Core Insights - The company has over 30 products in the commercial aerospace support sector that have completed testing and is tracking user demand closely to ensure delivery capabilities [1] - The revenue from these products is expected to gradually materialize based on the progress of user projects, with a typical delivery cycle of 3-6 months [1] - The company will disclose specific revenue targets from commercial aerospace in the future based on market demand and order progress [1] Summary by Categories Product Development - The company has developed over 30 products for the commercial aerospace support sector that have successfully completed testing [1] Revenue Generation - Some products have already formed supporting orders, with revenue expected to emerge in line with user project timelines [1] - The delivery cycle for products is generally between 3 to 6 months, which includes production and testing [1] Future Outlook - The company plans to set revenue contribution targets from commercial aerospace for the next three years based on market demand and order fulfillment progress [1] - Specific data regarding revenue targets will be disclosed in future periodic reports [1]

Core Viewpoint - Zhuhai Wind Power (688439.SH) has formed some supply orders in the commercial aerospace supporting field, indicating a positive outlook for revenue generation in this sector [1] Group 1: Company Developments - The company stated that the product delivery cycle typically ranges from 3 to 6 months, including production and testing [1] - Currently, the company is closely tracking user demand plans to ensure delivery capabilities [1] - Revenue from commercial aerospace is expected to gradually materialize based on the progress of user projects [1] Group 2: Future Outlook - The company will disclose its revenue contribution targets from commercial aerospace over the next three years based on market demand, order progress, and overall business development [1] - Specific figures will be provided in the company's future periodic reports [1]

格隆汇11月27日丨振华风光(688439.SH)在投资者互动平台表示，公司始终坚持技术创新与市场需求相 结合的发展策略，通过优化资源配置和提升研发效率来平衡研发投入与短期业绩表现。公司重点布局信 号链、电源管理、RISC-V MCU及射频微波等方向，并通过"新产品、新客户、新领域"策略挖掘增量市 场。关于新产品进展：RISC-V MCU：公司从2022年6月开始布局RISC-V架构MCU，截止2025年11月已 完成2款MCU产品的研发，均通过用户端的软、硬件适配验证，已具备量产能力，订单稳步增长。受 RISC-V生态的影响，行业需要一定的学习周期和适应周期来形成规模化应用，公司坚持看好RISC-V的 市场发展。高速高精度运算放大器：突破高压轨到轨增强技术，实现宽动态范围、低输入偏置等关键指 标提升。市场反馈与量产计划：前述产品已通过用户试用，但受行业需求调整影响，尚未形成批量订 单。公司正通过专项团队拓展商业航天、无人机等新兴领域，其中抗辐照新品已有多款进入小卫星选用 目录。 ...

格隆汇11月27日丨振华风光(688439.SH)在投资者互动平台表示，商业航天配套领域已有部分产品形成 配套订单。公司产品交付周期通常为3-6个月（含生产及测试），目前正紧密跟踪用户需求计划，确保 交付能力，预计相关收入将根据用户端项目进度逐步产生。对于未来三年来自商业航天的收入占比目 标，公司将根据市场需求、订单落地进度及整体业务发展情况，在适当时候履行信息披露义务，具体数 据请以公司后续定期报告为准。 ...

Core Viewpoint - The company, Zhenhua Fengguang, has successfully developed a series of products utilizing its System in Package (SiP) technology, focusing on signal conditioning and motor drive applications, showcasing significant advancements in miniaturization and integration [1] Group 1: Product Development - The company has developed new products such as the rotary decoder driver and three-phase bridge driver controller, with the rotary decoder driver featuring a package size of 6mm x 6mm and a decoding resolution of 16 bits [1] - The company has made breakthroughs in micro-system integration packaging, mastering key processes like the combination of organic and metal SiP, RDL and TSV technologies, and 3D multi-board stacking packaging technology [1] Group 2: Competitive Advantages - The competitive advantages of the SiP technology include miniaturization and high-density integration, significantly reducing product size and enhancing system integration to meet lightweight equipment demands [1] - Performance optimization is achieved by shortening signal transmission paths, reducing power consumption and latency, and enhancing system reliability, making it suitable for high-reliability applications in extreme environments [1] - The company has established technical barriers by mastering core technologies such as 3D multi-board stacking packaging and high-speed signal integrity simulation, supporting domestic system-level solutions [1]

Core Viewpoint - The company, Zhenhua Fengguang, focuses on System in Package (SiP) technology, successfully developing a series of products aimed at signal processing and motor drive applications, highlighting its competitive advantages in miniaturization and high-density integration [1] Group 1: Product Development - The company has developed new products such as the rotary variable differential transformer (RVDT) decoder driver and three-phase bridge driver controllers, with the RVDT decoder driver featuring a package size of 6mm×6mm and a decoding resolution of 16 bits [1] - The company has overcome key processes in micro-system integrated packaging, including the combination of organic and metal SiP, RDL and TSV technologies, and has mastered 3D multi-board stacking packaging technology and 2.5D silicon interposer design technology [1] Group 2: Competitive Advantages - The competitive advantages of SiP technology include significant size reduction and high-density integration through multi-chip stacking and heterogeneous integration, meeting the lightweight requirements of equipment [1] - Performance optimization is achieved by shortening signal transmission paths, reducing power consumption and latency, and enhancing system reliability, making it suitable for high-reliability applications in extreme environments [1] - The company has established technical barriers by mastering core technologies such as 3D multi-board stacking packaging and high-speed signal integrity simulation, supporting domestic system-level solutions [1]

Core Viewpoint - The company emphasizes a development strategy that combines technological innovation with market demand, aiming to balance R&D investment with short-term performance through optimized resource allocation and improved R&D efficiency [1] Group 1: Product Development - The company is focusing on key areas such as signal chains, power management, RISC-V MCUs, and RF microwave technologies, utilizing a strategy of "new products, new customers, new fields" to explore incremental market opportunities [1] - The RISC-V MCU development began in June 2022, with two MCU products completed by November 2025, both passing user-side hardware and software compatibility verification and ready for mass production with steadily increasing orders [1] - The company remains optimistic about the market development of RISC-V despite the industry requiring a learning and adaptation period for large-scale applications [1] Group 2: Market Feedback and Expansion - The high-speed, high-precision operational amplifier has achieved breakthroughs in high-voltage rail-to-rail enhancement technology, improving key metrics such as wide dynamic range and low input bias [1] - Although the aforementioned products have passed user trials, they have not yet formed bulk orders due to adjustments in industry demand [1] - The company is expanding into emerging fields such as commercial aerospace and drones through a dedicated team, with several radiation-resistant new products already included in the small satellite selection directory [1]

Core Viewpoint - Zhuhai Fengguang (688439.SH) is positioned as a key supplier of high-reliability analog integrated circuits in China, with over 30 products validated for satellite applications [1] Group 1: Product Validation and Market Position - The company has successfully completed rigorous environmental testing for its products, which are now validated by customers to meet satellite application requirements [1] - The company is expanding its technical capabilities in signal conditioning and RF transceiver technologies to support the commercial aerospace sector [1] Group 2: Future Developments - There is currently no specific information available regarding the company's technical reserves for reusable satellite rockets, but the company will continue to monitor market demand and technological advancements [1]

易方达国防军工混合A（001475）成立日期2015年6月19日，最新规模81.83亿。今年以来收益9.91%， 同类排名5646/8136；近一年收益5.55%，同类排名6522/8056；成立以来收益46.4%。 易方达国防军工混合A（001475）基金经理为何崇恺。 截至发稿，何崇恺累计任职时间5年361天，现任基金资产总规模215.71亿元，任职期间最佳基金回报 100.27%， 任职期间最差基金回报-15.04%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 11月21日，振华风光跌5.03%，截至发稿，报55.55元/股，成交2.72亿元，换手率2.41%，总市值111.10 亿元。 资料显示，贵州振华风光半导体股份有限公司位于贵州省贵阳市高新区高纳路819号，成立日期2005年8 月31日，上市日期2022年8月26日，公司主营业务涉及专注于高可靠集成电路设计、封装、测试及销售, 主要产品包括信号链及电源管理器等系列产品。主营业务收入 ...

贵州振华风光半导体股份有限公司 2025年第三次临时股东会会议资料 贵州振华风光半导体股份有限公司 2025年第三次临时股东会会议资料 贵州振华风光半导体股份有限公司 2025年第三次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证大 会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东会规则》以及《贵州振华风光半导体股份有限公司章程》《贵州振华 风光半导体股份有限公司股东会议事规则》等相关规定，特制定贵州振华风光半 导体股份有限公司（以下简称"公司"）2025 年第三次临时股东会会议须知： 一、为确认出席大会的股东或其股东代理人或其他出席者的出席资格，会议 工作人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，务必 请出席大会的股东或其股东代理人或其他出席者在会议召开前 30 分钟到会议现 场办理签到手续，并请按规定出示证券账户卡、身份证明文件或法人单位证明、 授权委托书等，上述登记材料均需提供复印件一份，个人登记材料复印件须个人 签字，法定代表人证明文件复印件须加 ...