Core Insights - The quantum precision measurement industry in China is experiencing concentrated investment activities, particularly in the quantum sensor sector, with significant funding events reported from 2018 to 2025 [1][2][3] Investment and Financing Overview - Investment in the quantum precision measurement industry is primarily focused on the quantum sensor field, with the highest single financing amount reported at 131 million yuan (approximately 1.31 billion yuan) for Guoyi Quantum's D round [1][2] - From 2017 to 2024, the financing trend shows a few large amounts dominating the market, with a total financing amount of 0.38 billion USD in 2024, slightly down from 2023 [2][3] - The number of financing events in 2024 reached 4, with an average single financing amount of 9.5 million USD, indicating a strategic focus and sustained investment in the sector [3] Financing Rounds - The majority of financing rounds in the quantum precision measurement industry are concentrated in the angel and A rounds, primarily occurring before companies go public [4][7] Geographic Distribution - The majority of financing enterprises are located in Anhui Province, which accounts for 41% of the total. Hefei, Anhui, has developed a comprehensive industrial ecosystem covering quantum computing, communication, and precision measurement [8] - The industrial cluster in Hefei, known as "Quantum Avenue," includes over 90 upstream and downstream enterprises, with leading companies like Guandun Quantum and Guoyi Quantum [8] Investor Profile - The primary investors in the quantum precision measurement industry are investment firms, with notable participants including Guofeng Investment Fund, Chinese Academy of Sciences Capital, and IDG Capital [11] Industry Funds - There are currently few industry funds closely related to the quantum precision measurement sector, with notable funds including the Hefei Co-Creation Venture Capital Fund, which focuses on integrated circuits and quantum industries [14][16] Mergers and Acquisitions - Mergers and acquisitions in the quantum precision measurement industry are limited, primarily consisting of horizontal mergers aimed at enhancing business capabilities [17][18]

Group 1 - The company, Tian'ao Electronics, responded to investor inquiries on November 19 regarding the number of shareholders disclosed in its periodic reports [2] - Investors can request specific shareholder numbers for certain dates by sending the required date and valid shareholding proof to the company's email [2]

Group 1 - The company is expanding its product application markets, particularly in the field of drones [2]

Core Viewpoint - Tianao Electronics (002935.SZ) is actively expanding its product application markets, with some frequency-related products being utilized in the drone sector [1] Group 1 - The company is continuously exploring new application markets for its products [1] - Certain frequency-related products are now being applied in the drone industry [1]

Group 1 - The core viewpoint of the article is that Tianao Electronics (002935.SZ) is actively expanding its product application markets, particularly in the drone sector with its frequency-related products [1] Group 2 - The company is utilizing its time frequency products in the unmanned aerial vehicle (UAV) field, indicating a strategic move towards emerging technologies [1]

Core Viewpoint - Tian'ao Electronics announced the convening of its 18th meeting of the fifth board of directors on November 18, 2025, to review the proposal for appointing an accounting firm and other documents [1] Company Summary - For the first half of 2025, Tian'ao Electronics reported that its revenue composition was entirely from the manufacturing of computers, communications, and other electronic devices, accounting for 100.0% [1] - As of the report date, the market capitalization of Tian'ao Electronics is 8 billion yuan [1]

证券代码：002935 证券简称：天奥电子 公告编号：2025-044 成都天奥电子股份有限公司 第五届董事会第十八次会议决议公告 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。 一、董事会会议召开情况 成都天奥电子股份有限公司（以下简称"公司"）第五届董事会第十八次会议于 2025 年 11 月 13 日以电子邮件、电话通讯等形式发出通知，并于 2025 年 11 月 18 日在公司会议 室以现场结合通讯方式召开。本次会议应出席董事 7 名，实际出席董事 7 名，公司部分高级 管理人员列席了会议。会议由公司董事长赵晓虎先生主持，会议的召集和召开符合《中华人 民共和国公司法》等法律法规及《公司章程》的规定。 （一）审议并通过《关于聘任会计师事务所的议案》 二、董事会会议审议情况 表决结果为：同意 7 票，反对 0 票，弃权 0 票 具体内容详见公司在《证券时报》、《中国证券报》、《上海证券报》、《证券日报》及巨潮 资讯网（http://www.cninfo.com.cn）披露的《拟聘任会计师事务所的公告》。 （二）审议并通过《关于提请召开公司 2025 年第二 ...

证券代码：002935 证券简称：天奥电子 公告编号：2025-045 成都天奥电子股份有限公司 拟聘任会计师事务所的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1、拟聘任会计师事务所名称：天健会计师事务所（特殊普通合伙）（以下简称"天健会 计师事务所"） 2、前任会计师事务所名称：大华会计师事务所（特殊普通合伙）（以下简称"大华会计 师事务所"） 3、拟变更会计师事务所的原因：鉴于 2024 年度审计机构聘期已满，结合公司业务发展 需要和审计需求，根据财政部、国务院国资委、证监会印发的《国有企业、上市公司选聘会 计师事务所管理办法》等相关规定，成都天奥电子股份有限公司（以下简称"公司"）拟聘 任天健会计师事务所（特殊普通合伙）为公司 2025 年度财务报告及内部控制审计机构，聘 期一年。 4、本次拟变更会计师事务所符合财政部、国务院国资委、证监会印发的《国有企业、 上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 组织形式：特殊普通合伙 注册地址：浙江省杭州市西湖区灵隐街道西溪路 128 号 首席合伙人：钟建国 成都 ...

成都天奥电子股份有限公司 证券代码：002935 证券简称：天奥电子 公告编号：2025-046 关于召开 2025 年第二次临时股东会的通知 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。 成都天奥电子股份有限公司（以下简称"公司"）第五届董事会第十八次会议决议于 2025 年 12 月 4 日（星期四）15:00 召开 2025 年第二次临时股东会，现将会议有关事项通知如下： 一、召开会议的基本情况 1、股东会届次：2025 年第二次临时股东会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次股东会会议召开符合《中华人民共和国公司法》、《上 市公司股东会规则》有关法律、行政法规、部门规章、规范性文件和《公司章程》等的规定。 4、会议召开的日期、时间： （1）现场会议时间：2025 年 12 月 4 日（星期四）15:00 （2）网络投票时间：2025 年 12 月 4 日 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 12 月 4 日 9:15—9： 25，9:30—11:30 和 13:00—15:00； （3）本公司聘请 ...

Investment Rating - The report maintains a positive outlook on the defense and military industry, indicating an "Overweight" rating for the sector, suggesting it will outperform the overall market [23]. Core Insights - The military industry is entering an upward cycle as per the "14th Five-Year Plan" recommendations, with expectations of performance recovery in Q4 2025, driven by increased military trade and order fulfillment [3][4]. - The report highlights that the military trade landscape is evolving due to rising global geopolitical uncertainties, leading to increased demand for military products, particularly in the Middle East and Asia [3]. - Key investment opportunities are identified in next-generation equipment, unmanned/anti-unmanned weapons, and information/intelligent systems, with a focus on companies that are expected to benefit from these trends [3]. Market Review - Last week, the Shenwan Defense and Military Index fell by 2.15%, while the CSI Military Leaders Index decreased by 1.53%. In comparison, the Shanghai Composite Index dropped by 0.18% and the CSI 300 by 1.08% [4][11]. - The report notes that the defense and military sector's performance ranked 27th among 31 Shenwan primary industries, indicating a relatively poor performance compared to other sectors [4]. - The report lists the top five gainers in the defense sector: Tian'ao Electronics (up 12.63%), Aerospace Development (up 8.54%), *ST Dali (up 7.1%), Aerospace Intelligence Equipment (up 5.72%), and 712 (up 4.21%) [11][12]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 76.94, placing it in the upper range historically, with a valuation percentile of 65.32% since January 2014 and 91.95% since January 2019 [12][13]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [12][13].