华西证券指出，当前商业航天领域正经历从一次性制造到复用成本的模式转型。以SpaceX为代表的企 业通过提升复用率与发射频次持续降低单位成本，中国商业航天亦在加速实现技术突破与成本收敛。行 业呈现寡头格局，下游发射服务商凭借订单优势掌握供应链话语权。投资方向涵盖火箭制造、核心部件 及太空算力等领域。 国防ETF紧密跟踪中证国防指数，中证国防指数选取隶属于十大军工集团公司旗下的上市公司证券，以 及为国家武装力量提供武器装备，或与军方有实际装备承制销售金额或签订合同的相关上市公司证券作 为指数样本，以反映国防产业上市公司证券的整体表现。 截至2025年12月24日 13:39，中证国防指数(399973)强势上涨2.95%，成分股火炬电子(603678)上涨 10.02%，宏达电子(300726)上涨8.21%，西部材料(002149)上涨7.59%，菲利华(300395)，华秦科技 (688281)等个股跟涨。国防ETF(512670)上涨3.03%，最新价报0.85元。 消息面上，中国商业航天发展大会在北京召开，会上发布《中国商业航天产业研究报告》。截至11月， 全球平均每月发射超过26次，标志着全球航天进入了 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月24日早盘，军工板块持续上攻，行业涨幅高居31个申万一级全行业首位，主力资金大举涌入，截至 发稿净买入逾101亿元，居全行业第二位。 开源证券指出，随着技术迭代与配套完善，太空算力和其他新兴应用有望推动商业航天迎来具备规模化 商业价值的产业变革。对标猎鹰9号火箭的发射价格及发射频次，2030年中国有望实现年发射100次、单 次成本约1亿元水平，火箭发射及卫星制造年产值有望达到850亿元。 中信建投证券最新研报表示，我国多枚商业航天火箭计划发射，多重利好叠加推动军工板块短期上涨。 当前板块处于业绩增速、资金配置双重底部区间，国内外催化因素或将持续出现，为板块上涨注入新动 力，新域新质领域催化不断，建议积极把握结构性反弹机会，静待下一轮周期到来。 【八一军工，大展宏图】代码有"八一"的军工ETF华宝（512810）（原国防军工ETF）覆盖"商业航天 + 可控核聚变 + 低空经济 + 大飞机 + 深海科技 + 军用AI "等诸多热门主题，同时是融资融券+互联互通标 的，是一键投资军工核心资产的高效工具。 数据来源：沪深交易所等。 风险提 ...

Group 1 - The establishment of Zhongshan Torch Yingkang Venture Capital Fund Partnership (Limited Partnership) has been announced, with a total investment of 210 million yuan [1] - The managing partner is Zhongshan Torch Electronics Industry Fund Management Co., Ltd., which is involved in private equity investment fund management and venture capital fund management services [1] - The fund's activities include private equity investments, investment management, asset management, and enterprise management consulting [1] Group 2 - The fund is co-funded by Zhongju High-tech (600872) Technology Industry (Group) Co., Ltd., Zhongshan Torch Electronics Industry Fund Management Co., Ltd., and Shanghai Dinghui Baifu Investment Management Co., Ltd. [1]

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： ● 担保对象及基本情况 ■ ● 累计担保情况 ■ 为保障福建火炬电子科技股份有限公司（以下简称 "公司"）下属子公司与供应商的交易顺利进行，近 日，公司全资子公司雷度国际、苏州雷度、深圳雷度、厦门雷度与其供应商共同签订了《连带保证合 同》，在合同项下，为对方与该供应商形成的债务提供担保。其中，苏州雷度、深圳雷度、厦门雷度合 计为雷度国际与该供应商交易产生的债务提供最高额人民币837万元或等值外币的连带责任担保；雷度 国际、苏州雷度、厦门雷度合计为苏州雷度或深圳雷度与该供应商交易产生的债务提供最高额人民币 837万元或等值外币的连带责任担保。 （二）内部决策程序 公司分别于2025年3月20日、2025年4月11日召开第六届董事会第二十次会议、2024年年度股东大会，审 议通过《关于2025年度公司及所属子公司申请授信及提供担保的议案》，于2025年8月21日、2025年9月 8日召开第六届董事会第二十四次会议、2025年第一次临时股东大会，审议通过《关于新增202 ...

证券代码：603678 证券简称：火炬电子 公告编号：2025-078 福建火炬电子科技股份有限公司 关于为控股子公司提供担保的进展公告(七) 担保对象及基本情况 | | | 被担保人名称 | 度国际"） | 雷度国际有限公司（以下简称"雷 | | --- | --- | --- | --- | --- | | | | 本次担保金额 | 837 万元 | | | 担 保 象一 | 对 | 实际为其提供的担保余额 | 5,000 万元 | | | | | 是否在前期预计额度内 | □否 是 | □不适用：_________ | | | | 本次担保是否有反担保 | □是 否 | □不适用：_________ | | 担 保 | 对 | 被担保人名称 | "苏州雷度"） | 苏州雷度电子有限公司（以下简称 | | | | 本次担保金额 | 837 万元 | | | 象二 | | 实际为其提供的担保余额 | 57,500 万元 | | | | | 是否在前期预计额度内 | □否 ☑是 | □不适用：_________ | | | | 本次担保是否有反担保 | □是 ☑否 | □不适用：_________ 深圳雷 ...

Group 1 - The military electronics sector increased by 1.16% on December 19, with Sichuan Chuang Electronics leading the gains [1] - The Shanghai Composite Index closed at 3890.45, up 0.36%, while the Shenzhen Component Index closed at 13140.22, up 0.66% [1] - Key stocks in the military electronics sector showed significant price increases, with Sichuan Chuang Electronics rising by 10.02% to a closing price of 31.19 [1] Group 2 - The military electronics sector experienced a net inflow of 232 million yuan from institutional investors, while retail investors contributed a net inflow of 307 million yuan [2] - Major stocks like Aerospace Development saw a net inflow of 286.6 million yuan from institutional investors, indicating strong interest [3] - Retail investors showed a mixed response, with significant outflows from stocks like Sichuan Chuang Electronics, which had a net outflow of 86.5 million yuan from retail investors [3]

Core Viewpoint - The company is actively expanding its supply chain applications in emerging technologies, particularly in the commercial aerospace sector, and has engaged in product support for clients in this field [1] Group 1: Company Initiatives - The company is closely monitoring and actively developing applications in the supply chain for commercial aerospace and other emerging technology industries [1] - The company's main product, ceramic capacitors, has potential applications in commercial aerospace scenarios [1] Group 2: Product Capabilities - The ceramic capacitor series has undergone verification to confirm its radiation resistance requirements for space application environments [1] - The company leverages its aerospace-grade production line, possessing extensive experience in design, production process control, and finished product validation [1]

Core Viewpoint - Torch Electronics (603678) is actively expanding its supply chain applications in emerging technology industries such as commercial aerospace, indicating a strategic focus on new market opportunities [1] Group 1: Business Development - The company is closely monitoring and actively expanding its applications in the commercial aerospace supply chain [1] - Torch Electronics has participated in product support for some clients in the commercial aerospace sector [1] Group 2: Product Capabilities - The company's main product, ceramic capacitors, has potential applications in commercial aerospace scenarios, having undergone verification to meet radiation tolerance requirements for space applications [1] - The company leverages its aerospace-grade production line, possessing extensive experience in design, production process control, and finished product verification [1] Group 3: Innovation and Competitiveness - Torch Electronics is continuously advancing its self-produced component category matrix through technological innovation and industry chain collaboration [1] - The company aims to further enhance product competitiveness to meet diverse downstream demands [1]

Core Insights - The report identifies the main investment themes for the defense and aerospace industry in 2025 as internal equipment, military trade, and military-civilian integration, with a focus on the second growth curve as a key selection criterion for stocks [2][5][36] - For 2026, military-civilian integration and military trade are expected to remain the primary investment lines, supported by stable growth in defense spending and policy guidance [2][5] Industry Overview - The report outlines a deep review of the defense industry, highlighting that the internal equipment market, military trade, and military-civilian integration emerged as the three main investment directions in 2025 [5][21] - The investment framework has evolved from focusing solely on internal equipment to incorporating military trade and military-civilian integration, reflecting a more comprehensive understanding of the market dynamics [5][21] Policy Analysis and Internal Equipment Outlook - The report emphasizes that the integration of mechanization, information technology, and intelligence will drive future growth in internal equipment, with specific focus areas including information support forces, cyber warfare units, military aerospace, and rocket forces [6][41][46] - Recent U.S. defense policy changes, which reduced the number of key technology areas from 14 to 6, align closely with China's focus on new quality and new domain developments [6][41] Investment Strategy for 2026 - The report recommends a bottom-up approach to stock selection, emphasizing the importance of identifying stocks that excel in the second growth curve, particularly in military trade and military-civilian integration [7][36] - Specific companies are highlighted as key investment targets, including 中航沈飞 (AVIC), 广东宏大 (Guangdong Hongda), and 西部超导 (West Superconductor), which are positioned to benefit from trends in military trade and civilian applications [22][33][36] Key Investment Areas - The report identifies several promising sectors within the defense industry, including special chips, quartz electronic fabrics, aerospace electronics, high-performance power supplies, and military aviation engines, each with unique growth drivers [22][33][36] - The military trade sector is expected to see a shift towards high-end equipment exports, with 中航沈飞 (AVIC) and 广东宏大 (Guangdong Hongda) as core players [22][36] Conclusion - The report concludes that the second growth curve represents a critical opportunity for investors, with military trade and military-civilian integration likely to be the main growth drivers in the coming years [36][41]

Core Viewpoint - The company is actively expanding its supply chain applications in emerging technology industries, particularly in commercial aerospace, and has engaged in product support for clients in this field [1] Group 1: Company Developments - The company is focusing on the application potential of its ceramic capacitors in commercial aerospace scenarios, having verified their radiation resistance to meet space application requirements [1] - The company leverages its aerospace-grade production lines, possessing extensive experience in design, production process control, and finished product validation to ensure product reliability [1] - The company is continuously advancing its self-produced component category matrix through technological innovation and industry chain collaboration to enhance product competitiveness and adapt to diverse downstream demands [1]