Core Viewpoint - Shanghai Mijuan Communication Technology Co., Ltd. has received approval from the China Securities Regulatory Commission for a specific stock issuance, which is valid for 12 months and requires compliance with regulatory requirements [1] Group 1 - The company has been granted approval to issue stocks to specific investors as per the regulatory filing [1] - The approval is valid for a period of 12 months, during which any significant events must be reported to the Shanghai Stock Exchange [1] - The company's board of directors will handle the necessary procedures and disclosures in accordance with the approval and regulatory requirements [1]

2014年，孟晚舟领导华为公司的数据变革，建立了完善的数据管理体系，实现"数出一孔"，使数据成为公司的战略资产。2019年至今，匹配公司的战略前瞻 和长期发展规划，孟晚舟构建财经数字化整体蓝图。在孟晚舟的带领下，华为财经已成为世界领先的数字化和智能化的财经组织，为华为公司打造了坚实可 靠的经营底座，助力公司在新时代下的战略实现。 2025年9月30日，华为官网披露，根据公司轮值董事长制度，2025年10月1日-2026年3月31日期间由孟晚舟女士当值轮值董事长，主持公司董事会及董事会常 务委员会。 据了解，孟晚舟毕业于华中理工大学，硕士。1993年加入华为。历任公司国际会计总监、华为香港公司首席财务官、账务管理部总裁。现任副董事长、轮值 董事长、公司CFO。 ...

Core Viewpoint - The company, Spring High Precision (002547), emphasizes its focus on the communication business, leveraging RF technology to provide key components for mobile communication systems [1] Group 1: Company Overview - The company specializes in RF components such as filters, duplexers, and combiners, primarily used in the RF front end of mobile communication base station feeder systems [1] - The company has extensive experience in the mobile communication sector and is committed to monitoring industry developments and customer needs [1] Group 2: Business Strategy - The company plans to align its business development with its growth strategy and market demand, ensuring a proactive approach to advancing its operations [1]

Market Overview - The communication equipment sector experienced a decline of 2.18% on September 30, with Feiling Kesi leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Notable gainers in the communication equipment sector included: - Dingxin Communication (603421) with a closing price of 8.00, up 10.04% and a trading volume of 274,800 shares [1] - Bingjin Co., Ltd. (603118) closed at 13.76, up 6.01% with a trading volume of 1,377,400 shares [1] - Xinkai Mobile (688387) closed at 6.94, up 3.58% with a trading volume of 529,600 shares [1] - Major decliners included: - Feiling Kesi (301191) closed at 110.45, down 6.37% with a trading volume of 58,700 shares [2] - Xinyi Sheng (300502) closed at 365.77, down 5.80% with a trading volume of 495,900 shares [2] - Guangku Technology (300620) closed at 118.80, down 5.11% with a trading volume of 166,200 shares [2] Capital Flow - The communication equipment sector saw a net outflow of 5.981 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.771 billion yuan [2][3] - Notable stocks with significant capital flow included: - Dingxin Communication (603421) had a net inflow of 105 million yuan from institutional investors, representing 48.64% of its total capital flow [3] - Bingjin Co., Ltd. (603118) experienced a net outflow of 23.5 million yuan from institutional investors, accounting for 12.28% of its total capital flow [3]

每经编辑｜金冥羽 9月30日，华为官网显示，根据公司轮值董事长制度，2025年10月1日～2026年3月31日期间由孟晚舟女士当值轮值董事长，主持公司董事会及董事会常务 委员会。 2 n/2 点 H . 11, T / 2 T 10 - 上 4 T T L Annattan I N.Y. r IT 孟嘅차毕业丁罕甲埋上天字,顿工。1993年加入华刃。 力仕 公司国际会计总监、华为香港公司首席财务官、账务管理部 总裁。现任副董事长、轮值董事长、公司CFO。 2003年起,孟晚舟主导建立了全球统一的华为财经组织架 构、流程、制度和IT平台。2007年至2014年，孟晚舟在华为 全球推行IFS（集成财经服务）变革,使精细化管理成为华为 公司持续成长的基因之一。 2014年,孟晚舟领导华为公司的数据变革,建立了完善的数 据管理体系,实现"数出一孔",使数据成为公司的战略资 产。同一时期,她通过财报内控、账实一致、资金管理和税 务管理等变革项目,使能财经组织成为业务的伙伴和价值整 合者,支撑公司业务在全球实现高速和稳健的发展。 2019年至今,匹配公司的战略前瞻和长期发展规划,孟晚舟 构建财经数字化整体蓝图。通过风险探 ...

Core Viewpoint - Guanghetong (300638.SZ) has relevant products and solutions applicable to AI glasses [1] Company Summary - The company has indicated its capability to provide products and solutions that can be utilized in the development of AI glasses [1]

华为官网显示，根据公司轮值董事长制度，2025年10月1日-2026年3月31日期间由孟晚舟女士当值轮值董事长，主持公司董事会及董事会常务委员 会。 ...

Group 1: Semiconductor Industry - SMIC is the only domestic foundry with advanced process technology, benefiting from the explosion in AI chip demand and domestic substitution trends[1] - In 2025, advanced process revenue is expected to grow by 68% year-on-year, with plans to expand capacity to become the third-largest foundry globally[1] - The company's orders visibility has extended to 2026, indicating strong demand from key clients[1] Group 2: AI and Computing - Fourth Paradigm's platform sales are expected to turn from loss to profit, with a projected EPS increase from -0.6 to 0.4[1] - The overall valuation is currently around 4 times P/S, which is relatively low compared to domestic AI companies like SenseTime and US-based Palantir[1] - Risks include underperformance in AI technology development and market demand not meeting expectations[1] Group 3: Battery and Energy Storage - Zhongxin Innovation's revenue is projected to grow significantly, with a 101% increase in net profit expected in 2025[1] - The company is benefiting from high margins in overseas sales of power batteries and strong growth in commercial vehicles and energy storage batteries[1] - Risks include fluctuations in raw material prices and intensified competition in the industry[1] Group 4: Aerospace and Defense - AVIC Shenyang Aircraft's performance is expected to improve due to the implementation of fundraising projects aimed at enhancing research and production capabilities[1] - The company is focusing on modernizing weaponry and defense equipment, with a projected revenue increase of 13% in 2025[1] - Risks include legal penalties and management challenges affecting operational efficiency[1] Group 5: Pharmaceutical Sector - Zai Lab is advancing its commercialization efforts with three approved products, including a JAK inhibitor participating in the 2025 medical insurance negotiations[1] - The company is expected to accelerate product promotion, benefiting patients and enhancing revenue streams[1] - Risks include potential failures in new drug development and regulatory approval delays[1]

Core Insights - The year 2024 marks the simultaneous launch of "5G-A commercial year" and "AI entry year," driven by policy guidance, technological innovation, and market forces, leading to a deep integration of 5G-A and AI [1] - The integration of 5G-A and AI has entered a phase of substantial breakthroughs, with significant achievements in network construction, technology application, and scenario implementation [2] Network Construction - The number of 5G-A base stations in China has surpassed 600,000, covering over 300 cities, with more than 30 cities offering dedicated service packages [2] - The "dual 10G" capability has been commercialized, and key technologies such as integrated sensing and intelligent scheduling have been implemented [2] AI Empowerment - AI has significantly improved operational efficiency, with over 200 AI application scenarios embedded in network processes, leading to automation in fault detection and a 15% increase in base station energy efficiency [2] - AI-related network traffic has increased nearly 1000 times, with monthly active users of AI mobile terminals rising from 100 million to 1.2-1.3 billion [2] Application Scenarios - In the industrial sector, 5G-A and AI have transformed production modes, exemplified by a "black light factory" case where production efficiency increased by 86% [3] - In consumer and family scenarios, AI-integrated toys are enhancing learning efficiency and natural interaction [3] Healthcare and Transportation - The integration of 5G-A and AI is advancing "vehicle-road collaboration" and addressing uneven medical resource distribution, with remote medical systems in Tibetan areas utilizing 5G-A for data transmission and AI for diagnosis [4] - AI quality inspection solutions in traditional Chinese medicine production have improved efficiency by 23.47% [4] Challenges and Solutions - The lack of unified technical standards is a primary challenge, with calls for collaborative standard-setting among stakeholders [4] - Insufficient network adaptation capabilities and the need for an open ecosystem are critical for the long-term health of the integration, with suggestions for building open platforms for small and medium enterprises [4] Future Directions - Companies are focusing on a "1+5+X" strategy to advance ecosystem development, targeting five typical scenarios: people, family, transportation, industry, and objects [4]

Summary of Key Points Core Viewpoint - On September 30, the total trading volume of the Shanghai and Shenzhen stock markets reached 2.18 trillion yuan, indicating an increase of approximately 199.5 billion yuan compared to the previous trading day [1] Trading Volume Details - The trading volume in the Shanghai market was 973.27 billion yuan, while the Shenzhen market recorded 1.21 trillion yuan [1] - New Yi Sheng topped the trading volume with 18.595 billion yuan, followed by Zhongji Xuchuang, Dongfang Caifu, Yangguang Dianyuan, and Lixun Precision with trading volumes of 16.248 billion yuan, 15.563 billion yuan, 15.197 billion yuan, and 14.884 billion yuan respectively [1]