Core Viewpoint - The recent price hikes by global semiconductor giants Analog Devices (ADI) and Texas Instruments (TI) signal a potential reversal in the semiconductor industry's cycle, particularly for the analog chip sector, which has been underperforming due to inventory digestion and weak demand over the past two years [1][2]. Group 1: Price Increases and Market Reactions - Analog Devices plans to increase prices across its entire product range by up to 30% for military-grade products starting February 1, 2026, following Texas Instruments' earlier price hikes of 10%-30% for over 60,000 models [1][2]. - The collective price increases from industry leaders are interpreted as a strong signal of a cyclical recovery, suggesting that the prolonged downturn may have reached its bottom [1][2][3]. - The market is shifting from a broad price war to a more structured "volume-price game," with high-end and automotive products showing stronger price rigidity compared to low-end general products [3]. Group 2: Demand Recovery and Industry Outlook - The demand for analog chips is closely tied to macroeconomic conditions, with signs of recovery in downstream markets, including a rebound in smartphone shipments and increased demand for electric and smart vehicles [2][4]. - The average gross margin for the analog chip sector has declined from 42.2% in 2022 to 35.72% in 2024, with a slight recovery to 36.01% by the end of Q3 this year, indicating the pressure domestic manufacturers faced during the downturn [4][5]. - The price stabilization initiated by leading companies could create a more favorable pricing environment for domestic firms, potentially aiding in gross margin recovery [5][6]. Group 3: Challenges and Future Prospects - Despite signs of recovery, domestic analog chip manufacturers face challenges, including reliance on international suppliers in consumer electronics and automotive sectors, and a need to observe the recovery strength in various fields [6]. - The potential for a "volume-price rise" scenario hinges on substantial recovery in downstream demand, particularly in key areas like power management and signal chain chips [6].

12月25日早盘，军工股继续活跃，高人气军工ETF华宝（512810）直线拉涨超1%，场内价格续创3个半 月新高！ 成份股方面，商业航天概念继续领涨，臻镭科技飙升近14%创历史新高，中国卫星、六九一二涨超 7%。 消息面上，12月24日我国长征火箭创下"一日三发"新纪录，成功完成卫星互联网低轨15组卫星、遥感四 十七号卫星及通信技术试验卫星二十二号的发射任务，标志着商业航天发射能力显著提升。此外，12月 15日AG600全状态新构型完成首飞并入选中国航空科学技术大会年度重大科技进展，进一步巩固我国在 大型特种飞行器领域的技术优势。 兴业证券指出，商业航天产业化持续加速，低轨卫星发射提速，商业火箭技术迭代，优势企业推进登陆 资本市场。我国航天强国战略在政策加持下强势推进，产业链各环节空间巨大。海外商业航天催化不 断，SpaceX计划上市，Rocket Lab获大额卫星合同，标志商业化卫星制造颠覆传统方案。国内卫星产能 约束迎来拐点，文昌超级工厂即将投产，卫星制造能力大幅提升。 中信建投指出，中国军工产业已从依赖国内单一需求演进为"内需筑基、外贸扩张、民用反哺"三轮驱动 的新格局，增长动能更加多元和可持续。国内需 ...

Core Viewpoint - Zhenlei Technology experienced a significant increase in stock price and trading volume, indicating strong investor interest and activity in the company [1] Financing Summary - On December 24, Zhenlei Technology's financing buy amounted to 474 million yuan, with a net financing purchase of 41.74 million yuan after repayments [1] - The total financing and securities balance reached 1.186 billion yuan, accounting for 4.84% of the circulating market value, which is above the 90th percentile of the past year [1] - In terms of securities lending, 11,500 shares were repaid, while 5,230 shares were sold, with a selling amount of approximately 597,300 yuan [1] Company Performance - As of September 30, Zhenlei Technology reported a total of 23,600 shareholders, an increase of 93.15% from the previous period, while the average circulating shares per person decreased by 23.17% to 9,086 shares [2] - For the period from January to September 2025, the company achieved a revenue of 302 million yuan, representing a year-on-year growth of 65.76%, and a net profit attributable to shareholders of 101 million yuan, marking a substantial increase of 598.09% [2] Dividend and Shareholding Information - Since its A-share listing, Zhenlei Technology has distributed a total of 89.06 million yuan in dividends, with 58.76 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the fourth largest shareholder with 5.4503 million shares, marking a new entry, while Changxin National Defense Military Industry Quantitative Mixed A increased its holdings by 2.0028 million shares [3]

证券代码：688270 证券简称:臻镭科技 公告编号：2025-057 浙江臻镭科技股份有限公司 关于前期会计差错更正的公告 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个别及连带责任。 重要内容提示： 浙江臻镭科技股份有限公司（以下简称"公司"）本次会计差错更正 将影响 2022 年半年度报告至 2025 年第三季度报告相关财务数据及披露信息， 主要涉及应收账款、存货、未分配利润、营业收入、营业成本、销售费用、 信用减值损失、资产减值损失以及利润等报表科目，不会导致公司已披露的 相关年度报表出现盈亏性质的改变。 一、概述 公司全资子公司杭州城芯科技有限公司2022年营业收入中存在842.65万元 收入（占 2022 年度营业收入 3.47%）确认依据不足，导致 2022 年半年度报告至 2025 年第三季度报告相关财务数据及披露信息不准确。基于审慎性原则，根据 《公开发行证券的公司信息披露编报规则第 19 号——财务信息的更正及相关披 露》以及《企业会计准则第 28 号——会计政策、会计估计变更和差错更正》等 相关法律法规、规范性文 ...

中信证券股份有限公司 关于浙江臻镭科技股份有限公司 首次公开发行部分募投项目延期、结项并将节余募集资金 永久补充流动资金的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为浙江 臻镭科技股份有限公司（以下简称"臻镭科技"、"公司"）首次公开发行股票 并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证 券交易所科创板股票上市规则》《科创板上市公司持续监管办法（试行）》及《上 市公司募集资金监管规则》等法律法规的有关规定，对臻镭科技首次公开发行部 分募投项目延期、结项并将节余募集资金永久补充流动资金的事项进行了审慎核 查，并出具本核查意见。核查情况如下： 一、募集资金基本情况 （一）募投项目结项情况 公司于 2025 年 12 月 24 日召开第二届董事会 2025 年第一次临时会议，审议 通过了《关于首次公开发行部分募投项目结项并将节余募集资金永久补充流动资 金的议案》，截至 2025 年 12 月 15 日，募投项目"可编程射频信号处理芯片研 发及产业化项目"、"固态电子开关研发及产业化项目"已达到预定可使用状态， 上述募投项目可予以结项。 （二）募投项目资金使用及节 ...

目 录 一、重要前期差错更正情况的鉴证报告……………………………第 1—2 页 二、关于重要前期差错更正情况的说明……………………………第 3—6 页 重要前期差错更正情况的鉴证报告 天健审〔2025〕17088 号 浙江臻镭科技股份有限公司全体股东： 我们鉴证了后附的浙江臻镭科技股份有限公司（以下简称臻镭科技公司）管 理层编制的《关于重要前期差错更正情况的说明》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供臻镭科技公司披露重要前期差错更正情况时使用，不得用作 任何其他目的。 二、管理层的责任 臻镭科技公司管理层的责任是提供真实、合法、完整的相关资料，按照《企 业会计准则第 28 号——会计政策、会计估计变更和差错更正》和《公开发行证 券的公司信息披露编报规则第 19 号——财务信息的更正及相关披露（2025 年修 订）》（证监会公告〔2025〕5 号）的相关规定编制《关于重要前期差错更正情 况的说明》，并保证其内容真实、准确、完整，不存在虚假记载、误导性陈述或 重大遗漏。 三、注册会计师的责任 我们的责任是在实施鉴证工作的基础上对臻镭科技公司管理层编制的上述 说明独立地提出鉴证结论。 四、工作概述 二 ...

证券代码：688270 证券简称:臻镭科技 公告编号：2025-055 浙江臻镭科技股份有限公司 公开发行人民币普通股 2,731.00 万股，每股发行价格为人民币 61.88 元，募集资 金 168,994.28 万元，扣除发行费用合计 15,363.18 万元（不含增值税金额）后， 实际募集资金净额为 153,631.10 万元，上述募集资金已全部到位。天健会计师事 务所（特殊普通合伙）对本公司本次公开发行新股的募集资金到位情况进行了审 验，并出具了天健验〔2022〕37 号《验资报告》。 为规范公司募集资金管理，保护投资者权益，公司设立了相关募集资金专项 账户，对募集资金实施专项存储，并与保荐机构、存放募集资金的银行签署了募 集资金专户存储监管协议。 关于首次公开发行部分募投项目延期、结项并将节 余募集资金永久补充流动资金的公告 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个别及连带责任。 重要内容提示： 延期的募投项目：拟将首次公开发行募投项目"射频微系统研发及产 业化项目"达到预定可使用状态的日期进行延期，本次募投项目延期未 ...

| 1000 | L | | --- | --- | | 209946月20 | T | 会合01表 | 编制单位:浙江臻铅科技股份有限公司 | | | | | 单位:人民币元 | | --- | --- | --- | --- | --- | --- | | 资 产 | | 上年年末数 | 负债和所有者权益 | 期末数 | 上年年末数 | | | | | (或股东权益) | | | | 流动资产: | | | 流动负侦: | | | | 货币资金 | | 192, 975, 504. 73 | 短期借款 | | | | 结算备付金 | | | 向中央银行借款 | | | | 拆出资金 | | | 拆入资金 | | | | 交易性金融资产 | | | 交易性金融负债 | | | | 衍生金融资产 | | | 衍生金融负债 | | | | 应收票据 | 33, 916, 221 09 | 55, 292, 557 59 | 应付票据 | | | | 应收账款 | 197, 482, 419. 69 | 119, 853, 745. 00 | 应付账款 | 9,793,512.24 | 3,502, 575. 0 ...

证券代码：688270 证券简称：臻镭科技 公告编号：2025-056 浙江臻镭科技股份有限公司 第二届董事会 2025 年第一次临时会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 浙江臻镭科技股份有限公司（以下简称"公司"或"臻镭科技"）第二届董 事会 2025 年第一次临时会议决议于 2025 年 12 月 18 日以通讯方式和书面方式发 出通知，并于 2025 年 12 月 24 日以现场表决方式召开。会议应参加表决的董事 为 7 人，实际参加会议表决的董事为 7 人，会议由董事长郁发新先生召集并主持。 本次会议的召集、召开和表决程序符合《中华人民共和国公司法》和《公司章程》 的有关规定。 （一）审议通过《关于首次公开发行部分募投项目延期的议案》 近两年国家政策导向为降低装备成本，加大装备采购数量，整个行业的产品 出货量上升迅速，但产品单位价格下行较为明显。公司根据市场行情和下游需求 情况，内部提升管理，降低运营成本，提升研发效率和不必要的物料损耗，使得 "射频微系统研发及产业化 ...

Core Viewpoint - The military information technology sector has shown a significant increase, with a rise of 3.11%, ranking it as the 7th highest among concept sectors, indicating strong investor interest and potential growth in this area [1][2]. Group 1: Sector Performance - The military information technology concept saw 101 stocks increase, with notable performers including New Jingang and Puni Testing, both reaching a 20% limit up, while Xingwang Yuda also hit the limit up [1]. - The top gainers in the sector included Tianyin Machinery (up 17.21%), Yaguang Technology (up 9.69%), and Aerospace Development (up 9.34%) [1]. - Conversely, the biggest losers were *ST Aowei (down 4.62%), Kesi Technology (down 3.55%), and Geer Software (down 0.63%) [1]. Group 2: Capital Inflow - The military information technology sector attracted a net inflow of 1.756 billion yuan, with 52 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflow [2]. - The leading stock in terms of net capital inflow was Beidou Xingtong, which saw a net inflow of 253 million yuan, followed by Zhenlei Technology (252 million yuan), New Jingang (207 million yuan), and Aerospace Electronics (191 million yuan) [2][3]. Group 3: Stock Performance Metrics - Stocks with the highest net inflow ratios included Puni Testing (27.13%), Xingwang Yuda (19.94%), and New Jingang (18.33%) [3]. - The top stocks in the military information technology sector based on performance metrics included Beidou Xingtong (up 8.42% with a turnover rate of 18.02%), Zhenlei Technology (up 5.64% with a turnover rate of 13.91%), and New Jingang (up 20.02% with a turnover rate of 24.25%) [3][4].