中国东方红卫星股份有限公司 2024年年度权益分派实施公告 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、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.01元 证券代码：600118 证券简称：中国卫星 公告编号：临 2025-015 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/26 | － | 2025/6/27 | 2025/6/27 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 8 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,182,489,135股为基数，每股派发现金红利 0.01元（含税），共计 ...

Group 1 - A Chinese research team has developed a breakthrough solution for high-speed data transmission using adaptive optics and multi-mode diversity reception, achieving speeds of 1Gbps, five times faster than existing satellite systems like Starlink [1][3] - The new method effectively mitigates the effects of atmospheric turbulence, which previously caused significant signal degradation, by utilizing a combination of adaptive optics and multi-mode reflection [1][2] - The probability of usable signals has increased from 72% to 91.1%, indicating a substantial improvement in data transmission reliability, which is critical for high-value data [3] Group 2 - The research was conducted by a collaboration between Beijing University of Posts and Telecommunications and the Chinese Academy of Sciences, showcasing China's leadership in space laser communication technology [1][3] - In 2020, China set a world record for laser downlink transmission at 10Gbps with the Shijian-20 satellite, highlighting the country's advancements in this field [3]

Group 1 - The aerospace industry is experiencing growth due to escalating geopolitical conflicts and increasing global military expenditures, with China's military enterprises gaining technological advantages in drones, fighter jets, and missiles [1] - China's share in the global military trade is currently small, but there is significant potential for growth as Chinese weaponry gains recognition in international markets for its high performance and cost-effectiveness [1] - The aerospace sector is identified as a core beneficiary of these trends, with the potential to expand its market space significantly [1] Group 2 - Aerospace ETFs, specifically the Aerospace ETF (159227) and Aerospace ETF Tianhong (159241), saw increases of 1.46% and 1.45% respectively, with the former having a larger scale of 229 million units and a half-day trading volume of 33.5855 million yuan [2] - The National Aerospace Index (code CN5082) consists of 50 stocks selected based on free float market capitalization, ensuring a representative and flexible index that reflects the overall performance of the aerospace sector [2] - The index is weighted by free float market capitalization, with a maximum weight of 15% for any single stock, balancing the influence of large-cap core companies with opportunities for smaller growth firms [2] Group 3 - Key stocks in the National Aerospace Index include: - Guoke Technology (002625) with a weight of 10.84% - Aero Engine Corporation of China (600893) with a weight of 8.49% - AVIC Shenyang Aircraft Corporation (600760) with a weight of 7.41% - AVIC Xi'an Aircraft Industry Group (000768) with a weight of 5.72% [3] - Other notable stocks include AVIC Aircraft Company (600372), Aerospace Electronic Equipment (600879), and China Satellite Communications (600118), each contributing to the index's overall performance [3]

Core Viewpoint - The Tianwen-2 mission aims to explore and sample asteroid 2016HO3 and subsequently conduct scientific exploration of main-belt comet 311P, marking China's first attempt at asteroid sample return and advancing deep space exploration [1][2][13]. Mission Overview - The Tianwen-2 mission is led by the National Space Administration of China, with a long and challenging implementation cycle of approximately 10 years, facing significant engineering risks and uncertainties [2][13]. - The mission consists of 13 flight phases, including launch, asteroid transfer, close approach, sampling, and return segments [13]. Launch Details - The Long March 3B rocket, known for its high payload capacity, successfully launched the Tianwen-2 spacecraft from the Xichang Satellite Launch Center on May 29, 2025 [1][4]. - This mission is the first time the Long March 3B rocket has executed a launch to escape Earth's gravitational pull, requiring a speed of at least 11.2 km/s [5][6]. Challenges Faced - The launch faced three main challenges: higher speed requirements, increased precision demands, and a narrower launch window [6][9]. - The launch window for the mission was limited to three days, with only four minutes available each day for a successful launch [9]. Technical Innovations - The mission has implemented various technical improvements, including enhanced payload capacity and precision tracking systems, to ensure successful launch and mission execution [10][11]. - The spacecraft is equipped with 11 scientific instruments for spectral measurement, optical imaging, and environmental detection, aimed at gathering valuable data during its journey [13][16]. Scientific Goals - The scientific objectives focus on determining the physical parameters of the asteroid and comet, including their orbital dynamics, composition, and internal structure [17]. - The mission aims to contribute to the understanding of the early solar system and the formation of celestial bodies, with particular emphasis on the unique characteristics of the target asteroid and comet [16][17].

Group 1 - The core viewpoint of the news highlights the strong performance of the aerospace sector, with the CN5082 index rising by 1.92% and key stocks like AVIC Shenyang Aircraft (600760) increasing by 9.36% [1] - The Aerospace ETF Tianhong (159241) has shown a significant increase of 1.67%, with a trading volume of 12.29 million yuan and a turnover rate of 6.33% [1] - Indonesia is evaluating the feasibility of purchasing Chinese-made J-10 fighter jets to modernize its air force while considering budget efficiency [1] Group 2 - Huatai Securities indicates that global military spending and frequent geopolitical conflicts suggest a substantial upward cycle in the military trade market, with China entering a net surplus phase in military trade [2] - The main export products from China include aircraft, ships, armored vehicles, and missiles, attributed to the high performance and cost-effectiveness of domestically developed military products [2] - The ongoing political conflict between India and Pakistan is expected to strengthen the global military trade logic, leading to a breakthrough in the defense and military market [2] Group 3 - The Aerospace ETF Tianhong has attracted a total of 18.81 million yuan in the last four trading days [3] - The maximum drawdown since the establishment of the Aerospace ETF Tianhong is 0.72%, with a relative benchmark drawdown of 0.22% [3] - The management fee for the Aerospace ETF Tianhong is 0.50%, and the custody fee is 0.10%, making it one of the lowest in comparable funds [3] Group 4 - As of May 30, 2025, the top ten weighted stocks in the CN5082 index account for 52.51% of the total index, with companies like Guoke Technology (002625) and AVIC Shenyang Aircraft (600760) among the leaders [3]

Industry Overview - The satellite AIS (Automatic Identification System) industry is characterized by various product types and a diverse range of production enterprises [2] - The downstream application distribution pattern of satellite AIS is crucial for understanding market dynamics [2] - The investment and development prospects of the global satellite AIS industry indicate a growing interest and potential for future growth [2] Supply and Demand Analysis - Global satellite AIS production capacity, output, and utilization rates are on an upward trend, reflecting increasing demand [3] - The production and sales overview of satellite AIS shows a healthy production-sales ratio, indicating a balanced market [3] - Forecasts for satellite AIS production and value across different types highlight significant growth potential through 2026 [3] Competitive Landscape - Major global satellite AIS enterprises have shown varying production volumes and market shares from 2018 to 2023, indicating competitive dynamics [3] - The concentration of the satellite AIS market is analyzed, revealing insights into market power and competition among leading firms [3] - The dynamics of both global and Chinese markets are influenced by various driving and restraining factors, presenting opportunities and challenges [3] Regional Development Trends - The global satellite AIS market size and regional distribution patterns are essential for understanding market segmentation [3] - Specific regional analyses, including China, the US, Europe, Japan, Southeast Asia, and India, provide insights into production, value, and growth rates [3] Consumption and Demand Forecast - Global consumption of satellite AIS and its regional distribution are critical for assessing market demand [3] - China's market for satellite AIS is projected to grow, with detailed forecasts on consumption and demand trends [4] Value Chain Analysis - The value chain of the satellite AIS industry includes upstream raw material supply and downstream demand sectors, highlighting key market players [4] - Current and future sales channels for satellite AIS in domestic and international markets are analyzed for strategic insights [4] Import and Export Trends - China's satellite AIS import and export volumes, along with growth rates, are essential for understanding trade dynamics [4] Impact of External Factors - The overall development status of the satellite AIS industry in various countries, including the effects of the COVID-19 pandemic and international trade policies, is examined [4] Company Analysis - Detailed profiles of leading companies in the satellite AIS sector, including exactEarth, ORBCOMM, L-3 Communications, Kongsberg, Raymarine, and Maritec, provide insights into their market positions, production capabilities, and financial performance from 2015 to 2023 [5]

Group 1: Industry Overview - The Chinese aerospace industry is experiencing explosive growth, driven by policy and technological advancements, with a predicted market size of 2.8 trillion yuan by 2025 [1] - The government emphasizes the development of emerging industries and modern industrial systems, including commercial aerospace and low-altitude economy [1] Group 2: Company Strategies - Aerospace Power plans to focus on liquid power technology innovation and product upgrades while enhancing management capabilities to ensure sustainable development [2] - Aerospace Software aims to improve operational management and market positioning by focusing on key sectors like aerospace and military, while enhancing core product competitiveness [3] Group 3: Product Development and Progress - Aerospace Electronics is engaged in the development and production of aerospace electronic information and unmanned systems, with a focus on defense applications [4] - The development of the Feihong-97A unmanned system is ongoing, with preliminary design and testing phases completed [5] - Aerospace Power is advancing its hydrogen energy project, with production capabilities for hydrogen storage and transportation equipment established [5] Group 4: Satellite Operations - China Satcom operates 18 commercial communication satellites, with plans for future satellite construction and launches, including the successful launch of the Zhongxing 10R satellite in February 2025 [6]

Investment Rating - The report maintains a "Buy" rating for the reusable rocket technology and highlights the broad prospects for satellite applications [1] Core Insights - Breakthroughs in reusable rocket technology have been achieved, marking significant advancements in China's commercial space industry [1][29] - The satellite communication market is opening up to consumer applications, with major telecom companies launching devices that support direct satellite connectivity [9][40] - The report emphasizes the importance of resource integration and innovation in downstream applications within the commercial aerospace sector [46] Summary by Sections Industry Weekly Viewpoint - The computer index increased by 1.66% during the week, while the Shanghai Composite Index decreased by 0.03% and the ChiNext Index fell by 1.40% [7][13] - Notable gains were observed in satellite navigation (+3.69%), commercial aerospace (+3.17%), and military information technology (+3.12%) [7][13] Market Performance (05.26-05.30) - The report notes a significant performance in individual stocks, with Zongheng Co. rising by 25.63% and Digital Government rising by 18.05% [18] - Conversely, companies like Bangyan Technology and Zhongke Star Map experienced declines of 16.09% and 10.26%, respectively [18] Valuation Analysis - The valuation of the low-altitude economy, aerospace equipment, and aviation equipment sectors is reported to be in the ranges of 96-98, 128-131, and 50-51 respectively, indicating high valuation levels compared to historical data [26] Breakthroughs in Rocket Recovery Technology - The successful test flight of the Yuanhang-1 rocket by Arrow元科技 marks a significant milestone in the development of large-scale reusable rockets [29] - The rocket is designed for 20 reuses and aims to support various market needs, including space tourism and deep space exploration [34] Opening of Consumer-Level Satellite Communication Market - The establishment of 5G satellite standards led by China is expected to revolutionize satellite communication, allowing direct connections from mobile devices to satellites [9][40] - As of April 2025, 30 devices supporting satellite connectivity have been launched by major telecom brands, indicating a shift towards consumer applications [9][40] Recent Highlights - The successful launch of the Tianwen-2 probe and the establishment of the Satellite Application Innovation Institute by China Aerospace Technology Group are significant developments in the aerospace sector [41][44] - The report highlights the potential of the drone logistics market, predicting a market size of approximately 300 billion yuan by 2024 [8][20] Investment Recommendations and Beneficiary Companies - The report suggests focusing on companies involved in satellite manufacturing and rocket launches, such as China Satellite and Shanghai Hanhua [46] - It also highlights beneficiaries in satellite operations and applications, including China Satcom and Huace Navigation [46]

Core Viewpoint - The commercial space industry in China is experiencing rapid growth, supported by national policies, with a market size projected to reach approximately 7,133.2 billion yuan in 2024, driven by increased launch activities and advancements in satellite applications [2][8]. Group 1: Definition and Main Business of Commercial Space Industry - The commercial space industry refers to the sector that provides space products and services through market-oriented approaches, including rocket launches, satellite applications, and space tourism [3][4]. - Unlike traditional government-led space projects, commercial space emphasizes private sector participation, cost-effectiveness, and sustainable business ecosystems, marking a shift from planned to market economies in space activities [4]. Group 2: Current Development Status of the Commercial Space Industry - The commercial space sector in China is becoming increasingly active, with 68 rocket launches and 66 successful orbital insertions in 2024, achieving a success rate of 97% [6][8]. - The market size of the commercial space industry in China has been growing rapidly, with a reported size of 6,582.2 billion yuan in 2023 and an expected increase to 7,810.4 billion yuan by 2025 [8]. - The commercial remote sensing satellite sector is identified as a strategic emerging industry that contributes significantly to economic growth and daily applications, positioning itself as a key area in global space competition [8]. Group 3: Future Prospects and Opportunities - The commercial space industry is anticipated to reach a mature phase by the end of the 14th Five-Year Plan or during the 15th Five-Year Plan, indicating a historic development opportunity for the industry chain [2]. - The launch of new rocket models, such as the Long March 8 and others, is expected to further enhance China's launch capabilities and increase the number of launches in 2025 [6].

Core Viewpoint - The successful launch of the Tianwen-2 probe marks China's first asteroid sample return mission, aiming to explore the near-Earth asteroid 2016HO3 and the main-belt comet 311P over a mission period of approximately ten years [4][11]. Group 1: Mission Overview - The Tianwen-2 mission is designed to visit two celestial bodies: the near-Earth asteroid 2016HO3 and the main-belt comet 311P, focusing on their morphology, material composition, internal structure, and potential ejections [3][11]. - The mission aims to enhance understanding of the origins and evolution of the solar system, as well as provide insights into Earth's evolutionary processes [12][13]. Group 2: Launch Details - The Tianwen-2 probe was successfully launched on May 29 at 1:31 AM from the Xichang Satellite Launch Center using the Long March 3B rocket, which is noted for its high reliability and performance [4][5]. - The Long March 3B rocket has a payload capacity of 5.55 tons to geostationary transfer orbit, making it suitable for the Tianwen-2 mission [5][7]. Group 3: Technical Aspects - The mission consists of 13 flight phases, including launch, asteroid transfer, close approach, sampling, and return to Earth, with the return capsule expected to land by the end of 2027 [8][9]. - The Tianwen-2 probe is equipped with 11 scientific payloads, including cameras, spectrometers, and radar, to conduct comprehensive studies of the target celestial bodies [13]. Group 4: Scientific Significance - The exploration of 2016HO3 is particularly valuable as it is a stable quasi-satellite of Earth, located approximately 18 to 46 million kilometers away, making it accessible for the mission [12]. - The main-belt comet 311P presents unique research opportunities due to its dual characteristics of asteroid-like orbits and comet-like physical features, which could provide insights into the formation of small celestial bodies [13].