中际旭创股份有限公司(以下简称"公司"或"中际旭创")第五届董事会第二十 五次会议（以下简称"本次会议"）通知于 2025 年 11 月 5 日以传真、电子邮件等方 式发出，并于 2025 年 11 月 10 日上午 9:30 以通讯方式召开，会议由董事长刘圣先生 主持，会议应参加董事 8 人，实际参加董事 8 人，公司部分高级管理人员及相关人员 列席了会议。会议的召开及表决程序符合《公司法》等法律、行政法规、部门规章、 规范性文件及《公司章程》的有关规定，会议合法有效。会议审议并通过了以下议案： 一、审议通过了《关于授权公司管理层启动公司境外发行股份（H 股）并在香港 联合交易所有限公司上市相关筹备工作的议案》 为持续推进公司国际化战略和全球化布局，增强公司的境外融资能力，进一步提 升公司治理水平和核心竞争力，助力公司高质量发展，根据公司总体发展战略及运营 需要，公司拟在境外发行股份（H 股）并在香港联合交易所有限公司上市，公司董事 会授权公司管理层启动本次 H 股上市的前期筹备工作，授权期限为自董事会审议通过 之日起 12 个月内。 具体内容详见公司在中国证监会指定创业板上市公司信息披露网站巨潮资讯网 上 ...

Core Viewpoint - The company plans to initiate the process for issuing H shares and listing on the Hong Kong Stock Exchange to enhance its international strategy and global presence [1] Group 1 - The fifth session of the company's board of directors will convene on November 10, 2025, to review the proposal for the H share issuance [1] - The board has authorized the management to start the preparatory work for the overseas issuance of shares within a 12-month period from the approval date [1] - The move aims to improve the company's overseas financing capabilities, governance standards, and core competitiveness [1]

Investment Rating - The communication industry is rated as "Overweight" [10] - The communication equipment manufacturing sector is also rated as "Overweight" [10] Core Insights - The communication sector saw a significant increase in holdings, with the top ten funds holding 7.26% of the communication sector, up 3.58 percentage points from the previous quarter, marking the highest quarterly holding ratio since 2019 [2][3] - The sector's overweight ratio increased to 3.36%, up 2.90 percentage points from the previous quarter [3][14] - Key areas of investment include optical modules, liquid cooling, optical chips, and optical fiber cables, while operators, data centers, and Beidou systems saw reduced holdings [3][14] - The TTM price-to-earnings ratio for the communication sector as of November 7, 2025, is 43.62x, which is at the 69.3% historical percentile since early 2011 [3][14] Summary by Sections Market Performance - The communication index rose by 0.92% last week, while the Shanghai Composite Index increased by 1.08% and the Shenzhen Component Index by 0.19% [2][13] Fund Holdings - In Q3 2025, public funds increased their holdings in the communication sector, with significant increases in companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Yingweike, and Yuanjie Technology, with total market value increases of 82.43 billion, 78.93 billion, 9.29 billion, 4.06 billion, and 3.79 billion respectively [3][25] - The top five companies by increase in holdings during Q3 2025 saw stock price increases of 176.8%, 188.0%, 110.8%, 169.2%, and 120.3% respectively [25][26] Key Companies and Recommendations - Recommended companies include Xinyi Sheng, Zhongxing Communication, Ruijie Network, China Mobile, China Telecom, China Unicom, and Hengtong Optoelectronics, all rated as "Buy" [10][58] - The report highlights the potential for AI computing chain investments, particularly in optical modules and related technologies [2][3] Valuation and Future Outlook - The report anticipates continued growth in the AI computing sector, with companies like Xinyi Sheng expected to benefit significantly from the demand for high-speed products [59][62] - Adjustments to profit forecasts for companies like Zhongxing Communication and Ruijie Network reflect a cautious outlook due to market conditions, but long-term growth potential remains [59][62]

Core Insights - The main point of the articles is the analysis of capital flow in various industries, highlighting the sectors that experienced significant inflows and outflows of funds on November 10, 2023. Group 1: Industry Performance - A total of 23 industries saw an increase, with the beauty care and food & beverage sectors leading with gains exceeding 3% [1] - Among the 8 declining industries, the power equipment sector had the largest drop at 1.09% [1] - The food & beverage and retail sectors received the highest net inflows, each exceeding 1.1 billion [1] Group 2: Capital Inflows - Ten industries experienced net inflows, with food & beverage and retail sectors leading with inflows over 1.1 billion each [1] - The real estate sector saw a net inflow of 700 million, while light industry manufacturing and pharmaceutical sectors each had inflows exceeding 400 million [1] Group 3: Capital Outflows - The power equipment sector had the highest net outflow, amounting to 6.88 billion [2] - Other sectors with significant outflows included electronics, mechanical equipment, automotive, and computer industries, each exceeding 2 billion [2] Group 4: Individual Stock Performance - Notable stocks with significant net inflows included Cambridge Technology with 758 million, marking the highest inflow since June 12, 2023 [4] - Wuliangye, a leading liquor company, saw a net inflow of 652 million, emphasizing its commitment to shareholder returns with a projected cash dividend rate of 70% for 2024 [4] - Other companies with notable inflows included BYD, Fushikong, and China Duty Free, among others [5] Group 5: End-of-Day Capital Flow - At the end of the trading day, there was a net inflow of 1.165 billion across the markets, with the ChiNext board contributing 928 million [10] - Individual stocks with significant end-of-day inflows included Tianfu Communication with 316 million [11]

Core Viewpoint - The ChiNext 50 ETF (159682) has experienced a decline of over 2% as of the morning close on November 10, with a trading volume exceeding 200 million yuan, indicating significant market activity [1] Group 1: ETF Performance - The ChiNext 50 ETF tracks the ChiNext 50 Index, with industry allocations including manufacturing, information transmission, software, and technology services [1] - Key weighted stocks in the index include CATL, Dongfang Wealth, Xinyisheng, Zhongji Xuchuang, Shenghong Technology, Huichuan Technology, Sunshine Power, and Tianfu Communication [1] - The ETF also includes off-market connecting funds: Connect A (017949) and Connect C (017950) [1] Group 2: Earnings Reports - As of October 31, 2023, 1,388 companies listed on the ChiNext have reported a total revenue of 3.25 trillion yuan for the first three quarters, reflecting a year-on-year growth of 10.69% [1] - The net profit for these companies reached 244.66 billion yuan, with a year-on-year increase of 18.69%, indicating an acceleration in growth compared to the first half of the year [1] Group 3: Market Outlook - According to Industrial Securities, positive factors from the quarterly reports are expected to catalyze a favorable outlook for the technology growth sector [1] - The market's risk appetite is anticipated to rise as the most significant overseas disturbances may be subsiding, coinciding with a phase of positive catalysts from domestic quarterly report validations [1] - Expectations of a potential interest rate cut by the Federal Reserve may further strengthen this trend [1]

Core Viewpoint - The A-share market is experiencing volatility, but overall corporate earnings are in a recovery phase, with a positive medium-term outlook supported by stable economic and policy expectations [2][3]. Market Performance - As of November 10, 2025, the CSI 300 Index decreased by 0.24%, with notable stock movements including China Duty Free leading with a 10.00% increase and Sanhua Intelligent Control dropping by 7.02% [2]. - The CSI 300 ETF by Bosera fell by 0.33%, with a recent price of 1.52 yuan, while it saw a cumulative increase of 0.73% over the past week as of November 7 [2]. Investment Strategy - Analysts suggest focusing on sectors with independent growth logic and improving return on equity (ROE), rather than avoiding AI narratives entirely [3]. - The current market style is expected to be more balanced compared to the third quarter, with recommendations to invest in technology growth and high-end manufacturing sectors, as well as cyclical sectors benefiting from domestic demand recovery [3]. Sector Analysis - The TMT sector, along with materials and chemicals, is significantly influenced by AI narratives, with these sectors comprising over 60% of institutional holdings [3]. - The top ten weighted stocks in the CSI 300 Index as of October 31, 2025, include Ningde Times and Kweichow Moutai, accounting for 21.76% of the index [4].

Group 1 - The core point of the news is the performance of Zhongji Xuchuang, which saw a decline of 5.04% in its stock price, reaching 465.34 CNY per share, with a total market capitalization of 5170.48 billion CNY [1] - Zhongji Xuchuang specializes in the research, design, manufacturing, sales, and service of motor stator winding equipment and optical module equipment, with 97.58% of its revenue coming from optical communication transceiver modules [1] - The company was established on June 27, 2005, and went public on April 10, 2012, indicating a long-standing presence in the market [1] Group 2 - Dongxing Fund has a significant holding in Zhongji Xuchuang, with its Dongxing Digital Economy Mixed Fund A reducing its stake by 8,900 shares, now holding 7,400 shares, which constitutes 5.82% of the fund's net value [2] - The fund has experienced a year-to-date return of 45.72%, ranking 1386 out of 8219 in its category, and a one-year return of 34.56%, ranking 1674 out of 8125 [2] - The fund manager, Zhou Hao, has been in charge for 1 year and 300 days, achieving a best return of 55.59% during his tenure [3]

Core Viewpoint - A-shares experienced a volatile trading session with major indices opening high but subsequently retreating, while sectors like lithium batteries and AI computing saw increased activity, indicating a potential spring market rally driven by growth-oriented technology sectors [1] Market Performance - Major A-share indices opened high but faced a pullback, with sectors such as lithium batteries and AI computing showing activity, while previously strong sectors like optical modules and robotics led the decline [1] - Notable stocks such as New Yisheng, Industrial Fulian, and Jingwang Electronics fell over 3% [1] - The 5G Communication ETF (515050) dropped nearly 3%, and the ChiNext AI ETF (159381) fell over 2% [1] Fund Flows - The AI computing sector has seen a consolidation phase, with significant capital inflows; in the last 10 trading days, the 5G Communication ETF (515050) attracted a net subscription of 450 million yuan, while the ChiNext AI ETF (159381) accumulated 250 million yuan [1] Future Outlook - Institutions are optimistic about the upcoming spring market, particularly for high-growth technology sectors [1] - Dongwu Securities predicts that the spring market will primarily focus on growth-oriented industrial trends, particularly those represented by AI [1] - The global technology industry is expected to experience a trend-driven growth, supported by China's unique advantages such as a large user base and manufacturing capabilities, which will facilitate deeper participation in global tech transformations [1] - The long-term logic of industrial development remains unchanged, with core global industry segments expected to build momentum for future growth after recent adjustments [1]

Group 1 - CPO concept stocks experienced a collective decline on November 10, with significant drops observed across various companies [1] - Shijia Photon fell over 6%, while Dekeli and Jingwang Electronics dropped more than 5% [1] - New Yisheng, Kechuan Technology, Zhongji Xuchuang, Zhongfu Circuit, Taicheng Light, Huilv Ecology, and Liante Technology all saw declines exceeding 4% [1]

Group 1 - The CPO concept stocks in the A-share market experienced a collective decline, with notable drops in several companies [1] - Shijia Photon fell over 6%, while Dekeli and Jingwang Electronics dropped over 5% [1] - Other companies such as Xinyi Sheng, Kecuan Technology, Zhongji Xuchuang, and others also saw declines exceeding 4% [1] Group 2 - Specific stock performance includes: - Shijia Photon (688313) down 6.18% with a market cap of 31.8 billion and a year-to-date increase of 324% [2] - Dekeli (688205) down 5.49% with a market cap of 14 billion and a year-to-date increase of 27.22% [2] - Jingwang Electronics (603228) down 5.18% with a market cap of 68.6 billion and a year-to-date increase of 156.57% [2] - Xinyi Sheng (300502) down 4.94% with a market cap of 330.5 billion and a year-to-date increase of 304.38% [2] - Kecuan Technology (603052) down 4.92% with a market cap of 6.755 billion and a year-to-date increase of 41.61% [2] - Zhongji Xuchuang (300308) down 4.48% with a market cap of 520.1 billion and a year-to-date increase of 280.91% [2]