- The report discusses the **Volume Timing Signal** for broad-based indices, indicating a bullish view across all indices as of June 13, 2025[24][25] - The **HS300 Upward Stock Count Ratio Sentiment Indicator** is introduced, calculated as the proportion of HS300 constituent stocks with positive returns over the past N days. This indicator is effective in capturing upward opportunities but has limitations in predicting market downturns. As of June 13, 2025, the indicator shows a slight decline but remains above 60%, reflecting positive market sentiment[25][26] - The **HS300 Upward Stock Count Ratio Timing Strategy** applies two smoothing windows (N1=50, N2=35) to the sentiment indicator. When the short-term line exceeds the long-term line, it signals a bullish market view. As of June 13, 2025, both lines are trending downward, with the short-term line below the long-term line, suggesting a cautious market outlook[27][29] - The **Moving Average Sentiment Indicator** uses eight moving averages (8, 13, 21, 34, 55, 89, 144, 233) to assess the HS300 index's trend. The indicator assigns values of -1, 0, or 1 based on the position of the index within predefined ranges. As of June 13, 2025, the HS300 index is in a positive sentiment zone, indicating a bullish trend[33][37] - **Cross-sectional Volatility** is analyzed for HS300, CSI500, and CSI1000 indices. Over the past week, HS300's cross-sectional volatility increased, improving the short-term alpha environment, while CSI500 and CSI1000 saw declines, weakening their alpha environments. Over the last quarter, HS300's volatility is in the upper half of its six-month range, indicating a favorable alpha environment, while CSI500 and CSI1000 are in the lower and middle ranges, respectively[38][40] - **Time-series Volatility** is also examined for the same indices. Over the past week, HS300's time-series volatility increased, enhancing its alpha environment, while CSI500 and CSI1000 experienced declines, worsening their alpha environments. Over the last quarter, HS300's volatility is in the upper half of its six-month range, while CSI500 and CSI1000 are in the middle ranges, indicating a generally stable alpha environment[40][43]

Core Viewpoint - The company SiChuang Electronics (四创电子) is focusing on developing low-altitude safety monitoring systems and aims to achieve significant revenue growth by 2025, targeting a revenue of 2 billion yuan. Group 1: Company Performance - As of June 13, 2025, SiChuang Electronics' stock closed at 27.8 yuan, up 4.91% from the previous week, with a market capitalization of 7.597 billion yuan [1] - The company aims to achieve a revenue of 1.603 billion yuan in 2024, with a projected net loss of 245.88 million yuan [2][4] Group 2: Low-altitude Monitoring Products - The company has developed a "Low-altitude Bright" safety monitoring system that integrates various existing infrastructure for comprehensive surveillance [1] - Low-altitude monitoring products include both active and passive systems, covering KU and X-band frequencies, with X-band radar capable of detecting low-altitude airspace within a 5 km range [1][4] Group 3: Future Plans and Projects - The company is actively pursuing the implementation of low-altitude economic projects in Hefei, aiming to create a model project that can be replicated in other regions [5] - By 2025, the company is targeting a revenue of 2 billion yuan, with growth expected primarily in the sensing infrastructure and product sectors [3][4]

Core Viewpoint - Four Creation Electronics is focusing on the low-altitude economy and aims to become a leading enterprise in low-altitude safety assurance, leveraging its expertise in radar and perception technology [1][2] Group 1: Company Overview - Four Creation Electronics was established in 2000 and went public in 2004, focusing on three main areas: perception products, perception infrastructure, and perception applications [1] - In 2024, the company achieved a revenue of 1.603 billion yuan, with radar-related perception products contributing 677 million yuan, perception infrastructure generating 492 million yuan, and perception applications bringing in 421 million yuan [1] - The company aims to reach a revenue target of 2 billion yuan in 2025, with growth expected primarily in the perception infrastructure and perception products sectors [1] Group 2: Strategic Initiatives - The company is constructing a three-dimensional product system that includes software, systems, and equipment to cover urban air traffic management, general aviation flight assurance, and low-altitude public security/emergency scenarios [1] - Four Creation Electronics is using Hefei as a pilot to advance low-altitude economic projects, aiming to create a model project that can be replicated [1] Group 3: Technological Integration - The perception application sector is integrating cutting-edge technologies such as artificial intelligence and digital twins, transitioning from integrated services to a "perception, transmission, data, and application" model [2] - The company has achieved mass application of airborne radar power supplies and is expanding into high-end scenarios such as aerospace and nuclear fusion [2] - Backed by the China Electronics Technology Group, the company possesses self-controllable advantages in core components like radar and power supplies, with its low-altitude economic layout highly synergistic with existing businesses [2]

Group 1 - The core viewpoint of the news is that DingSa Investment has conducted research on a listed company, focusing on its future revenue and strategic direction [1] - Sichuan Electronics aims to achieve a revenue of 1.603 billion yuan in 2024, with a projected net loss of 245.88 million yuan [1] - The company is concentrating on low-altitude flight security and safety control, planning to expand its radar product line and explore defense and military sectors [1] Group 2 - The revenue target for 2025 is set at 2 billion yuan, with growth expected in the perception infrastructure and product areas [1] - DingSa Investment, established in March 2012, has a history of successful investment strategies and has received multiple awards for its performance [2] - The founder, Mr. Peng Xu, is recognized as a prominent investment director and has consistently applied a "value + growth" stock selection strategy [2]

根据市场公开信息及6月11日披露的机构调研信息，知名私募正圆投资近期对2家上市公司进行了调研， 相关名单如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：四创电子2024年实现营收16.03亿元，净利润-24,588万元。公司聚焦低空飞行保障和低空安 全防控，布局低空软件、系统级产品及装备，构建四大应用场景。未来将做强'一核两翼新动能'产业， 扩大雷达产品谱系，拓展国防军工等领域，融合低空经济。2025年营业收入预算力争实现20亿元，增长 集中在感知基础和感知产品领域。华耀电子电源应用于多个领域，包括机载预警、火控等。公司积极开 拓各地聚变项目，包括上海、成都等地。多功能机动反无车提供目标防护与指挥通信解决方案。公司在 合肥积极推进低空经济项目，未来将拓展至其他地区。 机构简介： 深圳正圆投资2015年成立于深圳前海自贸区，并于当年获得私募证券投资基金牌照。正圆拥有专业的投 研团队，丰富的投资经验，完善的风险管理制度。 立足于中国经济结构转型升级，服务于中国实体经 济发展。依赖团队专业的投研能力，致力于成为社会资本与优 ...

Group 1 - The military information technology sector experienced a decline of 0.06%, ranking among the top losers in the concept sector as of June 4 [1] - Within the military information technology sector, notable declines were observed in companies such as Sixty-Nine Twelve, Four Creation Electronics, and Kangda New Materials, while 44 stocks saw price increases, with China Electric Xindong, Ganhuakegong, and Gao Ling Information leading the gains at 10.05%, 6.77%, and 4.26% respectively [1][5] Group 2 - The military information technology sector faced a net outflow of 930 million yuan from major funds today, with 62 stocks experiencing net outflows, and five stocks seeing outflows exceeding 50 million yuan [2] - The stock with the highest net outflow was Haige Communication, with a net outflow of 215 million yuan, followed by Four Creation Electronics, Taihao Technology, and Dongtu Technology with net outflows of 122 million yuan, 102 million yuan, and 83 million yuan respectively [2][3] Group 3 - The top gainers in terms of net inflow of major funds included China Electric Xindong, Ganhuakegong, and Shenyu Co., with net inflows of 161 million yuan, 43 million yuan, and 33 million yuan respectively [2][5] - The military information technology sector's outflow list included companies like Haige Communication, Four Creation Electronics, and Taihao Technology, which had declines of 2.19%, 4.81%, and 2.29% respectively [3][4]

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]

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 ...