Investment Rating - The report assigns an "Overweight" rating for the defense industry [9]. Core Viewpoints - The report highlights the successful launch of the "Yinli No. 1" rocket, which deployed three satellites, and notes the acceleration of unmanned transformation in multiple navies [2][7]. - It emphasizes that the intensification of great power competition is a long-term trend, suggesting that defense spending will increase as nations seek to ensure peace and security [8][9]. Summary by Sections Investment Highlights - Recommended stocks include: 1) Assembly: AVIC Shenyang Aircraft (600760.SH), Aerospace South Lake (688552.SH), AVIC Xi'an Aircraft (000768.SZ) 2) Components: AVIC Optoelectronics (002179.SZ), Guobo Electronics (688375.SH), Ruichuang Micro-Nano (688002.SH) 3) Subsystems: Aero Engine Corporation of China (600893.SH), AVIC Avionics (600372.SH), Northern Navigation (600435.SH) 4) Materials and Processing: Feilihua (300395.SZ), Guangwei Composite (300699.SZ), Huayin Technology (688281.SH) [9][10]. Market Review - The defense industry index rose by 0.24% last week, underperforming the broader market by 0.13 percentage points, ranking 16th out of 29 sectors [11][12]. - The report notes that the materials and processing sector performed particularly well during this period [11][12]. Major News in the Defense Industry - Domestic news includes the deployment of a naval escort fleet to the Gulf of Aden and the upcoming "Peace and Friendship-2025" joint exercise between China and Malaysia [21][25]. - Internationally, several navies, including those of the UK, France, the US, and South Korea, are advancing unmanned capabilities and enhancing collaborative operations between manned and unmanned systems [27][28].

Core Insights - Guobo Electronics experienced a stock price increase of 2.24% on October 13, with a trading volume of 194 million yuan [1] - The company reported a financing net buy of -7.52 million yuan on the same day, indicating a higher level of financing repayment compared to new purchases [1] - As of October 13, the total margin balance for Guobo Electronics reached 318 million yuan, reflecting a high level of financing activity [1] Financing Summary - On October 13, Guobo Electronics had a financing buy amount of 16.01 million yuan, with a current financing balance of 316 million yuan, representing 0.68% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of financing [1] - The company also had a short selling activity with 6,927 shares repaid and 3,899 shares sold on the same day, with a short selling balance of 183.25 million yuan, exceeding the 80th percentile of the past year [1] Business Performance - As of June 30, Guobo Electronics had 7,485 shareholders, an increase of 7.39% from the previous period, while the average circulating shares per person decreased by 6.88% [2] - For the first half of 2025, the company reported a revenue of 1.07 billion yuan, a year-on-year decrease of 17.82%, and a net profit attributable to shareholders of 201 million yuan, down 17.66% year-on-year [2] Dividend and Shareholding - Since its A-share listing, Guobo Electronics has distributed a total of 992 million yuan in dividends [3] - As of June 30, 2025, among the top ten circulating shareholders, Huaxia Military Industry Safety Mixed A ranked fifth with 8.86 million shares, an increase of 3.94 million shares from the previous period [3] - Other notable shareholders include Changcheng Jiujia Innovation Growth Mixed A and Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF, with varying changes in their holdings [3]

Core Viewpoint - Guobo Electronics experienced a 5.09% decline in stock price on October 10, with a trading volume of 224 million yuan, indicating market volatility and investor sentiment [1] Financing Summary - On October 10, Guobo Electronics had a financing buy-in amount of 26.94 million yuan and a net financing buy of 10.33 million yuan, with a total financing balance of 326 million yuan, which is 0.72% of its market capitalization [1] - The financing balance is at a high level, exceeding the 90th percentile of the past year [1] Short Selling Summary - On the same day, Guobo Electronics had no shares repaid in short selling, with 7,227 shares sold short, amounting to 547,500 yuan at the closing price [1] - The short selling balance is 2,670 shares, valued at 202,170 yuan, also exceeding the 90th percentile of the past year [1] Company Overview - Guobo Electronics, established on November 27, 2000, and listed on July 22, 2022, is located in Jiangning Economic and Technological Development Zone, Nanjing, Jiangsu Province [1] - The company primarily engages in the research, production, and sales of active phased array T/R components and RF integrated circuits, with revenue composition: T/R components and RF modules 88.19%, RF chips 8.49%, other chips 2.04%, and others 1.28% [1] Financial Performance - For the first half of 2025, Guobo Electronics reported a revenue of 1.07 billion yuan, a year-on-year decrease of 17.82%, and a net profit attributable to shareholders of 201 million yuan, down 17.66% year-on-year [2] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 7.39% to 7,485, while the average circulating shares per person decreased by 6.88% to 35,467 shares [2] - The company has distributed a total of 999.2 million yuan in dividends since its A-share listing [3] - Among the top ten circulating shareholders, notable changes include an increase in holdings by Huaxia Military Industry Safety Mixed A and Changcheng Jiujia Innovation Growth Mixed A [3]

Core Viewpoint - 雷电微力 and 国博电子 have distinct product offerings and technological focuses, with 雷电微力 specializing in T/R components and array antennas, while 国博电子 focuses on active phased array T/R components, RF modules, and RF amplification chips [2]. Company Summary - 雷电微力's product lineup includes T/R components and array antennas, indicating a focus on specific components within the telecommunications sector [2]. - 国博电子's main products consist of active phased array T/R components, RF modules, and RF amplification chips, showcasing a different technological approach and application area compared to 雷电微力 [2]. Industry Summary - The differences in core technologies, product forms, and application fields between 雷电微力 and 国博电子 highlight the diverse landscape within the telecommunications component industry [2].

Group 1 - The core point of the news is that Guobo Electronics has seen a stock price increase of 5.25%, reaching 77.78 CNY per share, with a total market capitalization of 46.358 billion CNY as of September 30 [1] - Guobo Electronics, established on November 27, 2000, primarily engages in the research, production, and sales of active phased array T/R components and RF integrated circuits, with 88.19% of its revenue coming from T/R components and RF modules [1] - The company is located in Jiangning Economic and Technological Development Zone, Nanjing, Jiangsu Province, and was listed on July 22, 2022 [1] Group 2 - Changsheng Fund has a significant holding in Guobo Electronics, with its Changsheng Aerospace Marine Mixed A Fund (000535) reducing its stake by 33,400 shares in the second quarter, now holding 97,400 shares, which represents 3.28% of the fund's net value [2] - The fund has achieved a year-to-date return of 21.15% and a one-year return of 33.9%, ranking 4,464 out of 8,167 and 3,547 out of 8,010 in its category, respectively [2] - The fund manager, Wang Bingfang, has been in charge for 3 years and 72 days, with the fund's total asset size currently at 370 million CNY [3]

Group 1: Strategy Overview - The report emphasizes a transition towards a bull market, driven by recovering demand for physical assets amidst supply constraints, particularly in the copper market [3][9][12] - Recent disruptions in copper supply, notably from the Grasberg mine, are expected to create price elasticity for future manufacturing demand recovery [9][12] - The report highlights a shift from a focus on financial assets to physical assets, indicating a potential new cycle for resource commodities [4][12] Group 2: Key Companies and Industries - **Engineering Machinery: Hengli Hydraulic (601100.SH)** is positioned for growth due to increased overseas demand and domestic infrastructure projects, with a favorable outlook for its core business [14] - **Non-Banking Financial: Sichuan Shuangma (000935.SZ)** is transitioning to an innovative drug CDMO model, with significant growth potential from its investment projects and pharmaceutical capacity expansion [15][16] - **Food and Beverage: Angel Yeast (600298.SH)** is expected to benefit from overseas expansion and improved domestic demand, with a favorable cost environment [17] - **Transportation: Juneyao Airlines (603885.SH)** is set to gain from industry supply-demand improvements and reduced interest expenses, with positive short-term catalysts from seasonal demand [18] - **Retail: Gu Ming (1364.HK)** is leveraging a unique store expansion strategy in the competitive milk tea market, with significant growth potential in coffee products [19] - **Media and Internet: Tencent Holdings (0700.HK)** is integrating AI across its ecosystem, enhancing its competitive edge and driving growth through high-margin businesses [20][21] - **Electronics: Lante Optics (688127.SH)** is experiencing strong demand in various sectors, with supply constraints on production equipment [22] - **Computing: Hikvision (002415.SZ)** is seeing a recovery in operating quality and profitability, with a focus on AI-driven products [23] - **Pharmaceuticals: Innovent Biologics (9969.HK)** is a leader in hematology and autoimmune therapies, with significant growth potential from its core products [24] - **Defense and Military: Guobo Electronics (688375.SH)** is positioned to benefit from growth in military and satellite internet sectors, with a strong market outlook [25]

Core Insights - Guobo Electronics experienced a stock price increase of 5.06% on September 25, reaching 75.95 CNY per share, with a trading volume of 169 million CNY and a turnover rate of 0.38%, resulting in a total market capitalization of 45.267 billion CNY [1] Company Overview - Nanjing Guobo Electronics Co., Ltd. was established on November 27, 2000, and went public on July 22, 2022. The company is primarily engaged in the research, development, production, and sales of active phased array T/R components and RF integrated circuit-related products [1] - The revenue composition of the company includes T/R components and RF modules at 88.19%, RF chips at 8.49%, other chips at 2.04%, and other revenues at 1.28% [1] Fund Holdings - Longsheng Fund has a significant holding in Guobo Electronics, with the Longsheng Aerospace Marine Mixed A Fund (000535) reducing its position by 33,400 shares in the second quarter, now holding 97,400 shares, which represents 3.28% of the fund's net value, ranking as the ninth largest holding [2] - The Longsheng Aerospace Marine Mixed A Fund was established on March 11, 2014, with a current size of 159 million CNY. Year-to-date returns are 22.43%, ranking 4200 out of 8173 in its category, while the one-year return is 47.26%, ranking 3223 out of 8003 [2]

2025年第一次临时股东大会决议公告 证券代码：688375 证券简称：国博电子 公告编号：2025-036 南京国博电子股份有限公司 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 9 月 23 日 （二） 股东大会召开的地点：南京市江宁经济技术开发区正方中路 155 号 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 84 | | --- | --- | | 普通股股东人数 | 84 | | 2、出席会议的股东所持有的表决权数量 | 496,875,235 | | 普通股股东所持有表决权数量 | 496,875,235 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 83.3662 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 83.3662 | （四） 表 ...

南京市鼓楼区集庆门大街 270 号苏宁环球国际中心 43 层 电话：025-85803866 传真：025-85803680 邮编：210003 北京国枫（南京）律师事务所 关于南京国博电子股份有限公司 2025 年第一次临时股东大会的 法律意见书 国枫律股字[2025]H0042 号 致：南京国博电子股份有限公司（贵公司） 北京国枫（南京）律师事务所（以下简称"本所"）接受贵公司的委托，指派律师 出席并见证贵公司 2025 年第一次临时股东大会（以下简称"本次会议"）。 本所律师根据《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》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《南 京国博电子股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的 召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜， 出具 ...

Group 1: Commercial Aerospace Industry - The top-level design of commercial aerospace is continuously strengthened, with policies leading to the release of industrial innovation potential. The demand for satellite networking is exploding, and new supply and technology are helping to break development bottlenecks, indicating a positive outlook for low-cost, high-reliability, and large-scale development in the commercial aerospace industry [1][2][4]. - The commercial aerospace industry chain is accelerating its improvement, driven by both supply and demand. China has a complete industry chain from high-end manufacturing to application scenarios, with the global commercial aerospace market size reaching $480 billion. In 2024, China's investment and financing in the commercial aerospace sector is expected to account for 24% of the global total [3][4]. - The demand for satellite networking is surging, with multiple satellite constellations being launched rapidly. The "Long March" series rockets are the main force, and several private rocket companies are expected to become significant contributors to launch capacity [4][5]. Group 2: Company Analysis - GuoBo Electronics - GuoBo Electronics experienced a decline in performance in the first half of 2025 due to revenue confirmation delays in traditional sectors, but achieved significant growth in Q2 with a revenue of 720 million yuan, marking a year-on-year increase of 18.23% and a quarter-on-quarter increase of 105.84% [11][13]. - The company is focusing on the low-orbit satellite and commercial aerospace sectors, with multiple T/R component products already delivered to customers, indicating a new growth point for the company [11][14]. - The company has improved production efficiency and reduced costs through lean manufacturing management and automation, ensuring stable growth in profitability, with a gross margin of 39.11% in the first half of 2025 [13][14]. Group 3: Company Analysis - Enhua Pharmaceutical - Enhua Pharmaceutical is a leading domestic enterprise in the field of controlled substances, with a high barrier to entry in its sector. The impact of centralized procurement is expected to bottom out, and the company is focusing on the gradual realization of innovative results [15][17]. - In the first half of 2025, the company achieved a revenue of 3.01 billion yuan, a year-on-year increase of 8.93%, and a net profit of 700 million yuan, a year-on-year increase of 11.38% [16][17]. - The company is actively developing multiple innovative drugs in the central nervous system field, which is expected to drive a second growth curve for the company [18].