沪士电子股份有限公司 关联（关连）交易管理制度（草案） (H 股发行并上市后适用) 关联（关连）交易管理制度（草案） 沪士电子股份有限公司 第二条 公司进行关联（关连）交易，应当保证关联（关连）交易的合法合 规性、必要性和公允性，保持公司的独立性，不得利用关联（关连）交易调节 财务指标，损害公司利益。交易各方不得隐瞒关联（关连）关系或者采取其他 手段，规避公司的关联（关连）交易审议程序和信息披露义务。公司应将关联 （关连）交易协议的订立、变更、终止及履行情况等事项按照有关规定予以披露 及取得独立股东批准（如需要），但根据《香港上市规则》符合豁免条件的关 联（关连）交易除外。 (H 股发行并上市后适用) 第三条 公司与关联（关连）人进行交易时，应遵循以下基本原则： 第一章 总则 （一）平等、自愿、等价、有偿的原则； 第一条 为规范沪士电子股份有限公司（以下简称"公司"）与关联（关 连）人之间的关联（关连）交易，保证公司与关联（关连）人之间所发生的交 易符合公平、公开、公正的原则，维护公司与全体股东的合法权益，根据《中 华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所股票上市 规则》（以下简称"《上市 ...

(经 2025 年第一次临时股东会审议通过后生效) 为了规范沪士电子股份有限公司(以下简称"公司")募集资金的管理，提高募集资 金的使用效率，保护公司投资者的利益，根据《中华人民共和国公司法》(以下简称"《公 司法》")、《中华人民共和国证券法》(以下简称"《证券法》")、《上市公司募集资 金监管规则》《深圳证券交易所股票上市规则》(以下简称"《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》及《上市公司 募集资金监管规则》等法律、行政法规、规范性文件的有关规定，结合公司的实际情况， 制定本制度。 第一章 总 则 1 第一条 本制度所称募集资金是指公司通过发行股票或者其他具有股权性质的证 券，向投资者募集并用于特定用途的资金，不包括公司为实施股权激励计 划募集的资金。 第二条 募集资金到位后，公司应及时办理验资手续，由具有证券从业资格的会计 师事务所出具验资报告，对募集资金数额较大，结合投资项目信贷计划安 排，在坚持集中存放，便于监督的原则下，经董事会批准，可在一家以上 银行开设专用帐户，但应确保同一投资项目的资金须在同一专用帐户存储。 公司财务部门必须定期核对募 ...

沪士电子股份有限公司 证券投资管理制度 沪士电子股份有限公司 证券投资管理制度 (经 2025 年第一次临时股东会审议通过后生效) 第一章 总则 以下情形不适用本制度： （四）购买其他上市公司股份超过总股本的 10%，且拟持有三年以上的证 券投资； （五）公司首次公开发行股票并上市前已进行的投资。 公司向银行等金融机构购买以股票为主要投资品种的委托理财产品的，参 照本制度的规定执行。 第三条 证券投资的原则： (一) 公司的证券投资应遵守国家法律、法规、规范性文件等相关规定； 1 第一条 为规范沪士电子股份有限公司(以下简称"公司")证券投资行为及相关信 息披露工作，提高资金使用效率和效益，防范证券投资风险，保护投资者 的利益，根据《公司法》《证券法》《上市公司信息披露管理办法》《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》等法律、法规、规范性文件以及《公司 章程》的有关规定，公司特制定本制度。 第二条 本制度适用于公司及控股子公司的证券投资行为。本制度所称证券投资， 包括新股配售或者申购、证券回购、股票及存托凭证投资、债券投资、委 托理财以及本所认 ...

沪士电子股份有限公司 会计师事务所选聘制度 沪士电子股份有限公司 会计师事务所选聘制度 （经公司 2025 年第一次临时股东会审议通过后生效） 第一章 总 则 公司选聘（含续聘、改聘）进行会计报表审计等业务的会计师事务 所（以下简称"会计师事务所"），需遵照本制度的规定。 公司聘任会计师事务所从事除财务会计报告审计之外的其他法定 审计业务的，可以比照本制度执行。 第三条 公司选聘会计师事务所应经董事会审计委员会（以下简称"审计委 员会"）审核后，报经董事会和股东会审议。公司不得在董事会、 股东会审议前聘请会计师事务所开展审计业务。 第二章 会计师事务所执业质量要求 第四条 公司选聘的会计师事务所应当具有丰富的证券期货相关业务经验， 具有良好的执业质量记录，并满足下列条件： （一）具有独立的法人资格，具备国家行业主管部门和中国证券监 督管理委员会规定的开展证券期货相关业务所需的执业资 1 第一条 为规范沪士电子股份有限公司（以下简称"公司"）选聘（含续聘、 改聘）会计师事务所的行为，切实维护股东利益，提高财务信息质 量，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称" ...

沪士电子股份有限公司 对外担保管理制度 沪士电子股份有限公司 对外担保管理制度 （经公司 2025 年第一次临时股东会审议通过后生效） 第一章 总则 第一条 为规范公司对外担保行为，有效防范公司对外担保风险，现根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《中华人民共和国民法典》《深圳证券交易所股 票上市规则》（以下简称"《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》《上市公司监管指引第 8 号— 上市公司资金往来、对外担保的监管要求》等相关法律、行政法规和规范性文件 以及《沪士电子股份有限公司章程》(以下简称"《公司章程》")的规定，特制定 本制度。 第二章 对外提供担保的基本原则 第二条 本制度所称担保是指公司以第三人身份为他人银行债务或其它债务 提供担保，当债务人不履行债务时，由公司按照约定履行债务或者承担责任的行 为。担保方式包括但不限于保证、抵押或质押。具体种类包括银行借款担保、银 行开立信用证和银行承兑汇票担保、开具保函的担保等。 本管理制度适用于本公司及控股子公司，控股子公司发生对 ...

沪士电子股份有限公司章程 （草案） 第一章 总 则 公司于 2010 年 7 月 26 日经证监许可[2010]992 号文批准，首次向社 会公众发行人民币普通股 8,000 万股。于 2010 年 8 月 18 日在深圳证 券交易所(以下简称"深交所")上市。公司发行的在深交所上市的股 票（以下简称"A 股"）。 公司于【】年【】月【】日经中国证券监督管理委员会(以下简称"中 国证监会")备案，在香港联合交易所有限公司（以下简称"香港联 交所"）发行【】股境外上市外资股（以下简称"H 股"）。前述 H 股 股票于【】年【】月【】日在香港联交所主板上市。 1 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和行 为，根据《中华人民共和国公司法》(以下简称"《公司法》")《中 华人民共和国证券法》(以下简称"《证券法》")《境内企业境外发 行证券和上市管理试行办法》（以下简称"《管理试行办法》"）《香港 联合交易所有限公司证券上市规则》（以下简称"《香港上市规则》"） 《上市公司章程指引》和其他有关规定，制订本章程。 第二条 沪士电子股份有限公司系依照《公司法》《证券法》和其他有关规定 成立的股 ...

Core Insights - The report emphasizes a strategic shift towards financial and consumer sectors, indicating a positive market outlook following the resolution of tariff impacts and a rebound after initial panic [4][7] - The report highlights the importance of new economic technologies and service consumption, alongside traditional resource industries, as key investment themes for the upcoming quarter [4][7] - The report identifies a favorable environment for investment, driven by domestic policy shifts and international cooperation, particularly in consumption and technology sectors [4][7] Company Summaries - **Haier Smart Home (600690)**: The company is positioned as a global leader in home appliances, focusing on digital transformation and supply chain optimization. It aims to enhance its global competitiveness through increased self-sufficiency in core components and overseas expansion [12] - **Lixing Shares (300421)**: As a leader in the rolling body industry, the company is expanding into high-end products like ceramic rolling bodies, benefiting from the recovery in high-speed rail and wind power sectors, with steady growth expected [13] - **China National Glass (600176)**: The company is experiencing improved profitability due to product price recovery and cost reductions. Its gross margin for Q3 2025 was 32.8%, reflecting a 4.6 percentage point increase year-on-year [14] - **Lihigh Food (300973)**: The company is leveraging management efficiency, channel benefits, and product upgrades to enhance performance [15] - **Muyuan Foods (002714)**: As a leading player in pig farming, the company maintains a solid cost advantage and is committed to high-quality development [16] - **Landai Technology (002765)**: The company is rapidly expanding its new energy business, with significant growth in sales and revenue share expected from 2022 to 2024 [17] - **Hui Electric (002463)**: The company is increasing capital expenditure to support growth, with a focus on AI servers and switches, and is expected to reach a reasonable economic scale by the end of 2025 [19] - **Xiechuang Data (300857)**: The company is investing heavily in computing power, with strong demand for AI computing services driving growth [20] - **Tencent Holdings (00700)**: The company has established a robust user base through its social networks, enabling it to build a diverse ecosystem across various sectors, including digital content and financial technology [21] - **Greentown Service (02869)**: The company is focusing on its core business and reforming its operations, resulting in rapid profit growth and improved financial metrics [22]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company has demonstrated robust operational performance with significant revenue growth driven by structural demand in the printed circuit board (PCB) sector, particularly from high-speed computing servers and artificial intelligence applications [2][5]. - The company's revenue for the first three quarters of 2025 reached 135.12 billion yuan, a year-on-year increase of 49.96%, while the net profit attributable to shareholders was 27.18 billion yuan, up 47.03% year-on-year [1][2]. - The company is expanding its production capacity, with a new project for high-end PCBs for AI chips expected to begin trial production in the second half of 2026 [4]. Financial Performance Summary - For Q3 2025, the company reported revenue of 50.19 billion yuan, a 39.92% increase year-on-year and a 12.62% increase quarter-on-quarter, with a net profit of 10.35 billion yuan, reflecting a 46.25% year-on-year growth [1][2]. - The gross margin for the first three quarters of 2025 was approximately 35.40%, showing a slight year-on-year decline of 0.45 percentage points [2]. - The company’s inventory as of Q3 2025 was 35.92 billion yuan, a 33.5% increase year-on-year, indicating strong demand and production planning [3]. Capacity Expansion and Future Outlook - The company has accelerated capital expenditures, with plans to invest approximately 4.3 billion yuan in a new production facility for AI chip-related PCBs, which commenced construction in June 2025 [4]. - The forecasted net profits for 2025, 2026, and 2027 are expected to be 40.29 billion yuan, 52.26 billion yuan, and 62.28 billion yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 36, 28, and 23 [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [2][7]. Core Insights - The company's revenue for the first three quarters of 2025 reached 13.512 billion yuan, representing a year-on-year growth of 49.96%. The net profit attributable to shareholders was 2.718 billion yuan, with a year-on-year increase of 47.03% [3][4]. - The growth is primarily driven by the structural demand for PCBs in emerging computing scenarios such as high-performance servers and artificial intelligence [4]. - The company is actively expanding its production capacity to meet the increasing demand for high-end PCBs, with significant investments planned for new projects [4]. Financial Summary - For the first three quarters of 2025, the company's gross margin was 35.40%, a decrease of 0.46 percentage points year-on-year, while the net margin was 20.08%, down 0.23 percentage points year-on-year [4]. - The projected earnings per share (EPS) for 2025 and 2026 are 2.07 yuan and 2.96 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 37 and 26 times [4][5]. - The total revenue forecast for 2025 is 18.882 billion yuan, with a net profit of approximately 3.977 billion yuan [5].

Core Viewpoint - The report highlights significant shifts in the holdings of actively managed equity funds in the third quarter of 2025, with a notable rise in technology stocks and a decline in traditional consumer stocks like Kweichow Moutai [3][4][6]. Group 1: Fund Holdings Overview - As of September 2025, the total assets under management in the public fund industry reached 35.85 trillion yuan, a quarter-on-quarter increase of 6.30% [3]. - The top three holdings of actively managed equity funds are dominated by technology companies, with CATL reclaiming the top position, surpassing Tencent Holdings [3][4]. - Kweichow Moutai's total market value held by active equity funds decreased to 29.958 billion yuan, down from 30.616 billion yuan in the previous quarter, dropping from third to seventh place among top holdings [3][6]. Group 2: Technology Sector Performance - The technology sector emerged as the primary focus for public fund investments, with seven out of the top ten holdings being technology-related companies [4]. - Notable performers include Xinyi Technology and Zhongji Xuchuang, both of which ranked among the top three heavyweights [4]. - The current market trend indicates a strong and sustained interest in technology stocks, driven by China's economic transformation towards a hard-tech model [4][5]. Group 3: Challenges in Traditional Consumer Sector - The traditional consumer sector, particularly the liquor industry, is facing significant challenges, with 59.7% of liquor companies reporting a decrease in operating profits [6][7]. - The white liquor market is undergoing a deep adjustment phase due to policy changes, consumption structure transformation, and intense competition [6][7]. - The overall sales volume in the liquor industry is expected to decline by over 20% year-on-year, reflecting macroeconomic fluctuations and slow recovery in consumer spending [7][8]. Group 4: Fund Manager Strategies - The top five stocks with increased holdings include Zhongji Xuchuang, Industrial Fulian, ST Huatuo, Dongshan Precision, and Hanwha Technology, all of which are technology companies [9][10]. - Conversely, the top stocks with reduced holdings include Shenghong Technology and Haiguang Information, with significant sell-offs attributed to internal management's actions [11]. - Despite CATL being the top holding, it also appears on the list of reduced holdings, indicating a complex strategy among institutional investors [11].