Core Viewpoint - The company, Holley, announced that it has repaid a total of 50 million RMB of idle raised funds for temporary supplementary working capital as of December 18, 2025 [2] Group 1 - Holley has cumulatively returned 50 million RMB of idle raised funds [2]

证券代码：688682 证券简称：霍莱沃 公告编号：2025-028 上海霍莱沃电子系统技术股份有限公司 关于归还临时用于补充流动资金的闲置募集资金的公告 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。 重要内容提示： 截至 2025 年 12 月 18 日，公司已累计归还临时补充流动资金的闲置募集 资金人民币 5,000 万元。 一、募集资金临时补充流动资金情况 上海霍莱沃电子系统技术股份有限公司（以下简称"公司"）于 2024 年 12 月 19 日召开第三届董事会第二十一次会议，审议通过《关于使用部分闲置募集 资金临时补充流动资金的议案》，同意根据公司募集资金投资项目的资金使用计 划及项目的建设进度，在确保不影响募集资金投资项目建设进度的前提下，为提 高募集资金使用效率、降低公司资金成本，使用不超过人民币 5,000 万元闲置募 集资金临时补充流动资金，使用期限自公司董事会审议通过之日起不超过 12 个 月 。 具 体 情 况 请 见 公 司 于 2024 年 12 月 21 日 在 上 海 证 券 交 易 所 网 ...

Core Viewpoint - The commercial space industry, encompassing rocket launches, satellite manufacturing and operation, and space tourism, is experiencing rapid growth and transformation, with a potential market size reaching trillions of yuan, marking a significant shift from policy discussions to a vibrant economic sector by the end of 2025 [1][3]. Market Dynamics - Investor sentiment has been significantly boosted by commercial space concept stocks, with notable price surges in companies like Tongguang Cable and Zhonggang Luoni, reflecting a strong market interest [2]. - The establishment of "Space Technology City" in Beijing, in collaboration with major state-owned enterprises, indicates a strategic push towards developing a robust commercial space ecosystem [2][5]. Government Initiatives - Local governments are actively promoting the commercial space sector, with Guangdong aiming for a 300 billion yuan industry scale by 2026 and offering financial incentives for companies setting international standards [6]. - The Beijing Economic and Technological Development Zone has launched a 10-point plan to support the commercial space industry, including a 10 billion yuan investment fund [5]. Industry Developments - The number of new commercial space enterprises has surged, with over 15 companies established in August 2025 alone, indicating a growing interest in the sector [7]. - Major companies like Star Glory and Blue Arrow are collaborating with local state-owned enterprises to explore ecosystem development [5]. Capital Involvement - The commercial space sector has seen a rise in financing activities, with significant funding rounds for leading companies like Star Glory and Tianbing Technology [8]. - The inclusion of commercial space in the Sci-Tech Innovation Board's listing criteria has opened new avenues for funding, allowing unprofitable companies with core technologies to access capital markets [8]. Competitive Landscape - Companies are adopting diverse strategies, with some focusing on high-capital, high-risk rocket launches, while others are carving niches in specialized segments of the industry [9][10]. - The trend of "R&D in Beijing, production in the Yangtze River Delta" is becoming common among commercial space firms, optimizing their operational efficiency [12]. Market Evaluation - The capital market is increasingly scrutinizing commercial space companies, emphasizing the need for tangible performance and profitability [14]. - Companies like Srey New Materials and Superfast Co. are experiencing growth due to increased orders from the commercial space sector, reflecting a positive market response [15][16]. Role of State-Owned Enterprises - State-owned enterprises are transitioning to compete in the commercial market, focusing on market competitiveness and restructuring to align with commercial objectives [19]. - Collaborations between state-owned and private enterprises are becoming more prevalent, with state-owned firms leveraging their technological advantages while private firms offer efficiency and cost control [20][21]. Future Outlook - The commercial space market is projected to reach $680.25 billion globally, with China's market potentially exceeding 2.5 trillion yuan, highlighting the immense growth potential [21]. - The integration of state-owned and private enterprises is expected to foster innovation and efficiency, positioning them for success in the evolving commercial space landscape [22].

Group 1 - The commercial aerospace sector in China is experiencing significant growth, with multiple stocks in the sector seeing substantial price increases in December 2025, indicating strong investor sentiment [2][3] - Major developments include the establishment of the "Aerospace Technology City" in Beijing, which aims to enhance collaboration among key players in the industry, including state-owned enterprises and private companies [3][26] - The market for commercial aerospace activities, which includes rocket launches, satellite manufacturing, and space tourism, is projected to reach a scale of trillions of yuan, reflecting a rapid acceleration in industrialization [3][4][5] Group 2 - Local governments are actively promoting the commercial aerospace industry, with Guangdong aiming for a related industry scale of 300 billion yuan by 2026 and other provinces like Shandong and Henan also prioritizing aerospace in their development plans [9][10] - The establishment of a 10 billion yuan industry investment fund in Beijing's Economic and Technological Development Zone is part of the efforts to support the commercial aerospace sector [8] - The number of new commercial aerospace companies has surged, with over 15 new firms established in August 2025 alone, indicating a robust entrepreneurial environment [10] Group 3 - The China Securities Regulatory Commission has included commercial aerospace in the fifth set of listing standards for the Sci-Tech Innovation Board, allowing unprofitable companies with core technologies to go public [11] - Companies are adopting diverse strategies, with some focusing on core rocket launch capabilities while others are specializing in niche areas within the aerospace supply chain [12][13] - The trend of "R&D in Beijing, production in the Yangtze River Delta" is becoming common among commercial aerospace firms, optimizing their operational efficiency [16][17] Group 4 - The capital market is becoming more discerning, with investors seeking companies that can deliver tangible results within the commercial aerospace supply chain [18] - Companies in upstream materials and core components are experiencing increased orders, reflecting a growing demand as the industry expands [19][20] - The shift from project-based satellite production to a more streamlined assembly line approach is transforming the satellite manufacturing sector, leading to increased efficiency and order volumes [21] Group 5 - State-owned enterprises are adapting to market dynamics, with the China Aerospace Science and Technology Corporation restructuring to focus on commercial market competitiveness [24][26] - Collaborations between state-owned and private enterprises are becoming more common, with private firms providing efficiency and cost advantages in non-core areas of the aerospace supply chain [25][26] - The establishment of the "Aerospace Technology City" aims to create an open and innovative industrial ecosystem, emphasizing the importance of collaboration across the aerospace sector [26][27]

Group 1: Company Developments - XW Communication has established a unique advantage in the commercial aerospace sector, viewing it as a second growth curve, and has integrated a full-chain technical capability from material research to product manufacturing [1][4] - The core products in the commercial satellite field include high-frequency and high-speed connectors, high-performance antennas, precision structural components, and ground receiving terminal ODM, specifically designed for low Earth orbit satellite communication [4] - XW Communication has become a core supplier for leading domestic satellite clients, expanding its product offerings from components to complete systems [4] Group 2: Industry Trends - The global commercial aerospace industry is entering a phase of rapid scaling and industrialization, with companies focusing on technological evolution and market opportunities [5] - The demand for satellite testing systems has surged due to the acceleration of commercial satellite production, with significant contributions from satellite manufacturers [5] - Zhenyou Technology has developed a complete ground core network system for satellite communication, supporting nearly 6 million users in the Tian Tong No. 1 project, and is actively involved in key technology research for low Earth orbit satellite constellations [6]

Core Insights - A total of 214 listed companies in the Shanghai and Shenzhen markets have undergone institutional research this week, with the machinery, automotive, and electronics sectors receiving the highest frequency of attention [1] Industry Summary - **Top Industries by Institutional Research**: - Machinery Equipment: 32 companies - Automotive: 25 companies - Electronics: 19 companies - Basic Chemicals: 18 companies - Pharmaceutical Biology: 15 companies - Non-ferrous Metals: 13 companies - Textile and Apparel: 12 companies [2] - **Subsector Focus**: - The top three subsectors attracting institutional interest are automotive parts, specialized equipment, and general equipment. Additionally, interest in industrial metals and home textiles has increased [2] Company Summary - **Most Frequently Researched Companies**: - Both Boying Special Welding and Oke Yi have been researched 4 times each - The top three companies by institutional visit reception are Zhongke Shuguang and Haiguang Information, each receiving 341 visits, followed by Weichuang Electric with 112 visits [3][5] - **Market Performance**: - Companies in the commercial aerospace sector have shown active market performance, with Chaojie Co. reporting significant business developments in commercial rocket manufacturing and expected revenue growth in 2026 [5][6] - Huazhong Cable has secured a market share of 70%-80% in supporting major rocket series and has also reported strong market performance [8] - Sry New Materials has achieved over 17% increase in stock price following successful tests related to reusable rocket engines [10] - Hualaiwo has seen a 20% increase in stock price due to a surge in orders for satellite testing systems [12]

Core Viewpoint - The company has announced the conclusion of a fundraising project and the permanent allocation of surplus funds to enhance its liquidity for daily operations [2] Group 1 - The company will hold its fourth board meeting on December 12, 2025, to review and approve the conclusion of the "Research and Development Center Upgrade Project" [2] - The board has agreed to permanently allocate the surplus funds from the fundraising project to supplement working capital for daily business activities [2] - This decision does not require approval from the company's shareholders [2]

证券代码：688682 证券简称：霍莱沃 公告编号：2025-025 上海霍莱沃电子系统技术股份有限公司 关于部分募集资金投资项目结项 并将节余募集资金永久性补充流动资金的公告 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。 重要内容提示： 本次结项的募投项目名称：研发中心升级建设项目。 本次节余金额为 3,640.11 万元，节余募集资金用途为永久性补充流动资 金。为提高资金使用效率并结合上海霍莱沃电子系统技术股份有限公司（以下简 称"公司"）的实际经营情况，公司拟将节余募集资金（含利息收入及理财收益、 目前尚未支付待结项后以自有资金支付的尾款及质保金，实际转出金额以转出当 日专户银行余额为准）永久性补充流动资金，用于公司日常经营活动。 上海霍莱沃电子系统技术股份有限公司于 2025 年 12 月 12 日召开第四届董 事会第四次会议，审议通过了《关于部分募集资金投资项目结项并将节余募集资 金永久性补充流动资金的议案》，同意公司募投项目"研发中心升级建设项目" 结项，并将节余募集资金永久性补充流动资金，用于公司日常经营活 ...

被提名人已参加培训并取得证券交易所认可的相关培训证明材料。 上海霍莱沃电子系统技术股份有限公司 独立董事提名人声明与承诺（龚书喜） 提名人上海霍莱沃电子系统技术股份有限公司（以下简称"公司""霍莱 沃"）董事会，现提名龚书喜先生为霍莱沃第四届董事会独立董事候选人，并已 充分了解被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大 失信等不良记录等情况。被提名人已书面同意出任霍莱沃第四届董事会独立董 事候选人（参见该独立董事候选人声明）。提名人认为,被提名人具备独立董事 任职资格,与公司之间不存在任何影响其独立性的关系,具体声明并承诺如下; 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政法规、 规章及其他规范性文件,具有五年以上法律、经济、会计、财务、管理等履行 独立董事职责所必需的工作经验。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求: (一)《中华人民共和国公司法》等关于董事任职资格的规定； (二)《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用); 〈三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件 ...

上海霍莱沃电子系统技术股份有限公司 独立董事候选人声明与承诺 本人龚书喜,已充分了解并同意由提名人上海霍莱沃电子系统技术股份有 限公司(以下简称"公司""霍莱沃")董事会提名为霍莱沃第四届董事会独立 董事候选人。本人公开声明,本人具备独立董事任职资格,保证不存在任何影 响本人担任霍莱沃独立董事独立性的关系，具体声明并承诺如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、行政法规、部门 规章及其他规范性文件,具有五年以上法律、经济会计、财务、管理等履行独 立董事职责所必需的工作经验。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要 求: (一)《中华人民共和国公司法》等关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定(如适用); (三)中国证监会《上市公司独立董事管理办法》和上海证券交易所自律 监管规则有关独立董事任职资格和条件的相关规定： (四)中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者 退(离)休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规 定(如适用); 〈五〉中共中央组织部《关于进一步规范党政领导干部在企业兼职(任 ...