证券代码：300638 证券简称：广和通 公告编号：2025-068 深圳市广和通无线股份有限公司 | 律和证券登记存管的惯例，主要在香港中央 | 律和证券登记存管的惯例，主要在香港中央 | | --- | --- | | 结算有限公司属下的受托代管公司存管，亦 | 结算有限公司属下的受托代管公司存管，亦 | | 可由股东以个人名义持有。 | 可由股东以个人名义持有。 | | | 公司股票采用记名式。公司股票应当载明的 | | | 事项，除《公司法》规定的外，还应当包括 | | | 公司股票上市的证券交易所要求载明的其 | | | 他事项。 | | 第六十条 股权登记日登记在册的所有普通 | 第六十条 股权登记日登记在册的所有普通 | | 股股东（含表决权恢复的优先股股东）或其 | 股股东（含表决权恢复的优先股股东）或其 | | 代理人，均有权出席股东大会。并依照有关 | 代理人，均有权出席股东大会。并依照有关 | | 法律、法规、公司股票上市地证券监管规则 | 法律、法规、公司股票上市地证券监管规则 | | 及本章程行使表决权（除非个别股东受公司 | 及本章程行使表决权（除非个别股东受公司 | | 股票上市 ...

2025 年 4 月 25 日，公司向香港联交所递交了本次发行上市的申请，并于同 日在香港联交所网站刊登了申请资料。具体内容详见公司于 2025 年 4 月 28 日在 巨潮资讯网（www.cninfo.com.cn）上披露的《关于向香港联交所递交 H 股发行 与上市申请并刊发申请资料的公告》（公告编号：2025-036）。 证券代码：300638 证券简称：广和通 公告编号：2025-066 深圳市广和通无线股份有限公司 关于刊发境外上市外资股（H 股）发行 聆讯后资料集的公告 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。 深圳市广和通无线股份有限公司（以下简称"公司"）正在进行申请发行境 外上市外资股（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"） 主板挂牌上市（以下简称"本次发行上市"）的相关工作。 2025 年 9 月 18 日，公司收到中国证券监督管理委员会就公司本次发行上市 出具的《关于深圳市广和通无线股份有限公司境外发行上市备案通知书》（国合 函[2025]1607 号）（以下简称"备案通知书"），对公司本次发行上市备案信息予 以 ...

Core Viewpoint - The global AI sector continues to thrive, with significant capital expenditures planned by North American and Chinese cloud service providers (CSPs) for 2025, indicating strong growth potential in AI infrastructure and related technologies [1][3]. Group 1: North American CSPs - North American CSPs, including Amazon, Google, Meta, Microsoft, and Oracle, plan to spend over $370 billion on capital expenditures in the 2025 fiscal year, representing a 40% year-on-year increase [1]. - Oracle's latest quarterly report shows a remaining performance obligation (RPO) of $455 billion at the end of FY26Q1, an increase of $317 billion from the previous quarter, with expectations of $35 billion in capital expenditures for FY26 [1]. - Benefiting from AI development, Hon Hai Precision Industry (Foxconn), a major manufacturer for NVIDIA, reported September revenue of NT$837.1 billion, a significant increase of 38.01% month-on-month and 14.19% year-on-year, marking a historical high for the same period [1]. Group 2: Chinese CSPs - Chinese CSPs, including ByteDance, Alibaba, Tencent, and Baidu, are expected to invest over 450 billion yuan in AI computing power by 2025, with a rapid industrialization process for domestic super-node computing clusters [3]. - In September, Alibaba unveiled its next-generation Panjiu 128 super-node AI server at its Cloud Summit, while ZTE showcased a super-node server supporting 64 GPUs and advanced CPU and large-capacity switch chip plans [3]. - Huawei announced a super-large computing cluster capable of supporting 520,000 NPUs, potentially reaching nearly one million NPUs at its 2025 Fully Connected Conference [3]. Group 3: Technology and Infrastructure - The demand for optical modules is strong, with the industrialization of new technologies like CPO and OCS accelerating [4]. - Major chip manufacturers such as NVIDIA, AMD, and Broadcom are expanding their collaborations with CSPs, leading to increased demand for high-end chips [4]. - TSMC, a key supplier of advanced packaging technology (CoWoS), is enhancing its CoWoS capacity in response to the rising demand for optical modules [4]. Group 4: Investment Recommendations - The upcoming Q3 earnings season is expected to validate the high demand for computing power infrastructure, with recommendations to focus on optical devices, communication equipment, liquid cooling, and edge computing [5]. - Specific investment targets include China Mobile, Zhongji Xuchuang, ZTE, and Guanghetong, with a suggestion for long-term allocation in major telecom operators due to their stable operations and increasing dividend payouts [5].

Core Insights - The communication equipment sector experienced a rise of 0.54% on October 9, with GuoDun Quantum leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Summary by Category Stock Performance - GuoDun Quantum (688027) closed at 398.79, with a significant increase of 13.62% and a trading volume of 64,800 shares, amounting to a transaction value of 2.581 billion [1] - Guanghe Tong (300638) saw a rise of 10.77%, closing at 33.64 with a trading volume of 926,600 shares, totaling 3.101 billion [1] - Other notable performers included: - Shijia Technology (002796) up 9.99% at 21.46 [1] - Yongding Co. (600105) up 9.99% at 13.98 [1] - ZTE Corporation (000063) up 9.51% at 49.98 with a trading volume of 4,508,700 shares, totaling 22.121 billion [1] Market Trends - The overall communication equipment sector saw a net outflow of 804 million from institutional funds, while retail investors contributed a net inflow of 1.257 billion [2] - The sector's performance indicates a mixed sentiment among different types of investors, with retail investors showing confidence despite institutional outflows [2]

Core Viewpoint - Guanghetong (300638) is in the process of applying for the issuance of overseas listed foreign shares (H shares) and listing on the Hong Kong Stock Exchange, with the listing hearing scheduled for September 25, 2025 [1] Group 1: H Share Issuance and Listing - The company is working on the application for issuing H shares and listing on the Hong Kong Stock Exchange [1] - The listing committee of the Hong Kong Stock Exchange reviewed the company's application but did not grant approval, indicating that further comments or conditions may be required [1] - Final approval from the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange is still pending, introducing uncertainty to the process [1] Group 2: Shareholding Changes - The controlling shareholder and chairman, Zhang Tianyu, saw his shareholding in Guanghetong decrease from 44.84% to 38.05% between December 16, 2019, and January 19, 2023, a total reduction of 6.79% [2] - Zhang Tianyu violated regulations by not halting trading when his shareholding changed by 5%, leading to regulatory actions from the Shenzhen Stock Exchange and the Shenzhen Securities Regulatory Bureau [2] Group 3: Fundraising Activities - In 2023, the company issued 7,884,972 A shares at a price of RMB 21.56 per share, raising a total of RMB 169,999,996.32, with a net amount of RMB 165,635,975.11 after deducting related expenses [3] - In 2019, the company conducted a private placement of 12,792,395 shares at RMB 54.72 per share, raising a total of RMB 69,999.99 million, with a net amount of RMB 69,393.20 million after expenses [4]

Core Viewpoint - Guanghetong (300638.SZ) has passed the Hong Kong Stock Exchange hearing and updated its prospectus on October 5, moving closer to its listing on the Hong Kong main board, with plans for a global offering soon [3][4]. Company Overview - Guanghetong is a leading provider of wireless communication modules, offering data transmission modules, smart modules, and AI modules. The company provides customized solutions based on its understanding of downstream application scenarios, including edge AI solutions and robotics [3][5]. - The application scenarios for Guanghetong's module products and solutions are extensive, covering automotive electronics, smart homes, consumer electronics, and smart retail [3][5]. Market Position - According to Frost & Sullivan, Guanghetong is the second-largest wireless communication module provider globally based on revenue from continuing operations in 2024 [3][6]. - Guanghetong has established a strong market presence, ranking first in market share for automotive electronics and smart home applications globally [6][7]. Financial Performance - For the four months ending April 30, 2025, Guanghetong reported revenue from continuing operations of approximately 2.481 billion RMB, a year-on-year increase of about 21.2%. However, net profit was approximately 160 million RMB, a decrease of about 31.3% [3][8]. - The sales revenue from 5G module products accounted for over 50% of the company's revenue from continuing operations during the same period [6][7]. Fundraising Plans - Guanghetong plans to use the net proceeds from its fundraising for research and development, particularly in AI and robotics technology, as well as for building manufacturing facilities in Shenzhen, China, and repaying certain interest-bearing bank loans [4][5]. Strategic Focus - The company aims to focus on strategic investments and/or acquisitions in wireless communication, artificial intelligence, robotics, and other complementary or synergistic fields [5][6].

Group 1 - The communication sector underperformed the market in September, with the communication index down 0.15% compared to a 3.20% increase in the CSI 300 index, ranking 14th among 31 primary industries [2][14] - The PE valuation for the communication sector was 23.8 times in September, slightly below the historical median of 33.6 times over the past decade [2][16] - Key performers in the communication sector included optical devices, IDC, and optical fiber cables, with notable stock increases from companies like Tengjing Technology (+66%), Chunzong Technology (+92%), and Yuanjie Technology (+44%) [2][22] Group 2 - The global AI sector remains robust, with North American CSPs planning to invest over $370 billion in capital expenditures for FY2025, a 40% increase year-on-year [3][27] - Oracle reported a significant increase in its remaining performance obligations (RPO), reaching $455 billion, indicating strong future revenue potential [3][30] - The global Ethernet switch market is projected to reach $14.5 billion in Q2 2025, reflecting a 42.1% year-on-year growth, driven by data center demand [3][33] Group 3 - Domestic CSPs in China are expected to invest over 450 billion yuan in AI computing power by 2025, with companies like Alibaba and Tencent leading the charge [4][50] - The industrialization of domestic super-node data centers is accelerating, with Alibaba launching its new generation of AI servers and Huawei showcasing significant advancements in computing clusters [4][52][58] - The demand for optical modules remains high, with ongoing advancements in CPO and OCS technologies, as major chip manufacturers increase their orders to meet AI server requirements [4][70] Group 4 - Investment recommendations emphasize the importance of AI computing infrastructure, suggesting continued focus on optical devices, communication equipment, and liquid cooling technologies [5][21] - The three major telecom operators are highlighted as important assets for long-term investment due to their stable operations and increasing dividend payouts [5][21] - A recommended investment portfolio includes China Mobile, Zhongji Xuchuang, ZTE, and Guanghetong for September 2025 [5][21]

Group 1 - The core point of the article is that Guanghetong Wireless plans to raise up to $400 million through an IPO in Hong Kong [1] Group 2 - The company is seeking to capitalize on the growing demand for wireless communication technology [1] - The IPO is expected to enhance the company's financial position and support its expansion plans [1] - The move reflects a broader trend of technology companies pursuing public listings to access capital markets [1]

Core Viewpoint - Guanghetong, a Chinese wireless communication module provider, has passed the listing hearing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] Company Overview - Guanghetong was established in 1999 and specializes in data transmission modules, smart modules, and AI modules, offering customized solutions for edge AI and robotics [1] - The company is the second-largest wireless communication module supplier globally, with a projected market share of approximately 15.4% in 2024 [1] - As of September 30, Guanghetong's A-share market capitalization is about 23.2 billion yuan, with a year-to-date stock price increase of 52% [1] Industry Context - The products of Guanghetong are widely used in various sectors, including automotive electronics, smart home, consumer electronics, and smart retail [1] - The company was listed on the A-share market in April 2017 [1]

文件显示，广和通开始评估香港上市兴趣。 ...