Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the week (April 21-25, 2025) saw the Shanghai Composite Index rise by 0.56%, the Shenzhen Component Index by 1.38%, and the ChiNext Index by 1.74%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 1.32% [2][11]. - Within the telecommunications sub-sectors, communication network equipment and devices had the highest increase at 5.62%, while communication application value-added services experienced the largest decline at 3.52% [2][14]. - Notable individual stock performances included Shijia Photon with a rise of 66.54%, Wuhan Fanggu with 28.87%, and Xinyi Sheng with 22.22% [2][16]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high level of prosperity, with AI, 5.5G, and satellite communications driving growth. The report highlights a positive market trend with an overall increase in the telecommunications index [2][11]. Fund Holdings - In Q1 2025, the proportion of active equity public funds' holdings in the telecommunications sector decreased to 3.92%. The main areas of increased investment were in IDC and operators related to AI and dividends [3][18][21]. Suggested Focus Areas 1. **Computing Power Industry Chain**: The report emphasizes the importance of domestic computing power and supporting communication equipment, especially in light of significant policy risks and a focus on domestic demand [4]. 2. **Satellite Internet**: A strategic cooperation agreement was signed between Shanghai Yuanxin Satellite Technology Co., Ltd. and Thailand's National Telecom, indicating ongoing advancements in satellite communications [4][27]. Company Announcements - Key announcements from the telecommunications sector for the week include earnings reports from various companies, with notable figures such as ZTE Corporation reporting a revenue of 32.968 billion yuan for Q1 2025, reflecting a year-on-year increase of 7.82% [29][30].

Group 1 - The Ministry of Foreign Affairs stated that there have been no recent negotiations or discussions between China and the US regarding tariffs [2] - The Ministry of Foreign Affairs welcomed more foreign visitors to China, highlighting a 173% year-on-year increase in inbound travel orders for the upcoming holiday [2] - The Ministry of Industry and Information Technology (MIIT) released key points for automotive standardization work for 2025, focusing on accelerating the development of automotive chip standards [3][4] Group 2 - The Shanghai State-owned Assets Supervision and Administration Commission held a meeting to discuss the collaborative development between state-owned and private enterprises [5] - Chengdu introduced 20 policies to enhance its electricity supply capacity, aiming to build a modern first-class power grid [6] - The National Medical Products Administration emphasized the importance of smart regulation in the pharmaceutical sector during a recent conference [7] Group 3 - The China Securities Regulatory Commission is seeking opinions on guidelines for managing the investment behavior of securities practitioners [8] - The Ministry of Industry and Information Technology initiated a recommendation process for energy-saving and carbon-reduction technologies in key industries for 2025 [9] - The National Data Bureau called for the acceleration of public data development and utilization policies to enhance economic and social development [11] Group 4 - The Henan Provincial Government issued a development plan for the electric vehicle industry cluster, aiming to enhance the local economy [12] - Companies such as Zhaosheng Microelectronics and Huayang Group reported significant growth in their respective product lines and production capabilities [14] - Securities firms are focusing on industries less affected by external demand and those benefiting from macroeconomic policies, such as essential consumption and urban renewal projects [15][16]

武汉凡谷电子技术股份有限公司 关于计提 2025 年第一季度资产减值准备的公告 关于计提 2025 年第一季度资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：002194 证券简称：武汉凡谷 公告编号：2025-019 武汉凡谷电子技术股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日 召开了第八届董事会第十次会议和第八届监事会第十次会议，审议通过了《关于 公司计提 2025 年第一季度资产减值准备的议案》。根据《深圳证券交易所股票上 市规则》的相关规定，现将具体情况公告如下： 一、本次计提资产减值准备情况概述 1、本次计提资产减值准备的原因 根据《企业会计准则》《深圳证券交易所股票上市规则》等相关规定的要求， 为了更加真实、准确、客观地反映公司截止 2025 年 3 月 31 日的财务状况、资产价值 及经营成果，基于谨慎性原则，公司及合并报表范围内各公司对所属资产进行了全 面检查和减值测试，拟对公司截止 2025 年 3 月 31 日合并报表范围内有关资产计提 相应的减值准备。 2、本次计提资产减值准备的资产范围 ...

关于公司计提 2025 年第一季度资产减值准备的合理性说明 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》《企业会计准则》等相关法律法规的规 定，我们作为武汉凡谷电子技术股份有限公司（以下简称"公司"）董事会审计 委员会成员，对公司《关于公司计提 2025 年第一季度资产减值准备的议案》进 行了认真审议，基于审慎的判断，发表如下说明： 1 董事会审计委员会关于公司计提 2025 年第一季度资产减值准备的合理性说明 武汉凡谷电子技术股份有限公司董事会审计委员会 公司本次资产减值准备计提符合《企业会计准则》《深圳证券交易所股票上 市规则》和公司相关会计政策的规定，符合公司资产实际情况，本次计提资产减 值准备基于谨慎性原则，公允地反映了公司 2025 年第一季度的财务状况、资产价 值及经营成果。因此，审计委员会同意将此议案提交公司董事会审议。 武汉凡谷电子技术股份有限公司 董事会审计委员会 二〇二五年四月十八日 ...

2024 年年度股东大会决议公告 3、本次会议提案 4.00、5.00、6.00、7.00 为影响中小投资者利益的重大事 项，公司对中小投资者的表决结果单独计票并披露。中小投资者是指除公司董事、 监事、高级管理人员以及单独或者合并持有公司 5%以上股份的股东以外的其他 股东。 一、会议召开和出席情况 1、会议召开情况 （1）会议召集人：公司董事会； 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会没有出现否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 证券代码：002194 证券简称：武汉凡谷 公告编号：2025-016 武汉凡谷电子技术股份有限公司 2024 年年度股东大会决议公告 通过现场和网络投票出席本次股东大会的股东及股东授权委托代表 472 人， 代表股份 288,150,843 股，占公司有表决权股份总数的 42.1713%。 （2）会议主持人：公司董事长贾雄杰先生； （3）现场会议召开时间：2025 年 4 月 28 日（星期一）14:30； （4）现场会议召开 ...

国浩律师（武汉）事务所 关于武汉凡谷电子技术股份有限公司 2024 年年度股东大会的 法律意见书 湖北省武汉市洪山区欢乐大道一号宏泰大厦 21 楼 邮编：430077 The 21st floor, Hongtai Building, No. 1 Huanle Avenue, Hongshan District, Wuhan city, Hubei Province, China 电话/Tel: (+86)(027) 87301319 传真/Fax: (+86)(027) 87265677 网址/Website:http://www.grandall.com.cn 二〇二五年四月 国浩律师（武汉）事务所 法律意见书 国浩律师（武汉）事务所 关于武汉凡谷电子技术股份有限公司 2024 年年度股东大会的 法律意见书 本所律师已经对公司提供的与本次股东大会有关的文件、资料及证言进行审 查判断，并据此出具法律意见。 公司已向本所保证其为出具本法律意见书所提供的文件、资料是真实、准确、 完整、无重大遗漏的。 本法律意见书仅供公司为本次股东大会之目的使用，不得用于其他任何目 的或用途。本所同意将本法律意见书作为公司本次股 ...

第八届监事会第十次会议决议公告 武汉凡谷电子技术股份有限公司 第八届监事会第十次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，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 武汉凡谷电子技术股份有限公司（以下简称"公司"）第八届监事会第十次 会议于 2025 年 4 月 18 日以电子邮件方式发出会议通知，于 2025 年 4 月 28 日下 午 4:30 在武汉市江夏区藏龙岛科技园九凤街 5 号公司 4 号楼 3 楼 1 号会议室以 现场结合通讯方式召开。应参加本次会议的监事 3 名，实际参加会议的监事 3 名（其中监事刘烺先生以通讯的方式参加本次会议），会议由监事会主席阎正化 先生主持。会议召开程序符合《中华人民共和国公司法》和《公司章程》的规定。 二、监事会会议审议情况 1、以三票赞同、零票反对、零票弃权审议通过了《公司 2025 年第一季度报 告》； 经审核，监事会认为：董事会编制和审核武汉凡谷电子技术股份有限公司 2025 年第一季度报告的程序符合法律、行政法规和中国证监会的规定，报告内 容真实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈 ...

证券代码：002194 证券简称：武汉凡谷 公告编号：2025-018 武汉凡谷电子技术股份有限公司 第八届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 武汉凡谷电子技术股份有限公司（以下简称"公司"）第八届董事会第十次 会议于 2025 年 4 月 18 日以电子邮件方式发出会议通知，于 2025 年 4 月 28 日下 午 4:00 在武汉市江夏区藏龙岛科技园九凤街 5 号公司 4 号楼 3 楼 1 号会议室以 现场结合通讯方式召开。应参加本次会议的董事 9 名，实际参加会议的董事 9 名（其中副董事长孟凡博先生以通讯的方式参加本次会议），公司监事和高级管 理人员列席了会议，会议由董事长贾雄杰先生主持。会议召开程序符合《中华人 民共和国公司法》和《公司章程》的规定。 第八届董事会第十次会议决议公告 二、董事会会议审议情况 1、以九票赞同、零票反对、零票弃权审议通过了《公司 2025 年第一季度报 告》； 本议案已经公司董事会审计委员会 2025 年第三次会议审议通过。 《武汉凡谷电子技术股份有限公司 20 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 370,638,499.86, representing a 22.24% increase compared to CNY 303,202,732.10 in the same period last year[4] - Net profit attributable to shareholders reached CNY 7,661,998.89, a significant increase of 194.93% from CNY 2,597,917.66 year-on-year[4] - The basic earnings per share rose to CNY 0.0112, up 194.74% from CNY 0.0038 in the same quarter last year[4] - The company reported a total comprehensive income of ¥8,465,087.03, recovering from a loss of ¥17,079,666.33 in the prior period[23] - Net profit for the current period was ¥7,661,998.89, representing a 195.5% increase from ¥2,597,917.66 in the previous period[22] Cash Flow - The net cash flow from operating activities surged to CNY 70,313,096.86, marking a 2,112.12% increase compared to CNY 3,178,544.47 in the previous year[4] - Cash inflows from operating activities totaled ¥468,629,761.40, compared to ¥369,354,327.04 in the previous period, indicating a growth of 26.9%[24] - The net cash flow from operating activities was $70,313,096.86, a significant increase from $3,178,544.47 in the previous period, indicating strong operational performance[25] - Total cash outflow from operating activities amounted to $398,316,664.54, compared to $366,175,782.57 previously, reflecting increased operational expenses[25] - The company did not receive any cash from investment or financing activities during the reporting period, indicating a focus on internal cash generation[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,036,670,438.98, a decrease of 1.24% from CNY 3,074,863,520.38 at the end of the previous year[4] - The total current assets decreased from RMB 2,273,643,363.89 to RMB 2,150,584,264.24, a reduction of approximately 5.4%[17] - The total liabilities decreased to ¥495,749,627.43 from ¥542,407,754.85, indicating improved financial stability[22] - The total equity attributable to shareholders increased to ¥2,540,920,811.55 from ¥2,532,455,765.53, reflecting a positive trend in shareholder value[22] Investments and Expenses - Research and development expenses increased to CNY 33,503,365.32, an 18.96% rise from CNY 28,164,702.50 in the prior year[9] - The company made an investment payment of CNY 100,000,000.00 to Wuhan Guangju Microelectronics Co., Ltd. during the quarter[11] - The company plans to invest up to RMB 100 million in Wuhan Guangju Microelectronics Co., Ltd., acquiring a 5.9206% stake[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 83,041[12] - The largest shareholder, Wang Lili, holds 27.87% of the shares, amounting to 190,406,400 shares[12] Tax and Subsidies - The company received government subsidies amounting to CNY 2,976,405.88, which are closely related to its normal business operations[5] - The company reported a 388.57% increase in tax refunds received, totaling CNY 22,834,934.97, due to higher export sales[11] - The company received tax refunds amounting to ¥22,834,934.97, significantly higher than ¥4,673,822.51 in the previous period, enhancing cash flow[24] Accounting and Reporting - The company has not yet adopted the new accounting standards effective from 2025, which may impact future financial reporting[26] - The first quarter report was not audited, which may affect the reliability of the financial data presented[27]

Core Viewpoint - The article highlights the presence of Shenzhen Stock Connect seats in 17 stocks on the weekly leaderboard, indicating significant net buying activity and overall positive market performance for these stocks [1] Group 1: Net Buying Activity - A total of 17 stocks appeared on the leaderboard, with 12 showing net buying from Shenzhen Stock Connect seats [1] - The stocks with the highest net buying amounts were Satellite Chemical (58,960.09 million), Tuo Wei Information (23,414.60 million), and Lakala (8,096.46 million) [1] - The average increase for the stocks with net buying was 14.13%, outperforming the Shanghai Composite Index, which rose by 0.56% [1] Group 2: Stock Performance - The stock with the largest increase was Hai Lian Jin Hui, which saw a cumulative rise of 46.57% over the week [1] - Other notable performers included Satellite Chemical (21.43% increase) and Lakala (23.83% increase) [1] - The stocks with the highest turnover rates included Tuo Wei Information (68.12%) and Lakala (123.35%) [1] Group 3: Net Selling Activity - Five stocks experienced net selling, with the largest net sell amounts recorded for Ying Wei Ke (12,449.79 million) and Wuhan Fan Gu (4,295.78 million) [1] - The net selling stocks included Ying Wei Ke (-8.93% change) and Wuhan Fan Gu (28.87% increase despite net selling) [1]