Group 1 - The core point of the news is that Hongda Electronics has experienced a decline in stock price, dropping 1.04% to 50.40 CNY per share, with a total market value of 20.757 billion CNY and a cumulative drop of 9.46% over three consecutive days [1] - Hongda Electronics, established on November 18, 1993, and listed on November 21, 2017, specializes in the research, production, and sales of tantalum capacitors and military electronic components, with its main business revenue composition being 76.99% from components and 23.01% from modules and others [1] Group 2 - From the perspective of major fund holdings, Guangfa Fund has a significant position in Hongda Electronics, with Guangfa Baifa Big Data Growth Mixed A (001734) holding 68,000 shares, accounting for 0.93% of the fund's net value, making it the third-largest holding [2] - The fund has incurred a floating loss of approximately 36,180 CNY during the three-day decline, with a current estimated floating loss of about 3,600 CNY [2] - Guangfa Baifa Big Data Growth Mixed A (001734) was established on November 18, 2015, with a current scale of 278 million CNY, achieving a year-to-date return of 37.99% and a one-year return of 34.6% [2]

证券日报网讯 12月29日，宏达电子（300726）在互动平台回答投资者提问时表示，公司间接持有江苏 展芯13.79%的股份。 ...

证券日报网讯12月29日，宏达电子（300726）在互动平台回答投资者提问时表示，公司生产的各类高可 靠电子元器件及微电路模块产品，广泛应用于航天、航空、舰艇、雷达、电子对抗等高可靠专用领域， 有关于公司产品应用和业务开展情况请查阅公司披露的定期报告。 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the defense and military industry [5] Core Insights - The defense and military sector has shown resilience, outperforming major indices such as the Shanghai Composite Index and the ChiNext Index during the week of December 19 to December 26, 2025, with the Shenwan Defense and Military Index rising by 6.00% [14][18] - The report highlights significant individual stock performances, with China Satellite leading with a 36.24% increase, followed by Guanglian Aviation at 32.44% [18][19] - Key announcements from companies in the sector include significant contracts and share repurchase plans, indicating active corporate strategies to enhance shareholder value and operational capacity [20] Summary by Sections 1. Defense and Military Market Review - The China Securities Military Index rose to 13,616.67 points, up 6.16%, while the China Defense Index increased to 1,816.41 points, up 5.57% during the specified week [14][15] - The Shenwan Defense and Military Index outperformed the Shanghai Composite Index, which rose by 1.88%, and the CSI 300 Index, which increased by 1.95% [14][15] 2. Key Company Announcements - Lianchuang Optoelectronics announced a share pledge and repurchase plan involving a total of 319,932,200 yuan for shares held by a major shareholder [20] - Huayin Technology signed a framework agreement worth 392,105,597 yuan for the processing of aircraft engine components [20] 3. Key Industry News - France's President Macron confirmed the initiation of a new generation aircraft carrier program with an estimated cost of 10.25 billion euros [21] - RTX's Raytheon secured a $1.7 billion contract to deliver Patriot missile defense systems to Spain [21]

Core Viewpoint - Hongda Electronics has shown significant stock performance with an 88.33% increase year-to-date, indicating strong market interest and potential growth in the defense electronics sector [1]. Group 1: Stock Performance - On December 25, Hongda Electronics' stock rose by 2.12%, reaching 57.44 CNY per share, with a trading volume of 9.82 billion CNY and a turnover rate of 8.03%, resulting in a total market capitalization of 236.56 billion CNY [1]. - The stock has increased by 42.18% over the last five trading days, 51.12% over the last 20 days, and 45.90% over the last 60 days [1]. - The company has appeared on the stock market's "龙虎榜" (top trading list) twice this year, with the most recent appearance on December 24 [1]. Group 2: Financial Performance - For the period from January to September 2025, Hongda Electronics reported a revenue of 1.404 billion CNY, reflecting a year-on-year growth of 18.81%, and a net profit attributable to shareholders of 327 million CNY, which is a 25.07% increase compared to the previous year [2]. - The company has distributed a total of 1.148 billion CNY in dividends since its A-share listing, with 577 million CNY distributed over the last three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Hongda Electronics is 24,900, a decrease of 14.68% from the previous period, while the average number of circulating shares per shareholder has increased by 17.21% to 8,600 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 6.0018 million shares, an increase of 3.4781 million shares from the previous period, while Changxin National Defense Industry Quantitative Mixed A is a new entrant holding 1.6986 million shares [3].

Group 1 - Guangqi Technology's controlling shareholder proposed a share buyback of 50 million to 100 million yuan for employee stock ownership plans or equity incentives [1] - Xingyuan Zhuomai received a supplier designation from a domestic electric vehicle manufacturer to develop and supply reducer shell components, with expected sales of approximately 575 million yuan over four years from 2027 to 2030 [2] - Weigao Bio's application for clinical trials of subcutaneous human immunoglobulin has been accepted by the National Medical Products Administration, targeting primary immunodeficiency diseases [3] Group 2 - Hongda Electronics disclosed uncertainty regarding the IPO progress of its associate Jiangsu Zhanxin, in which it holds a 13.79% stake [4] - Kangchen Pharmaceutical received FDA approval to conduct clinical trials for its KC1086 project, aimed at treating advanced recurrent or metastatic solid tumors [5] - Kweichow Moutai adjusted its share buyback price ceiling to 1863.67 yuan per share, effective from December 19, 2025 [6] Group 3 - Mousse Co. announced that its controlling shareholder and actual controllers committed not to reduce their holdings within one year [7] - Tongxingbao's subsidiary signed a business contract worth 43.166 million yuan for a cloud expansion project [8] - Kaifa Electric announced plans for three shareholders to collectively reduce their holdings by 0.6999% [9] Group 4 - Longpan Technology plans to increase the production capacity of lithium iron phosphate cathode materials from 62,500 tons per year to 100,000 tons per year [10] - Zhuhai Guanyu announced plans for two shareholders to reduce their holdings by up to 3% [11] - Jiaheng Home Textiles is planning a change in control, leading to a temporary suspension of its stock [12] Group 5 - Kehua Bio's subsidiary received a medical device registration certificate for a gene polymorphism detection kit [13] - Saitex New Materials' actual controller plans to reduce holdings by up to 3% [14] - Sanhui Electric announced a shareholder's plan to reduce holdings by up to 2% [15] Group 6 - Binhua Co. plans to establish a venture capital fund with a total scale of 400 million yuan, focusing on strategic emerging industries [16] - Jindun Co. announced plans for two shareholders to reduce their holdings by up to 4% [17] - Hengdian East Magnetic's controlling shareholder plans to reduce holdings by up to 1% [18][19] Group 7 - Luxin Investment's controlling shareholder plans to reduce holdings by up to 1% [20] - Huakang Clean announced a joint bid for a hospital procurement project worth 157 million yuan [21] - Xuedilong plans to reduce its repurchased shares by up to 488,560 shares [22] Group 8 - Enhua Pharmaceutical's subsidiary signed an exclusive commercial cooperation agreement for three long-acting antipsychotic products [23] - Aier Eye Hospital plans to acquire partial equity in 39 institutions for a total of 963 million yuan [24] - Gaozheng Mining plans to acquire 100% equity of Overseas Explosives for 510 million yuan [25] Group 9 - Donghong Co. plans to repurchase shares worth 30 million to 60 million yuan for employee stock ownership plans [26] - Bear Electric's controlling shareholder plans to reduce holdings by up to 0.64% [27] - *ST Zhengping announced the initiation of pre-restructuring by the Xining Intermediate Court [28][29] Group 10 - Caesar Travel's shareholder plans to reduce holdings by up to 3% [30] - Lianchuang Electronics announced a change in controlling shareholder to Jiangxi State-owned Assets Supervision and Administration Commission [31] - Beixin Road and Bridge plans to transfer 5.33% equity in Henan Yuhang for 243 million yuan [32] Group 11 - Fenglong Co. is planning a change in control, with stock resuming trading [33]

Group 1 - Spring Technology has received a procurement order for robot products from Lexiang Technology amounting to 43.2628 million yuan, marking recognition of its manufacturing technology and laying the foundation for future business expansion in robot products [1] - Huayin Technology signed a framework procurement contract worth 254 million yuan for special functional materials for aircraft fuselage, reflecting the implementation of its strategic layout and enhancing its market position in key materials for aviation engines [2] - Wankai New Materials' subsidiary signed a procurement contract with Lingxin Qiaoshou to provide lightweight components for humanoid robot arms, with a total contract value of 10 million yuan [2] Group 2 - Heng Rui Medicine's injectable SHR-A1904 has been included in the list of breakthrough therapeutic varieties by the National Medical Products Administration, with no similar products approved globally, targeting specific cancer types [3] - Hongda Electronics announced that its indirect holding in Jiangsu Zhanxin's IPO application has been accepted, but the subsequent progress remains uncertain [4] - Jia Heng Jia Hua's controlling shareholder is planning a change in control, leading to a temporary suspension of its stock trading [5]

Group 1 - Fenglong Co., Ltd. announced that its controlling shareholder will change to UBTECH, and the stock will resume trading [12][13] - Victory Energy has experienced a continuous increase in stock price for nine consecutive trading days, with a cumulative increase of 135.86%, and may apply for a trading suspension if the price continues to rise [4] - Dongbai Group issued a stock price fluctuation announcement, indicating potential risks of significant price drops after recent increases [10] Group 2 - Enhua Pharmaceutical's wholly-owned subsidiary signed a $20 million exclusive commercial cooperation agreement with Green Leaf Pharmaceutical for three long-acting antipsychotic products in mainland China, with a sales target of at least 2.7 billion RMB from 2026 to 2035 [2] - Longpan Technology plans to increase the planned production capacity of lithium iron phosphate cathode materials from 62,500 tons per year to 100,000 tons per year [2] - Jiangsu Zhanchin, a company in which Hongda Electronics holds a 13.79% stake, has submitted an IPO application, but the progress remains uncertain [3] Group 3 - Jizhi Co., Ltd. intends to acquire at least 51% of Zhejing Pumai Technology to enhance its capabilities in the robotics sector [4] - Nanshan Aluminum established a wholly-owned subsidiary in Hainan with an investment of 5 million RMB to improve regional industrial layout and expand high-end aluminum product development [5] - Sany Heavy Energy plans to use up to 9.5 billion RMB of its own funds for entrusted wealth management in 2026 [9] Group 4 - Zongtai Automobile reached a settlement with two bank creditors to avoid large financial disputes and facilitate the release of frozen assets [11] - Tianji Co., Ltd. is pushing for the industrialization of lithium sulfide material preparation, but the project faces risks of underperformance [6] - Guangyang Co., Ltd. signed a strategic cooperation agreement with Konghui Automotive to advance its business layout in the intelligent driving sector [7]

Market Overview - As of December 24, the Shanghai Composite Index closed at 3940.95 points, up by 20.97 points, representing a 0.53% increase [1] - The Shenzhen Component Index closed at 13486.42 points, up by 117.43 points, with a 0.88% increase [1] - The ChiNext Index closed at 3229.58 points, up by 24.57 points, reflecting a 0.77% increase [1] Stock Performance - A total of 89 A-shares had a turnover rate exceeding 20%, with six stocks, including C Jianxin and C Nabai Chuan, having turnover rates above 50% [1] - C Jianxin (688805) had a closing price of 58.12 yuan and a turnover rate of 77.25%, with a significant increase of 212.81% [1] - C Nabai Chuan (301667) closed at 82.73 yuan, with a turnover rate of 67.98%, but experienced a decline of 28.06% [1] - C Xihua (603248) closed at 26.01 yuan, with a turnover rate of 57.63%, and a decrease of 29.34% [1] - C Tiansu (301449) closed at 75.83 yuan, with a turnover rate of 54.69%, down by 24.93% [1] - Other notable stocks include C Youxun (688807) with a closing price of 231.60 yuan and a turnover rate of 50.23%, up by 14.03% [1] Additional Notable Stocks - Huazhong Cable (001208) closed at 21.05 yuan with a turnover rate of 49.18%, up by 6.10% [1] - Guangdao Tui (920680) closed at 1.32 yuan, with a turnover rate of 46.41%, and an increase of 29.41% [1] - Tongyu Communication (002792) closed at 34.71 yuan, with a turnover rate of 42.86%, up by 6.31% [1] - Shennong Agriculture (300189) closed at 7.90 yuan, with a turnover rate of 41.35%, up by 1.41% [1]

公告显示，宏达电子股票交易价格连续3个交易日收盘价格涨幅偏离值累计达到31%。根据有关规定， 属于股票交易异常波动的情况。交易行情显示，截至12月24日收盘，公司股价收涨6.43%，收于56.25 元/股。 北京商报讯（记者 马换换 王蔓蕾）12月24日晚间，宏达电子（300726）披露股票交易异常波动公告显 示，公司未发现前期披露的信息存在需要更正、补充之处；参股公司江苏展芯半导体技术股份有限公司 （以下简称"江苏展芯"）本次提交IPO申请后续进展尚存在不确定性。 宏达电子表示，针对公司股票交易异常波动，公司董事会对公司、控股股东及实际控制人就相关事项进 行了核实，公司未发现前期披露的信息存在需要更正、补充之处；公司基本面未发生重大变化，公司已 披露的经营情况、内外部经营环境未发生重大变化。 另外，宏达电子表示，近期公司间接持股13.79%的参股公司江苏展芯向深交所报送了首次公开发行股 票并在创业板上市的申请文件并获受理，该事项已于2025年12月18日进行了披露，本次江苏展芯IPO申 报受理前后，公司对其持股比例、表决权未出现重大变化，公司对其投资仍按权益法进行会计核算，该 事项对公司当期财务报表不会构成 ...