Core Insights - The Chinese tablet market is projected to reach a shipment volume of 33.76 million units in Q4 2025, reflecting a year-on-year growth of 13.1%, with a 7.2% increase in Q4 alone [1] - The "National Subsidy" policy has positively influenced consumer confidence and purchasing decisions, leading to an improved willingness to upgrade devices [1] - Market growth is transitioning from being policy-driven to being driven by product features and consumer demand as the "National Subsidy" policy begins to tighten in some regions [1] Market Performance - In Q4 2025, the Chinese tablet market experienced a year-on-year shipment growth of 7.2%, supported by an ongoing device upgrade cycle and continuous product feature enhancements by manufacturers [1] - Huawei maintained its leading position with a market share of 29.2%, despite a decline of 3.1% from the previous year [2] - Apple ranked second with a market share of 24.5%, showing a year-on-year increase in shipment volume [3] Manufacturer Analysis - Xiaomi held the third position with a market share of 13.1%, achieving double-digit growth in annual shipments [3] - Lenovo and Honor ranked fourth and fifth, with market shares of 9.7% and 8.6% respectively, with Lenovo experiencing a notable increase of 3.0% year-on-year [2] - Huawei's new product, the MatePad Edge, integrates PC-level systems and enhances the tablet's positioning for office and multi-scenario use, maintaining high market attention [2] Future Outlook - The expansion of the user base provides a solid foundation for device upgrades, although rising costs are increasing market uncertainties [3] - There is an urgent need for deeper exploration of AI and scenario-based upgrade paths in the industry [3]

证券日报网讯2月6日，四创电子（600990）在互动平台回答投资者提问时表示，低空基础设施建设包含 多个环节，重点应结合应用场景确定基础设施建设，可能包括雷达、光电、频谱侦测、REMOTEID等 设备进行监视，同时提升通信能力，补充导航地面增强设备，按需配置反制设备等。公司气象雷达根据 功能、波段、技术体制等特性有多维度细分，品类丰富，适配气象、民航、军队等多元化应用场景。 ...

Core Viewpoint - Huayao Electronics has a strong technical foundation in the high-voltage power supply sector, with products including high-voltage special components and transformers, and has secured contracts for significant projects such as the "Chinese Compound Eye" radar high-voltage pulse generator for deep space exploration in Chongqing [1] Group 1: Company Overview - Huayao Electronics specializes in high-voltage power supplies and related components, demonstrating expertise in high-voltage special components and transformers [1] - The company has successfully bid for projects in advanced scientific engineering, indicating its capability in high-stakes technological applications [1] Group 2: Applications and Market Potential - The high-voltage systems from Huayao Electronics are utilized in linear induction accelerators, which have applications in industrial material modification, new material production, sterilization of medical supplies, and food preservation [1] - The company is also a bulk supplier of high-voltage system components to a research institute, showcasing its role in supporting scientific research and industrial applications [1]

Core Viewpoint - Huayao Electronics has a strong technical foundation in the high-voltage power supply sector, with products including high-voltage special components and transformers, and has secured contracts for significant projects such as the "Chinese Compound Eye" radar high-voltage pulse generator for deep space exploration in Chongqing [1] Group 1: Company Overview - Huayao Electronics specializes in high-voltage power supplies and related components, demonstrating expertise in high-voltage special components and transformers [1] - The company has successfully bid for projects in advanced scientific engineering, indicating its capability in high-stakes technological applications [1] Group 2: Applications and Market Potential - The high-voltage systems from Huayao Electronics are utilized in linear induction accelerators, which have applications in industrial material modification, new material production, sterilization of medical supplies, and food preservation [1] - The company is also a bulk supplier of high-voltage system components to a research institute, showcasing its role in supporting scientific research and industrial applications [1]

Core Insights - The active phased array radar (APAR) is a cornerstone of national defense and a key infrastructure for the digital economy, featuring advantages such as non-inertial scanning and multi-target tracking [1][2] - China's policies are promoting the technological iteration and civilian application of APAR, accelerating its penetration into the civilian economy [1][5] - The industry is characterized by a foundation in military applications, explosive growth in civilian markets, and leading technology, with the market expected to reach approximately 43.5 billion yuan by 2025 [1][5] Industry Overview - Active phased array radar (AESA) utilizes independent T/R components for each antenna unit, allowing for flexible beam steering and high data rates, overcoming the limitations of traditional mechanical scanning radars [2][3] - The classification of AESA includes analog, digital, and software-defined types, with applications spanning military and civilian sectors [3][4] Policy Environment - Recent policies in China, such as the "General Aviation Equipment Innovation Application Implementation Plan (2024-2030)" and others, support the development of APAR technology and its integration into civilian applications [5] - These policies aim to enhance core technology, expand application scenarios, and foster collaboration between academia and industry, facilitating the transition from military to civilian use [5] Current Industry Status - The APAR industry in China is in a golden development phase, characterized by technological independence, accelerated military-civilian integration, and steady market expansion [5][6] - The military market is expected to reach 44.8 billion yuan by 2030, with a compound annual growth rate (CAGR) of 10.7% from 2024 to 2030, while the civilian market is projected to reach 36.7 billion yuan with a CAGR of 21.5% [5][6] Industry Chain - The APAR industry has established a complete upstream, midstream, and downstream ecosystem, with significant domestic production capabilities [6] - Upstream focuses on core materials like GaN and GaAs, while midstream involves system integration and manufacturing led by state-owned enterprises [6] Development Trends - Future advancements in the APAR industry will focus on technological iteration, industrial upgrades, and application expansion, fostering a positive development environment [11][12] - Key trends include the widespread adoption of GaN materials, the integration of AI in radar technology, and the expansion of application scenarios in both military and civilian sectors [11][12][13]

Core Viewpoint - The low-altitude economy sector is showing mixed results for 2025, with 22 companies expected to be profitable while another 22 are projected to incur losses, indicating a significant divergence in performance within the industry [3]. Performance Forecast Summary Profit Growth - 11 companies are expected to report profit increases, with notable projections including: - Xinzhi Group (002664.SZ) and Shangluo Electronics (300975.SZ) anticipating several-fold increases in net profit [4]. - Weihai Guangtai (002111.SZ), Tongyu Heavy Industry (300185.SZ), and Guangyang Co. (002708.SZ) expecting over 50% growth in net profit [4]. - Wan Feng Aowei (002085.SZ) and Zongshen Power (001696.SZ) also forecasted net profit growth [4]. Losses - 22 companies are projected to incur losses, with several notable cases: - Zhongtian Rocket (003009.SZ) and Andavil (300719.SZ) have shifted from profit to loss [7]. - Haige Communication (002465.SZ) is investing heavily in R&D, leading to increased costs and a projected loss [7]. - Companies like Aerospace Power (600343.SH) and Sihua Electronics (600990.SH) are also expected to continue reporting losses [8]. Industry Insights - The low-altitude economy's contribution to overall profits remains limited, with most revenue still coming from aircraft manufacturing and infrastructure construction [3]. - Companies like Wan Feng Aowei are leveraging their low-altitude business to drive profit growth, supported by strong orders in general aviation aircraft manufacturing and strategic acquisitions [5]. - The industry is witnessing a shift towards commercial applications of low-altitude technologies, with companies preparing for a significant commercialization phase in 2026 [9][10]. Strategic Developments - Companies are increasingly focusing on integrating low-altitude infrastructure and management platforms, as seen with Suzhou Keda's strategic investments in civil aviation infrastructure [11]. - The emphasis on R&D and market expansion in emerging fields like low-altitude economy is evident, with companies aiming to enhance their competitive edge through innovative solutions [7][11].

二、离任对公司的影响 根据《公司法》《公司章程》的有关规定，潘洁女士的辞职报告自送达董事 会之日起生效，将按照公司相关规定做好离任交接工作，其辞职不会对公司的日 常生产经营产生不利影响。截至本公告披露日，潘洁女士持有公司股权激励限制 性股票 15,783 股，不存在应当履行而未履行的承诺事项。公司董事会对潘洁女 士任职期间为公司做出的贡献表示衷心感谢! 特此公告。 四创电子股份有限公司董事会 2026 年 1 月 28 日 证券代码：600990 证券简称：四创电子 公告编号：临 2026-009 四创电子股份有限公司 关于公司财务总监离任的公告 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。 姓名 离任职务 离任时间 原定任期到 期日 离任原因 是否继续在 上市公司及 其控股子公 司任职 具体职务 是否存在 未履行完 毕的公开 承诺 潘洁 财务总监 2026 年 1 月 27 日 2027 年 7 月 17 日 工作调动 是 安徽博微长安电子有限公司董事、董 事会审计委员会主任委员 否 一、离任的基本情况 ...

四创电子股份有限公司董事会 2026 年 1 月 28 日 证券代码：600990 股票简称：四创电子 编号：临 2026-011 四创电子股份有限公司 关于聘任财务总监的公告 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。 公司董事会提名委员会已对朱诚先生的任职资格进行审查，认为朱诚先生具 备担任公司高级管理人员的资格、专业能力和条件，不存在《中华人民共和国公 司法》规定的不得担任上市公司高级管理人员的情形。未受到过中国证监会及其 他有关部门的处罚和惩戒，不存在被中国证监会认定为市场禁入者且尚未解除的 情况，也不存在被上海证券交易所公开认定为不适合担任上市公司高级管理人员 的情形。公司董事会审计委员会审核通过。截至本公告披露日，朱诚先生未持有 公司股份，与公司的董事、高级管理人员、实际控制人及持股 5%以上的股东不 存在关联关系。 特此公告。 2026 年 1 月 27 日，四创电子股份有限公司（以下简称"公司"）召开第八 届董事会第十三次会议，审议通过《关于聘任公司财务总监的议案》，董事会同 意聘任朱诚先生为公司财务总监， ...

证券代码：600990 股票简称：四创电子 编号：临 2026-010 四创电子股份有限公司 八届十三次董事会决议公告 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。 二、审议通过《关于聘任公司财务总监的议案》 根据总经理提名，聘任朱诚先生为公司财务总监，该议案已经公司董事会提 名委员会2026年第二次会议和董事会审计委员会2026年第一次会议审议通过，确 认朱诚先生符合高级管理人员的任职资格，不存在《公司法》和《公司章程》中 规定的不得担任公司高级管理人员的情形。 同意 9 票，反对 0 票，弃权 0 票。具体内容详见公司在上海证券交易所网 站（www.sse.com.cn）披露的《关于聘任财务总监的公告》（编号：临 2026-011）。 一、审议通过《关于调整公司第八届董事会专门委员会委员的议案》 同意调整公司第八届董事会专门委员会，名单如下： 战略委员会：张成伟(主任)、任小伟、张春城、朱迅、张小旗、孙怡宁、 沈泽江 审计委员会：杨模荣(主任)、张小旗、王宁、沈泽江、孙怡宁 提名委员会：沈泽江(主任)、任小伟、朱迅、杨模 ...

Group 1 - The company Sichuan Chuang Electronics held its eighth board meeting on January 27, 2026, in Hefei, where it reviewed the proposal for appointing a new Chief Financial Officer [1] Group 2 - International gold prices have surpassed $5,000, marking a 280% increase over the past seven years, with experts suggesting that the future trend will depend significantly on the U.S. dollar and factors such as the international monetary system, interest rate cuts, and technological revolutions [1]