福建火炬电子科技股份有限公司 董事、高级管理人员薪酬管理制度 （经公司第六届董事会第二十五次会议批准生效） 第一章 总则 第一条 为进一步完善福建火炬电子科技股份有限公司（以下简称"公司"） 治理结构，加强和规范公司董事、高级管理人员薪酬的管理，建立和完善有效的 激励与约束机制，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司治理准则》和《公司章程》等有关法律法规的规定，结合公司实际情况， 制定本制度。 第二条 本制度适用对象为公司董事会成员、由公司董事会聘任的高级管理 人员。 第三条 公司董事的年度薪酬方案由股东会审议确定，高级管理人员的年度 薪酬方案由董事会审议确定。 第四条 公司董事会薪酬与考核委员会负责制订公司董事、高级管理人员的 薪酬标准与方案，对董事、高级管理人员履行职责情况进行年度考核，并负责对 公司薪酬制度执行情况进行监督。其职责与权限参照公司《董事会薪酬与考核委 员会实施细则》。 第五条 公司董事、高级管理人员薪酬管理遵循以下原则： 第二章 薪酬构成及标准 （一）独立董事：公司独立董事采用固定津贴制，根据独立董事所承担的风 - 1 - （一）公开、公正、透明的原则； （二）与 ...

福建火炬电子科技股份有限公司 对外担保管理制度 （经公司第六届董事会第二十五次会议审议通过，尚需股东会批准生效） - 1 - （一）为依法设立并有效存续的企业法人，且不存在需要或应当终止的情形； （二）具有相应的偿债能力； （三）具有较好的盈利能力和发展前景； （四）如公司曾为其提供担保，没有发生被债权人要求承担担保责任的情形； （五）提供的财务资料真实、完整、有效； （六）提供公司认可的反担保，且反担保的提供方具有实际承担能力，但公 司为子公司提供担保不需要反担保； 第一章 总则 第一条 为了维护股东的利益，规范福建火炬电子科技股份有限公司（以下 简称"公司"）的担保行为，控制公司资产运营风险，促进公司健康稳定地发展， 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券 法》（以下简称"《证券法》"）《上市公司监管指引第 8 号—上市公司资金往来、 对外担保的监管要求》《上海证券交易所股票上市规则》（以下简称"《上市规则》"） 等相关法律、法规、规范性文件及《福建火炬电子科技股份有限公司章程》（以 下简称"《公司章程》"）规定，结合本公司的实际情况，制定本制度。 第二条 本制度所称对 ...

福建火炬电子科技股份有限公司 会计师事务所选聘制度 （经公司第六届董事会第二十五次会议批准生效） 第二条 本制度所称选聘会计师事务所，是指公司根据有关法律法规要求， 聘任会计师事务所对公司财务会计报告发表审计意见、出具审计报告及内部控制 审计报告的行为。公司聘任会计师事务所从事除财务会计报告审计之外的其他法 定审计业务的，视重要性程度可参照本制度执行。 第三条 公司选聘会计师事务所，应当经董事会审计委员会（以下简称"审 计委员会"）审议同意后，提交董事会审议，并由股东会决定。公司不得在董事 会、股东会审议批准前聘请会计师事务所。 第四条 公司控股股东、实际控制人不得向公司指定会计师事务所，不得干 预公司审计委员会、董事会及股东会独立履行审核职责。 第二章 会计师事务所执业质量要求 第五条 公司选聘的会计师事务所应当具备以下资格: （一）具备国家行业主管部门和中国证监会规定的开展证券期货相关业务所 需的执业资格； （二）具有独立的主体资格； （三）具有固定的工作场所、健全的组织机构和完善的内部管理和控制制度； （四）熟悉国家有关财务会计方面的法律、法规、规章和政策； 第一章 总则 第一条 为规范福建火炬电子科技 ...

Core Insights - The company reported a third-quarter revenue of 926 million yuan, representing a year-on-year increase of 27.80% [1] - The net profit for the third quarter was 76.31 million yuan, showing a year-on-year growth of 11.83% [1] - For the first three quarters, the total revenue reached 2.698 billion yuan, reflecting a year-on-year increase of 25.41% [1] - The net profit for the first three quarters was 396 million yuan, which is a significant year-on-year increase of 57.11% [1]

Core Insights - The semiconductor ceramic capacitor industry is experiencing significant growth driven by national policy support and increasing demand in emerging sectors such as 5G communication, new energy vehicles, and AI servers [1][2][12] - The market size for semiconductor ceramic capacitors in China is projected to reach 18.64 billion yuan in 2024, with an expected increase to 20.32 billion yuan in 2025, reflecting a growth rate of approximately 9.0% [1][10] - The competitive landscape is characterized by international giants dominating the high-end market while domestic companies strive to penetrate higher-end segments [1][11] Industry Overview - Semiconductor ceramic capacitors are key electronic components made from ferroelectric or paraelectric ceramic materials, featuring high dielectric constants, excellent temperature stability, low equivalent series resistance, and good high-frequency adaptability [1][3] - The industry is supported by a systematic policy framework aimed at promoting high-quality development in the integrated circuit and software industries [1][6] Market Structure - The semiconductor ceramic capacitor market is primarily dominated by multilayer ceramic capacitors (MLCC), which account for a significant market share due to their small size and high reliability [10] - The industry is segmented into various applications, including consumer electronics, automotive electronics, industrial control, medical devices, communication, and aerospace, each with specific performance requirements [5][6] Policy Support - Recent government policies have focused on enhancing industry guidance and support, including initiatives for tax incentives, technological innovation, standardization, and digital transformation [6][7] Industry Chain - The industry chain consists of upstream suppliers of ceramic powders and electrode materials, midstream MLCC manufacturers, and downstream applications across various sectors [7][8] Competitive Landscape - The competitive landscape features a mix of international leaders like Murata and TDK, alongside domestic players such as Fenghua Advanced Technology and SanHuan Group, who are increasingly focusing on high-end applications [11][12] Development Trends - The industry is expected to undergo a threefold upgrade in technology, market structure, and demand, with a focus on high-frequency, miniaturization, and high reliability [12][13] - Emerging applications in 5G communication, new energy vehicles, and AI servers are anticipated to drive significant growth in demand for high-performance capacitors [12][14]

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [6] Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of military equipment construction, indicating that the military equipment development is expected to accelerate with the implementation of the 14th Five-Year Plan [9][12] - The successful testing of the Zhuque-3 rocket marks a significant advancement in reusable rocket technology, which is anticipated to lower launch costs and accelerate satellite networking [14][17] - The military sector's stock prices have stabilized recently, with a focus on both domestic and international demand, highlighting the investment value in the military industry [18] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on military electronics, new domains, and the aerospace propulsion chain, with specific stock recommendations including: - Military Electronics: Aerospace Electric (002025, Buy), Zhonghang Optical (002179, Buy), and others [18] - New Domains: Haige Communication (002465, Buy) and others [18] - Aerospace Propulsion Chain: Xibei Superconductor (688122, Buy) and others [18] - Military Trade/Main Equipment: Zhonghang Shenfei (600760, Unrated) and others [18] Industry Performance - The defense and military industry index increased by 2.81%, underperforming compared to the Shanghai Composite Index [21][22] - The report notes that the military industry has shown resilience, with a focus on key components and materials as demand rises [18][21] Recent Developments - The report highlights significant recent events in the military sector, including successful military exercises and advancements in military technology [30][31]

Group 1 - The establishment of the Electronic Information Materials Excellence Talent Training Class at Chongqing University of Technology is a key initiative to align with national strategies and the industrial system of Chongqing, enhancing the new engineering education framework [1][3] - The program aims to cultivate students with solid theoretical knowledge, practical skills, innovative spirit, and international vision, contributing to overcoming critical technological challenges in the field [3][5] - Core partner companies, including Fujian Torch Electronic Technology Co., Ltd. and Chongqing Pingwei Industrial Co., Ltd., will deeply engage in talent cultivation by providing practical platforms and R&D projects [5] Group 2 - The training class is built upon the advantages of the Advanced Electronic Information Materials Modern Industry College and the Materials Science discipline at Chongqing University of Technology, featuring a new "2.5+1.5" innovative practical training system [5] - The program emphasizes school-enterprise collaboration, introducing real projects from companies and implementing a dual-mentor system to enhance students' abilities to solve complex engineering problems [5]

Core Viewpoint - The commercial aerospace sector is experiencing a significant upward trend, with notable stock price increases among key companies in the industry [1] Group 1: Company Performance - Aerospace Intelligent Equipment (航天智装) has seen its stock price rise over 15%, reaching a historic high [1] - New Ray Energy (新雷能) has increased by more than 10% [1] - Other companies such as High De Infrared (高德红外), China Satellite (中国卫星), and Torch Electronics (火炬电子) are also witnessing stock price increases [1]

Group 1 - China's reusable rocket technology is making significant breakthroughs, with the successful static fire test of the Zhuque-3 rocket, which is designed for large satellite constellation networking [1] - The Zhuque-3 rocket is a large-capacity, low-cost, reusable liquid launch vehicle made from stainless steel, indicating advancements in material use for space technology [1] - The country aims to enhance its reusable rocket capabilities, with multiple rockets, including Zhuque-3 and Tianlong-3, set for maiden flights or tests this year [1] Group 2 - The commercial space industry in China is entering a recovery phase, with a projected increase in rocket launch demand due to the "Hundred Arrows, Thousand Stars" plan, which anticipates nearly 2,500 satellite launches by 2035 [2] - The industry is experiencing a policy boost, with Shandong province aiming for an annual production capacity of 100 rockets and 150 commercial satellites by 2027, targeting a market size of 50 billion yuan [1] Group 3 - A total of 67 stocks in the A-share market are involved in the commercial space industry, with 16 stocks receiving ratings from five or more institutions, indicating strong institutional interest [3] - Companies like Zhimin Da and Narui Radar are expected to see significant profit growth, with projected increases in net profit exceeding 100% for several firms [3][4] - Dragonfly Co. has seen a remarkable increase in northbound capital holdings, with a 1,085.7% increase in shares held, reflecting strong investor interest in the commercial aerospace sector [5][6]

Group 1 - The MLCC sector leads the market with an increase of 3.74% [1] - Hongda Electronics saw a significant rise of 10.59% [1] - Fenghua Advanced Technology increased by 7.71% [1] - Hongyuan Electronics experienced a growth of 5.42% [1] - Torch Electronics, Xinwei Communication, and Sanhuan Group all rose by over 3% [1]