Core Points - The company held its first extraordinary general meeting of shareholders in 2025 on November 14, 2025, with a combination of on-site and online voting [4][5][6] - All resolutions proposed during the meeting were approved without any dissenting votes [2][3] Group 1: Meeting Details - The meeting was held at the company's conference room located at 6 Yuan Da South Street, Haidian District, Beijing [5] - A total of 879 shareholders and their proxies attended the meeting, representing 136,351,632 shares, which is 10.3533% of the total shares [6] - The meeting was presided over by the chairman, Mr. Gao Lining, and complied with relevant laws and regulations [5][21] Group 2: Voting Results - Proposal 1: The resolution to cancel the supervisory board and amend the Articles of Association was approved with 132,158,699 votes in favor, accounting for 96.9249% of the valid votes [10] - Proposal 2: The amendment to the Rules of Procedure for Shareholders' Meetings was approved with 130,661,792 votes in favor, representing 95.8271% of the valid votes [12] - Proposal 3: The amendment to the Rules of Procedure for Board Meetings was approved with 130,693,292 votes in favor, which is 95.8502% of the valid votes [14] - Proposal 4: The establishment of a Compensation Management System for Directors and Senior Management was approved with 131,946,399 votes in favor, accounting for 96.7692% of the valid votes [17] - Proposal 5: The appointment of an accounting firm was approved with 132,780,299 votes in favor, representing 97.3808% of the valid votes [19] Group 3: Legal Opinions - The lawyers from Beijing Wanshang Tianqin Law Firm confirmed that the meeting's procedures complied with the Company Law and other relevant regulations, and the resolutions passed were legally valid [21]

Core Viewpoint - The company has achieved mass production of T/R chips and received pre-orders from 12 military units, indicating strong demand in the industry and a positive outlook for future orders [1] Group 1: Production and Delivery - The delivery cycle for T/R chips has been extended to 12-18 months, reflecting overall industry demand growth and current supply chain conditions [1] - The company has six products applicable to T/R components, with some already starting small batch orders [1] Group 2: Capacity and Supply Chain Management - The company plans to continuously optimize its capacity layout and supply chain management to ensure order delivery [1]

Core Viewpoint - The military electronics sector experienced a decline of 0.25% on November 14, with Guoguang Electric leading the drop. The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1]. Group 1: Stock Performance - Aerospace Development (000547) saw a significant increase of 10.06%, closing at 9.41, with a trading volume of 2.7084 million shares [1]. - Huafeng Technology (688629) rose by 6.46%, closing at 79.11, with a trading volume of 355,200 shares and a transaction amount of 2.816 billion [1]. - Guoguang Electric (688776) experienced a notable decline of 9.42%, closing at 88.50, with a trading volume of 65,000 shares and a transaction amount of 591 million [2]. Group 2: Capital Flow - The military electronics sector saw a net inflow of 1.12 billion from institutional investors, while retail investors experienced a net outflow of 505 million [2][3]. - Aerospace Development (000547) had a net inflow of 738 million from institutional investors, representing 29.19% of its total trading volume [3]. - Huafeng Technology (688629) recorded a net inflow of 424 million from institutional investors, accounting for 15.04% of its total trading volume [3].

Summary of Key Points from the Conference Call Industry Overview - The defense and military industry in China has shown significant growth, with revenue reaching 451.1 billion yuan in the first three quarters of 2023, representing a year-on-year increase of 31.8% [1][2][3] - The military electronics sector experienced a remarkable growth rate of 81%, while naval equipment grew by 70%, indicating a strong demand for shipbuilding and risk diversification in the manufacturing sector [1][2][5] Core Insights and Arguments - The defense budget for 2025 is expected to increase by over 7%, accounting for approximately 7% of GDP, primarily allocated for military readiness, barrack construction, and weaponry, with weapons accounting for about 45% to 55% of the budget [1][3][5] - China's military exports have diversified from light weapons to advanced vessels and fighter jets, with plans to transfer drone production lines to friendly nations, enhancing local production capabilities [1][6][4] - The Chinese military aims to achieve several strategic goals: becoming a strong military by 2027, a global military power by 2035, and a world-class power by 2050, necessitating significant upgrades in weaponry and equipment [1][7][8] Performance of Sub-sectors - Different sub-sectors within the defense industry have varied performances: aerospace grew by 7%, aviation declined by 2%, ground equipment increased by 21%, naval equipment surged by 70%, and military electronics soared by 81% [2][5] - The naval equipment sector's revenue and profit growth reflects the development of the shipbuilding industry, with Chinese manufacturers seeking alternative suppliers due to U.S. restrictions on new contracts [5] Military Trade Developments - China's military exports have expanded significantly, with a focus on advanced military hardware and a shift towards exporting complete production lines rather than just individual products [6][4] - New fighter jets like the J-20E, J-20S, and the upcoming J-35 are expected to enhance China's competitiveness in the international military market [6] Future Military Modernization Goals - The Chinese Air Force aims to achieve a world-class operational capability by 2035, with a projected fleet of over 100 advanced fighter jets, including J-20, J-35, J-16, and J-15, along with the development of unmanned systems [1][10][8] - The modernization strategy includes converting retired J-6 aircraft into drones to establish a comprehensive unmanned combat system [10] Technological Advancements - Significant advancements in electromagnetic catapult technology have been achieved, with over 6,000 successful tests of new systems, showcasing China's leading position in this area [3][36] - The development of nuclear-powered aircraft carriers is progressing, with a mature nuclear power system that enhances safety and reduces maintenance costs [40] Impact of Military Trade on Financial Performance - Military trade significantly impacts the financial performance of defense companies, with net profit margins potentially increasing from 5% to 15%-20% upon securing contracts [54] Overall Industry Outlook - The defense sector is expected to continue its growth trajectory in 2026, driven by genuine and sustained demand, despite some companies potentially underperforming [55]

Market Overview - The military electronics sector increased by 0.75% on November 13, with Tianao Electronics leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - Tianao Electronics (002935) closed at 19.90, up 10.01% with a trading volume of 280,500 shares and a transaction value of 537 million [1] - Huafeng Technology (688629) rose by 4.84% to 74.31, with a trading volume of 130,100 shares and a transaction value of 266.6 million [1] - Other notable performers include Gaode Infrared (002414) up 4.38% and Guanshang Technology (301213) up 2.56% [1] Fund Flow Analysis - The military electronics sector experienced a net outflow of 174 million from institutional investors, while retail investors saw a net inflow of 232 million [2] - The overall retail investor net outflow was 58.05 million [2] Individual Stock Fund Flow - Tianao Electronics had a net inflow of 86.99 million from institutional investors, while retail investors experienced a net outflow of 66.25 million [3] - Huafeng Technology saw a net inflow of 79.78 million from institutional investors, with retail investors also facing a net outflow of 45.70 million [3] - Gaode Infrared recorded a net inflow of 63.34 million from institutional investors, while retail investors had a net outflow of 62.83 million [3]

Core Viewpoint - The company, AVIC Optoelectronics (002179.SZ), has stated its capability to provide comprehensive support for the defense sector [1] Group 1 - The company emphasizes its full-range support capabilities specifically tailored for the defense industry [1]

格隆汇11月13日丨振华科技(000733.SZ)在投资者互动平台表示，公司主营产品广泛应用于航空、航 天、电子、兵器、船舶及核工业等重要领域，并已成为该应用领域的重要支撑力量。 （原标题：振华科技(000733.SZ)：主营产品广泛应用于航空、航天等重要领域） ...

Group 1 - The core viewpoint of the news is that Gaode Infrared has seen a stock price increase of 5.09%, reaching 13.43 yuan per share, with a trading volume of 741 million yuan and a total market capitalization of 57.356 billion yuan [1] - Gaode Infrared, established on July 13, 2004, and listed on July 16, 2010, specializes in infrared thermal imaging technology and the development and production of comprehensive optoelectronic systems and complete weapon systems [1] - The company's main business revenue composition includes: 96.47% from infrared comprehensive optoelectronic and complete equipment systems, 2.95% from traditional ammunition and information-based ammunition, 0.27% from property leasing, 0.25% from other sources, and 0.06% from technical services [1] Group 2 - From the perspective of fund holdings, one fund under Guojin Fund has a significant position in Gaode Infrared, with the Guojin Xinyue Economic New Momentum A fund holding 229,800 shares, accounting for 4.96% of the fund's net value, ranking as the seventh largest holding [2] - The Guojin Xinyue Economic New Momentum A fund was established on November 18, 2020, with a latest scale of 34.2203 million yuan, and has achieved a year-to-date return of 8.61%, ranking 6183 out of 8145 in its category [2] - The fund has experienced a one-year loss of 4.16%, ranking 7884 out of 8059, and a cumulative loss of 8.5% since its inception [2]

Group 1 - The core viewpoint of the news is that Gaode Infrared has seen a significant increase in stock price, with a rise of 5.09% to 13.43 CNY per share, and a total market capitalization of 57.356 billion CNY [1] - Gaode Infrared, established on July 13, 2004, specializes in infrared thermal imaging technology and comprehensive optoelectronic systems, with 96.47% of its revenue coming from infrared systems and complete weapon systems [1] - The company is located in Wuhan, Hubei Province, and was listed on July 16, 2010 [1] Group 2 - According to data, the Fangzheng Fubang Core Advantage Mixed A Fund holds 300,000 shares of Gaode Infrared, representing 9.38% of the fund's net value, making it the second-largest holding [2] - The fund has achieved a year-to-date return of 18.63% and a one-year return of 19.11%, ranking 4602 out of 8145 and 3720 out of 8059 in its category, respectively [2] - The fund manager, Wu Hao, has been in position for 7 years and 142 days, with the best fund return during his tenure being 109.88% [3]

Core Viewpoint - The company, 雷电微力, emphasizes a dual approach in its R&D projects, focusing on both customer-driven needs and forward-looking independent research initiatives [1] Group 1 - The company's R&D model is characterized by a combination of demand-driven projects and technological reserves [1] - The primary focus of the R&D efforts is on the low-cost and large-scale application of millimeter-wave micro-system technology [1]