会杜律师事务所 ING&WOD 上海市徐汇区淮海中路999号 上海环贸广场写字楼一期17层 邮编:200031 17/F, One ICC, Shanghai ICC 999 Huai Hai Road (M) Shanghai, 200031 P.R. China T +86 21 2412 6000 86 21 2412 6150 w.kwm.com 北京市金杜律师事务所上海分所 关于苏州盛科通信股份有限公司 2025年第一次临时股东大会 ing | Changchun | Chengdu | Chongqing | Guangzhou | Haikou | Hangzhou | Hong Kong SAR | Jinan | Nanjing | Qingtao | Sanya | Shanghal | Shenzher | Syzhou | berra | Melbourne | Perth | Sydney | Dubai | Tokyo | Singapore | Brussels | Frankfurt | London | Madrıd | Milan | New 1. 经苏州盛科通信股份有限公 ...

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

Group 1 - The core point of the news is that Shengke Communication's stock price dropped by 5.02% to 126.80 CNY per share, with a trading volume of 413 million CNY and a turnover rate of 1.55%, resulting in a total market capitalization of 51.988 billion CNY [1] - Shengke Communication, established on January 31, 2005, and listed on September 14, 2023, specializes in the research, design, and sales of Ethernet switch chips and related products [1] - The main revenue composition of Shengke Communication includes Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - Among the top ten circulating shareholders of Shengke Communication, a fund under Southern Fund holds a position, specifically the Southern CSI 500 ETF (510500), which reduced its holdings by 52,000 shares in the third quarter, now holding 1.8064 million shares, accounting for 0.89% of circulating shares [2] - The estimated floating loss for the Southern CSI 500 ETF today is approximately 12.1032 million CNY [2] - The Southern CSI 500 ETF was established on February 6, 2013, with a latest scale of 140.098 billion CNY, achieving a year-to-date return of 24.71% and a one-year return of 23.98% [2]

Group 1 - The core point of the news is that Shengke Communication's stock price dropped by 5.02% to 126.80 CNY per share, with a trading volume of 413 million CNY and a turnover rate of 1.55%, resulting in a total market capitalization of 51.988 billion CNY [1] - Shengke Communication, established on January 31, 2005, and listed on September 14, 2023, specializes in the research, design, and sales of Ethernet switch chips and related products. The main revenue composition includes Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - From the perspective of major circulating shareholders, Huatai Fund's Huatai Mobile Internet Stock A (000697) entered the top ten circulating shareholders of Shengke Communication in the third quarter, holding 1.3785 million shares, accounting for 0.68% of circulating shares, with an estimated floating loss of approximately 9.236 million CNY [2] - Huatai Mobile Internet Stock A (000697) was established on August 26, 2014, with a latest scale of 3.201 billion CNY. Year-to-date returns are 65.67%, ranking 164 out of 4206 in its category; the one-year return is 67%, ranking 112 out of 4008; and since inception, the return is 150.5% [2] Group 3 - The fund manager of Huatai Mobile Internet Stock A (000697) is Shen Ruoyu, who has been in the position for 4 years and 325 days. The total asset scale of the fund is 7.967 billion CNY, with the best fund return during the tenure being 89.45% and the worst being -8.41% [3] Group 4 - From the perspective of the fund's top heavy positions, Huatai Mobile Internet Stock A (000697) holds 1.3785 million shares of Shengke Communication, accounting for 4.71% of the fund's net value, making it the seventh-largest heavy position, with an estimated floating loss of approximately 9.236 million CNY [4]

Core Viewpoint - Multiple indices in the A-share market are undergoing significant adjustments, with announcements made by the Shanghai and Shenzhen Stock Exchanges regarding changes to sample stocks in various indices [2][4]. Group 1: Index Adjustments - On November 28, the Shanghai Stock Exchange announced adjustments to the sample stocks of the Shanghai 50, Shanghai 180, Shanghai 380, and Sci-Tech 50 indices, effective after the market closes on December 12, 2025 [4][14]. - The Shanghai 50 index will replace four stocks, including the addition of SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang, while Poly Development, China Mobile, China Aluminum, and CRRC will be removed [5][17]. - The Sci-Tech 50 index will replace two stocks, adding Aojie Technology and Shengke Communication, while Huaxi Biotechnology and Hangcai Co. will be removed [5][6]. Group 2: Shenzhen Stock Exchange Adjustments - The Shenzhen Stock Exchange announced that it will implement regular sample stock adjustments for the Shenzhen Component Index, ChiNext Index, Shenzhen 100, and ChiNext 50 on December 15, 2025 [6][14]. - The Shenzhen Component Index will add 17 stocks, including Tuowei Information, Sifang Jingchuang, and Wolong Nuclear Materials, while Guoyao Yizhi, Haide Shares, and Tibet Mining will be removed [6][7]. Group 3: Additional Index Changes - The ChiNext Index will add eight stocks, including Shuanglin Co., Changshan Pharmaceutical, and Changsheng Bearing [9][11]. - The CSI 300, CSI 500, and other indices will also undergo adjustments, with the CSI 300 replacing 11 stocks, including Huadian New Energy and Shenghong Technology, while removing FAW Liberation and Oppein Home [16][17]. - The CSI 500 index will replace 50 stocks, the CSI 1000 index will replace 100 stocks, and the CSI A50 and A100 indices will replace 4 and 6 stocks respectively [17].

Market Overview - The total trading volume in the market reached 1.14 trillion yuan, slightly lower than the same period the previous day, with over 2800 stocks rising [2] - The communication sector saw significant gains, particularly in optical modules, optical communication, and optical chips, while sectors like defense, banking, and media experienced pullbacks [2] Sector Performance - The top performing indices included: - Optical Modules (CPO) up 6.52% - Optical Chips up 4.80% - Optical Communication up 4.33% - Consumer Electronics Manufacturing up 2.86% [3] - In the Hong Kong market, major indices remained positive, with Meituan leading the Hang Seng Index with a rise of 5.85% [3] Notable Stocks - Long光华芯 (SH:688048) reached a price of 107.15 yuan, up 20.00%, with a trading volume of 27.52 billion yuan [6] - 中际旭创 (300308) hit a new high of 549.88 yuan per share, with a market capitalization exceeding 600 billion yuan [7] - Other notable gainers included 新易盛 (300502) and 剑桥科技 (603083), with increases of 10.44% and 7.54% respectively [7] Company News - Alibaba reported a 34% year-on-year increase in cloud revenue for Q2 of fiscal year 2026, with AI-related product revenue growing for nine consecutive quarters [9] - In the consumer electronics sector, new product launches from Huawei and Alibaba are expected to drive market momentum [12]

Core Viewpoint - The company primarily focuses on core Ethernet switch chips, with downstream equipment manufacturers designing, developing, and selling final products based on these chips [1] Company Summary - The company's products are currently sold in very small proportions directly to the European Union region [1]

Core Points - The company, Shengke Communication, stated on November 25 that as of the end of September 2025, the total number of shareholders is expected to be 13,316 [1]

Core Viewpoint - The company primarily focuses on core Ethernet switch chips, with a small proportion of its products sold directly to the EU region [2] Group 1 - The company's main products are core Ethernet switch chips [2] - Downstream equipment manufacturers design, develop, and sell final products based on the company's chips [2] - The proportion of products sold directly to the EU region is very small [2]

苏州盛科通信股份有限公司 2025年第一次临时股东大会会议资料 证券代码：688702 证券简称：盛科通信 苏州盛科通信股份有限公司 2025 年第一次临时股东大会 会议资料 2025 年 12 月 苏州盛科通信股份有限公司 2025年第一次临时股东大会会议资料 | | | | 2025 | 年第一次临时股东大会会议须知 1 | | --- | --- | | 2025 | 年第一次临时股东大会会议议程 3 | | 2025 | 年第一次临时股东大会会议议案 5 | | | 议案一：关于增加 2025 年度日常关联交易预计额度及预计 2026 年度日常关 | | | 联交易额度的议案 5 | | | 议案二：关于取消监事会及修订《公司章程》的议案 9 | | | 议案三：关于修订公司部分内部治理制度的议案 11 | | | 议案四：关于补选第二届董事会非独立董事的议案 12 | 苏州盛科通信股份有限公司 2025年第一次临时股东大会会议资料 苏州盛科通信股份有限公司 2025 年第一次临时股东大会会议须知 为维护广大投资者的合法权益，保障苏州盛科通信股份有限公司（以下简称 "公司"）股东在本次股东大会期间依法 ...