higher transmission rates, lower losses, and stronger anti-interference capabilities, particularly to meet the demands of 5G technology [14]. - The application scenarios for leakage cables are diversifying beyond traditional uses, with emerging areas such as smart mining and emergency communications gaining traction [15]. - Industry consolidation is anticipated, with leading companies likely to integrate vertically to control raw material supply and expand their market presence through strategic partnerships and acquisitions [16].

Investment Rating - Maintain Outperform rating with a target price of RMB 26.4, based on a 20.30x PE for 2026 [5][9]. Core Insights - Performance slightly below expectations, with Q3 2025 revenue of RMB 37.97 billion, up 10.65% YoY, and net profit attributable to shareholders at RMB 2.34 billion, up 1.19% YoY [10]. - The company has a strong order backlog in the marine business, with energy interconnection orders totaling RMB 31.8 billion, including RMB 13.1 billion from marine business [10]. - A breakthrough in hollow-core fiber projects has been achieved, with successful pilot applications in data centers [11]. Financial Summary - Projected total revenue for 2023A is RMB 45,065 million, with a growth rate of 11.9% [4]. - Net profit attributable to shareholders for 2025E is projected at RMB 3,247 million, with an EPS of RMB 0.95 [5]. - The company expects a steady increase in revenue, reaching RMB 66,576 million by 2027E, with a CAGR of 10.8% [4].