四创电子股份有限公司 2024 年年度股东大会会议资料 四创电子股份有限公司 2024 年年度股东大会会议资料 目录 一、会议议程 二、议案 三、决议 四、股东大会法律意见书 1/39 四创电子股份有限公司 2024 年年度股东大会会议资料 一、会议议程 会议主持人：张成伟先生 现场会议时间：2025年5月28日（星期三），下午14:30 网络投票时间：2025年5月28日（星期三） 采用上海证券交易所网络投票，通过交易系统投票平台的投票时间为股东大 会召开当日的交易时间段：上午9:15－9:25，9:30-11:30,下午13:00－15:00； 通过互联网投票平台的投票时间为股东大会召开当日的9:15-15:00 现场会议地点：四创电子高新区会议室 1.股东及股东代表现场投票 2.推举唱票人、计票人、监票人 2/39 （一）主持人宣布会议开始 （二）与会人员听取议案汇报并审议 1.《2024 年度董事会工作报告》 2.《2024 年度监事会工作报告》 3.《2024 年度财务决算报告》 4.《2025 年度财务预算报告》 5.《2024 年度利润分配预案》 6.《2024 年年度报告全文和摘要》 7.《关 ...

Group 1 - The military industry sector is experiencing multiple positive developments, with significant activity in military stocks, particularly Chengfei Integration achieving a nine-day consecutive rise [1] - The Aerospace ETF (159227) showed a rebound with a 0.81% increase, and notable stocks such as Aerospace Rainbow hitting the daily limit and unmanned drones rising over 7% [1] - The China Securities Regulatory Commission released revised regulations on major asset restructuring for listed companies, which may significantly benefit restructuring stocks, particularly in the military sector [1] Group 2 - The National Aerospace Index, tracked by the Aerospace ETF, has a high concentration in core military companies, with the military industry accounting for 99.2% of the index [2] - The National Aerospace Index has a higher weight in aerospace and aviation equipment, with 73% compared to 40% in the CSI Military Index and 53% in the CSI Defense Index [2]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, suggesting an increase in industry focus [5][29]. Core Insights - Recent uncertainties in orders and the easing of tensions between India and Pakistan have led to a pullback in military stocks. However, the report anticipates that as orders stabilize and military trade continues to materialize, the military market will gradually stabilize and trend upward [5]. - China's military trade is expected to enter a rapid growth phase, with increased international recognition of Chinese military products during the India-Pakistan conflict, thereby expanding the market space and valuation for the entire industry [5]. - The fundamental changes in the military sector are solidifying the basis for industry growth, with the military construction entering a critical phase as the centenary of the army approaches, focusing on quality and quantity improvements [5]. - The report highlights the simultaneous development of multiple satellite constellations in communication, remote sensing, and computing, indicating an acceleration in domestic commercial aerospace development [5]. - The report recommends increasing attention to the military sector, particularly on elastic/theme varieties, with specific focus on precision-guided weapons, underwater capabilities, AI/robotics, and traditional aircraft supply chains [5]. Market Review - Last week, the Shenwan Defense and Military Index fell by 5.71%, underperforming compared to the Shanghai Composite Index, which fell by 0.05%, and the CSI 300 Index, which fell by 0.04% [6][11]. - The report notes that the defense and military sector's 5.71% decline ranked last among 31 Shenwan primary industry sectors [6]. - The top five performing stocks in the defense and military sector last week were Chengfei Integration (46.43%), Lijun Shares (44.15%), Tongda Shares (19.92%), Chunxing Precision (11.23%), and ST Ruike (8.72%) [12]. - Conversely, the bottom five performing stocks were Aerospace Changfeng (-14.76%), Hongyuan Electronics (-13.82%), Sichuan Electronics (-12.92%), Huawu Shares (-12.82%), and Optoelectronics Shares (-12.71%) [13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 74.13, placing it in the upper range historically, with a valuation percentile of 64.19% since January 2014 and 89.96% since January 2019 [12]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment PE valuations at relatively high levels since 2020 [12]. Key Valuation Targets - The report lists key valuation targets in the military sector, including companies like Feilihua, Tianqin Equipment, and Chengdu Huami, with projected earnings and PE ratios for the coming years [21][24].

过了《关于向全资子公司安徽博微长安电子有限公司提供委托贷款暨关联交易的 议案》，公司以自有资金委托中国电子科技财务有限公司向博微长安发放贷款金 额不超过 3,450 万元，有效期自董事会审议通过、贷款发放日起不超过 1 年(可 提前还款)，利率参照同期财务公司贷款利率执行，手续费率为万分之一点五。 详见公司于 2024 年 4 月 27 日在上海证券交易所网站（www.sse.com.cn）披露的 《关于向全资子公司安徽博微长安电子有限公司提供委托贷款暨关联交易的公 告》（临 2024-022）。 托贷款合同》（C24202405003）及《委托贷款展期协议书》，公司委托中国电子 科技财务有限公司向博微长安提供委托贷款 3,450 万元，委托贷款期限自 2024 年 5 月 16 日起至 2025 年 5 月 14 日止，委托贷款利率为 3.60%。 该本金对应的利息 125.2350 万元，上述利息支付及本金归还均未出现逾期。截 至本公告日，公司无委托贷款。 特此公告。 证券代码：600990 证券简称：四创电子 公告编号：临 2025-012 四创电子股份有限公司 关于全资子公司安徽博微长安电子有限公司 ...

证券代码：600990 证券简称：四创电子 公告编号：临 2025-012 四创电子股份有限公司 关于全资子公司安徽博微长安电子有限公司 归还委托贷款的公告 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。 2024 年 4 月 26 日，公司七届二十九次董事会、七届二十三次监事会审议通 过了《关于向全资子公司安徽博微长安电子有限公司提供委托贷款暨关联交易的 议案》，公司以自有资金委托中国电子科技财务有限公司向博微长安发放贷款金 额不超过 3,450 万元，有效期自董事会审议通过、贷款发放日起不超过 1 年(可 提前还款)，利率参照同期财务公司贷款利率执行，手续费率为万分之一点五。 详见公司于 2024 年 4 月 27 日在上海证券交易所网站（www.sse.com.cn）披露的 《关于向全资子公司安徽博微长安电子有限公司提供委托贷款暨关联交易的公 告》（临 2024-022）。 2024 年 5 月 16 日，公司与中国电子科技财务有限公司、博微长安签署《委 托贷款合同》（C24202405003）及《委托贷款展期协议书》， ...

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3][36]. Core Insights - The low-altitude economy index increased by 9.8% this week, with an average daily trading volume of 31.152 billion yuan, indicating a significant rise in market activity and valuation [3][13]. - The military performance of Chinese weaponry in the India-Pakistan conflict has led to a reevaluation of the aerospace sector's value, particularly in the military industry [3][13]. Sector Performance - The low-altitude economy index outperformed the Shanghai and Shenzhen 300 index by 7.92% this week [3][13]. - The price-to-earnings ratio (TTM) reached 96.48, placing it in the 99.58% percentile over the past year [3][13]. - The average daily net inflow of main funds was 254 million yuan, indicating a shift towards net inflows from major investors [3][13]. Individual Stock Performance - The top five performing stocks this week were Chenxi Aviation, Aerospace Nanhu, Aileda, Sichuan Electronics, and Andavil, with significant weekly gains [4][18]. - Conversely, the five stocks with the largest declines included Wolong Electric Drive, Yingboer, Bozhong Precision, Xiaopeng Motors-W, and *ST Shengxun [4][18]. Industry Dynamics - The report highlights the release of the "2024 County (District) Low-altitude Economy Industry Development Index Report," which evaluates various indicators across leading counties and cities [5][22]. - A low-altitude regulatory service platform has been established in Qingdao, enhancing the management and monitoring of low-altitude airspace [5][22]. - Four major low-altitude economic projects have been signed in Shanghai's Qingpu District, focusing on various aspects of the low-altitude economy [5][23]. Policy Developments - Sichuan Province has issued several policy measures to support the development of the low-altitude economy, including financial support for the construction of general airports and low-altitude management systems [6][31]. Key Company Developments - Wofei Chang Kong has signed a strategic agreement with China Construction Bank and Jianxin Financial Leasing, securing a total financing amount of 6 billion yuan, marking the highest financing leasing credit in the domestic eVTOL sector [7][32]. - Zero Gravity showcased its ZG-ONE "Que Fei" model at the 2025 World Expo in Osaka, Japan, highlighting advancements in Chinese aviation technology [7][35]. - Zongheng Co., Ltd. has won bids for low-altitude projects in Sichuan, indicating active participation in the sector [7][35].

Group 1 - The terahertz concept sector declined by 2.14%, ranking among the top declines in concept sectors, with companies like Four Creation Electronics, Shaanxi Huada, and Tianyin Electromechanical leading the losses [1] - The top gainers in concept sectors included the China-Korea Free Trade Zone with a gain of 3.03%, while the China Shipbuilding System saw a decline of 3.40% [2] - The terahertz concept sector experienced a net outflow of 654 million yuan, with 19 stocks seeing net outflows, and 8 stocks having outflows exceeding 50 million yuan, led by ZTE Corporation with a net outflow of 297 million yuan [2] Group 2 - The top stocks with net outflows in the terahertz concept included ZTE Corporation (-1.18%), Leike Defense (-2.04%), and Tianhai Defense (-4.17%) [3] - The top stocks with net inflows included Aerospace Electronics with a net inflow of 589 million yuan, followed by Juguang Technology and Changfei Optical Fiber with inflows of 1.003 million yuan and 775,350 yuan respectively [3]

作 者丨胡慧茵 编 辑丨和佳 江佩佩 国防军工全面爆发 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 302132 | 中航成飞 | 94.51 | 14.63 | 18.31% | | 600562 | 国睿科技 | 26.21 | 2.38 | 9.99% | | 600523 | 贵航股份 | 15.11 | 1.37 | 9.97% | | 600184 | 光电股份 | 15.78 | 1.19 | 8.16% | | 600150 | 中国船舶 | 32.64 | 2.46 | 8.15% | | 600760 | 中航沈飞 | 49.35 | 3.17 | 6.86% | | 600990 | 四创电子 | 24.12 | 1.54 | 6.82% | | 601989 | 中国重工 | 4.62 | 0.29 | 6.70% | | 600316 | 洪都航空 | 38.69 | 2.42 | 6.67% | | 300516 | 久之洋 | 34.63 | 2.16 | 6.65% | | 002544 | 普 ...

Group 1 - The Terahertz concept sector increased by 2.90%, ranking fifth among concept sectors, with 22 stocks rising, including Sifang Electronics which hit the daily limit, and others like Leike Defense and Yaguang Technology showing significant gains of 7.69% and 7.46% respectively [1] - The top gainers in the Terahertz concept sector included Sifang Electronics, ZTE Corporation, and Yaguang Technology, with net inflows of 9953.89 million, 7174.28 million, and 4470.21 million respectively [2][3] - The overall market saw a net inflow of 2.02 billion into the Terahertz concept sector, with 13 stocks receiving net inflows, and 6 stocks exceeding 3000 million in net inflows [1] Group 2 - The leading stocks by net inflow ratio included Sifang Electronics at 17.39%, Tongfang Co. at 10.47%, and Yaguang Technology at 9.35% [2] - The trading volume and turnover rates for the top stocks in the Terahertz concept sector were notable, with Sifang Electronics showing a turnover rate of 7.20% and ZTE Corporation at 1.79% [2][3] - The stocks with the largest declines included Juguang Technology and Shuo Beid, with declines of 0.80% and 0.07% respectively [1]

Market Overview - The Shanghai Composite Index closed at 3352.00 points, above the annual line, with a change of 0.28% [1] - The total trading volume of A-shares reached 13,217.97 million yuan [1] Stocks Breaking Annual Line - A total of 109 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Landun Optoelectronics (300862) with a deviation rate of 8.84% and a daily increase of 9.64% [1] - Sichuan Chuang (600990) with a deviation rate of 8.81% and a daily increase of 10.00% [1] - Siter Technology (300608) with a deviation rate of 8.16% and a daily increase of 9.37% [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - New Jingang (300629) with a daily increase of 7.08% and a deviation rate of 6.63% [1] - Hongtian Co., Ltd. (603800) with a daily increase of 6.83% and a deviation rate of 5.89% [1] - Cambridge Technology (603083) with a daily increase of 10.00% and a deviation rate of 5.65% [1] Summary of Stocks with Lower Deviation Rates - Stocks that have just crossed the annual line with lower deviation rates include: - Huadian International (600027) with a deviation rate of 3.62% [1] - ST Asia Pacific (000691) with a deviation rate of 3.61% [1] - Energy Saving Iron (300197) with a deviation rate of 3.53% [1]