香港交易及結算所有限公司及香港聯合交易所有限公司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，概不對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。 Fibocom Wireless Inc. 深圳市廣和通無線股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代碼：00638） 海外監管公告 廣東信達律師事務所關於深圳市廣和通無線股份有限公司 2026年員工持股計劃事項的法律意見書 本公告由深圳市廣和通無線股份有限公司（「本公司」）根據香港聯合交易所有限公 司證券上市規則第13.10B條作出。 以下為本公司於深圳證券交易所網站（ http://www.szse.cn ）及巨潮資訊網 ( www.cninfo.com.cn )所發佈之《廣東信達律師事務所關於深圳市廣和通無線股份 有限公司2026年員工持股計劃事項的法律意見書》，僅供參閱。 承董事會命 深圳市廣和通無線股份有限公司 董事長 張天瑜 中國，2026年3月2日 於本公告日期，本公司董事會成員包括執行董事張天瑜先生、應凌鵬先生、許寧 先生及陳綺華女士；及獨立非執行董事王寧先生、趙 ...

法律意见书 11&12/F, TaiPing Finance Tower, 6001 Yitian Road, Futian District, Shenzhen, P.R.CHINA 电话(Tel)：(0755)88265288 传真(Fax)：(0755)88265537 电子邮件（E-mail）：info@sundiallawfirm.com 网址（Website）：https://www.sundiallawfirm.com 法律意见书 关于深圳市广和通无线股份有限公司 2026 年员工持股计划的 法律意见书 中国深圳福田区益田路 6001 号太平金融大厦 11、12 楼邮编：518038 广东信达律师事务所 关于深圳市广和通无线股份有限公司 2026 年员工持股计划的 法律意见书 信达持股字（2026）第 001 号 致：深圳市广和通无线股份有限公司 广东信达律师事务所（以下简称"信达"）接受深圳市广和通无线股份有限 公司（以下简称 "公司"）的委托，担任公司 2026 年员工持股计划之专项法律 顾问。 信达根据《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 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - Nvidia's performance exceeded expectations, with Q4 FY2026 revenue reaching $68.1 billion, a year-on-year increase of 73% and a quarter-on-quarter increase of approximately 19%. The data center business revenue was $62.3 billion, up 75% year-on-year and 22% quarter-on-quarter, driven by the continuous release of Blackwell and Blackwell Ultra products [5][13] - DeepSeek, in collaboration with Tsinghua University and Peking University, introduced the DualPath system to address storage bandwidth bottlenecks in LLM inference, achieving an average throughput increase of 1.96 times [6][16] - The global AI industry is expected to resonate, with significant capital expenditure increases from major players like Google and Meta, indicating a robust growth trajectory for AI-related sectors [14][18] Summary by Sections Nvidia Performance - Nvidia's Q4 FY2026 revenue was $68.1 billion, with a 73% year-on-year growth and a 19% quarter-on-quarter growth. Data center revenue reached $62.3 billion, marking a 75% year-on-year increase and a 22% quarter-on-quarter increase. The growth was primarily due to the release of Blackwell and Blackwell Ultra products, with the Grace Blackwell system contributing approximately two-thirds of the data center revenue [5][13][14] DeepSeek Innovation - DeepSeek's DualPath system addresses the KV-Cache storage bottleneck in LLM inference, significantly improving online inference throughput by 1.96 times. This innovation is seen as a milestone in AI computing, enhancing hardware utilization and facilitating the commercial application of large models [6][16] AI Industry Outlook - The report highlights a strong outlook for the AI industry, with major companies like Google and Meta increasing their capital expenditures significantly. This trend is expected to support the growth of AI computing and related technologies [14][18] Communication Data Tracking - As of December 2025, China had 4.84 million 5G base stations, with 1.204 billion 5G mobile users, reflecting an 18.74% year-on-year growth. However, 5G mobile phone shipments decreased by 27.3% year-on-year [28][30][41]

| 华安研究 2026年3月金股组合 | 归母净利润（百万元） | 归母净利润增速 | 营业收入（百万元） | 营业收入增速 | eps | pe(其余有说明) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行业 | 金股代码 | 金股 | 核心推荐逻辑 | 风险提示 | 研究员 | 报告依据 | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | 2024A | 2025E | 2 ...

| 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↓ | | --- | --- | --- | --- | --- | | 广和通(00638) | 14.010 | 30.58 | 161.46% | 20.09% | | 国联民生(01456) | 5.020 | 9.85 | 135.06% | 14.43% | | 京城机电股份(00187) | 4.440 | 14.5 | 291.22% | 14.19% | | 东方证券(03958) | 6.170 | 10.13 | 96.60% | 13.22% | | 剑桥科技(06166) | 67.000 | 105.5 | 88.61% | 12.75% | | 康希诺生物(06185) | 35.480 | 72 | 143.07% | 11.24% | | 中州证券(01375) | 2.090 | 4.41 | 152.63% | 10.64% | | 中铝国际(02068) | 2.770 | 6.41 | 177.26% | 10.61% | | --- | --- | --- | --- | --- | | 龙旗科技(0 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector saw a 2.35% increase in the 6th-7th week of 2026, ranking 6th among primary industries in the Yangtze River region; since the beginning of 2026, it has risen by 0.44%, ranking 27th [2][6] - Tower's silicon photonics revenue doubled, with a high demand for 1.6T, and capacity expansion plans have been adjusted with prepayments secured; silicon photonics modules continue to penetrate the market [2][10] - Vertiv's orders and backlog reached new highs, with a shipment-to-order ratio rising to 2.9 times [2][10] - ByteDance's Seedance 2.0 has industry-leading generation availability, while Google's Gemini 3.1 Pro tops the charts, and Anthropic's annual revenue is growing rapidly at $14 billion [2][10] - OpenAI's cumulative computing expenditure is expected to exceed $600 billion by 2030, with an upward revision of revenue forecasts [2][10] Summary by Sections Market Performance - In the 6th-7th week of 2026, the communication sector increased by 2.35%, ranking 6th among primary industries; since the start of 2026, it has risen by 0.44%, ranking 27th [2][6] - Among companies with a market capitalization above 8 billion, the top three gainers this week were Dawei Technology (+39.4%), Shengke Communication (+31.7%), and Shenling Environment (+29.6%); the top three decliners were Tongyu Communication (-11.7%), Dingtong Technology (-9.7%), and Xinke Mobile (-9.3%) [6] Company Highlights - **Tower**: In Q4 2025, revenue reached $440 million, a year-on-year increase of 13.7%, with GAAP net profit of $80 million, up 45.3%. The company expects silicon photonics revenue to reach $228 million in 2025, doubling from 2024, and has raised its capacity target from 3 times to over 5 times the Q4 2025 shipment [7] - **Vertiv**: In Q4 2025, revenue was $2.88 billion, a year-on-year increase of 22.7%, with GAAP net profit of $450 million, up 203.1%. The company reported a significant increase in organic orders, with a year-on-year growth of 252% [7] AI Model Developments - On February 12, ByteDance launched Seedance 2.0, achieving industry-leading performance in complex scenarios with a high generation availability rate [8] - Anthropic completed a $30 billion Series G financing round with a post-money valuation of $380 billion, reporting an annual revenue of approximately $14 billion [8] - On February 19, Google released Gemini 3.1 Pro, which ranked first in AI analysis, showing significant improvements in reasoning capabilities [8] Future Projections - OpenAI updated its financial outlook, projecting cumulative computing-related expenditures to exceed $600 billion by 2030, with training costs expected to rise significantly in 2025 and 2026 [9]

来源：活报告 2025年上市114家新股，基本上递表2次后得以顺利发行。其中，首次递表就发行成功的有19家，占比16.67%；二次递表的有 62家，占比54.39%；三次递表的有17家，占比14.91%；四、五、六次递表的分别有9家、2家、1家。 港股上市进程一般分为递表（递交上市申请）、备案、聆讯、路演、招股、挂牌上市等阶段。递表至通过聆讯是花费时间最 长的阶段，期间需要接受港交所的问询以及补充相关材料以供审核，同时内地公司也需在中国证监会完成备案流程。 一般而言，上市周期被拉得越长，发行人需要支付的上市费用也会越高。2025年港股新股整体上市周期有所延长，从首次递 表到正式上市的所用时长均值为400天，较上一年平均增加18天（未计入秘密递表公司的上市周期）。 2025年有4家成功上市的公司采取秘密递表，分别为禾赛-W、小马智行-W、文远知行-W、HASHKEY HLDGS。 在可统计的公司中，上市周期最短的三家公司分别为IFBH、紫金黄金国际、宁德时代；上市周期最长的公司分别为纽曼思、 绿茶集团、药捷安康-B。 递表至上市所用天数排行 | 序号 | 证券代码 | 公司简称 | 递表次数 | 递表至上市所有 ...

| 股票名称 | H股(港元) | A股 | 溢价率↓ | 偏离值 | | --- | --- | --- | --- | --- | | 东北电气(00042) | 0.315 | 2.25 | 757.14% | -50.71% | | 京城机电股份 | 4.380 | 14.1 | 285.62% | 12.60% | | (00187) | | | | | | 中石化油服(01033) | 1.010 | 3.22 | 282.18% | -2.51% | | 弘业期货(03678) | 3.190 | 9.96 | 273.98% | 2.61% | | 南京熊猫电子股份 | 5.280 | 14.78 | 235.23% | -0.03% | | (00553) | | | | | | 凯盛新能(01108) | 4.070 | 11.11 | 227.03% | 1.59% | | 钧达股份(02865) | 35.700 | 97.15 | 225.97% | -17.30% | | 复旦张江(01349) | 3.200 | 8.62 | 222.81% | -15.46% | | 安德利果 ...

公司状况 经济观察网 广和通（300638.SZ、00638.HK）近期审议员工持股计划议案，同时获机构增持H股。 机构增持动向：2026年2月2日，广发基金管理有限公司在场内增持广和通H股40万股，持股比例由 8.88%升至9.18%，显示机构资金动向。 董事会审议员工持股计划：2026年2月9日，公司召开第四届第二十一次董事会会议，审议了《关于提请 股东会授权董事会办理2026年员工持股计划相关事宜的议案》，这可能涉及未来激励安排。 以上内容基于公开资料整理，不构成投资建议。 机构持仓分析 ...

Group 1 - The article highlights the top three companies with the highest AH premium rates: Northeast Electric (00042) at 785.25%, Beijing Jingcheng Machinery Electric (00187) at 291.45%, and Sinopec Oilfield Service (01033) at 284.04% [1] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -16.62%, WuXi AppTec (02359) at -6.17%, and China Merchants Bank (03968) at -3.27% [1] - The article provides a detailed ranking of the top ten and bottom ten AH stocks based on their premium rates and deviation values, indicating significant disparities in market valuations between A-shares and H-shares [1][2] Group 2 - The top three companies with the highest deviation values are Beijing Jingcheng Machinery Electric (00187) at 23.16%, Dongjiang Environmental Protection (00895) at 18.78%, and Zhongzhou Securities (01375) at 16.54% [1] - Conversely, the companies with the lowest deviation values include Morning Paper (01812) at -52.60%, Junda Co., Ltd. (02865) at -34.18%, and Changfei Optical Fiber Cable (06869) at -34.18% [1][2] - The article emphasizes that the deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, providing insights into market trends [2]