平安证券股份有限公司 关于深圳中富电路股份有限公司 2025 年度持续督导培训工作报告 深圳证券交易所： 平安证券股份有限公司（以下简称保荐机构或平安证券）作为深圳中富电路 股份有限公司（以下简称中富电路或公司）向不特定对象发行可转换公司债券项 目的持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交 易所上市公司自律监管指引第 13 号——保荐业务》的要求，保荐机构对中富电 路的董事、部分高级管理人员及中层以上管理人员等相关人员进行了培训。现将 培训情况汇报如下： 一、培训的基本情况 培训时间：2025 年 12 月 23 日 培训人员：甘露、吴家霖 培训地点：深圳市南山区蛇口招商局广场大厦 6 楼 GH 单元中富电路会议室 培训对象：中富电路董事、部分高级管理人员及中层以上管理人员等。 在培训过程中，中富电路参训人员认真学习并充分沟通，积极配合。平安证 券对参加培训人员提出的各项问题进行了讲解，并就参训人员关心的重点问题进 行了详细讨论。现场培训后，平安证券向公司提供了讲义课件及学习资料，方便 公司相关人员进一步学习。通过培训，加强了中富电路相关人员对上市公司规范 运作、募集资金使用与管理及 ...

Core Viewpoint - The A-share market has experienced significant fluctuations in 2023, characterized by a structural bull market driven by policy changes, technological revolutions, and macroeconomic shifts, with the Shanghai Composite Index reaching a peak of 4034 points [2][11]. Group 1: Market Performance - The Shanghai Composite Index rose from a low of 3040 points to a peak of 4034 points within the year, reflecting a volatile market influenced by major events such as the introduction of the DeepSeek technology and various policy measures [2][11]. - The market saw a notable recovery after a period of decline, with the index hitting a low of 2689 points in August 2022 before rebounding significantly due to policy interventions [2][4]. Group 2: Investment Strategies - Investors are advised to focus on stocks with strong performance metrics and to avoid speculative trading, as the market has shown a clear distinction between stocks with solid fundamentals and those driven purely by hype [3][12]. - The importance of aligning investment choices with policy directions, industry trends, and company performance is emphasized, indicating that successful investors are those who adopt a value investment approach [3][12]. Group 3: Sector Insights - The technology sector, particularly in AI and computing power, has emerged as a key area for investment, with companies like DeepSeek leading the charge in innovation and market disruption [8][12]. - The commercial aerospace sector is highlighted as a promising investment area, benefiting from a confluence of policy support, technological advancements, and capital investment [12][13]. Group 4: Lessons Learned - The experience of investors in 2023 underscores the necessity of long-term investment strategies over short-term trading, with a focus on companies that demonstrate core technological capabilities and sustainable growth paths [13][12]. - The shift in market dynamics from a policy-driven narrative to an emphasis on industrial execution and performance is noted, suggesting a more mature investment landscape moving forward [11][13].

Group 1 - The core point of the article is that Zhongfu Circuit has reported a total of 29,153 shareholders as of December 19, 2025 [2]

格隆汇12月23日丨中富电路(300814.SZ)在互动平台表示，公司在AI数据中心一次、二次、三次电源有 布局，公司在3D SiP与内埋技术等先进封装方向，已配合多家海内外客户完成研发打样工作。 ...

每经AI快讯，12月23日，中富电路（300814）在互动平台表示，公司在AI数据中心一次、二次、三次 电源有布局，公司在3D SiP与内埋技术等先进封装方向，已配合多家海内外客户完成研发打样工作。 ...

从资金流向上来看，当日元件板块主力资金净流出12.83亿元，游资资金净流入2.29亿元，散户资金净流 入10.54亿元。元件板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月19日元件板块较上一交易日下跌0.92%，中富电路领跌。当日上证指数报收于 3890.45，上涨0.36%。深证成指报收于13140.22，上涨0.66%。元件板块个股涨跌见下表： ...

中富电路所属申万行业为：电子-元件-印制电路板。所属概念板块包括：CPO概念、光通信、高速连接 器、5G、毫米波雷达等。 截至11月20日，中富电路股东户数2.25万，较上期增加19.96%；人均流通股8515股，较上期减少 16.64%。2025年1月-9月，中富电路实现营业收入13.55亿元，同比增长29.80%；归母净利润2785.39万 元，同比减少10.64%。 分红方面，中富电路A股上市后累计派现9526.27万元。近三年，累计派现6713.53万元。 资金流向方面，主力资金净流入964.20万元，特大单买入541.56万元，占比4.69%，卖出118.75万元，占 比1.03%；大单买入2153.65万元，占比18.67%，卖出1612.25万元，占比13.97%。 中富电路今年以来股价涨131.81%，近5个交易日涨0.27%，近20日涨0.59%，近60日涨51.75%。 今年以来中富电路已经3次登上龙虎榜，最近一次登上龙虎榜为11月24日，当日龙虎榜净买入-5566.55 万元；买入总计3.59亿元 ，占总成交额比13.23%；卖出总计4.15亿元 ，占总成交额比15.28%。 资料显示， ...

（文章来源：每日经济新闻） 每经AI快讯，12月10日，电路板指数盘中跌2%，成分股多数走弱。骏亚科技跌停，中富电路跌7.50%， 胜宏科技跌6.06%，生益科技跌5.21%，鹏鼎控股跌4.81%。 ...

Mergers and Acquisitions - China Metallurgical Group Corporation plans to sell assets worth 60.676 billion yuan to Minmetals Land and China Minmetals [1] - Shengda Resources intends to acquire 60% stake in Jinshi Mining for 500 million yuan [1] - Honghua Digital Science plans to acquire 49% stake in Shandong Yingkejie for 105 million yuan [1] - Weidi Co., Ltd. is set to acquire controlling stake in Jiangsu Jiuxing Precision Technology [1] Shareholding Changes - PIANO's controlling shareholder is planning a change in control, leading to stock suspension [1] - Tai Long Pharmaceutical's controlling shareholder will change to Jiangyao Holdings, with stock resuming trading [1] - ST Yishite's control will shift to Jingzhou State-owned Assets Supervision and Administration Commission [1] Buybacks and Reductions - Midea Group has completed its share buyback plan with a total amount reaching 10 billion yuan [1] - Helen Zhe plans to repurchase shares worth between 50 million to 100 million yuan [1] - Several companies, including Zhongfu Circuit and Keri International, are planning to reduce their shareholdings by up to 3% [1] Operational Data - Zhongtong Bus reported a sales volume of 1,133 units in November, marking a year-on-year increase of 39.53% [1] - Keming Foods' subsidiary saw a 110.77% year-on-year increase in pig sales revenue in November [2] - Yisheng Co., Ltd. reported a 28.43% decrease in sales revenue from white feather broiler chicks in November, totaling 215 million yuan [2] Major Investments - Cambridge Technology plans to invest 100 million USD in CIG USA to expand high-speed optical module production capacity in North America and Southeast Asia [2] - Zhejiang Rongtai intends to invest approximately 545 million yuan in Thailand for the production of 14,000 tons of mica paper and other products [2] - China Ocean Shipping Company plans to invest 258 million yuan in Shenshan Port Investment Company [2]

Core Viewpoint - The company Zhongfu Circuit (300814) announced a share reduction plan by its controlling shareholders, which will not lead to a change in control of the company [1][2]. Group 1: Share Reduction Plan - The controlling shareholder Zhongfu Electronics and its action-in-concert parties plan to reduce their holdings by up to 5,742,902 shares, representing no more than 3% of the total shares [1]. - The reduction will occur through two methods: a maximum of 1,914,300 shares (1% of total shares) via centralized bidding and up to 3,828,602 shares (2% of total shares) through block trading [1]. - The estimated cash proceeds from the share reduction, based on the last closing price of 87.27 yuan, amount to approximately 501.18 million yuan [1]. Group 2: Shareholding Structure - As of the announcement date, Zhongfu Electronics holds 54,500,000 shares (28.47% of total shares), Shenzhen Ruishan Technology holds 29,539,200 shares (15.43%), and Shenzhen Hongfeng Industrial Development holds 18,493,800 shares (9.66%) [2]. - These shares were held prior to the company's initial public offering (IPO) [2]. - The combined shareholding of the controlling shareholders is 65.30%, with the actual controllers being Wang Changmin, Wang Lu, and Wang Xianfeng [2]. Group 3: IPO and Fundraising - Zhongfu Circuit's IPO raised a total of 369 million yuan, with a net amount of 330 million yuan after deducting issuance costs [3][4]. - The company initially planned to raise 759 million yuan, but the final net amount was 429 million yuan less than expected [3]. - In 2023, the company issued convertible bonds to raise 520 million yuan, with a net amount of approximately 515.32 million yuan after deducting fees [4][5].