Group 1 - The MLCC sector leads the market with an increase of 3.87% [1] - Sanan Optoelectronics saw a significant rise of 9.68% [1] - Xinv Communication and Hongda Electronics also experienced gains of 3.68% and 3.24% respectively [1]

Core Insights - The company reported a total revenue of 1.404 billion yuan for Q3 2025, with a net profit attributable to shareholders of 327 million yuan [1] - Operating cash flow decreased by 121 million yuan compared to the same period last year, representing a year-on-year decline of 29.28% [1] Financial Metrics - The latest debt-to-asset ratio is 11.56%, which is an increase of 0.38 percentage points from the previous quarter and an increase of 0.63 percentage points from the same period last year [3] - The latest gross profit margin is 58.24%, down by 3.21 percentage points compared to the same period last year [3] - The latest return on equity (ROE) is 6.51% [3] - The diluted earnings per share (EPS) is 0.79 yuan [3] - The total asset turnover ratio is 0.23 times, and the inventory turnover ratio is 0.64 times [3] Shareholder Information - The number of shareholders is 24,900, with the top ten shareholders holding a total of 303 million shares, accounting for 73.60% of the total share capital [3] - The top shareholders include: - Xue Tan: 34.1% - Zhong Ruonong: 29.7% - Zeng Jijiang: 5.05% - Hong Kong Central Clearing Limited: 1.46% - National Military-Civilian Integration Industry Investment Fund: 0.83% - Tianjin Hongxiang Asset Management Partnership: 0.67% - Zhuzhou Hongming Equity Investment Management Partnership: 0.52% - China Construction Bank - Changxin National Defense Military Industry Quantitative Flexible Allocation Mixed Securities Investment Fund: 0.41% - China Construction Bank - Guotai Zhongzheng Military Industry Trading Open Index Securities Investment Fund: 0.39% - China Merchants Bank - Southern Zhongzheng 1000 Trading Open Index Securities Investment Fund: 0.37% [3]

证券代码：300726 证券简称：宏达电子 公告编号：2025-042 株洲宏达电子股份有限公司 关于使用部分自有资金进行现金管理的公告 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。 为提高资金的使用效率，增加资金运营收益，株洲宏达电子股份有限公司（以 下简称"公司"）第四届董事会第十次会议审议通过了《关于使用部分自有资金进 行现金管理的议案》，同意公司在确保不影响公司正常生产经营及确保资金安全 的情况下，使用部分自有资金购买安全性高、流动性好的低风险理财产品。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。 一、本次使用部分自有资金进行现金管理的情况 1、投资目的 为提高公司资金的使用效率，在确保不影响公司正常经营及确保资金安全的 情况下，合理利用部分自有资金进行现金管理，可以增加资金收益，为公司及股 东获取更多的回报。 2、额度及期限 公司拟使用不超过人民币 150,000 万元的自有资金进行现金管理，在公司决 议有效期及额度范围内，资金可以滚动使用。 5、实施方式 投资产品必须以公司名义进行购买，上述 ...

株洲宏达电子股份有限公司（以下简称"公司"）第四届董事会第十次会议于 2025 年 10 月 22 日以邮件方式发出会议通知，并于 2025 年 10 月 27 日在株洲市 天元区渌江路 2 号公司 6 号楼 312 会议室以现场会议结合通讯的方式召开。出席 会议董事应到 7 人，实到 7 人。公司董事长钟若农女士主持了本次会议，公司高 级管理人员列席了本次会议。会议的召集、召开和表决方式符合《公司法》、《公 司章程》等法律法规的有关规定，会议合法有效。 二、董事会会议审议情况 1、审议通过《关于公司<2025 年第三季度报告>的议案》 该议案已经董事会审计委员会审议通过。 证券代码：300726 证券简称：宏达电子 公告编号：2025-040 株洲宏达电子股份有限公司 第四届董事会第十次会议决议公告 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。 一、董事会会议召开情况 具体内容详见公司同日于巨潮资讯网（http://www.cninfo.com.cn）披露的相 关公告。 2025 年 10 月 28 日 经审议：同意 7 票，反对 0 票，弃权 0 票。 ...

Revenue and Profitability - The company's revenue for Q3 2025 reached ¥547,694,423.32, representing a 26.86% increase year-over-year[4] - Net profit attributable to shareholders for the same period was ¥124,662,404.74, up 55.04% compared to the previous year[4] - The basic earnings per share (EPS) increased by 55.07% to ¥0.3027[4] - Total operating revenue for the current period reached ¥1,404,274,174.61, an increase from ¥1,181,992,836.80 in the previous period, reflecting a growth of approximately 18.8%[21] - Operating profit for the current period was ¥467,542,097.35, compared to ¥409,858,938.73 in the previous period, showing an increase of approximately 14.1%[21] - The total profit for the current period is CNY 463,233,213.17, an increase from CNY 407,820,663.96 in the previous period, representing a growth of approximately 13.5%[22] - The net profit attributable to the parent company's shareholders is CNY 327,232,965.90, up from CNY 261,635,348.91, reflecting a year-over-year increase of about 25.1%[22] - The basic and diluted earnings per share for the current period are both CNY 0.7946, compared to CNY 0.6353 in the previous period, indicating an increase of approximately 25.1%[22] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥6,100,418,452.94, reflecting a 3.38% increase from the end of the previous year[4] - Current assets totaled ¥4,852,159,898.96, an increase from ¥4,629,442,422.80, reflecting a growth of approximately 4.8%[20] - Non-current assets decreased slightly to ¥1,248,258,553.98 from ¥1,271,678,694.62, indicating a decline of about 1.8%[20] - Total liabilities increased to ¥705,466,800.98 from ¥666,625,675.10, marking a rise of approximately 5.8%[20] - The total equity attributable to shareholders rose to ¥5,025,820,140.30 from ¥4,924,925,113.68, reflecting an increase of about 2.0%[20] Cash Flow and Investments - The company's cash flow from operating activities showed a decline of 29.28%, totaling ¥292,248,222.55 year-to-date[4] - The net cash flow from operating activities is CNY 292,248,222.55, down from CNY 413,234,077.89, a decrease of about 29.2%[23] - The cash inflow from investment activities totals CNY 2,166,315,928.59, compared to CNY 1,635,944,126.41 in the previous period, marking an increase of approximately 32.4%[23] - The net cash flow from investment activities is -CNY 361,702,631.99, an improvement from -CNY 606,456,034.79, indicating a reduction in cash outflow by about 40.4%[23] - Cash received from investment activities amounted to CNY 214,900 million, a 32.41% increase, mainly due to the maturity of bank financial products purchased[13] - Cash paid for investments decreased by 34.54% to CNY 200 million, indicating a reduction in external investments during the reporting period[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,933, with no preferred shareholders having restored voting rights[15] - The top shareholder, Zeng Chen, holds 34.19% of the shares, amounting to 140,800,000 shares, while the second-largest shareholder, Zhong Ruonong, holds 29.72%[15] - The company has not reported any changes in the number of preferred shareholders or any significant changes in restricted shares during the reporting period[17] Financial Management and Expenses - The company reported a significant increase in investment income, which rose by 74.16% to ¥4,561.68 million year-to-date[11] - The company's financial expenses decreased by 96.15%, indicating improved financial management[11] - The company experienced a 58.14% increase in tax and additional fees, totaling ¥1,929.05 million year-to-date[11] - Cash dividends and interest payments increased by 91.65% to CNY 25,932.79 million, reflecting higher cash dividends paid during the reporting period[13] Audit and Financing Activities - The company did not engage in any new financing activities during the reporting period, as indicated by the cash received from investment activities being zero[13] - The company received CNY 10,434,015.48 from financing activities, compared to CNY 14,270,000.00 in the previous period, a decrease of approximately 26.0%[24] - The company has not undergone an audit for the third quarter financial report[25]

Core Viewpoint - The announcement of "a strong aerospace nation" during a significant meeting has catalyzed a surge in the commercial aerospace sector, leading to a rapid rise in the defense and military industry segment [1][3]. Group 1: Market Performance - The defense and military ETF (512810) saw an intraday increase of 2.8%, closing up 2.36%, recovering both the 5-day and 10-day moving averages, indicating a potential turning point [1]. - Out of the 79 constituent stocks in the defense and military ETF, 75 stocks experienced gains, with Aerospace Intelligence and other key players like Hongda Electronics and China Satellite hitting the 10% daily limit [3]. Group 2: Policy and Industry Outlook - The top-level decision to establish a "strong aerospace nation" is expected to lead to increased policy support and resource allocation for the aerospace industry, particularly in missiles, rockets, and satellites [3]. - The meeting also emphasized the goal of achieving high-quality modernization of national defense and military by the centenary of the armed forces [3]. Group 3: Investment Insights - Analysts from Dongfang Securities noted that the defense and military sector has stabilized in stock prices over the past month, with the upcoming "14th Five-Year Plan" expected to clarify new equipment construction plans, enhancing the sector's investment appeal [3]. - Huafu Securities highlighted the strong demand recovery expected in the defense and military industry from 2025 to 2026, suggesting a high significance for investment in this sector at the current time [3]. - The defense and military ETF (512810) is positioned as an efficient investment tool for core assets in the sector, covering various hot topics such as commercial aerospace, low-altitude economy, controlled nuclear fusion, large aircraft, deep-sea technology, and military AI [3].

Core Viewpoint - The recent release of the "15th Five-Year Plan" has significantly boosted market sentiment, leading to a notable increase in A-shares, particularly in technology and defense sectors, as the government emphasizes the importance of technological self-reliance and national security [1][9][14]. Market Performance - On October 24, the Shanghai Composite Index rose by 0.71% to 3950.31 points, marking a ten-year high, while the ChiNext Index surged by 3.57% [1]. - The total trading volume reached 1.99 trillion yuan, indicating a rapid increase in market activity [1]. - Key ETFs such as the "Entrepreneurship Board AI ETF" (159363) and "Dual Innovation Leading ETF" (588330) saw significant gains of 5.49% and 4.9%, respectively [2][10]. Sector Highlights - The AI sector experienced a resurgence, with major players in optical modules, such as Zhongji Xuchuang, seeing stock prices increase by over 12% [1][5]. - The defense and aerospace sectors were highlighted in the new plan, with commercial aerospace stocks experiencing a surge, including a 20% limit-up for Aerospace Intelligent Equipment [1][18]. Investment Themes - The "15th Five-Year Plan" suggests a focus on new productive forces, with technology companies that possess genuine technological barriers being a key investment theme in A-shares [3][14]. - The consumption sector is also emphasized as crucial for stabilizing the economy, alongside infrastructure projects related to local strategic initiatives [4][14]. - The real estate sector is expected to transition towards quality improvement and institutional innovation, driven by high-quality development frameworks [4][14]. ETF and Stock Performance - The "Entrepreneurship Board AI ETF" (159363) has shown a weekly increase of nearly 14%, with a strong upward trend indicated by technical analysis [5][8]. - The "Dual Innovation Leading ETF" (588330) has gained traction, reflecting the broader market's focus on hard technology and innovation [10][12]. - The defense sector ETF (512810) also performed well, with 75 out of 79 constituent stocks rising, driven by the government's focus on becoming a "space power" [18][19]. Future Outlook - Analysts suggest that the AI sector, as a key driver of the current technological revolution, is poised for continued growth, supported by government policies and increasing demand for computing power [9][10]. - The focus on optical modules and related technologies is expected to yield strong performance from leading companies in the sector, such as Zhongji Xuchuang and Xinyi Communication [9][10].

Core Viewpoint - The announcement of "a strong aerospace nation" during a significant meeting has catalyzed a surge in the commercial aerospace concept, leading to a rapid rise in the defense and military industry sector [1][3]. Group 1: Market Performance - The defense and military ETF (512810) saw an intraday increase of 2.8% and closed up 2.36%, recovering both the 5-day and 10-day moving averages, indicating a potential turning point [1]. - Out of the 79 constituent stocks in the defense and military ETF, 75 stocks experienced gains, with Aerospace Intelligence and other key players like Hongda Electronics and China Satellite hitting the 10% daily limit [3]. Group 2: Policy and Industry Outlook - The top-level decision to establish a "strong aerospace nation" is expected to lead to more policy and resource support for the aerospace industry, particularly in missiles, rockets, and satellites [3]. - The meeting also emphasized achieving the centenary goal of military development and advancing the modernization of defense and armed forces [3]. Group 3: Investment Insights - Analysts from Dongfang Securities noted that the defense and military sector has stabilized in stock prices over the past month, with the upcoming "14th Five-Year Plan" expected to clarify new equipment construction plans, enhancing the sector's investment value [3]. - Huafu Securities highlighted the strong demand recovery expected in the defense and military industry from 2025 to 2026, suggesting a high significance for investment in this sector at the current time [3]. - The defense and military ETF (512810) is positioned as an efficient tool for investing in core assets of the sector, covering various hot topics such as commercial aerospace, low-altitude economy, controlled nuclear fusion, large aircraft, deep-sea technology, and military AI [3].

证券之星消息，10月24日军工电子板块较上一交易日上涨2.85%，西测测试领涨。当日上证指数报收于 3950.31，上涨0.71%。深证成指报收于13289.18，上涨2.02%。军工电子板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301306 | 西测测试 | 59.45 | 16.34% | 11.99万 | | 7.12亿 | | 300726 | 宏达电子 | 42.10 | 10.07% | 20.54万 | | 8.48亿 | | 600855 | 航天长峰 | 15.17 | 10.01% | 21.76万 | | 3.30亿 | | 688636 | 智明达 | 36.66 | 9.79% | 18.11万 | | 6.44亿 | | 688629 | 华丰科技 | 88.50 | 7.19% | 17.21万 | | 14.90 Z | | 300762 | 上海剪讯 | 24.93 | 6.36% | 46.08万 | | 11.48 ...

Group 1 - The MLCC sector leads the market with an increase of 3.74% [1] - Hongda Electronics saw a significant rise of 10.59% [1] - Fenghua Advanced Technology increased by 7.71% [1] - Hongyuan Electronics experienced a growth of 5.42% [1] - Torch Electronics, Xinwei Communication, and Sanhuan Group all rose by over 3% [1]