沪士电子股份有限公司 2026 年第一次临时股东会决议公告 证券代码：002463 证券简称：沪电股份 公告编号：2026-017 沪士电子股份有限公司 2026 年第一次临时股东会决议公告 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。 特别提示： 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2026 年 2 月 12 日（星期四）15:00； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2026 年 2 月 12 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投 票系统投票的具体时间为：2026 年 2 月 12 日 09:15 至 15:00。 2、现场会议召开地点：昆山市黑龙江北路 8 号御景苑二楼会议室 3、表决方式：采用现场投票与网络投票相结合的方式 4、会议召集人：公司董事会 1、本次股东会不存在否决议案的情形。 公司董事长陈梅芳女士、副董事长吴传林先生以视频方式出席本次股东会。经公 司过半数董事共同推 ...

国浩律师（南京）事务所 关 于 沪士电子股份有限公司 2026 年第一次临时股东会 之 法律意见书 南京市汉中门大街 309 号 B 座 5、7、8 层 邮编：210036 5、7、8th Floor, Block B, 309 Hanzhongmen Street, Nanjing 210036, China 电话/Tel: +86 25 8966 0900 传真/Fax: +86 25 8966 0966 网址/Website: http://www.grandall.com.cn 2026 年 2 月 | 签署页 6 | | --- | 国浩律师(南京)事务所 法律意见书 国浩律师（南京）事务所 关于沪士电子股份有限公司 2026年第一次临时股东会之法律意见书 致：沪士电子股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）和中国证券监督管理委员会《上市 公司股东会规则》的规定，国浩律师（南京）事务所（以下简称"本所"）接受 沪士电子股份有限公司（以下简称"公司"）董事会的聘请，指派本所律师通过 现场方式出席并见证了公司于 2026 ...

沪士电子股份有限公司第八届董事会第十四次会议决议公告 证券代码：002463 证券简称：沪电股份 公告编号：2026-015 沪士电子股份有限公司 第八届董事会第十四次会议决议公告 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 二、董事会会议审议情况 会议审议通过了如下决议： 1、审议通过《关于新建高端印制电路板生产项目的议案》。 表决结果：同意 11 票；反对 0 票；弃权 0 票。 根据公司战略规划及实际经营情况，经公司董事会战略与ESG委员会提议， 同意投资新建"高端印制电路板生产项目"（下称"本项目"），生产高层数、 高频高速、高密度互连、高通流PCB，以满足高速运算服务器、下一代高速网络 交换机等对高端印制电路板的中长期增量需求。同意竞拍约66,678.4平方米土地 使用权以实施本项目，本项目建设期为2年，总投资约为33亿元人民币，建成后 预计年新增产能14万平方米高端印制电路板的生产规模，预计年新增营业收入 30.5亿元人民币。同意授权管理层或其授权代表签署相关法律文件并全权办理本 项目实施事宜；同意授权管理层根据市场环境 ...

Core Viewpoint - Huadian Co., Ltd. has experienced a decline in stock price and significant changes in shareholder structure, while showing strong revenue and profit growth in recent financial results [1][2]. Group 1: Stock Performance - On February 12, Huadian's stock price fell by 2.00% to 68.02 CNY per share, with a trading volume of 1.329 billion CNY and a turnover rate of 1.01%, resulting in a total market capitalization of 130.895 billion CNY [1]. - Year-to-date, Huadian's stock has decreased by 6.91%, with a 3.11% increase over the last five trading days, a 10.20% decline over the last 20 days, and a 7.93% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Huadian achieved operating revenue of 13.512 billion CNY, representing a year-on-year growth of 49.96%, and a net profit attributable to shareholders of 2.718 billion CNY, up 47.03% year-on-year [2]. Group 3: Shareholder Structure - As of September 30, 2025, the number of Huadian shareholders increased by 26.43% to 162,000, while the average number of circulating shares per person decreased by 20.88% to 11,866 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 141 million shares, an increase of 17.244 million shares from the previous period [3].

Core Insights - A significant number of QDII active funds have outperformed the Nasdaq 100 ETF and S&P 500 ETF over the past two years, contrary to the common belief that active funds struggle to beat indices [1]. Fund Performance - The top-performing fund, "E Fund Global Growth Select A" managed by Zheng Xi, achieved a return of 170.48% over the past two years, surpassing the Nasdaq 100 ETF by over 130 percentage points [1]. - Other notable funds include "Jia Shi Global Industry Upgrade A" with a return of 109.37% and "Hua Xia New Era RMB" at 107.72% [1]. - The performance of these funds is attributed to significant adjustments in their holdings, particularly in overseas computing power and semiconductor stocks [4][6]. Stock Holdings - Zheng Xi's fund made substantial adjustments in Q2 2025, heavily investing in stocks like Nvidia, Broadcom, AMD, and Microsoft, which contributed to a 43.28% increase in Q2 and a 20.4% rise in Q3 [4]. - The fund's net value continued to rise, with a 132.32% increase since April 8, 2025, and a maximum drawdown of only 8.75% [6]. Comparison with Other Funds - Other funds such as "Jia Shi Global Value Opportunity RMB" and "Hua Bao Nasdaq Select A" also performed well, but did not match the impressive returns of "E Fund Global Growth Select A" [11][13]. - Funds focused on AI applications, innovative pharmaceuticals, and cryptocurrency concepts, like "Wan Jia Global Growth One-Year Holding A," showed more balanced holdings but did not achieve the same level of performance [9]. Market Trends - The overall market trend indicates that while the Nasdaq index has been relatively flat since November, the semiconductor stocks held by these funds have continued to rise, mitigating currency losses and widening the performance gap with the Nasdaq ETF [16]. - The strong earnings growth of major U.S. companies supports the ongoing rise in the stock market, with the median earnings growth of the Russell 3000 reaching a four-year high [30].

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, particularly in the communication equipment and cultural media sectors, highlighting potential investment risks in these areas [1][2][3] Group 1: Stock Performance and Fund Flow - The stock with the highest outflow is Xinyiseng, with a fund outflow of 30.50 billion yuan and a decline of 5.46% [2] - Zhongji Xuchuang follows closely with a fund outflow of 29.64 billion yuan and a decrease of 4.28% [2] - Other notable stocks with significant outflows include BlueFocus with 12.91 billion yuan and a drop of 3.57%, and Jiecheng Co. with 12.13 billion yuan but an increase of 4.73% [2] - Cultural media stocks such as Chinese Online and Guanghua Media also experienced outflows of 10.27 billion yuan (down 6%) and 9.38 billion yuan (up 5.09%), respectively [2][3] Group 2: Sector Analysis - The communication equipment sector is heavily impacted, with both Xinyiseng and Zhongji Xuchuang showing substantial fund outflows [2] - The cultural media sector also shows mixed performance, with some stocks like Guanghua Media gaining while others like Chinese Online are declining [2][3] - The home appliance industry, represented by Sanhua Zhikong and Zhao Chi Co., shows minor outflows of 8.30 billion yuan and 7.45 billion yuan, respectively, with slight declines in stock prices [2][3]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, particularly in the communication equipment and cultural media sectors, suggesting potential investor concerns or market volatility [1][2][3] Group 1: Major Stocks with Capital Outflows - Zhongji Xuchuang experienced a capital outflow of 2.851 billion yuan, with a decline of 4.1% in stock price [2] - Xinyi Sheng saw a capital outflow of 2.795 billion yuan, with a stock price drop of 4.9% [2] - BlueFocus Media had a capital outflow of 1.2 billion yuan, with a decrease of 3.62% in stock price [2] - Jiecheng Co. reported a capital outflow of 1.135 billion yuan, with a stock price increase of 3.67% [2] - Zhongwen Online faced a capital outflow of 0.928 billion yuan, with a decline of 7.04% in stock price [2] Group 2: Sector Analysis - The communication equipment sector, represented by Zhongji Xuchuang and Xinyi Sheng, shows significant capital outflows, indicating potential challenges in this industry [2][3] - The cultural media sector, including companies like BlueFocus Media and Zhongwen Online, also reflects notable capital outflows, suggesting investor caution in this area [2][3] - The home appliance industry, represented by Sanhua Intelligent Control and Zhaochi Co., shows mixed performance with capital outflows, indicating varying investor sentiment [2][3]

Group 1 - The core viewpoint is that from Q4 2024, the capital expenditure (CAPEX) of PCB manufacturers will significantly increase, leading to a performance turnaround for equipment manufacturers [1] - The strong CAPEX from PCB manufacturers corresponds to high revenues for equipment manufacturers, as seen with major suppliers like Shenghong Technology and Huidian Co., which have seen continuous CAPEX growth since Q4 2024 [1] - The demand for high-precision Class III solder paste printing equipment is driven by the upgrade of AI servers, indicating a rising opportunity in the industry [1][5] Group 2 - The Rubin 144CPX version introduces 144 CPX chips that require PCB integration, and the design changes in the Rubin Ultra configuration enhance the overall system architecture [2] - The introduction of ultra-fast laser drilling technology is expected to increase demand due to its strong material compatibility and precision in micro-hole processing, with recommendations for leading drilling equipment manufacturers like Dazhu CNC [3] - The market for 40:1 aspect ratio drill bits is anticipated to expand significantly, with leading manufacturers like Ding Tai High-Tech and Zhongtung High-Tech being recommended for their potential in this segment [4] Group 3 - The demand for Class III solder paste printing equipment is increasing due to the heightened precision requirements for AI computing server PCBs, with leading manufacturers like Kaige Precision Machinery being highlighted [5]

Macro Strategy - The core viewpoint indicates that recent liquidity shocks in overseas markets, driven by concerns over the AI software bubble and subsequent momentum selling, have led to significant volatility in equities, commodities, and cryptocurrencies. It suggests that some assets may have been "wrongly killed" due to these liquidity shocks, as the macroeconomic fundamentals and broad liquidity environment have not changed significantly [1][13] - The report anticipates that the upcoming U.S. non-farm employment and CPI data for January may present upward risks, potentially reversing the slight increase in expectations for Federal Reserve rate cuts observed this week [1][13] Financial Products - The report highlights that overseas market liquidity shows signs of stabilization, which may improve market sentiment. It predicts a positive outlook for the A-share market in February, with a historical probability of 78.57% for an increase following a macro timing model score of 0 [1][16] - Fund allocation recommendations suggest a balanced ETF configuration due to expected short-term market fluctuations, with a focus on sectors like chemicals and electric grid equipment, which continue to see increasing fund sizes [1][16] Commodity Market - The report discusses the impact of liquidity shocks on commodity prices, noting that certain commodities, which rely on supply-demand improvements, have been "wrongly hurt" but may return to fundamental pricing logic as market conditions stabilize [2][17] - It emphasizes that the recent volatility in silver and other precious metals indicates a potential end to the liquidity shock, with silver becoming a key indicator of market sentiment [2][17] Environmental Industry - The report stresses the importance of advancing the national carbon market and outlines investment recommendations in clean energy, energy conservation, and recycling sectors. It highlights specific companies such as Longjing Environmental and others involved in renewable energy and waste management [6][10] Non-Banking Financial Sector - The report notes a recovery in the IPO and refinancing market, with significant year-on-year growth in both areas. It indicates that the capital market reforms and increased market activity are expected to benefit brokerage firms' investment banking revenues [9] AI Industry and Bond Financing - The report focuses on the AI industry, highlighting the need for a diversified financing system to support technology companies, particularly private firms with high growth potential. It reviews case studies of leading tech companies' bond financing paths to assess the feasibility of similar strategies in China [4]

Core Insights - The A-share "Suzhou sector" has officially entered the "30 trillion yuan market value" era, with a total market value of 31,442.66 billion yuan as of February 10, reflecting an increase of approximately 1.43 trillion yuan compared to the beginning of last year, marking a significant year-on-year growth of 83.05% [1][6]. Group 1: Market Value Growth - Suzhou is the first city in the province and the fifth in the country to surpass a total market value of 30 trillion yuan in A-shares, highlighting the increasing influence of "Suzhou power" in the capital market [1][6]. - The growth in market value is attributed to a solid industrial foundation that has nurtured leading enterprises, capital market reforms that have activated listing momentum, and a focus on technological innovation that enhances investment value [1][6]. Group 2: Leading Enterprises - The "Suzhou sector" has cultivated four companies with a market value exceeding 100 billion yuan and seven companies with a market value above 50 billion yuan, all of which are deeply engaged in core technology sectors such as AI computing and high-end electronics [2][4]. - The four leading companies with market values exceeding 100 billion yuan are Tianfu Communication, Dongshan Precision, Hudian Co., and Hengtong Optic-Electric, with respective market values of 2,237.95 billion yuan, 1,410.89 billion yuan, 1,390.55 billion yuan, and 1,023.94 billion yuan, showing significant increases in market value since the beginning of 2025 [2][3]. Group 3: Industry Dynamics - The continuous rise in market value is supported by the increasing global demand for AI training and inference, which has accelerated the construction of data centers, thereby driving up the market demand for related products such as optical devices and high-end PCBs [3][8]. - Suzhou's complete electronic information industry ecosystem provides robust support for production capacity release and stable delivery, aligning with the policy trend of domestic substitution [3][8]. Group 4: Capital Market Expansion - The number of listed companies in Suzhou has rapidly expanded, with the total surpassing 200 in 2023, reaching 231 companies, ranking fifth nationwide [6][7]. - In 2025, Suzhou added 12 new A-share listed companies, marking the highest growth rate among major cities in the country [6][7]. Group 5: Technological Innovation - The continuous enhancement of technological innovation and the shift from traditional manufacturing to hard technology sectors are identified as core drivers of the steady increase in the market value of the "Suzhou sector" [8][9]. - Suzhou has 58 companies listed on the Sci-Tech Innovation Board, ranking third in the country, with a total market value of approximately 740.3 billion yuan, showcasing a diverse layout and strong capabilities in core technology sectors [9][10].