袁方1 张端怡（联系人）2魏薇（联系人）3 2025 年 05 月 19 日 内容提要 国投证券宏观定期报告 周度经济观察 ————关税影响体现，后续风险可控 4 月工业增加值同比、PPI 环比出现走弱，同时投资、消费、出口出现小幅 下滑，这些数据表明受对等关税的影响，我国总需求出现收缩。 不过考虑到关税谈判的积极进展、与稳增长政策的出台，预计 5 月、6 月经 济减速的幅度或许相对温和，经济失速的风险可控。 近期资金利率出现抬升，部分投资者担心 1 月中旬局面的重现。不过当前经 济面临的下行压力大于年初、汇率贬值的压力弱于当时、同时债券市场收益率的 中枢也更高。因此从各个维度来讲，央行重新大幅收紧资金的概率似乎有限。 风险提示：（1）地缘政治风险 （2）政策出台超预期 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1宏观团队负责人，yuanfang@essence.com.cn，S1450520080004 2联系人，zhangdy2@essence.com.cn，S1450123040002 3联系人，weiwei2@essence.com.cn，S1450123100017 第 1 页， ...

Group 1 - The core viewpoint of the news highlights the significant performance of Wuhan Fangu in the stock market, with a closing price of 15.41 yuan, an increase of 7.39%, and a trading volume of 149.33 million shares, amounting to 2.261 billion yuan in transaction value [1] - The company reported a total operating revenue of 371 million yuan for Q1 2025, representing a year-on-year growth of 22.24%, and a net profit attributable to shareholders of 7.662 million yuan, which is a remarkable increase of 194.93% [1] - The company's non-recurring net profit reached 4.402 million yuan, showing a substantial year-on-year growth of 1386.58%, with a current ratio of 5.323 and a quick ratio of 4.495, indicating strong liquidity [1] Group 2 - Wuhan Fangu has made investments in 12 companies and participated in 120 bidding projects, showcasing its active engagement in the market [2] - The company holds 33 trademark registrations and 459 patents, reflecting its commitment to innovation and intellectual property [2] - Additionally, Wuhan Fangu possesses 56 administrative licenses, indicating its compliance and operational capabilities within the industry [2]

Company Overview - Beijing Sifang Automation Co., Ltd. was established in 1994 and is primarily engaged in the manufacturing of computers, communications, and other electronic equipment with a registered capital of 832.251 million RMB [2] - Beijing Sifang Jibao Engineering Technology Co., Ltd. was founded in 2003 and focuses on the manufacturing of instruments and meters with a registered capital of 1.05 billion RMB [2] Patent Application - Beijing Sifang Jibao Engineering Technology Co., Ltd. applied for a patent titled "A Method for Automatic Identification of Multi-Bus CT Disconnection and Relay Protection Device," with publication number CN119994780A, on January 2025 [1] - The patent describes a method that includes obtaining multidimensional interval data models from each section within a station, creating a bus-interval two-dimensional grid map, and processing the grid map to identify isolation zones and calculate differential protection currents [1] - This invention aims to effectively identify various types of CT disconnections faced by relay protection devices and accurately locate the specific position of CT disconnections, enhancing the accuracy of CT disconnection judgment in complex bus structures [1] Investment and Business Activities - Beijing Sifang Jibao Engineering Technology Co., Ltd. has made investments in 5 companies and participated in 5,000 bidding projects, holding 792 patents and 13 administrative licenses [2] - Beijing Sifang Automation Co., Ltd. has invested in 21 companies, also participated in 5,000 bidding projects, and holds 1,674 patents along with 42 trademark registrations and 19 administrative licenses [2]

Group 1 - Beijing Yuanliuhongyuan Electronic Technology Co., Ltd. has obtained a patent for a "filter testing seat," which is applicable to various filters [1] - The patent was granted on May 17, 2025, with an application date of May 2024, indicating the company's ongoing innovation in filter testing technology [1] - The company has a registered capital of 231.08 million RMB and has participated in 517 bidding projects [2] Group 2 - Beijing Yuanliuhongyuan Electronic Technology Co., Ltd. was established in 2001 and primarily engages in the manufacturing of computers, communications, and other electronic devices [2] - The company holds a total of 232 patents and has 65 trademark registrations, showcasing its strong intellectual property portfolio [2] - Beijing Yuanliuhongyuan Electronic Technology Co., Ltd. has made investments in 14 other companies, indicating its active role in the industry [2]

天眼查资料显示，四川中光防雷科技股份有限公司，成立于2004年，位于成都市，是一家以从事计算 机、通信和其他电子设备制造业为主的企业。企业注册资本32601.9466万人民币。通过天眼查大数据分 析，四川中光防雷科技股份有限公司共对外投资了19家企业，参与招投标项目111次，财产线索方面有 商标信息15条，专利信息255条，此外企业还拥有行政许可40个。 专利摘要显示，本实用新型涉及一种信号浪涌保护器，属于浪涌保护器领域。该信号浪涌保护器包括壳 体以及位于壳体内的PCB板、滑块和转动块；PCB板设置有包括第一瞬态抑制二极管的供电电路，滑块 通过低温焊锡焊接于PCB板且作为供电电路中的常闭开关，转动块转动设置于壳体且具有推动滑块运动 的趋势；第一瞬态抑制二极管短路时发热且使滑块与PCB板脱离，以使供电电路断开。本实用新型提供 的信号浪涌保护器，具有热保护功能，在供电电路遇到故障或失效状态过程中，第一瞬态二极管短路时 能够发热，从而使滑板和PCB板焊接处的低温焊锡熔化，使供电电路断开，从而与系统永久断开，避免 起火燃烧，并且彻底断开雷击过电压馈入系统的路径，有效保护用电设备的安全。 金融界2025年5月17日消息 ...

天眼查资料显示，上海良信电器股份有限公司，成立于1999年，位于上海市，是一家以从事计算机、通 信和其他电子设备制造业为主的企业。企业注册资本112312.502万人民币。通过天眼查大数据分析，上 海良信电器股份有限公司共对外投资了12家企业，参与招投标项目420次，财产线索方面有商标信息306 条，专利信息2684条，此外企业还拥有行政许可85个。 良信电器（海盐）有限公司，成立于2019年，位于嘉兴市，是一家以从事电气机械和器材制造业为主的 企业。企业注册资本150000万人民币。通过天眼查大数据分析，良信电器（海盐）有限公司参与招投标 项目23次，专利信息157条，此外企业还拥有行政许可11个。 专利摘要显示，本申请提供一种转换开关及储能系统，涉及低压电器技术领域，本申请的转换开关，包 括动触头以及间隔设置的第一静触头和第二静触头，动触头受驱转动分别与第一静触头和第二静触头接 触，动触头还连接设置有锁合组件和储能组件，锁合组件用于锁合动触头和第一静触头的接触的状态， 动触头与第一静触头接触时压缩或拉伸储能组件使得储能组件储能，锁合组件受驱解锁时，储能组件释 能推动动触头转动与第二静触头接触。本申请提供的 ...

| 转让底价 (万元) | 48391.9220 | | | | --- | --- | --- | --- | | 标的名称 标的企业 所在地区 | 深圳中微电科技有限公司32.4778%股权 广东省深圳市南山区 | 所属行业 | 计算机、通信和其他电子设备制 造业 | 作为中国电子信息产业集团旗下企业，中微电堪称GPU研发领域的"国家队"。公司自2020年专注GPU研发以来，已取得 阶段性成果：2022年首款高性能桌面GPU"南风一号"成功点亮并实现量产；2024年"南风二号"核心IP研发完成。然而技 术突破的背后是持续的经营亏损，2023年公司营收5521万元却亏损8905万元，2024年前十月亏损3854万元。 此次股权转让方中国中电国际信息服务有限公司（简称：中电信息）为国务院国资委监管企业，其"清仓式"转让行为已 获股东批准。分析人士指出，这一动作折射出GPU研发面临的现实困境：一方面需要持续巨额投入，另一方面市场竞争 激烈，国际巨头占据主导地位。在当前半导体行业深度调整期，国资股东的战略调整或为优化资源配置之举。 值得关注的是，中微电股权结构显示，除国资股东外，公司还吸引了包括红杉资本、力合创投 ...

Summary of Key Points Core Viewpoint The report outlines the significant asset sale by Wingtech Technology Co., Ltd. to Lixun Precision Industry Co., Ltd. and Lixun Communications, emphasizing the strategic shift towards focusing on semiconductor business while divesting from product integration operations. Group 1: Transaction Overview - The transaction involves the cash sale of 100% equity stakes in subsidiaries including Kunming Wenshin, Huangshi Zhitong, and others, with a total transaction price of 438,946.09 million yuan [1][2]. - The transaction is classified as a major asset restructuring and does not involve any performance compensation commitments [1][2]. - The valuation of the assets was based on audited net asset values and agreed upon by both parties [1][2]. Group 2: Financial Impact - Post-transaction, the total assets of the company are projected to decrease from 7,497,751.45 million yuan to 6,640,017.10 million yuan, reflecting an 11.44% decline [3]. - The total liabilities are expected to decrease significantly from 4,013,679.89 million yuan to 3,159,148.00 million yuan, a reduction of 21.29% [3]. - The asset-liability ratio will improve, decreasing by 5.95 percentage points, indicating enhanced asset quality [3]. Group 3: Strategic Shift - The company aims to strategically exit the product integration business, which has been adversely affected by geopolitical factors and market competition, and focus on high-value semiconductor operations [4]. - This restructuring is seen as a necessary response to changing geopolitical environments and is expected to enhance the company's core competitiveness and long-term strategic positioning [4]. Group 4: Governance and Compliance - The transaction has undergone necessary decision-making and approval processes, including reviews by the board and independent directors [5][6]. - The company has committed to strict compliance with information disclosure obligations to protect the interests of minority investors [7][8]. Group 5: Future Outlook - The restructuring is anticipated to improve the company's profitability and operational efficiency, aligning with its long-term growth strategy in the semiconductor sector [4][3]. - The company has assured that the transaction will not dilute the earnings per share, maintaining shareholder value [8].

Core Viewpoint - Wentech Technology Co., Ltd. plans to sell its product integration business equity and business asset package, which is influenced by its inclusion in the U.S. "Entity List" leading to procurement and sales restrictions [3][10]. Financial Statements - The simulated consolidated financial statements include the simulated consolidated balance sheets for December 31, 2023, and December 31, 2024, as well as the simulated consolidated income statements for the years 2023 and 2024 [1][2]. Audit Opinion - The audit report states that the simulated financial statements fairly reflect the financial condition and operating results of the assets intended for sale as of December 31, 2023, and December 31, 2024 [2]. Key Audit Matters - Long-term asset impairment is identified as a key audit matter due to indications of impairment related to the product integration business, which has been affected by reduced business volume [3][4]. - Revenue recognition is also a key audit matter, as it significantly impacts the company's key performance indicators and requires accurate and complete recognition [4]. Management Responsibilities - The management of Wentech Technology is responsible for preparing the simulated financial statements in accordance with the specified basis and ensuring that they fairly reflect the company's financial position [5][6]. Company Overview - Wentech Technology Co., Ltd. is engaged in the manufacturing of computer, communication, and other electronic devices, as well as semiconductor manufacturing [9]. - The company primarily operates in the fields of intelligent terminal product research and manufacturing, semiconductor and new electronic component development, and optical module research and manufacturing [9]. Proposed Asset Sale - The proposed asset sale includes 100% equity of several subsidiaries and business asset packages, with a valuation date set for December 31, 2024 [10].

股票代码：600745 股票简称：闻泰科技 上市地：上海证券交易所 闻泰科技股份有限公司 重大资产出售报告书（草案） 摘要 交易对方 注册地址 广东省深圳市宝安区沙井街道蚝一西部三洋新 立讯精密 工业区 A 栋 2 层 一、上市公司声明 本公司及本公司全体董事、监事及高级管理人员保证上市公司及时、公平地 披露信息，保证重组报告书及其摘要内容的真实、准确、完整，不存在虚假记载、 误导性陈述或者重大遗漏，保证重组报告书所引用的相关数据的真实性和合理性， 并对所提供信息的真实性、准确性、完整性负相应的法律责任。 如本次交易所披露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏， 被司法机关立案侦查或者被中国证监会立案调查的，在形成调查结论以前，不转 让在该上市公司拥有权益的股份，并于收到立案稽查通知的两个交易日内将暂停 转让的书面申请和股票账户提交上市公司董事会，由董事会代其向证券交易所和 证券登记结算机构申请锁定；未在两个交易日内提交锁定申请的，授权董事会核 实后直接向证券交易所和证券登记结算机构报送本人或本单位的身份信息和账 户信息并申请锁定；董事会未向证券交易所和证券登记结算机构报送本人或本单 位的身份信息和 ...