Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [50]. Core Insights - EHang Intelligent has launched the new long-range manned eVTOL model VT35, designed for mid-to-long-distance travel scenarios, promoting the development of the low-altitude economy [3][4]. - The VT35 has a maximum design range of approximately 200 kilometers and a top speed exceeding 200 kilometers per hour, with a standard price of 6.5 million RMB in the Chinese market [10][8]. - The report emphasizes the importance of the "14th Five-Year Plan" in catalyzing the low-altitude economy, highlighting the need for top-level design and planning to further stimulate industry development [15][16]. - The Huachuang Transportation Low Altitude 60 Index decreased by 5.5% this week but has increased by 15.5% year-to-date, outperforming the Shanghai and Shenzhen 300 Index, which rose by 14.7% [24][25]. Summary by Sections Industry Overview - The low-altitude economy is identified as a representative industry of new productive forces, with significant government support and planning expected to enhance its development [15][17]. - The report outlines four major application scenarios for the low-altitude economy: tourism consumption, passenger transport, logistics, and production operations [18][19]. Key Companies and Investment Opportunities - The report suggests focusing on key segments within the industry, including: 1. **Manufacturers**: EHang Intelligent for eVTOL, Wan Feng Ao Wei for general aviation aircraft, and Xirui for general aviation manufacturing [33]. 2. **Supply Chain**: Yingboer for electric drive systems and Zongshen Power for aviation engines [33]. 3. **Low-altitude Digitalization**: Companies like Lais Information and Sichuan Jiuzhou are highlighted for their roles in digital infrastructure [33]. 4. **Low-altitude Infrastructure**: Radar companies such as Guorui Technology and Sichuan Aerospace are noted for their contributions to safety systems [33]. 5. **Operations**: Companies like CITIC Heli and Xiangyuan Culture are mentioned for exploring commercial applications in low-altitude operations [33]. Market Performance - The Huachuang Transportation Low Altitude 60 Index's performance is detailed, showing a weekly decline of 5.5% but an annual increase of 15.5%, indicating resilience compared to broader market indices [24][25]. - Individual stock performances are highlighted, with notable gainers and losers over the week and year, reflecting market volatility and investment opportunities [26][27]. Future Research Directions - The report indicates that from January 2024, a focused research initiative on the low-altitude economy will commence, covering 12 key companies and their potential for growth [34].

Core Points - The first extraordinary general meeting of shareholders for 2025 was held on October 15, 2025, at the company's conference room in the High-tech Zone [2] - All resolutions presented at the meeting were approved without any objections [2][4] - The meeting was convened by the eighth board of directors and chaired by Chairman Zhang Chengwei, utilizing a combination of on-site and online voting methods [2][3] Meeting Attendance and Voting - The meeting was attended by all 8 current directors and the board secretary, with other senior executives present as well [3][4] - The voting methods complied with the Company Law and the company's articles of association, ensuring the legality and validity of the meeting [2][4] Resolutions Passed - Several key resolutions were passed, including amendments to the company's articles of association, shareholder meeting rules, board meeting rules, independent director system, external guarantee management system, related party transaction decision-making system, and fundraising management system [3][4] - The first resolution required a special majority, needing over two-thirds of the voting rights held by attending shareholders to pass, which was successfully achieved [4] Legal Verification - The meeting was witnessed by Anhui Tianhe Law Firm, with lawyers Ma Hui and Wu Jiayue confirming that the meeting's procedures and resolutions were in compliance with legal and regulatory requirements [4]

证券代码：600990 证券简称：四创电子 公告编号：临 2025-026 四创电子股份有限公司 2025年第一次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 10 月 15 日 (二)股东会召开的地点：四创电子高新区会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (五)公司董事和董事会秘书的出席情况 1、公司在任董事8人，出席8人； 2、董事会秘书出席了会议；其他高管列席了会议。 | 1、出席会议的股东和代理人人数 | 305 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 126,763,172 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 46.7631 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司第八届董事会召集，本次股东会 ...

股东会法律意见书 安徽天禾律师事务所 关于四创电子股份有限公司 二○二五年第一次临时股东会的法律意见书 致：四创电子股份有限公司 依据《证券法》《公司法》《上市公司股东会规则》和《四创 电子股份有限公司章程》（以下简称"《公司章程》"）的有关规 定，安徽天禾律师事务所接受四创电子股份有限公司（以下简称 "公司"）的委托，指派马慧、吴佳玥两位律师（以下简称"本所 律师"）就公司于 2025 年 10 月 15 日召开的 2025 年第一次临时股 东会（以下简称"本次股东会"）出具法律意见书。 股东会法律意见书 2、公司已通过上海证券交易所交易系统和互联网投票系统向股 东提供网络形式的投票平台。通过上海证券交易所交易系统进行网 络投票的具体时间为 2025 年 10 月 15 日 9:15-9:25，9:30-11:30， 13:00-15:00。通过上海证券交易所互联网投票系统投票的具体时间 为 2025 年 10 月 15 日 9：15-15：00，与公告内容一致。 本所律师认为，本次股东会的召开程序符合法律、法规、规范 性文件和《公司章程》的有关规定。 三、本次股东会出席会议人员的资格 1、股东及股东代理人 ...

Investment Rating - The industry investment rating is "Strongly Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [45]. Core Insights - The low-altitude sector is currently positioned for a potential rebound, supported by ongoing catalysts and developments in industry policies. The sector has been relatively stagnant since the beginning of the year, with the broader market reaching new highs, suggesting that a catalyst could trigger a rebound in the low-altitude economy [4][25]. - Infrastructure development and the application of drones in various scenarios are critical for the industry's growth. The report emphasizes that foundational infrastructure is essential for the low-altitude economy to thrive, and the focus on drone applications is expected to gain momentum, particularly in military and civilian sectors [5][26]. Summary by Sections Market Review and Weekly Outlook - The Wind Low Altitude Economic Index decreased by 0.20% over the past week, ranking 165 out of 338 sectors, underperforming the broader market which saw a 0.37% increase in the Shanghai Composite Index [12][25]. - The low-altitude sector has remained flat, contrasting with significant pullbacks in other high-performing sectors like AI computing and humanoid robotics, indicating a potential for future growth as it awaits catalysts [4][25]. Industry Dynamics - Recent developments include the establishment of a leadership group by the Civil Aviation Administration of China (CAAC) for general aviation and low-altitude economy, signaling promising future policies [4][25]. - The report highlights various local government initiatives aimed at practical implementations such as route planning and airspace management, which are expected to foster growth in the sector [4][25]. Investment Recommendations - Suggested focus areas for investment include infrastructure companies such as Suzhou Planning and Lais Information, and drone manufacturers like Jifeng Technology and Henghe Precision [28]. - The report also recommends monitoring leading companies in capacity such as Wanfeng Aowei and Zongshen Power for potential investment opportunities [28].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The controlled nuclear fusion sector is experiencing steady progress in research and construction, with continuous order releases, indicating a positive long-term development outlook [8][35] - The BEST device construction has fully commenced, and the core component bidding is expected to accelerate [6][22] - Recent breakthroughs in plasma discharge frequency and intensity by Zap Energy mark significant advancements towards commercialization [20][21] Summary by Sections Sector Review - In the week of October 9-10, 2025, most segments within the controlled nuclear fusion sector saw price increases, with notable gains in individual stocks such as Hahai Huadong (+29.6%), Hezhuan Intelligent (+21.0%), and Antai Technology (+21.0%) [5][15] - The magnetic materials segment rose by 10.9%, vacuum chamber and metal forgings by 10.8%, and upstream metal materials by 7.6% [17] Industry Dynamics - The BEST device's key component, the Dewar base, has been successfully installed, marking a new phase in the project [22] - Germany announced a €2 billion fusion action plan aimed at establishing a demonstration reactor by the 2040s [25] - Gauss Fusion released a concept design report for Europe's first commercial fusion power plant, with an estimated investment of €15-18 billion [31] Company Developments - Hangyang Group won a bid for a low-temperature liquid helium testing system project, which is crucial for the controlled nuclear fusion low-temperature system [34] Weekly Perspective - The ongoing development of nuclear fusion devices and the release of orders are viewed positively for the sector's long-term prospects, with a focus on core components such as magnets, main units, and power supplies [35]

Core Insights - The military electronics sector experienced a rise of 0.93% on October 9, with Guoguang Electric leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - Guoguang Electric (688776) saw a closing price of 100.20, with a significant increase of 20.00% and a trading volume of 72,700 shares, amounting to a transaction value of 702 million yuan [1] - Other notable performers included: - Xinguang Optoelectronics (688011) at 37.50, up 6.53% [1] - Sichuan Chuang Electronics (600990) at 30.07, up 6.03% [1] - Kesi Technology (688788) at 56.26, up 5.77% [1] - ST Dali (002214) at 11.97, up 5.00% [1] Fund Flow Analysis - The military electronics sector saw a net outflow of 397 million yuan from institutional investors, while retail investors contributed a net inflow of 255 million yuan [2][3] - Key stocks with significant fund flows included: - Gaode Infrared (002414) with a net inflow of 11.2 million yuan from institutional investors [3] - Kesi Technology (688788) with a net inflow of 62.8 million yuan from institutional investors [3] - Lei Ke Defense (002413) with a net inflow of 45.6 million yuan from institutional investors [3]

四创电子股份有限公司 2025 年第一次临时股东会会议资料 四创电子股份有限公司 2025 年第一次临时股东会会议资料 目录 一、会议议程 二、议案 三、决议 四、股东会法律意见书 1/70 四创电子股份有限公司 2025 年第一次临时股东会会议资料 一、会议议程 会议主持人：张成伟先生 现场会议时间：2025年10月15日（星期三），下午14:30 网络投票时间：2025年10月15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 2/70 （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.关于修订《公司章程》的议案 2.关于修订《股东会议事规则》的议案 3.关于修订《董事会议事规则》的议案 4.关于修订《独立董事制度》的议案 5.关于修订《对外担保管理制度》的议案 6.关于修订《关联交易决策制度》的议案 7.关于修订《募集资金管理制度》的议案 （三）股东及股东代 ...

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： 一、 召开会议的基本情况 (一)股东会类型和届次 证券代码：600990 证券简称：四创电子 公告编号：2025-025 四创电子股份有限公司 关于召开2025年第一次临时股东会的通知 2025年第一次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 10 月 15 日 14 点 30 分 召开地点：四创电子高新区会议室 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年10月15日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 10 月 15 日 至2025 年 10 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-1 ...

Core Viewpoint - The stock of Sichuan Electronics has experienced fluctuations, with a year-to-date increase of 32.75% and a recent decline of 11.19% over the past 20 days [1][2]. Company Overview - Sichuan Electronics, established on August 18, 2000, and listed on May 10, 2004, is located in Hefei, Anhui Province. The company primarily engages in radar, smart industry, and energy sectors, including meteorological radar, air traffic control radar, and various related products [2]. - The revenue composition of Sichuan Electronics includes radar and related products (53.16%), public safety products (26.24%), power products (15.10%), mobile support equipment (4.68%), and others (0.83%) [2]. Financial Performance - For the first half of 2025, Sichuan Electronics reported a revenue of 677 million yuan, reflecting a year-on-year growth of 5.61%. However, the net profit attributable to shareholders was -43.43 million yuan, a decrease of 11.50% compared to the previous year [2]. - The company has distributed a total of 276 million yuan in dividends since its A-share listing, with 19.97 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 21.62% to 33,600, with an average of 8,015 shares held per shareholder, down by 17.78% [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings to 3.12 million shares, and new entrants such as Guotou Ruijin National Security Mixed A and Changcheng Jiujia Innovation Growth Mixed A [3].