Core Viewpoint - The China Securities 2000 ETF managed by Huaxia Fund has experienced a decline of 1.12% as of the midday close on November 12, with a trading volume of 11.11 million yuan [1] Group 1: ETF Performance - The China Securities 2000 ETF (562660) closed at 1.673 yuan, down 1.12% [1] - Since its inception on September 6, 2023, the fund has achieved a return of 68.85%, with a monthly return of 4.43% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include Tian'ao Electronics, which fell by 1.23%, and Guoen Co., which dropped by 4.47% [1] - Other notable declines include Asia-Pacific Shares down 2.36%, Baosheng Shares down 3.07%, and Green Power down 0.13% [1] - The largest decline was seen in Jieput, which fell by 6.34%, while Daon Shares decreased by 2.51% [1]

Core Viewpoint - Spring Autumn Electronics has experienced fluctuations in stock performance, with a notable increase in revenue and net profit year-on-year, indicating potential growth in the consumer electronics sector [1][2]. Financial Performance - As of September 30, 2025, Spring Autumn Electronics reported a revenue of 3.197 billion yuan, representing a year-on-year growth of 7.21% [2]. - The company's net profit attributable to shareholders reached 231 million yuan, showing a significant increase of 63.91% compared to the previous year [2]. - The stock price has increased by 32.84% year-to-date, with a recent 1.52% rise over the last five trading days [1]. Stock Market Activity - On November 12, the stock price fell by 2.03%, trading at 15.41 yuan per share with a total transaction volume of 172 million yuan [1]. - The stock has seen a net outflow of 24.51 million yuan from major funds, with significant selling pressure compared to buying [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the latest instance on January 7, where it recorded a net purchase of 29.09 million yuan [1]. Company Overview - Spring Autumn Electronics, established on August 23, 2011, and listed on December 12, 2017, specializes in the R&D, design, production, and sales of precision structural components and molds for consumer electronics [2]. - The revenue breakdown shows that structural components account for 89.95%, communication equipment for 5.50%, molds for 2.88%, and other sources for 1.66% [2]. - The company is categorized under the electronic industry, specifically in consumer electronics components and assembly [2]. Shareholder Information - As of September 30, 2025, the number of shareholders is approximately 40,900, a decrease of 1.08% from the previous period [2]. - The average number of circulating shares per shareholder is 10,827, which has increased by 2.08% [2]. - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, which holds 5.7876 million shares as a new investor [3]. Dividend Distribution - Since its A-share listing, Spring Autumn Electronics has distributed a total of 359 million yuan in dividends, with 107 million yuan distributed over the past three years [3].

Core Points - The company announced the conversion and redemption results of its convertible bonds, "Chunqiu Convertible Bonds," indicating a significant conversion into A-shares and the completion of the redemption process [2][4][8] Group 1: Conversion Details - As of the redemption registration date (November 6, 2025), a total of RMB 239,665,000 worth of "Chunqiu Convertible Bonds" has been converted into 22,524,112 shares, representing 5.8538% of the company's total shares before conversion [2][14] - From October 1, 2025, to the redemption registration date, RMB 131,900,000 worth of bonds were converted into 12,561,287 shares [3][14] Group 2: Redemption Information - The remaining balance of unconverted "Chunqiu Convertible Bonds" as of the redemption registration date was RMB 335,000, accounting for 0.1971% of the total issuance [4][13] - The total redemption amount paid out was RMB 340,698.35, including accrued interest, with the redemption payment date set for November 7, 2025 [4][16] Group 3: Bond Issuance Overview - The company issued 2.4 million convertible bonds on April 14, 2020, with a total value of RMB 24 million and a maturity of six years [5] - The initial conversion price was set at RMB 15.69 per share, which has been adjusted multiple times due to profit distributions and other factors, with the latest adjustment bringing it to RMB 10.50 per share [7][12] Group 4: Impact on Company Structure - Following the redemption, the company's total share capital increased to 455,944,211 shares, which may temporarily dilute earnings per share but is expected to enhance the company's capital strength for sustainable development [16]

| 证券代码：603890 | 证券简称：春秋电子 | 公告编号：2025-066 | | --- | --- | --- | | 债券代码：113577 | 债券简称：春秋转债 | | | 债券代码：113667 | 债券简称：春23转债 | | "春秋转债"赎回情况： 截至赎回登记日（2025 年 11 月 6 日），尚未转股的"春秋转债"余额为人 民币 335,000 元，占"春秋转债"发行总量的比例为 0.1971%。公司已于赎回款 发放日（2025 年 11 月 7 日）将未转股的"春秋转债"全部赎回，赎回兑付总金 额为人民币 340,698.35 元（含当期利息）。 苏州春秋电子科技股份有限公司 关于"春秋转债"转股及赎回结果暨股份变动公告 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： 截至赎回登记日（2025 年 11 月 6 日），累计已有人民币 239,665,000 元"春 秋转债"转换为苏州春秋电子科技股份有限公司（以下简称"公司"、"本公司"） A 股股票，累计转股数量为 22,524 ...

Market Overview - The consumer electronics sector experienced a decline of 3.19% on November 7, with Tonglian Precision leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable gainers in the consumer electronics sector included: - Hongxi Technology, up 18.52% to 35.90, with a trading volume of 51,900 shares and a turnover of 173 million [1] - Spring Autumn Electronics, up 6.01% to 16.40, with a trading volume of 519,700 shares and a turnover of 843 million [1] - Major decliners included: - Tonglian Precision, down 5.72% to 60.68, with a trading volume of 51,000 shares and a turnover of 315 million [2] - Dingye Fuliang, down 4.62% to 72.70, with a trading volume of 1,585,400 shares and a turnover of 11.558 billion [2] Capital Flow - The consumer electronics sector saw a net outflow of 4.261 billion from institutional investors, while retail investors contributed a net inflow of 3.84 billion [2][3] - Specific stock capital flows indicated: - Lansi Technology had a net inflow of 68.39 million from retail investors, while it faced a net outflow of 23.4 million from institutional investors [3] - Feirongda experienced a net inflow of 63.82 million from institutional investors but a net outflow of 65.92 million from retail investors [3]

Group 1 - The core point of the article highlights the recent performance of Spring Autumn Electronics, which saw a 5.56% increase in stock price, reaching 16.33 CNY per share, with a trading volume of 337 million CNY and a turnover rate of 4.80%, resulting in a total market capitalization of 7.243 billion CNY [1] - Spring Autumn Electronics, established on August 23, 2011, and listed on December 12, 2017, specializes in the research, design, production, and sales of precision structural components and related precision molds for consumer electronics [1] - The company's revenue composition is as follows: structural components account for 89.95%, communication equipment for 5.50%, molds for 2.88%, and other supplementary sources for 1.66% [1] Group 2 - From the perspective of major fund holdings, data indicates that one fund under Huaxia Fund has a significant position in Spring Autumn Electronics, specifically the Huaxia CSI 2000 ETF (562660), which held 57,800 shares in the third quarter, representing 0.35% of the fund's net value, making it the sixth-largest holding [2] - The Huaxia CSI 2000 ETF (562660) was established on September 6, 2023, with a latest scale of 227 million CNY, achieving a year-to-date return of 48.57%, ranking 731 out of 4,216 in its category; over the past year, it has returned 50.4%, ranking 416 out of 3,913; and since inception, it has yielded 67.77% [2]

Core Viewpoint - Spring Autumn Electronics has shown a positive stock performance with a year-to-date increase of 33.62%, reflecting strong financial results and market interest in the company [1][2]. Financial Performance - For the period from January to September 2025, Spring Autumn Electronics achieved a revenue of 3.197 billion yuan, representing a year-on-year growth of 7.21% [2]. - The net profit attributable to the parent company for the same period was 231 million yuan, marking a significant increase of 63.91% year-on-year [2]. Stock Market Activity - As of November 6, the stock price of Spring Autumn Electronics rose by 2.11% to 15.50 yuan per share, with a trading volume of 284 million yuan and a turnover rate of 4.22% [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on January 7, where it recorded a net purchase of 29.09 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Spring Autumn Electronics was 40,900, a decrease of 1.08% from the previous period [2]. - The average number of tradable shares per shareholder increased by 2.08% to 10,827 shares [2]. - Hong Kong Central Clearing Limited is the third-largest circulating shareholder, having newly acquired 5.7876 million shares [3]. Dividend Distribution - Since its A-share listing, Spring Autumn Electronics has distributed a total of 359 million yuan in dividends, with 107 million yuan distributed over the past three years [3].

Group 1 - The announcement from Spring Airlines Electronics states that the last conversion date for "Spring Convertible Bonds" is November 6, 2025, with only one trading day left before this date [2] - After the early redemption is completed, "Spring Convertible Bonds" will be delisted from the Shanghai Stock Exchange starting November 7, 2025 [2] - Investors holding "Spring Convertible Bonds" can either trade in the secondary market within the specified time or convert at a price of 10.50 CNY per share, otherwise, they will face forced redemption at a price of 100 CNY per bond plus accrued interest, totaling 101.701 CNY per bond [2]

| 证券代码：603890 | 证券简称：春秋电子 | 公告编号：2025-065 | | --- | --- | --- | | 债券代码：113577 | 债券简称：春秋转债 | | | 债券代码：113667 | 债券简称：春23转债 | | 苏州春秋电子科技股份有限公司 关于实施"春秋转债"赎回暨摘牌的最后一次提示性公告 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： 自 2025 年 11 月 4 日起，"春秋转债"停止交易。 最后转股日：2025 年 11 月 6 日 截至 2025 年 11 月 5 日收市后，距离 11 月 6 日（"春秋转债"最后转股日， 含当日）仅剩 1 个交易日，11 月 6 日为"春秋转债"最后一个转股日。 苏州春秋电子科技股份有限公司（以下简称"公司"、"春秋电子"）股票 自 2025 年 8 月 19 日至 2025 年 9 月 23 日期间，已有 15 个交易日的收盘价格不 低于"春秋转债"当期转股价格 10.50 元/股的 130%（即 13.65 元/股），根据 ...

Core Viewpoint - The consumer electronics sector experienced a significant rally, with notable gains in several companies, indicating a positive market sentiment in this industry [1] Company Summaries - Xinying Technology saw its stock price increase by over 10% [1] - Furi Electronics reported a stock price rise of more than 9% [1] - Spring and Autumn Electronics, Litong Electronics, and Yitian Co. also experienced upward movements in their stock prices [1]