Summary of Key Points Core Viewpoint - Haige Communication (002465) experienced a stock price decline of 5.21% this week, closing at 12.93 yuan as of June 6, 2025, after reaching a nearly one-year high of 14.9 yuan on June 3, 2025 [1] Company Performance - The current total market capitalization of Haige Communication is 32.09 billion yuan, ranking 7th out of 63 in the military electronics sector and 449th out of 5148 in the A-share market [1] Share Buyback Announcement - As of May 31, 2025, Haige Communication has not yet implemented its share buyback plan, which was approved in meetings held on March 28 and April 25, 2025 [1] - The company plans to use its own funds and special loans to repurchase a portion of its public shares for employee stock ownership plans or equity incentives, with a buyback amount between 200 million yuan and 400 million yuan [1] - The maximum buyback price was adjusted to not exceed 17.54 yuan per share due to the implementation of the 2024 annual equity distribution [1]

Market Overview - The Shanghai Composite Index rose by 0.42% on June 4, with 28 out of 31 sectors experiencing gains, led by the beauty and personal care sector with a 2.63% increase, followed by the comprehensive sector at 2.53% [1] - The transportation, defense, and public utilities sectors saw declines, with decreases of 0.58%, 0.24%, and 0.12% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 1.074 billion yuan, with 17 sectors receiving net inflows [1] - The electronics sector had the highest net inflow of 3.070 billion yuan, increasing by 1.17%, followed by the non-bank financial sector with a net inflow of 1.588 billion yuan and a daily increase of 0.99% [1] - Conversely, 14 sectors experienced net outflows, with the automotive sector leading at a net outflow of 1.787 billion yuan, followed closely by the defense sector with a net outflow of 1.740 billion yuan [1] Defense Industry Performance - The defense industry declined by 0.24% with a net outflow of 1.740 billion yuan, comprising 139 stocks, of which 55 rose and 79 fell [2] - Among the stocks with net inflows, 35 saw positive capital flow, with the top three being Guoguang Electric with 45.7192 million yuan, followed by Ganhuakegong with 43.3232 million yuan, and Aerospace Rainbow with 37.7146 million yuan [2] - The stocks with the highest net outflows included Haige Communication with a net outflow of 214.9181 million yuan, followed by Sichuang Electronics with 122.2263 million yuan, and Taihao Technology with 101.6526 million yuan [3] Defense Industry Capital Inflow and Outflow - **Top Inflow Stocks**: - Guoguang Electric: -0.98% change, 3.15% turnover rate, 45.7192 million yuan inflow [2] - Ganhuakegong: 6.77% change, 11.31% turnover rate, 43.3232 million yuan inflow [2] - Aerospace Rainbow: 1.83% change, 10.54% turnover rate, 37.7146 million yuan inflow [2] - **Top Outflow Stocks**: - Haige Communication: -2.19% change, 10.40% turnover rate, -214.9181 million yuan outflow [3] - Sichuang Electronics: -4.81% change, 16.98% turnover rate, -122.2263 million yuan outflow [3] - Taihao Technology: -2.29% change, 4.60% turnover rate, -101.6526 million yuan outflow [3]

Group 1 - The military information technology sector experienced a decline of 0.06%, ranking among the top losers in the concept sector as of June 4 [1] - Within the military information technology sector, notable declines were observed in companies such as Sixty-Nine Twelve, Four Creation Electronics, and Kangda New Materials, while 44 stocks saw price increases, with China Electric Xindong, Ganhuakegong, and Gao Ling Information leading the gains at 10.05%, 6.77%, and 4.26% respectively [1][5] Group 2 - The military information technology sector faced a net outflow of 930 million yuan from major funds today, with 62 stocks experiencing net outflows, and five stocks seeing outflows exceeding 50 million yuan [2] - The stock with the highest net outflow was Haige Communication, with a net outflow of 215 million yuan, followed by Four Creation Electronics, Taihao Technology, and Dongtu Technology with net outflows of 122 million yuan, 102 million yuan, and 83 million yuan respectively [2][3] Group 3 - The top gainers in terms of net inflow of major funds included China Electric Xindong, Ganhuakegong, and Shenyu Co., with net inflows of 161 million yuan, 43 million yuan, and 33 million yuan respectively [2][5] - The military information technology sector's outflow list included companies like Haige Communication, Four Creation Electronics, and Taihao Technology, which had declines of 2.19%, 4.81%, and 2.29% respectively [3][4]

Group 1 - The terahertz concept sector declined by 0.16%, ranking among the top declines in concept sectors, with notable declines in stocks such as Four Creation Electronics, Taihao Technology, and Haige Communication [1] - Among the terahertz concept stocks, 12 stocks experienced price increases, with Changfei Fiber, Jiuzhiyang, and Phoenix Optical leading the gains at 2.67%, 2.63%, and 1.98% respectively [1] - The terahertz concept sector saw a net outflow of 531 million yuan from main funds, with 15 stocks experiencing net outflows, and five stocks seeing outflows exceeding 30 million yuan [1] Group 2 - The top net outflow stock in the terahertz concept was Haige Communication, with a net outflow of 215 million yuan, followed by Four Creation Electronics and Taihao Technology with net outflows of 122 million yuan and 102 million yuan respectively [1] - The leading stocks for net inflow included ZTE Corporation, Tianhai Defense, and Changfei Fiber, with net inflows of 105 million yuan, 1.03 million yuan, and 697,430 yuan respectively [2] - The overall market performance showed that the beer concept led with a gain of 3.85%, while the terahertz concept was among the sectors with the largest decline [1]

Core Viewpoint - The company has approved a share repurchase plan to buy back a portion of its public shares using its own funds and a special loan, aimed at employee stock ownership plans or equity incentives [1][2] Summary by Sections Share Repurchase Plan - The company plans to repurchase shares with a total amount not less than RMB 200 million and not exceeding RMB 400 million, with a repurchase price capped at RMB 17.60 per share [1] - The implementation period for the repurchase is set to be no longer than 12 months from the date of the shareholders' meeting approval [1] Price Adjustment - Due to the implementation of the 2024 annual equity distribution, the repurchase price has been adjusted to not exceed RMB 17.54 per share [2] Progress Update - As of May 31, 2025, the company has not yet implemented the share repurchase [2] - The company will disclose the progress of the repurchase in accordance with relevant regulations and market conditions [2]

证券代码：002465 证券简称：海格通信 公告编号：2025-031 号 广州海格通信集团股份有限公司 关于回购公司股份的进展公告 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。 广州海格通信集团股份有限公司 董 事 会 2025 年 6 月 4 日 由于公司实施了 2024 年年度权益分派，根据公司本次回购股份方案及《回 购报告书》等相关规定，公司回购方案中的回购价格由不超过 17.60 元/股调整为 不超过 17.54 元/股。详见公司披露在《中国证券报》《证券时报》《证券日报》《上 海证券报》和巨潮资讯网的《2024 年年度权益分派实施公告》（公告编号：2025-029 号）。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关 规定，公司应当在回购期间每个月的前三个交易日内披露截至上月末的回购进展 1 情况。现将公司截至上月末的回购股份进展情况公告如下： 截至 2025 年 5 月 31 日，公司暂未实施股份回购。公司后续将按照相关规定 及公司回购股份方案，根据市场情况在回购期限内实施本次回购方案，并按照相 关规定及时履行信息披露 ...

Investment Rating - The report rates the defense and military industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2][29]. Core Insights - The defense and military sector has shown resilience, with the Shenwan Defense and Military Index rising by 2.13%, outperforming major indices such as the Shanghai Composite Index, which fell by 0.03% [3][7]. - The report anticipates a growth cycle for Chinese military trade, driven by increased international recognition of Chinese military products amid geopolitical tensions [6]. - The fundamental changes in the military sector are expected to solidify the upward trajectory of the industry, particularly benefiting companies involved in consumable weapons as the military modernization efforts intensify [6]. - The report suggests increasing attention to the military sector, highlighting specific areas such as precision-guided weapons, underwater capabilities, and advancements in AI and robotics [6]. Market Review - The Shenwan Defense and Military Index outperformed the market, ranking third among 31 sectors with a 2.13% increase [3][7]. - Notable stock performances included Rongfa Nuclear Power, which surged by 31.79%, and Haige Communication, which rose by 16.34% [14][15]. - Conversely, stocks like Lijun Co. and Changchun Yidong experienced significant declines, with Lijun Co. dropping by 21.89% [15]. Valuation Changes - The current PE-TTM for the Shenwan Defense and Military sector stands at 74.13, indicating a high valuation relative to historical levels [15][21]. - The report notes a divergence in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [15][19]. Key Valuation Metrics - The report provides a detailed valuation table for key companies in the defense sector, indicating projected net profits and PE ratios for the years 2024 to 2027 [21][24].

Group 1 - The military industry sector is experiencing a rise, with companies such as Xingwang Yuda (002829), Aerospace Rainbow (002389), and Laisai Laser hitting the daily limit up [1] - Other companies like Zhongtian Rocket (003009), Beihua Co. (002246), and Debang Co. (603056) previously reached their limit up, indicating strong market interest [1] - Several companies, including Zongheng Co., Wanlima (300591), and Zhong Wunongji, have seen their stock prices increase by over 10% [1] Group 2 - Additional companies such as Haige Communication (002465), Aerospace Nanhu, Guihang Co. (600523), Guangyun Da (300227), and Jialiqi (301586) are also experiencing upward movement in their stock prices [1]

Group 1 - The core viewpoint highlights the positive performance of the defense ETF and its associated index, driven by significant gains in drone-related stocks following recent geopolitical events and market forecasts for the military drone sector [1] - The defense ETF (512670.SH) rose by 0.42%, while the associated index, the CSI Defense (399973.SZ), increased by 0.68% [1] - Key component stocks such as Haige Communication, AVIC Shenfei, and Aerospace Rainbow saw notable increases, with Haige Communication rising by 5.79% and AVIC Shenfei by 1.33% [1] Group 2 - According to research from Shenwan Hongyuan Securities, the defense and military industry is expected to face short-term profit pressure in 2024 and the first quarter of 2025, with net profit attributable to shareholders projected to decline by 23.00% and 2.94% respectively [2] - Despite short-term challenges, the fundamental logic of the industry remains strong, with stable operational indicators and guaranteed prosperity [2] - High-end combat capabilities (e.g., AVIC Shenfei, Aerospace Electronics) are expected to have stable demand and high earnings certainty, while new combat capabilities (e.g., Haige Communication, Aerospace Electronics) are identified as future growth directions with significant elasticity [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 特此公告。 广州海格通信集团股份有限公司 董 事 会 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。 广州海格通信集团股份有限公司（以下简称"公司"）近日收到中信证券股份有限公司（以下简称"中信 证券"）出具的《关于更换保荐代表人的函》。中信证券为公司2023年度向特定对象发行股票项目的保 荐人，原委派保荐代表人王国威先生和耿世哲先生负责公司持续督导工作，持续督导期限至2024年12月 31日止，因公司本次发行募集资金尚未使用完毕，中信证券对公司尚未使用完毕的募集资金仍履行持续 督导责任。 根据中信证券安排，其委派保荐代表人洪树勤先生（简历见附件）接替耿世哲先生负责公司持续督导工 作。本次变更后，公司向特定对象发行股票的持续督导保荐代表人为王国威先生和洪树勤先生。 证券代码：002465 证券简称：海格通信 公告编号：2025-030号 广州海格通信集团股份有限公司 关于变更持续督导保荐代表人的 2025年6月3日 洪树勤先生，现任中信证券股份有限公司投资银行管理委员会高级副总裁，保荐代表人，曾负责或参 ...