Group 1 - The 2025 Tianfu Digital Economy Conference highlighted the strategic importance of the digital economy in the "14th Five-Year Plan" and its role as a key driver for high-quality development in Sichuan [1] - By 2024, the core industry added value of Sichuan's digital economy is expected to exceed 530 billion yuan, with revenue from large-scale enterprises accounting for 16.7%, ranking among the top in the country [1] - The manufacturing sectors, particularly electronic and communication equipment and industrial robotics, have seen growth rates exceeding 60%, indicating a strong rise in the digital industry matrix [1] Group 2 - Jiuyuan Yinhai focuses on smart livelihood, covering three strategic directions: healthcare, digital governance, and smart cities, providing digital services and customized software for government and healthcare institutions [2] - Electric Science Network Security is building a comprehensive data security product system, participating in research on data security infrastructure and compliance, and has implemented typical projects in government and energy sectors [2] - Junyi Digital leverages big data platform technology to create digital and intelligent applications in urban infrastructure and public services, supporting the digital transformation of governments, enterprises, and schools [2] Group 3 - The "Sichuan Province Plan for Accelerating Efficient Construction and Application of Computing Power" aims for a total computing power scale of 40 EFLOPS by 2027, doubling the current capacity [3] - Sichuan will cultivate internationally competitive digital industry clusters, with annual special funds supporting key projects, offering up to 30 million yuan for individual clusters [3] - The Ministry of Industry and Information Technology's guidelines aim for 100% digital transformation coverage among large-scale industrial enterprises by 2027, with a focus on high-standard digital parks [3] Group 4 - The 2025 Tianfu Digital Economy Conference serves as a platform for showcasing achievements and fostering collaboration [4] - Securities research reports indicate that Sichuan's listed companies are entering a growth phase driven by strategic opportunities in artificial intelligence, new energy, and the digital economy [4]

Core Insights - The stock price of Huafeng Technology has seen a significant increase of 155.48% year-to-date, with a recent drop of 2.00% on November 19, 2023 [1] - The company reported a substantial revenue growth of 121.47% year-on-year, reaching 1.659 billion yuan for the period from January to September 2025 [2] - The net profit attributable to shareholders surged by 558.51% year-on-year, amounting to 223 million yuan for the same period [2] Financial Performance - As of November 19, 2023, Huafeng Technology's stock was trading at 85.56 yuan per share, with a market capitalization of 39.443 billion yuan [1] - The company has experienced a trading volume of 5.12 billion yuan on the same day, with a turnover rate of 3.25% [1] - The company has been active on the stock market, appearing on the "Dragon and Tiger List" three times this year, with the latest instance on September 18, 2023, where it recorded a net purchase of 203 million yuan [1] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 37.52% to 30,600, while the average circulating shares per person decreased by 27.28% to 5,942 shares [2] - Notable institutional investors include Hong Kong Central Clearing Limited as the second-largest shareholder, and several new funds entering the top ten shareholders list [3]

Core Viewpoint - Huafeng Technology's stock has shown significant growth this year, with a year-to-date increase of 160.59%, indicating strong market performance and investor interest [1][2]. Company Overview - Huafeng Technology, established on November 21, 1994, is located in Mianyang, Sichuan Province, and was 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 [2]. - The revenue composition of Huafeng Technology includes components (61.65%), connectors (29.83%), system interconnection products (5.90%), and other supporting components (1.68%) [2]. Financial Performance - For the period from January to September 2025, Huafeng Technology achieved a revenue of 1.659 billion yuan, representing a year-on-year growth of 121.47%. The net profit attributable to the parent company was 223 million yuan, showing a remarkable increase of 558.51% [2]. - As of September 30, 2025, the company has distributed a total of 23.0496 million yuan in dividends since its A-share listing [3]. Stock Market Activity - On November 18, Huafeng Technology's stock price rose by 2.09%, reaching 87.27 yuan per share, with a trading volume of 505 million yuan and a turnover rate of 3.27%. The total market capitalization is 40.231 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on September 18, where it recorded a net purchase of 203 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 37.52% to 30,600, with an average of 5,942 circulating shares per person, a decrease of 27.28% [2][3]. - Notable institutional shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, and several mutual funds have increased their holdings [3].

Core Insights - The total margin balance of the STAR Market on November 17 was 258.003 billion yuan, a decrease of 0.0257 billion yuan from the previous trading day [1] - The financing balance was 257.091 billion yuan, down by 0.0276 billion yuan, while the securities lending balance increased by 0.019 billion yuan to 0.0912 billion yuan [1] Individual Stock Performance - On November 17, 295 stocks on the STAR Market experienced net financing inflows, with 14 stocks having net inflows exceeding 30 million yuan [1] - Haiguang Information topped the list with a net financing inflow of 0.226 billion yuan, followed by Dongxin Technology, Huafeng Technology, Nine Company, Kingsoft Office, and Guodun Quantum [1]

Core Viewpoint - The military electronics sector experienced a rise of 1.46% on November 17, with Tianhe Defense leading the gains, while the overall Shanghai Composite Index fell by 0.46% [1] Group 1: Stock Performance - Tianhe Defense (300397) closed at 13.54, up 10.71% with a trading volume of 756,400 shares and a transaction value of 1.019 billion [1] - Aerospace Development (000547) closed at 10.35, up 9.99% with a trading volume of 214,000 shares and a transaction value of 221 million [1] - Huafeng Technology (688629) closed at 85.48, up 8.05% with a trading volume of 312,900 shares and a transaction value of 2.666 billion [1] - Other notable performers include ST Wanfang (000638) up 4.96%, Yaguang Technology (300123) up 4.36%, and Guoguang Electric (688776) up 4.31% [1] Group 2: Capital Flow - The military electronics sector saw a net inflow of 505 million from institutional investors, while retail investors experienced a net outflow of 446 million [2][3] - Major stocks with significant net inflows include Tianhe Defense with 64.29 million and Aerospace Development with 10 million [3] - Conversely, stocks like Shanghai Hanyun and Huafeng Technology faced net outflows from retail investors, indicating a mixed sentiment among different investor classes [3]

丨证券研究报告丨 [Table_scode 联合研究丨公司点评丨华丰科技（ Msg1] 688629.SH） [Table_Title] AI 业务加速推进，盈利持续改善 报告要点 [Table_Summary] 作为国内高速数通连接器的核心厂商之一，公司有望持续受益于国产算力建设浪潮，深度参与 国产算力机柜方案渗透。 分析师及联系人 [Table_Author] 于海宁 王贺嘉 刘泽龙 SAC：S0490517110002 SAC：S0490520110004 SAC：S0490525040002 SFC：BUX641 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 华丰科技（688629.SH） cjzqdt11111 [Table_Title2] AI 业务加速推进，盈利持续改善 [Table_Summary2] 事件描述 华丰科技发布 2025 年第三季度报告。报告期内，公司实现营业收入 16.59 亿元，同比增长 121.47%；实现归属母公司股东的净利润 2.23 亿元，同比增长 558.51 ...

Market Overview - The Shanghai Composite Index fell by 0.97% on November 14, with only 4 out of the 28 sectors rising, led by the comprehensive and real estate sectors, which increased by 1.58% and 0.39% respectively [1] - The electronic and communication sectors experienced the largest declines, with drops of 3.09% and 2.46% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 81.32 billion yuan, with 5 sectors seeing net inflows [1] - The pharmaceutical and biological sector had the highest net inflow, amounting to 680 million yuan, while the defense and military industry saw a net inflow of 667 million yuan despite a decline of 0.44% [1] Defense and Military Industry Performance - The defense and military sector had 138 stocks, with 61 stocks rising and 73 stocks falling on the day [2] - The top three stocks with the highest net inflow were Aerospace Development (794 million yuan), Huafeng Technology (408 million yuan), and AVIC Shenyang Aircraft (189 million yuan) [2] - The sector's net outflow was led by Western Superconducting (1.70 billion yuan), China Shipbuilding (1.55 billion yuan), and China Satellite (1.43 billion yuan) [2][3] Top Gainers in Defense and Military Sector - Aerospace Development saw a price increase of 10.06% with a turnover rate of 17.05% and a main capital flow of approximately 793.99 million yuan [2] - Other notable gainers included Huafeng Technology (6.46% increase) and AVIC Shenyang Aircraft (1.01% increase) [2] Top Losers in Defense and Military Sector - Western Superconducting experienced a decline of 2.51% with a main capital outflow of approximately 169.80 million yuan [3] - Other significant decliners included China Shipbuilding (-0.84%) and China Satellite (-2.66%) [3]

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 81.32 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 6.59 billion yuan [1] - A total of 214 stocks saw net inflows, while 378 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 192 stocks rose, with one stock, Jindike, hitting the daily limit, while 394 stocks declined [1] - The top three stocks with the highest net inflows were Huafeng Technology (net inflow of 408 million yuan), followed by Aters and Dongxin Co., with net inflows of 130 million yuan and 109 million yuan, respectively [1] Continuous Fund Flow Analysis - There are 43 stocks that have seen continuous net inflows for more than three trading days, with Bidet Pharmaceutical leading at 11 consecutive days of inflow [2] - Conversely, 145 stocks have experienced continuous net outflows, with Zhixiang Jintai leading at 14 consecutive days of outflow [2] Top Fund Inflows - The top stocks by net inflow include: - Huafeng Technology: 40.78 million yuan, with a flow rate of 14.48% and a price increase of 6.46% [2] - Aters: 13.01 million yuan, with a flow rate of 3.14% and a price decrease of 1.07% [2] - Dongxin Co.: 10.87 million yuan, with a flow rate of 5.06% and a price increase of 0.13% [2] Notable Outflows - The stocks with the highest net outflows included: - SMIC: 1.26 billion yuan, with a price drop of 4.00% [1] - Lankai Technology: 425 million yuan outflow [1] - Haiguang Information: 380 million yuan outflow [1]

Core Viewpoint - The military electronics sector experienced a decline of 0.25% on November 14, with Guoguang Electric leading the drop. The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1]. Group 1: Stock Performance - Aerospace Development (000547) saw a significant increase of 10.06%, closing at 9.41, with a trading volume of 2.7084 million shares [1]. - Huafeng Technology (688629) rose by 6.46%, closing at 79.11, with a trading volume of 355,200 shares and a transaction amount of 2.816 billion [1]. - Guoguang Electric (688776) experienced a notable decline of 9.42%, closing at 88.50, with a trading volume of 65,000 shares and a transaction amount of 591 million [2]. Group 2: Capital Flow - The military electronics sector saw a net inflow of 1.12 billion from institutional investors, while retail investors experienced a net outflow of 505 million [2][3]. - Aerospace Development (000547) had a net inflow of 738 million from institutional investors, representing 29.19% of its total trading volume [3]. - Huafeng Technology (688629) recorded a net inflow of 424 million from institutional investors, accounting for 15.04% of its total trading volume [3].

Group 1 - The core viewpoint of the news is that Huafeng Technology has seen a significant increase in its stock price, rising by 5.29% to reach 78.24 CNY per share, with a total market capitalization of 36.068 billion CNY [1] - Huafeng Technology, 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 company's main business revenue composition includes components (61.65%), connectors (29.83%), system interconnection products (5.90%), other supporting components (1.68%), and others (0.94%) [1] Group 2 - From the perspective of fund holdings, one fund under Chuangjin Hexin has a significant position in Huafeng Technology, with the Chuangjin Hexin Technology Growth Stock A fund reducing its holdings by 10,130 shares to 112,900 shares, representing 4.64% of the fund's net value [2] - The Chuangjin Hexin Technology Growth Stock A fund has a total scale of 155 million CNY and has achieved a year-to-date return of 17.42%, ranking 3150 out of 4216 in its category [2] - The fund manager, Zhou Zhimin, has been in position for 7 years and 324 days, with the best fund return during his tenure being 96.52% and the worst being -37.88% [3]