Group 1: Appointment of CFO - Bel Fuse Inc. announced the appointment of Lynn Hutkin as Chief Financial Officer (CFO) effective immediately after the Annual Meeting of Shareholders on May 27, 2025 [1] - Lynn Hutkin will succeed Farouq Tuweiq, who will transition to the role of President and CEO on the same date [1] - Hutkin has been with Bel since 2007, holding various roles, most recently as Vice President of Financial Reporting and Investor Relations [2] Group 2: Background and Experience of Lynn Hutkin - Throughout her tenure at Bel, Hutkin has been involved in mergers and acquisitions, bank financing, corporate insurance, and employee benefit programs [2] - She began her career at Arthur Andersen in the audit group and has held finance roles in various companies, including a $250 million publicly-traded courier company [2] - Hutkin holds a B.S. in Accountancy from Bentley University and is a licensed CPA in New Jersey [2] Group 3: Statements from Leadership - Farouq Tuweiq expressed excitement about continuing to work with Hutkin and acknowledged her integral role in strengthening financial practices at Bel [3] - Lynn Hutkin expressed honor in stepping into the CFO role and enthusiasm for the future goals of the company [3] Group 4: Company Overview - Bel Fuse Inc. designs, manufactures, and markets products that power, protect, and connect electronic circuits, serving various industries including defense, aerospace, telecommunications, and automotive [4] - The company's product groups include Power Solutions, Connectivity Solutions, and Magnetic Solutions, with applications in multiple sectors [4]

Core Viewpoint - The company conducted a self-examination regarding the trading activities of insiders and incentive recipients related to the 2025 Restricted Stock Incentive Plan, confirming compliance with relevant regulations and no insider trading activities [1][4]. Group 1: Self-Examination Process - The self-examination period was from October 22, 2024, to April 22, 2025, during which the company reviewed stock trading activities of insiders and incentive recipients [1]. - The examination was based on documents provided by the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, which included proof of shareholding and changes in shareholding [1]. Group 2: Insider Trading Activities - One insider was found to have traded company stock after becoming aware of the incentive plan but claimed limited knowledge of the plan's specifics and did not leak any information [2]. - The company decided to disqualify this insider from participating in the incentive plan to ensure compliance [2]. Group 3: Incentive Recipients' Trading Activities - Nineteen incentive recipients were identified to have traded company stock during the self-examination period, but they acted based on publicly disclosed information and their own market analysis [3]. - No insider information was disclosed to these recipients, and they did not engage in trading based on insider information [3]. Group 4: Conclusion - The company implemented confidentiality measures during the planning and discussion of the incentive plan, limiting access to insider information [3]. - The self-examination concluded that there were no violations of insider trading regulations, aligning with the relevant management measures and guidelines [4].

Core Insights - The phenomenon of low pricing and diversion in channels is a common issue in brand development, which can be transformed into an opportunity for optimizing channel management [1] - Low pricing is not entirely negative; a reasonable low pricing strategy can quickly attract traffic and open new markets, serving as a leverage to attract quality distributors [1][3] - Brands need to establish a systematic governance framework to turn crises into opportunities for enhancing channel resilience [1][7] Pricing Dynamics - Low pricing reflects the direct relationship between market supply and demand, requiring brands to analyze its dual attributes [3] - Controlled low pricing strategies, such as limited-time promotions, can help brands penetrate lower-tier markets effectively [3] - Uncontrolled low pricing can create a "price black hole," eroding brand premium capabilities, as evidenced by a high-end cosmetics brand experiencing a 22% year-on-year decline in sales due to unmanaged low-priced goods [3] Governance Framework - The core of low pricing governance lies in establishing a comprehensive management framework that includes monitoring, analysis, intervention, and review [3][5] - An example is the AI monitoring system developed by Liwei Network, which scans over 5 million product links daily to identify abnormal low prices across various platforms [3][5] - The analysis phase involves grading low pricing incidents based on severity, duration, and sales scale, allowing for tailored responses to different types of violations [5] Legal and Technical Integration - Effective low pricing governance requires a combination of legal, technical, and commercial strategies [5] - Utilizing blockchain technology for product traceability and enhancing contract terms to link price control with distributor incentives are key strategies [5] - A white liquor brand successfully tracked diversion paths using RFID chips, imposing penalties on violators to curb diversion [5] Incentive Mechanisms - Brands should establish positive incentive mechanisms, such as a "price maintenance reward fund," to encourage compliance among distributors [5][7] - Successful low pricing promotional activities should be standardized and promoted across all channels to enhance market order [5][7] Sustainable Channel Ecosystem - The ultimate goal of low pricing governance is to build a sustainable channel ecosystem, integrating price control into strategic management [7] - Regular channel management review meetings should be held to analyze the root causes of low pricing, such as inventory issues or competitive pressures [7] - Collaborating with third-party agencies can provide technical support and trend forecasting based on industry data, helping brands to preemptively address pricing war risks [7]

Industry Overview - The electronic industry in China showed significant differentiation this week (2025.05.12-2025.05.16), with consumer electronics emerging as the highlight while semiconductors and electronic chemicals faced notable pressure [1][2] - The Shanghai Composite Index rose by 0.76%, while the Shenzhen Component Index increased by 0.52%, and the CSI 300 Index went up by 1.12%. The Shenwan Electronics sector, however, declined by 0.75%, ranking 28th out of 31 sectors in terms of performance [2] Consumer Electronics - The consumer electronics sector led the overall performance with a 1.12% increase, driven by a 1.96% rise in brand consumer electronics and a 1.01% increase in consumer electronic components and assembly [1][2] - The optical optoelectronics segment saw a modest increase of 0.26%, while the panel sub-sector rose by 0.91%. However, LED and optical components faced declines of 0.61% and 0.41%, respectively [1][2] Semiconductor Sector - The semiconductor sector experienced a decline of 1.69%, with all sub-segments showing negative performance [1][2] - The report highlighted that the semiconductor industry is under pressure, contrasting with the positive performance of the consumer electronics sector [1][2] Component Sector - The components sector saw a slight increase of 0.19%, with printed circuit boards rising by 0.54%, contributing significantly to the overall gains. However, passive components experienced a small decline of 0.75% [1][2] Company News - Notable industry events include the U.S. planning to export hundreds of thousands of chips to AI companies in the UAE and Saudi Arabia, and the announcement of Xiaomi's self-developed mobile chip [3] - AMD is set to launch the Zen6 architecture EPYC9006 processor and RX9060XT graphics card, based on TSMC's 2nm process [3]

Investment Rating - The report indicates a positive outlook for China's trade flows, particularly in exports, driven by significant tariff reductions and recovering import growth [2][32]. Core Insights - Export-led growth has been a crucial driver of China's economy, contributing to over half of the 5% real GDP growth in 2024 [3][32]. - The report emphasizes the importance of timely monitoring of trade flows using shipping data due to high uncertainty surrounding China's trade dynamics [4][32]. - Vessel traffic data is highlighted as an effective tool for tracking trade flows, with seaborne trade accounting for 67% of US imports from China [9][10]. Summary by Sections Seaborne Trade's Significance for China - Seaborne imports from China represent 67% of US imports and 60% of EU imports, indicating a strong reliance on maritime transport for trade [11][10]. - The share of seaborne exports to the US has increased from 62% in 2017 to 69% in Q1 2025, with higher-value goods often transported by air [10][11]. High-Frequency Shipping Data - The report discusses the development of high-frequency shipping data, which allows for daily and weekly tracking of trade flows, contrasting with the monthly release of official trade statistics [15][20]. - Elane's data is noted for its accuracy in tracking year-over-year growth for both exports and imports, outperforming other datasets [27][31]. Month-to-Date Tracking - As of mid-May, the month-to-date tracking indicates resilient export growth and recovering import growth, with expectations of further upside due to US-China trade talks [32][34]. - The report suggests that the significant tariff reductions and the 90-day pause on reciprocal tariffs could enhance China's export performance in the coming months [32][34].

Core Viewpoint - The recent U.S.-China trade agreement has significantly improved the outlook for technology companies, alleviating concerns over tariffs that could have negatively impacted demand and costs [2][5][8]. Group 1: Trade Agreement Impact - The U.S. and China reached an initial trade agreement that includes a 10% import tax on the U.S. and a total tariff of 30% on China, which is a reduction from previous levels [5]. - The agreement is expected to last for 90 days while further discussions continue, providing a reason for optimism in the tech sector [5]. - The manageable tariff levels for electronics will allow tech companies to maintain their manufacturing operations abroad without significant cost increases [6][8]. Group 2: Company-Specific Implications - Apple may slow down its planned shift of iPhone production to India, which is beneficial as it currently produces about 90% of its iPhones in China [7]. - The trade deal is viewed as a "game changer" for the tech industry, allowing companies like Palantir and Microsoft to continue benefiting from ongoing demand without facing extreme cost pressures [8]. - Companies that manufacture in China will not see significant increases in import prices, which is positive for consumer spending and overall demand for tech products [8][9]. Group 3: Financial Performance and Growth Potential - Palantir reported a double-digit revenue increase, indicating strong demand, while Microsoft also posted double-digit gains in revenue, operating income, and net income, driven by AI customer demand [10]. - Despite higher valuations compared to a few weeks ago, companies like Apple, Palantir, and Microsoft are still considered solid investment opportunities due to their potential for revenue growth and strong positioning in the AI sector [12][13]. - The financial strength and innovative capabilities of these companies suggest they are well-equipped for long-term growth, making them attractive for investors [13].

Company Overview - Frequency Electronics, Inc. (NASDAQ: FEIM) is a vertically integrated technology company specializing in high-precision timing, synchronization, and navigation systems [1] - The company's products are particularly suited for clients in aerospace, defense, and critical infrastructure sectors, indicating a niche market focus [1] Educational Background of Key Personnel - Myriam Hernandez Alvarez holds multiple degrees, including a degree in Electronics and Telecommunication Engineering, a M.Sc. in computer science, a graduate degree in Business Management, and a Ph.D. in computer applications [1]

证券代码：837821 证券简称：则成电子 公告编号：2025-036 深圳市则成电子股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、投资者关系活动类别 □特定对象调研 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、投资者关系活动情况 活动时间：2025 年 5 月 15 日（星期四）15：00-17：00 活动地点：全景网"投资者关系互动平台"（http://ir.p5w.net） 参会单位及人员：通过网络方式参加公司 2024 年年度报告业绩说明会的投 资者 上市公司接待人员：公司董事长：薛兴韩先生；公司总经理、董事：蔡巢先 生；公司财务总监、董事会秘书：魏斌先生；兴业证券保荐代表人：袁联海先生。 2024 年经营业绩情况进行介绍，同时公司在业绩说明会上就投资者关心的问题 进行了回答，主要问题及回复情况如下： 问题 1：请问公司 2024 年度及 2025 年一季度经营情况如何？ 回复：尊敬的投资者，您好！2024 年公司实现营业收入 391 ...

Core Viewpoint - The global high-speed backplane connector market is projected to reach USD 2.76 billion by 2030, with a compound annual growth rate (CAGR) of 9.6% in the coming years [1]. Market Overview - The top four manufacturers in the global high-speed backplane connector market are expected to hold approximately 87.0% market share in 2024 [5]. - The primary product type is data transmission speed of 25, which accounts for about 66.6% of the market share [7]. - The telecommunications and data communication sector is the largest downstream market, representing approximately 95.8% of the demand [10]. Market Drivers - The growth in data transmission demand due to the development of data centers, cloud computing, and big data applications is driving the need for higher frequency and transmission speed [15]. - Technological innovations and standard upgrades, such as PCIe 5.0/6.0, USB4, and HDMI 2.1, are increasing the demand for high-speed connection solutions [16]. - The miniaturization and high-performance requirements of electronic devices are pushing backplane connector designs towards compact and high-density solutions [17]. - The rise of 5G and edge computing is creating a demand for high-speed and reliable connections, expanding the backplane connector market [18]. - The growth of automation and industrial applications is increasing reliance on high-speed data communication, accelerating the adoption of backplane connectors [19]. Market Challenges - Signal integrity challenges, such as signal distortion, crosstalk, and reflection, can affect performance during high-speed transmission [20]. - Heat management issues arise from increased heat generation during high-speed transmission, raising costs and design complexity [21]. - The complexity and cost of manufacturing increase due to the need for advanced manufacturing processes for high-precision and high-density designs [22]. - Rapid changes in industry standards can lead to quick product obsolescence, affecting compatibility and return on investment [23]. - Reliability and durability issues arise as high-frequency connectors require higher durability and long-term reliability, complicating design and testing [24]. - Market competition and technological barriers exist, as significant investment in new technology development is required, making it difficult for some companies to keep pace with market demands [25]. Industry Opportunities - The industry is evolving towards higher speeds to support standards like PCIe 6.0, USB4, and Thunderbolt 4, meeting the growing data transmission speed requirements [26]. - High-density and compact designs are being promoted to enhance connection density for space-constrained applications [27]. - Innovations in materials and processes, such as low-loss materials and advanced manufacturing techniques, are improving signal quality and performance [28]. - Enhancing electromagnetic compatibility (EMC) through structural optimization and shielding technology is addressing challenges posed by high-speed signals [29]. - The integration of smart connectivity and plug-and-play technology is increasing system intelligence and maintenance convenience [30]. - There is a continuous growth in demand across various sectors, including data centers, cloud computing, artificial intelligence, 5G base stations, industrial automation, and high-performance computing [31]. - The focus on green and sustainable development is driving efforts to reduce energy consumption and use environmentally friendly materials [32].

Core Viewpoint - Jiangxia District in Wuhan is emerging as a model for high-quality development in Central China, showcasing significant industrial and technological advancements [1][3]. Innovation and Growth - Jiangxia District is developing a technology innovation service system in collaboration with the Greater Bay Area, focusing on artificial intelligence and technical intelligence to enhance enterprise innovation capabilities [3][5]. - The district has established a technical manager training system and will host its first technical manager competition in 2024, aiming to create an innovation ecosystem that integrates technology and market needs [5][6]. Industrial Development - Jiangxia has restructured its industrial layout, establishing four major industrial parks that contribute to nearly 80% of the district's economic output [7][11]. - The district is focusing on diversifying its industrial structure by promoting traditional industry upgrades and nurturing emerging industries, particularly in the automotive and optical sectors [12][14]. Investment and Financial Strategies - Jiangxia District is implementing a "fund investment" strategy to address economic challenges, aiming to raise 20 billion yuan over five years through a government investment fund system [16][17]. - The district is actively attracting social capital into emerging industries, with fixed asset investment reaching 16.765 billion yuan in the first quarter of this year, a year-on-year increase of 11% [19].