扬州扬杰电子科技股份有限公司 外汇套期保值业务管理制度 第一章 总则 第三章 审批权限 第一条 为规范扬州扬杰电子科技股份有限公司（以下简称"公司"）及下属 子公司外汇套期保值业务，保证汇率波动风险的可控性，加强对外汇套期保值业 务的管理，根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公 司信息披露管理办法》、《深圳证券交易所创业板股票上市规则》、《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》、《深圳证券交易 所上市公司自律监管指引第 7 号——交易与关联交易》及《公司章程》等的有关 规定，结合公司具体实际，特制定本制度。 第二条 本制度所称外汇套期保值业务是指为满足正常经营或业务需要，与 境内外具有相关业务经营资质银行等金融机构开展的用于规避和防范汇率或利 率风险的各项业务，包括：远期业务、掉期业务、互换业务、期权业务及其他外 汇衍生产品业务。 第三条 本制度适用于公司及下属的全资子公司、控股子公司（以下合称"子 公司"）开展的外汇套期保值业务。子公司进行外汇套期保值业务视同上市公司 进行外汇套期保值业务，适用本制度。未经公司董事会同意，子公司不得操作外 汇套期 ...

扬州扬杰电子科技股份有限公司 开展外汇套期保值业务可行性分析报告 一、开展外汇套期保值业务的目的 随着扬州扬杰电子科技股份有限公司（以下简称"公司"）国际化战略的深入 推进，海外业务规模持续扩大，跨境收支及外币结算需求显著增长。为更有效防 范和化解汇率波动风险，提升财务稳健性，在总结前期外汇套期保值操作经验的 基础上，结合业务开展实际需要，公司及子公司拟进一步优化外汇风险管理策略， 适度增加业务额度，以更好地保障公司经营成果的稳定性，维护公司及全体股东 的利益。 二、套期保值业务基本情况 1、交易金额 根据资产规模及业务需求情况，本次额度增加后，公司及子公司拟开展的外 汇套期保值业务额度不超过 20,000 万美元。授权期限内任一时点的交易金额（含 前述交易的收益进行再交易的相关金额）将不超过上述额度。 2、交易方式 公司及子公司拟开展的外汇套期保值业务品种包括但不限于远期结售汇、外 汇掉期、外汇期货、外汇期权等。交易对手方为具有衍生品交易业务经营资格、 经营稳健且资信良好的国内和国际性金融机构。 3、交易期限 授权期限自公司董事会审议通过之日起 12 个月内有效。如单笔交易的存续 期超过了授权期限，则授权期 ...

证券代码：300373 证券简称：扬杰科技 公告编号：2026-003 扬州扬杰电子科技股份有限公司 关于继续开展外汇套期保值业务并增加业务额度的公告 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。 重要内容提示： 1、交易目的：在人民币汇率双向波动及利率市场化的金融市场环境下, 为 提高公司应对外汇波动风险的能力，增强公司财务稳健性，更好地维护公司及全 体股东的利益，公司及子公司拟适度开展外汇套期保值业务。 2、交易方式：公司及子公司拟开展的外汇套期保值业务品种包括但不限于 远期结售汇、外汇掉期、外汇期货、外汇期权等。交易对手方为具有衍生品交易 业务经营资格、经营稳健且资信良好的国内和国际性金融机构。 3、投资金额：因公司业务开展实际需要，公司拟继续开展外汇套期保值业 务并增加业务额度，本次增加额度后，公司及子公司拟开展的外汇套期保值业务 额度不超过 20,000 万美元。授权期限内任一时点的交易金额（含前述交易的收 益进行再交易的相关金额）将不超过上述额度。 4、审批程序：公司于 2026 年 2 月 11 日召开了第五届董事会第二十四次会 议，审议通过了 ...

证券代码：300373 证券简称：扬杰科技 公告编号：2026-002 扬州扬杰电子科技股份有限公司 第五届董事会第二十四次会议决议公告 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。 扬州扬杰电子科技股份有限公司（以下简称"公司"）于 2026 年 2 月 5 日以 电话等方式向各位董事发出关于召开公司第五届董事会第二十四次会议的通知， 会议于 2026 年 2 月 11 日下午 15：30 以通讯方式召开。 本次会议应到董事 9 人，实到董事 9 人。会议由董事长梁勤女士主持，公司 部分高级管理人员列席了会议。本次会议的召开符合《中华人民共和国公司法》 和《公司章程》的有关规定。经与会董事审议，形成如下决议： 一、审议通过了《关于修订<外汇套期保值业务管理制度>的议案》 具体内容详见公司于同日在巨潮资讯网（www.cninfo.com.cn）披露的《外汇 套期保值业务管理制度》。 审议结果：9 票同意，0 票反对，0 票弃权。 二、审议通过了《关于继续开展外汇套期保值业务并增加业务额度的议案》 为提高公司应对外汇波动风险的能力，增强公司财务稳健性，更好地维 ...

Summary of Conference Call on Infineon Technologies Company Overview - Infineon Technologies is a key player in the power semiconductor market, particularly in the server MOSFET and power chip sectors, holding approximately 50% market share in the server MOSFET segment and around 18% in the overall power chip market [2][3]. Core Insights and Arguments - **AI Impact on Business Growth**: The demand for power chips has significantly increased due to AI, especially following the release of the silicon carbide technology and the 800V NV white paper. The MOSFET segment has benefited from this high demand, with good delivery times and utilization rates [1][3]. - **Financial Performance**: In the first quarter, Infineon reported revenues of €3.6 billion, a year-on-year increase of 7%, with a real growth of 14% after accounting for currency effects. The automotive segment grew by 4%, power segment by 16%, industrial segment by 19%, while the IoT segment declined by 7% [5]. - **Future Revenue Projections**: Infineon anticipates AI-related revenues to reach €1.5 billion by 2026, with potential upward revisions. The target for 2027 is set at €2.5 billion, primarily constrained by capacity expansion needs [10]. - **Market Trends**: The power chip market is expected to improve in supply-demand dynamics and continue price increases in the coming quarters, driven by overseas recovery and AI-related demand. Key factors include overseas product utilization rates and market conditions [6]. Additional Important Insights - **Product Demand in AI**: Each GPU requires approximately 30 DR MOS components, which has led to a significant increase in MOSFET demand. The market for low-voltage MOSFETs is experiencing a shift towards supply-demand imbalance, with high-end products in short supply [4][12]. - **Domestic Market Dynamics**: The domestic low-voltage MOSFET market is led by companies like Yangjie Technology and others, with high utilization rates but not yet reaching extended delivery times. An improved supply-demand environment is expected within a year [13]. - **Stock Performance Concerns**: Infineon's stock has shown relative weakness due to cautious guidance on overall gross margins for 2026, concerns over price declines, increased capital expenditures, and cash flow issues [8][9]. - **Strategic Measures**: Infineon and other international manufacturers are actively addressing the challenges posed by AI, including plans to expand production capacity for high-end MOSFETs and reallocating resources from standard components to high-growth areas [14][15]. This summary encapsulates the key points from the conference call regarding Infineon Technologies, highlighting the impact of AI on its business, financial performance, market trends, and strategic responses to industry challenges.

我们反复强调涨价线，建议关注重资产标的或偏低端芯片供应商！ 重资产叠加涨价弹性 代工：中芯国际、华虹半导体、燕东微、晶合集成等 封测：长电、通富、华天、甬矽、汇成等 功率：捷捷微电、扬杰科技、士兰微、芯联集成等 我们反复强调涨价线，建议关注重资产标的或偏低端芯片供应商！ 士兰微开启涨价，重视涨价线！ 重资产叠加涨价弹性 代工：中芯国际、华虹半导体、燕东微、晶合集成等 封测：长电、通富、华天、甬矽、汇成等 功率：捷捷微电、扬杰科技、士兰微、芯联集成等，设计标的新洁能等 因贵金属价格上涨导致成本提升，士兰微决定自3/1开启涨价，涨价产品包括小信号二极管/三极管，沟槽TMBS芯 片和MOS。 士兰微开启涨价，重视涨价线！ 因贵金属价格上涨导致成本提升，士兰微决定自3/1开启涨价，涨价产品包括小信号二极管/三极管，沟槽TMBS芯 片和MOS。 封测上游材料：康强电子。 风险提示：涨价幅度不及预期等。 反转高弹性代表标的 LED驱动：富满微 市值&体量最小fab：民德电子 市值&体量最小封测：气派科技 ...

Investment Rating - The report maintains a "Buy" rating for multiple companies across various sectors, indicating a positive outlook for their performance in the near future [12]. Core Insights - The technology sector is experiencing a significant shift towards AI applications, with traditional SaaS software facing headwinds due to the emergence of AI tools that automate various tasks [4][5]. - The demand for optical modules is expected to remain strong, with supply constraints leading to a focus on leading companies like Zhongji Xuchuang [6]. - The AI-driven inflation is affecting the electronics industry, with price increases observed in power devices and other components [7]. - The report highlights the importance of CPU performance in the Agentic AI era, suggesting that CPU shortages could enhance profitability for leading companies in this space [6]. - The advanced packaging industry is poised for growth due to increased demand driven by AI investments, with recommendations for companies like Longji Technology and Tongfu Microelectronics [8]. - Domestic computing power is expected to see significant opportunities, particularly with the launch of new generation chips [9]. - The IC substrate supply chain is facing bottlenecks, with recommendations for domestic companies that could benefit from price increases [10]. Summary by Sections Technology Sector - AI applications are gaining traction, leading to concerns about the impact on traditional SaaS [4]. - Major companies are releasing AI programming tools, enhancing productivity in various fields [5]. Optical Modules - Strong demand is anticipated in the optical module industry, with supply constraints favoring leading firms [6]. Electronics Industry - AI inflation is spreading, causing price hikes in various electronic components, particularly in power devices [7]. CPU Market - The performance of CPUs is becoming increasingly critical, with potential shortages expected to boost profitability for leading firms [6]. Advanced Packaging - The advanced packaging sector is expected to benefit from AI investments, with several companies recommended for investment [8]. Domestic Computing Power - New generation computing chips are set to launch, presenting significant opportunities for domestic firms [9]. IC Substrate Supply Chain - The IC substrate market is experiencing supply constraints, with recommendations for companies likely to benefit from price increases [10].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][9]. Core Insights - The company has shown steady revenue growth, with a reported revenue of 233 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 3.48%. However, net profit attributable to shareholders decreased by 4.79% to 14 million yuan due to short-term impacts from share-based payments [4]. - The company focuses on independent innovation, with its products filling domestic technological gaps. Key technology indicators of its products are at a leading domestic and advanced international level, showcasing strong potential for domestic substitution [5]. - The company is expanding its market presence through collaborations with leading international and domestic firms, enhancing its core competitive barriers. Notable products like the QT-8400 series have made significant technological breakthroughs and are entering important customer supply chains [6]. - The company is accelerating the development of high-performance SoC testing machines, capitalizing on the growing demand for domestic alternatives in the high-end SoC testing market [7]. Financial Projections - Revenue projections for the company are estimated at 360 million yuan in 2025, 600 million yuan in 2026, and 1 billion yuan in 2027. Corresponding net profits are expected to be 36 million yuan, 122 million yuan, and 246 million yuan respectively [8][11]. - The company anticipates a significant growth rate in revenue, with projections of 15.7% in 2025, 66.9% in 2026, and 65.5% in 2027 [11]. - The earnings per share (EPS) is projected to increase from 0.51 yuan in 2025 to 3.49 yuan in 2027 [11]. Relative Valuation - The company is positioned as a leading supplier in the semiconductor testing equipment sector, with a focus on automation testing systems and laser marking equipment. The relative valuation analysis suggests a price-to-sales (P/S) ratio of 23.04x for 2025, supporting the "Buy" rating [14][15].

Investment Rating - The report maintains a "Neutral" investment rating for the electronic sector, indicating a cautious outlook amidst ongoing market fluctuations [4]. Core Insights - The AI infrastructure construction is still in a phase of large-scale investment, with the four major CSP companies expected to collectively reach capital expenditures of $670 billion in 2026, a 60% year-on-year increase [4][10]. - The global semiconductor industry is projected to achieve record sales of $1 trillion in 2026, driven by emerging technologies such as AI and IoT, with a price increase trend spreading from memory chips to power, analog, and MCU chips [4][12]. - The electronic sector is experiencing a recovery in demand, with storage chip prices rising and domestic production efforts exceeding expectations [4]. Summary by Sections Industry Overview - The electronic sector is witnessing a significant increase in capital expenditures from major CSPs, with Google and Amazon both reporting substantial growth in their cloud and advertising businesses [4][10]. - The semiconductor industry is entering a comprehensive price increase cycle, with sales reaching $791.7 billion in 2025, a 25.6% increase year-on-year, and expected to exceed $1 trillion in 2026 [4][12]. Investment Recommendations - The report suggests focusing on structural opportunities in AI computing, AIOT, semiconductor equipment, key components, and storage price increases [4]. - Specific companies to watch include: - AIOT beneficiaries: Lexin Technology, Hengxuan Technology, and others [5]. - AI innovation-driven sectors: Cambrian, Moore Threads, and others [5]. - Semiconductor equipment and materials: North Huachuang, Zhongwei Company, and others [5]. Market Performance - The electronic sector underperformed the market this week, with the Shenwan Electronic Index dropping 5.23%, while the overall market saw a decline of 1.33% [4][19]. - Sub-sectors such as semiconductors and electronic components experienced significant declines, with semiconductor stocks down 7.97% [21].

Core Insights - The main focus of the news is on the significant inflow of capital into various stocks, highlighting the top 20 stocks by capital inflow as of February 5, with notable performances in terms of percentage increase and monetary value [1][2][3] Group 1: Top Stocks by Capital Inflow - Pingtan Development leads with a capital inflow of 1.278 billion, showing a price increase of 10.05% [2] - Wangsu Science & Technology follows with an inflow of 0.682 billion and a price increase of 7.48% [2] - N North Core U has an inflow of 0.666 billion, with a remarkable price increase of 183.33% [2] - Haixia Innovation shows a strong performance with a capital inflow of 0.642 billion and a price increase of 20% [2] - Other notable stocks include 263 with 0.566 billion inflow and a 10.04% increase, and China Merchants Bank with 0.554 billion and a 1.79% increase [2] Group 2: Sector Performance - The stocks listed are from various sectors, including agriculture, internet services, consumer electronics, and cultural media, indicating diverse investment interests [2][3] - The electronic components sector is represented by Fenghua High-Tech with a capital inflow of 0.401 billion and a price increase of 9.99% [3] - Aerospace is represented by Beimo High-Tech, which has a capital inflow of 0.312 billion and a price increase of 10% [3]