证券日报网讯天和防务10月10日在互动平台回答投资者提问时表示，当前公司"秦膜"系列材料主要面向 面板级芯片封装和绝缘导热型覆铜板等领域。在射频芯片领域，公司主要以子公司成都通量为业务平 台，目前成都通量产品涵盖了面向基站高可靠性射频收/发前端芯片/模组、无线通信类射频收/发芯片/ 模组、雷达感知芯片/模组、装备定制化产品等四大类，具体包括低噪声放大器、驱动放大器、功率放 大器、开关、开关低噪放、射频前端模组、雷达感知芯片和模组等产品。 （文章来源：证券日报） ...

Core Viewpoint - The export performance of electrical equipment in August 2025 showed stability, with an overall export value increasing by 25.23% year-on-year, and a cumulative growth of 34.60% from January to August [1] Group 1: Export Performance - Transformer exports continued to thrive, with a remarkable year-on-year increase of 138.03% in the European market, while the Asia-Africa markets maintained high growth [1] - Switch exports experienced a rapid growth of 37.55% year-on-year, with notable performance in the African region [1] - Cable exports saw a slight decline year-on-year, but markets in Africa and Latin America grew by 87.40% and 91.60%, respectively [1] - Meter exports decreased by 25.84% year-on-year, yet the Oceania market experienced a significant increase of 150.72% [1] Group 2: Industry Outlook - In the context of energy transition, global investment in power grid construction is steadily increasing, and China's electrical equipment products are expected to continue enhancing their overseas penetration due to technological and cost advantages [1] - Key products such as transformers, meters, switches, and cables are anticipated to benefit from this trend [1] Group 3: Investment Products - The Electric Grid ETF (561380) tracks the Hang Seng A-share Electric Grid Equipment Index (HSCAUPG), which selects listed companies involved in the electric grid equipment sector to reflect the overall performance of the industry [1] - The index constituents cover critical areas such as power network construction and technological upgrades, showcasing distinct industry representation and specialization [1] - Investors without stock accounts may consider the Guotai Hang Seng A-share Electric Grid Equipment ETF Initiator Link A (023638) and Link C (023639) [1]

Market Overview - The A-share market experienced a collective decline on Friday, with the Shanghai Composite Index down 0.65%, the Shenzhen Component down 1.76%, and the ChiNext Index down 2.6%. The total trading volume in the Shanghai and Shenzhen markets was 21,466.51 billion yuan [1][7] - In the industry sector, oil and petrochemicals, environmental protection, and public utilities led the gains, while computer, electronics, and media sectors saw declines. Concept sectors such as soybeans, delisting, and glyphosate had the highest gains, while indices related to Tonghuashun Guo and AI PC saw the largest declines [1][7] Important News - From January to August, China's industrial enterprises above designated size achieved a total profit of 46,929.7 billion yuan, a year-on-year increase of 0.9%. In August, profits turned from a 1.5% decline in the previous month to a 20.4% increase [2][8] - The Ministry of Industry and Information Technology proposed several development suggestions at the 2025 World New Energy Vehicle Conference, including support for technological breakthroughs in automotive chips and batteries, and measures to expand market consumption [2][8] Industry Insights - The lithium battery sector saw a recovery in Q2 performance, with significant profit restoration in the anode and cathode material segments. The overall revenue of the lithium battery industry chain in H1 2025 was 400.76 billion yuan, a year-on-year increase of 13.74%, with net profit rising by 30.38% to 37.278 billion yuan [14][15] - The inverter export market remained stable, with August exports amounting to 6.284 billion yuan, a year-on-year increase of 2.07%. Cumulative exports from January to August reached 43.255 billion yuan, up 7.62% year-on-year [20][21] - The power equipment export sector showed stable performance, with total exports in August reaching 7.920 billion yuan, a year-on-year increase of 25.23%. Cumulative exports from January to August were 56.949 billion yuan, up 34.60% year-on-year [27][28] Investment Recommendations - The lithium battery industry is expected to continue its recovery, with a focus on midstream material companies and leading battery manufacturers as potential investment opportunities. Emerging technologies such as solid-state batteries are also highlighted for their growth potential [19] - In the power equipment sector, the recommendation is to focus on leading companies with strong market positions and technological advantages, particularly in the context of global renewable energy growth and increasing storage demand [25][32]

Core Viewpoint - Shanghai Xianhui Automation Technology Co., Ltd. has been penalized by the Shanghai Pudong International Airport Customs for violating customs regulations, resulting in a fine of RMB 31,000 due to discrepancies in the declared import goods [1][6]. Group 1: Company Information - Shanghai Xianhui Automation Technology Co., Ltd. was established in 2007 and went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2020, with stock code 688155 [10]. - In 2021, the company was included in the Ministry of Industry and Information Technology's list of the third batch of national-level specialized and innovative "little giant" enterprises [10]. Group 2: Customs Violation Details - The company, through Shanghai Shunwang International Freight Forwarding Co., Ltd., declared an import of a battery management system on March 28, 2025, with a total declared value of CIF $124,644.55 [1][4]. - Customs inspection revealed that the imported goods did not match the declaration, leading to a penalty [1][6]. - The assessed tax amount was RMB 67,492.29, with the total value of the goods determined to be RMB 893,763.75 [4][6].

投资要点： 变压器（>16kVA）：市场保持高景气，欧洲地区表现亮眼 8 月出口表现强劲，同比保持高增长。2025 年 8 月，我国变压器出口金 额为 47.18 亿元，环比增长 9.50%，同比增长 57.90%，环比增速加快， 同比延续高增态势。2025 年 1-8 月，我国变压器累计出口金额为 297.11 亿元，同比增长 51.42%，市场表现稳健。 分到达地区来看，欧洲地区表现亮眼，亚非地区延续高增长。2025 年 8 月，我国对亚洲、非洲、欧洲、北美的变压器出口金额分别为 20.27、 4.76、15.09、2.68 亿元，分别同比+65.39%、+28.03%、+138.03%，- 4.35%，我国对北美地区出口金额同环比有所下降，对欧洲出口金额表 现亮眼，同环比均大幅增长，对亚洲、非洲地区变压器出口同环比均保 持较高增速。 电表：出口同比回调，大洋洲地区表现较好 8 月出口同比持续回调。2025 年 8 月，我国电表出口金额为 8.73 亿元， 环比增长 5.36%，同比下降 25.84%。全年来看，2025 年 1-8 月，我国 电表累计出口金额为 70.02 亿元，同比下降 3.50%。 ...

南方电网国际有限责任公司副总经理、南方电网国际（香港）有限公司副总经理 汤干湘 在企业分享环节，南方电网国际有限责任公司副总经理、南方电网国际（香港）有限公司副总经理汤干湘重点介绍了公司在电力领域的核心技术与国际实 践。 他指出，南方电网在抽水蓄能领域已实现全设备产业链条的自主化，GRS系统、开关等关键设备均由中国制造并拥有自主知识产权。他特别提到，通过数字 化运维体系，深圳抽水蓄能电站（1200兆瓦）仅需5人运维，而南方电网旗下7座抽水蓄能电站中的6座已实现无人化集中控制。 在人工智能应用方面，汤干湘表示，南方电网已全面推广机器人和无人机进行日常巡检，覆盖南方电网220千伏及以上变电站。它们实时监控设备的运行状 态并将数据和照片上传云端，实现故障自动预警。他指出，这一技术革新不仅提升了电网可靠性，也顺应了劳动力结构变化趋势："年轻人不想在变电站工 作，我们只能通过机器人来解决，在电力领域里面不断用无人装置来解决技术巡线的问题。" 谈及国际项目时，汤干湘提到老挝南塔河项目已完成1万多人搬迁安置，并建设两所中老友谊学校。对此他感慨道："我们中国人擅长干，但是不擅长说…… 我们默默的在做，可能跟我们的传统文化有关 ...

Company Overview - Suzhou Huazhi Jie Electric Co., Ltd. is located in Suzhou, Jiangsu Province, established on June 6, 2001, and listed on June 20, 2025 [2] - The company specializes in providing intelligent, safe, and precise key functional components for electric tools and consumer electronics [2] - Main business revenue composition includes: intelligent switches 56.29%, intelligent controllers 12.90%, others 12.72%, brushless motors 8.75%, precision structural parts 13.14%, switches 1.85%, and other businesses 10.41% [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 700 million yuan, a year-on-year increase of 27.72% [2] - The net profit attributable to the parent company was 83.15 million yuan, reflecting a year-on-year growth of 11.44% [2] - Cumulative cash dividends since the A-share listing amount to 40 million yuan [3] Stock Performance - As of September 12, the stock price of Huazhi Jie fell by 2.02%, trading at 65.16 yuan per share, with a total market capitalization of 6.516 billion yuan [1] - Year-to-date, the stock price has increased by 21.86%, with a recent decline of 5.97% over the last five trading days [1] - The company has appeared on the trading leaderboard 13 times this year, with the most recent net purchase on August 25 amounting to 30.36 million yuan [1] Shareholder Information - As of June 30, the number of shareholders is 26,200, a decrease of 30.52% from the previous period [2] - The average circulating shares per person increased by 43.94% to 749 shares [2]

Group 1 - The company primarily provides electronic components, switches, connectors, and relays that are applied in the commercial aerospace sector [2] - The company has indicated that its production capacity can meet the growing demand in the commercial aerospace segment, particularly for low Earth orbit satellites [2]

Summary of TBEA Conference Call Company Overview - **Company**: TBEA Co., Ltd. (特变电工) - **Industry**: Power Transmission and Transformation Equipment, New Energy, Coal Industry Key Points Business Outlook - The overall business environment for TBEA is expected to improve in the second half of the year, having completed the bottoming out of performance. The company aims to enhance competitiveness through product innovation and digital transformation, targeting a recovery in annual performance [2][9] - The ultra-high voltage (UHV) projects will fully initiate bidding in the second half, with significant contract signing expected to support revenue [2][3] New Energy Sector - The price of polysilicon has recovered to above reasonable levels, significantly improving the loss situation from the first half of the year. Both spot and futures prices have risen sharply [2][3] - Despite limited capacity utilization, profitability in the polysilicon sector is expected to improve significantly [3] - The company plans to accelerate the construction of solar power stations while cautiously selecting investment areas due to potential impacts from policy changes [4] International Orders - TBEA secured a significant order worth 16.4 billion RMB from Saudi Arabia, with a minimum execution amount of 11.5 billion RMB. This order is a major breakthrough in the international market, involving UHV transmission and transformation equipment, cables, etc. [2][5][10] - The project is expected to generate additional annual revenue of 1.5 to 2 billion RMB over the next seven years, consolidating domestic market share and expanding new application scenarios [10] Coal Sales and Market Dynamics - In Xinjiang, coal sales are primarily through self-consumption and external transportation, with expected sales exceeding 20 million tons for the year. Despite a decline in national coal prices leading to reduced profitability, stability is anticipated during the winter heating period [2][6][19] - The company has a long-term competitive advantage in coal mining due to favorable conditions and low costs, with plans to increase production capacity by 2030 [19] Export Performance - The export revenue from single-unit products reached 1.1 billion USD in the first half of the year, a year-on-year increase of 66%. With the signing of the Saudi contract, growth in the second half is expected to exceed 200% [3][11] - TBEA exports to over 90 countries, with the Middle East accounting for approximately 41% and other Asian countries for 25% of total exports [12] Future Development Plans - The company plans to establish a factory in Saudi Arabia to meet local demand, while maintaining a cautious approach to overseas capacity layout [13][25] - The overall product line includes transformers, switches, GIS, and converter valves, with a target to achieve over 100 billion RMB in sales across various electrical products [23] Market Trends and Challenges - The demand for power transmission and transformation equipment is expected to remain strong globally, particularly in the Middle East, where economic development is driving electricity demand [17][29] - The company faces challenges in the European market due to strong local competitors and regulatory barriers in the U.S. [24] Conclusion - TBEA is positioned to leverage its international contracts and domestic market strength to enhance its competitive edge in the power transmission and new energy sectors, while navigating challenges in coal sales and international market dynamics [2][9][19]

Summary of Microchip Conference Call Company Overview - **Company**: Microchip Technology Inc. - **Industry**: Semiconductor Key Points and Arguments Nine Point Plan 1. **Resizing Manufacturing Footprint**: Microchip downsized its manufacturing footprint due to excess inventory, which peaked at 266 days. The company closed one older fab and reduced output in others, leading to a significant drop in inventory levels [6][7]. 2. **Inventory Reduction**: Inventory days decreased from 266 in December to an expected below 200 by the end of September, with production now below shipping levels [8]. 3. **Business Unit Review**: A comprehensive review of all business units and megatrends was conducted, resulting in necessary changes to strategies [9]. 4. **Channel Strategy Optimization**: The company reassessed its distribution channels, terminating underperforming distributors and adjusting margins [10]. 5. **Customer Relationship Reconnection**: Efforts were made to improve relationships with customers, which had become transactional during high demand periods [11]. 6. **New Long-Term Business Model**: A new business model was introduced, targeting a long-term gross margin of 65%, operating expenses of 25%, and operating margin of 40% [12][13]. 7. **Operating Expense Management**: Operating expenses were reduced from 39% to approximately 32% through layoffs and revenue improvements [14][15]. 8. **Chips Act Negotiations**: Microchip has not taken any funding from the CHIPS Act, as negotiations were put on hold for a business review [16][17]. Market Performance - **Sales Growth**: Microchip's sales are growing faster than peers, attributed to effective management of backlog and strong performance in key markets [18][19]. - **Aerospace and Defense**: This segment grew from 9% to 18% of total business, driven by increased U.S. defense spending and NATO countries boosting their budgets [24][25][32]. - **Industrial Sector**: The industrial segment is thriving due to advancements in robotics, AI, and factory automation [28]. - **Data Center Growth**: There is significant growth in data centers, with Microchip providing essential components for power management and connectivity [29]. - **Networking and Connectivity**: Strong demand in networking across various sectors, including automotive and data centers [30]. Inventory and Demand Trends - **Customer Inventory Levels**: High inventory levels persist among customers, but a gradual correction is underway, leading to increased orders [22][49]. - **Bookings Trends**: Bookings have shown a consistent increase since March, with July being the best month in 36 months [42][43]. - **Lead Times**: Lead times for certain products are extending due to inventory shortages, particularly in high-end data center products [50][58]. Regional Insights - **Automotive Market**: The automotive sector is healthy in terms of production, but customers are holding inventory, affecting Microchip's sales [61][62]. - **China Market**: Microchip's business in China remains strong, with over half of sales linked to multinationals. The company expects growth in this segment [65][66][70]. Additional Important Insights - **Customer Flexibility**: Microchip's inflexibility during the backlog period contributed to a more significant sales decline compared to competitors [22]. - **Future Programs**: The company will not implement a program similar to the previous PSP in future cycles, emphasizing the need for adaptability [39][40]. - **Government Relations**: Microchip is not interested in government equity stakes for funding, maintaining independence [16][17]. This summary encapsulates the critical insights from the conference call, highlighting Microchip's strategic initiatives, market performance, and regional dynamics.