Group 1 - The company is actively expanding into the robotics market and collaborating with major domestic robotics manufacturers [1] - The products being developed include infrared temperature measurement modules, multi-dimensional perception fusion modules, and multi-dimensional perception gimbals [1]

Market Performance - The military electronics sector rose by 0.39% on September 24, with Guankang Technology leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Key Stocks in Military Electronics Sector - Guankang Technology (301213) closed at 55.11, up 6.16% with a trading volume of 45,500 shares and a turnover of 251 million [1] - Sichuang Electronics (600990) closed at 29.40, up 5.98% with a trading volume of 157,900 shares and a turnover of 449 million [1] - ST Tianwei (688511) closed at 21.86, up 5.60% with a trading volume of 11,600 shares and a turnover of approximately 25.24 million [1] - Aerospace Nanhai (688552) closed at 39.49, up 5.17% with a trading volume of 101,000 shares and a turnover of 391 million [1] - Zhenxin Technology (300101) closed at 25.09, up 4.45% with a trading volume of 167,900 shares and a turnover of 416 million [1] Fund Flow Analysis - The military electronics sector experienced a net outflow of 442 million from institutional investors, while retail investors saw a net inflow of 498 million [2] - The top stocks with significant fund flows included: - Aopu Optoelectronics (002338) with a net inflow of 86.90 million from institutional investors [3] - Sichuang Electronics (600990) with a net inflow of 57.72 million from institutional investors [3] - Ruichuang Weina (688002) with a net inflow of 34.46 million from institutional investors [3]

Core Viewpoint - The general aviation ETF (159378) is experiencing active trading with a notable increase in its component stocks, particularly Zhuhai Guanyu, which rose over 8% [3] Group 1: Market Performance - As of September 24, the general aviation ETF (159378) increased by 2.13% [3] - Zhuhai Guanyu's stock surged by 8.41%, with a trading volume of 44.93 million and a transaction value of 1.086 billion [4] - Other notable stocks include Lais Information (+5.13%), Zhenxin Technology (+4.20%), and Wan Feng Aowei (+3.45%) [4] Group 2: Industry Events - The 2025 Shenzhen eVTOL Industry Development Conference and Low Altitude Economy Exhibition commenced on September 23, featuring over 300 leading companies and innovative institutions [5] - The eVTOL exhibition area showcased advanced eVTOL aircraft, including flying cars and various rotorcraft designs [5] Group 3: Economic Outlook - The low altitude economy is projected to exceed 1.5 trillion by 2025 and could reach between 3.5 trillion to 6 trillion by 2035, becoming a core growth driver for economic transformation [6] - Despite a relative stagnation in the low altitude economy sector this year, it remains a significant direction for new productive forces, with expectations of increased funding and high industry prosperity [6] Group 4: Investment Tools - The general aviation ETF (159378) is the first and largest ETF product in its category, focusing on the low altitude economy and drones, serving as a valuable tool for investing in this sector [6][8] - As of September 23, the general aviation ETF had a scale of 1.137 billion [8]

Core Insights - The thermal imaging equipment industry in China is experiencing significant growth, driven by advancements in technology and increasing market demand, with a projected compound annual growth rate (CAGR) of 14% from 2020 to 2024, reaching a market size of 81 billion yuan by 2024 and expected to exceed 90 billion yuan by 2025 [1][6][7] Industry Overview - Thermal imaging equipment, also known as infrared thermal cameras, utilizes infrared radiation to create visible thermal images, allowing for non-contact temperature measurement and visualization [2][3] - The industry has established a complete supply chain in China, with over 80% localization in non-cooled technology, leading to significant cost reductions [1][4] Industry Chain - The industry chain consists of three segments: upstream focusing on infrared detectors, midstream led by companies like Gaode Infrared and Ruichuang Micro-Nano, and downstream applications in both military and civilian sectors [4][5] - The midstream segment has integrated AI algorithms to enhance recognition accuracy and response speed, achieving over 95% accuracy in target identification [5] Market Segmentation - The market is divided into military applications, including infrared guidance and night vision reconnaissance, and rapidly growing civilian applications such as industrial inspection, security monitoring, healthcare, and consumer electronics [5][6] Current Market Analysis - The thermal imaging market in China is entering a phase of explosive growth, with the market size increasing from 48 billion yuan in 2020 to 81 billion yuan in 2024, significantly outpacing global growth rates [6][7] - The military segment is projected to reach 27.54 billion yuan in 2024, with expectations of further growth to 30 billion yuan by 2025 due to increased defense spending and advancements in domestic infrared technology [6][7] Competitive Landscape - The competitive landscape features a diverse range of players, including state-owned military enterprises and listed companies like Gaode Infrared and Ruichuang Micro-Nano, which dominate the market with significant technological and market advantages [8][9] - Companies are focusing on technological innovation, market expansion, and supply chain integration to drive differentiation and growth [9] Development Trends - The industry is witnessing continuous technological upgrades, with advancements in non-cooled infrared detectors driving the development of smaller, more efficient, and cost-effective thermal imaging devices [10][11] - The civilian market is rapidly expanding, with applications in healthcare, automotive, and smart home sectors, indicating a shift from professional tools to consumer products [11][12] - There is significant potential for international market expansion, particularly in countries along the "Belt and Road" initiative, as domestic products offer competitive pricing and local support [12]

Group 1 - General aviation stocks experienced significant upward movement, with Guorui Technology hitting the daily limit and Hongdu Aviation rising over 7% [1] - The Huabao General Aviation ETF (159231) saw an increase of 1.36% in its market price, reflecting growing interest in the low-altitude economy and related sectors [1] - The 2025 Air Force Aviation Open Activities and Changchun Aviation Exhibition commenced, showcasing over a hundred types of military equipment and various aerial performances, highlighting advancements in the aviation sector [2] Group 2 - Southwest Securities noted that national strategies are focusing on the low-altitude economy, with various regions implementing development policies and state-owned enterprises establishing low-altitude economic companies [3] - The Huabao General Aviation ETF and its linked funds cover a comprehensive index of 50 constituent stocks, with over 46% being state-owned enterprises and more than 20% from the top ten military industrial groups, indicating a strong focus on key sectors like low-altitude economy and military aviation [3] - The eVTOL (electric Vertical Take-Off and Landing) sector is experiencing a surge in orders, indicating a clear trend towards large-scale development within the industry [3]

Core Viewpoint - The company announced a cash dividend distribution of RMB 0.08 per share for the first half of 2025, following the approval of the profit distribution plan by the board and shareholders [2][4][10]. Summary by Sections Dividend Distribution Plan - The annual distribution for the first half of 2025 includes a cash dividend of RMB 0.08 per share, with a total cash dividend amounting to RMB 36,157,929.36 (including tax) [4][10]. - The distribution is based on the total share capital after deducting shares held in the company's repurchase account, resulting in 451,974,117 shares eligible for distribution [4][10]. Shareholder Meeting and Approval - The shareholders' meeting held on May 20, 2025, authorized the board to determine the quarterly profit distribution plans, which led to the approval of the half-year distribution on August 28, 2025 [2][4][17]. Tax Implications - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, while those holding for less than one year will have taxes calculated upon stock transfer [7][8]. - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of RMB 0.072 per share [8][9]. Adjustments Due to Share Changes - The total share capital increased from 460,237,692 shares to 460,237,717 shares due to the conversion of convertible bonds, leading to a slight adjustment in the total cash dividend amount while maintaining the per-share distribution [10][13]. Stock Price Adjustments - The conversion price for the company's convertible bonds will be adjusted from RMB 39.21 to RMB 39.13 per share, effective from September 26, 2025, due to the cash dividend distribution [14][18]. - The reference price for the ex-dividend trading will be calculated by deducting the cash dividend from the last closing price [5][18]. Important Dates - The record date for the dividend distribution is set for September 25, 2025, with the ex-dividend date on September 26, 2025 [17].

Group 1 - The company announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 0.08 yuan per share (tax included) [2] - The record date for the dividend is set for September 25, 2025, and the ex-dividend date is September 26, 2025 [2]

证券代码：688002 证券简称：睿创微纳 公告编号：2025-072 转债代码：118030 转债简称：睿创转债 烟台睿创微纳技术股份有限公司 关于实施 2025 年半年度权益分派 调整"睿创转债"转股价格的公告 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： 证券停复牌情况：适用 因实施 2025 年半年度权益分派,本公司的相关证券停复牌情况如下：权益分 派公告前一交易日（2025 年 9 月 18 日）至权益分派股权登记日（2025 年 9 月 25 日）期间，本公司可转债将停止转股，2025 年 9 月 26 日起恢复转股。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 118030 | 睿创转债 | 可转债转股复 | | | 2025/9/25 | 2025/9/26 | | | | 牌 | | | | | 一、 本次转股价格调整依据 根据中国证券监 ...

中信证券股份有限公司 1 公司股份的回购报告书（修订稿）》（公告编号：2024-005）。 截至 2024 年 4 月 20 日，公司已完成上述股份回购。公司通过上海证券交易 所交易系统以集中竞价交易方式累计回购公司股份 5,487,900 股，占公司总股本 的 1.23%，具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn） 披露的《关于股份回购实施结果暨股份变动的公告》（公告编号：2024-016）。 公司于 2024 年 4 月 22 日召开第三届董事会第十五次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金以集 中竞价交易的方式回购公司股份，回购资金总额不低于人民币 10,000 万元（含）, 不高于人民币 20,000 万元（含）；回购价格不高于 50 元/股（含），回购期限为 自董事会审议通过本次回购股份方案之日起 12 个月内。具体内容详见公司于 2024 年 4 月 23 日在上海证券交易所网站（www.sse.com.cn）披露的《关于以集 中竞价交易方式回购股份的预案》（公告编号：2024-033）。 截至 2025 年 4 月 ...

| 证券代码：688002 | 证券简称：睿创微纳 | 公告编号：2025-073 | | --- | --- | --- | | 转债代码：118030 | 转债简称：睿创转债 | | 自2025年半年度利润分配方案披露后至本公告披露日，公司可转换公司债券 "睿创转债"转股导致的新增股份为25股，公司总股本由460,237,692股增加至 460,237,717股。 一、调整前2025年半年度利润分配方案 公司于2025年5月20日召开 2024年年度股东大会，审议通过《关于提请股东大 会授权董事会决定2025年各季度利润分配方案的议案》，公司股东大会授权董事会 在符合利润分配的条件下，董事会可以根据公司章程等相关规定决定进行各季度现 金分红。公司于2025年8月28日召开第三届董事会第二十七次会议及第三届监事会第 二十次会议，审议通过了《关于2025年半年度利润分配的方案》，公司拟以 2025年 半年度实施权益分派股权登记日登记的总股本扣减公司回购专用证券账户中股份为 基数分配利润，拟向全体股东每10股派发现金红利人民币0.80元（含税）。截至 2025年8月27日，公司总股本460,237,692 股， ...