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].

丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 2025 年第 49 周计算机行业周报： 朱雀三号发射入轨，关注商业航天产业进展 报告要点 [Table_Summary] 上周计算机板块小幅回撤，整体下跌 1.66%，在长江一级行业中排名第 27 位，两市成交额占 比为 7.12%，商业航天相关标的活跃。上周 DeepSeek-V3.2 和 DeepSeek-V3.2-Speciale 正 式发布；豆包手机助手以技术预览版正式亮相，搭载该功能的努比亚（nubia）M153 工程样机 同步开售；"2025 脑机接口大会"在上海成功举办。本周建议关注产业链各环节的核心供应商， 重点关注卫星应用相关标的。 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 分析师及联系人 [Table_Author] 丨证券研究报告丨 上周关键词：DeepSeek-V3.2、豆包手机助手、脑机接口 2025-12-09 重点推荐：商业航天 朱雀三 ...

（记者 胡玲） 截至发稿，航天宏图市值为74亿元。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 每经AI快讯，航天宏图（SH 688066，收盘价：28.47元）12月9日晚间发布公告称，公司第四届第十七 次董事会会议于2025年12月9日在北京市海淀区翠湖北环路2号院4号楼会议室以现场与通讯表决相结合 的方式召开。会议审议了《关于聘任2025年年度会计师事务所的议案》等文件。 2024年1至12月份，航天宏图的营业收入构成为：卫星应用占比100.0%。 ...

| 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2025-092 | | --- | --- | --- | | 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 关于聘任 2025 年年度会计师事务所的公告 重要内容提示： 本公司董事会及全体董事保证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。 重要内容提示： 拟聘任的会计师事务所名称：深圳久安会计师事务所（特殊普通合伙） （以下简称"深圳久安会计师事务所"）； 原聘任的会计师事务所名称：致同会计师事务所（特殊普通合伙）（以 下简称"致同会计师事务所"）； 变更会计师事务所的简要原因及前任会计师的异议情况：鉴于致同会计 师事务所已连续 9 年为公司提供审计服务，根据《国有企业、上市公司选聘会计 师事务所管理办法》等相关规定，为进一步确保审计工作的独立性、客观性和公 允性，经审慎评估及友好沟通，公司拟聘任深圳久安会计师事务所为公司 2025 年度审计机构。公司已就变更会计师事务所有关事宜与前任会计师事务所致同会 计师事务所进行充分沟通，致同会计师 ...

| 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2025-094 | | --- | --- | --- | | 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 关于召开2025年第六次临时股东会的通知 本公司董事会及全体董事保证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。 一、 召开会议的基本情况 重要内容提示： （一） 股东会类型和届次 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 2025年第六次临时股东会 （二） 股东会召集人：董事会 召开日期时间：2025 年 12 月 25 日 14 点 30 分 召开地点：北京市海淀区翠湖北环路 2 号院 4 号楼航天宏图大厦 4 层公司会 议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 25 日 至2025 年 12 月 25 日 股东会召开日期：2025年12月25日 本次股 ...

经与会董事投票表决，审议通过了如下议案： （一）审议通过《关于聘任 2025 年年度会计师事务所的议案》 具体内容详见同日在上海证券交易所网站（www.sse.com.cn）披露的《关于 聘任 2025 年年度会计师事务所的公告》。 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 航天宏图信息技术股份有限公司（以下简称"公司"）第四届董事会第十七 次会议于 2025 年 12 月 9 日在北京市海淀区翠湖北环路 2 号院 4 号楼会议室以现 场与通讯表决相结合的方式召开，会议通知于 2025 年 12 月 9 日以邮件方式送达。 经全体董事同意，豁免了本次会议通知关于时限的要求。公司董事 9 人，实际参 会董事 9 人。会议由公司董事长王宇翔先生主持，会议的召集和召开程序符合《中 华人民共和国公司法》和《航天宏图信息技术股份有限公司章程》等相关规定， 会议形成的决议合法、有效。 二、董事会会议审议情况 | 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2025-093 | | --- ...

Core Viewpoint - The company has decided not to lower the conversion price of its convertible bonds, despite triggering conditions for a downward adjustment due to stock price performance [2][8]. Group 1: Convertible Bond Issuance and Terms - The company issued 10.088 million convertible bonds on November 28, 2022, with a total fundraising amount of RMB 1,008.80 million [3]. - The initial conversion price was set at RMB 88.91 per share, which was adjusted to RMB 88.62 on January 13, 2023, and further adjusted to RMB 63.20 on May 30, 2023 [4]. - As of August 7, 2023, the cumulative conversion of the bonds resulted in a change in the company's share capital from 259,946,793 shares to 259,946,870 shares [4]. Group 2: Decision on Conversion Price Adjustment - As of December 8, 2025, the company's stock price had triggered conditions for a downward adjustment of the conversion price, as it had been below 85% of the current conversion price for 15 out of 30 trading days [2][8]. - The board of directors held a meeting on December 8, 2025, and unanimously decided not to adjust the conversion price, with a vote of 9 in favor and none against [8]. - The company will not propose a downward adjustment for the next month, and any future triggers for adjustment will be reassessed starting January 9, 2026 [8].

Core Viewpoint - Aerospace Hongtu announced that its stock has triggered conditions for a downward adjustment of the "Hongtu Convertible Bond" conversion price as of December 8, 2025, but the board decided not to implement this adjustment [2]. Group 1 - The company’s board of directors held the sixteenth meeting of the fourth session and decided not to lower the conversion price of the "Hongtu Convertible Bond" [2]. - The company will not propose a downward adjustment plan even if the conditions for the adjustment are triggered again within the next month, from December 9, 2025, to January 8, 2026 [2].