当前，AI服务器作为人工智能发展的核心基础设施，其应用边界正实现从集中式模型训练向全行业深度落地的跨越式拓展，持续为千行百业 的智能化转型注入强劲动力。然而，当英伟达B300GPU的整机功耗突破2000W大关，当单台AI服务器集群需要承载每秒10^18次浮点运算的超 高负荷，电力系统的稳定性已成为制约算力充分释放的核心瓶颈。在这一背景下，MLCC、电感等被动元器件虽体积微小，却凭借其不可替 代的功能，成为支撑AI算力稳定运行的基石级元件。 那么掘金AI服务器，本土被动元器件厂商——三环集团、顺络电子、风华高科、麦捷科技、火炬电子、宏达电子、泰晶科技、达利凯普等多 家A股上市公司的研发能力和实际进展如何？ 三环集团/顺络电子研发投入领先 从研发人员数量来看，三环集团研发人员数量稳居第一达1877人，顺络电子研发人员数量位居第二达1354人，风华高科研发人员数量位居第 三达1336人，麦捷科技研发人员数量为568人，宏达电子研发人员数量为336人，火炬电子研发人员数量为296人，泰晶科技研发人员数量为 227人，达利凯普研发人员数量为46人。 多家厂商已打开AI服务器市场 在持续研发投入的加持下，三环集团、顺络电 ...

Group 1 - The company announced the election of Mr. Xu Qianjun as the employee representative director of the fourth board of directors during the employee representative meeting held on September 23, 2025 [2]

特此公告。 证券代码：300726 证券简称：宏达电子 公告编号：2025-033 株洲宏达电子股份有限公司 关于选举第四届董事会职工代表董事的公告 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。 株洲宏达电子股份有限公司（以下简称"公司"）于 2025 年 9 月 23 日召开 2025 年第一次临时股东会，审议通过了《关于修订<株洲宏达电子股份有限公司 章程>的议案》及《关于修订株洲宏达电子股份有限公司部分治理制度的议案》。 为保障董事会构成符合《中华人民共和国公司法》、《深圳证券交易所创业板股 票上市规则》等相关法律法规和规范性文件及《株洲宏达电子股份有限公司章程》、 《董事会议事规则》的相关规定，公司于 2025 年 9 月 23 日召开了职工代表大会， 选举胥迁均先生（简历详见附件）为公司第四届董事会职工代表董事，任期自本 次职工代表大会审议通过之日起至第四届董事会任期届满之日止。 胥迁均先生符合《中华人民共和国公司法》、《株洲宏达电子股份有限公司 章程》等相关规定的任职资格和条件，并将按照相关法律法规及规定行使职权。 本次选举完成后，公司董事会中兼 ...

北京市金杜（深圳）律师事务所 关于株洲宏达电子股份有限公司 2025 年第一次临时股东会 之法律意见书 致：株洲宏达电子股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）接受株洲宏达电子股份有 限公司（以下简称公司）的委托，根据《中华人民共和国证券法》（以下简称《证 券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督 管理委员会（以下简称中国证监会）《上市公司股东会规则》（以下简称《股东 会规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的， 不包括中国香港特别行政区、中国澳门特别行政区和中国台湾省）现行有效的法 律、行政法规、规章、规范性文件和现行有效的《公司章程》有关规定，指派律 师出席了公司于 2025 年 9 月 23 日召开的 2025 年第一次临时股东会（以下简 称本次股东会），并就本次股东会的相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1．经公司 2023 年第一次临时股东大会审议通过的《株洲宏达电子股份有限 公司章程》（以下简称《公司章程》）； 2．公司 2025 年 8 月 28 日刊登于巨潮 ...

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。 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。 特别提示： 证券代码：300726 证券简称：宏达电子 公告编号：2025-034 株洲宏达电子股份有限公司 2025 年第一次临时股东会决议公告 1、本次股东会未出现否决议案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 二、议案审议表决情况 本次股东会采用现场投票与网络投票相结合的方式表决。经与会股东及股东代 表审议讨论，形成决议如下： 一、会议召开和出席情况 株洲宏达电子股份有限公司（以下简称"公司"）2025年第一次临时股东会现场 会议于2025年9月23日下午14:45，在株洲市天元区渌江路2号公司6号楼105会议室召 开，网络投票从2025年9月23日上午9:15起至2025年9月23日下午15:00止。本次股东 大会由公司董事会召集，董事长钟若农女士主持。公司董事会已于2025年8月28日在 指定信息披露网站巨潮资讯网（www.cninfo.com.cn）披露了《关于召开2025年第一 次临 ...

Core Viewpoint - The company held an online investor meeting to discuss its business development, product market demand, and cooperation status, highlighting its expansion into deepwater oil and gas equipment and partnerships in the optical communication sector [1][2]. Business Development - The company has expanded beyond its core business of high-reliability electronic components and microcircuit modules, becoming a member of the deepwater oil and gas equipment industry alliance, providing key components like non-solid electrolyte tantalum capacitors for CNOOC's "Xuanji" deepwater drilling platform [1]. - The company has established business relationships with several leading enterprises in the optical communication field, gradually increasing the supply of civilian tantalum capacitors for domestic servers [1]. Product Market Demand - High-reliability business revenue accounts for over 85% of the company's total revenue, with an expected increase in demand for components due to rising hardware investments driven by AI [1][2]. Cooperation Status - The company's subsidiary, Hongda Hengxin, has widely applied its products in optical communication modules and has established cooperation with several leading companies in the optical communication sector [1]. - The company confirmed ongoing business interactions with major players in the optical communication field, although it currently has no collaboration with Yushutech, Shenghong Technology, NVIDIA, or Huawei [2]. Financial Outlook - The company has no current plans for share buybacks and advises investors to await the annual and third-quarter reports for 2025 performance updates [2]. - The company adopts a conservative accounting policy regarding accounts receivable, preparing for potential impairments while maintaining a low risk of impairment due to high customer credit quality [2].

Group 1: Business Development and Focus Areas - The company primarily focuses on high-reliability electronic components and microcircuit modules, with additional emphasis on deep-sea oil and gas equipment, having joined the Deep Water Oil and Gas Equipment Industry Alliance [2] - The company has established business relationships in the optical communication sector, supplying products like single-layer ceramic capacitors and ceramic film circuits [3] - The company’s civilian tantalum capacitors are increasingly being supplied to domestic servers, indicating a growing market presence [3] Group 2: Market Demand and Financial Performance - High-reliability business revenue constitutes over 85% of the company's total revenue, with anticipated growth due to increased hardware investments driven by AI [3] - The company has not disclosed any plans for stock buybacks at this time, but will adhere to disclosure obligations if such plans arise [4] - The company is cautious about revenue projections for 2025, advising stakeholders to await the annual report for detailed performance insights [4] Group 3: Operational Insights and Challenges - The company acknowledges a high level of accounts receivable, attributing it to the lengthy supply chain and strict delivery acceptance processes in the high-reliability sector [5] - The company is currently operating with excess capacity due to the unique nature of its industry, which involves small-batch, multi-batch orders [5] - There are no current plans for expanding production capacity until there is a significant increase in order volume [5] Group 4: Product Offerings and Collaborations - The company does not currently offer chip design services or AI-related products, nor does it have a partnership with Yushu Technology [5] - The company has not engaged in PCB manufacturing and does not have CPO products available [6][7] - The company has established connections with several leading enterprises in the optical communication field, enhancing its market position [6]

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。 证券代码：300726 证券简称：宏达电子 公告编号：2025-032 株洲宏达电子股份有限公司 关于使用部分闲置募集资金购买理财产品到期赎回 并继续购买理财产品的进展公告 株洲宏达电子股份有限公司（以下简称"公司"）第四届董事会第三次会议 和第四届监事会第三次会议审议通过了《关于使用部分闲置募集资金和自有资金 进行现金管理的议案》，同意公司在确保不影响募集资金投资项目进度、不影响 公司正常生产经营及确保资金安全的情况下，使用部分闲置募集资金购买安全性 高、流动性好、满足保本要求的理财产品，使用部分闲置自有资金购买安全性高、 流动性好的低风险理财产品。其中闲置募集资金的使用额度不超过人民币 40,000 万元，自有资金的使用额度不超过 150,000 万元。在上述额度范围内，资 金可以滚动使用，期限不超过 12 个月。具体内容详见公司于 2024 年 11 月 18 日 在巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 一、已到期理财产品赎回情况 | 受托方 | 产品名称 | 金额 （万 | 类 ...

Group 1 - The defense and military industry sector experienced significant movement, with Hongda Electronics leading with a rise of 6.38%, Plittech up by 5.26%, and Huafeng Technology increasing by 4.65% [1] - The defense military ETF (512810) saw a price increase of over 1% in the market [1] - China Galaxy Securities suggests that the defense and military sector is expected to stabilize as the fund adjustment period post "September 3" approaches its end [3] Group 2 - The upcoming procurement of equipment under the "14th Five-Year Plan" is anticipated to boost upstream orders, with a positive outlook for order growth in the fourth quarter [3] - NATO countries are significantly increasing military spending, indicating an escalation in the global arms race, while China's military expenditure has considerable room for growth [3] - The long-term outlook for the military industry is optimistic, with the potential for increased domestic demand and military trade, especially in light of the India-Pakistan conflict [3] Group 3 - The defense military ETF (512810) is highlighted as an efficient investment tool, covering various themes such as commercial aerospace, deep-sea technology, military AI, low-altitude economy, and large aircraft [3]

Group 1 - The company adheres to market-oriented operational principles and has established a nationwide sales network and a mature marketing team [2] - The company has achieved extensive coverage of clients in various fields including aviation, aerospace, shipping, ground equipment, command systems, and communications [2] - The company meets cross-regional and multi-category market demands [2]