Group 1 - The core viewpoint of the news is that Zhenxin Technology's stock has increased by 5.06%, reaching 24.10 CNY per share, with a trading volume of 331 million CNY and a turnover rate of 2.48%, resulting in a total market capitalization of 13.687 billion CNY [1] - Zhenxin Technology, established on June 12, 2003, and listed on August 6, 2010, is based in Chengdu, Sichuan Province. The company focuses on the "components-terminal-system" industry chain related to Beidou satellite navigation, providing products and services including key components for Beidou satellite navigation applications, high-performance integrated circuits for special industries, and the development and construction of Beidou satellite navigation positioning application systems [1] - The revenue composition of Zhenxin Technology includes integrated circuit business at 50.23%, comprehensive Beidou navigation applications at 35.43%, smart city construction and operation services at 11.34%, machine perception and intelligent products at 2.44%, and others at 0.57% [1] Group 2 - From the perspective of Zhenxin Technology's top ten circulating shareholders, a fund under Quanguo Fund ranks among them. The fund, Quanguo Xuyuan Three-Year Holding Period Mixed A (016709), increased its holdings by 1.9409 million shares in the second quarter, holding a total of 25.6144 million shares, which accounts for 4.53% of the circulating shares. The estimated floating profit today is approximately 29.7128 million CNY [2] - Quanguo Xuyuan Three-Year Holding Period Mixed A (016709) was established on October 18, 2022, with a latest scale of 16.329 billion CNY. Year-to-date returns are 44.25%, ranking 1460 out of 8226 in its category; the one-year return is 40.23%, ranking 1626 out of 8099; and since inception, the return is 8.3% [2]

Investment Rating - The report maintains a "Positive" investment rating for the military industry [2] Core Insights - The report emphasizes the timely achievement of the centenary goal of building a strong military, highlighting the modernization of national defense and military capabilities [13] - It identifies three dimensions—defense budget, military trade, and military-civilian integration—as key areas for growth in the military industry, indicating that the sector still has significant growth potential [20] - The report outlines a new "three-step" strategy for national defense and military modernization, aiming for substantial advancements by 2035 and a world-class military by the mid-21st century [17] Summary by Sections Section 1: National Defense and Military Goals - The Fourth Plenary Session of the 20th Central Committee emphasizes achieving the centenary goal of building a strong military and advancing military modernization [13] - The session outlines a strategic framework for military development, focusing on political, reform, technological, and talent-driven advancements [13] Section 2: Defense Budget and Military Trade - China's defense budget for 2025 is projected at 1.7847 trillion yuan, with a growth rate of 7.2%, which is higher than the GDP growth target [23] - The report notes that China's defense spending as a percentage of GDP has room to grow, with a current ratio lower than that of major Western countries [23][25] - China's military trade share in the global market is approximately 6%, with potential for significant growth if it reaches 10%-20% [28] Section 3: Military-Civilian Integration - The report highlights the commercial aviation sector's potential for growth, estimating that the domestic commercial aircraft market could be 2.5 times the current military aircraft market [33] - It discusses the expected growth in the commercial aerospace sector, driven by advancements in satellite technology and the establishment of large satellite constellations [39] Section 4: Space Industry Development - The Fourth Plenary Session calls for accelerated construction of a strong aerospace nation, with significant investments in commercial space initiatives [39] - The report details plans for multiple large-scale satellite constellations, with significant deployment milestones set for 2025, 2027, and 2030 [52][48] Section 5: Investment Strategy for the Military Industry - The report suggests a focus on companies that enhance product capabilities, market penetration, and customer pricing as key investment targets [71] - It emphasizes the importance of selecting stocks based on their potential for growth in the context of military modernization and technological advancements [71]

Core Insights - On October 23, Zhenxin Technology experienced a slight decline of 0.18% with a trading volume of 139 million yuan, indicating a relatively stable market position [1] - The company reported a net financing outflow of 3.58 million yuan on the same day, with a total financing balance of 655 million yuan, which constitutes 5.09% of its market capitalization [1][2] - Zhenxin Technology's revenue for the first half of 2025 reached 483 million yuan, reflecting a year-on-year growth of 36.44%, while the net profit attributable to shareholders was 65.55 million yuan, also up by 36.71% [2] Financing and Margin Trading - On October 23, Zhenxin Technology had a financing buy-in of 6.51 million yuan, with a total financing balance of 655 million yuan, which is above the 50th percentile of the past year [1] - The company repaid 1,009.74 million yuan in financing, resulting in a net financing outflow of 358.26 million yuan [1] - The margin trading data shows a low short-selling balance of 1.04 million yuan, indicating a lower level of short interest compared to the past year [1] Business Overview - Zhenxin Technology, established in June 2003 and listed in August 2010, focuses on the "components-terminals-systems" industry chain related to BeiDou satellite navigation [2] - The company's revenue composition includes integrated circuits (50.23%), BeiDou navigation applications (35.43%), smart city construction services (11.34%), machine perception and intelligent products (2.44%), and others (0.57%) [2] - As of June 30, 2025, the number of shareholders decreased by 12.35% to 47,300, while the average circulating shares per person increased by 14.10% to 11,967 shares [2] Shareholder Structure - As of June 30, 2025, the second-largest circulating shareholder is Quan Guo Xu Yuan Mixed A, holding 25.61 million shares, an increase of 1.94 million shares from the previous period [3] - New institutional investors include Huaxia Industry Prosperity Mixed A, which ranks fifth among circulating shareholders with 8.05 million shares [3] - The ninth-largest shareholder is the Southern CSI 1000 ETF, which increased its holdings by 0.80 million shares to 4.20 million shares [3]

Core Viewpoint - The ongoing legal dispute regarding the dissolution of Guoteng Electronics, the controlling shareholder of Zhenxin Technology, has seen a recent development with the Sichuan High People's Court rejecting the shareholders' request for a retrial, affirming the company's current governance structure and control [1][3][5]. Group 1: Legal Proceedings - The Sichuan High People's Court has dismissed the retrial application from four shareholders of Guoteng Electronics, confirming the previous ruling that the company should not be dissolved [1][2]. - The legal battle began in February 2018 when the four shareholders filed a lawsuit seeking the dissolution of Guoteng Electronics, which led to a series of court rulings, including a first-instance judgment in September 2018 and a retrial decision in November 2021 [2][4]. - Following the dismissal of the retrial application, the four shareholders expressed their intention to continue pursuing the dissolution based on new facts [3][5]. Group 2: Company Control and Governance - The dispute is rooted in a control struggle over Zhenxin Technology, with the four shareholders claiming that Guoteng Electronics is in a governance deadlock and lacks an actual controller [4][5]. - The court ruled that there was insufficient evidence to prove that Guoteng Electronics was in a state of deadlock as defined by company law, allowing the company to continue operating under the control of He Yan, who holds a 51% stake [5]. - Despite the court's ruling, the current management of Zhenxin Technology maintains control over the board, leading to conflicts over governance proposals, including a rejected board expansion proposal from Guoteng Electronics [5][6].

证券代码：300101 证券简称：振芯科技 公告编号：2025-064 成都振芯科技股份有限公司 关于控股股东诉讼事项进展的公告 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。 一、公司控股股东诉讼的基本情况 相关诉讼的基本情况详见公司分别于 2018 年 3 月 2 日、2018 年 9 月 14 日、 2018 年 10 月 9 日、2019 年 5 月 13 日、2021 年 11 月 29 日、2025 年 1 月 2 日、 2025 年 8 月 15 日在巨潮资讯网上披露的《关于控股股东诉讼事项的公告》（公告 编号：2018-013）、《关于控股股东诉讼事项进展的公告》（2018-077）、《关于 控股股东诉讼事项进展的公告》（2018-080）、《关于控股股东诉讼事项进展的公 1 告》（2019-033）、《关于控股股东诉讼事项进展的公告》（2021-086）、《关于 控股股东诉讼事项进展的公告》（2025-001）、《关于控股股东诉讼事项进展的公 告》（2025-050）。 二、本次诉讼的进展情况 今日，公司收到国腾电子集团通讯告知信息以及莫晓宇 ...

Core Viewpoint - The 中证1000ETF增强 (561280) experienced a decline of 1.74% as of the midday close on October 17, with a trading volume of 3.3679 million yuan [1] Group 1: Fund Performance - The fund's performance benchmark is the 中证1000 index return [1] - Since its establishment on August 31, 2023, the fund has achieved a return of 49.67% [1] - The fund's return over the past month is 1.29% [1] Group 2: Major Holdings Performance - Major holdings in the fund include: - 湘电股份, down 4.14% [1] - 皓元医药, down 2.57% [1] - 新强联, down 2.89% [1] - 楚江新材, down 5.82% [1] - 南威软件, down 0.33% [1] - 臻镭科技, down 3.22% [1] - 振芯科技, down 2.67% [1] - 应流股份, down 5.67% [1] - 虹软科技, down 2.56% [1] - 博俊科技, down 3.06% [1]

Core Viewpoint - The performance of the Zhongzheng 1000 ETF Enhanced (561280) has shown a slight decline at the opening, with a reported drop of 0.47% to 1.490 yuan, reflecting market volatility and investor sentiment [1] Group 1: Fund Performance - The Zhongzheng 1000 ETF Enhanced (561280) has a performance benchmark based on the Zhongzheng 1000 Index return [1] - Since its establishment on August 31, 2023, the fund has achieved a return of 49.67% [1] - Over the past month, the fund has recorded a return of 1.29% [1] Group 2: Major Holdings - Key stocks in the fund include: - Xiangdian Co., Ltd. with a decline of 0.40% - Haoyuan Pharmaceutical down by 0.50% - New Qianglian up by 0.14% - Chujian New Materials down by 2.91% - Nanwei Software down by 0.42% - Zhenlei Technology up by 0.21% - Zhenxin Technology down by 0.42% - Yingliu Co., Ltd. down by 0.47% - Hongsoft Technology down by 0.57% - Bojun Technology up by 0.38% [1]

Core Viewpoint - The performance of the Zhongzheng 1000 ETF Enhanced (561280) shows a slight decline of 0.53% as of the midday close, indicating market volatility and mixed performance among its constituent stocks [1] Group 1: Fund Performance - The Zhongzheng 1000 ETF Enhanced (561280) closed at 1.505 yuan with a trading volume of 3.3888 million yuan [1] - Since its establishment on August 31, 2023, the fund has achieved a return of 51.06%, with a monthly return of 3.28% [1] Group 2: Stock Performance - Among the top holdings, Xiangdian Co. fell by 1.99%, while Haoyuan Pharmaceutical rose by 2.10% [1] - Other notable stock movements include: Xinqianglian down 0.27%, Chujian New Materials up 7.18%, Nanwei Software down 1.95%, Zhenlei Technology down 2.95%, Zhenxin Technology down 1.10%, Yingliu Co. up 7.01%, Hongsoft Technology down 1.67%, and Bojun Technology down 0.72% [1]

Core Viewpoint - The "Tian Zhi Quantitative Core Selection" fund has experienced significant losses, with a reported decline of 13.39% this year, marking a trend of consecutive annual losses over the past four years, each exceeding double digits [5][27]. Fund Performance - The fund's turnover rate has been exceptionally high, reaching over 1000% since August 2023, indicating frequent trading of its top holdings [14]. - The fund's net asset value has fluctuated significantly, with a reported net asset change rate of 374.38% as of June 30, 2025, despite the overall decline in performance [8]. Fund Management - The fund has undergone management changes, with five different fund managers, each contributing to poor performance rankings [19]. - The previous manager, Xu Jiahan, is noted for making high-risk investments, leading to substantial losses during his tenure [11][23]. Investment Strategy - The fund's investment strategy has been criticized for chasing high-performing stocks, particularly during periods of market volatility, which has exacerbated losses [16][27]. - The current manager, Li Shen, has shifted the fund's focus towards value stocks, particularly in the financial and public utility sectors, but has struggled to capitalize on market rebounds [25][27]. Market Context - The fund's performance is set against a backdrop of broader market trends, with significant fluctuations in growth and value sectors, impacting overall investment strategies [30][34]. - Despite the fund's poor performance, there has been an influx of retail investor interest, leading to an increase in the fund's C share scale from 2 million to 7 million [28].

Group 1 - The aerospace and defense sector is experiencing a rise, with the CN5082 index up by 0.44% and key stocks like Great Wall Military Industry up by 8.67% [1] - The recent completion of the first phase of the Star Glory rocket assembly and testing factory in Hainan, covering an area of 28,800 square meters, is a significant development in the commercial aerospace sector [1] - The factory is set to receive its first reusable rocket by Q4 2025, laying the groundwork for future launches and sea recovery operations [1] Group 2 - The military industry has stabilized recently, with a focus on domestic demand and military trade as the "14th Five-Year Plan" approaches [2] - The importance of upstream components and key raw materials in weapon development and production is highlighted, indicating potential benefits from demand amplification [2] - The military trade is expected to accelerate, particularly with Middle Eastern countries, as Chinese high-end equipment exports increase, presenting a second growth opportunity for the sector [2]