Group 1 - The establishment of Zhongshan Torch Yingkang Venture Capital Fund Partnership (Limited Partnership) has been announced, with a total investment of 210 million yuan [1] - The managing partner is Zhongshan Torch Electronics Industry Fund Management Co., Ltd., which is involved in private equity investment fund management and venture capital fund management services [1] - The fund's activities include private equity investments, investment management, asset management, and enterprise management consulting [1] Group 2 - The fund is co-funded by Zhongju High-tech (600872) Technology Industry (Group) Co., Ltd., Zhongshan Torch Electronics Industry Fund Management Co., Ltd., and Shanghai Dinghui Baifu Investment Management Co., Ltd. [1]

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： ● 担保对象及基本情况 ■ ● 累计担保情况 ■ 为保障福建火炬电子科技股份有限公司（以下简称 "公司"）下属子公司与供应商的交易顺利进行，近 日，公司全资子公司雷度国际、苏州雷度、深圳雷度、厦门雷度与其供应商共同签订了《连带保证合 同》，在合同项下，为对方与该供应商形成的债务提供担保。其中，苏州雷度、深圳雷度、厦门雷度合 计为雷度国际与该供应商交易产生的债务提供最高额人民币837万元或等值外币的连带责任担保；雷度 国际、苏州雷度、厦门雷度合计为苏州雷度或深圳雷度与该供应商交易产生的债务提供最高额人民币 837万元或等值外币的连带责任担保。 （二）内部决策程序 公司分别于2025年3月20日、2025年4月11日召开第六届董事会第二十次会议、2024年年度股东大会，审 议通过《关于2025年度公司及所属子公司申请授信及提供担保的议案》，于2025年8月21日、2025年9月 8日召开第六届董事会第二十四次会议、2025年第一次临时股东大会，审议通过《关于新增202 ...

证券代码：603678 证券简称：火炬电子 公告编号：2025-078 福建火炬电子科技股份有限公司 关于为控股子公司提供担保的进展公告(七) 担保对象及基本情况 | | | 被担保人名称 | 度国际"） | 雷度国际有限公司（以下简称"雷 | | --- | --- | --- | --- | --- | | | | 本次担保金额 | 837 万元 | | | 担 保 象一 | 对 | 实际为其提供的担保余额 | 5,000 万元 | | | | | 是否在前期预计额度内 | □否 是 | □不适用：_________ | | | | 本次担保是否有反担保 | □是 否 | □不适用：_________ | | 担 保 | 对 | 被担保人名称 | "苏州雷度"） | 苏州雷度电子有限公司（以下简称 | | | | 本次担保金额 | 837 万元 | | | 象二 | | 实际为其提供的担保余额 | 57,500 万元 | | | | | 是否在前期预计额度内 | □否 ☑是 | □不适用：_________ | | | | 本次担保是否有反担保 | □是 ☑否 | □不适用：_________ 深圳雷 ...

Group 1 - The military electronics sector increased by 1.16% on December 19, with Sichuan Chuang Electronics leading the gains [1] - The Shanghai Composite Index closed at 3890.45, up 0.36%, while the Shenzhen Component Index closed at 13140.22, up 0.66% [1] - Key stocks in the military electronics sector showed significant price increases, with Sichuan Chuang Electronics rising by 10.02% to a closing price of 31.19 [1] Group 2 - The military electronics sector experienced a net inflow of 232 million yuan from institutional investors, while retail investors contributed a net inflow of 307 million yuan [2] - Major stocks like Aerospace Development saw a net inflow of 286.6 million yuan from institutional investors, indicating strong interest [3] - Retail investors showed a mixed response, with significant outflows from stocks like Sichuan Chuang Electronics, which had a net outflow of 86.5 million yuan from retail investors [3]

Core Viewpoint - The company is actively expanding its supply chain applications in emerging technologies, particularly in the commercial aerospace sector, and has engaged in product support for clients in this field [1] Group 1: Company Initiatives - The company is closely monitoring and actively developing applications in the supply chain for commercial aerospace and other emerging technology industries [1] - The company's main product, ceramic capacitors, has potential applications in commercial aerospace scenarios [1] Group 2: Product Capabilities - The ceramic capacitor series has undergone verification to confirm its radiation resistance requirements for space application environments [1] - The company leverages its aerospace-grade production line, possessing extensive experience in design, production process control, and finished product validation [1]

Core Viewpoint - Torch Electronics (603678) is actively expanding its supply chain applications in emerging technology industries such as commercial aerospace, indicating a strategic focus on new market opportunities [1] Group 1: Business Development - The company is closely monitoring and actively expanding its applications in the commercial aerospace supply chain [1] - Torch Electronics has participated in product support for some clients in the commercial aerospace sector [1] Group 2: Product Capabilities - The company's main product, ceramic capacitors, has potential applications in commercial aerospace scenarios, having undergone verification to meet radiation tolerance requirements for space applications [1] - The company leverages its aerospace-grade production line, possessing extensive experience in design, production process control, and finished product verification [1] Group 3: Innovation and Competitiveness - Torch Electronics is continuously advancing its self-produced component category matrix through technological innovation and industry chain collaboration [1] - The company aims to further enhance product competitiveness to meet diverse downstream demands [1]

Core Insights - The report identifies the main investment themes for the defense and aerospace industry in 2025 as internal equipment, military trade, and military-civilian integration, with a focus on the second growth curve as a key selection criterion for stocks [2][5][36] - For 2026, military-civilian integration and military trade are expected to remain the primary investment lines, supported by stable growth in defense spending and policy guidance [2][5] Industry Overview - The report outlines a deep review of the defense industry, highlighting that the internal equipment market, military trade, and military-civilian integration emerged as the three main investment directions in 2025 [5][21] - The investment framework has evolved from focusing solely on internal equipment to incorporating military trade and military-civilian integration, reflecting a more comprehensive understanding of the market dynamics [5][21] Policy Analysis and Internal Equipment Outlook - The report emphasizes that the integration of mechanization, information technology, and intelligence will drive future growth in internal equipment, with specific focus areas including information support forces, cyber warfare units, military aerospace, and rocket forces [6][41][46] - Recent U.S. defense policy changes, which reduced the number of key technology areas from 14 to 6, align closely with China's focus on new quality and new domain developments [6][41] Investment Strategy for 2026 - The report recommends a bottom-up approach to stock selection, emphasizing the importance of identifying stocks that excel in the second growth curve, particularly in military trade and military-civilian integration [7][36] - Specific companies are highlighted as key investment targets, including 中航沈飞 (AVIC), 广东宏大 (Guangdong Hongda), and 西部超导 (West Superconductor), which are positioned to benefit from trends in military trade and civilian applications [22][33][36] Key Investment Areas - The report identifies several promising sectors within the defense industry, including special chips, quartz electronic fabrics, aerospace electronics, high-performance power supplies, and military aviation engines, each with unique growth drivers [22][33][36] - The military trade sector is expected to see a shift towards high-end equipment exports, with 中航沈飞 (AVIC) and 广东宏大 (Guangdong Hongda) as core players [22][36] Conclusion - The report concludes that the second growth curve represents a critical opportunity for investors, with military trade and military-civilian integration likely to be the main growth drivers in the coming years [36][41]

Core Viewpoint - The company is actively expanding its supply chain applications in emerging technology industries, particularly in commercial aerospace, and has engaged in product support for clients in this field [1] Group 1: Company Developments - The company is focusing on the application potential of its ceramic capacitors in commercial aerospace scenarios, having verified their radiation resistance to meet space application requirements [1] - The company leverages its aerospace-grade production lines, possessing extensive experience in design, production process control, and finished product validation to ensure product reliability [1] - The company is continuously advancing its self-produced component category matrix through technological innovation and industry chain collaboration to enhance product competitiveness and adapt to diverse downstream demands [1]

来源：证券市场周刊市场号 文 |牛犇 本周，A股市场持续调整，沪指仅在周五小幅反转。 但从技术面看，市场已频频出现止跌反弹信号，这或意味着下周将有不错的表现，而最新的重要会议同 样释放了积极信号。 机会方面，业内人士指出，可关注重要会议的指引方向，而AI、消费和新能源三大主线已成明牌。 止跌反弹信号出现 近期，A股止跌反弹信号不断出现，如沪指在近三个交易日已出现三根较长的下影线（见附图）。 在K线图中，下影线是从实体向下延伸的细线，与上影线一起长期被看作趋势反转的信号。在阳线中， 它是当日开盘价与最低价之差；在阴线中，它是当日收盘价与最低价之差。一般说，产生下影线的原因 是多方力量大于空方力量而形成的，股票开盘后，股价由于空方的打压一度下落，但由于买盘旺盛，使 股价回升，收于低点之上，产生下影线。这种形态表明，个股或大盘有可能结束弱势行情，将转入强势 行情，且下影线越长，表示反转力量越强。 上影线则与之相反，通常由个股或大盘冲高后回落形成，位于阶段性低位可能预示见底反转，上升途中 多为洗盘结果，而高位出现则提示见顶风险，11月14日的出现长上影线，市场即见顶调整就印证了这个 逻辑。 在技术面之外，A股市场也迎 ...

关于为控股子公司提供担保的进展公告(六) 证券代码：603678 证券简称：火炬电子 公告编号：2025-077 福建火炬电子科技股份有限公司 关于为控股子公司提供担保的进展公告(六) 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： ● 担保对象及基本情况 债权人：招商银行股份有限公司泉州分行 债务人：上海火炬电子科技集团有限公司 （1）担保额度：主债权金额人民币11,300万元及实现债权的其他应付费用之和的连带责任担保 （一）担保的基本情况 为满足上海火炬集团业务发展需求，福建火炬电子科技股份有限公司（以下简称"火炬电子"、"公司"） 于2025年12月8日与招商银行股份有限公司泉州分行签订《不可撤销担保书》，为上海火炬集团提供主 债权金额人民币11,300万元及实现债权的其他应付费用之和的连带责任担保。 （二）内部决策程序 公司分别于2025年3月20日、2025年4月11日召开第六届董事会第二十次会议、2024年年度股东大会，审 议通过《关于2025年度公司及所属子公司申请授信及提供担保的议案》，于202 ...