Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [5] Core Viewpoints - The export of Chinese high-end military equipment is expected to accelerate, with military trade likely to see new growth [10][11] - The 2025 Changchun Airshow showcases China's expanding influence in military equipment [12][13] - The current market conditions indicate a continued positive outlook for the military industry [14] Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Military Electronics: Aerospace Electric (002025, Buy), Zhonghang Optics (002179, Buy), and others [14] - New Quality and Domains: Haige Communication (002465, Buy), and others [14] - Engine Supply Chain: Western Superconducting (688122, Buy), and others [14] - Military Trade/Main Equipment: AVIC Shenyang Aircraft (600760, Unrated), and others [14] Industry Performance - The defense and military industry index (Shenwan) decreased by 0.97%, underperforming the CSI 300 index [16][18] - The overall military sector has stabilized recently, with a focus on domestic demand and military trade developments [10][14] Recent Developments - The signing of a defense agreement between Saudi Arabia and Pakistan enhances the export potential of Chinese military equipment [10][11] - The Changchun Airshow highlighted advanced military aircraft, including the J-20, indicating China's growing military capabilities [12][13]

Group 1 - The core point of the article is that Zhenhua Technology (stock code: 000733) held its 9th meeting of the 10th board of directors on September 12, 2025, where a resolution was passed to use part of the idle raised funds for cash management [1] - The meeting was attended by all 7 directors, and the resolution regarding cash management was approved unanimously with 7 votes in favor, 0 against, and 0 abstentions [1] - The announcement was published by the board of directors of China Zhenhua (Group) Technology Co., Ltd. on September 13, 2025, and the decision was documented with signatures and the board seal [1]

中国振华（集团）科技股份有限公司（以下简称公司）于2025年9月 12日召开第十届董事会第九次会议、第十届监事会第五次会议，审议通 过《关于使用部分闲置募集资金进行现金管理的议案》，在不影响募集资 金投资项目建设和募集资金投资计划正常进行的前提下，同意公司使用不 超过170,000.00万元的闲置募集资金进行现金管理。具体情况如下： 证券代码：000733 证券简称：振华科技 公告编号：2025-055 中国振华（集团）科技股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、 误导性陈述或者重大遗漏。 一、募集资金基本情况 根据中国证监会《关于同意中国振华（集团）科技股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2023〕1391号），公司向特 定对象发行人民币普通股（A股）31,813,013股，发行价格为79.15元/股， 募集资金总额为2,517,999,978.95元，扣除各项发行费用（不含增值税） 5,686,549.58元后，募集资金净额为2,512,313,429.37元。 上述资金到位情况已经大信会计师事务 ...

证券代码：000733 证券简称：振华科技 公告编号：2025-054 第十届监事会第五次会议决议公告 本公司及监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。 一、监事会会议召开情况 中国振华（集团）科技股份有限公司（以下简称公司）第十届监事会 第五次会议于2025年9月12日下午在公司四楼会议室召开。本次会议通知 于2025年9月9日以书面、邮件方式通知全体监事。会议应到监事3人，实 到监事3人。会议由监事会主席陆燕女士主持。会议的召开符合《公司法》 及公司《章程》的规定。 二、监事会会议审议情况 审议通过《关于使用部分闲置募集资金进行现金管理的议案》 表决结果：同意3票，反对0票，弃权0票。 中国振华（集团）科技股份有限公司 三、备查文件 经与会监事签字并加盖监事会印章的监事会决议。 特此公告。 中国振华（集团）科技股份有限公司监事会 2025 年 9 月 13 日 - 1 - ...

证券代码：000733 证券简称：振华科技 公告编号：2025-053 三、备查文件 经与会董事签字并加盖董事会印章的董事会决议。 特此公告。 中国振华（集团）科技股份有限公司董事会 一、董事会会议召开情况 中国振华（集团）科技股份有限公司（以下简称公司）第十届董事会 第九次会议于2025年9月12日下午在公司五楼会议室召开。本次会议通知 于2025年9月9日以书面、邮件方式通知全体董事。会议应到董事7人，实 到董事7人。会议由董事长杨立明先生主持。会议的召开符合《公司法》 及公司《章程》规定。 二、董事会会议审议情况 审议通过《关于使用部分闲置募集资金进行现金管理的议案》 表决结果：同意7票，反对0票，弃权0票。 中国振华（集团）科技股份有限公司 第十届董事会第九次会议决议公告 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。 2025 年 9 月 13 日 - 1 - ...

Group 1 - The core viewpoint of the article is that Zhenhua Technology (SZ 000733) held its 9th meeting of the 10th board of directors on September 12, 2025, to discuss the proposal for using part of the idle raised funds for cash management [1] - For the first half of 2025, Zhenhua Technology's revenue composition is entirely from the electronic components manufacturing industry, accounting for 100.0% [1] - As of the time of reporting, Zhenhua Technology has a market capitalization of 26.8 billion yuan [1]

广发证券股份有限公司 关于中国振华（集团）科技股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 单位：万元 | 序号 | 项目名称 | 项目总投资 | 拟投入募集资金 | | --- | --- | --- | --- | | 1 | 半导体功率器件产能提升项目 | 79,000.00 | 79,000.00 | | 2 | 混合集成电路柔性智能制造能力提升项目 | 72,000.00 | 72,000.00 | | 3 | 新型阻容元件生产线建设项目 | 14,000.00 | 14,000.00 | | 4 | 继电器及控制组件数智化生产线建设项目 | 38,000.00 | 38,000.00 | 1 | 序号 | 项目名称 | 项目总投资 | 拟投入募集资金 | | --- | --- | --- | --- | | 5 | 开关及显控组件研发与产业化能力建设项目 | 28,800.00 | 28,800.00 | | 6 | 补充流动资金 | 20,000.00 | 20,000.00 | | | 合计 | 251,800.00 | 251,800.00 | 广发证券股份有限公司（以下简称" ...

Group 1 - The company primarily provides electronic components, switches, connectors, and relays that are applied in the commercial aerospace sector [2] - The company has indicated that its production capacity can meet the growing demand in the commercial aerospace segment, particularly for low Earth orbit satellites [2]

Core Viewpoint - The company, Zhenhua Technology (000733), is actively engaging in various sectors, including commercial aerospace and emerging civil fields, while focusing on enhancing its market value and operational capabilities through strategic initiatives and investor relations [1][5][6]. Group 1: Order and Revenue Situation - The company has seen a growth in new signed orders compared to the same period last year, although there is a time lag from production to delivery and revenue recognition [2]. - For the first half of 2025, the company reported a main revenue of 2.41 billion yuan, a slight decrease of 0.83% year-on-year, with a net profit attributable to shareholders of 312 million yuan, down 25.74% year-on-year [8]. Group 2: Expansion in Civil Fields - The company is actively expanding into emerging civil sectors, with subsidiaries increasing collaboration in commercial aerospace, automotive electronics, low-altitude economy, and steadily advancing in rail transit, wind power, energy storage, and photovoltaic markets [3]. Group 3: M&A and Strategic Planning - Currently, there are no immediate plans for mergers and acquisitions, but the company intends to implement strategies for building, supplementing, expanding, and strengthening its industrial chain in the future [4]. - The company aims to enhance its value creation capabilities by focusing on core business development, advancing research in new electronic components, and leveraging its industrial ecosystem [5]. Group 4: Market Communication and Investor Relations - The company is committed to improving market communication and optimizing information disclosure to enhance investor understanding and recognition [6]. - It plans to establish a project reserve for potential acquisitions and utilize its capital platform to improve efficiency in business expansion [6]. Group 5: Future Outlook - Over the next 3-5 years, the company will focus on enhancing product technology, expanding its industrial chain, and developing a collaborative industrial ecosystem [7]. - The company targets a 30% share of its business from high-end civil sectors by the end of the 14th Five-Year Plan, emphasizing reliability in products for sectors like low-altitude economy and commercial aerospace [7][8]. Group 6: International Business Development - The company is aligning its products with international standards and actively participating in global exhibitions to understand overseas market demands and seek international collaborations [8]. Group 7: Institutional Ratings and Forecasts - In the last 90 days, six institutions have rated the stock, with five buy ratings and one hold rating, and the average target price set at 66.84 yuan [9]. - Detailed profit forecasts indicate a projected net profit of 1.083 billion yuan for 2025, with expectations for growth in subsequent years [10].

Group 1: Order and Market Expansion - New signed order amount has maintained growth compared to the same period last year, although there is a time cycle from production to delivery and revenue recognition [2][3] - The company is actively expanding into emerging civil sectors, achieving breakthroughs in commercial aerospace, automotive electronics, low-altitude economy, and steadily expanding in rail transit, wind power, energy storage, and photovoltaic markets [3][4] Group 2: M&A and Capital Management - There are currently no plans for mergers and acquisitions; however, the company will implement strategies to build, supplement, expand, and strengthen its industrial chain as needed [3] - The company emphasizes value management as a tool to enhance development quality and investor returns, despite facing demand fluctuations in the high-tech electronics sector [3] Group 3: Future Development Focus - In the next 3-5 years, the company aims to enhance product technology development routes, increase R&D investment, and upgrade products to mid-to-high-end levels [3][5] - The goal is to increase the proportion of civil business to 30% by the end of the 14th Five-Year Plan, focusing on high-reliability products in sectors like low-altitude economy, commercial aerospace, and new energy vehicles [5] Group 4: International Business Strategy - The company plans to benchmark against international leading enterprises, enhance product performance, and participate in international exhibitions to understand overseas market demands [5]