Core Viewpoint - Guanghetong (300638.SZ) is in the process of applying for the issuance of overseas listed foreign shares (H-shares) and plans to list on the main board of the Hong Kong Stock Exchange [1] Group 1 - The listing hearing by the Hong Kong Stock Exchange Listing Committee is scheduled for September 25, 2025, to review the company's application for issuance and listing [1] - The sponsor of the company's issuance has received a letter from the Hong Kong Stock Exchange on September 26, 2025, indicating that the Listing Committee has reviewed the listing application [1] - The letter from the Hong Kong Stock Exchange does not constitute approval for the listing and does not guarantee that approval will be granted [1]

Core Viewpoint - Guanghe Tong (300638.SZ) is in the process of applying for the issuance of overseas listed foreign shares (H shares) and listing on the main board of the Hong Kong Stock Exchange, with a hearing scheduled for September 25, 2025 [1] Group 1 - The company has appointed a sponsor for the issuance and listing process, which received a letter from the Hong Kong Stock Exchange on September 26, 2025 [1] - The letter indicates that the listing committee has reviewed the company's application, but it does not constitute approval for the listing nor guarantee that approval will be granted [1] - The Hong Kong Stock Exchange may provide further comments or additional conditions regarding the application if necessary [1]

Core Viewpoint - Guanghetong (300638.SZ) is in the process of applying for the issuance of overseas listed foreign shares (H shares) and listing on the main board of the Hong Kong Stock Exchange [1] Group 1 - The Hong Kong Stock Exchange Listing Committee held a hearing on September 25, 2025, to review the company's listing application [1] - The sponsor of the company's issuance and listing received a letter from the Hong Kong Stock Exchange on September 26, 2025, indicating that the Listing Committee has reviewed the application [1] - The letter does not constitute approval for the listing and does not guarantee that approval will be granted; the Hong Kong Stock Exchange may provide further comments or additional conditions if necessary [1]

格隆汇9月28日丨广和通(300638.SZ)公布，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（简称"香港联交所"）主板挂牌上市的相关工作，香港联交所上市委员会于2025年9 月25日举行上市聆讯，审议公司本次发行上市的申请。公司本次发行上市的保荐人已于2025年9月26日 收到香港联交所向其发出的信函，其中指出香港联交所上市委员会已审阅公司的上市申请，但该信函并 不构成对上市的批准，也不表示将获得批准。如有需要，香港联交所可能会对申请提出进一步意见或附 加条件。 ...

来源：滚动播报 广和通发布公告称，正在进行申请发行境外上市外资股（H股）并在香港联交所主板挂牌上市的相关工 作，香港联交所上市委员会于2025年9月25日举行上市聆讯，审议公司本次发行上市的申请。公司本次 发行上市的保荐人已于2025年9月26日收到香港联交所向其发出的信函，其中指出香港联交所上市委员 会已审阅公司的上市申请，但该信函并不构成对上市的批准，也不表示将获得批准。公司本次发行上市 尚需取得香港证券及期货事务监察委员会和香港联交所等相关监管机构、证券交易所的最终批准，该事 项仍存在不确定性。 ...

证券代码：300638 证券简称：广和通 公告编号：2025-065 深圳市广和通无线股份有限公司 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，香港联交所上市委员 会于 2025 年 9 月 25 日举行上市聆讯，审议公司本次发行上市的申请。 公司本次发行上市的保荐人已于 2025 年 9 月 26 日收到香港联交所向其发出 的信函，其中指出香港联交所上市委员会已审阅公司的上市申请，但该信函并不 构成对上市的批准，也不表示将获得批准。如有需要，香港联交所可能会对申请 提出进一步意见或附加条件。 公司本次发行上市尚需取得香港证券及期货事务监察委员会和香港联交所 等相关监管机构、证券交易所的最终批准，该事项仍存在不确定性。公司将根据 该事项的进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 深圳市广和通无线股份有限公司 二О二五年九月二十九日 关于香港联交所审议公司发行 境外上市外资股（H 股）的公告 本公司及董事会全体成员保证信息披露的内容 ...

广和通晚间公告，公司正在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主板挂牌上 市。香港联交所上市委员会于2025年9月25日举行上市聆讯，审议公司本次发行上市的申请。公司本次 发行上市的保荐人已于2025年9月26日收到香港联交所向其发出的信函，其中指出香港联交所上市委员 会已审阅公司的上市申请，但该信函并不构成对上市的批准，也不表示将获得批准。如有需要，香港联 交所可能会对申请提出进一步意见或附加条件。 ...

2025年9月25日，香港联交所上市委员会举行上市聆讯，审议深圳市广和通无线股份有限公司发行境外 上市外资股（H股）并在港交所主板挂牌上市申请。9月26日，公司本次发行上市保荐人收到港交所信 函，显示上市委员会已审阅申请，但该信函不构成上市批准，也不代表将获批准，港交所或提进一步意 见或附加条件。 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the communication industry [5][50]. Core Views - The global cloud service providers (CSP) are accelerating the AI arms race, benefiting the computing infrastructure development, which is considered the main track for investment [4][50]. - The three major telecom operators are still important assets for dividend allocation, with stable operations and increasing dividend ratios, suggesting a long-term investment strategy [4][50]. - Key recommended stocks for the upcoming week include China Mobile, Zhongji Xuchuang, ZTE Corporation, and Guanghetong [4][50]. Summary by Sections Industry News Tracking - Alibaba Cloud launched the new generation of the Pangu 128 ultra-node AI server, which supports various AI chips and has a power density of up to 350kW [2][12]. - ZTE Corporation showcased a super-node server supporting 64 GPUs and introduced its self-developed 51.2T switching chip [3][29]. - Nvidia announced a $100 billion investment in OpenAI, with plans to deploy at least 10GW of Nvidia systems [3][29]. Market Performance Review - The communication index fell by 0.28% this week, while the Shanghai and Shenzhen 300 index rose by 1.07%, resulting in a relative return of -1.35% [3][41]. - In terms of sector performance, fiber optic cables, communication equipment manufacturers, and IDC showed relatively strong performance [3][41]. Key Company Earnings Forecast and Investment Ratings - China Mobile: Outperform the Market, with a projected EPS of 6.72 in 2025 and a PE ratio of 15.74 [5]. - Zhongji Xuchuang: Outperform the Market, with a projected EPS of 8.08 in 2025 and a PE ratio of 51.18 [5]. - ZTE Corporation: Outperform the Market, with a projected EPS of 1.79 in 2025 and a PE ratio of 24.83 [5].

Core Viewpoint - Guanghe Tong reported a net profit of 218 million yuan for H1 2025, a year-on-year decline of 34.66%, with Q2 net profit at 100 million yuan, down 31.25% [1] Financial Performance - The company achieved a net profit of 2.18 billion yuan in H1 2025, reflecting a 34.66% decrease compared to the previous year [1] - In Q2 2025, the net profit was 1.0 billion yuan, showing a decline of 31.25% year-on-year [1] Business Development - Guanghe Tong is not just a module enterprise but is also establishing an AI research institute, focusing on the AI edge computing sector, where it has a leading technological layout [1] - In the robotics sector, the company has developed the Fibot project based on Qualcomm's high-performance platform and has formed strategic partnerships with leading companies in the embodied intelligence robotics field [1] - The RTK visual fusion positioning solution has been partnered with top manufacturers in the multi-legged robot sector [1] - A dedicated robotics team has been established, focusing on lawn mowing robots and embodied intelligence robots [1] Future Outlook - After the H-share fundraising is completed, 55% of the funds will be allocated to the edge computing and robotics sectors, with plans to continue expanding the R&D team [1] - Despite the pressure on overall operating conditions and sales gross margin in 2024, the company's proactive layout in edge AI and robotics presents significant future growth potential [1] - The adjusted net profit forecast for 2025-2027 is 540 million, 690 million, and 850 million yuan respectively, down from previous estimates of 580 million, 730 million, and 880 million yuan [1] - Corresponding PE valuations for 2025-2027 are projected at 45, 35, and 29 times [1] - The company maintains an "overweight" rating [1]