截至发稿，高远累计任职时间8年328天，现任基金资产总规模60.28亿元，任职期间最佳基金回报 202.73%， 任职期间最差基金回报13.65%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，长信基金旗下1只基金位居四创电子十大流通股东。长信金利趋势混合A（519994）三季度 新进十大流通股东，持有股数100万股，占流通股的比例为0.37%。根据测算，今日浮盈赚取约128万 元。 长信金利趋势混合A（519994）成立日期2006年4月30日，最新规模40.3亿。今年以来收益27.96%，同 类排名2236/8209；近一年收益24.02%，同类排名2366/8129；成立以来收益667.98%。 长信金利趋势混合A（519994）基金经理为高远。 11月24日，四创电子涨5.27%，截至发稿，报25.58元/股，成交9553.93万元，换手率1.43%，总市值 69.34亿元。 资料显示，四创电子股份有限公司位于安徽省合肥市高新技术 ...

Core Viewpoint - The stock of Sichuan Electronics has experienced fluctuations, with a year-to-date increase of 22.46% but a recent decline over the past five trading days by 5.58% [1] Company Overview - Sichuan Electronics, established on August 18, 2000, and listed on May 10, 2004, is located in Hefei, Anhui Province. The company primarily engages in radar, smart industry, and energy sectors, including meteorological radar, air traffic control radar, and various related products [2] - The revenue composition of Sichuan Electronics includes radar and related products (53.16%), public safety products (26.24%), power products (15.10%), mobile support equipment (4.68%), and others (0.83%) [2] - The company is classified under the defense and military industry, specifically in military electronics [2] Financial Performance - For the period from January to September 2025, Sichuan Electronics reported a revenue of 1.041 billion yuan, a year-on-year decrease of 4.64%. The net profit attributable to shareholders was -90.20 million yuan, reflecting a significant decline of 123.05% [2] - The company has distributed a total of 276 million yuan in dividends since its A-share listing, with 19.97 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Sichuan Electronics was 33,500, a decrease of 0.25% from the previous period. The average circulating shares per person increased by 0.25% to 8,035 shares [2] - Notable changes in institutional holdings include a decrease in shares held by major shareholders, with new entries from two funds [3]

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 12-month target price of 37.86 CNY [4][7]. Core Views - The company demonstrated stable profitability with a revenue of 2.118 billion CNY for the first three quarters of 2025, reflecting a year-on-year increase of 6.68%. The net profit attributable to shareholders was 373 million CNY, up 1.15% year-on-year [1]. - The company is expected to benefit from its leading position in defense radar and the long-term growth potential in military trade and low-altitude sectors [4][2]. - High R&D investment continues to enhance market competitiveness, with R&D expenses reaching 119 million CNY in the first three quarters, representing 5.6% of revenue [3]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 400 million CNY, a year-on-year decrease of 7.0%. The gross margin for Q3 was 34.9%, down 0.8 percentage points year-on-year, while the net margin improved by 0.6 percentage points to 5.8% [1]. - For the first three quarters, the gross margin was 40.1%, a decrease of 0.1 percentage points year-on-year, and the net margin was 17.6%, down 1.0 percentage points [1]. Market Opportunities - The company has secured contracts for domestic projects, including a meteorological radar project in Shandong and an airport anti-drone radar project, while also performing well in overseas military trade projects [2]. - The company is positioned to benefit from the long-term development of both domestic and international markets as a leading radar enterprise [2]. R&D and Inventory Management - The company has maintained a high level of R&D investment, with a focus on preparing inventory to meet anticipated demand, as indicated by a 16.5% increase in inventory compared to the end of the first half of 2025 [3]. Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 742 million CNY, 871 million CNY, and 1.024 billion CNY, respectively, with growth rates of 17.8%, 17.3%, and 17.7% [4][9].

Group 1 - The core viewpoint of the news is that Guorui Technology has seen a stock price increase of 5.02%, reaching 32.86 CNY per share, with a trading volume of 5.22 billion CNY and a market capitalization of 408.07 billion CNY as of September 30 [1] - Guorui Technology, established on June 28, 1994, and listed on January 28, 2003, is based in Nanjing, Jiangsu Province, and specializes in the research, development, production, debugging, sales, and related services of air traffic control radar, meteorological radar and application systems, rail transit signal systems, microwave devices, and special power supplies [1] - The revenue composition of Guorui Technology is as follows: radar equipment and related systems account for 78.61%, industrial software and intelligent manufacturing 11.74%, smart rail transit 8.32%, and others 1.33% [1] Group 2 - According to data from the top ten holdings of funds, Qianhai Kaiyuan Fund has a significant position in Guorui Technology, with its Qianhai Kaiyuan Belt and Road Mixed A Fund (001209) holding 277,600 shares, representing 7.88% of the fund's net value, making it the largest holding [2] - The Qianhai Kaiyuan Belt and Road Mixed A Fund was established on April 29, 2015, with a latest scale of 47.4766 million CNY, and has achieved a year-to-date return of 13.83%, ranking 5429 out of 8167 in its category [2] - The fund has a one-year return of 0.78%, ranking 7874 out of 8010, and has experienced a cumulative loss of 35.8% since its inception [2] Group 3 - The fund manager of Qianhai Kaiyuan Belt and Road Mixed A Fund is Wu Guoqing, who has been in the position for 10 years and 9 days, managing total assets of 5.333 billion CNY [3] - During his tenure, the best fund return achieved was 369.94%, while the worst return was -30.77% [3]

Core Viewpoint - The stock of Sichuan Electronics has experienced fluctuations, with a year-to-date increase of 32.75% and a recent decline of 11.19% over the past 20 days [1][2]. Company Overview - Sichuan Electronics, established on August 18, 2000, and listed on May 10, 2004, is located in Hefei, Anhui Province. The company primarily engages in radar, smart industry, and energy sectors, including meteorological radar, air traffic control radar, and various related products [2]. - The revenue composition of Sichuan Electronics includes radar and related products (53.16%), public safety products (26.24%), power products (15.10%), mobile support equipment (4.68%), and others (0.83%) [2]. Financial Performance - For the first half of 2025, Sichuan Electronics reported a revenue of 677 million yuan, reflecting a year-on-year growth of 5.61%. However, the net profit attributable to shareholders was -43.43 million yuan, a decrease of 11.50% compared to the previous year [2]. - The company has distributed a total of 276 million yuan in dividends since its A-share listing, with 19.97 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 21.62% to 33,600, with an average of 8,015 shares held per shareholder, down by 17.78% [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings to 3.12 million shares, and new entrants such as Guotou Ruijin National Security Mixed A and Changcheng Jiujia Innovation Growth Mixed A [3].

Core Viewpoint - The stock of Sichuan Electronics experienced a decline of 5.11% on September 23, trading at 26.90 CNY per share with a total transaction volume of 165 million CNY and a turnover rate of 2.22%, resulting in a total market capitalization of 7.292 billion CNY [1] Company Overview - Sichuan Electronics Co., Ltd. is located in Hefei, Anhui Province, and was established on August 18, 2000, with its listing date on May 10, 2004 [1] - The company primarily engages in the radar industry, smart industry, and energy industry, including meteorological radar, air traffic control radar, low-altitude warning radar, printed circuit boards, microwave components, smart city solutions, emergency command communication systems, Beidou equipment and systems, intelligent transportation systems, food safety intelligent equipment, special vehicle modifications, and power supply [1] - The revenue composition of the company is as follows: radar and supporting products 53.16%, public safety products 26.24%, power supply products 15.10%, mobile support equipment products 4.68%, and others 0.83% [1] Fund Holdings - One fund under AVIC Fund holds a significant position in Sichuan Electronics, specifically the AVIC Military-Civil Integration Selected A (004926), which held 500,000 shares in the second quarter, accounting for 6.53% of the fund's net value, ranking as the seventh largest holding [2] - The estimated floating loss for the fund on the current day is approximately 725,000 CNY [2] - The AVIC Military-Civil Integration Selected A fund was established on February 9, 2018, with a latest scale of 55.1098 million CNY, achieving a year-to-date return of 21.61% and a one-year return of 99.71% [2] Fund Manager Information - The fund manager of AVIC Military-Civil Integration Selected A is Han Hao, who has been in the position for 7 years and 286 days, managing total assets of 1.788 billion CNY [3] - During his tenure, the best fund return achieved was 219.33%, while the worst return was -12.9% [3]

Industry Overview - The air traffic control (ATC) system is the core hub for civil aviation management, playing a crucial role in monitoring and controlling aircraft to prevent collisions and ensure safe takeoffs and landings [1][15] - The air traffic control radar is a vital component of the ATC system, responsible for collecting and transmitting data about aircraft within its jurisdiction to ensure safe and efficient flight operations [1][15] - The Chinese air traffic control radar industry has experienced significant growth, with the market size increasing from 1.48 billion yuan in 2017 to 4.45 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 17.03% [1][16] Market Dynamics - The demand for air traffic control radar is expected to continue growing due to the ongoing reforms in low-altitude airspace and the development of general aviation [1][15] - Modern surveillance technologies such as ADS-B systems, transponders, and secondary radar have enhanced the ability to provide high-precision real-time flight information, significantly improving airspace safety [1][15] Industry Chain - The air traffic control radar industry chain consists of upstream raw materials and components, midstream production and manufacturing, and downstream application fields including route monitoring, airport surveillance, and emergency code transmission [9][10] Key Companies - Major companies in the Chinese air traffic control radar market include Sichuan Jiuzhou Electric, Guorui Technology, and several others, which have established a strong presence in both military and civilian markets [18][19] - Sichuan Jiuzhou Electric has reported a revenue of 461 million yuan from air traffic control products in the first half of 2025, reflecting a year-on-year growth of 10.29% [19] - Guorui Technology has achieved a revenue of 1.55 billion yuan from radar equipment and related systems in the first half of 2025, with a year-on-year increase of 16.54% [20] Technological Trends - The air traffic control radar industry is moving towards greater integration, miniaturization, and the incorporation of artificial intelligence and big data technologies to enhance operational efficiency and reliability [21][22][23] - Future developments will focus on creating integrated systems that combine various radar types and sensors, reducing equipment size and power consumption while improving collaborative detection and information fusion capabilities [22][23]

Core Insights - The safety emergency equipment industry is designed to respond to public emergencies, encompassing monitoring, emergency response, life rescue, and support functions, with a full-cycle management system integrating traditional and intelligent equipment [1][3] - The industry is experiencing significant growth due to increasing natural disasters, with over 200 million people affected and direct economic losses exceeding 1 trillion yuan from 2022 to mid-2025, highlighting the urgent need for advanced equipment technology [1][4] - The market is projected to exceed 1.32 trillion yuan by 2025, driven by industrialization, urbanization, and emerging risks, with specific segments like drone rescue showing remarkable growth [1][10] Industry Overview - Safety emergency equipment is specialized for natural disasters, accidents, and public health events, categorized into monitoring, emergency response, life rescue, and support systems [3][4] - The industry is classified into three main categories: safety prevention, emergency response, and safety emergency services, forming a closed-loop system that promotes technological integration and regional collaboration [4][6] Development Background - The frequency and severity of natural disasters in China have increased, with annual disaster-affected individuals exceeding 100 million and direct economic losses reaching 401.1 billion yuan in 2024 [4][5] - The demand for safety emergency equipment is driven by the complexity and scale of disasters, necessitating advancements in technology and product coverage [4][5] Market Size and Growth - The safety emergency equipment market is expected to surpass 1.32 trillion yuan by 2025, with a significant contribution from the drone rescue segment, projected to grow from 5.064 billion yuan in 2024 to 8.751 billion yuan by 2027 [1][10] - The market is segmented into emergency services (56%), emergency rescue (24%), monitoring and early warning (18%), and safety protection (2%) [10][11] Competitive Landscape - The industry features a diverse competitive landscape with state-owned enterprises leading major projects, private companies focusing on niche markets, and technology firms enhancing traditional emergency sectors [12][13] - Key players include China Shipbuilding Emergency, China Aneng, and DJI, with a focus on integrating technology and expanding capabilities [12][13] Future Trends - The industry is expected to evolve towards intelligent, green, and globalized development, with smart equipment penetration projected to reach 45% by 2030 [1][13] - The green transition is anticipated to accelerate, with the market for green emergency equipment expected to exceed 180 billion yuan by 2025 [14][15] - Global expansion is supported by the Belt and Road Initiative, with Chinese emergency equipment companies projected to capture 35% of the global market by 2030 [16]

Group 1 - The military-civilian integration sector has seen a significant rise, with the sector increasing by over 3% as of June 30, and several stocks, including Lijun Co., Guorui Technology, and Zhongguang Optical, reaching their daily limit [1] - Military-civilian integration refers to the combination of military and civilian industries, leveraging advanced technologies developed in military contexts for civilian applications, such as aerospace technology in communications and navigation, and nuclear technology in power generation and healthcare [1] - The economic impact of military enterprises includes substantial investments in research and development, which, when converted to dual-use technologies, can expand market space, increase product sales, and enhance economic benefits [1] Group 2 - Pacific Securities expresses a positive outlook on the military-civilian integration sector, highlighting strong dual-use potential in areas such as marine, space, cyberspace, biology, and new energy, which may benefit from policy incentives [2] - Zhongyou Securities indicates that the military industry is expected to reach a turning point, with new products and military technology conversion creating new market opportunities [2] - A list of military-civilian integration concept stocks has been compiled for investor reference, although it does not constitute investment advice [2] Group 3 - Zhongbing Hongjian has transitioned from a purely civilian company to a military-civilian integration platform following its restructuring [3] - Great Wall Military Industry operates as a holding company with both military and civilian business segments, primarily focusing on military products [3] - Boya Precision Engineering applies core technologies developed for military equipment to the civilian sector, enhancing product standards [3] - Beihua Co. acquired Xinhua Chemical, a unique military-civilian integration enterprise specializing in nuclear and chemical defense materials [3] - Sichuan Electronics produces radar products for both military and civilian applications, maintaining strong relationships with various governmental departments [3] - Inner Mongolia First Machinery Group develops military-civilian integration products such as multifunctional firefighting vehicles and rescue vehicles [3] - Aerospace Nanhu focuses on key technology development for both military and civilian low-altitude markets, contributing to low-altitude economic initiatives [3] - Xinyu Guoke has been engaged in the research, production, and sales of pyrotechnics and related products, while also developing dual-use technology industries [4]

Summary of the Conference Call for SiChuang Electronics Company Overview - SiChuang Electronics Co., Ltd. was established in August 2000 and listed on the Shanghai Stock Exchange in May 2004 with stock code 600990. The company focuses on electromagnetic sensing technology and products, particularly in meteorological radar, air traffic control radar, low-altitude monitoring radar, special vehicle modifications, printed circuit boards, power supplies, microwave devices, security information systems, emergency civil defense, and grain information systems [3][7] Key Financial Performance - For the fiscal year 2024, SiChuang Electronics reported a revenue of 1.603 billion yuan and a net profit attributable to shareholders of -245.88 million yuan. The revenue breakdown includes: - Headquarters: 958 million yuan - Huayao Electronics: 250 million yuan - Bowei Chang'an: 433 million yuan - Revenue by business segment: - Sensing products: 677 million yuan - Sensing infrastructure: 492 million yuan - Sensing applications: 421 million yuan [9] Industry Developments - The company is actively pursuing government demands in the low-altitude economy sector and plans to launch new products at the Radar Expo [10] - The 11th World Radar Expo was held on May 17, 2025, showcasing SiChuang's innovations in radar technology and attracting top global enterprises and research institutions [12] Product Innovations - At the Radar Expo, SiChuang presented over 50 projects, including: - Movable X-band phased array weather radar - Air traffic control primary and secondary radars - Various microwave components and systems - The company launched three new low-altitude systems: - UAM Low Altitude Navigation System Solution - SiChuang "Wukong" Low Altitude Model - "Weishield" Low Altitude Micro-Meteorological System [13][14] Strategic Collaborations - SiChuang signed strategic cooperation agreements with five organizations, including Anhui University and Hefei Meteorological Bureau, to explore innovative applications in the low-altitude economy [14] Future Market Opportunities - Huayao Electronics, a subsidiary, has secured a project for the EAST controlled nuclear fusion device power module, with a market potential expected to grow as the project transitions from experimental to commercial phases [17][18] - The company is also involved in the BEST project, which is expected to enter the bidding phase between 2025 and 2026 [19] Additional Applications - Huayao Electronics has a strong foothold in high-voltage power supply technology, with applications extending to various fields, including space exploration and medical sterilization [20] Conclusion - SiChuang Electronics is positioned as a leader in the radar and sensing technology sector, with a focus on innovation and strategic partnerships to drive growth in emerging markets such as low-altitude economy and nuclear fusion technology. The company aims to enhance its product offerings and expand its market presence through ongoing research and development initiatives.