Market Overview - The military electronics sector experienced a decline of 1.09% on September 26, with Huafeng Technology leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the military electronics sector included: - Chengdian Optoelectronics (code: 920008) with a closing price of 31.20, up 2.73% [1] - AVIC Chengfei (code: 302132) with a closing price of 88.07, up 2.72% [1] - Liujia 6912 (code: 301592) with a closing price of 136.18, up 1.41% [1] - Major decliners included: - Huafeng Technology (code: 688629) with a closing price of 98.67, down 6.81% [2] - Jinxin Technology (code: 300252) with a closing price of 14.55, down 6.19% [2] - Guoguang Electric (code: 688776) with a closing price of 66.58, down 6.07% [2] Capital Flow - The military electronics sector saw a net outflow of 643 million yuan from institutional investors, while retail investors contributed a net inflow of 619 million yuan [2][3] - Specific stock capital flows included: - AVIC Chengfei had a net inflow of 1.28 billion yuan from institutional investors [3] - Huafeng Technology experienced a significant net outflow of 675.7 million yuan from institutional investors [3] - Zhenxin Technology had a net inflow of 486.3 million yuan from institutional investors [3]

Core Points - Huafeng Technology's stock price dropped by 5.06% to 100.52 CNY per share, with a trading volume of 677 million CNY and a turnover rate of 3.63%, resulting in a total market capitalization of 46.339 billion CNY [1] - The company, established on November 21, 1994, specializes in the research, production, and sales of optical and electrical connectors and cable components, providing system solutions to customers [1] - The revenue composition of Huafeng Technology includes components (61.65%), connectors (29.83%), system interconnection products (5.90%), other supporting components (1.68%), and others (0.94%) [1] Fund Holdings - Hai Fu Tong Fund has a significant holding in Huafeng Technology, with its Hai Fu Tong Research Selected Mixed Fund C (006556) maintaining 20,100 shares, unchanged from the previous period, accounting for 2.06% of the fund's net value, ranking as the sixth largest holding [2] - The fund has a total scale of 10.9828 million CNY and has achieved a year-to-date return of 44.65%, ranking 1614 out of 8171 in its category [2] - Over the past year, the fund has returned 60.4%, ranking 2136 out of 8004, and since its inception, it has achieved a return of 63.42% [2] Fund Manager Information - The fund manager of Hai Fu Tong Research Selected Mixed Fund C is Wang Jinxiang, who has been in the position for 6 years and 331 days [3] - The total asset scale of the fund under Wang's management is 55.6015 million CNY, with the best return during his tenure being 106.91% and the worst being -1.85% [3]

Company Overview - Sichuan Huafeng Technology Co., Ltd. is located in Mianyang, Sichuan Province, established on November 21, 1994, and listed on June 27, 2023. The company specializes in the research, production, and sales of optical and electrical connectors and cable components, providing system solutions to customers [1]. Business Composition - The main business revenue composition is as follows: components account for 61.65%, connectors for 29.83%, system interconnection products for 5.90%, other supporting components for 1.68%, and other (supplementary) products for 0.94% [1]. Stock Performance - On September 26, Huafeng Technology's stock fell by 5.06%, trading at 100.52 yuan per share, with a transaction volume of 678 million yuan and a turnover rate of 3.63%. The total market capitalization is 46.339 billion yuan [1]. Fund Holdings - Huafeng Technology is a significant holding in the Zhonghai Mixed Reform Dividend Mixed A Fund (001574), which reduced its holdings by 2,316 shares in the second quarter, now holding 16,400 shares, representing 3.61% of the fund's net value, ranking as the seventh-largest holding [2]. Fund Performance - The Zhonghai Mixed Reform Dividend Mixed A Fund was established on November 11, 2015, with a latest scale of 25.9529 million. Year-to-date returns are 2.94%, ranking 7,252 out of 8,171 in its category; the one-year return is 9.38%, ranking 6,771 out of 8,004; and since inception, the return is 11.9% [2]. Fund Manager - The fund manager of Zhonghai Mixed Reform Dividend Mixed A is Shi Yi, who has been in the position for 1 year and 90 days. The total asset size of the fund is 18.7 million, with the best return during the tenure being 49.46% and the worst being 2.63% [3].

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 28.778 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 6.361 billion yuan [1] - A total of 231 stocks saw net inflows, while 358 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 237 stocks rose, with two stocks, Pinming Technology and Shangwei New Materials, hitting the daily limit [1] - The stock with the highest net inflow was Aters, with 225 million yuan, followed by Haiguang Information and Huafeng Technology, with net inflows of 211 million yuan and 209 million yuan, respectively [1] Continuous Fund Flow - There are 32 stocks that have seen continuous net inflows for more than three trading days, with Hanwujing leading at 27 consecutive days [2] - Conversely, 144 stocks have experienced continuous net outflows, with Shangsheng Electronics leading at 18 consecutive days [2] Top Net Inflows - The top stocks by net inflow include: - Aters: 22.49 million yuan, with a flow rate of 15.44% and a price increase of 3.14% [2] - Haiguang Information: 21.07 million yuan, with a flow rate of 1.63% and a price increase of 3.09% [2] - Huafeng Technology: 20.87 million yuan, with a flow rate of 9.93% and a price increase of 2.81% [2] Notable Outflows - The stock with the highest net outflow was SMIC, with a net outflow of 1.11 billion yuan and a price decrease of 0.64% [1] - Other notable outflows include Dongxin Co. and Jinghe Integration, with net outflows of 420 million yuan and 371 million yuan, respectively [1]

Market Overview - The military electronics sector experienced a decline of 0.48% on September 25, with *ST WanFang leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Notable gainers in the military electronics sector included: - *ST Tianwei: Closed at 23.36, up 6.86% with a trading volume of 25,200 shares [1] - Yuanbo Electronics: Closed at 74.53, up 3.10% with a trading volume of 28,800 shares [1] - Huafeng Technology: Closed at 105.88, up 2.81% with a trading volume of 198,900 shares [1] - Conversely, *ST WanFang saw a significant decline, closing at 3.95, down 4.82% with a trading volume of 341,800 shares [2] Capital Flow - The military electronics sector saw a net outflow of 370 million yuan from institutional investors, while retail investors contributed a net inflow of 76.04 million yuan [2] - The capital flow for key stocks included: - Huafeng Technology: Net inflow of 22.8 million yuan from institutional investors [3] - Jinxin Technology: Net inflow of 11.5 million yuan from institutional investors [3] - *ST Tianwei: Net inflow of 11.52 million yuan from institutional investors [3]

Group 1 - Core viewpoint: Huafeng Technology's stock price increased by 5.04% to 108.18 CNY per share, with a trading volume of 1.346 billion CNY and a turnover rate of 7.05%, resulting in a total market capitalization of 49.87 billion CNY [1] - Company overview: Sichuan Huafeng Technology Co., Ltd. was established on November 21, 1994, and went public on June 27, 2023. The company specializes in the research, development, production, and sales of optical and electrical connectors and cable components, providing system solutions to customers [1] - Revenue composition: The main business revenue breakdown is as follows: components 61.65%, connectors 29.83%, system interconnection products 5.90%, other supporting components 1.68%, and others (supplementary) 0.94% [1] Group 2 - Major shareholders: Southern Fund's Southern CSI 1000 ETF (512100) entered the top ten circulating shareholders of Huafeng Technology in the second quarter, holding 1.6945 million shares, which accounts for 0.93% of the circulating shares [2] - Fund performance: The Southern CSI 1000 ETF has a total scale of 64.953 billion CNY, with a year-to-date return of 27.85% and a one-year return of 63.96% [2] - Fund manager details: The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 6 years and 324 days, with a total asset scale of 94.976 billion CNY [3]

Core Viewpoint - The company is in the market layout stage for its special optical connectors and optical module series products, with foundational technology applicable to high-speed optical module core components and optical interconnect system transmission fields [1] Company Summary - The company has indicated that its special optical connectors and optical modules are still in the research phase, and the overall market share for related products has not yet formed a scale [1]

Core Insights - The company is developing special optical connectors and optical module series products, with foundational technologies applicable to high-speed optical module core components and optical interconnect system transmission fields [1] - Currently, the company is still in the market layout phase for optical connectors, and the overall market share of related products has not yet formed a scale [1]

Core Insights - Huafeng Technology experienced a 3.62% decline in stock price on September 23, with a trading volume of 2.139 billion yuan [1] - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.105 billion yuan, up 128.26% year-on-year, and net profit of 151 million yuan, up 940.64% year-on-year [2] Financing and Margin Trading - On September 23, Huafeng Technology had a financing buy-in of 222 million yuan and a repayment of 280 million yuan, resulting in a net financing outflow of 58.53 million yuan [1] - The total margin trading balance for Huafeng Technology as of September 23 was 982 million yuan, with the financing balance accounting for 5.18% of the circulating market value, indicating a high level compared to the past year [1] - The company had a short selling activity on September 23, with 760 shares sold and a remaining short selling balance of 3.67 million shares, also indicating a high level compared to the past year [1] Shareholder Structure - As of June 30, 2025, Huafeng Technology had 22,200 shareholders, a decrease of 1.83% from the previous period, while the average number of circulating shares per shareholder increased by 3.84% to 8,171 shares [2] - The top ten circulating shareholders included several institutional investors, with notable increases in holdings from Guotou Ruijin New Energy Mixed A and Guotai Junan Military Industry ETF [3]

Market Performance - The military electronics sector rose by 0.13% on September 22, with Xingtu Xinke leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Notable gainers in the military electronics sector included: - Xingtu Xinke (688081) with a closing price of 35.77, up 9.66% on a trading volume of 110,000 shares and a turnover of 383 million yuan [1] - Guoguang Electric (688776) closed at 90.95, up 6.34% with a trading volume of 43,500 shares [1] - Other significant gainers included ST Wanfang (000638) up 5.02%, and Jingjia Micro (300474) up 4.12% [1] Fund Flow Analysis - The military electronics sector experienced a net outflow of 694 million yuan from institutional investors, while retail investors saw a net inflow of 759 million yuan [2][3] - Key stocks with significant fund flows included: - Jingjia Micro (300474) with a net inflow of 172 million yuan from institutional investors [3] - Gaode Infrared (002414) with a net inflow of 153 million yuan [3] - Huafeng Technology (688629) had a net inflow of 56.73 million yuan [3]