中信证券股份有限公司 关于贵州振华风光半导体股份有限公司 公司以信用方式取得中电财务的综合授信额度不超过人民币15亿元，同时约 定资金结算余额最高不超过人民币15亿元，每日存款余额最高不超过15亿元人民 币，期限三年。期限内额度可循环使用，但额度内各种授信品种余额合计不得超 过综合授信额度金额。 根据《上海证券交易所科创板股票上市规则》《上海证券交易所上市公司自 律监管指引第5号——交易与关联交易》规定，公司与中电财务的实际控制人均 1 为中国电子信息产业集团有限公司，本次交易构成关联交易，但未构成重大资产 重组。 本次关联交易事项的累计金额超过公司最近一年经审计总资产1%且超过 3,000万元，需提交公司股东会审议，关联股东需回避表决。 二、交易方介绍 与中国电子财务有限责任公司续签《全面金融合作协议》 暨关联交易的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为贵州振 华风光半导体股份有限公司（以下简称"公司"或"上市公司"）首次公开发行 股票并在科创板上市的保荐人，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》《上海证券交易所科创板上市公司自律监管指 引 ...

每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ （记者 王晓波） 2024年1至12月份，振华风光的营业收入构成为：集成电路行业占比99.83%，其他业务占比0.17%。 截至发稿，振华风光市值为120亿元。 每经AI快讯，振华风光（SH 688439，收盘价：59.78元）10月28日晚间发布公告称，公司第二届第八次 董事会会议于2025年10月27日以现场结合通讯方式召开。会议审议了《关于修订 <公司章程> 的议案》 等文件。 ...

贵州振华风光半导体股份有限公司 2025 年第三季度报告 证券代码：688439 证券简称：振华风光 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 贵州振华风光半导体股份有限公司 2025 年第三季度报告 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。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 235,861,148.27 | 29.72 | 700,518,597. ...

贵州振华风光半导体股份有限公司 关于在中国电子财务有限责任公司存款 的风险处置预案 第一章 总则 第一条 为有效防范、及时控制和化解贵州振华风光半导体股份有限公司（以下 简称"本公司"或"公司"）及控股子公司在中国电子财务有限责任公司（以下简称 "中电财务"）存款的风险，维护资金安全，保证资金的流动性，根据《上海证券交 易所上市公司自律监管指引第5条——交易与关联交易》《关于规范上市公司与企业 集团财务公司业务往来的通知》（证监发〔2022〕48号）的规定，维护资金安全，特 制定本风险处置预案。 第二章 风险处置组织机构及职责 第二条 公司存款风险处置预案负责人为公司总会计师，负责组织存款风险的防 范和处置工作，对公司董事会负责。 第三条 风险处置预案具体实施部门为公司财务部。公司财务资产部作为风险处 置预案具体实施部门，应密切关注中电财务日常经营情况，一旦发现风险苗头，应立 即启动处置预案，开展风险防控。具体工作职责如下： （一）积极筹划、落实各项防范化解风险的措施； （二）督促中电财务及时提供相关信息，关注中电财务经营情况，并从集团、集 团成员单位或监管部门及时了解信息，做到信息监控到位，风险防范有效； ...

第二条 贵州振华风光半导体股份有限公司（以下简称公 司）系依照《公司法》和其他有关规定，由贵州振华风光半导体 有限公司整体变更发起设立的股份有限公司。公司已在贵阳国家 高新区技术产业开发区行政审批局注册登记，取得营业执照，统 一社会信用代码为 915200007753445386。 第三条 公司于 2022 年 4 月 15 日经上海证券交易所（以 下简称证券交易所）审核并于 2022 年 6 月 23 日经中国证券监督 管理委员会（以下简称中国证监会）注册，首次向社会公众发行 （以下简称首发）人民币普通股 5,000 万股，于 2022 年 8 月 26 日 在证券交易所科创板上市。 附件 贵州振华风光半导体股份有限公司 章 程 2025 年【10】月 | | | | | | | | | 目 | | 录 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 第一章 | 总 | ...

振华风光公告称，公司拟与中电财务续签《全面金融合作协议》，构成关联交易但不构成重大资产重 组。中电财务将为公司提供金融服务，资金结算与综合授信额度上限均为15亿元，有效期3年。截至最 近一期，中电财务资产总额424.48亿元，营收7.29亿元，净利润1.95亿元。2025年10月27日公司董事会 已审议该议案，关联董事回避表决，尚需股东会审议，关联股东将回避。 ...

Investment Rating - The report provides a strong recommendation for several companies in the military industry, indicating a positive outlook for their stock performance [9]. Core Insights - The recent Fourth Plenary Session of the 20th Central Committee emphasized new goals for national defense capabilities, including the enhancement of "national defense strength" and "international influence" [21]. - The report highlights the aerospace sector as a key focus area for military investment, particularly in the context of the newly stated goal of becoming a "space power" [21]. - Upcoming quarterly reports are expected to show a turning point in industry performance, with several companies already reporting significant year-on-year revenue and profit growth [24]. Industry Overview - The military industry consists of 118 listed companies with a total market capitalization of 2,092.9 billion and a circulating market value of 1,736.7 billion [4]. - The SW National Defense and Military Industry Index has shown a performance increase of 16.47% year-to-date, although it has underperformed compared to the CSI 300 Index by 1.97% [12][20]. - The industry is currently valued at a PE (TTM) of 85.77 times, with a five-year percentile of 78.63% [20]. Key Events - The Fourth Plenary Session concluded with new national defense goals, including a focus on high-quality military modernization and the integration of advanced combat capabilities [21]. - The report notes that the aerospace equipment sector has been particularly responsive to the recent policy announcements, showing strong performance [16][21]. Performance Summary - The report identifies several companies with notable performance, including North Navigation with a revenue increase of 210% and a net profit increase of 268.8% [25]. - The top-performing stocks in the military sector include North Shares (+25.20%) and Feili Hua (+17.92%) [19].

Group 1 - The A-share market indices continued to rise, with the aerospace ETF (159227) increasing by 2.14% and achieving a transaction volume of 220 million yuan, leading its category [1] - The latest scale of the aerospace ETF exceeds 1.3 billion yuan, ranking first among similar funds [1] - The Fourth Plenary Session of the Central Committee emphasized that technology is the primary driving force for national development and included "building a strong aerospace nation" as a construction goal [1] Group 2 - The aerospace ETF closely tracks the national aerospace index, with a high military industry purity of 98.2%, covering key sectors such as aerospace equipment, satellite navigation, and new materials [2] - The ETF includes leading companies in the military sector, focusing on emerging fields like large aircraft manufacturing, low-altitude economy, and commercial aerospace [2] Group 3 - The construction of a "strong aerospace nation" is expected to lead to more supportive policies and resource allocation for the aerospace industry, particularly in defense and space infrastructure [1]

Core Points - The Shanghai Composite Index closed at 3938.98 points, above the six-month moving average, with a gain of 0.42% [1] - A total trading volume of A-shares reached 1,239.319 billion yuan today [1] - 126 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The top three stocks with the highest deviation rates from the six-month moving average are: - Xicet Testing (西测测试) with a deviation rate of 13.84% and a daily increase of 15.21% [2] - Anhui Instrument Technology (皖仪科技) with a deviation rate of 9.60% and a daily increase of 12.74% [2] - Aerospace Changfeng (航天长峰) with a deviation rate of 9.37% and a daily increase of 10.01% [2] Trading Metrics - The trading turnover rate for Xicet Testing was 18.16%, while Anhui Instrument Technology had a turnover rate of 3.91% [2] - The latest prices for the top three stocks are: - Xicet Testing at 58.87 yuan [2] - Anhui Instrument Technology at 24.33 yuan [2] - Aerospace Changfeng at 15.17 yuan [2] Additional Stocks - Other notable stocks with significant performance include: - Tongfeng Electronics (铜峰电子) with a deviation rate of 9.10% and a daily increase of 9.95% [2] - Weihong Technology (维宏股份) with a deviation rate of 7.25% and a daily increase of 10.74% [2] - China Satellite Communications (中国卫通) with a deviation rate of 5.82% and a daily increase of 6.02% [2]

Core Viewpoint - The introduction of "aerospace power" in the 14th Five-Year Plan highlights the importance of aerospace technology development, which is crucial for leading technological innovation and building an innovative nation [2]. Group 1: Market Reaction - The Tianhong Aerospace ETF (159241) surged by 2.37%, with significant net subscriptions during the trading session, reflecting strong investor interest in the aerospace sector [1]. - The commercial aerospace concept stocks experienced a rally, with China Satellite hitting the daily limit, and Zhenhua Guangfeng and Changcheng Military Industry rising over 5% [1]. Group 2: ETF Characteristics - The Tianhong Aerospace ETF tracks an index that covers aerospace equipment, military electronics, and other sub-sectors, with a combined weight of over 68% in "aerospace equipment + military equipment" [2]. - This ETF is noted for having the highest military content in the market and aligns well with popular themes such as low-altitude economy, large aircraft, and satellite internet [2]. - Despite a cumulative decline of over 6% from October 14 to October 23, there has been a firm decision by investors to increase their positions in this ETF [2].