目 录 一、募集资金年度存放、管理与使用情况鉴证报告………………第 1—2 页 二、关于募集资金年度存放、管理与使用情况的专项报告…… 第 3—11 页 三、资质证书复印件………………………………………………第 12—15 页 募集资金年度存放、管理与使用情况鉴证报告 天健审〔2026〕7-90 号 广州海格通信集团股份有限公司全体股东： 我们鉴证了后附的广州海格通信集团股份有限公司（以下简称海格通信公司） 管理层编制的 2025 年度《关于募集资金年度存放、管理与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供海格通信公司年度报告披露时使用，不得用作任何其他目的。 我们同意将本鉴证报告作为海格通信公司年度报告的必备文件，随同其他文件一 起报送并对外披露。 二、管理层的责任 海格通信公司管理层的责任是提供真实、合法、完整的相关资料，按照《上 市公司募集资金监管规则》（证监会公告〔2025〕10 号）和《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（2025 年修订）》（深 证上〔2025〕480 号）的规定编制《关于募集资金年度存放、管理与使用情况的 专项报告 ...

未来三年（2026-2028 年）股东回报规划 广州海格通信集团股份有限公司 未来三年（2026-2028 年）股东回报规划 为完善和健全广州海格通信集团股份有限公司（以下简称"公司"）利润分 配的决策和监督机制，保持利润分配政策的连续性和稳定性，积极回报投资者， 引导投资者树立长期投资和理性投资理念，根据中国证券监督管理委员会《上市 公司监管指引第 3 号—上市公司现金分红》及《广州海格通信集团股份有限公司 章程》（以下简称"《公司章程》"）等相关规定，公司制定了《广州海格通信 集团股份有限公司未来三年（2026-2028 年）股东回报规划》，具体内容如下： 一、制定股东回报规划的考虑因素 公司在制定股东回报规划时应着眼于公司的长远和可持续发展，在综合考虑 公司经营发展实际、股东要求和意愿、社会资金成本、外部融资环境等因素的基 础上，建立对投资者持续、稳定、科学的回报机制，对利润分配作出制度性安排， 以保证利润分配政策的连续性和稳定性。 二、股东回报规划的制定原则 公司应实行持续、稳定的利润分配政策，利润分配不得超过累计可分配利润 的范围，不得损害公司持续经营能力。公司的利润分配政策应当遵循重视投资者 的合 ...

2025 年度内部控制评价报告 广州海格通信集团股份有限公司 2025 年度内部控制评价报告 广州海格通信集团股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内部控制规范体系"），结合广州海格通信集团股份有限公 司（以下简称"公司"）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2025年12月31日（内部控制评价报告基准日）的内部 控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。经理层负责组织领 导企业内部控制的日常运行。公司董事会、董事、高级管理人员保证本报告内容 不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性 和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存 在的固有局限性，仅能为实现上述目标提供合理保证。此外，由于情况的变化可 能导致内部控制变得不恰当，或对 ...

广州海格通信集团股份有限公司 董 事 会 广州海格通信集团股份有限公司 董事会关于独立董事独立性自查情况的专项报告 根据中国证券监督管理委员会《上市公司独立董事管理办法》《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》，以及《广州海格通信集团股份有限公司章程》《广州海格通信集团股 份有限公司独立董事工作制度》等相关规定，并结合独立董事出具的《独立董事关 于独立性自查情况的报告》，广州海格通信集团股份有限公司（以下简称"公司"） 董事会就公司 2025 年度任职独立董事胡鹏翔先生、刘运国先生、韦岗先生的独立 性情况进行评估并出具如下专项意见： 经核查独立董事胡鹏翔先生、刘运国先生、韦岗先生的任职经历以及签署的相 关自查文件等内容，公司董事会认为：上述人员在公司任职期间未在公司担任除独 立董事以外的任何职务，也未在公司主要股东担任任何职务，与公司以及主要股东 之间不存在利害关系或其他可能妨碍其进行独立客观判断的关系，不存在其他影响 独立董事独立性的情况。因此，公司独立董事符合《上市公司独立董事管理办法》 《深圳证券交易所上市公司自律监管指引第 1 号——主 ...

证券代码：002465 证券简称：海格通信 公告编号：2026-019 号 广州海格通信集团股份有限公司 2025 年度募集资金存放、管理与使用情况的专项报告 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。 根据《上市公司募集资金监管规则》（证监会公告〔2025〕10 号）和《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（2025 年修订）》（深证上〔2025〕480 号），广州海格通信集团股份有限公司（以下 简称"海格通信"或"公司"）将 2025 年度募集资金存放、管理与使用情况专 项报告如下： 一、募集资金基本情况 （一）实际募集资金金额及资金到位时间 经中国证券监督管理委员会《关于同意广州海格通信集团股份有限公司向特 定对象发行股票注册的批复》（证监许可【2023】1597 号）批复，同意公司向 特定对象发行股票的注册申请，公司向特定投资者发行人民币普通股（A 股） 177,385,277 股，发行价为每股人民币 10.46 元，本次募集配套资金总额为人民币 1,855,449,997.42 元，扣除与发行有关的费用人民币 1 ...

广州海格通信集团股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节 重要提示、目录和释义 广州海格通信集团股份有限公司 2025 年年度报告全文 广州海格通信集团股份有限公司 2025 年年度报告 2026 年 3 月 1 公司在本报告"公司未来发展的展望"部分，详细描述了公司经营中可 能存在的风险及应对措施，敬请投资者关注相关内容。 公司经本次董事会审议通过的利润分配预案为：以分配方案未来实施时 股权登记日享有利润分配权的股本总额为基数，向全体股东每 10 股派发现金 红利 0.6 元（含税），送红股 0 股（含税），不以公积金转增股本。 2 | 第一节 重要提示、目录和释义 2 | | --- | | 第二节 公司简介和主要财务指标 6 | | 第三节 管理层讨论与分析 10 | | 第四节 公司治理、环境和社会 34 | | 第五节 重要事项 50 | | 第六节 股份变动及股东情况 61 | | 第七节 债券相关情况 66 | | 第八节 财务报告 69 | 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector rose by 1.96% in the 11th week of 2026, ranking first among major industries, and has increased by 6.8% since the beginning of the year, ranking seventh [2][5] - GTC 2026 sees NVIDIA's introduction of the "Five Cabinet" inference solution, leading to significant growth in Scale-out optical interconnects [6] - OFC 2026 anticipates exponential growth in the AI-driven optical communication industry, with leading companies accelerating capacity expansion and multiple technology paths such as CPO, NPO, OCS, and XPO being implemented [7][10] - Domestic cloud providers are adjusting AI service pricing due to surging AI demand and rising supply chain costs [9] Summary by Sections Market Performance - In the 11th week of 2026, the communication sector's performance was highlighted, with significant individual stock movements, including a 26.8% increase for Yuanjie Technology and a 15.5% decrease for Fenghuo Communication [5] GTC 2026 Developments - NVIDIA forecasts that orders for the Blackwell and Rubin platforms will reach $1 trillion by 2027, doubling the previous estimate of $500 billion for 2026 [6] - The hardware aspect includes the release of Groq 3 LPU chips and Groq 3 LPX inference cabinets, achieving a total cabinet computing power of 315 PFLOPS [6] OFC 2026 Projections - The optical communication industry is expected to grow exponentially, with AI optical communication's total addressable market (TAM) projected to increase from $18 billion to over $90 billion from 2025 to 2030, reflecting a CAGR of approximately 40% [7] - InP chip demand is expected to grow at a CAGR of 85% from 2026 to 2030, with significant capacity expansions planned by major players [7] Technology Advancements - The industry is on the brink of entering the single-channel 400G era, with companies like Zhongji Xuchuang and Xinyi Sheng launching new optical modules and products [8] Pricing Adjustments by Cloud Providers - Major cloud providers in China, including Tencent Cloud and Alibaba Cloud, have significantly raised prices for AI services, with increases ranging from 5% to 34% [9]

证券代码：002465 证券简称：海格通信 公告编号：2026-014 号 根据交易商协会出具的《接受注册通知书》（中市协注〔2026〕MTN127 号）， 交易商协会同意接受公司本次中期票据（科技创新债券）注册，注册金额为 30 亿 元，注册额度自通知书落款之日起 2 年内有效，由中信银行股份有限公司、招商 银行股份有限公司、中国工商银行股份有限公司和中国光大银行股份有限公司联 席主承销。具体内容详见公司于 2026 年 2 月 26 日在《中国证券报》《证券时报》 《证券日报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）披露的《关于 发行中期票据获准注册的公告》（公告编号：2026-013 号）。 近日，公司完成发行了 2026 年度第一期中期票据（科技创新债券），现将发 行情况公告如下： | 名称 | 广州海格通信集团股份 有限公司 2026年度第一 | 简称 | 26 海格通信 MTN001 （科创债） | | --- | --- | --- | --- | | | 期科技创新债券 | | | | 代码 | 102680899 | 期限 | 3 年 | | 起息日 | 2026 年 ...

Core Insights - The report emphasizes the acceleration of unmanned and intelligent combat capabilities, improving military system efficiency, and promoting the standardization of military-civilian integration as outlined in the 14th Five-Year Plan [5][13] - The new quality forces are expected to accelerate during the 14th Five-Year Plan, with significant developments anticipated in large aircraft, low-altitude economy, satellite internet, and nuclear fusion [5][14] - The report identifies investment opportunities across various sectors, including supply chain reforms, military trade, and emerging industries such as commercial aerospace and AI [5][15] Section Summaries 1. Weekly Insights - The 14th Five-Year Plan highlights the need for modernization in defense and military, focusing on the development of new combat forces and improving resource efficiency [13] - It stresses the importance of integrating new quality production forces with combat capabilities to enhance national strategic systems [13] 2. Industry Trends - The report notes that the defense industry is poised for growth, particularly in areas like large aircraft production and low-altitude economic development [14] - It mentions the importance of commercial aerospace and the need for advancements in satellite internet and quantum technology as future growth points [14] 3. Investment Recommendations - The report suggests focusing on companies that are positioned well within the "S-curve" of industry evolution, particularly those involved in supply chain reforms and intelligent automation [15] - It highlights specific companies to watch, including those in military trade, large aircraft, and emerging technologies like AI and quantum computing [15] 4. Company Valuations and Financial Analysis - The report provides detailed financial metrics for key companies in the defense sector, including expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and 2026 [6] - Companies such as航材股份, 铂力特, and 紫光国微 are highlighted for their growth potential and strategic positioning within the industry [6] 5. Market Dynamics - The report discusses the competitive landscape, noting the importance of technological advancements and market positioning for companies like 航发动力 and 中航重机 [23][27] - It emphasizes the need for companies to adapt to changing market demands and leverage their technological capabilities to maintain competitive advantages [25][26]

Investment Rating - The report suggests focusing on investment targets with large market space, high barriers, and high performance elasticity, particularly in sectors expected to experience high growth such as new aviation equipment, missiles, unmanned equipment, military trade, domestic large aircraft, gas turbines, and commercial aerospace [5][30]. Core Insights - The report highlights that the military industry is driven by three macro factors: national defense policy, geopolitical environment, and domestic military expenditure, indicating an upward trend for the industry [2][31]. - It emphasizes the structural characteristics of traditional equipment showing steady growth while new combat power equipment is expected to see high growth, with military trade and civil-military integration opening up growth ceilings for military enterprises [2][30]. - The analysis of the military industry from 2020 to 2025 indicates that significant price inflation in certain segments, driven by equipment upgrades and increased usage, has led to substantial profit elasticity [1][23]. Summary by Sections Review of Military Industry Trends - The report reviews the military industry from 2020 to 2025, noting that the growth was primarily driven by national defense policies and the release of new equipment, leading to a "Davis double-click" market dynamic [14][16]. - It also discusses the impact of geopolitical events, such as the Russia-Ukraine war, on military stock performance, particularly in the U.S. market, where military stocks have seen significant valuation increases despite not achieving rapid growth in fundamentals [25][26]. Key Sectors to Watch - The report identifies key sectors to focus on, including: - **Aviation New Equipment**: Emphasizing the importance of new models and increased usage [8]. - **Missiles**: Highlighting the potential for high elastic growth due to low baselines and strong consumption attributes [8]. - **Unmanned Equipment**: Noting the maturation of China's unmanned equipment industry and its expected high growth during the 14th Five-Year Plan [8]. - **Military Trade**: Recognizing military trade as a significant growth driver for established military enterprises [8]. - **Domestic Large Aircraft**: Indicating that the large aircraft industry is entering a period of accelerated development [8]. - **Gas Turbines**: Focusing on the high demand driven by data center electricity needs [9]. - **Commercial Aerospace**: Identifying it as a super track with significant growth potential [9]. Investment Recommendations - The report recommends identifying investment targets that are positioned in high-growth sectors with large market potential and high barriers to entry, ensuring that these companies can benefit from the overall industry growth [5][30]. - It suggests focusing on companies with strong market positions and high performance elasticity, particularly those involved in high-demand segments such as military AI, unmanned systems, and commercial aerospace [5][30].