12月9日6时11分，长征六号改运载火箭在太原卫星发射中心点火起飞，随后将卫星互联网低轨15组卫星 送入预定轨道，发射任务取得圆满成功。这次发射已是长征系列运载火箭的第613次发射。 近年来，我国商业航天发展（000547）全面提速。中关村物联网产业联盟副秘书长袁帅在接受《证券日 报》记者采访时表示："得益于政策的大力支持和产业生态的发展，近年来我国商业航天发展全面提 速。随着技术进步和市场需求增长，明年火箭'每月多发'的高频发射有望常态化。" 产业发展迈向新阶段 中信建投（601066）证券股份有限公司发布的研报显示："回顾2025年，我国商业航天进入规模化部署 阶段。低轨卫星互联网进入密集组网期；民营火箭企业切入市场，提供低成本运力；工业和信息化部向 三大运营商发放卫星通信业务许可，推动终端直连卫星技术向消费级市场渗透。随着我国首个商业可复 用火箭朱雀三号成功首飞入轨，2026年起有望进入常态化高频发射新阶段。" 上下游企业协同发力 当前，我国商业航天企业数量超600家。在产业链上下游，A股上市公司在卫星制造、火箭发射、地面 设备、数据应用等环节协同发力，共同推动我国商业航天发展。 陕西华达科技（6033 ...

证券代码：600363 证券简称：联创光电 编号：2025-089 江西联创光电科技股份有限公司 关于控股股东部分股权解除质押并再质押的公告 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、准确性和完整性承担个别及连带责任。 | （一）本次股份质押基本情况 | | --- | | 股东 名称 | 是 否 为 控 股 股 | 本次质押 股数（股） | 是否 为限 售股 | 是 否 补 充 质 押 | 质押起始日 | 质押到期日 | 质权人 | 占其所 持股份 比例 | 占公 司总 股本 比例 | 质押 融资 资金 用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 东 | | | | | | | | | | | 电子 集团 | 是 | 1,500,000 | 否 | 否 | 2025/12/8 | 2026/12/12 | 重庆国 际信托 股份有 | 1.58% | 0.33% | 偿还 债务 | | | | | | | | | 限公司 | | | | | ...

8 December 2025 | 5:21PM CST Equity Research CHINA CLEAN TECH Nuclear Virtual Tour takeaways: increasingly positive installation trajectory for Nuclear contrasting with a weaker outlook for Solar We invited eight (Not Covered) companies active in the China Nuclear value chain – CGN Power (1816.HK), CNNP (601985.SS), Dongfang Electric (600875.SS/1072.HK), Harbin Electric (1133.HK), Neway Valve (603699.SS), Jiangsu Etern (600105.SS), FangDa Carbon (600516.SS) and Lianchuang Optoelectronic (600363.SS) – and on ...

数据来源：沪深交易所 风险提示：通用航空ETF华宝被动跟踪国证通用航空产业指数，该指数基日为2012.6.29，发布日期为 2012.12.28，指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。本 文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓 信息和交易动向。基金管理人评估的该基金风险等级为R3-中风险，适宜平衡型（C3）及以上的投资 者，适当性匹配意见请以销售机构为准。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，投资人须对任何自主决定的投资行为负责。另， 本文中的任何观点、分析及预测不构成对阅读者任何形式的投资建议，亦不对因使用本文内容所引发的 直接或间接损失负任何责任。基金投资有风险，基金的过往业绩并不代表其未来表现，基金管理人管理 的其他基金的业绩并不构成基金业绩表现的保证，基金投资须谨慎。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 12月5日早盘，商业航天概念继续强势，广联航空大涨逾12%，海特高新涨超6%，应流股份涨超5%，中 国卫星、华力创通等涨近3% ...

| 成交量 （万 | 成交金额 | 成交价 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | 格 | 折溢价（%） | | | | 股） | | （元） | | | | | 4.07 | 237.69 | 58.40 | 9.71 | 华源证券股份有限 | 中国银河证券股份有限公司上 | | | | | | 公司四川分公司 | 海高科东路证券营业部 | 证券时报·数据宝统计显示，联创光电今日收盘价为53.23元，下跌1.43%，日换手率为0.95%，成交额为 2.29亿元，全天主力资金净流出911.33万元，近5日该股累计下跌2.24%，近5日资金合计净流出7891.04 万元。 两融数据显示，该股最新融资余额为21.22亿元，近5日减少4297.13万元，降幅为1.98%。（数据宝） 12月2日联创光电大宗交易一览 联创光电12月2日大宗交易平台出现一笔成交，成交量4.07万股，成交金额237.69万元，大宗交易成交价 为58.40元，相对今日收盘价溢价9.71%。该笔交易的买方营业部为华源证券股份有限公司 ...

Group 1 - The nuclear power industry chain in China is experiencing significant breakthroughs with the commencement of new projects in Shandong and Zhejiang, marking a full-scale launch of new constructions [1] - China Uranium Industry's IPO has been successfully launched, enhancing upstream resource security for the nuclear power sector [1][4] - The international fusion cooperation project BEST has been initiated, accelerating the layout of cutting-edge technologies in the nuclear energy field [1][2] Group 2 - Since 2022, China has consistently approved more than 10 nuclear power units annually, indicating a normalization of project approvals and strong investment momentum in the nuclear sector [3] - The total investment for the newly approved 10 nuclear units in April is estimated to exceed 200 billion yuan, reflecting robust demand for nuclear power construction [3] - In the first nine months of 2025, domestic nuclear power investment reached 990.9 billion yuan, a year-on-year increase of 23.3% [3] Group 3 - China Uranium Industry holds significant mining rights and advanced extraction technologies, which will enhance domestic uranium production capacity and supply security [4] - The IPO aims to raise 4.11 billion yuan to fund several projects, including the Nalinggou uranium mine, thereby strengthening the upstream resource support for the nuclear power industry [4] Group 4 - As of October 2023, China operates 59 nuclear power units with a total installed capacity of 62.48 million kilowatts, maintaining the world's largest scale [5] - China's nuclear power generation accounts for only 5% of total electricity generation, indicating substantial growth potential compared to other regions [5] Group 5 - The first fourth-generation nuclear power plant is set to be operational by December 2023, showcasing advancements in safety and efficiency [6] - The BEST project is progressing, with significant investments in fusion energy technologies, indicating a clear roadmap for nuclear energy development in China [7] Group 6 - Investment opportunities are identified in various segments of the nuclear power industry, including equipment manufacturers, operators, and uranium resource companies [8] - Companies such as China Nuclear Power, China General Nuclear Power, and China Uranium Industry are highlighted as key players to watch in the evolving market [8]

Group 1: Core Insights - The report emphasizes that the AI wave is initiating a new cycle in intelligent manufacturing, shifting the investment focus from cyclical fluctuations to "new hard-core" assets that can define the future and support the AI trend [8][9]. - Human-shaped robots are highlighted as the ultimate embodiment of AI intelligence, expected to revolutionize labor liberation and serve as a universal platform for AI interaction with the physical world [9][10]. - The report identifies solid-state batteries as a key technology that will unlock performance ceilings for human-shaped robots and electric vehicles due to their high energy density and safety [9][10]. Group 2: Human-Shaped Robots - The human-shaped robot industry is transitioning from concept validation to commercialization, with companies that have developed product capabilities in key components likely to experience significant valuation increases [13][17]. - The investment strategy focuses on essential hardware components rather than single manufacturers due to the uncertainty in design solutions, creating unique investment opportunities [25][28]. - Key companies to watch in this sector include Xinjie Electric, Huichuan Technology, and Weichuang Electric, which are positioned to benefit from the growth in human-shaped robots [17][30]. Group 3: AI Equipment and Materials - The demand for AI-related infrastructure is surging, leading to significant growth in high-performance servers, GPUs, and advanced PCB requirements [32][36]. - The PCB specialized equipment market is expected to grow from $3.306 billion in 2020 to $4.111 billion in 2024, with a CAGR of 5.60% in China [32][34]. - Key players in the equipment sector include Dazhu CNC and Chip Quik, which are well-positioned to capitalize on the increasing demand for advanced PCB manufacturing [36][40]. Group 4: Solid-State Batteries - The solid-state battery industry is accelerating towards commercialization, with major manufacturers like CATL and Zhongxin Innovation targeting 2027 for small-scale production [9][10]. - The global solid-state battery equipment market is projected to reach ¥107.94 billion by 2030, indicating a significant capital expenditure cycle ahead [9][10]. - Companies such as Lead Intelligent and Hai Moxing are recommended for their potential to benefit from this new capital expenditure cycle [9][10]. Group 5: Controlled Nuclear Fusion - Controlled nuclear fusion is transitioning from experimental phases to industrialization, with significant advancements in research and increased capital investment driving the industry forward [9][10]. - The report suggests focusing on companies involved in nuclear fusion projects, such as Hangyang Co. and Shanghai Electric, which are positioned to gain from this emerging sector [9][10]. - The demand for energy solutions is expected to grow, making nuclear fusion a critical area for investment as it promises to provide sustainable energy sources [9][10]. Group 6: Engineering Machinery - The domestic engineering machinery market is recovering, with excavator sales showing a positive trend, while overseas demand is also increasing due to factors like housing construction and manufacturing sector recovery [6][9]. - Major projects in China, such as the Yaxi Water Conservancy Project and the Xinjiang-Tibet Railway, are expected to boost domestic machinery demand [6][9]. - Key companies in this sector include Sany Heavy Industry, XCMG, and Zoomlion, which are anticipated to benefit from both domestic recovery and international expansion [6][9].

Investment Rating - The report maintains a recommendation for investment in the nuclear fusion sector, indicating a positive outlook for the industry [1]. Core Insights - China's launch of the international scientific program in the fusion field is expected to enhance the country's capabilities and foster global collaboration in overcoming challenges in fusion combustion physics [8][9]. - The ITER project has reached a significant milestone with the completion of the installation of the fifth vacuum chamber sector, which is crucial for the project's timeline and future stability [9]. - The development of ship-based fusion reactors by Maritime Fusion could revolutionize the shipping energy landscape, aligning with global decarbonization goals [15]. - An Tai Technology has secured significant contracts, showcasing its strong technical capabilities in the fusion component sector [16]. Summary by Sections Industry Developments - The international scientific program for fusion initiated by the Chinese Academy of Sciences aims to consolidate global scientific efforts and enhance China's leadership in superconducting tokamak research [8]. - The ITER project is on track to complete all nine sectors by 2027, with recent successful installations marking key progress [9]. Technological Advancements - Maritime Fusion's initiative to develop a ship-mounted fusion reactor represents a potential shift in maritime energy sources, targeting zero emissions and significant market disruption [15]. Company-Level Insights - An Tai Technology has won contracts worth 70 million yuan for key fusion components, indicating its competitive edge in the market [16]. - The report highlights several companies for investment, including Lianchuang Optoelectronics and Hezhu Intelligent, while suggesting attention to Guoguang Electric [3][35]. Market Trends - The report notes a significant increase in bidding activities for fusion projects, with November alone seeing a total bidding amount of 2.58 billion yuan, indicating a robust growth trajectory for the sector [25][30]. - The overall market for controlled nuclear fusion is projected to reach 146.5 billion yuan in the next 3-5 years, marking a peak in project tenders [7].

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5] Core Insights - The establishment of the Commercial Space Administration by the National Space Administration signifies a dedicated regulatory body for the commercial space industry, which is expected to drive high-quality development and benefit the entire industry chain [2][37] - The low-altitude economy is entering a phase of accelerated commercialization, with significant policy support and new product development, indicating a promising growth trajectory [3][36] - The defense and military sector is projected to experience sustained growth due to the execution of backlog orders from the 14th Five-Year Plan and the introduction of new orders under the 15th Five-Year Plan [3][38] Summary by Sections Market Review - The defense and military index rose by 2.85% last week, ranking 14th among 31 primary industries [1][13] - The current PE (TTM) for the defense and military sector is 77.60 times, with aerospace equipment at 305.61 times and military electronics at 106.55 times [1][22] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: AVIC Chengfei, Hongdu Aviation, AVIC Shenyang, AVIC Xifei 2. New military technologies: Lianchuang Optoelectronics, Guangqi Technology, Zhongjian Technology 3. Underwater equipment: Yaxing Anchor Chain, Zhongke Haixun, Changying Tong 4. Missile industry chain: Feili Hua, Guoke Military Industry, Zhongbing Hongjian 5. Military titanium materials: Western Superconducting 6. Electronic components: Hongyuan Electronics, Aerospace Electric [4][40][41][42][43][44][45][46] Industry Dynamics - The National Space Administration's action plan for commercial space development aims for a significant expansion of the industry by 2027, enhancing innovation and resource utilization [2][37] - The low-altitude economy is being bolstered by new regulations and infrastructure developments, with a focus on safety and efficiency in low-altitude flight activities [3][34][36]

● 江西联创光电科技股份有限公司（以下简称"公司"或"本公司"）控股股东江西省电子集团有限公司 （以下简称"电子集团"）持有公司股份数量为94,736,092股，占公司总股本比例为21.01%；本次质押 后，累计质押数量为75,232,839股，占其所持有公司股份总数的79.41%，占公司总股本的16.69%。 一、上市公司股份质押 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个别及连带责任。 重要内容提示: 电子集团未来半年内将到期的质押股份数为24,502,567股，占其所持有股份比例25.86%，占公司总股本 比例5.43%，融资余额36,700.00万元；未来一年内将到期（不含半年内到期质押股份）的质押股份数量 为19,400,000股，占其持股总数的20.48%，占公司总股本的4.30%，融资余额44,235.00万元。 控股股东电子集团本次股份质押主要用于补充流动资金。控股股东电子集团企业资信状况良好，具备相 应的资金偿还能力，未来还款资金来源主要包括股票红利、投资收益及其他收入等，质押风险在可控范 围之内。如后续出现股票 ...