Core Viewpoint - The military information technology sector has shown a positive performance, with a 2.18% increase, ranking 8th among concept sectors, indicating strong investor interest and potential growth opportunities in this area [1][2]. Group 1: Sector Performance - As of November 28, the military information technology concept rose by 2.18%, with 91 stocks increasing in value. Notable performers included Yongxin Zhicheng, which hit a 20% limit up, and other companies like Galaxy Electronics and Leike Defense also reached their daily limits [1]. - The top gainers in the sector included Yaguang Technology (up 13.48%), Weide Information (up 6.52%), and Tianyin Electromechanical (up 6.03%) [1]. Group 2: Capital Inflow - The military information technology sector attracted a net inflow of 2.263 billion yuan, with 53 stocks receiving net inflows. Five stocks saw inflows exceeding 100 million yuan, led by Aerospace Development with a net inflow of 1.073 billion yuan [2][3]. - Other significant net inflows were recorded for Leike Defense (406 million yuan), Galaxy Electronics (276 million yuan), and Yaguang Technology (237 million yuan) [2]. Group 3: Stock Performance Metrics - The stocks with the highest net inflow ratios included Galaxy Electronics (38.32%), Seven One Two (25.63%), and Aerospace Development (20.75%) [3]. - Key metrics for top stocks in the military information technology sector included: - Aerospace Development: 10.02% increase, 25.76% turnover rate, 1.073 billion yuan net inflow [3]. - Leike Defense: 10.06% increase, 21.41% turnover rate, 406 million yuan net inflow [3]. - Galaxy Electronics: 10.06% increase, 12.61% turnover rate, 276 million yuan net inflow [3].

Core Insights - The military electronics sector experienced a rise of 2.08% on November 28, with Hongda Electronics leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Funding Flow Analysis - The military electronics sector saw a net inflow of 1.754 billion yuan from main funds, while retail investors experienced a net outflow of 1.034 billion yuan [2] - Key stocks in the military electronics sector showed varied funding flows, with Aerospace Development receiving a net inflow of 933 million yuan, representing 18.04% of the main fund's total [2] - Other notable stocks include: - Leike Defense with a net inflow of 334 million yuan (16.50%) - Aiguang Technology with a net inflow of 239 million yuan (11.63%) - Qiyi with a net inflow of 156 million yuan (20.45%) [2]

Core Points - The Shanghai Composite Index closed at 3888.60 points, above the annual line, with a change of 0.34% [1] - The total trading volume of A-shares reached 1,597.731 billion yuan [1] - A total of 133 A-shares have surpassed the annual line, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Notable stocks with high deviation rates include: - Xinruida (002983) with a deviation rate of 9.27% and a daily increase of 9.99% [1] - Qiyi (603712) with a deviation rate of 8.91% and a daily increase of 10.03% [1] - Yashiguangdian (002952) with a deviation rate of 8.64% and a daily increase of 9.99% [1] - Other stocks with lower deviation rates that just crossed the annual line include: - Junya Technology (301510) with a deviation rate of 7.82% and a daily increase of 14.24% [1] - Wenfeng (601010) with a deviation rate of 6.61% and a daily increase of 10.00% [1] Trading Activity - The trading turnover rate for notable stocks includes: - Xinruida at 4.72% [1] - Qiyi at 4.70% [1] - Yashiguangdian at 5.67% [1] - The overall trading environment shows a healthy turnover with significant activity in various stocks [1]

Core Viewpoint - The Tianjin state-owned enterprise reform sector experienced a rise of 0.88% on November 24, with the stock "Seven One Two" leading the gains [1]. Market Performance - The Shanghai Composite Index closed at 3836.77, up 0.05% - The Shenzhen Component Index closed at 12585.08, up 0.37% [1]. Stock Performance in Tianjin State-Owned Enterprise Reform Sector - The following stocks showed notable performance: - "Seven One Two" (603712) closed at 20.25, up 3.42% with a trading volume of 112,000 shares and a turnover of 224 million yuan - "Baili Electric" (600468) closed at 6.09, up 2.01% with a trading volume of 222,500 shares and a turnover of 134 million yuan - "Jin Investment City Opening" (600322) closed at 2.50, up 1.21% with a trading volume of 261,600 shares and a turnover of 65.4 million yuan - "Tianjin Membrane Technology" (300334) closed at 7.51, up 1.21% with a trading volume of 112,900 shares and a turnover of 85.1 million yuan - "Teda Co., Ltd." (000652) closed at 4.16, up 0.97% with a trading volume of 143,800 shares and a turnover of 59.9 million yuan [1]. Capital Flow Analysis - On that day, the Tianjin state-owned enterprise reform sector saw a net inflow of 12.26 million yuan from institutional investors, while retail investors experienced a net outflow of 36.84 million yuan [2]. - The following stocks had significant capital flows: - "Jin Kai New Energy" (600821) had a net inflow of 11.83 million yuan from institutional investors, but a net outflow of 21.34 million yuan from retail investors [3]. - "Tianjin Port" (600717) had a net inflow of 2.07 million yuan from institutional investors, but a net outflow of 5.71 million yuan from retail investors [3].

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5] Core Viewpoints - The uncertainty in the Asia-Pacific situation is increasing, which may accelerate the equipment construction in China, focusing on new combat capabilities [2][12] - China's high-end aviation equipment showcased at the Dubai Airshow is expected to further expand the military trade market [12][15] - The Fujian aircraft carrier has conducted its first live training at sea, indicating a significant advancement in operational capabilities and technology [12][18] - The report emphasizes the importance of domestic demand for new combat capabilities and military trade as key growth areas [19] Summary by Sections Investment Suggestions and Targets - The report highlights various investment targets across different segments, including: - Engine and fuel chain: Companies like Xi'an Aero Engine (600893), Western Superconducting (688122), and others [19][20] - New quality and domains: Companies such as Aerospace Electronics (600879), Haige Communication (002465), and others [19][20] - Military electronics: Companies like Aerospace Electric (002025), Zhonghang Optical (002179), and others [19][20] - Military trade and main equipment: Companies such as AVIC Shenyang Aircraft (600760), AVIC Chengfei (302132), and others [19][20] Industry News and Market Performance - The report notes that the defense and military industry index has outperformed the broader market, with a decline of only -1.72% compared to the Shanghai Composite Index's -3.90% [22][25] - The report provides a detailed analysis of weekly market performance, indicating that the defense and military sector remains resilient amid broader market declines [22][25] Key Events and Developments - The report outlines significant recent events, including: - The U.S. government approved a new round of arms sales to Japan, which may heighten regional tensions and prompt China to expedite its military equipment development [12][9] - The successful live training of the Fujian aircraft carrier, showcasing advanced operational capabilities [12][18] - The participation of Chinese high-end military equipment in international exhibitions, enhancing China's presence in the global military trade market [12][15]

Investment Rating - The report maintains a positive outlook on the defense and military industry, indicating an "Overweight" rating for the sector, suggesting it will outperform the overall market [23]. Core Insights - The military industry is entering an upward cycle as per the "14th Five-Year Plan" recommendations, with expectations of performance recovery in Q4 2025, driven by increased military trade and order fulfillment [3][4]. - The report highlights that the military trade landscape is evolving due to rising global geopolitical uncertainties, leading to increased demand for military products, particularly in the Middle East and Asia [3]. - Key investment opportunities are identified in next-generation equipment, unmanned/anti-unmanned weapons, and information/intelligent systems, with a focus on companies that are expected to benefit from these trends [3]. Market Review - Last week, the Shenwan Defense and Military Index fell by 2.15%, while the CSI Military Leaders Index decreased by 1.53%. In comparison, the Shanghai Composite Index dropped by 0.18% and the CSI 300 by 1.08% [4][11]. - The report notes that the defense and military sector's performance ranked 27th among 31 Shenwan primary industries, indicating a relatively poor performance compared to other sectors [4]. - The report lists the top five gainers in the defense sector: Tian'ao Electronics (up 12.63%), Aerospace Development (up 8.54%), *ST Dali (up 7.1%), Aerospace Intelligence Equipment (up 5.72%), and 712 (up 4.21%) [11][12]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 76.94, placing it in the upper range historically, with a valuation percentile of 65.32% since January 2014 and 91.95% since January 2019 [12][13]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [12][13].

Meeting Overview - The shareholders' meeting was held on November 14, 2025, at the company's conference room in Tianjin Development Zone [1] - The meeting was chaired by the company's chairman, Mr. Pang Hui, and utilized a combination of on-site and online voting methods [1] Attendance - Out of 11 current directors, 10 attended the meeting, with Ms. Xin Qiaoru absent due to work commitments [2] - The company secretary and vice general manager, Mr. Ma Haiyong, along with other key executives, were present [2] Resolutions Passed - The proposal to reappoint Lixin Certified Public Accountants as the company's auditing firm for the year 2025 was approved [2] - Several governance documents were revised and approved, including: - The remuneration and assessment system for directors and senior management [2] - The independent directors' work system [3] - The external guarantee management system [3] - The external donation management system [3] - The external investment management system [3] - The system to prevent fund occupation by controlling shareholders and related parties [3] - The related party transaction management system [3] - The loan management system [3] - The cumulative voting system [3] - The fundraising management system [4] Legal Verification - The meeting was witnessed by Beijing Deheng Law Firm, with lawyers providing confirmation that the meeting's procedures and resolutions complied with relevant laws and regulations [4]

北京德恒律师事务所 关于天津七一二通信广播股份有限公司 2025 年第二次临时股东会的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话：010-52682888 传真：010-52682999 邮编：100033 致：天津七一二通信广播股份有限公司 北京德恒律师事务所（以下简称"本所"）接受天津七一二通信广播股份有 限公司（以下简称"七一二"或"公司"）的委托，指派侯慧杰律师、高悦律师 （以下简称"本所律师"）出席公司 2025 年第二次临时股东会（以下简称"本 次股东会"），并对本次股东会的合法性进行见证并出具法律意见。 北京德恒律师事务所 关于天津七一二通信广播股份有限公司 2025 年第二次临时股东会的法律意见 北京德恒律师事务所 关于天津七一二通信广播股份有限公司 2025 年第二次临时股东会的 法律意见 德恒 01G20210136-13 号 本法律意见根据《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》"）、《上市公司股东会规 则》等法律、法规、规范性文件以及《天津七一二通信广播股份有限公司章程》 （以下简称"《公司章程》 ...

证券代码：603712 证券简称：七一二 公告编号：临 2025-045 天津七一二通信广播股份有限公司 2025年第二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 11 月 14 日 (二)股东会召开的地点：天津开发区西区北大街 141 号公司会议室 (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： | 1、出席会议的股东和代理人人数 | 494 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 426,509,153 | | 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 | 55.2472 | | 份总数的比例（%） | | (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。 本次股东会由公司董事会召集，公司董事长庞辉先生主持，会议以现场投票 与网络投票相结合的方式进行表决。会议召集、召开及表决方式等事宜符 ...

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, indicating a turning point in profitability and growth potential [6][4]. Core Insights - The military industry is expected to enter a new growth cycle driven by the initiation of the "14th Five-Year Plan" equipment construction, military trade, and commercial aerospace advancements [2][3]. - The overall revenue for the military sector increased by 3.07% year-on-year in the first three quarters of 2025, while net profit attributable to shareholders decreased by 9.89%, showing a narrowing decline compared to the previous year [6][11]. - Key segments such as components, sub-systems, and assembly levels have shown signs of recovery, with revenue growth turning positive for the first time since 2021 [18][25]. Summary by Sections 1. Performance Analysis - In Q3 2025, revenue growth rates for components, sub-systems, and assembly levels were 8.30%, 3.37%, and 1.16% respectively, marking a positive shift from negative growth in 2024 [18][19]. - The net profit for the components level increased by 6.94% year-on-year, while sub-systems and assembly levels saw declines of 28.98% and 19.48% respectively [18][23]. 2. Cash Flow Improvement - The cash flow from operations for sub-systems and assembly levels improved, while components faced temporary pressure [40][42]. - The sales collection ratio for assembly levels rose significantly by 23.23 percentage points to 92.50% in Q3 2025, indicating better cash flow management [40][41]. 3. Prepayments and Inventory - Prepayments (including contract liabilities) across all levels showed an upward trend, with assembly levels increasing by 21.85% to 63.345 billion yuan [48][49]. - Inventory levels for components, sub-systems, and assembly increased by 12.57%, 8.81%, and 19.82% respectively, suggesting a positive outlook for future performance [53][54]. 4. Segment Performance - The weaponry segment led revenue growth with a remarkable 27.52% increase, while the aerospace segment grew by 6.17% and the information technology segment by 5.37% [35][36]. - The information technology segment achieved a net profit growth rate of 136.38%, indicating strong performance and future growth potential [36][39].