Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, suggesting an increase in industry focus [5][29]. Core Insights - Recent uncertainties in orders and the easing of tensions between India and Pakistan have led to a pullback in military stocks. However, the report anticipates that as orders stabilize and military trade continues to materialize, the military market will gradually stabilize and trend upward [5]. - China's military trade is expected to enter a rapid growth phase, with increased international recognition of Chinese military products during the India-Pakistan conflict, thereby expanding the market space and valuation for the entire industry [5]. - The fundamental changes in the military sector are solidifying the basis for industry growth, with the military construction entering a critical phase as the centenary of the army approaches, focusing on quality and quantity improvements [5]. - The report highlights the simultaneous development of multiple satellite constellations in communication, remote sensing, and computing, indicating an acceleration in domestic commercial aerospace development [5]. - The report recommends increasing attention to the military sector, particularly on elastic/theme varieties, with specific focus on precision-guided weapons, underwater capabilities, AI/robotics, and traditional aircraft supply chains [5]. Market Review - Last week, the Shenwan Defense and Military Index fell by 5.71%, underperforming compared to the Shanghai Composite Index, which fell by 0.05%, and the CSI 300 Index, which fell by 0.04% [6][11]. - The report notes that the defense and military sector's 5.71% decline ranked last among 31 Shenwan primary industry sectors [6]. - The top five performing stocks in the defense and military sector last week were Chengfei Integration (46.43%), Lijun Shares (44.15%), Tongda Shares (19.92%), Chunxing Precision (11.23%), and ST Ruike (8.72%) [12]. - Conversely, the bottom five performing stocks were Aerospace Changfeng (-14.76%), Hongyuan Electronics (-13.82%), Sichuan Electronics (-12.92%), Huawu Shares (-12.82%), and Optoelectronics Shares (-12.71%) [13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 74.13, placing it in the upper range historically, with a valuation percentile of 64.19% since January 2014 and 89.96% since January 2019 [12]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment PE valuations at relatively high levels since 2020 [12]. Key Valuation Targets - The report lists key valuation targets in the military sector, including companies like Feilihua, Tianqin Equipment, and Chengdu Huami, with projected earnings and PE ratios for the coming years [21][24].

Core Viewpoint - The article highlights the increasing complexity and prevalence of financial fraud in listed companies, particularly focusing on the role of third parties in facilitating these fraudulent activities [2][4][18]. Group 1: Overview of Financial Fraud - The annual "5.15 National Investor Protection Day" serves as a reminder of the severe consequences of financial fraud, exemplified by the Zijing Storage case, which affected 17,000 investors and involved compensation of 1.086 billion yuan from four intermediary institutions [2]. - Since 2020, over 60% of administrative penalties by the China Securities Regulatory Commission (CSRC) for income fraud have involved transaction fraud, with more than 600 third-party entities implicated in 58 cases of transaction fraud [4][6]. Group 2: Evolution of Fraud Techniques - Financial fraud has evolved from simple accounting manipulations to systemic fraud that encompasses entire business processes, as seen in cases like Gome Communications and Oriental Group [5][10]. - Transaction fraud is characterized by the fabrication of non-existent transactions and manipulation of transaction processes, posing a more direct threat to market trust compared to traditional accounting manipulations [6][10]. Group 3: Role of Third Parties - Third parties, including customers, suppliers, and shell companies, play a crucial role in orchestrating financial fraud, with an average of over 10 third parties involved in each fraudulent case [11][12]. - The involvement of third parties often includes hidden relationships and the creation of complex transaction structures to obscure fraudulent activities, as demonstrated in various cases [12][13][14]. Group 4: Legal and Regulatory Challenges - Despite the high-pressure stance of the CSRC against financial fraud, third parties often escape significant legal repercussions, leading to a lack of accountability in the broader fraud ecosystem [18][19]. - The current legal framework does not adequately address the roles of third parties in financial fraud, resulting in a cycle of low risk and high reward for those involved in fraudulent activities [23]. Group 5: Recommendations for Improvement - There is an urgent need to enhance legal regulations and establish a comprehensive accountability mechanism for all parties involved in financial fraud, including third parties [23].

Group 1 - The core point of the news is that Changshu Guorui Technology Co., Ltd. has applied for a patent for a "water-cooled film capacitor for automobiles," indicating its focus on the electric vehicle sector [1] - The patent application was filed on February 2025, and the publication number is CN119964981A, highlighting the company's ongoing innovation efforts in the field of new energy vehicles [1] - The patented technology includes features such as a water-cooling plate that prevents heat conduction between the layered busbar and the core group, ensuring stable operation within a safe temperature range [1] Group 2 - Changshu Guorui Technology Co., Ltd. was established in 1993 and is located in Suzhou, primarily engaged in research and experimental development [2] - The company has a registered capital of 2,942.3448 million RMB and has made investments in 9 other enterprises [2] - The company has participated in 215 bidding projects and holds 111 patents, along with 5 trademark registrations and 19 administrative licenses [2]

Group 1 - Military stocks experienced a collective adjustment with significant declines in several companies [1] - Companies such as Aileda, Tongyi Aerospace, and Deguang Technology saw drops exceeding 5% [1] - Other affected companies include Tianqin Equipment, Xiling Power, Zhongke Haixun, Guorui Technology, and Guoke Military Industry [1]

证券代码：300600 证券简称：ST瑞科 公告编号：2025-017 常熟市国瑞科技股份有限公司 关于对外投资成立合资公司完成工商登记的公告 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。 常熟市国瑞科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召 开的第五届董事会第二次会议审议通过了《关于对外投资设立合资公司的议案》， 同意公司与苏州瑞乐企业管理合伙企业（有限合伙）（以下简称"苏州瑞乐有限 合伙"）共同出资 1000 万元人民币，设立苏州瑞成精工科技有限公司（以下简 称"合资公司"）。其中公司以货币方式出资 400 万元人民币，占注册资本 40％， 苏州瑞乐有限合伙以货币方式出资 600 万元人民币，占注册资本 60％。具体内 容详见公司指定披露媒体巨潮资讯网（http://www.cninfo.com.cn）披露的《关 于对外投资设立合资公司的公告》。 近日，合资公司取得了常熟市数据局颁发的《营业执照》，完成了工商注册 登记手续，具体登记信息如下： 统一社会信用代码：91320581MAEH7X8X7J 名称：苏州瑞成精工科技有限 ...

常熟市国瑞科技股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-5 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-105 | 审计报告 XYZH/2025BJAG1B0062 常熟市国瑞科技股份有限公司 常熟市国瑞科技股份有公司全体股东： 一、 审计意见 | 4 信永中和 | | --- | | ShineWing - | 我们审计了常熟市国瑞科技股份有限公司（以下简称国瑞科技公司）财务报表， 包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润 表、合并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表 ...

常熟市国瑞科技股份有限公司 2024 年 12 月 31 日 内部控制审计报告 索引 页码 内部控制审计报告 1-2 内部控制审计报告 XYZH/2025BJAG1B0185 常熟市国瑞科技股份有限公司 常熟市国瑞科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了常熟市国瑞科技股份有限公司（以下简称国瑞科技公司）2024 年 12 月 31 日财务 报告内部控制的有效性。 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是国瑞科技公司 董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 四、 财务报告内部控制审计意见 我们认为，国瑞 ...

常熟市国瑞科技股份有限公司 舆情管理制度 第一章 总则 第一条 为提高常熟市国瑞科技股份有限公司（以下简 称"公司"）应对各类舆情的能力，建立快速反应和应急处 置机制，及时、妥善处理各类舆情对公司股价、商业信誉及 正常生产经营活动造成的影响，切实保护投资者合法权益， 根据相关法律法规和规范性文件及《公司章程》的规定，结 合公司实际情况，制订本制度。 第二条 本制度所称舆情包括： (一) 报刊、电视、网络等媒体对公司进行的负面报道； (二) 社会上存在的已经或将给公司造成不良影响的传 言或信息； (三) 可能或者已经影响社会公众投资者投资取向，造 成股价异常波动的信息； (四) 其他涉及公司信息披露且可能对公司股票及其衍 生品交易价格产生较大影响的事件信息。 第三条 舆情信息的分类： (一) 重大舆情：指传播范围较广，严重影响公司公众形 象或正常经营活动，使公司已经或可能遭受损失，已经或可 第五条 公司成立应对舆情处理工作领导小组（以下简 称"舆情工作组"），由公司董事长任组长，总经理担任副 组长，小组成员为公司其他高级管理人员及相关职能部门负 责人。 第六条 舆情工作组是公司应对各类舆情处理工作的 领导机构， ...

常熟市国瑞科技股份有限公司 独立董事述职报告 （潘灿君） 各位股东及股东代表： 本人作为常熟市国瑞科技股份有限公司（以下简称 "公司"或"本公司"）的独立董事，在任职期间严格按 照《公司法》、《证券法》、《深圳证券交易所创业板股 票上市规则》、《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作指引》及其它相关法 律法规和《公司章程》、《独立董事工作细则》等规章制 度的要求，忠实履行独立董事职责，充分发挥独立董事的 独立性和专业性作用，维护公司利益以及全体股东合法利 益。 (二)股东大会 现将本人 2024 年度履职情况汇报如下： 一、独立董事的基本情况 （一）独立董事工作履历、专业背景及兼职情况 本人潘灿君，1969 年出生，浙江永康人，经济法学硕士， 1995 年参加工作，曾任浙江大学化学系党总支秘书，现任浙 江工业大学法学院知识产权法学科主任、副教授，兼任浙江 省法学会知识产权法研究会副会长、中国知识产权法学研究 会理事、国家知识产权局遴选全国专利信息分析师、浙江省 知识产权标准化技术委员会委员、上海邦信阳（杭州）律师 事务所律师。2016 年 11 月到 2020 年 4 月兼任 ...

常熟市国瑞科技股份有限公司 独立董事述职报告 （王一舒） 各位股东及股东代表： 本人作为常熟市国瑞科技股份有限公司（以下简称"公 司"或"本公司"）的独立董事，在任职期间严格按照《公 司法》、《证券法》、《深圳证券交易所创业板股票上市规 则》、《深圳证券交易所上市公司自律监管指引第 2 号—— 创业板上市公司规范运作指引》及其它相关法律法规和《公 司章程》、《独立董事工作细则》等规章制度的要求，忠实 履行独立董事职责，充分发挥独立董事的独立性和专业性作 用，维护公司利益以及全体股东合法利益。 现将本人 2024 年度履职情况汇报如下： 一、独立董事的基本情况 2024 年度，本人本着勤勉尽职的态度，认真参加了公司 的董事会，本人应出席董事会会议 5 次，按时出席会议 5 次， 没有缺席或连续两次未亲自出席董事会会议的情况；本人对 公司董事会各项议案及公司其他事项进行了认真审阅，积极 参与讨论并提出合理的意见和建议，认为这些议案未损害全 体股东的利益，在此基础上本人对议案均投了赞成票，没有 反对、弃权的情形。 (二)股东大会 2024 年度，公司共召开了 4 次股东大会，本人按时出席 了 4 次股东大会，认真听 ...