Market Overview - The A-share market experienced slight fluctuations on May 22, with the Shanghai Composite Index down 0.03%, the Shenzhen Component Index down 0.24%, and the ChiNext Index down 0.37% [2][3]. Aerospace and Defense Sector - The aerospace and defense sector showed strong performance, with stocks like Sichuan Aerospace Industry Group Co., Ltd. and Guorui Technology Co., Ltd. hitting the daily limit [5][6]. - The demand for high-end military equipment is increasing due to modern military conflicts, as highlighted by the recent India-Pakistan conflict and ongoing geopolitical tensions [7]. Semiconductor Industry - The semiconductor industry also saw significant gains, with stocks such as Hitec Products Co., Ltd. and Pairui Co., Ltd. experiencing notable increases [8]. - The global semiconductor market is expected to continue its optimistic growth trajectory, driven by AI and domestic substitution efforts [8][9]. Company Performance - XPeng Motors reported a revenue of 15.81 billion yuan for Q1 2025, a year-on-year increase of 141.5%, exceeding market expectations [11].

Market Overview - The Shanghai Composite Index is at 3389.00 points, above the six-month moving average, with a slight increase of 0.04% [1] - The total trading volume of A-shares today is 512.26 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 75 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Meirui New Materials (300848) with a deviation rate of 8.28% and a price increase of 8.72% [1] - Wankong Intelligent Manufacturing (603070) with a deviation rate of 7.52% and a price increase of 9.97% [1] - Hitec High-tech (002023) with a deviation rate of 5.81% and a price increase of 10.01% [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Sichuan Jiuzhou (000801) with a price increase of 3.47% and a deviation rate of 2.56% [2] - Phoenix Light (600071) with a price increase of 3.05% and a deviation rate of 2.47% [2] - Raytheon Micro Power (301050) with a price increase of 4.04% and a deviation rate of 2.26% [2]

Group 1 - The military electronics sector has experienced a short-term surge, with companies such as Guorui Technology (600562) and Sichuang Electronics (600990) hitting the daily limit up [1] - Other companies in the sector, including Guoke Tiancai (301571), Guoguang Electric, Guobo Electronics, Leidian Weili (301050), and Aerospace Nanhu, have also seen significant increases in their stock prices [1] - There is a notable influx of dark pool capital into these stocks, indicating strong investor interest [1]

Meeting Overview - The annual performance briefing of the company was held on May 21, 2025, from 15:00 to 16:00 via the Shanghai Stock Exchange Roadshow Center, featuring a presentation and interactive Q&A session [1] Capacity and Production - The production capacity utilization rate at the Hefei production base is currently sufficient to meet existing order demands, with expansion plans to be considered based on overall business development [1] Financial Performance - For the first quarter of 2025, the company reported a revenue of 293 million yuan and a net loss attributable to shareholders of 21.13 million yuan. The company aims to enhance profitability through market expansion, cost reduction, and innovation [2] Growth Opportunities - The company anticipates growth in 2025 driven by increasing demand for digital, networked, and intelligent radar systems, as well as opportunities in meteorology, water conservancy, and emergency response sectors due to government stimulus. Specific projects include the successful technical validation and engineering implementation of a phased array rainfall radar [2] - The company is also focusing on expanding its market presence in sensing products, PCB, microwave components, and power supply sectors, as well as opportunities in defense and airport target protection [2] Industry Outlook - The company has indicated that the overall industry performance and future development prospects are detailed in the 2024 annual report, specifically in the management discussion and analysis section [3]

证券代码：600990 证券简称：四创电子 公告编号：临 2025-013 四创电子股份有限公司 关于 2024 年度业绩说明会召开情况的公告 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。 一、本次说明会召开情况 四创电子股份有限公司（以下简称"公司"）2024 年度业绩说明会于 2025 年 5 月 21 日 15:00—16:00 通过上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/）以图文展示及网络文字互动的方式召开。公司 董事长张成伟先生，董事、总经理任小伟先生，独立董事杨模荣先生，副总经理、 董事会秘书王向新先生，财务总监潘洁女士出席了会议，并就投资者关注的事项 与投资者进行了交流与沟通。 二、投资者提出的主要问题及公司回复情况 问题 5：行业以后的发展前景怎样？ 答：您好，在 2024 年年度报告"第三节管理层讨论与分析"中披露了"报 告期内公司所处行业情况"，请参阅，感谢您的关注。 答：您好，公司已于 2025 年 4 月 30 日披露了公司 2025 年第一季度报告 ...

Core Viewpoint - The Chinese air traffic management system is undergoing significant advancements through domestic innovation and digital transformation, aiming to reduce reliance on foreign technology and enhance international competitiveness. The market size is projected to reach 6 billion yuan in 2024, reflecting a year-on-year increase of 15.38% [1][14]. Industry Overview - The air traffic management system (ATMS) is essential for overseeing and managing civil aviation operations, ensuring safety and efficiency in aircraft operations. It consists of three main components: air traffic services, air traffic flow management, and airspace management [3][10]. - The industry has evolved from relying on international products to achieving significant domestic technological breakthroughs, including the development of new-generation flight data processing systems and airport surveillance radars [1][14]. Industry Development History - The ATMS in China has developed from its inception in the early 1950s to a more sophisticated system today, marked by key reforms and technological advancements since the 2000s. The establishment of the Civil Aviation Administration of China in 1994 was a significant milestone [5][12]. Policy Support - Recent policies, such as the "14th Five-Year Plan for Civil Aviation Development" and the "Smart Civil Aviation Construction Roadmap," emphasize the modernization of the air traffic management system and the integration of advanced technologies [7][9]. Market Dynamics - The demand for air traffic management systems is increasing due to the rising passenger and cargo throughput in China's civil aviation sector, which is expected to continue growing post-pandemic [12][14]. - The market is characterized by both domestic and international players, with key domestic companies including Sichuan Chuan Da Zhisheng, Sichuan Electronic Technology, and Nanjing Lais Information Technology leading the way in technological capabilities [16][20]. Future Trends - The industry is moving towards greater intelligence and networking, leveraging technologies such as AI and big data to enhance operational efficiency and safety. This shift aims to create a more integrated and responsive air traffic management system [22][23]. - The integration of military and civilian air traffic management systems is becoming increasingly important, with a focus on collaboration and standardization to improve overall system coordination [24].

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 ...