航天宏图信息技术股份有限公司 2025 年第六次临时股东会会议资料 证券代码：688066 证券简称：航天宏图 航天宏图信息技术股份有限公司 2025 年第六次临时股东会会议资料 2025 年 12 月 1 会议开始后，由会议主持人宣布现场出席会议的股东人数及其所持有表决权 的股份总数，在此之后进场的股东无权参与现场投票表决。 | 2025 | 年第六次临时股东会会议议程 5 | | --- | --- | | 2025 | 年第六次临时股东会会议议案 7 | | 议案一：《关于聘任 | 2025 年年度会计师事务所的议案》 7 | 航天宏图信息技术股份有限公司 2025 年第六次临时股东会会议资料 一、为确认出席会议的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、出席会议的股东及股东代理人须在会议召开前 30 分钟到会议现场办理 签到手续，并请按规定出示身份证明文件或法人单位证明、授权委托书等，经验 证后领取会议资料，方可出席会议。 航天宏图信息技术股份有限公司 2025 年第六次临时股东会会议须知 为维护全体股东的合法权益，确保股东会 ...

Core Insights - The article highlights the rapid development of the commercial aerospace industry in Hebi City, Henan Province, positioning it as a key driver for industrial transformation and new productivity growth [1][9] Group 1: Industry Development - Hebi City has transformed from a coal-dependent economy to focusing on commercial aerospace, leveraging opportunities in the sector as a strong engine for industrial development [1] - In 2022, the Henan Provincial Government introduced the "Henan Satellite Industry Development Plan," aiming to establish a comprehensive satellite industry cluster in Hebi [3] - The "Nüwa Constellation" project aims to launch 114 remote sensing satellites, enhancing global autonomous real-time remote sensing capabilities [1][4] Group 2: Infrastructure and Capabilities - The Tianzhang Satellite Manufacturing Base, located in the Hebi Satellite Manufacturing Industrial Park, has been recognized as a provincial satellite industry park and is equipped for satellite assembly and testing [3] - The Tianzhang Satellite Manufacturing Base is set to produce 100 satellites under 500 kg annually, marking it as the only facility in Henan with integrated R&D, manufacturing, assembly, and testing capabilities [5] - The Henan Aerospace Hub is under construction, which will include multiple control and data centers, enhancing real-time monitoring and data reception capabilities for satellites [7] Group 3: Economic Impact - The commercial aerospace industry in Hebi has attracted over 40 upstream and downstream enterprises, with projected industry revenue exceeding 1 billion yuan in 2024 [9] - The successful launch of the first four satellites of the "Nüwa Constellation" has increased the number of operational satellites to 13, providing valuable data for agriculture, environmental monitoring, and disaster management [4]

Group 1 - The space-time big data sector is leading the market with an increase of 3.89% [1] - Zhongke Xingtu has seen a significant rise of 13.46% [1] - Xingmin Zhitong has increased by 10.04% [1] - China Satellite has experienced a growth of 6.4% [1] - Xiling Information, Hangyu Micro, and Aerospace Hongtu have all risen by over 5% [1]

航天装备板块走高，航天环宇涨超10%，中国卫通、航天宏图、中国卫星、星网宇达、新余国科等跟 涨。 ...

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].

格隆汇12月16日｜A股市场商业航天股今日集体回调，其中，飞沃科技跌超12%，航天智装、佳缘科 技、邵阳液压跌超8%，陕西华达、霍莱沃、航宇科技、招标股份跌超7%，富瑞特装、航天宏图、亚光 科技、上海瀚讯、中国卫星跌超6%，中天火箭、航天晨光、天箭科技、九丰能源跌超5%。 ...

12月15日早盘，航空航天+低空经济再度走强，航天电子强势涨停，航天宏图涨超7%，中国卫星涨超 5%，航天彩虹涨超4%。一键布局低空经济+大飞机+军民融合+商业航天的通用航空ETF华宝 （159231）场内价格现涨1.33%冲击连阳。 | | | | 分野 多日 1分 5分 15分 30分 60分 日 周 月 * | | | | | F9 盘前盘后 品加 九材 画线 工具 3 (2 )> | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.20 | | | | | 159231[通用航空ETF华强] 10:50 价 0.608 游跌 0.008(1.33%) 约价 0.602 幅交量 0 IOPV 0.6072 2_ | | | | િને | | 0.608 +0.008 +1.33% | | | | | | | 10 | | | | | | | SZSE CNY 10:50:45 交易中 查看L2全篇 | | | 0.604 | | | | | | | | | 0.699 ...

Summary of Key Points from the Conference Call Company and Industry Overview - **Company**:航天宏图 (Aerospace Hongtu) - **Industry**: Commercial Aerospace in China Core Insights and Arguments 1. **Rocket Development**: 航天宏图 plans to launch a 6-ton liquid oxygen-methane rocket by the end of 2026, which would be one of the largest liquid rockets among domestic private enterprises, enhancing commercial space launch capabilities [1][2] 2. **Collaboration with 众能光储**: The partnership aims to introduce flexible perovskite solar wing technology, which increases power generation by 50% while weighing only 1/5 of traditional solar wings, significantly extending satellite operational time and lifespan [1][2] 3. **女娲星座**: The company plans to launch the first batch of 6 satellites in 2026, which will feature computing and radar capabilities, utilizing laser communication for rapid data transmission and creating an interconnected data network [1][3] 4. **Perovskite Solar Cells**: These cells have a high conversion efficiency (over 27% in labs) and excellent radiation resistance, with abundant raw material availability, making them a potential replacement for gallium arsenide in space energy applications [1][4] 5. **Market Expansion**: 航天宏图 is actively expanding into international markets, with expectations that overseas business could contribute 20%-40% of revenue within the next 3-5 years [2][12][13] Additional Important Content 1. **Technical Challenges**: To compete globally, the company identifies three key technical challenges: reusable rockets, space energy, and inter-satellite communication [2][3] 2. **Future Plans for Reusable Rockets**: While the company is developing reusable rockets, the timeline remains uncertain due to challenges in engine research [14] 3. **Financial Support from Local Government**: The local government in 鹤壁 is providing significant support, including funding and credit assistance [16] 4. **Long-term Vision**: The company emphasizes the importance of long-term investment in key areas such as industrial technology and artificial intelligence, projecting a sustained focus on space exploration for the next 10-20 years [7][8] 5. **Investment Value**: 航天宏图 is positioned as a unique player in the market, with strong government support and a dual focus on satellite and rocket development, making it attractive for long-term investors [20][21] Conclusion - 航天宏图 is strategically positioned to enhance its capabilities in the commercial aerospace sector through innovative technology, international expansion, and strong government support, while addressing key technical challenges to achieve its long-term goals in space exploration and satellite deployment.

Investment Rating - The investment rating for the industry is "Positive" (maintained) [1] Core Insights - The commercial aerospace industry is increasingly recognized as a strategic emerging industry, with growing government emphasis on its development as a key measure for enhancing national strength and seizing future technological and economic development opportunities [4][24] - The global commercial aerospace market is entering a golden era of development, driven by low Earth orbit (LEO) satellite internet, characterized by technological integration and collaborative innovation across the entire industry chain [13][22] - The competition for low Earth orbit resources has intensified, with major countries vying for satellite positions and frequency bands under the "first come, first served" principle [5][30] Summary by Sections 1. Government Emphasis on Commercial Aerospace - Commercial aerospace has been included in China's top-level design framework, marking its elevation to a strategic emerging industry in government reports [24][28] - The establishment of the Commercial Aerospace Administration and the introduction of a three-year action plan for its development highlight the government's commitment to this sector [7][28] 2. Competition for Low Earth Orbit Resources - Low Earth orbit is identified as a core strategic resource for commercial aerospace, with satellites in this orbit offering low latency and reduced signal loss, making them ideal for internet services [30][31] - SpaceX's Starlink leads the global LEO satellite constellation development, having launched over 10,203 satellites, which is 45% of all satellites launched since 1957 [5][38] - China has applied to the International Telecommunication Union (ITU) for a total of 51,300 low Earth orbit satellites, with three major constellation plans exceeding 10,000 satellites each [36][47] 3. Formation of a Comprehensive Commercial Aerospace Ecosystem - The commercial aerospace market in China is growing annually, forming a complete ecosystem that covers upstream manufacturing, midstream launch and operation, and downstream application services [6][54] - The key to scaling in this industry is "cost reduction and efficiency enhancement," with reusable rocket technology significantly lowering launch costs and shortening mission cycles [6][55] - The expansion of satellite launch sites is leading to a new phase of high-density and normalized launches [6][54] 4. Investment Recommendations - The report highlights several companies as beneficiaries of the commercial aerospace sector, including West Materials, Superjet Co., and Aerospace Power in the rocket industry chain, and companies like Zhongke Xingtou and Aerospace Hongtu in the satellite industry chain [7]

Core Viewpoint - The satellite ETF (159206) has seen a significant increase, rising 1.36% and achieving a six-day consecutive gain, driven by strong performances from constituent stocks like China Satellite (600118) and others [3][4]. Group 1: ETF Performance - The satellite ETF's latest scale reached 2.536 billion yuan, marking a new high since its inception [4]. - The ETF's shares have also reached 1.921 billion, setting a record since its establishment [5]. - Over the past nine days, the ETF has experienced continuous net inflows, totaling 793 million yuan, with a peak single-day net inflow of 294 million yuan [5]. Group 2: Industry Outlook - According to the Satellite Industry Association, the global commercial satellite industry is expected to dominate the aerospace sector, accounting for 71% of global aerospace business in 2024 [7]. - The Chinese commercial aerospace market is projected to exceed 2.8 trillion yuan by 2025, indicating a robust growth outlook for the satellite industry [7]. - The satellite communication industry is anticipated to reach a market size of 200 to 400 billion yuan by 2030, with an annual compound growth rate between 10% and 28% [7]. - The satellite ETF (159206) focuses on commercial aerospace and satellite communication, positioning it for potential growth under the "strong aerospace nation" backdrop [7].