深圳市特发信息股份有限公司 关于增加开展铝期货套期保值业务交易额度的可行性 分析报告 一、增加开展套期保值业务交易额度的基本情况 （一）投资目的和必要性 公司控股子公司常州特发华银电线电缆有限公司（以下简称特发 华银）及其全资子公司导地线产品的主要原材料为铝，因业务订单量 增加，根据生产经营情况，为避免原材料价格变动带来的影响，特发 华银拟增加开展铝期货套期保值业务的交易额度，通过套期保值的避 险机制减少因原材料价格波动造成的产品成本波动，提升利润的稳定 性。特发华银开展套期保值业务是以正常生产经营为目的，而非以盈 利为目的进行的投机或套利交易，不会影响特发华银主营业务的发展。 （二）交易品种 特发华银套期保值的品种仅限于与其生产经营有关的铝原材料 相关的期货品种。 （三）投资额度 公司于 2025 年 1 月 21 日召开董事会第九届六次会议，审议通过 了《关于控股子公司开展铝期货套期保值业务的议案》，授权特发华 银经营层在董事会审批额度范围内具体实施套期保值业务相关事宜， 其中铝期货交易额度 38,430 万元，最高额保证金不超过 7,686 万元。 由于业务订单量增加，本次新增期货交易额度不超过 21, ...

证券代码：000070 证券简称：特发信息 公告编号：2025-48 深圳市特发信息股份有限公司 董事会第九届二十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 深圳市特发信息股份有限公司（以下简称公司）董事会于 2025 年 11 月 19 日以通讯方式召开第九届二十四次会议。公司于 2025 年 11 月 14 日以书面方式发出会议通知。应参加表决的董事 9 人，实际 参加表决的董事 9 人。会议通知、议案及相关资料已按照规定的时间 与方式送达全体董事。本次会议的召开符合《公司法》、本公司《章 程》和《董事会议事规则》。会议对以下议案做出决议： 一、审议通过《关于增加控股子公司开展铝期货套期保值业务交 易额度的议案》及附件《关于增加开展铝期货套期保值业务交易额度 的可行性分析报告》 同意公司控股子公司常州特发华银电线电缆有限公司（以下简称 特发华银）增加以自有资金开展铝期货套期保值业务的交易额度。通 过套期保值的避险机制减少因原材料价格波动造成的产品成本波动, 提升利润稳定性。 同意特发华银增加期货交易金额不超过 21,907 万元，授权 ...

Group 1 - The core point of the article is that TeFa Information (SZ 000070) held its 24th meeting of the 9th Board of Directors on November 19, 2025, to discuss the feasibility of increasing the trading volume for aluminum futures hedging business [1] - For the first half of 2025, TeFa Information's revenue composition was 98.11% from the manufacturing of communication and related equipment, and 1.89% from property leasing [1] - As of the time of reporting, TeFa Information's market capitalization was 8.6 billion yuan [1]

Core Viewpoint - The stock of TeFa Information has shown a significant increase of 63.30% year-to-date, despite recent fluctuations in trading volume and net capital outflow [1][2]. Group 1: Stock Performance - As of November 20, TeFa Information's stock price rose by 2.07% to 9.39 CNY per share, with a trading volume of 1.06 billion CNY and a turnover rate of 1.29%, resulting in a total market capitalization of 84.54 billion CNY [1]. - Year-to-date, the stock has experienced a 63.30% increase, but has seen a decline of 0.53% over the last five trading days, 9.80% over the last 20 days, and 5.15% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, TeFa Information reported a revenue of 3.184 billion CNY, reflecting a year-on-year decrease of 10.04%, while the net profit attributable to shareholders was 7.9961 million CNY, marking an increase of 80.75% [2]. - The company has not distributed any dividends in the last three years, with a total payout of 255 million CNY since its A-share listing [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for TeFa Information reached 97,400, an increase of 83.95% from the previous period, with an average of 9,127 circulating shares per shareholder, down by 45.64% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 3.9673 million shares as a new shareholder, while Xin'ao New Energy Industry Stock A has exited the top ten list [3].

Core Insights - The study examines the impact of high-speed rail (HSR) opening on the investment behavior of listed companies in different regions, indicating that HSR significantly enhances the number of investments made by these companies in other locations [1][2]. Group 1: High-Speed Rail Impact - The opening of HSR facilitates the inflow of capital into regions, leading to the aggregation of production factors such as funds, technology, and labor, thereby expanding local market size [1]. - Larger cities attract more foreign investment compared to smaller cities, resulting in a net capital flow from smaller cities to larger ones, demonstrating a "siphon effect" [1][2]. Group 2: Data and Methodology - The analysis is based on data from listed companies and their subsidiaries from 2000 to 2023, focusing on the years when HSR services were launched between cities [2]. - Key variables include the number of subsidiaries established by parent companies in different cities and a dummy variable indicating whether HSR services were available between those cities in a given year [2][3]. Group 3: Findings and Evidence - The findings provide micro-level evidence supporting the "Lucas Paradox," where capital does not flow from developed to underdeveloped regions as expected, but rather from underdeveloped to developed regions under market integration [1].

Core Insights - The article discusses the decline in China's optical cable production, with a reported decrease of 12.8% year-on-year in September 2025, totaling 22.24 million core kilometers [1] - Cumulative production from January to September 2025 reached 184.35 million core kilometers, reflecting a 7.3% decline compared to the previous year [1] Company Analysis - Listed companies in the optical cable sector include Changfei Optical Fiber (601869), TeFa Information (000070), Zhongtian Technology (600522), and Hengtong Optic-Electric (600487) [1] Industry Overview - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, which provides comprehensive industry research reports and market assessments [2]

Core Viewpoint - The stock of TeFa Information has experienced fluctuations, with a year-to-date increase of 64.70%, but a recent decline of 2.07% in trading, indicating volatility in investor sentiment and market performance [1][2]. Company Overview - TeFa Information, established on July 29, 1999, and listed on May 11, 2000, is located in Shenzhen, Guangdong Province. The company specializes in the research, production, and sales of various communication and power cable products, including optical fibers, communication equipment, and military aviation communication devices [2]. - The company's revenue composition includes: cable segment 78.94%, smart services segment 9.91%, integration segment 6.81%, material sales and others 2.45%, and property asset management segment 1.89% [2]. Financial Performance - For the period from January to September 2025, TeFa Information reported a revenue of 3.184 billion yuan, a year-on-year decrease of 10.04%. However, the net profit attributable to shareholders was 7.9961 million yuan, reflecting a significant year-on-year increase of 80.75% [3]. - The company has cumulatively distributed 255 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [4]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 97,400, up by 83.95%. The average circulating shares per person decreased by 45.64% to 9,127 shares [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 3.9673 million shares as a new shareholder, while Xin'ao New Energy Industry Stock A has exited the top ten list [4].

Core Points - Shenzhen Tefa Information Co., Ltd. will participate in the 2025 Annual Online Collective Reception Day for Investors organized by the Shenzhen Securities Regulatory Bureau and other entities [1][2] - The event aims to enhance interaction and communication with investors regarding the company's performance, governance, development strategy, operational status, and sustainable development [1] - The online event is scheduled for November 20, 2025, from 14:30 to 17:00, and will be accessible through various platforms including the "Panorama Roadshow" website and WeChat [1] Company Information - The company guarantees that the information disclosed is true, accurate, complete, and free from false records or misleading statements [1] - Key executives and board members will be present to engage with investors during the event [1]

证券日报网讯 11月17日晚间，特发信息发布公告称，公司将参加由深圳证监局和中证中小投资者服务 中心指导、深圳上市公司协会与深圳市全景网络有限公司联合举办的"2025年度深圳辖区上市公司投资 者网上集体接待日活动"，活动时间为2025年11月20日（周四）14：30-17：00。 （文章来源：证券日报） ...

为进一步加强与投资者的互动交流，深圳市特发信息股份有限公 司（以下简称公司）将参加由深圳证监局和中证中小投资者服务中心 指导、深圳上市公司协会与深圳市全景网络有限公司联合举办的 "2025 年度深圳辖区上市公司投资者网上集体接待日活动"，现将 相关事项公告如下： 证券代码：000070 证券简称：特发信息 公告编号：2025-47 深圳市特发信息股份有限公司 关于参加2025年度深圳辖区上市公司投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net），或关注微信公众号：全景财经，或下 载全景路演 APP，参与本次互动交流，活动时间为 2025 年 11 月 20 日（周四）14:30-17:00。 届时公司部分董事和高级管理人员将在线就公司业绩、公司治理、 发展战略、经营状况和可持续发展等投资者关心的问题，与投资者进 行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 深圳市特发信息股份有限公司董事会 2025 年 11 月 18 日 ...