Core Viewpoint - *ST Wanfang experienced extreme volatility in its stock price, moving from a limit-up to a limit-down situation, indicating significant market fluctuations and investor sentiment shifts [2] Group 1: Stock Performance - The stock price of *ST Wanfang showed a dramatic change, with a trading volume of 53.587 million shares and a transaction value of 353 million yuan [2] - The stock exhibited a fluctuation amplitude of 9.95% and a turnover rate of 17.28%, reflecting high trading activity and investor interest [2]

Group 1 - The company *ST WanFang experienced a significant drop, hitting the daily limit down, resulting in a "Heaven and Earth Board" phenomenon [1] - The trading volume for *ST WanFang reached 354 million yuan during this decline [1]

Group 1 - The company has not expanded into the aviation sector as of now [2] - Investors inquired about the company's potential expansion into aviation [2] - The company responded to investor queries on an interactive platform [2]

Summary of Key Points Core Viewpoint - *ST WanFang (000638) has experienced a significant decline in stock price, raising concerns about potential control changes and risks of forced delisting due to ongoing investigations and financial performance issues [1][3]. Trading Information - As of November 7, 2025, *ST WanFang closed at 6.77 yuan, down 5.05%, with a trading volume of 415,500 shares and a turnover of 28.2 million yuan [1]. - The stock has seen a continuous decline for three days, with two out of the last five trading days experiencing declines exceeding 5% [1][3]. - Over the past ten trading days, there has been a cumulative net outflow of 106 million yuan from major funds, despite a 17.94% increase in stock price during that period [1]. Fund Flow - On November 7, 2025, major funds saw a net inflow of 5.26 million yuan, marking an end to the recent trend of net outflows [1][3]. - Retail investors contributed a net inflow of 712,100 yuan, while speculative funds experienced a net outflow of 5.98 million yuan [1]. Company Announcements - The stock has triggered an abnormal trading fluctuation due to a cumulative price drop of 15.61% over three consecutive trading days [1][3]. - The company confirmed that there are no undisclosed matters affecting its operations, but there is a risk of control change due to the potential liquidation of 90.86 million shares held by the controlling shareholder [1]. - The company is under investigation by the China Securities Regulatory Commission for alleged violations of information disclosure, which poses a significant risk of forced delisting [1][3]. - For the first three quarters of 2025, the company reported a net profit of -8.59 million yuan, with a price-to-earnings ratio significantly higher than the industry average [1].

Core Viewpoint - *ST WanFang (000638) announced that its stock price has experienced an abnormal fluctuation, with a cumulative decline of 15.61% over three consecutive trading days [1] Company Situation - The company confirmed that it has not identified any undisclosed significant information that could have impacted its stock price [1] - The current operational situation of the company is normal, and there have been no significant changes in the internal and external operating environment [1] - The company, its controlling shareholder, and actual controller have no undisclosed significant matters related to the company [1]

证券代码：000638 证券简称：*ST 万方 公告编号：2025-075 万方城镇投资发展股份有限公司 关于股票交易异常波动的公告 本公司及其董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动情况 万方城镇投资发展股份有限公司（以下简称"公司"）股票连续三个交易日 （2025 年 11 月 5 日至 2025 年 11 月 7 日）收盘价格跌幅累计偏离值为 15.61%， 根据《深圳证券交易所交易规则》（2023 年修订）的第 5.4.3 条规定，ST 和*ST 主板股票连续三个交易日内日收盘价涨跌幅偏离值累计达到±12%的属于股票交 易异常波动。 二、公司关注并核实相关情况 针对公司股票交易异常波动，公司对有关事项进行了核查，并函询了公司控 股股东及实际控制人，现就有关情况说明如下： 公司董事会确认，公司目前没有根据《深圳证券交易所股票上市规则》等有 关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等； 董事会也未获悉公司有根据《深圳证券交易所股票上市规则》等有关规定应予以 披露而未披露的、对公司股票及其衍生品种交易价格产生较 ...

Core Insights - The military electronics sector experienced a decline of 0.25% on November 7, with *ST WanFang leading the drop [1][2] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable gainers in the military electronics sector included: - Xicet Testing (301306) with a closing price of 62.17, up 6.27% [1] - Shanghai ChaoXun (300762) at 26.25, up 6.06% [1] - Shaanxi Huada (301517) at 46.05, up 3.14% [1] - Conversely, *ST WanFang (000638) saw a significant decline of 5.05%, closing at 6.77 [2] Capital Flow - The military electronics sector saw a net outflow of 97.25 million yuan from institutional investors, while retail investors experienced a net outflow of 75.80 million yuan [2][3] - Notable capital inflows included: - Shenglu Communication (002446) with a net inflow of 80.13 million yuan from institutional investors [3] - Shanghai HanXun (300762) with a net inflow of 10.80 million yuan [3]

New Stock Listings - Daming Electronics (603376) listed at an issue price of 12.55 on November 6, 2025[1] - Haixia Innovation (300300) and Jiangbolong (301308) reported severe abnormal fluctuations on November 4, 2025[1] - Several companies including Xiangnan Xinchuan (300475) and Lansi Heavy Industry (603169) also reported abnormal fluctuations in late October[1] Abnormal Fluctuations - ST Bosen (002569) reported a fluctuation of 5939 on November 5, 2025[2] - Hailu Heavy Industry (002255) experienced a fluctuation of 5812 on November 5, 2025[2] - ST Aowei (002231) had a fluctuation of 5668 on November 5, 2025[2] - Rongke Technology (300290) reported a fluctuation of 4706 on November 3, 2025[2] - ST Xiongmao (600599) had a fluctuation of 5001 on November 4, 2025[2]

Market Overview - The military electronics sector experienced a decline of 0.48% on November 5, with *ST WanFang leading the drop [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Notable gainers in the military electronics sector included: - Xicetest (301306) with a closing price of 59.71, up 1.98% [1] - Gaoling Information (688175) at 25.46, up 1.80% [1] - Hualichuangtong (300045) at 23.80, up 1.80% with a trading volume of 407,900 shares and a transaction value of 972 million [1] - Major decliners included: - *ST WanFang (000638) at 7.51, down 4.94% with a trading volume of 17,100 shares and a transaction value of 12.86 million [2] - Jingpin Special Equipment (688084) at 85.18, down 4.24% [2] Capital Flow - The military electronics sector saw a net outflow of 710 million from institutional investors, while retail investors contributed a net inflow of 551 million [2] - Specific stock capital flows included: - Hualichuangtong (300045) with a net inflow of 24.82 million from institutional investors [3] - Huojuzhihui (603678) with a net inflow of 21.01 million from institutional investors [3] - Zhongguangxue (002189) with a net inflow of 7.94 million from retail investors [3]

Group 1 - The restructuring protein concept declined by 1.06%, ranking among the top declines in concept sectors, with *ST WanFang hitting the limit down [1] - Within the restructuring protein sector, major declines were seen in He Yuan Bio, San Sheng Guo Jian, and Hua Xi Bio, while 15 stocks experienced price increases, with InnoTech, Dezheng Health, and Ao Pu Mai leading the gains at 1.72%, 1.36%, and 1.33% respectively [1][2] Group 2 - The restructuring protein sector saw a net outflow of 542 million yuan from main funds, with 33 stocks experiencing outflows, and 13 stocks seeing outflows exceeding 10 million yuan [2] - He Yuan Bio had the highest net outflow of 277 million yuan, followed by Rejing Bio, Hua Xi Bio, and Hua Lan Bio with net outflows of 38.27 million yuan, 34.39 million yuan, and 32.92 million yuan respectively [2][3] Group 3 - The top stocks with net inflows in the restructuring protein sector included Jianyou Co., Xilong Science, and Borui Pharmaceutical, with net inflows of 17.18 million yuan, 13.67 million yuan, and 8.93 million yuan respectively [4]