Focus Events - Some large and medium-sized brokerages have exhausted their margin financing funds, despite many brokerages raising the upper limit of margin financing last year. The current market sentiment is high, and the willingness to finance is unprecedented, leading to a situation where not only one brokerage's margin financing quota is no longer sufficient, but brokerages may also intentionally slow down liquidity release for risk control considerations [1] Company Focus - Qifu Life Service Holdings Limited announced the completion of the sale of 280,000 ounces of unallocated silver bars, receiving approximately RMB 161.7 million. This follows a previous announcement on January 9, where the company sold 400,000 ounces for about RMB 226.2 million. In total, Qifu has sold 21.15 tons of silver, generating proceeds of RMB 388 million [3] - CITIC Securities expects to achieve an operating income of RMB 74.83 billion in 2025, a year-on-year increase of 28.75%, and a net profit attributable to shareholders of RMB 30.05 billion, up 38.46% [19] - Aerospace Hongtu has disclosed a pre-loss announcement, expecting a net profit attributable to shareholders to be negative for the 2025 fiscal year [21] - Hu Silicon Industry has released a 2025 annual performance forecast, expecting a net loss of RMB 1.28 billion to RMB 1.53 billion, widening from a loss of RMB 971 million in the previous year [23] - Dayou Energy announced an expected net loss of RMB 1.7 billion for 2025, which represents an increase in loss of approximately RMB 609 million compared to the previous year [24] - CITIC Bank reported total assets of RMB 10.131658 trillion by the end of 2025, a year-on-year increase of 6.28%. The bank achieved a net profit of RMB 70.62 billion, up 2.98% from the previous year [26] - Wuzhong Development disclosed a major asset restructuring plan, proposing to exchange its main assets and liabilities with its controlling shareholder, Wuzhong Co., for 100% equity of Wuzhong Mining and 100% equity of Luzhong Mining [28] - Huibo Technology announced that its controlling shareholder plans to transfer 341 million shares, representing 25.6% of the total share capital, to Tianjin Baili Machinery Equipment Group Co., Ltd. The transfer price is approximately RMB 1.175 billion [29] Industry Dynamics - The U.S. announced a 25% import tariff on certain semiconductors and related products starting January 15 [14] - The China Automobile Industry Association predicts that total automobile sales in 2026 will reach 34.75 million units, with new energy vehicle sales expected to be 19 million units [14] - A meeting was held by the Ministry of Industry and Information Technology and other departments to discuss the regulation of competition in the new energy vehicle industry, emphasizing the need to resist disorderly price wars [14] - Huawei regained the top position in China's smartphone market share, with the latest IDC report indicating that Huawei led the market in 2025 [17]

| 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2026-003 | | --- | --- | --- | | 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 公司将严格遵循《上海证券交易所科创板股票上市规则》等相关规定，加快 推进财务核算工作，在规定期限内尽快披露 2025 年年度业绩预告，具体准确的 财务数据以公司正式披露的经审计后的 2025 年年度报告为准。 《中国证券报》《证券日报》为公司指定信息披露报刊，上海证券交易所网 站（www.sse.com.cn）为公司指定信息披露网站。公司所有信息均以在上述指定 媒体刊登的信息为准。敬请广大投资者理性投资，注意投资风险。 特此公告。 航天宏图信息技术股份有限公司董事会 2026 年 1 月 15 日 1 关于 2025 年年度业绩预亏的提示性公告 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。 经航天宏图信息技术股份有限公司（以下简称"公司"）财务部门初步测算， 预计 2025 年度归属于上市公司股东的净利润为 ...

每经AI快讯，1月14日，航天宏图公告，公司财务部门初步测算，预计2025年度归属于上市公司股东的 净利润为负值，公司2025年度经营业绩将出现亏损情况。公司将严格遵循《上海证券交易所科创板股票 上市规则》等相关规定，加快推进财务核算工作，在规定期限内尽快披露2025年年度业绩预告，具体准 确的财务数据以公司正式披露的经审计后的2025年年度报告为准。 每日经济新闻 ...

Core Viewpoint - The general aviation ETF (159378) has seen a strong increase of 3.47%, driven by significant gains in constituent stocks such as Haige Communication and Zhongke Star Map, indicating a positive market sentiment towards the low-altitude economy and related sectors [1]. Group 1: Market Performance - Zhongke Star Map (688568) rose by 14.72% with a trading volume of 3.676 billion [2] - Haige Communication (002465) increased by 10.00% with a trading volume of 12.274 billion [2] - Aerospace Electronics (600879) saw an 8.63% rise with a trading volume of 14.624 billion [2] - Aerospace Hongtu (688066) grew by 7.14% with a trading volume of 1.488 billion [2] - Digital Zhengtong (300075) increased by 5.83% with a trading volume of 0.522 billion [2] Group 2: National Policy and Industry Development - The national civil aviation work conference has outlined four key directions for the development of the low-altitude economy: systematic policy framework, networked infrastructure, technological collaboration, and scaled scenarios, shifting the focus from pilot exploration to system integration [1][3] - The Ministry of Industry and Information Technology emphasized the development of aerospace and low-altitude economy as emerging pillar industries [1][3] Group 3: Regional Initiatives - Shanghai has set a target for its core low-altitude economy industry to reach 80 billion by 2028, aiming to build a national advanced manufacturing cluster for low-altitude economy [3] - Guangdong has introduced "Twelve Measures for Low-altitude Finance" to create a specialized financial service system to support industry development [3] Group 4: Industry Outlook - The commercial space sector is entering a golden period of policy and technological resonance, with advancements in reusable rocket technology and satellite constellation construction driving down launch costs [3] - The low-altitude economy is expected to benefit from the revision of the Civil Aviation Law and improved infrastructure, indicating significant market potential and a potential revaluation of the industry chain [3] - The general aviation ETF (159378) focuses on the low-altitude economy and drones, benefiting from the rapid development of integrated air-space-ground systems [3]

Market Overview - The commercial aerospace sector experienced a collective decline on January 13, with indices such as aerospace (BK0480) and commercial aerospace (BK0963) dropping by 6.87% and 5.72% respectively, while the aerospace ETF Tianhong saw a decline of 9.37% [1][10] - This follows a strong performance on January 12, where the A-share commercial aerospace index rose over 6%, with more than 90 related stocks hitting the daily limit or increasing by over 10% [3][12] Company Responses and Risk Disclosures - Multiple companies, including Aerospace HuanYu and XinKe Mobile, issued risk warnings on January 12, clarifying their business boundaries and the limited impact of commercial aerospace on their overall revenue [3][12] - XinKe Mobile stated that its satellite internet revenue constitutes only 2%-3% of its total income, emphasizing that its main business remains mobile communication network equipment and services [4][13] - Aerospace HuanYu reported that its commercial aerospace business contributes approximately 3% to total revenue as of September 30, 2025, and highlighted the need for time to validate new technologies in the market [4][15] Industry Insights - Experts suggest that the commercial aerospace sector is still in its early stages, with significant growth potential but requiring a cultivation period of about five years [8][18] - The sector is recognized as a strategic emerging industry in China's 14th Five-Year Plan, with the establishment of a dedicated commercial aerospace department by the National Space Administration [7][18] - Recommendations for regulatory measures include enhancing information disclosure, monitoring abnormal trading, and improving investor education to promote rational market development [7][18] Future Outlook - The market for commercial aerospace in China is projected to reach a trillion-level scale, but the industry is still primarily driven by state-owned enterprises, with private capital facing challenges [8][19] - Companies are advised to focus on the commercialization of technology and the development of civil products to enhance their market position [8][19]

Core Viewpoint - The commercial aerospace sector in A-shares has experienced significant volatility, with a sharp decline following a period of rapid gains, prompting multiple companies to issue risk warnings to investors [1] Group 1: Market Performance - The commercial aerospace theme index saw a cumulative increase of 33.38% over the year until January 12, with several stocks hitting the daily limit [1] - On January 13, the sector faced a substantial drop, with stocks like Aerospace HuanYu and Shaoyang Hydraulic falling over 15%, and many others, including Aerospace Hongtu and Guanglian Aviation, declining more than 10% [1] Group 2: Company Announcements - Companies such as Aerospace Electronics, China Satellite, and Aerospace HuanYu issued urgent announcements indicating that their stock prices had risen significantly without corresponding changes in fundamentals, highlighting risks of market over-exuberance and irrational speculation [1] - Aerospace Hongtu noted potential cyclical mismatches in the upstream and downstream of the industry chain, with risks of satellite launch delays or insufficient downstream application expansion that could impact business [1] - Companies like Ligong Navigation and Guoke Military Industry clarified that their commercial aerospace operations are still in the early or research stages, contributing minimally to revenue, with some, like Beifang Navigation, explicitly denying any related business or orders [1] Group 3: Investor Guidance - The announcements commonly used phrases like "passing the buck" and "cautious investment," urging investors to make rational decisions and be aware of short-term trading risks [1]

Market Overview - On January 13, the commercial aerospace concept stocks experienced a significant decline, with the sector index dropping over 6% [1] - The commercial aerospace index closed at 23,568.27, down 1,530.82 points or 6.10% from the previous close [2] Stock Performance - Several stocks within the commercial aerospace sector hit their daily limit down, including Aerospace Development, Aerospace Science and Technology, China Satellite Communications, Beidou Star, Aerospace Changfeng, and Aerospace Power [1] - Notable declines in individual stocks include: - Aerospace Universe: -16.58% [3] - Aerospace Intelligent Equipment: -13.77% [3] - Sree New Materials: -13.38% [3] - Aerospace Hongtu: -13.05% [3] - Guolian Aviation: -12.52% [3] - Other significant declines include Aerospace Electronics, China Satellite Communications, and Aerospace Longfeng, all down by 10% [4] Risk Announcements - Following the market downturn, multiple commercial aerospace companies issued risk warning announcements, clarifying that their main business does not involve commercial aerospace activities. Companies such as Aerospace Power, Aerospace Engineering, Xinghuan Technology, and Aerospace Changfeng were among those that made these disclosures [5]

Group 1 - The commercial aerospace concept stocks have shown strong growth since December 2025, with the Wande Commercial Aerospace Theme Index rising by 89% from December 1, 2025, to January 12, 2026, outperforming the CSI 300 Index and other popular indices [2] - ZhiTe New Materials (300986.SZ) has seen its stock price hit the daily limit for six consecutive trading days, with a year-to-date increase of 198.57%, becoming the first stock to double in 2026 [2] - Over 20 listed companies have issued stock trading risk warnings or announcements regarding stock price fluctuations, with many clarifying that they do not engage in commercial aerospace-related businesses [2][3] Group 2 - Some companies have reported extreme deviations in their price-to-earnings (PE) ratios, such as China Satellite (600118) with a PE ratio of 2400.54, compared to the industry average of 214.27 [3][4] - Several companies are still in the early stages of commercial aerospace, with limited revenue contributions, such as LiGong Navigation, which reported a revenue of only 154.4 thousand yuan in the commercial aerospace sector for the first nine months of 2025 [4][5] - Companies like North Navigation (600435.SH) and Aerospace Engineering have clarified that they do not have any involvement in commercial aerospace, with their main business focused on other sectors [6] Group 3 - The development of China's commercial aerospace sector has accelerated since the second half of 2025, with the establishment of a dedicated regulatory body and significant satellite frequency resource applications [7] - Companies such as Dongtu Technology (300353.SZ) and Guangqi Technology (002625.SZ) have reported active involvement in commercial aerospace projects, with tangible orders and product applications [8][9] - The ongoing national strategy for a strong aerospace industry is expected to create substantial opportunities for the entire commercial aerospace supply chain, with market demand expanding across various sectors [7][9]

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 重要内容提示： ● 航天宏图信息技术股份有限公司（以下简称"公司"）股票于2026年1月8日、1月9日、1月12日连续三 个交易日内日收盘价格涨幅偏离值累计超过30%。根据《上海证券交易所交易规则》《上海证券交易所 科创板股票异常交易实时监控细则》的有关规定，属于股票交易异常波动情形。 ● 经公司自查，并发函问询控股股东、实际控制人，截至本公告披露日，公司及控股股东、实际控制人 不存在关于公司的应披露而未披露的重大事项。公司目前生产经营正常，生产经营未发生重大变化。 ● 公司2024年实现营业收入157,527.13万元，同比下降13.39%；实现归属于母公司所有者的净利 润-139,288.90万元，同比下降272.23%。公司2025年前三季度实现营业收入40,261.68万元，同比下降 70.06%；实现归属于母公司所有者的净利润-36,648.59万元，同比下降65.23%。 ● 公司于2025年12月与无锡众能光储科 ...

Core Viewpoint - The commercial aerospace sector remains active, with multiple stocks experiencing significant movements, but many companies clarify that they do not engage in commercial aerospace-related businesses [1] Group 1: Companies Not Involved in Commercial Aerospace - Aerospace Engineering explicitly states it does not engage in commercial aerospace or related businesses, and its shareholder reduction plan is not yet fully implemented [2] - Northern Navigation confirms it has no relevant business in commercial aerospace and has not received related orders [2] - Star Ring Technology indicates it does not actually conduct commercial aerospace business and has no connection with Shanghai Star Ring Energy Technology Co., Ltd [2] - Aerospace Longfeng currently does not engage in brain-computer interface or commercial aerospace-related businesses [2] - Aerospace Power's main business does not involve commercial aerospace, focusing instead on processing rocket engine components [2] Group 2: Companies with Minimal Involvement in Commercial Aerospace - *ST Chengchang notes that the commercial aerospace industry is in its early stages, with no significant changes to the company's fundamentals [2] - XinKe Mobile reports that revenue from the satellite internet sector accounts for approximately 2% to 3% of total revenue, having no major impact on performance [2] - Huayin Technology primarily engages in the production and sales of special functional materials and is exploring aerospace component processing [2] - Aerospace Hongtu's main business is still in the satellite application phase [2] - ZhiMingDa has approximately 20 million yuan in embedded computing orders related to commercial aerospace, representing 4.8% of its total [2] Group 3: Companies with Limited Commercial Aerospace Revenue - Platinum Specialties indicates that commercial aerospace contributes minimally to total revenue [2] - Haoneng Co., Ltd. states that its aerospace component business, including valves and sheet metal products, generates very small revenue [2] - Zhongke Xingtou mentions that the stock price increase is not supported by actual performance in commercial aerospace, indicating a significant disconnect from fundamentals [2] - Aerospace Morning Light's main business involves special equipment and specialized vehicle modifications, with no expected major changes in revenue structure in the short term [2] - Electric Science Digital has not previously engaged in commercial aerospace, with satellite communication products accounting for less than 0.1% of overall business [2] - Zhongheng Design has won bids for some high-end manufacturing base design projects in commercial aerospace, but individual project contract amounts are small [2]