转自：智通财经 【航天电子：由中国航天科技集团抓总研制的重大航天型号 均有相关产品配套】智通财经12月18日 电，有投资者问航天电子，长征十二甲火箭公司是否有产品参与？航天电子在互动平台表示，感谢您对 公司的关注。由中国航天科技集团有限公司抓总研制的重大航天型号，公司均有相关产品配套提供保障 任务。 ...

格隆汇12月18日丨航天电子(600879.SH)在投资者互动平台表示，公司本次资产置换工作尚未完成，资 产置换暨关联交易预案已经公司董事会审议通过，正在履行相关审批备案程序。 ...

格隆汇12月18日丨航天电子(600879.SH)在投资者互动平台表示，公司控股子公司航天长征火箭技术有 限公司在微波通信、激光通信基础上，开展了量子通信技术的相关研究。公司目前尚无成熟的量子通信 产品。 ...

格隆汇12月18日丨航天电子(600879.SH)在投资者互动平台表示，公司本次资产置换工作尚未完成，资 产置换暨关联交易预案已经公司董事会审议通过，正在履行相关审批备案程序。 ...

Market Overview - The Shanghai Composite Index rose by 0.16% on December 18, with 12 sectors experiencing gains, led by the banking and coal industries, which increased by 1.97% and 1.89% respectively. The defense and military industry also saw a rise of 0.90%. Conversely, the power equipment and communication sectors faced declines of 2.22% and 1.58% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 32.578 billion yuan across the two markets, with 8 sectors experiencing net inflows. The defense and military sector led with a net inflow of 2.29 billion yuan, followed by the banking sector with a net inflow of 927 million yuan. In contrast, 23 sectors saw net outflows, with the electronics sector leading at 11.042 billion yuan, followed by the power equipment sector at 7.347 billion yuan [1] Defense and Military Sector Performance - The defense and military sector experienced a 0.90% increase, with a total net inflow of 2.29 billion yuan. Out of 138 stocks in this sector, 102 stocks rose, including 5 that hit the daily limit, while 36 stocks fell, with 1 hitting the lower limit. Notably, 78 stocks had net inflows, with 10 stocks exceeding 100 million yuan in net inflow, led by China Satellite with 792 million yuan [2] Top Gainers in Defense and Military Sector - The top gainers in the defense and military sector included: - China Satellite (6.61% increase, 12.49% turnover, 791.76 million yuan inflow) - AVIC Heavy Machinery (6.68% increase, 9.21% turnover, 423.20 million yuan inflow) - West Measurement Testing (12.35% increase, 29.68% turnover, 228.01 million yuan inflow) [2] Top Losers in Defense and Military Sector - The top losers in the defense and military sector included: - Aerospace Electronics (1.65% increase, 18.39% turnover, -378.97 million yuan outflow) - Jingjia Micro (3.86% decrease, 4.46% turnover, -235.30 million yuan outflow) - Guangqi Technology (1.31% decrease, 1.29% turnover, -150.62 million yuan outflow) [3]

Summary of Key Points Core Viewpoint - The total trading volume of the Shanghai and Shenzhen stock markets on December 18 reached 1.66 trillion yuan, reflecting a decrease of approximately 155.66 billion yuan compared to the previous trading day [1] Trading Volume Details - The trading volume in the Shanghai market was 704.90 billion yuan, while the Shenzhen market recorded 950.59 billion yuan [1] - New Yisheng topped the trading volume with 17.33 billion yuan, followed by Zhongji Xuchuang at 13.81 billion yuan, CATL at 11.08 billion yuan, Aerospace Electronics at 10.68 billion yuan, and Invec at 10.39 billion yuan [1]

Core Viewpoint - Aerospace Electronic is increasing its investment in its subsidiary, Aerospace Long March Rocket Technology Co., Ltd., by 727.5 million yuan to enhance its capabilities in the commercial aerospace sector and address key technology development funding needs [1][2][3]. Group 1: Investment Details - The investment of 727.5 million yuan includes 127.5 million yuan from a 2017 refinancing project aimed at a communication system [2]. - Other shareholders, including China Aerospace Times Electronics Co., Ltd. and Beijing Telemetry Technology Research Institute, will also proportionally increase their investments [2]. - After the capital increase, the registered capital of Aerospace Rocket will rise from 675 million yuan to 1.498 billion yuan, while the shareholding structure remains unchanged [2]. Group 2: Financial Performance - In the first three quarters of 2025, Aerospace Electronic reported revenues of 8.835 billion yuan and a net profit of 209 million yuan [1]. - Aerospace Rocket's total assets reached 12.615 billion yuan, with net assets of 2.677 billion yuan, revenues of 2.924 billion yuan, and a net profit of 81.21 million yuan [2]. Group 3: Strategic Implications - The capital increase aims to enhance Aerospace Electronic's information-related business capabilities and support high-quality construction tasks in aerospace equipment [3]. - It will facilitate ongoing research and development in key technologies, ensuring Aerospace Rocket maintains its leading position in the aerospace information sector [3]. - The investment will also help integrate into the new commercial aerospace development landscape, promoting rapid product iteration and digital capabilities [3]. Group 4: Financial Relationship - The investment will help resolve financial issues between the parent and subsidiary companies, enhancing oversight and management of Aerospace Rocket [4]. Group 5: Historical Context - This marks the fourth capital increase by Aerospace Electronic in 2025, with total investments nearing 1.3 billion yuan for the year [8]. - Previous investments included 291 million yuan for enhancing the capabilities of its subsidiary, Aerospace Flying Hong, and 230 million yuan for Chongqing Aerospace Rocket [7][8].

Group 1 - The core viewpoint of the news is that Aerospace Electronic has seen a significant increase in its stock price, rising by 5.24% to reach 17.89 yuan per share, with a trading volume of 3.722 billion yuan and a turnover rate of 6.52%, resulting in a total market capitalization of 59.024 billion yuan [1] - Aerospace Electronic, established on July 18, 1990, and listed on November 15, 1995, primarily engages in the research, production, and sales of measurement and control communication, electromechanical components, integrated circuits, inertial navigation, and other aerospace technology application products [1] - The company's revenue composition is heavily weighted towards military products, accounting for 99.34%, while civilian products contribute only 0.39%, and other sources add 0.27% [1] Group 2 - From the perspective of fund holdings, one fund under Galaxy Fund has a significant position in Aerospace Electronic, with the Galaxy CSI Communication Equipment Theme Index Fund A (021988) increasing its holdings by 118,500 shares to a total of 149,100 shares, representing 1.76% of the fund's net value, making it the ninth largest holding [2] - The Galaxy CSI Communication Equipment Theme Index Fund A has achieved a year-to-date return of 99.07%, ranking 21 out of 4,197 in its category, and a one-year return of 99.15%, ranking 22 out of 4,143 [2]

Investment Rating - The report provides a "Buy" rating for the industry, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within six months [56]. Core Insights - The global commercial space launch sector is undergoing a profound cost restructuring, shifting from a one-time manufacturing model to a reusable cost model. Traditional rockets have a hardware manufacturing cost share of about 67%, while emerging commercial rockets reduce this to around 24% through reusable designs [3][27]. - The launch market from 2024 to 2025 is expected to exhibit an absolute oligopoly, with launch service providers monopolizing orders and exerting control over the supply chain [5][42]. Summary by Sections 1. Cost Structure of Commercial Rockets - The cost breakdown of rockets shows that the first stage accounts for 60-70% of total costs, with engines being the most significant component, comprising over 50% of the first stage cost [13][27]. - The Falcon 9 rocket's cost structure indicates that the marginal cost of reuse is significantly lower than that of traditional rockets, with costs dropping to approximately $2,720 per kilogram in reusable mode [27][28]. 2. Industry Chain Benefits from Launch Volume - Launch service providers benefit directly from increased launch frequency and larger contracts, with revenue correlating to the number of launch tasks [4][35]. - The demand for reusable components and high-frequency replacement parts is expected to grow, driven by the need for higher reliability and maintenance of reusable systems [36]. 3. Investment Recommendations - Beneficiary stocks include companies involved in rocket manufacturing and space computing, such as Aerospace Power, Superjet, and West Materials, among others [6][52][53].

Market Performance - The Shanghai Composite Index closed at 3870.28 points, up 1.19%, with a trading volume of 766.8 billion yuan [1] - The Shenzhen Component Index closed at 13224.51 points, up 2.4%, with a trading volume of 1044.325 billion yuan [1] - The ChiNext Index closed at 3175.91 points, up 3.39%, with a trading volume of 495.114 billion yuan [1] - The STAR Market 50 Index closed at 1325.33 points, up 2.47%, with a trading volume of 50.2 billion yuan [1] - The total trading volume of both markets reached 1811.125 billion yuan, an increase of 86.946 billion yuan compared to the previous trading day [1] Sector Performance - Strong performance was noted in sectors such as telecommunications, non-ferrous metals, insurance, precious metals, electronics, chemicals, power equipment, and media [2] - Concepts like CPO, lithium mining, optical communication modules, liquid cooling, copper cable high-speed connections, fluorine chemicals, PCB, and composite current collectors showed active trends [2] - The agriculture, defense, and liquor sectors experienced declines, with weaker trends in concepts like space stations, satellite internet, duty-free, rental sales, and grain [2] Fund Flow - The net outflow of main funds in the Shanghai and Shenzhen markets was 6.73 billion yuan [3] - The ChiNext saw a net outflow of 4.067 billion yuan, while the CSI 300 index experienced a net outflow of 5.145 billion yuan [4] - The telecommunications sector had the highest net inflow of main funds, amounting to 4.529 billion yuan, followed by non-ferrous metals, electronics, and power equipment [4] Individual Stock Performance - A total of 2117 stocks saw net inflows of main funds, with 93 stocks receiving over 100 million yuan in net inflows [5] - The stock with the highest net inflow was Zhongji Xuchuang, with 1.426 billion yuan, followed by Xinyi Sheng, Shenghong Technology, Tianfu Communication, and others [6] - Conversely, 3043 stocks experienced net outflows, with 75 stocks seeing over 100 million yuan in net outflows [7] - The stock with the highest net outflow was Pingtan Development, with 1.459 billion yuan, followed by Yonghui Supermarket, Aerospace Development, and others [8] Institutional Activity - Institutional seats had a net buy of approximately 471 million yuan, with 16 stocks being net bought and 11 stocks being net sold [9] - The stock with the highest net buy from institutions was Juguang Technology, with about 291 million yuan [10] - The stock with the highest net sell was Yingweike, with approximately 22 million yuan, followed by Xue Ren Group, Guangxun Technology, and others [11]