登录新浪财经APP 搜索【信披】查看更多考评等级 会议召开时间：2025年11月6日(星期四) 下午 14:00-15:00 会议召开地点：上海证券交易所上证路演中心 （网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2025年10月30日(星期四) 至11月5日(星期三)16:00前登录上 证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱进行提问，邮箱地址： nbyjsmh600879@126.com。公司将在2025年第三季度业绩说明会（以下简称"业绩说明会"）上对投资者 普遍关注的问题进行回答。 证券代码：600879 证券简称：航天电子公告编号：临2025-071 航天时代电子技术股份有限公司 关于召开2025年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 公司独立董事： 胡文华女士 航天时代电子技术股份有限公司（以下简称"公司"）将于2025年10月30日发布公司2025年第三季度报 告，详情届时请查 ...

Core Insights - The aerospace equipment sector experienced a slight increase of 0.21% on October 28, with LIGONG Navigation leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - LIGONG Navigation (688282) closed at 58.95, up 4.15% with a trading volume of 19,700 lots and a transaction value of 114 million [1] - Aerospace Huayu (688523) closed at 25.64, up 3.64% with a trading volume of 162,900 lots and a transaction value of 421 million [1] - Xinyu Guoke (300722) closed at 32.52, up 2.81% with a trading volume of 128,800 lots and a transaction value of 420 million [1] - StarNet Yuda (002829) closed at 27.06, up 1.16% with a trading volume of 222,400 lots and a transaction value of 605 million [1] - China Satellite (600118) closed at 40.23, down 0.42% with a trading volume of 767,100 lots and a transaction value of 3.112 billion [1] Capital Flow - The aerospace equipment sector saw a net outflow of 232 million from institutional investors and 49.48 million from retail investors, while retail investors had a net inflow of 282 million [1] - New Yuguoke (300722) had a net inflow of 29.54 million from institutional investors, while retail investors experienced a net outflow of 49.00 million [2] - LIGONG Navigation (688282) had a net inflow of 15.49 million from institutional investors, with a net outflow of 17.36 million from retail investors [2] - China Satellite (600118) had a significant net inflow of 211 million from retail investors despite a net outflow of 18.30 million from institutional investors [2]

证券代码：600879 证券简称：航天电子 公告编号：临 2025-071 航天时代电子技术股份有限公司 本次业绩说明会以网络互动形式召开，公司将针对 2025 年前三季度业绩及经营 情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问 关于召开 2025 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 航天时代电子技术股份有限公司（以下简称"公司"）将于 2025 年 10 月 30 日发 布公司 2025 年第三季度报告，详情届时请查阅《中国证券报》、《上海证券报》、《证 券时报》及上海证券交易所网站（www.sse.com.cn）相关公告。为便于广大投资者更 全面深入地了解公司 2025 年前三季度业绩及经营情况，公司拟于 2025 年 11 月 6 日 （星期四）下午 14:00-15:00 举行 2025 年第三季度业绩说明会，就投资者关心的问 题进行交流。 一、业绩说明会类型 （一）投资者可在 2025 年 11 月 6 日下午 14:00-15:0 ...

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [6] Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of military equipment construction, indicating that the military equipment development is expected to accelerate with the implementation of the 14th Five-Year Plan [9][12] - The successful testing of the Zhuque-3 rocket marks a significant advancement in reusable rocket technology, which is anticipated to lower launch costs and accelerate satellite networking [14][17] - The military sector's stock prices have stabilized recently, with a focus on both domestic and international demand, highlighting the investment value in the military industry [18] Summary by Sections Investment Suggestions and Targets - The report suggests focusing on military electronics, new domains, and the aerospace propulsion chain, with specific stock recommendations including: - Military Electronics: Aerospace Electric (002025, Buy), Zhonghang Optical (002179, Buy), and others [18] - New Domains: Haige Communication (002465, Buy) and others [18] - Aerospace Propulsion Chain: Xibei Superconductor (688122, Buy) and others [18] - Military Trade/Main Equipment: Zhonghang Shenfei (600760, Unrated) and others [18] Industry Performance - The defense and military industry index increased by 2.81%, underperforming compared to the Shanghai Composite Index [21][22] - The report notes that the military industry has shown resilience, with a focus on key components and materials as demand rises [18][21] Recent Developments - The report highlights significant recent events in the military sector, including successful military exercises and advancements in military technology [30][31]

Core Insights - The aerospace equipment sector experienced a 1.44% increase on October 27, with Zhongtian Rocket leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Sector Performance - Zhongtian Rocket (003009) closed at 54.92, up 4.23% with a trading volume of 148,300 shares and a transaction value of 800 million [1] - China Satellite (600118) closed at 40.40, up 3.27% with a trading volume of 1,251,600 shares and a transaction value of 503.5 million [1] - Aerospace Electronics (600879) closed at 11.72, up 1.82% with a trading volume of 1,030,800 shares and a transaction value of 1.201 billion [1] - Other notable performances include China (601698) at 21.83, up 0.55%, and XWUD (002829) at 26.75, down 0.34% [1] Capital Flow - The aerospace equipment sector saw a net outflow of 546 million from institutional investors, while retail investors contributed a net inflow of 440 million [1] - The detailed capital flow for individual stocks shows that Zhongtian Rocket had a net outflow of 4.5231 million from institutional investors but a net inflow of 48.4148 million from retail investors [2] - Other stocks like Newyu Guoke (300722) and Aerospace Electronics (600879) also experienced varying levels of net inflow and outflow from different investor categories [2]

Core Viewpoint - Aerospace Electronic's stock price has shown significant growth this year, with a 32.10% increase, indicating strong market performance despite recent declines in revenue and profit [1][2]. Group 1: Stock Performance - As of October 27, Aerospace Electronic's stock price rose by 2.26% to 11.77 CNY per share, with a trading volume of 828 million CNY and a turnover rate of 2.16%, resulting in a total market capitalization of 38.833 billion CNY [1]. - The stock has increased by 3.98% over the last five trading days, 12.74% over the last 20 days, and 18.05% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Aerospace Electronic reported a revenue of 5.822 billion CNY, a year-on-year decrease of 24.51%, and a net profit attributable to shareholders of 174 million CNY, down 30.37% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.124 billion CNY, with 514 million CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders for Aerospace Electronic reached 154,400, an increase of 13.22% from the previous period, while the average number of tradable shares per person decreased by 11.67% to 21,368 shares [2]. - Notable new institutional shareholders include the Fortune CSI Military Industry Leader ETF, holding 50.6555 million shares, and the E Fund Defense Industry Mixed A, holding 48.2229 million shares [3].

Investment Rating - The report provides a strong recommendation for several companies in the military industry, indicating a positive outlook for their stock performance [9]. Core Insights - The recent Fourth Plenary Session of the 20th Central Committee emphasized new goals for national defense capabilities, including the enhancement of "national defense strength" and "international influence" [21]. - The report highlights the aerospace sector as a key focus area for military investment, particularly in the context of the newly stated goal of becoming a "space power" [21]. - Upcoming quarterly reports are expected to show a turning point in industry performance, with several companies already reporting significant year-on-year revenue and profit growth [24]. Industry Overview - The military industry consists of 118 listed companies with a total market capitalization of 2,092.9 billion and a circulating market value of 1,736.7 billion [4]. - The SW National Defense and Military Industry Index has shown a performance increase of 16.47% year-to-date, although it has underperformed compared to the CSI 300 Index by 1.97% [12][20]. - The industry is currently valued at a PE (TTM) of 85.77 times, with a five-year percentile of 78.63% [20]. Key Events - The Fourth Plenary Session concluded with new national defense goals, including a focus on high-quality military modernization and the integration of advanced combat capabilities [21]. - The report notes that the aerospace equipment sector has been particularly responsive to the recent policy announcements, showing strong performance [16][21]. Performance Summary - The report identifies several companies with notable performance, including North Navigation with a revenue increase of 210% and a net profit increase of 268.8% [25]. - The top-performing stocks in the military sector include North Shares (+25.20%) and Feili Hua (+17.92%) [19].

Investment Rating - The report maintains a "Positive" investment rating for the military industry [2] Core Insights - The report emphasizes the timely achievement of the centenary goal of building a strong military, highlighting the modernization of national defense and military capabilities [13] - It identifies three dimensions—defense budget, military trade, and military-civilian integration—as key areas for growth in the military industry, indicating that the sector still has significant growth potential [20] - The report outlines a new "three-step" strategy for national defense and military modernization, aiming for substantial advancements by 2035 and a world-class military by the mid-21st century [17] Summary by Sections Section 1: National Defense and Military Goals - The Fourth Plenary Session of the 20th Central Committee emphasizes achieving the centenary goal of building a strong military and advancing military modernization [13] - The session outlines a strategic framework for military development, focusing on political, reform, technological, and talent-driven advancements [13] Section 2: Defense Budget and Military Trade - China's defense budget for 2025 is projected at 1.7847 trillion yuan, with a growth rate of 7.2%, which is higher than the GDP growth target [23] - The report notes that China's defense spending as a percentage of GDP has room to grow, with a current ratio lower than that of major Western countries [23][25] - China's military trade share in the global market is approximately 6%, with potential for significant growth if it reaches 10%-20% [28] Section 3: Military-Civilian Integration - The report highlights the commercial aviation sector's potential for growth, estimating that the domestic commercial aircraft market could be 2.5 times the current military aircraft market [33] - It discusses the expected growth in the commercial aerospace sector, driven by advancements in satellite technology and the establishment of large satellite constellations [39] Section 4: Space Industry Development - The Fourth Plenary Session calls for accelerated construction of a strong aerospace nation, with significant investments in commercial space initiatives [39] - The report details plans for multiple large-scale satellite constellations, with significant deployment milestones set for 2025, 2027, and 2030 [52][48] Section 5: Investment Strategy for the Military Industry - The report suggests a focus on companies that enhance product capabilities, market penetration, and customer pricing as key investment targets [71] - It emphasizes the importance of selecting stocks based on their potential for growth in the context of military modernization and technological advancements [71]

Group 1 - The A-share market indices continued to rise, with the aerospace ETF (159227) increasing by 2.14% and achieving a transaction volume of 220 million yuan, leading its category [1] - The latest scale of the aerospace ETF exceeds 1.3 billion yuan, ranking first among similar funds [1] - The Fourth Plenary Session of the Central Committee emphasized that technology is the primary driving force for national development and included "building a strong aerospace nation" as a construction goal [1] Group 2 - The aerospace ETF closely tracks the national aerospace index, with a high military industry purity of 98.2%, covering key sectors such as aerospace equipment, satellite navigation, and new materials [2] - The ETF includes leading companies in the military sector, focusing on emerging fields like large aircraft manufacturing, low-altitude economy, and commercial aerospace [2] Group 3 - The construction of a "strong aerospace nation" is expected to lead to more supportive policies and resource allocation for the aerospace industry, particularly in defense and space infrastructure [1]

Core Insights - The aerospace equipment sector experienced a significant increase of 6.66% on October 24, with Aerospace Hanyu leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Sector Performance - Aerospace Hanyu (688523) saw a closing price of 24.95, with a rise of 11.88% and a trading volume of 248,100 shares, amounting to a transaction value of 644 million [1] - China Satellite (600118) closed at 39.12, up 10.01%, with a trading volume of 544,100 shares and a transaction value of 2.106 billion [1] - Zhongtian Rocket (003009) closed at 52.69, up 10.00%, with a trading volume of 60,400 shares and a transaction value of 313 million [1] - China (601698) closed at 21.71, up 6.27%, with a trading volume of 1,980,200 shares and a transaction value of 2.125 billion [1] - Newhui Guoke (300722) closed at 31.77, up 4.30%, with a trading volume of 118,200 shares and a transaction value of 37.9 million [1] - Aerospace Electronics (600879) closed at 11.51, up 4.16%, with a trading volume of 1,364,600 shares and a transaction value of 1.588 billion [1] - Ligong Navigation (688282) closed at 57.03, up 3.43%, with a trading volume of 13,200 shares and a transaction value of 7.566 million [1] - Xingwang Yuda (002829) closed at 26.84, up 2.60%, with a trading volume of 400,900 shares and a transaction value of 1.104 billion [1] Capital Flow - The aerospace equipment sector saw a net inflow of 893 million from main funds, while retail funds experienced a net outflow of 460 million [1] - The main fund inflow for China Satellite (600118) was 626 million, accounting for 29.74%, while it faced a retail outflow of 293 million [2] - Zhongtian Rocket (003009) had a main fund inflow of 89 million, representing 28.48%, with a retail outflow of 422 million [2] - Aerospace Hanyu (688523) recorded a main fund inflow of 105 million, making up 16.28%, while retail funds saw an outflow of 423 million [2] - Newhui Guoke (300722) had a main fund inflow of 28 million, with a retail outflow of 468 million [2]