Group 1 - The company announced the resignation of director Yu Bin due to personal work reasons, and he will not hold any other positions within the company after his resignation [2][3] - Yu Bin's departure will not affect the minimum number of board members or the normal operations of the board, and the company will proceed with the election of a new director [3] - The board expressed gratitude for Yu Bin's contributions during his tenure, highlighting his diligence and commitment to the company's development [3] Group 2 - The company plans to sell up to 1.1 million shares of Yangtze Optical Fibre and Cable Joint Stock Limited Company, representing 0.15% of its total share capital, through a centralized bidding process [5][6] - As of the announcement date, the company holds 119,937,010 shares of Yangtze Optical Fibre, accounting for 15.82% of its total share capital [5][12] - The board approved the sale at a meeting held on September 4, 2025, with all 10 attending directors voting in favor [8][10] Group 3 - The sale of shares is intended to optimize the company's asset structure and improve capital efficiency, with the proportion of shares sold being small enough not to alter the company's holding status in Yangtze Optical Fibre [16] - The transaction does not constitute a related party transaction or a major asset restructuring as defined by regulations [7][10] - The company will follow legal procedures for the sale and will disclose information regarding the progress of the transaction as required [16]

证券代码：600345 证券简称：长江通信 公告编号：2025-033 武汉长江通信产业集团股份有限公司 关于授权择机出售股票资产的公告 本公司董事会、全体董事及相关股东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、准确性和完整性承担法律责任。 重要内容提示： ? 交易简要内容：截至公告披露日，武汉长江通信产业集团股份 有限公司（以下简称"公司"）持有长飞光纤光缆股份有限公司（以 下简称"长飞光纤"）119,937,010 股股份，占长飞光纤总股本比例 为 15.82%，公司拟通过证券交易所集中竞价方式出售长飞光纤不超 过 110 万股股票，占长飞光纤总股本的比例为 0.15%，交易价格根据 市场价格确定。 ? 本次交易不构成关联交易。 。具体情况如下： 一、交易概述 （一）本次交易的基本情况 截至 2025 年 9 月 4 日，公司持有长飞光纤（股票代码：601869） 有的股份， ? 本次交易不构成重大资产重组。 ? 本次拟出售的长飞光纤股票比例较小，不改变公司在长飞光 纤的持股地位。 ? 本次交易已经公司第十届董事会第九次会议审议通过，无需 提交股东大会审议。 ? 本次 ...

Core Viewpoint - Hubei province is actively implementing a science and technology innovation strategy to enhance its economic development and establish itself as a significant strategic hub in central China through innovation-driven growth [1][4]. Group 1: Company Innovations - Huagong Technology recently launched nine new products, including China's first all-weather intelligent laser weeding robot, which can achieve a weed removal rate of over 95% [1][3]. - The laser weeding robot can eliminate 10,000 weeds per hour with a mixed power solution, significantly improving weeding efficiency and is expected to recover its purchase cost in about three years [3][4]. - Huagong Technology has received four national science and technology progress awards and exports products to over 90 countries and regions [3]. Group 2: Industry Development - Hubei's "51020" modern industrial cluster is expanding, with three major industries—optoelectronic information, automotive manufacturing, and health—reaching trillion-level scales, and 19 industries at the billion-level [4][7]. - The province has established a comprehensive support system for technology innovation, including a full-chain support system for cultivating, selecting, and applying technological innovations [4][7]. - Hubei's economy grew by 6.3% year-on-year in the first quarter, surpassing the national average, with significant contributions from high-tech manufacturing, which saw an increase of 21.4% [7]. Group 3: Innovation Ecosystem - Hubei is building a "North Star" innovation system that integrates government, industry, academia, research, finance, and services, enhancing the conversion rate of scientific achievements from 37% to 67% over five years [8][9]. - The province has introduced policies to encourage innovation and tolerate failure, including a list of items for technology innovation fault tolerance and exemption [9]. - Financial institutions are launching specialized products to support small and medium-sized enterprises and technology companies, enhancing the accessibility of financial services [11].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][8]. Core Views - The company is a leading supplier of power and communication transmission equipment, benefiting from the resonance of domestic and international offshore wind developments [5][7]. - The company has a diversified business structure focusing on marine equipment, optical communication, and power transmission [7][21]. - The offshore wind power sector is expected to rebound after years of low activity, with multiple provinces in China announcing future offshore wind power plans [10][59]. - The company is positioned to capitalize on the growing demand for optical communication driven by 5G network construction and increasing computing power needs [7][10]. Summary by Sections Market Performance - The closing price is 13.85 CNY, with a total market capitalization of 47,269.35 million CNY and a circulating market capitalization of the same amount [3]. Financial Forecast and Valuation - Revenue projections for 2023 to 2027 are 45,065 million CNY, 48,055 million CNY, 53,352 million CNY, 58,609 million CNY, and 64,577 million CNY, respectively, with growth rates of 11.91%, 6.63%, 11.02%, 9.85%, and 10.18% [6][8]. - The forecasted net profit attributable to shareholders for the same period is 3,117 million CNY, 2,838 million CNY, 3,419 million CNY, 4,188 million CNY, and 5,020 million CNY, with growth rates of -3.03%, -8.94%, 20.46%, 22.51%, and 19.86% [6][8]. - The price-to-earnings (P/E) ratios for 2025 to 2027 are projected to be 13.83, 11.29, and 9.42, respectively [6][8]. Business Overview - The company has a strong presence in the power transmission sector, focusing on a full product chain of power equipment, including special conductors and various types of cables [21][25]. - In the marine equipment sector, the company emphasizes the development of new technologies and materials for offshore wind energy transmission [7][24]. - The optical communication segment includes a wide range of products and services, positioning the company as a global leader in this field [7][21]. Investment Logic - The offshore cable market is characterized by strong profitability and a favorable competitive landscape, particularly with the trend towards high voltage and flexible direct current [10][29]. - The company is actively expanding into the European market, which is experiencing a peak in offshore wind construction, creating opportunities for domestic manufacturers [10][59]. - The company’s early investments in energy storage and its comprehensive product offerings position it well to benefit from the ongoing energy transition [7][10].

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