Market Overview - On September 25, the Tianjin state-owned enterprise reform sector fell by 0.72% compared to the previous trading day, with Jintou Chengkai leading the decline [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - The following stocks in the Tianjin state-owned enterprise reform sector showed notable performance: - Baili Electric (600468) closed at 6.73, up 4.02% with a trading volume of 1.021 million shares and a turnover of 693 million yuan [1] - Jintou Chengkai (600322) closed at 2.35, down 6.37% with a trading volume of 868,900 shares and a turnover of 210 million yuan [2] - Other stocks such as Tianjin Port (600717) and Taida Co. (000652) also experienced declines of 1.28% and 1.45% respectively [1][2] Capital Flow Analysis - The Tianjin state-owned enterprise reform sector saw a net outflow of 38.27 million yuan from main funds, while speculative funds had a net inflow of 53.41 million yuan, and retail investors experienced a net outflow of 15.13 million yuan [2] - Specific stock capital flows included: - Baili Electric had a net inflow of 20.84 million yuan from main funds, while retail investors saw a net outflow of 4.25 million yuan [3] - Tianjin Port had a net inflow of 9.34 million yuan from speculative funds, but a net outflow of 9.81 million yuan from retail investors [3]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [7] Core Views - The company is a core supplier of dedicated wireless communication systems in China, with significant growth potential driven by data link applications and military demand recovery [4][6] - The company has a strong first-mover advantage in the dedicated wireless communication sector, focusing on military applications and covering various platforms [15][24] - The ongoing modernization of military communication systems in China presents substantial opportunities for the company, particularly in the context of national defense informationization [41][42] Summary by Sections 1. Core Supplier of Dedicated Wireless Communication - The company has deep roots in dedicated wireless communication, having been established in 1936 and evolving into a key player in the industry [15] - Its product offerings include military and civilian wireless communication systems, with a focus on shortwave and ultra-shortwave communication [24] - Recent financial performance has been impacted by industry demand fluctuations, but there is significant potential for recovery as market conditions improve [29] 2. National Defense Informationization - National defense budgets in China have shown consistent growth, supporting the ongoing need for advanced military communication systems [41][42] - The company is well-positioned to benefit from the increasing demand for military communication upgrades, particularly in the air and ground sectors [4][6] 3. Data Link Development - The evolution of military operational modes is driving demand for data link systems, which offer advantages over traditional voice communication [6][9] - The company is expected to capitalize on the long-term upgrade needs of data link systems, which are critical for multi-platform communication in military operations [9] 4. Financial Forecast and Valuation - Revenue and profit forecasts indicate a recovery trajectory, with expected net profits of 0.96 billion, 2.17 billion, and 3.12 billion for 2025E-2027E [5][7] - The current stock price reflects a lower price-to-earnings ratio compared to comparable companies, suggesting potential undervaluation [7] 5. Competitive Advantages - The company possesses several core technologies in ultra-shortwave communication, providing a competitive edge in the market [4][6] - Its focus on customized products for various military applications enhances its market position and aligns with the needs of the Chinese military [24][26]

Investment Rating - The report maintains an "Overweight" rating for the communication industry [5]. Core Insights - The communication industry experienced steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1,785 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.43 billion yuan, up 11.26% year-on-year [2][8]. - In Q2 2025, the industry continued to show robust growth, with revenue of 942.48 billion yuan, reflecting a year-on-year increase of 10.91%, and net profit attributable to shareholders of 98.68 billion yuan, up 12.33% year-on-year [11]. - Key sectors such as optical modules, communication PCBs, network equipment manufacturers, and IoT modules demonstrated strong performance, ranking among the top five in revenue and net profit growth rates [14][16]. Summary by Sections 1. H1 2025 Performance Overview - The communication industry achieved total revenue of 1,785 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and net profit attributable to shareholders of 160.43 billion yuan, up 11.26% year-on-year [2][8]. 2. AI Industry Chain Investment - Overseas cloud vendors are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, marking an increase of 82.96% year-on-year [22]. - Major companies like Apple and Meta are significantly increasing their investments in AI infrastructure, indicating a robust outlook for the AI industry chain [22][24]. 3. Sector Performance Changes - The optical module and device sector reported revenue of 479.88 billion yuan in H1 2025, with a year-on-year increase of 64.88%, and net profit of 108.76 billion yuan, up 111.99% year-on-year [31]. - The communication PCB sector achieved revenue of 572.49 billion yuan in H1 2025, reflecting a year-on-year growth of 37.66%, and net profit of 80.58 billion yuan, up 80.79% year-on-year [36]. - The network equipment sector generated revenue of 5,071.11 billion yuan in H1 2025, with a year-on-year increase of 28.86%, and net profit of 191.84 billion yuan, up 19.57% year-on-year [40]. 4. Telecom Operators' Performance - The basic telecom operators' sector reported revenue of 10,133.93 billion yuan in H1 2025, a slight increase of 0.33% year-on-year, with net profit of 1,136.01 billion yuan, up 5.14% year-on-year [54]. - China Mobile's total connections reached 3.815 billion, with a net increase of 145 million, and its digital transformation revenue grew by 6.6% year-on-year [55].

Core Viewpoint - The announcement details the release of pledged shares by the controlling shareholder of Tianjin Qiyi Communication Broadcasting Co., Ltd., indicating a reduction in the pledged shares and potential implications for the company's financial stability and shareholder confidence [1][2]. Group 1: Shareholder Information - The controlling shareholder, Tianjin Zhibo Intelligent Technology Development Co., Ltd. (Zhibo Technology), holds 372,938,300 shares, representing 48.31% of the company's total equity [1]. - After the release of the pledge, Zhibo Technology has a total of 132,101,800 pledged shares, which is 35.42% of its holdings and 17.11% of the company's total equity [1]. - Zhibo Technology completed a stock pledge repurchase transaction on November 11, 2024, pledging 24,526,000 shares, as disclosed in the company's announcement on November 14, 2024 [1]. Group 2: Pledge Release Details - On September 12, 2025, Zhibo Technology completed the release of the pledged 24,526,000 shares [1]. - The company will be notified of any future pledge plans by Zhibo Technology in accordance with relevant laws and regulations [1].

Group 1 - The company announced that its controlling shareholder, Tianjin Zhibo Intelligent Technology Development Co., Ltd. (referred to as "Zhibo Technology"), completed the release of stock pledges on September 12, 2025 [2] - A total of 24,526,000 shares were released from pledge, which accounts for 6.58% of Zhibo Technology's holdings and 3.18% of the company's total share capital [2]

Group 1 - The controlling shareholder of Qiyi Communication Broadcasting Co., Ltd., Tianjin Zhibo Intelligent Technology Development Co., Ltd., holds approximately 373 million shares, accounting for 48.31% of the company's total equity [1] - After the release of the pledge, Zhibo Technology has cumulatively pledged about 132 million shares, which is 35.42% of its total holdings and 17.11% of the company's total equity [1] - As of the report date, the market capitalization of Qiyi is 16.4 billion yuan [1] Group 2 - For the fiscal year 2024, the revenue composition of Qiyi is as follows: specialized wireless communication industry accounts for 93.92%, other industries account for 4.23%, and other businesses account for 1.85% [1]

证券代码：603712 证券简称：七一二 公告编号：临 2025-039 公司于 2025 年 9 月 15 日收到控股股东智博科技的通知，智博科技于 2025 年 9 月 12 日办理了该笔质押股票的解质押手续，解除质押 24,526,000 股。具体 情况如下： 本次股份解除质押后，如有后续质押计划，智博科技将根据质押业务办理进 度按照相关法律法规要求及时通知公司履行信息披露义务。 股东名称 天津智博智能科技发展有限公司 本次解除质押股份数量（股） 24,526,000 占其所持股份比例 6.58% 占公司总股本比例 3.18% 解除质押时间 2025 年 9 月 12 日 持股数量（股） 372,938,300 持股比例 48.31% 剩余被质押股份数量（股） 132,101,800 剩余被质押股份数量占其所持股份比例 35.42% 剩余被质押股份数量占公司总股本比例 17.11% 一、本次股份解除质押的基本情况 二、股东累计质押股份情况 天津七一二通信广播股份有限公司 关于控股股东部分股权解除质押的公告 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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is experiencing a temporary decline in performance due to fluctuations in industry customer demand, leading to lower-than-expected order deliveries. The absolute amount of R&D expenses remains high, and prudent impairment loss provisions have resulted in a net loss [2][6]. - In the first half of 2025, the company achieved operating revenue of 631 million yuan, a year-on-year decrease of 47.49%, and a net profit loss attributable to the parent company of 114 million yuan, a year-on-year decrease of 270.67% [6][13]. - The company continues to invest in R&D to maintain its technological leadership, with R&D expenses in the first half of 2025 amounting to 212 million yuan, a decrease of 8.31% year-on-year, but the R&D expense ratio reached a historical high of 33.58% due to declining revenue [13]. Summary by Sections Financial Performance - The company reported a significant decline in revenue and net profit in the first half of 2025, with Q2 revenue at 415 million yuan, down 41.73% year-on-year, and a net profit loss of 60 million yuan, down 217.94% year-on-year [6][13]. - The company’s R&D expenses are projected to be 454 million yuan in 2025, with a decreasing trend in the following years, while the net profit is expected to recover to 88 million yuan in 2026 and 198 million yuan in 2027 [18]. R&D and Innovation - The company emphasizes innovation as a top priority, focusing on the development of basic product components and key technologies. It has made significant progress in military communication projects, including winning bids for helicopter and swarm projects, marking a breakthrough in swarm data link applications [13]. - The company is also advancing in ground communication projects, collaborating with domestic universities to enhance anti-jamming technology, which is crucial for communication security in complex electromagnetic environments [13]. Earnings Forecast and Valuation - The company is expected to achieve net profits of 88 million yuan, 198 million yuan, and 314 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 191, 85, and 53 times [13].

Market Performance - The military electronics sector increased by 0.9% compared to the previous trading day, with Xinguang Optoelectronics leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Highlights - Xinguang Optoelectronics (688011) closed at 40.88, with a significant increase of 13.71% and a trading volume of 67,600 shares, amounting to a transaction value of 262 million yuan [1] - Haige Communication (002465) rose by 7.39% to close at 13.80, with a trading volume of 2.4033 million shares and a transaction value of 333.2 million yuan [1] - Other notable performers include Qiyi (603712) with a 4.96% increase, Huali Chuantong (300045) up by 4.06%, and Gaoling Information (688175) rising by 2.50% [1] Fund Flow Analysis - The military electronics sector saw a net inflow of 545 million yuan from institutional investors, while retail investors experienced a net outflow of 90.57 million yuan [2] - The overall trend indicates a mixed sentiment among different investor types, with institutional investors showing confidence in the sector [2]

Group 1 - The stock of Tianjin Qiyi Communication Broadcasting Co., Ltd. (七一二) increased by 5.2% to 22.06 CNY per share, with a trading volume of 313 million CNY and a turnover rate of 1.89%, resulting in a total market capitalization of 17.03 billion CNY [1] - The company, established on October 28, 2004, and listed on February 26, 2018, specializes in the research, production, and sales of military and civilian wireless communication terminal and system products [1] - The revenue composition of the company includes 54.49% from specialized wireless communication terminal products, 39.98% from system integration products, 3.31% from other sources, and 2.22% from material sales and maintenance [1] Group 2 - Yongying Technology Driven A (永赢科技驱动A) fund holds a significant position in Qiyi, having increased its holdings by 985,700 shares to a total of 3.5231 million shares, representing 5.72% of the fund's net value, making it the fourth-largest holding [2] - The fund has achieved a year-to-date return of 40.36%, ranking 1027 out of 8177 in its category, and a one-year return of 83.47%, ranking 621 out of 7982 [2] - The fund manager, Li Wenbin, has been in position for 8 years and 242 days, with the fund's total asset size at 1.451 billion CNY and a best return of 127.45% during his tenure [3]