Market Trends - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,870.60, down 0.12%, and the Shenzhen Component Index at 12,924.13, down 0.43% [2] Industry Commentary - The communication industry is experiencing significant developments, particularly with Broadcom's latest financial report indicating continued high growth in AI business, with a revenue of $15.95 billion for Q3 2025, a 22% year-on-year increase. The AI revenue grew by 63% to $5.2 billion, with expectations for further growth [3][4] - The upcoming Shenzhen Optical Expo (CIOE2025) is anticipated to boost the optical module sector, with key innovations expected to be showcased, including 3.2T optical modules and TFLN thin-film lithium niobate chips [3][4] Company Commentary - Shanghai Hanxun (300762.SZ) reported a revenue of 173 million yuan for H1 2025, a 63.34% increase year-on-year, although it recorded a net loss of 29 million yuan [6][10] - The company is positioned in the low-orbit satellite communication sector, focusing on satellite communication payloads and ground stations, with significant potential for growth driven by favorable policies in the commercial aerospace sector [10] - The defense information construction is entering a new phase, with the company advancing in military communication systems, including 5G and data link technologies, which are expected to see increased demand [10] Investment Recommendations - Suggested companies for investment include domestic computing server manufacturers like ZTE Corporation and Unisplendour, as well as optical module companies such as Zhongji Xuchuang and NewEase Technology [8] - The overall market showed varied performance, with the optical module sector leading with an 8.4% increase, while the communication index fell by 2.68% [8]

Investment Rating - The investment rating for the company is "Increase-A" with a downward adjustment [1][8]. Core Viewpoints - The company's satellite revenue is objectively affected by the launch rhythm, while the special communication business is expected to see a substantial turning point [3][4]. - The company achieved a revenue of 173 million yuan in H1 2025, representing a year-on-year increase of 63.34%, and a net profit attributable to shareholders of -29 million yuan, up 44.97% year-on-year [3][4]. - The company is a key research and development unit for low-orbit satellite communication subsystems, with core capabilities in phased array antenna development and satellite payload research [5][7]. Financial Performance - The company is projected to achieve net profits of 23 million yuan, 120 million yuan, and 183 million yuan for the years 2025, 2026, and 2027 respectively [8]. - The revenue forecast for 2025 is 547 million yuan, with a year-on-year growth of 54.7% [10]. - The gross profit margin is expected to be 49.1% in 2025, with a net profit margin of 4.2% [10][11]. Market Dynamics - The company is positioned to benefit from the increasing demand for satellite communication, with the Ministry of Industry and Information Technology's guidance expected to accelerate industry development [5][6]. - The establishment of the Information Support Force in April 2024 marks a new phase in national defense informatization, which will drive upgrades in military communication systems [6][7]. Project Progress - The company has made significant progress in various projects, including winning bids for a 5G self-organizing network project and developing communication equipment for unmanned platforms [7]. - The company is expected to see a recovery in the military industry as new equipment is showcased, with a potential increase in defense budget utilization [7][8].

Core Viewpoint - Shanghai Hanxun's stock price has shown fluctuations, with a year-to-date increase of 19.35% but a recent decline in the last five and twenty trading days [1][2]. Financial Performance - As of June 30, 2025, Shanghai Hanxun reported a revenue of 173 million yuan, representing a year-on-year growth of 63.34%. However, the net profit attributable to shareholders was a loss of 28.64 million yuan, although this reflects a 44.97% improvement compared to the previous period [2]. Stock Market Activity - On September 9, 2025, Shanghai Hanxun's stock price decreased by 2.03%, trading at 25.10 yuan per share with a total transaction volume of 387 million yuan. The stock's turnover rate was 2.43%, and the total market capitalization stood at 15.762 billion yuan [1]. Shareholder Information - The number of shareholders increased to 57,300 as of June 30, 2025, marking a 3.96% rise. The average number of circulating shares per person decreased by 3.81% to 10,963 shares [2]. Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder was Guotai Zhongzheng Military Industry ETF, holding 7.2991 million shares, an increase of 1.171 million shares from the previous period. Other notable shareholders include Southern Zhongzheng 1000 ETF and Hong Kong Central Clearing Limited, which entered as a new shareholder [2]. Company Overview - Shanghai Hanxun, established on March 20, 2006, and listed on March 14, 2019, specializes in the research, manufacturing, sales, and engineering implementation of broadband mobile communication equipment, with 99.62% of its revenue derived from this core business [1].

Group 1 - Shanghai Hanxun's stock price increased by 5.18% to 25.79 CNY per share, with a trading volume of 852 million CNY and a turnover rate of 5.40%, resulting in a total market capitalization of 16.195 billion CNY [1] - Shanghai Hanxun, established on March 20, 2006, and listed on March 14, 2019, primarily engages in the research, manufacturing, sales, and engineering implementation of broadband mobile communication equipment, with 99.62% of its revenue coming from this segment [1] Group 2 - The Fuguo National Security Theme Mixed A Fund (001268) has increased its holdings in Shanghai Hanxun by 34,500 shares, bringing the total to 537,600 shares, which represents 3.21% of the fund's net value, making it the fifth-largest holding [2] - The Fuguo National Security Theme Mixed A Fund has a total size of 312 million CNY and has achieved a year-to-date return of 12.91%, ranking 5134 out of 8248 in its category, with a one-year return of 34.75%, ranking 4096 out of 8051 [2]

Group 1 - The company Shanghai Hanxun announced a change in its sponsor representative for the ongoing stock issuance project aimed at specific targets for the year 2020 [2] - The new designated sponsor representatives are Wang Pengcheng and Kong Haibin [2]

上海瀚讯信息技术股份有限公司（以下简称"公司"或"本公司"））近日 收到国泰海通证券股份有限公司（以下简称"国泰海通"）出具的《关于更换上 海瀚讯信息技术股份有限公司持续督导保荐代表人的函》，具体情况如下： 证券代码：300762 证券简称：上海瀚讯 公告编号：2025-042 上海瀚讯信息技术股份有限公司 关于变更持续督导保荐代表人的公告 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。 特此公告。 上海瀚讯信息技术股份有限公司董事会 2025 年 9 月 5 日 附件：孔海宾先生简历 孔海宾，现任职于国泰海通证券股份有限公司，保荐代表人。2015 年起从 事投资银行业务，先后主持或者参与了苏州湘园新材料股份有限公司创业板 IPO 项目、协和电子（605258）主板 IPO 项目、太龙照明（300650）创业板 IPO 项 目等，神宇股份（300563）非公开发行项目、东方银星（600753）非公开发行项 目、东山精密（002384）非公开发行暨重大资产购买项目以及东山精密（002384） 重大资产重组项目，远大特材（834270）新三板挂牌项目和其他多个财务 ...

Group 1 - Aerospace ETF Tianhong (159241) has seen a trading volume of 22.08 million yuan as of September 5, 2025, with a slight decline in the tracked index, while constituent stocks such as Huayin Technology (688281) and Shanghai Hanyun (300762) have increased by 2.81% and 2.17% respectively [3] - The Aerospace ETF Tianhong (159241) has accumulated a 9.44% increase over the past three months, ranking first among comparable funds [3] - The fund has experienced a growth of 242 million yuan in scale and an increase of 201 million units in the past three months, indicating significant growth [3] Group 2 - The Zhejiang Provincial Low-altitude Economic Industry Fund has completed registration with the China Securities Investment Fund Industry Association, with a target total scale of 3 billion yuan and an initial capital of 1 billion yuan, marking a substantial step in Zhejiang's low-altitude economic layout [4] - Multiple regions including Jiangsu, Hunan, Shanghai, and Henan have established low-altitude economic-related industry funds this year, creating a development pattern where the eastern coastal areas lead and the central and western regions accelerate [4] Group 3 - Guojin Securities highlights that the recent military parade showcases China's leap in weaponry development, with 2025 being a critical year for the conclusion of the 14th Five-Year Plan and the layout of the 15th Five-Year Plan, suggesting a potential revaluation of military assets [5] - Minsheng Securities anticipates that the military industry may enter a new upward cycle from 2025 to 2027, with 2025 marking an inflection point and the "performance bottom" being established [5]

Core Viewpoint - Shanghai Hanxun's stock price has experienced fluctuations, with a year-to-date increase of 18.74% but a recent decline of 8.90% over the last five trading days [1] Financial Performance - As of June 30, 2025, Shanghai Hanxun reported a revenue of 173 million yuan, representing a year-on-year growth of 63.34% [2] - The company recorded a net profit attributable to shareholders of -28.64 million yuan, showing a year-on-year increase of 44.97% [2] - Cumulative cash dividends since the A-share listing amount to 59.26 million yuan, with 8.80 million yuan distributed over the last three years [2] Shareholder Information - The number of shareholders increased to 57,300, up by 3.96% compared to the previous period [2] - The average number of tradable shares per shareholder decreased by 3.81% to 10,963 shares [2] - Major shareholders include Guotai CSI Military Industry ETF and Southern CSI 1000 ETF, with both increasing their holdings [2]

Financial Performance - Shanghai Hanxun reported a total revenue of 173 million yuan for the first half of 2025, representing a year-on-year increase of 63.34% [1] - The net profit attributable to shareholders was -28.64 million yuan, showing a year-on-year improvement of 44.97% [1] - In Q2 2025, total revenue reached 47.97 million yuan, up 25.74% year-on-year, while the net profit attributable to shareholders was -41.87 million yuan, a slight increase of 0.33% year-on-year [1] Cost and Profitability Metrics - The gross profit margin decreased to 39.37%, down 42.11% year-on-year, while the net profit margin improved to -24.32%, an increase of 50.38% year-on-year [1] - The total of selling, administrative, and financial expenses accounted for 16.27% of total revenue, an increase of 48.65% year-on-year [1] - The company reported a significant increase in total expenses, with a total of 28.22 million yuan for the three expenses combined [1] Balance Sheet and Cash Flow - Cash and cash equivalents decreased to 888 million yuan, a decline of 34.17% year-on-year [1] - Interest-bearing liabilities increased to 1.005 billion yuan, up 39.23% year-on-year [1] - The company reported a negative operating cash flow per share of -0.18 yuan, which is an improvement of 11.22% year-on-year [1] Investment Insights - Analysts expect the company's performance in 2025 to yield a net profit of 32.68 million yuan, with an average earnings per share of 0.05 yuan [3] - The company has shown a historical median ROIC of 10.98%, although the worst year recorded a ROIC of -6.58% [3] - The company has experienced two loss years since its IPO, indicating a fragile business model [3] Fund Holdings - The largest fund holding Shanghai Hanxun is the Baoying Resource Optimal Mixed Fund, which holds 1.8683 million shares and has increased its position [4] - Other funds have shown varied movements, with some increasing their holdings while others have reduced or maintained their positions [4]

Group 1 - The satellite internet sector experienced a decline of 1.01% [1] - Aerospace Hongtu saw a significant drop of 6.34% [1] - Shaanxi Huada decreased by 6.27% [1] - Shanghai Hanxun fell by 3.38% [1] - Companies such as Shengbang Security, Wantong Development, and China Satellite Communications also reported declines exceeding 3% [1]