（编辑 袁冠琳） 证券日报网讯 12月22日晚间，航天宏图发布公告称，因经营发展需要，公司办公地址迁至北京市海淀 区翠湖北环路2号院4号楼一层101，邮政编码变更为100094，投资者联系电话变更为010-56351831，网 址及电子邮箱等其他联系方式不变。 ...

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、准确性和完整性依法承担法律责任。 | 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2025-095 | | --- | --- | --- | | 债券代码：118027 | 债券简称：宏图转债 | | 航天宏图信息技术股份有限公司 关于变更办公地址及投资者联系方式的公告 除以上变更外，公司的网址、电子邮箱等其他投资者联系方式均未发生变化。 敬请广大投资者留意。 特此公告。 航天宏图信息技术股份有限公司 董事会 2025 年 12 月 23 日 航天宏图信息技术股份有限公司（以下简称"公司"）因经营发展需要，于 近日搬迁至新地址办公，公司办公地址及投资者联系电话等发生变更，现将具体 变更情况公告如下： | 内容 | 变更前 | 变更后 | | | --- | --- | --- | --- | | 办公地址 | 北京市海淀区杏石口路益 | 北京市海淀区翠湖北环路 2 | | | | 园文化创意产业基地A 区 1 | 号院 号楼一层 4 101 | 号楼五层 | | 邮政编码 | 100195 ...

Core Viewpoint - The A-share market shows a divergence with the Shanghai Composite Index slightly rising while the ChiNext Index declines, driven by strong performances in the aerospace and satellite internet sectors, particularly through the General Aviation ETF Huabao (159231) which rose by 2.03% [1][8]. Group 1: Market Performance - The General Aviation ETF Huabao (159231) has shown a strong technical pattern, breaking above all moving averages and forming a "one bullish engulfing candle covering two bearish candles" pattern, indicating a potential key phase in its upward movement [1]. - Among the 50 constituent stocks, 70% experienced gains, with Tianyin Electromechanical hitting a 20% limit up at one point and closing up by 16.53%, while Aerospace Huanyu and Zhongke Xingtong rose by over 14% and 10% respectively [3][9]. Group 2: Commercial Aerospace Insights - A report from Huaxi Securities indicates a significant cost restructuring in the global commercial aerospace launch sector, where traditional rockets have hardware manufacturing costs constituting about 67%, while emerging commercial rockets reduce this to around 24% through reusable designs, creating a sustainable model [4][9]. - Companies like SpaceX have established a continuous optimization model characterized by increased reuse, higher launch frequency, and reduced unit costs, while Chinese commercial aerospace firms are making rapid technological advancements and cost reductions [4][9]. Group 3: Satellite Industry Developments - According to a report from Kaiyuan Securities, low Earth orbit satellite constellations are becoming a new battleground for major powers, with the satellite industry market space targeting trillions, as the competition for frequency resources accelerates the transition from the "investment incubation period" to the "profit realization period" [5][10]. - The satellite manufacturing and launch segments of the supply chain are expected to benefit first from this peak in network formation, indicating a favorable environment for investment in the satellite industry [5][10]. Group 4: General Aviation ETF Overview - The General Aviation ETF Huabao (159231) and its linked funds comprehensively cover 50 constituent stocks across various sectors, including low-altitude economy, large aircraft, military aircraft, commercial aerospace, satellite navigation, and drones, with the aerospace sector accounting for over 37% of the index [6][11]. - The ETF is positioned as a strategic tool for investing in the Chinese aerospace industry chain, focusing on technological barriers and core commercial aspects, benefiting from both domestic demand and military trade [6][11].

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%。 ...

Core Viewpoint - The aerospace and low-altitude economy sectors are experiencing a strong resurgence, with significant stock price increases in related companies and ETFs, indicating a positive market sentiment towards these industries [1][4]. Group 1: Stock Performance - Aerospace Electronics has reached a strong limit-up, while Aerospace Hongtu has increased by over 7%, China Satellite by over 5%, and Aerospace Rainbow by over 4% [1][4]. - The General Aviation ETF Huabao (159231) has seen an increase of 1.33%, indicating a bullish trend in the market [1][4]. Group 2: ETF Composition - The General Aviation ETF Huabao and its linked funds cover a comprehensive index of 50 constituent stocks, with over 46% being state-owned enterprises and over 20% from the top ten military industrial groups [3][6]. - The ETF focuses on key areas such as low-altitude economy, large aircraft, military-civilian integration, commercial aerospace, satellite navigation, and drones, emphasizing technological barriers and core commercial aspects of aircraft manufacturing [3][6]. Group 3: Upcoming Launch - The Long March 12A (CZ-12A) is scheduled for its first launch on December 17, 2025, at the Jiuquan Satellite Launch Center, aiming to achieve both successful launch and recovery of the first stage rocket [1][5]. - This new generation reusable launch vehicle is designed to validate rocket orbital capabilities and vertical recovery technology, potentially becoming the world's first liquid oxygen-methane rocket to achieve recovery on its maiden flight [1][5].