Group 1: Quantum Technology - The Ministry of Industry and Information Technology has announced the establishment of a standardization technical committee for quantum information, aiming to accelerate the standardized and large-scale development of the quantum technology industry [1] - CITIC Securities highlights the continuous catalysis in the AI industry chain, with significant advancements in models and hardware, indicating a positive outlook for AI development and recommending focus on components like dilution refrigerators and low-temperature coaxial cables in the quantum technology sector [3] - The quantum technology sector is recognized as a key future industry by the state, with expectations to become a new economic growth point [3] Group 2: Commercial Aerospace - The National Space Administration has released an action plan to promote high-quality and safe development in commercial aerospace, with significant milestones achieved, such as the successful maiden flight of the Zhuque-3 rocket [1] - Open Source Securities notes that commercial aerospace has been designated as an "emerging pillar industry," with a target for the industry to account for 2% of GDP during the 14th Five-Year Plan period and to drive a value exceeding 7 trillion yuan by 2030 [3] - The plan includes the construction of 10 commercial launch sites and aims for an average of one launch per day, alongside the establishment of a national commercial aerospace laboratory to overcome development bottlenecks [3] Group 3: Market Performance - The Sci-Tech Innovation 100 ETF has seen significant gains, with stocks like Source Jie Technology rising by 12.98% in a single day, reflecting increased market demand for computing infrastructure hardware [2] - As of December 8, 2025, the Sci-Tech Innovation 100 Index has shown strong performance, with Source Jie Technology up 13.69% and GuoDun Quantum up 8.20% [2] - The top ten weighted stocks in the Sci-Tech Innovation 100 Index account for 26.72% of the index, indicating a concentrated performance among leading companies [4]

证券日报网讯 12月3日，华丰科技在互动平台回答投资者提问时表示，目前公司商业航天相关业务尚处 于前期投入和市场拓展阶段，营收占比较低，未对公司整体业绩构成重大影响。公司正围绕自身技术积 累，在商业卫星、深空探测领域专用连接器细分环节积极布局。后续如有实质性进展，公司将按规定履 行信息披露义务。 （文章来源：证券日报） ...

Core Viewpoint - Huawei's sales contribution to Huafeng Technology has significantly increased, raising concerns about customer concentration risk as over 60% of the company's revenue is now dependent on a single client [1][2] Group 1: Customer Concentration - In the first half of 2025, the top five customers accounted for 77.40% of Huafeng Technology's sales, with Huawei alone contributing 64.29%, a substantial increase from 35.82% in 2024 [1] - The increase in Huawei's sales contribution is attributed to a surge in demand for AI server products, leading to a significant rise in sales of high-speed line modules [1] Group 2: Business Stability and Growth - Huafeng Technology has maintained a nearly 30-year partnership with Huawei, expanding their product offerings from RF and power connectors to high-speed backplane connectors and modules [2] - The company believes that the demand for AI computing power will continue to grow, providing strong momentum for future growth due to sufficient orders on hand [2] Group 3: Mitigation of Customer Dependency Risks - To address potential risks associated with reliance on major clients, Huafeng Technology has successfully entered the supply chains of other server manufacturers and leading internet companies, securing bulk orders [2] - The company's industrial connector business is experiencing steady growth, and there are signs of recovery in the defense sector [2]

Core Viewpoint - Sichuan Huafeng Technology Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding its application for a specific issuance of A-shares, which requires verification and response from the company and related intermediaries [1][2]. Group 1 - The company received the inquiry letter on October 24, 2025, from the Shanghai Stock Exchange regarding its application for the issuance of A-shares to specific investors [1]. - The company and related intermediaries have conducted a thorough verification and response to the inquiries as required by the letter [1]. - The company will disclose the details of its responses on the Shanghai Stock Exchange's website [1]. Group 2 - The issuance of A-shares is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, with uncertainties regarding the approval process and timeline [2]. - The company commits to timely information disclosure based on the progress of this matter, urging investors to be aware of investment risks [2].

上海市锦天城律师事务所 关于四川华丰科技股份有限公司 2025 年度向特定对象发行 A 股股票的 补充法律意见书（一） 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 | 正 文 | 4 | | --- | --- | | 三、问题 | 3.其他 4 | 上海市锦天城律师事务所 补充法律意见书（一） 上海市锦天城律师事务所 补充法律意见书（一） 致：四川华丰科技股份有限公司 本所接受华丰科技的委托，担任华丰科技本次发行上市的特聘专项法律顾 问。根据《公司法》《证券法》《注册管理办法》等有关法律、法规、规章及规 范性文件的规定，本所已为本次发行上市出具《法律意见书》《律师工作报告》 等文件。 根据上交所于 2025 年 10 月 24 日下发的上证科审（再融资）〔2025〕140 号 《关于四川华丰科技股份有限公司向特定对象发行股票申请文件的审核问询函》 （以下简称"《问询函》"），本所对《问询函》中需发行人律师核查的事项出具 《上海市锦天城律师事务所关于四川华丰科技股份有限公司 2025 年度向特定对 ...

关于 四川华丰科技股份有限公司 2025 年度向特定对象发行 A 股股票 申请文件的审核问询函的回复 保荐人（主承销商） 二〇二五年十二月 上海证券交易所： 四川华丰科技股份有限公司（以下简称"华丰科技"、"发行人"、"公司"） 收到贵所于 2025 年 10 月 24 日下发的《关于四川华丰科技股份有限公司向特定 对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕140 号） （以下简称"问询函"）。公司会同申万宏源证券承销保荐有限责任公司（以下 简称"保荐人"）、上海市锦天城律师事务所（以下简称"发行人律师"）、北 京德皓国际会计师事务所（特殊普通合伙）（以下简称"申报会计师"）等相关 方对问询函所列问题进行了逐项核查，现回复如下，请予审核。 如无特别说明，本回复使用的简称与《四川华丰科技股份有限公司 2025 年 度向特定对象发行 A 股股票募集说明书（申报稿）》中的释义相同。 | 问询函所列问题 | 黑体（加粗） | | --- | --- | | 问询函所列问题的回复 | 宋体（不加粗） | | 对募集说明书的修改、补充 | 楷体（加粗） | 7-1-2 | | | | 问题 | 1 ...

向特定对象发行股票申请文件 的审核问 询函中有关财务事项的说明 德皓函字[2025] 00000155 号 上海证券交易所： 《关于四川华丰科技股份有限公司向特定对象发行股票申请文 件的审核问询函》（上证科审（再融资）〔2025〕140 号）（以下简称"问 询函"）奉悉。我们已对审核问询函所提及的四川华丰科技股份有限 公司（以下简称华丰科技公司或发行人）财务事项进行了审慎核查， 现汇报如下： 7-2-1 请发行人说明：（1）本次两个扩产募投项目与公司现有业务、前次募投项 目的区别与联系，拟生产产品与现有产品在技术工艺、生产设备、功能、型 号、应用领域、下游客户等方面的区别与联系，是否涉及产品升级迭代或新产 品、新技术，是否具备项目实施相应的技术、人员、设备等能力储备，本次募 集资金是否符合投向主业要求；（2）结合行业现状及发展趋势、竞争格局、市 场需求、公司及同行业可比公司现有及拟建产能、产能利用率、产销率、客户 认证及订单获取模式、订单执行周期、在手订单及客户拓展情况等，说明两个 扩产募投项目的必要性、在防务类连接产品毛利率持续下滑的情况下继续扩产 的原因、产能规划合理性以及新增产能消化措施，是否存在产能消 ...

证券代码：688629 证券简称：华丰科技 公告编号：2025-050 2025 年 12 月 2 日 1 四川华丰科技股份有限公司 关于 2025 年度向特定对象发行 A 股股票申请文件的审核问 询函回复的提示性公告 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、准确性和完整性依法承担法律责任。 四川华丰科技股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日收 到上海证券交易所（以下简称"上交所"）出具的《关于四川华丰科技股份有限 公司向特定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕 140 号）（以下简称"审核问询函"）。 公司及相关中介机构根据《审核问询函》的要求，就相关事项进行了逐项核 实和答复，具体内容详见公司同日于上交所网站（www.sse.com.cn）披露的《关 于四川华丰科技股份有限公司 2025 年度向特定对象发行 A 股股票申请文件的审 核问询函的回复》及相关文件。 公司本次向特定对象发行 A 股股票事项尚需通过上交所审核，并获得中国 证券监督管理委员会（以下简称"中国证监会"）作出同意注册 ...

Investment Rating - The report provides a recommendation for the technology sector, specifically highlighting key stocks for December 2025 [4][8]. Core Insights - The report identifies several companies within the technology sector that are expected to perform well, including Zhaoyi Innovation, Dongshan Precision, Fourth Paradigm, Tax Friend, Zhongji Xuchuang, Huafeng Technology, Kaiying Network, and Perfect World [12][14][15][16][19]. Summary by Category Electronics - **Zhaoyi Innovation**: The company is in a price increase cycle for storage products, with NOR Flash expanding its market share and SLC NAND Flash improving its process technology. The revenue is expected to continue growing as it captures high-end markets [14]. - **Dongshan Precision**: The company is entering a growth phase driven by AI technology, with increased demand for data servers. It has made strategic acquisitions to enhance its position in optical communication and PCB sectors [14]. Computer - **Fourth Paradigm**: The company is positioned to benefit from the increasing penetration of AI across various industries. Its core product, the AI platform, is experiencing rapid revenue growth, and it holds a leading market share in machine learning platforms in China [15]. - **Tax Friend**: As a leader in financial and tax information technology, the company is leveraging AI to enhance its service offerings, which is expected to drive significant growth in high-value business segments [16]. Communication - **Zhongji Xuchuang**: The company is a leader in optical modules, with strong R&D capabilities and a robust overseas production capacity. It is expected to see significant profit growth from 2025 to 2027 [16]. - **Huafeng Technology**: The company is well-positioned to benefit from the high demand for AI computing power, with expectations of profit growth in the coming years [17]. Media - **Kaiying Network**: The company has a rich product pipeline and is expected to see growth from new game launches and collaborations. Its investments in AI gaming applications are also anticipated to drive future revenue [19]. - **Perfect World**: The company is focusing on developing new games and hosting major esports events, which are expected to contribute to its growth trajectory [19].

Group 1 - The company is one of the core suppliers of printed circuit board connectors and high-speed backplane connectors for Huawei [2] - The company is collaborating on project initiatives with internet clients such as Alibaba in high-speed cable module products, although further commercial details are not disclosed [2] - The company will announce any information that meets disclosure requirements in a timely manner [2]