证券代码：603296 证券简称：华勤技术 公告编号：2026-012 本次股东会由华勤技术股份有限公司（以下简称"公司"）董事会召集，董 事长邱文生先生主持会议。本次股东会的召集、召开程序及表决方式符合《中华 (一) 股东会召开的时间：2026 年 2 月 9 日 (二) 股东会召开的地点：上海市浦东新区绿科路 699 号华勤全球研发中心会 议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 华勤技术股份有限公司 2026年第一次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 736 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 743,954,980 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 73.4259 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主 ...

Core Viewpoint - The company, Huqin Technology, anticipates a significant revenue growth for the year 2025, projecting total revenue between 170 billion to 171.5 billion yuan, which represents a year-on-year increase of 54.7% to 56.1% [1] Group 1: Financial Performance - The company will officially release its major operating data for 2025 on January 21, 2026, with specific fourth-quarter performance details to be disclosed in the annual report [1] - The projected revenue growth indicates strong operational performance and market demand [1] Group 2: Technology and Market Position - The company has developed a computing power matrix that is compatible with major global GPU chip platforms such as NVIDIA, AMD, and Intel, as well as leading domestic GPU chip platforms, establishing a "dual circulation" technology layout [1] - The company holds a significant market share among top domestic CSP clients, which positions it well for continued growth regardless of the import status of the H200 chip [1] - The data business is expected to maintain a high growth rate in 2026, irrespective of the H200 chip's importation [1]

Group 1 - Company launched an IPO with a global offering of 65.89 million H-shares, accounting for approximately 5.44% of total shares post-issue, priced at HKD 106.89 per share, raising approximately HKD 70.43 billion, with a net amount of about HKD 69.05 billion [1][10] - The IPO was highly successful, with the public offering being oversubscribed by 707.3 times and the international offering by 37.67 times [1][10] - The company attracted 17 cornerstone investors who collectively subscribed to approximately USD 450 million (around HKD 35.09 billion) of the offered shares, including notable firms such as JPMIMI, UBS, and Alibaba [1][10] Group 2 - The company, established in 2004, is a leading fabless integrated circuit design firm providing innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [1][10] - According to Frost & Sullivan, the company is projected to become the largest supplier of memory interconnect chips globally by 2024, with a market share of 36.8% [1][10] - As of the midday close, the company's stock price reached HKD 160.5, reflecting a 50.15% increase, with a total market capitalization of approximately HKD 194.577 billion [3][11]

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Quantitative Models and Factors Summary Quantitative Models and Construction Methods Model Name: Volume Timing Model - **Model Construction Idea**: The model uses volume signals to determine market timing[12] - **Model Construction Process**: - The model evaluates the volume timing signals for major indices as of February 6, 2026, and maintains a cautious view[24] - **Model Evaluation**: The model is currently signaling a cautious outlook for all major indices[24] Model Name: Momentum Sentiment Indicator - **Model Construction Idea**: The model uses the number of stocks with positive returns within an index to gauge market sentiment[24] - **Model Construction Process**: - Calculate the proportion of stocks in the CSI 300 index with positive returns over the past N days - The formula is: $ \text{CSI 300 Index N-day Upward Stock Proportion} = \frac{\text{Number of stocks with positive returns in the past N days}}{\text{Total number of stocks in the index}} $[24] - **Model Evaluation**: The indicator can quickly capture upward opportunities but may miss out on gains during sustained market exuberance and has limitations in predicting downturns[25] Model Name: Moving Average Sentiment Indicator - **Model Construction Idea**: The model uses the eight moving average system to determine the trend state of the CSI 300 index[32] - **Model Construction Process**: - Calculate the eight moving average values for the CSI 300 index closing prices with parameters 8, 13, 21, 34, 55, 89, 144, 233 - Assign values to the moving average indicator based on the moving average interval values - The formula is: $ \text{Indicator Value} = \begin{cases} -1 & \text{if interval value is 1/2/3} \\ 0 & \text{if interval value is 4/5/6} \\ 1 & \text{if interval value is 7/8/9} \end{cases} $[32] - **Model Evaluation**: The recent CSI 300 index is in a non-prosperous sentiment interval[32] Model Backtesting Results Volume Timing Model - **Signal**: Cautious for all major indices[24] Momentum Sentiment Indicator - **Current Value**: The indicator is above 60%, indicating high market sentiment[25] Moving Average Sentiment Indicator - **Current Value**: The CSI 300 index is in a non-prosperous sentiment interval[32] Quantitative Factors and Construction Methods Factor Name: Cross-sectional Volatility - **Factor Construction Idea**: The factor measures the cross-sectional volatility of index constituent stocks to assess the Alpha environment[36] - **Factor Construction Process**: - Calculate the cross-sectional volatility for the CSI 300, CSI 500, and CSI 1000 index constituent stocks - The formula is: $ \text{Cross-sectional Volatility} = \sqrt{\frac{1}{N-1} \sum_{i=1}^{N} (R_i - \bar{R})^2} $ where $ R_i $ is the return of stock i, and $ \bar{R} $ is the average return[37] - **Factor Evaluation**: The short-term Alpha environment has deteriorated, but the quarterly view shows a good Alpha environment for the CSI 300 and CSI 1000 indices[36] Factor Name: Time-series Volatility - **Factor Construction Idea**: The factor measures the time-series volatility of index constituent stocks to assess the Alpha environment[37] - **Factor Construction Process**: - Calculate the time-series volatility for the CSI 300, CSI 500, and CSI 1000 index constituent stocks - The formula is: $ \text{Time-series Volatility} = \sqrt{\frac{1}{T-1} \sum_{t=1}^{T} (R_t - \bar{R})^2} $ where $ R_t $ is the return at time t, and $ \bar{R} $ is the average return[40] - **Factor Evaluation**: The recent week shows an improvement in the Alpha environment for all indices[37] Factor Backtesting Results Cross-sectional Volatility - **CSI 300**: - Last quarter average: 2.17% - Last quarter percentile (2 years): 70.99% - Last quarter percentile (1 year): 74.07% - Last quarter percentile (6 months): 65.64%[37] - **CSI 500**: - Last quarter average: 2.48% - Last quarter percentile (2 years): 48.41% - Last quarter percentile (1 year): 53.97% - Last quarter percentile (6 months): 56.35%[37] - **CSI 1000**: - Last quarter average: 2.63% - Last quarter percentile (2 years): 66.53% - Last quarter percentile (1 year): 68.92% - Last quarter percentile (6 months): 66.14%[37] Time-series Volatility - **CSI 300**: - Last quarter average: 0.96% - Last quarter percentile (2 years): 58.02% - Last quarter percentile (1 year): 60.91% - Last quarter percentile (6 months): 47.94%[40] - **CSI 500**: - Last quarter average: 1.27% - Last quarter percentile (2 years): 50.00% - Last quarter percentile (1 year): 57.94% - Last quarter percentile (6 months): 60.32%[40] - **CSI 1000**: - Last quarter average: 1.22% - Last quarter percentile (2 years): 63.35% - Last quarter percentile (1 year): 71.31% - Last quarter percentile (6 months): 66.93%[40]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

Group 1 - A total of 685 listed companies have received broker research teams as of February 6, indicating a proactive approach by institutional funds for asset allocation in 2023 [1] - Leading brokerages, such as CITIC Securities with 213 research sessions, dominate the market, while other firms like Changjiang Securities and Guotai Junan also show significant activity with over 150 sessions each [1] - The most frequently researched company is Dajin Heavy Industry, with 83 sessions, followed by Naipu Mining Machinery with 50 sessions, and several others exceeding 40 sessions [1] Group 2 - The research focus has shown high industry concentration, with the industrial machinery sector leading at 70 companies, followed by electronic components and electrical equipment [2] - The current trend in broker research serves as an important reference for identifying market themes, with a recommendation to consider multiple broker consensus, particularly in the "technology + dividend" theme [2] - Intensive research not only enhances the brokerage's investment research capabilities but also connects various business lines, potentially leading to improved net asset returns and valuation recovery [2]

华勤技术股份有限公司（以下简称"公司"）正在进行申请发行境外上市外 资股（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板挂 牌上市（以下简称"本次发行上市"）的相关工作。香港联交所上市委员会于 2026 年 2 月 5 日举行上市聆讯，审议公司本次发行上市的申请。 特此公告。 证券代码：603296 证券简称：华勤技术 公告编号：2026-011 华勤技术股份有限公司董事会 2026年2月7日 华勤技术股份有限公司 1 关于香港联交所审议公司发行 H 股的公告 公司本次发行上市的联席保荐人已于 2026 年 2 月 6 日收到香港联交所向其 发出的信函，其中指出香港联交所上市委员会已审阅公司的上市申请，但该信函 不构成正式的上市批准，香港联交所仍有对公司的上市申请提出进一步意见的权 力。 公司本次发行上市尚需取得香港证券及期货事务监察委员会和香港联交所 等相关监管机构、证券交易所的最终批准，该事项仍存在不确定性。公司将根据 该事项的进展情况依法及时履行信息披露义务，敬请广大投资者注意投资风险。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实 ...

Group 1 - The company, Huqin Technology (603296.SH), is in the process of applying for the issuance of overseas listed foreign shares (H shares) and plans to list on the Main Board of the Hong Kong Stock Exchange [1] - The listing hearing by the Listing Committee of the Hong Kong Stock Exchange is scheduled for February 5, 2026, to review the company's application for issuance and listing [1] - The joint sponsors received a letter from the Hong Kong Stock Exchange on February 6, 2026, indicating that the Listing Committee has reviewed the company's listing application, but this letter does not constitute formal approval for the listing [1]

Core Viewpoint - The company, Huqin Technology (603296.SH), is in the process of applying for the issuance of overseas listed foreign shares (H shares) and plans to list on the Main Board of the Hong Kong Stock Exchange [1] Group 1: Listing Application Process - The listing hearing by the Hong Kong Stock Exchange Listing Committee is scheduled for February 5, 2026, to review the company's application for issuance and listing [1] - The joint sponsors of the company's listing application received a letter from the Hong Kong Stock Exchange on February 6, 2026, indicating that the Listing Committee has reviewed the application [1] - The letter does not constitute formal approval for the listing, and the Hong Kong Stock Exchange retains the right to provide further comments on the company's application [1]