深交所：港股通标的证券名单调整，调入广和通（00638），11月17日起生效。 ...

①皮阿诺：近日，公司分别收到控股股东、实际控制人马礼斌的《告知函》，以及持股5%以上股东珠 海鸿禄企业管理合伙企业（有限合伙）（简称"珠海鸿禄"）的通知，获悉双方已分别与深圳市通捷企业 管理合伙企业（有限合伙）就终止协议转让公司股份事宜协商达成一致。之前，马礼斌拟将9.59%的公 司股份通过协议转让的方式转让给深圳通捷；珠海鸿禄拟将7%的公司股份通过协议转让的方式转让给 深圳通捷。②广和通：公司发行的1.35亿H股股票（行使超额配股权之前）已于2025年10月22日在香港 联交所主板挂牌并上市交易。有关全球发售的稳定价格期已于11月16日（即递交香港公开发售申请截止 日期后第30日）结束。保荐人兼整体协调人（代表国际承销商）于稳定价格期内并无行使超额配股权， 且超额配股权于11月16日失效。因此，并无或不会根据超额配股权发行H股。 ...

证券代码：300638 证券简称：广和通 公告编号：2025-076 深圳市广和通无线股份有限公司 关于稳定价格行动、稳定价格期结束及超额配股权失效的公告 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。 经香港联合交易所有限公司（以下简称"香港联交所"）批准，深圳市广和 通无线股份有限公司（以下简称"公司"、"本公司"）发行的 135,080,200 股 H 股股票（行使超额配股权之前）已于 2025 年 10 月 22 日在香港联交所主板挂 牌并上市交易。公司 H 股股票中文简称"廣和通"，英文简称"FIBOCOM"， 股票代码"0638"。具体详见公司在巨潮资讯网披露的相关公告。 一、稳定价格行动及稳定价格期结束 | 股东类别 | 持股数量（股） | 持股比例 | | --- | --- | --- | | 股 A | 765,453,542 | 85.00% | | 股 H | 135,080,200 | 15.00% | | 合计 | 900,533,742 | 100.00% | 本次超额配股权失效前后的股份无变动，具体如下： 三、公众持股量 紧随稳 ...

广和通（300638）(00638)发布公告，根据香港法例第571W章证券及期货(稳定价格)规则第9(2)条，本公 司宣布，有关全球发售的稳定价格期于2025年11月16日(星期日)(即递交香港公开发售申请截止日期后第 30日)结束。 稳定价格操作人、其联属人士或代其行事的任何人士于稳定价格期内进行的稳定价格行动载列如下： (1)在国际发售中超额分配合共2026.2万股H股，约占任何超额配股权获行使前全球发售项下初步提呈发 售的发售股份总数的15%; (2)于稳定价格期间先后在市场上以介乎每股H股17.30港元至21.50港元的价格购买合共2026.2万股H股 (约占任何超额配股权获行使前全球发售项下初步可供认购的发售股份总数的15%)。稳定价格操作人、 其联属人士或代其行事的任何人士于稳定价格期内在市场上作出的最后一次购买于2025年11月14日(星 期五)进行，价格为每股H股20.34港元。 保荐人兼整体协调人(代表国际承销商)于稳定价格期内并无行使超额配股权，且超额配股权于2025年11 月16日(星期日)失效。因此，并无或不会根据超额配股权发行H股。 ...

Core Viewpoint - The company, Guanghe Tong (00638), announced the end of its stabilization period for global offerings on November 16, 2025, in accordance with Hong Kong laws [1] Summary by Relevant Sections - **Stabilization Actions** - During the stabilization period, a total of 20.262 million H-shares were over-allocated in the international offering, representing approximately 15% of the total shares initially offered before the exercise of any over-allotment options [1] - The stabilization operator purchased a total of 20.262 million H-shares in the market at prices ranging from HKD 17.30 to HKD 21.50 per share, also accounting for about 15% of the total shares initially available for subscription before the exercise of any over-allotment options [1] - The last purchase made by the stabilization operator during this period occurred on November 14, 2025, at a price of HKD 20.34 per share [1] - **Over-allotment Options** - The sponsor and overall coordinator did not exercise the over-allotment option during the stabilization period, and this option will expire on November 16, 2025 [1] - As a result, no H-shares will be issued or are expected to be issued under the over-allotment option [1]

Core Viewpoint - Guanghe Tong (00638.HK) announced the end of the stabilization period for its global offering on November 16, 2025, with no exercise of the over-allotment option by the underwriters during this period [1] Summary by Relevant Sections - **Stabilization Period**: The stabilization period for the global offering will conclude on November 16, 2025, which is 30 days after the deadline for submitting applications for the Hong Kong public offering [1] - **Over-allotment Option**: The underwriters did not exercise the over-allotment option during the stabilization period, and this option will expire on November 16, 2025 [1] - **H Shares Issuance**: As a result of the above, there will be no issuance of H shares based on the over-allotment option [1]

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 除非另有界定，否則本公告所用詞彙與深圳市廣和通無線股份有限公司（「本公司」）刊發的日期 為2025年10月14日（星期二）的招股章程（「招股章程」）所界定者具有相同涵義。 本公告根據香港法例第571W章證券及期貨（穩定價格）規則第9(2)條作出。本公告僅供參考， 並不構成任何人士收購、購買或認購任何證券的邀請或要約。本公告並非招股章程。潛在投資 者在決定是否投資發售股份前，應細閱招股章程，以獲取下文所述有關全球發售的詳細資料。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州及哥倫比亞特區）發佈、刊 發、派發。本公告並不亦不擬構成或組成在美國境內或於任何其他司法管轄區購買或認購證券 的任何要約或招攬的一部分。本公告所述證券並無亦不會根據1933年《美國證券法》（經不時修 訂）（「美國證券法」）或美國任何州或其他司法管轄區的證券法登記。本公告 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry [5][44]. Core Insights - The communication industry is experiencing strong growth driven by advancements in AI infrastructure and silicon photonics, with companies like Tower and AMD showing significant revenue growth projections [1][15][21]. - Tower Semiconductor's Q3 2025 revenue reached $396 million, a 7% year-over-year increase, with expectations for Q4 revenue to be $440 million, driven by a 70% increase in silicon photonics revenue [11][1]. - AMD projects a compound annual growth rate (CAGR) of over 35% for overall revenue and over 60% for its data center business over the next 3-5 years, highlighting the growing demand for AI-related infrastructure [15][21]. - Cisco reported an 8% year-over-year revenue increase in Q1 FY2026, primarily due to strong AI infrastructure orders, with expectations for AI-related revenue to exceed $3 billion in FY2026 [21][22]. Summary by Sections Industry News Tracking - North American optical module and chip companies are expected to see significant growth, with Tower planning to triple its silicon photonics capacity [1][11]. - Baidu's World Conference 2025 unveiled a roadmap for computing infrastructure upgrades and the launch of the Wenxin large model 5.0, showcasing advancements in AI capabilities [26][27]. - The successful launch of 13 low-orbit satellites marks a significant step in accelerating satellite internet development [28]. Market Performance Review - The communication index fell by 4.77% this week, underperforming the Shanghai and Shenzhen 300 index, which decreased by 1.08% [3][36]. - Within the sector, IoT controllers, operators, and satellite internet showed relatively better performance [3][39]. Investment Recommendations - Continued focus on AI computing infrastructure development is advised, with recommendations to consider companies involved in optical devices, communication equipment, and liquid cooling solutions [44]. - The three major telecom operators are highlighted as important assets for long-term investment due to their stable operations and increasing dividend payouts [44]. Key Company Earnings Forecasts and Investment Ratings - Key companies such as China Mobile, Zhongji Xuchuang, and ZTE are rated as "Outperform" with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [5][43].

Group 1 - The core viewpoint of the news highlights the recent stock performance and financial metrics of Guanghetong, indicating a decline in stock price and significant net outflow of funds [1][2] - As of November 14, Guanghetong's stock price decreased by 2.03% to 25.58 CNY per share, with a total market capitalization of 23.036 billion CNY [1] - Year-to-date, Guanghetong's stock has increased by 29.19%, but it has seen a decline of 0.93% over the last five trading days and 9.45% over the last 20 days [1] Group 2 - Guanghetong, established on November 11, 1999, specializes in wireless communication modules and related solutions, with 99.38% of its revenue coming from this segment [2] - The company operates within the communication equipment sector and is involved in various concepts such as vehicle networking, eSIM, and low-altitude economy [2] - For the period from January to September 2025, Guanghetong reported a revenue of 5.366 billion CNY, a year-on-year decrease of 13.69%, and a net profit of 316 million CNY, down 51.50% year-on-year [2] Group 3 - Since its A-share listing, Guanghetong has distributed a total of 869 million CNY in dividends, with 620 million CNY distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 1.553 million shares [3] - The Southern CSI 1000 ETF reduced its holdings by 50,000 shares, while the Huaxia CSI 1000 ETF has exited the top ten circulating shareholders list [3]

Group 1: Communication Industry Overview - The communication industry is in a bullish phase, significantly outperforming the market, with the Shenwan Communication Index closing at 4,864.72 points and a year-to-date return of 63.37%, surpassing the Shanghai Composite Index (19.27%), Shenzhen Component Index (28.70%), and ChiNext Index (49.80%) [1][16] - The overall revenue growth rate of the communication industry remained stable in the first three quarters of 2025, with total revenue reaching 1.95 trillion yuan, a year-on-year increase of 3.22% [18][25] - The net profit level showed significant growth, with net profits in the first three quarters increasing by 6.69%, 8.26%, and 11.68% respectively, reflecting a seasonal pattern with the second quarter typically being the strongest [18][25][29] Group 2: Optical Communication - Capital expenditure from major cloud providers continues to grow, with total capital expenditure from North America's top four cloud companies (Microsoft, Google, Meta, Amazon) reaching 719.32 billion, 882.46 billion, and 972.71 billion yuan in the first three quarters of 2025, with year-on-year growth rates of 62.4%, 67.0%, and 65.3% respectively [2][40] - The demand for optical modules is expected to increase significantly, with the ratio of 1.6T optical modules demand shifting from 1:2.5 to 1:5 due to the next-generation Vera Rubin architecture [2][52] - The competitive landscape in the optical module industry favors leading companies, as the supply of core materials is expected to remain tight, and leading firms are better positioned to secure orders [2][56] Group 3: Copper Connectivity - The high-speed copper cable market is expanding, driven by data flow growth and infrastructure upgrades, with the global communication cable industry projected to grow from 12.9 billion yuan in 2020 to 17 billion yuan by 2024, at a compound annual growth rate (CAGR) of 7.1% [71][73] - High-speed copper cables are considered the ideal solution for short-distance interconnects within data centers, with demand for multi-channel 800G, 1.6T, and 3.2T cables expected to rise [79][81] - The market for high-speed copper cables is relatively concentrated, with the top five manufacturers holding a combined market share of 86.8% in 2024 [81][82] Group 4: Edge AI and Aerospace Control - The edge AI industry is experiencing explosive growth, with market size and penetration rates expanding exponentially, particularly in smart security and automotive applications [3][4] - The global aerospace measurement and control system market is expected to reach sales of 1.179 billion dollars in 2024 and 2.509 billion dollars by 2030, with a compound annual growth rate of 13.4% [3][5] - The rapid development of low-orbit satellite internet is driving a surge in satellite constellations and launches, highlighting the scarcity of measurement and control resources [3][5]