Group 1 - The terahertz concept sector declined by 0.16%, ranking among the top declines in concept sectors, with notable declines in stocks such as Four Creation Electronics, Taihao Technology, and Haige Communication [1] - Among the terahertz concept stocks, 12 stocks experienced price increases, with Changfei Fiber, Jiuzhiyang, and Phoenix Optical leading the gains at 2.67%, 2.63%, and 1.98% respectively [1] - The terahertz concept sector saw a net outflow of 531 million yuan from main funds, with 15 stocks experiencing net outflows, and five stocks seeing outflows exceeding 30 million yuan [1] Group 2 - The top net outflow stock in the terahertz concept was Haige Communication, with a net outflow of 215 million yuan, followed by Four Creation Electronics and Taihao Technology with net outflows of 122 million yuan and 102 million yuan respectively [1] - The leading stocks for net inflow included ZTE Corporation, Tianhai Defense, and Changfei Fiber, with net inflows of 105 million yuan, 1.03 million yuan, and 697,430 yuan respectively [2] - The overall market performance showed that the beer concept led with a gain of 3.85%, while the terahertz concept was among the sectors with the largest decline [1]

Summary of Conference Call for Company and Industry Company Overview - **Company Name**: 华耀电子 (Huayao Electronics) - **Industry**: Controlled Nuclear Fusion and Low Altitude Economy Key Points and Arguments Industry and Market Position - Huayao Electronics is the first domestic company to provide megawatt-level power supplies for controlled nuclear fusion auxiliary heating systems, with applications in large scientific engineering devices and irradiation equipment [2][3] - The company became a member of the Fusion Industry Alliance in January 2023 and is involved in the construction of the BEST Tokamak device, with a projected procurement budget of 700-800 million yuan for power systems by 2025 [2][3][8] - The company sees significant potential in the low-altitude economy, supported by local governments through special bonds or treasury bonds, positioning itself competitively against other well-known enterprises [2][6] Product and Technology Development - Huayao Electronics has a strong advantage in high-voltage power supplies and military power supply businesses, having participated in the manufacturing of the world's first PSM high-voltage power supply system since before 2010 [2][9] - The PSM high-voltage heating power supply accounts for approximately 5% of the total nuclear fusion reactor system, providing energy for low-temperature superconducting plasma [11] - The company has developed low-altitude monitoring radars and anti-drone systems, winning a bid for the low-altitude intelligent infrastructure project in Anhui Province [4][19] Competitive Landscape - The market share and competitive landscape for Huayao Electronics show a balanced competition, with the company benefiting from state-owned enterprise backing and localized support services [13] - The company plans to expand its industry scale and improve intelligent production levels, anticipating growth from national debt projects and equipment replacements [4][23] Future Directions and Collaborations - Huayao Electronics is actively pursuing collaborations with domestic fusion projects, including state-owned and private startups, to expand its business [22] - The company is also focusing on low-altitude safety and monitoring systems, with plans to develop regional and urban-level protective measures [20] Financial Projections - The total procurement budget for power-related products in the PSC project is expected to be around 770 million yuan, with power products potentially accounting for 50% of the total project value [15] - The company has reported a positive outlook for future growth, despite having made some impairment provisions in the past two years [23][27] Investor Engagement - Huayao Electronics welcomes investors for on-site visits to better understand its operations and product offerings [28] Additional Important Information - The company has over 100 employees, including 13 industry-leading experts, and is involved in significant scientific and industrial projects [7] - The company is also exploring opportunities in the military trade sector, although this is primarily managed by its parent organization [24] - Huayao Electronics is optimistic about the market potential in both military and civilian sectors, particularly in low-altitude safety [25][26]

Investment Rating - The report rates the defense and military industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2][29]. Core Insights - The defense and military sector has shown resilience, with the Shenwan Defense and Military Index rising by 2.13%, outperforming major indices such as the Shanghai Composite Index, which fell by 0.03% [3][7]. - The report anticipates a growth cycle for Chinese military trade, driven by increased international recognition of Chinese military products amid geopolitical tensions [6]. - The fundamental changes in the military sector are expected to solidify the upward trajectory of the industry, particularly benefiting companies involved in consumable weapons as the military modernization efforts intensify [6]. - The report suggests increasing attention to the military sector, highlighting specific areas such as precision-guided weapons, underwater capabilities, and advancements in AI and robotics [6]. Market Review - The Shenwan Defense and Military Index outperformed the market, ranking third among 31 sectors with a 2.13% increase [3][7]. - Notable stock performances included Rongfa Nuclear Power, which surged by 31.79%, and Haige Communication, which rose by 16.34% [14][15]. - Conversely, stocks like Lijun Co. and Changchun Yidong experienced significant declines, with Lijun Co. dropping by 21.89% [15]. Valuation Changes - The current PE-TTM for the Shenwan Defense and Military sector stands at 74.13, indicating a high valuation relative to historical levels [15][21]. - The report notes a divergence in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [15][19]. Key Valuation Metrics - The report provides a detailed valuation table for key companies in the defense sector, indicating projected net profits and PE ratios for the years 2024 to 2027 [21][24].

Core Insights - The global smartphone market experienced a modest growth of only 0.2% in Q1 2025, with shipments reaching 296.9 million units, marking a continuous decline in growth rate over three consecutive quarters [1] - Samsung maintained its leading position with 60.5 million units shipped, followed by Apple with 55 million units, and Xiaomi with 41.8 million units [1] Global Market Overview - The smartphone market is facing challenges due to the end of a phase of high replacement cycles and manufacturers seeking healthier inventory levels [1] - In Western Europe, Samsung led with a 36% market share, while Apple grew by 11% year-on-year [2] - In Africa, Transsion dominated with a 47% share, despite a 5% decline, while Xiaomi saw a significant growth of 32% [2] - Latin America saw Samsung at 35% market share with a 7% increase, while Xiaomi grew by 10% [2] - In the United States, Apple led with a 60% share, experiencing a 26% growth, while Samsung followed with 24% [6] Regional Highlights - In Mainland China, Xiaomi took the lead with a 19% market share and a remarkable 40% growth, followed closely by Huawei at 18% [5] - In India, vivo led with a 22% share, while Samsung and Xiaomi faced declines of 23% and 38% respectively [5] - Brazil's market was led by Samsung with a 43% share, while Lenovo and Xiaomi also held significant positions [6] - In Mexico, Samsung led with 25% market share, while Xiaomi and Lenovo faced declines [7]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the low-altitude logistics sector, particularly involving drones and counter-drone technologies [1][2][4]. Core Insights and Arguments - The National Postal Bureau of China has emphasized the development of drone technology for branch transportation and last-mile delivery, aiming to enhance the low-altitude economy in postal and express services [1][2]. - There is an exploration of cross-province and intercity drone transportation to scale up last-mile delivery applications, improving service efficiency and customer experience [3][4]. - Low-altitude logistics can be categorized into last-mile logistics (within 20 km) and branch logistics (50-500 km), with small multi-rotor drones used for last-mile delivery and fixed-wing drones for longer distances [4]. - A comprehensive drone delivery network is being established, as outlined in the "General Aviation Equipment Innovation Application Implementation Plan" released in March 2024 [4]. - Meituan has received the first nationwide low-altitude logistics coverage operational certificate in April 2025 [4]. Related Companies and Investment Opportunities - **Logistics Drone Companies**: - Guanglian Aviation (supplier for Baijing Airlines) - Zongshen Power (suppliers for Tengdun, Rainbow, and Zhong UAV) - Zongheng Co. (engaged in drone logistics demonstration applications) - Green Energy Huichong (heavy-duty drones in collaboration with China Post) - Aerospace Rainbow (YH1000 logistics drone first flight) [5]. - **Other Low-Altitude Economy Companies**: - Shenzhen Urban Transport - Sichuan Chuang Electronics - Lais Information - Wanfeng Aowei [5]. Additional Important Insights - The Ukrainian National Security Bureau reported the deployment of 117 FPV drones to attack multiple airports in Russia, destroying several strategic bombers [6]. - The tactic employed by Ukraine involves concealing drones in modified containers, which are then delivered to specified locations by unsuspecting truck drivers, showcasing a low-cost and high-concealment strategy that may increase global focus on drone technology and countermeasures [6][7]. Related Companies in Counter-Drone Technology - **Drone Companies**: - Zongshen Power (aviation piston engines) - Aerospace Electronics - Zhong UAV - Aerospace Rainbow - Guanglian Aviation - Zongheng Co. [7]. - **Counter-Drone Companies**: - Sichuan Chuang Electronics - Lianchuang Optoelectronics - Aerospace Nanhu - Guorui Technology - Lais Information - Sichuan Jiuzhou [7].

Core Viewpoint - The stock of Four Creation Electronics Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from May 27 to May 29, 2025 [2][3]. Group 1: Stock Trading Abnormality - The company's stock price deviation was noted as exceeding 20% over three consecutive trading days, which is classified as an abnormal trading situation according to the Shanghai Stock Exchange rules [2][3]. - The company conducted a self-examination and confirmed that there were no undisclosed significant information as of the announcement date [2][4]. Group 2: Company Operations and Major Events - The company reported that its production and operational activities are normal, with no significant changes in market conditions or industry policies, and no substantial fluctuations in production costs or sales [4]. - There are no undisclosed major events such as asset restructuring, share issuance, or significant business collaborations that could impact the company, as confirmed by the company and its controlling shareholders [5]. Group 3: Media and Market Rumors - The company found no media reports or market rumors that could significantly affect its stock price during the abnormal trading period [6]. - There were no other events identified that could have a major impact on the company's stock price [7]. Group 4: Board Statement - The board of directors confirmed that, apart from disclosed matters, there are no other undisclosed items that could significantly affect the stock price, and previous disclosures do not require correction or supplementation [9].

股票交易异常波动公告 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： 证券代码：600990 股票简称：四创电子 编号：临 2025-016 四创电子股份有限公司 四创电子股份有限公司(以下简称"公司")股票于 2025 年 5 月 27 日、5 月 28 日、 5 月 29 日连续三个交易日内日收盘价格涨幅偏离值累计超过 20%。根据《上海证券交易所交 易规则》的有关规定，属于股票交易异常波动情形。 经公司自查并向控股股东及实际控制人书面函询核实，截至本公告披露日，公司不 存在应披露而未披露的重大信息。 公司严格按照有关法律法规的规定和要求，认真履行信息披露义务，及时做好信息 披露工作，敬请广大投资者关注相关公告，理性投资，注意投资风险。 一、股票交易异常波动的具体情况 公司股票交易于2025年5月27日、5月28日、5月29日连续三个交易日内日收 盘价格涨幅偏离值累计超过20%，根据《上海证券交易所交易规则》的有关规定， 属于股票交易异常波动情形。 二、公司关注并核实的相关情况 针对股票交易异常波动，公司董 ...

关于四创电子股份有限公司股票交易异常 波动情况的回函 四创电子股份有限公司: 特此回函! 你公司发来的《四创电子股份有限公司股票交易异常波动问询函》 已收悉。经认真自查核实，现就相关事项回复如下: 一、截至本回函出具日,本公司不存在涉及你公司的应披露而未 披露的重大信息,包括但不限于重大资产重组、股份发行、收购、债 务重组、业务重组、资产剥离、资产注入、股份回购、股权激励、破 产重整、重大业务合作、引进战略投资者等重大事项。 二、本公司确认,在股票交易异常波动期间(2025年5月27日、 28 日、29 日)，不存在买卖你公司股票的情形。 ...

Group 1 - The stock of Four Creation Electronics has experienced a significant increase, with three limit-up days recorded within six trading days, resulting in a cumulative increase of 40.85% and a turnover rate of 73.81% [2] - As of 14:28, the stock's trading volume reached 45.1869 million shares, with a transaction amount of 1.238 billion yuan and a turnover rate of 16.80% [2] - The latest total market capitalization of the A-shares is 7.953 billion yuan, while the circulating market capitalization is 7.828 billion yuan [2] Group 2 - According to margin trading data, as of May 28, the stock's latest margin balance is 358 million yuan, with a financing balance of 358 million yuan, which increased by 37.5944 million yuan from the previous trading day, reflecting a growth of 11.75% [2] - Over the past six days, the margin balance has cumulatively increased by 72.4599 million yuan, representing a growth of 25.41% [2] Group 3 - The company's Q1 report, released on April 30, indicates that the total operating revenue for the first quarter was 293 million yuan, a year-on-year decrease of 13.67%, and the net profit was -21 million yuan, a year-on-year decline of 178.96% [2] - Recent stock performance data shows fluctuations in daily price changes and turnover rates, with notable days including a 10% increase on May 27 and a 3.20% increase on May 28 [2]

Summary of the Conference Call for Sichuan Electronics Company Overview - Sichuan Electronics is a key player in the low-altitude economy, leveraging the strong background of the China Electronics Technology Group (CETC) to build a low-altitude safety assurance system, benefiting from the rapid development of the low-altitude economy [2][7][8]. Core Business Areas - **Controlled Nuclear Fusion**: The company, through its subsidiary Huayao Electronics, is involved in the ESTEC power module project, delivering power systems valued at 16 million yuan. There are expectations for further expansion in the BEAST project, which is anticipated to enter the bidding phase in the second half of 2025 [2][4]. - **Radar Business**: The radar segment, including military products, meteorological radar, and air traffic control radar, is showing positive growth. The meteorological radar market is projected to reach 7-8 billion yuan, while the air traffic control radar market is expected to grow to 15 billion yuan due to increased domestic production rates and airport construction [2][6]. Key Developments - **Low-altitude Safety Assurance**: Sichuan Electronics is focusing on safety system construction, providing low-altitude flight assurance and safety supervision products. The company has established a low-altitude meteorological service collaborative innovation center and launched the Micro Shield 1.0 system for all-weather meteorological flight forecasts and warnings [2][9]. - **Integration of Technologies**: The company has developed the Emperor Hong Xue Jiang system, which integrates radar and 5G technology for low-altitude regulation and anti-drone monitoring, creating a comprehensive protection network for both cooperative and non-cooperative targets [2][10]. Market Performance - Recent market performance has been driven by the military sector due to geopolitical tensions and increased interest in controlled nuclear fusion. The launch of new low-altitude security products at the 11th World Radar Conference has also contributed to the company's positive outlook [3][17]. Strategic Relationships - Sichuan Electronics is a subsidiary of CETC, with Zhongdian Bowei as the controlling shareholder. This relationship has enhanced the company's product line and profitability through strategic acquisitions [5]. Future Outlook - The low-altitude safety assurance sector is expected to grow significantly, especially post-2025, with a focus on infrastructure development in communication, navigation, and meteorological services. Sichuan Electronics aims to become a leading enterprise in this field [7][8]. - The company is also focusing on improving its financial situation, with a gradual reduction in asset impairment losses, indicating a positive trend for future growth [15][16]. Regional Development - Anhui Province is highlighted as a key area for development, with initiatives in low-altitude economy and collaboration with local institutions to promote industry growth. Sichuan Electronics is actively involved in establishing standards and partnerships to drive local development [12][13]. Conclusion - Sichuan Electronics is positioned well within the low-altitude economy and radar sectors, with strong backing from CETC and a clear strategy for future growth. The company's focus on safety systems, technological integration, and regional collaboration is expected to yield significant benefits in the coming years [2][4][7].