e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价的 主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 来源：e公司 又见A股公司拟推出回购股份用于注销方案。 9月23日晚间，烽火通信（600498）发布关于以集中竞价方式回购股份的预案。 以下文章来源于e公司 ，作者证券时报 王一鸣 本次回购股份的价格不超过40.53元/股（含），该回购价格上限不高于董事会通过回购股份决议前30个交易日公司股票交易均价的150%。 按计划，该次回购的股份将全部予以注销并减少公司注册资本。回购股份期限为：自公司股东大会审议通过本次股份回购方案之日起不超过6个月。 谈及本次回购股份的目的，烽火通信表示，此举是基于对公司未来持续稳定发展的信心和对公司股票价值的合理判断，为维护广大投资者利益，促进投资者对 公司未来持续发展的信心和对公司价值的认可。 烽火通信是国际知名的信息通信网络产品与解决方案提供商，自1999年成立以来，始终专注于全球信息通信事业的进步与发展。公司主营业务立足于光通信， 深入拓 ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company has shown continuous rapid growth, with a 44.50% year-on-year increase in revenue for the first half of 2025, reaching 1.886 billion yuan, and a 151.38% increase in net profit attributable to shareholders, amounting to 84 million yuan [1] - The demand for the company's products is driven by the intelligent connected vehicle and edge AI hardware sectors, contributing to strong revenue growth [2] - The overall gross margin for the first half of 2025 is 13.36%, a decrease of 3.23 percentage points year-on-year, primarily due to the product mix and increased sales of lower-margin products [3] - The company has expanded its edge AI capabilities across multiple application scenarios, including drones, AR glasses, robots, and AI companions, showcasing its technological advancements [4][5] Financial Performance - In the first half of 2025, domestic revenue reached 1.354 billion yuan, up 56.50% year-on-year, while overseas revenue was 532 million yuan, a 20.93% increase [2] - The second quarter of 2025 saw revenue of 889 million yuan, a 21.65% year-on-year increase but a 10.8% quarter-on-quarter decline, mainly due to fluctuations in domestic revenue [2] - The company has adjusted its net profit forecasts for 2025-2027 to 210 million, 300 million, and 410 million yuan respectively, with corresponding PE ratios of 61, 42, and 31 times [6] Market Position and Future Outlook - The company is positioned in the communication and communication equipment industry, with a target price yet to be specified [6] - The company is expected to improve its profitability in the second half of 2025, despite current pressures on gross margins [3] - The ongoing development of edge AI applications is anticipated to open up significant growth opportunities for the company in the future [4][5]

★ 宏观动态 ★ 经合组织预测2025年全球经济增速为3.2%，2026年将放缓至2.9% 经济合作与发展组织（经合组织）23日发布中期经济展望报告，预计2025年全球经济增速为3.2%，较今年6月 预测值上调0.3个百分点；2026年全球经济增速将放缓至2.9%，与6月预测值相同。 陕西省省长赵刚：中欧班列西安集结中心已开通国际干线18条、覆盖亚欧大陆全境 陕西省省长赵刚今日在2025欧亚经济论坛上表示，中欧班列西安集结中心已开通国际干线18条、覆盖亚欧大陆 全境，核心指标稳居全国第一，上半年开行3055列、同比增长28.8%。西安国际航空枢纽，已开通国际客运航 线60条、全货运航线16条，上半年国际航班客运量、货运量分别增长71%和124.8%。我们持续提升枢纽的承载 力、辐射力，推动港产港贸港城融合发展，引导外向度高的适铁、临空产业集聚发展。如今，中欧班列满载着 汽车、光伏、家电等"陕西制造"横贯欧亚、走向世界。 工信部：组合驾驶辅助系统乘用车新车市场渗透率超60% 香港交易所今天宣布与广州碳排放权交易中心有限公司，深圳绿色交易所， 澳门国际碳排放权交易所签署合 作备忘录，携手推动粤港澳大湾区碳市场及绿 ...

（文章来源：证券日报） 证券日报网讯 9月23日晚间，亨通光电发布公告称，控股股东亨通集团有限公司将其持有的1500万股无 限售流通股质押给平安银行股份有限公司苏州分行。 ...

Mergers and Acquisitions - Hualing Cable plans to acquire control of San Bamboo Intelligent for no more than 270 million yuan, with San Bamboo being a leading provider of industrial connection product solutions in the industry [1] Share Buybacks - Shennma Co. intends to repurchase shares worth between 100 million and 200 million yuan [2] - Fenghuo Communication plans to repurchase shares worth between 75 million and 150 million yuan and will cancel the repurchased shares [2] Investment Cooperation and Operational Status - Yuntian Lifei's self-developed AI-driven product, Luka Doctor AI plush toy, is expected to launch by the end of 2025. The company is also developing the next-generation "brain" chip, DeepXBot series, to enhance humanoid robots' perception, cognition, decision-making, and control tasks [3] - Zhejiang Haideman is in the prototype trial phase for its humanoid robot and robotic dog projects [3] - Haimuxing is among the first in the industry to achieve the "oxide + lithium metal anode" technology route and has completed the commercial closed loop for lithium metal solid-state batteries, which are currently being delivered in batches [3] - Guomai Culture is investing in the film "The Starry Sky of the Three Kingdoms Part One," set to premiere on October 1 [3] - Visionox plans to use Suzhou Guoxian as the project company to carry out preliminary work for the Kunshan Global New Display Industry Innovation Center project [4] - Fola New Materials has collaborated with several domestic and international dexterous hand and humanoid robot companies [5] - Jiuwu High-Tech signed a procurement contract for a membrane treatment system worth 81.5 million yuan with Guotou Xinjiang Lithium Industry Co., Ltd. [6] - Wolker Materials' controlling subsidiary plans to invest 1 billion yuan in the construction of the Kote (Suzhou) New Materials Project [7] - Heng Rui Pharmaceutical's SHR7280 tablet application for marketing approval has been accepted by the National Medical Products Administration, with no oral GnRH antagonists approved in the domestic and international assisted reproductive fields [7] - Ganli Pharmaceutical signed a "Technology Transfer and Supply Agreement" with FZ and BIOMM for a production partnership plan in Brazil, with a total contract value expected to be no less than 3 billion yuan (including tax) [7] - Sinovac Biotech's human interferon α1b inhalation solution has been included in the list of breakthrough therapeutic varieties [8] - Baijin Medical's radiofrequency ablation system has entered the special review process for innovative medical devices [8] - Jiangbolong anticipates an increase in demand for server NAND market inventory in the second half of the year, with storage market prices expected to rise in the fourth quarter. The company's enterprise-level PCIe SSD and RDIMM products have begun bulk imports to leading domestic enterprises [8] - Jingzhida has completed its annual target ahead of schedule for the high-speed FT testing machine, with steady progress on the KGSD CP testing machine, continuously iterating and upgrading in conjunction with storage industry technology solutions [8] - Fuhuang Steel Structure signed a strategic cooperation agreement with the Twenty-Second Metallurgical Group [9] - Poly Development plans to issue company bonds not exceeding 15 billion yuan [10] - Shangwei New Materials has completed the transfer of shares and the controlling shareholder has changed to a holding platform established by an affiliate of Zhiyuan Robotics [11]

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company reported a significant increase in performance for the first half of 2025, with operating revenue reaching 11.546 billion yuan, a year-on-year growth of 39.98%, and a net profit attributable to shareholders of 471 million yuan, up 125.03% year-on-year [1] - The overall IoT industry remains in a high-growth state, with the company achieving a 47.28% year-on-year increase in Q2 revenue [2] - The company's profitability has improved, with a gross margin of 17.71% and a net margin of 4.06%, reflecting effective cost control and management [3] - The company is actively expanding its AI and automotive sectors, integrating AI capabilities into its products and enhancing its automotive technology ecosystem [4] Financial Performance - For the first half of 2025, the company achieved a gross margin of 17.71% and a net margin of 4.06%, with year-on-year changes of -0.43 percentage points and +1.59 percentage points respectively [3] - The company's overseas revenue for the first half of 2025 reached 6.293 billion yuan, accounting for 54.50% of total revenue [2] - The company has adjusted its profit forecasts for 2025 and 2026, expecting net profits of 880 million yuan and 1.147 billion yuan respectively, with a corresponding PE ratio of 30 and 23 times [5] Future Growth Drivers - The company is focusing on AI integration across its product lines, including smart modules for AR glasses and sports cameras, and has launched an upgraded AI robot solution [4] - In the automotive sector, the company has expanded its product offerings and has successfully implemented solutions with over 20 major manufacturers [4]

证券日报网讯天邑股份（300504）9月23日在互动平台回答投资者提问时表示，截至2025年9月19日，公 司股东人数为22906户。 ...

证券日报网讯东软载波9月23日在互动平台回答投资者提问时表示，截至2025年9月19日，公司股东人数 为36698户。 （文章来源：证券日报） ...

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9]. Core Insights - The communication sector has seen a 0.36% increase in the 38th week of 2025, ranking 13th among major industries in the Yangtze River region. Since the beginning of 2025, the sector has surged by 63.61%, leading all industries in the same region [2][4]. - Huawei has announced the Ascend series chip roadmap, introducing the Atlas 950 super node and the Lingqu 2.0 interconnection protocol, aiming to build a cluster of over 520,000 cards, with the Atlas 960 targeting a million-card scale [5][7]. - Microsoft is accelerating the expansion of the Fairwater cluster, investing an additional $4 billion in Wisconsin, bringing the total investment to $7.3 billion, to support AI model training [6][7]. Summary by Sections Market Performance - In the 38th week of 2025, the communication sector rose by 0.36%, ranking 13th among major industries. Year-to-date, the sector has increased by 63.61%, ranking first [2][4]. - Notable stock performances include Dekeli (+59.1%), Changfei Fiber (+35.1%), and Guangku Technology (+27.6%) for gains, while Sanwei Communication (-14.0%), Yongding Co. (-10.8%), and Dongxin Peace (-10.2%) faced declines [4]. Technological Developments - Huawei's Atlas 950 super node, set to launch in Q4 2026, will utilize 8192 Ascend 950 DT chips, achieving a bandwidth of 16.3PB/s, significantly outperforming previous models [5]. - The Atlas 960 super node, expected in Q4 2027, will support up to 15,488 Ascend 960 chips, targeting high-density scenarios with a total computing power of 2 ZFLOPS [5]. Investment Recommendations - The report recommends several companies across various segments: - Telecom Operators: China Mobile, China Telecom, China Unicom - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid Cooling: Yingweike - Hollow Core Fiber: Fenghuo Communication, Hengtong Optic-Electric - Domestic Computing: Runze Technology, Guanghuan New Network - AI Applications: Boshi Jie, Heertai - Satellite Applications: Huace Navigation, Haige Communication [7].

Group 1 - The core point of the article highlights a significant block trade of Zhongji Xuchuang on September 23, with a transaction volume of 10,000 shares and a transaction amount of 4.3429 million yuan, executed at a price of 434.29 yuan per share [2] - In the last three months, Zhongji Xuchuang has recorded a total of 14 block trades, amounting to a cumulative transaction value of 295 million yuan [2] - The closing price of Zhongji Xuchuang on the same day was 434.29 yuan, reflecting an increase of 3.90%, with a daily turnover rate of 4.83% and a total transaction amount of 23.278 billion yuan [2] Group 2 - The net inflow of main funds for Zhongji Xuchuang reached 192 million yuan for the day, while the stock has seen a cumulative increase of 5.56% over the past five days, with a total net inflow of 143 million yuan [2] - The latest margin financing balance for Zhongji Xuchuang stands at 15.293 billion yuan, having increased by 416 million yuan over the past five days, representing a growth rate of 2.79% [2]