豪威集成电路（集团）股份有限公司 董事和高级管理人员买卖公司股票行为 规范管理办法 （草案） （H 股发行并上市后适用） 二〇二五年五月 豪威集成电路（集团）股份有限公司 董事和高级管理人员买卖公司股票行为规范管理办法 第一条 为了规范豪威集成电路（集团）股份有限公司（以下简称"本公司" 或"公司"）董事和高级管理人员（以下简称"高管人员"）交易本公司股票行为， 根据《公司法》、 《证券法》、 《上市公司董事和高级管理人员所持本公司股份及其 变动管理规则》、 《香港联合交易所有限公司证券上市规则》 （以下简称"《香港上 市规则》"，其中"香港联合交易所有限公司"以下简称"香港联交所"）附录 C3 《上市发行人董事进行证券交易的标准守则》 （以下简称"《标准守则》"）及附录 C1《 <企业管治守则> 及 <企业管治报告> 》、 （香港法例第 571 《证券及期货条例》 章） （以下简称"《证券及期货条例》"）等法律、法规、规范性文件要求及《公司 章程》的有关规定，制定本办法。 第二条 本办法适用于公司高管人员和有关雇员买卖公司股票，以及所持公 司股份变动的管理。 高管人员和有关雇员就其所持股份变动相关事项作出承 ...

Core Viewpoint - The supply side of non-financial enterprises in the A-share market is still in a bottoming phase, with both inventory and capacity remaining weak, but there are signs of marginal recovery on the demand side [1][3][6]. Supply Side Analysis - The supply side is characterized by weak replenishment and expansion intentions, with inventory growth for Q1 2025 at -1.63% year-on-year and stock growth at -4.46%, both showing declines compared to 2024 [1][3]. - The capacity utilization rate for Q1 2025 is at 2.32, down 0.04 from 2024, marking 12 consecutive quarters of decline since mid-2022 [3]. - Expansionary capital expenditure for Q1 2025 has a year-on-year decline of 20.69%, the first negative value since 2018, indicating weak investment intentions among listed companies [3]. Industry Focus - Key industries to focus on include those with relatively tight supply and good profitability, those that have shown signs of recovery from the bottom, and those still on the left side of the turning point but entering the later stages of clearing [1][10]. - Specific industries identified for potential support to performance include metal products, broiler farming, entertainment products, and gaming, with only the entertainment products sector showing high levels of expansionary capital expenditure [1][70]. Detailed Industry Breakdown Cyclical Sector - Industries with tight supply include those with high capacity utilization and low inventory, indicating potential for profitability improvement [12]. - Industries at the bottom include construction materials, chemicals, and photovoltaic power, which are experiencing supply structure optimization [12][25]. Manufacturing Sector - Tight supply industries include cable components, photovoltaic auxiliary materials, and metal products, with low expansionary capital expenditure [26][40]. - Bottomed industries include the new energy chain and military electronics, which are likely to face hard constraints on future production capacity [26][37]. Consumer Sector - Tight supply industries include broiler farming and entertainment products, with the latter showing high expansionary capital expenditure [41][54]. - Bottomed industries include pharmaceuticals and food processing, with signs of marginal improvement in capacity utilization and profitability [41][49]. TMT Sector - Tight supply industries include gaming, with low expansionary capital expenditure, indicating hard constraints on future supply [55][69]. - Industries at the bottom include electronic components and security equipment, with potential for recovery in capacity utilization and profitability [55][63].

Economic Growth and Industrial Performance - In April, China's industrial added value above designated size grew by 6.1% year-on-year, marking a relatively fast growth rate for 2024 [1] - The service production index increased by 6% year-on-year, with information and business services showing stable growth, outpacing the overall service sector [1] Domestic Demand and Consumption - Social retail sales of consumer goods rose by 5.1% year-on-year in April, driven by the effects of the old-for-new consumption policy, which contributed 1.4 percentage points to the total growth [2] - Fixed asset investment grew by 4% year-on-year from January to April, with equipment and tool purchases increasing by 18.2%, contributing 64.5% to the overall investment growth [2] High-tech Manufacturing and New Production Capacity - The added value of high-tech manufacturing above designated size increased by 10% year-on-year, outpacing the overall industrial growth by 3.9 percentage points [4] - Key sectors such as aerospace equipment manufacturing and integrated circuit manufacturing saw significant growth, with increases of 21.4% and 21.3% respectively [4] Digital and Green Transformation - The added value of digital product manufacturing grew by 10% in April, with smart device manufacturing and electronic components experiencing accelerated growth [6] - New energy vehicles and lithium-ion batteries for vehicles showed remarkable production increases of 38.9% and 61.8% respectively [6] Consumer Market Trends - The retail sales of household appliances and audio-visual equipment surged by 38.8%, while furniture and communication equipment also saw significant growth [10] - Online retail sales of physical goods increased by 5.8% year-on-year, reflecting a growing trend in e-commerce [10] Policy Impact on Consumption - The implementation of the old-for-new consumption policy and improvements in the consumption environment have significantly boosted the consumer market [12] - The demand for green and upgraded consumption continues to rise, contributing to the stability and recovery of the consumer market [12]

Economic Performance - In April, the industrial added value above designated size increased by 6.1% year-on-year, while the service production index rose by 6.0% [1] - From January to April, fixed asset investment (excluding rural households) reached 14,702.4 billion yuan, marking a 4.0% year-on-year growth [1] External Trade - Despite a challenging international environment, China's total goods import and export value grew by 2.4% year-on-year from January to April, with imports and exports to Belt and Road Initiative countries increasing by 3.9% [2] - In the first four months, the export value of electromechanical products rose by 9.5% [2] High-tech and Green Industries - The added value of high-tech manufacturing above designated size increased by 10% in April, with aerospace equipment manufacturing and integrated circuit manufacturing growing by 21.4% and 21.3% respectively [2] - The digital product manufacturing industry saw a 10% increase in added value, driven by the "Artificial Intelligence +" initiative [2] - The production of new energy vehicles and charging piles surged by 38.9% and 43.1% respectively in April, reflecting the rapid development of the new energy sector [2] Economic Resilience - The overall economic foundation remains stable, with strong advantages and resilience, supported by proactive macro policies and collaborative efforts across various sectors [2] - The confidence in addressing various risks and challenges has been further strengthened, although the foundation for economic recovery still needs consolidation [2]

Economic Performance - In April, the industrial added value above designated size increased by 6.1% year-on-year, and the service production index grew by 6.0% year-on-year, indicating stable and rapid growth in major economic indicators [1][2] - The retail sales of consumer goods increased by 5.1% year-on-year, with significant growth in the sales of home appliances and audio-visual equipment, which rose by 38.8% [2] - Fixed asset investment saw a month-on-month increase of 0.10%, reflecting a stable investment environment [1] Investment and Trade - The investment in equipment and tools from January to April increased by 18.2% year-on-year, contributing 64.5% to total investment growth [2] - Despite external shocks, China's total goods import and export volume grew by 2.4% year-on-year from January to April, accelerating by 1.1 percentage points compared to the first quarter [2] High-tech and New Energy Sectors - The added value of high-tech manufacturing increased by 10% year-on-year in April, with aerospace equipment and integrated circuit manufacturing growing by 21.4% and 21.3%, respectively [3] - Production of new energy products, such as electric vehicles and charging piles, surged by 38.9% and 43.1%, respectively, highlighting the rapid development of the green low-carbon transition [3] Policy and Future Outlook - Recent policy measures, including interest rate cuts and the establishment of new financial tools, aim to support technological innovation and expand consumption [4] - Analysts expect that as policy effects continue to manifest, consumption will strengthen, further supporting investment growth [4] - The economic operation is anticipated to improve moderately in May and June, with a focus on effectively utilizing existing policies [4]

值得注意的是，新质生产力成长壮大。创新支持力度持续加大，高技术产业较快增长。4月，规模以上 高技术制造业增加值同比增长10%，其中，航空航天相关设备制造、集成电路制造增加值分别增长 21.4%和21.3%。"人工智能+"驱动作用增强，数字产业蓬勃发展，4月，规模以上数字产品制造业增加 值增长10%。绿色低碳转型不断深入，新能源产业发展较快，4月新能源汽车、充电桩等新能源产品产 量分别增长38.9%和43.1%。 中国信息协会常务理事、国研新经济研究院创始院长朱克力对北京商报记者表示，人工智能技术正在重 构制造业的价值创造模式。传统生产流程中，硬件制造与数据服务的割裂状态被智能感知元件的普及打 破，设备实时反馈的数据流催生出新的增值空间。企业从单纯销售产品转向提供全生命周期服务，这种 商业模式变革推动产业链上下游形成数据闭环，使得制造环节的边际效益呈现指数级提升。 工信部信息通信经济专家委员会委员盘和林进一步指出，"人工智能+"能够为产品赋能，增加AI功能； 能够推动制造向智造转变，提高制造业定制生产、精准生产的能力；能够和场景结合，缔造新的需求场 景等。对全方位提升新质生产力，推动新质生产力的发展有重要意义。 ...

证券代码：688469 证券简称：芯联集成 公告编号：2025-025 芯联集成电路制造股份有限公司 关于注销第一期股票期权激励计划第二个行权期 已到期未行权的股票期权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 芯联集成电路制造股份有限公司（以下简称"公司"）于 2025 年 5 月 19 日 召开第二届董事会第五次会议及第二届监事会第五次会议审议通过了《关于注销 第一期股票期权激励计划第二个行权期已到期未行权的股票期权的议案》，现将 相关事项公告如下： 一、股权激励计划批准及实施情况 （一）股权激励计划方案及履行的程序。 议，审议通过了《关于公司第一期股票期权激励计划的议案》等与本次激励计划 相关的议案。同日，公司召开第一届监事会第三次会议并形成监事会决议，审议 通过了《关于核实公司第一期股票期权激励计划名单的议案》等与本次激励计划 相关的议案。 决议，审议通过了《关于注销部分员工期权的议案》，独立董事对此发表了同意 的独立意见。同日，公司召开第一届监事会第八次会议并形成监事会决议，审议 通过了《关于核实公司 ...

Economic Performance - In April, China's economy demonstrated resilience and stable growth despite external pressures and internal challenges, continuing a positive development trend [1] - The latest data from the National Bureau of Statistics indicates that the economy is showing signs of improvement, which helps to alleviate concerns and boost confidence [1] Domestic Demand - Domestic demand is steadily expanding, with retail sales of consumer goods in April increasing by 5.1% year-on-year, driven by policies encouraging the replacement of old goods [3] - The service retail sector also maintained stable growth, with a 5.1% year-on-year increase from January to April, marking two consecutive months of acceleration [3] - Fixed asset investment grew by 4% year-on-year from January to April, with investment in machinery and equipment rising by 18.2%, contributing 64.5% to total investment growth [3] Supply Side - The real economy is experiencing both quantity and quality improvements, with industrial added value for large enterprises increasing by 6.1% year-on-year in April, marking one of the fastest monthly growth rates since last year [4] - The equipment manufacturing sector saw a 9.8% year-on-year increase in added value, contributing 55.9% to the growth of large-scale industry [4] - High-tech manufacturing added value increased by 10% year-on-year in April, with significant growth in aerospace and integrated circuit manufacturing, which rose by 21.4% and 21.3% respectively [4] Foreign Trade - In April, China's total goods import and export value reached 38,391 billion yuan, a year-on-year increase of 5.6%, with exports growing by 9.3% and imports by 0.8% [5] - From January to April, the total goods import and export value increased by 2.4% year-on-year, accelerating by 1.1 percentage points compared to the first quarter [5] - The growth in foreign trade is attributed to China's robust manufacturing capabilities and a diversified export strategy, particularly with countries involved in the Belt and Road Initiative, which saw a 3.9% increase in trade [5] Economic Resilience - Despite the rapidly changing international environment and increased external pressures, China's economic fundamentals remain strong, with significant potential for long-term growth [5] - Recent high-level economic talks between China and the U.S. have led to substantial progress in reducing bilateral tariffs, laying the groundwork for further negotiations [5] - The focus remains on stabilizing employment, businesses, markets, and expectations to ensure high-quality development in response to external uncertainties [6]

Economic Overview - In the first four months of 2023, multiple economic indicators showed a year-on-year growth acceleration compared to Q1, indicating stable growth in production and demand, overall stable employment, and the accumulation of new growth drivers [1][4] - The National Bureau of Statistics reported that the total value of goods imports and exports increased by 2.4% year-on-year, accelerating by 1.1 percentage points compared to Q1 [4] Industrial Growth - In April, the industrial added value of large-scale enterprises increased by 6.1% year-on-year, exceeding market expectations by 0.9 percentage points [2] - Among 41 major industries, 36 experienced year-on-year growth, indicating a broad growth base [2] - High-tech manufacturing added value grew by 10% year-on-year, significantly outpacing overall industrial growth [2][3] New Growth Drivers - In April, production of new energy vehicles and lithium-ion batteries for vehicles surged by 38.9% and 61.8% respectively, showcasing rapid growth in smart products [3] - The manufacturing value added of smart drones and smart vehicle-mounted equipment increased by 74.2% and 29.3% respectively, far exceeding the overall industrial growth rate [3] Employment Situation - The urban surveyed unemployment rate in April was 5.1%, a decrease of 0.1 percentage points from the previous month, marking two consecutive months of decline [7] - The average urban surveyed unemployment rate for January to April was 5.2%, consistent with the same period last year [7] Investment Trends - From January to April, fixed asset investment (excluding rural households) reached 147,024 billion yuan, growing by 4.0% year-on-year, with a 0.10% month-on-month increase in April [5][6] - The focus on improving and safeguarding livelihoods, along with significant regional strategies, is expected to drive sustained investment growth [6]

Core Viewpoint - The article highlights that China's economy is showing signs of stable growth, with various economic indicators improving in the first four months of the year, despite external uncertainties. The industrial sector, in particular, has demonstrated robust performance, driven by policy support and innovation [1][5]. Economic Indicators - In April, the industrial added value for large-scale enterprises increased by 6.1% year-on-year, surpassing market expectations by 0.9 percentage points [3][4]. - From January to April, the total value of goods imports and exports grew by 2.4% year-on-year, accelerating by 1.1 percentage points compared to the first quarter [7]. - Retail sales of consumer goods rose by 4.7% year-on-year in the same period, with service retail sales increasing by 5.1% [7][8]. Industrial Performance - In April, 36 out of 41 major industries reported year-on-year growth, indicating a broad-based recovery in industrial production [4]. - High-tech manufacturing saw a significant increase, with added value growing by 10% year-on-year, driven by sectors such as integrated circuit manufacturing and optoelectronic device manufacturing, which grew by 21.3% and 19%, respectively [4]. - Production of new energy vehicles and lithium-ion batteries surged by 38.9% and 61.8%, respectively, showcasing the growth of industrial new momentum [4]. Employment Situation - The urban surveyed unemployment rate in April was 5.1%, a decrease of 0.1 percentage points from the previous month, indicating a stable employment environment [9]. - The average urban surveyed unemployment rate from January to April was 5.2%, consistent with the same period last year [9]. Investment Trends - Fixed asset investment (excluding rural households) reached 147,024 billion yuan, growing by 4.0% year-on-year, with a notable 8.0% increase when excluding real estate development [8]. - The article emphasizes the potential for industrial upgrades and the positive development of emerging industries, such as high-end equipment and artificial intelligence [8].