登录新浪财经APP 搜索【信披】查看更多考评等级 七一二10月18日发布公告，控股股东天津智博智能科技发展有限公司（简称"智博科技"）将1000万股公 司股份质押，占其所持股份2.68%，占公司总股本1.30%，用于为其控股股东天津津智国有资本投资运 营有限公司提供融资担保。 本次股份质押基本情况 |股东名称|是否为限售股（如是，注明限售类型）|是否补充质押|质押起始日|质押到期日|质权人|占其所 持股份比例|占公司总股本比例|质押用途| | --- | --- | --- | --- | --- | --- | --- | --- | |天津智博智能科技发展有限 公司|否|否|2025年10月16日|至办理解除质押登记之日|中信银行股份有限公司天津分行|2.68%|1.30%|为其 控股股东天津津智国有资本投资运营有限公司提供融资担保| |合计| | | | | |2.68%|1.30%| | 股东累计质押股份情况 截至公告披露日，上述股东及其一致行动人累计质押股份情况如下： |股东名称|持股数量|持股比例|本次质押前累计质押数量|本次质押后累计质押数量|占其所持股份比例|占 公司总股本比例|已质押股份中限 ...

（记者 曾健辉） 每经头条（nbdtoutiao）——"我还在！"林园硬气回应牛市亏钱，"接下来，我还会在！"坚持白酒是"快 乐需求"，科技股买了"愁得睡不着" 每经AI快讯，七一二10月17日晚间发布公告称，天津七一二通信广播股份有限公司控股股东天津智博 智能科技发展有限公司持有公司股份约3.73亿股，占公司总股本比例为48.31%。本次质押后，智博科技 累计质押公司股份约1.42亿股，占其持有公司股份总数的38.1%，占公司总股本的18.41%。 ...

重要内容提示： 证券代码：603712 证券简称：七一二 公告编号：临 2025-040 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，并对其内容的真实性、准确性和完整性承担法律责任。 3、股东累计质押股份情况 二、上市公司控股股东股份质押情况 智博科技本次股份质押用途是为其控股股东天津津智国有资本投资运营有 限公司（以下简称"津智资本"）提供融资担保。智博科技及津智资本资信状况 良好，具备资金偿还能力。智博科技此次质押股份不会对上市公司控制权构成影 响。 公司将持续关注股东质押情况，并按规定及时履行信息披露义务，敬请广大 投资者注意投资风险。 特此公告。 天津七一二通信广播股份有限公司（以下简称"公司"）控股股东天津 智博智能科技发展有限公司（以下简称"智博科技"）持有公司股份 372,938,300 股，占公司总股本比例为 48.31%。本次质押后，智博科 技累计质押公司股份142,101,800 股，占其持有公司股份总数的 38.10%， 占公司总股本的 18.41%。 一、本次股份质押的基本情况 公司于 ...

Market Overview - On October 17, the Tianjin state-owned enterprise reform sector fell by 2.19% compared to the previous trading day, with Baili Electric leading the decline [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Key stocks in the Tianjin state-owned enterprise reform sector showed mixed performance, with Guifaxiang rising by 4.13% to a closing price of 12.86, while Baili Electric dropped by 6.69% to 6.56 [2] - The trading volume and turnover for Guifaxiang were 263,400 shares and 337 million yuan, respectively [2] Capital Flow - The main funds in the Tianjin state-owned enterprise reform sector experienced a net outflow of 180 million yuan, while retail investors saw a net inflow of 204 million yuan [2][3] - The capital flow data indicates that Guifaxiang had a net inflow of 28.86 million yuan from main funds, while Tianjin Port saw a net outflow of 4.73 million yuan [3]

Investment Rating - The report suggests to continue focusing on investment opportunities within the communication industry [2] Core Insights - The communication industry showed steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1785.003 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.432 billion yuan, up 11.26% year-on-year [4][7] - The AI computing industry chain is expected to continue accelerating its development in 2025, benefiting the communication industry [17][19] Summary by Sections H1 2025 Performance Overview - The communication industry achieved a total revenue of 1785.003 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and a net profit of 160.432 billion yuan, reflecting an 11.26% increase [4][7] Segment Performance Changes - In H1 2025, the optical module and device segment reported revenue of 47.988 billion yuan, a year-on-year increase of 64.88%, and net profit of 10.876 billion yuan, up 111.99% [25] - The communication PCB segment achieved revenue of 57.249 billion yuan, a year-on-year increase of 37.66%, and net profit of 8.058 billion yuan, up 80.79% [31] - The network equipment segment generated revenue of 507.111 billion yuan, a year-on-year increase of 28.86%, with net profit of 19.184 billion yuan, up 19.57% [37] AI Industry Chain Investment - Major overseas cloud companies are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, reflecting an 82.96% year-on-year increase [17] - Companies like Oracle and Nvidia are showing strong growth prospects in their AI-related businesses, with Oracle's unfulfilled revenue reaching 455 billion USD, a year-on-year increase of 359% [22][19]

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]