Core Viewpoint - The Shanghai Stock Exchange has released guidelines to support commercial rocket companies in applying for the Sci-Tech Innovation Board under the fifth listing standard, marking a significant step in the commercialization of the commercial space industry [1][2]. Group 1: Policy and Regulatory Framework - The guidelines provide a pathway for commercial rocket enterprises to access the capital market, particularly for those with substantial revenue and technological capabilities [2][3]. - The National Space Administration has introduced a three-year action plan focusing on the high-quality and safe development of commercial space, indicating a strategic opportunity for the industry [1][3]. Group 2: Industry Development and Opportunities - The commercial rocket sector is positioned as a core component of the commercial space industry, with the potential to drive advancements in related fields such as advanced materials and precision manufacturing [2][4]. - The successful launch of medium and large reusable rockets is identified as a critical milestone for validating the commercial viability of these technologies, which aligns with national development goals [3][4]. Group 3: Financial Implications - The guidelines allow for early access to capital markets for commercial rocket companies that may not yet be profitable but possess core technologies and growth potential, facilitating equity financing [3][4]. - The introduction of these guidelines is seen as a strong signal of support from national and regulatory bodies for the development of strategic emerging industries [3][4].

Summary of Key Points Core Viewpoint - On December 30, a total of 10 stocks from the STAR Market experienced block trading, with a cumulative transaction amount of 172 million yuan, indicating active trading in the sector [1]. Group 1: Trading Activity - A total of 17 block trades were recorded, with a cumulative trading volume of 2.4415 million shares [1]. - The stock with the highest transaction amount was Tuojing Technology, with a trading volume of 310,000 shares and a transaction amount of 103 million yuan [1]. - Other notable stocks in terms of transaction amounts included Canxin Co. and Jianlong Micro-Nano, with transaction amounts of 18.4941 million yuan and 13.2 million yuan, respectively [1]. Group 2: Price Performance - All stocks involved in block trading were sold at a discount, with the highest discount rates observed for Shijia Photon, Guoguang Electric, and Aerospace Hongtu, with discount rates of 21.08%, 15.73%, and 13.49% respectively [1]. - The STAR 50 Index rose by 1.01%, with 226 stocks (37.73%) in the STAR Market experiencing price increases [1]. - Among the stocks that underwent block trading, the average price change was a decline of 0.30%, with Canxin Co., Aifute, and Shijia Photon showing the highest increases of 4.49%, 3.76%, and 1.41% respectively [1]. Group 3: Institutional Participation - There were 3 transactions involving institutional buyers or sellers, with the highest institutional buying amounts for Tuojing Technology, Huayi Technology, and Aifute, amounting to 103 million yuan, 2.4712 million yuan, and 2.0041 million yuan respectively [2]. - In terms of capital flow, 4 stocks saw net inflows from major funds, with the highest net inflows for Shijia Photon, Canxin Co., and Tuojing Technology, amounting to 57.6398 million yuan, 42.5456 million yuan, and 32.3065 million yuan respectively [2]. - Conversely, Guoguang Electric, Aerospace Hongtu, and Huaguang New Materials experienced the highest net outflows, totaling 65.4989 million yuan, 28.5148 million yuan, and 25.9997 million yuan respectively [2].

航天宏图12月30日大宗交易平台出现一笔成交，成交量24.50万股，成交金额661.50万元，大宗交易成交 价为27.00元，相对今日收盘价折价13.49%。该笔交易的买方营业部为中信证券（山东）有限责任公司 淄博柳泉路证券营业部，卖方营业部为诚通证券股份有限公司青岛秦岭路证券营业部。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为975.43万元。 证券时报·数据宝统计显示，航天宏图今日收盘价为31.21元，下跌4.00%，日换手率为12.15%，成交额 为10.08亿元，全天主力资金净流出2851.48万元，近5日该股累计上涨20.22%，近5日资金合计净流出 4844.17万元。 两融数据显示，该股最新融资余额为5.98亿元，近5日增加8594.96万元，增幅为16.77%。（数据宝） 12月30日航天宏图大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 格 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 股） | （万元） | （元） | 折溢价（%） | | | | 24.50 | 661. ...

Group 1 - The company issued 10.088 million convertible bonds with a total fundraising amount of RMB 1,008.80 million, netting RMB 991.37 million after expenses [1] - The convertible bonds were listed on the Shanghai Stock Exchange on December 22, 2022, under the name "Hongtu Convertible Bonds" with the code "118027" [1][2] - 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, due to changes in the company's share capital [3][4] Group 2 - As of August 7, 2023, a total of 77 shares had been converted, changing the company's share capital from 259,946,793 shares to 259,946,870 shares [4] - The conversion price was adjusted again to RMB 62.98 on August 30, 2023, following further changes in the company's share capital [4] - The company plans to hold a shareholder meeting on February 13, 2025, to discuss a downward adjustment of the conversion price to RMB 40.94 due to triggering conditions [5][6] Group 3 - The company has the right to propose a downward adjustment of the conversion price if the stock price falls below 85% of the current conversion price for at least 15 trading days within any 30-day period [6] - On December 8, 2025, the company triggered the condition for a downward adjustment but decided not to proceed with the adjustment after considering various factors [7] - The period for not adjusting the conversion price was modified from January 8, 2026, to December 29, 2025, allowing for a potential adjustment after that date [8]

据Wind数据，12月29日商业航天再迎主力资金青睐。商业航天持续火热，近日又出现哪些利好因素？投资者又该如何把握机遇？请看机构最新研判。 近期，商业航天板块热度持续升温，其核心驱动力来自"制度破冰"与"火箭运力突破在即"的双重催化。 从政策层面看，上海证券交易所正式发布商业火箭企业适用科创板第五套上市标准的指引，资本市场的制度突破为行业注入强心剂。12月26日，上交所发 布的《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适用科创板第五套上市标准》明确，商业火箭企业申报科创板时，需至少实 现"采用可重复使用技术的中大型运载火箭发射载荷首次成功入轨"。 二是卫星制造、运营与太空应用链。火箭运力提升后，卫星批量制造与发射将成为焦点，从相控阵芯片、激光通信载荷到卫星平台制造、数据运营服务等 环节需求将放量。受益标的：中科星图、航天宏图、中国卫星、乾照光电等。 三是测试与验证服务链。无论是火箭还是卫星，在研发和量产阶段都需要经历复杂的测试环节，专业第三方服务商的需求将伴随产业成熟而同步增长。受 益标的：航天环宇、西测测试、苏试试验、广电计量等。 | 火箭制造与核心配套链 | 航天动力、超捷股份、斯瑞新 ...

| 证券代码：688066 | 证券简称：航天宏图 | 公告编号：2025-098 | | --- | --- | --- | | 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 关于调整不向下修正"宏图转债"转股价格期限的公告 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、可转换公司债券基本情况 （一）可转债发行情况 经中国证券监督管理委员会"证监许可〔2022〕2755 号"《关于同意航天宏 图信息技术股份有限公司向不特定对象发行可转换公司债券注册的批复》同意注 册，航天宏图信息技术股份有限公司向不特定对象发行 1,008.80 万张可转换公司 债券，每张面值为人民币 100 元，募集资金总额为人民币 100,880.00 万元。扣除 各项发行费用后（不含增值税）的实际募集资金净额为 99,137.42 万元。发行方 式采用向股权登记日收市后登记在册的发行人原股东优先配售，原股东优先配售 后余额部分（含原股东放弃优先配售部分）通过上海证券交易所交易系统网上向 社会公众投资者发 ...

Core Viewpoint - The company has decided to adjust the period for not lowering the conversion price of the "Hongtu Convertible Bonds" to protect the interests of all investors, reflecting its response to current market conditions and future operational considerations [1] Group 1 - The company held the 18th meeting of the fourth board of directors on December 29, 2025, to review the proposal regarding the adjustment of the conversion price period for the "Hongtu Convertible Bonds" [1] - The period for not lowering the conversion price has been adjusted from "December 9, 2025, to January 8, 2026" to "December 9, 2025, to December 29, 2025" [1] - Starting from December 30, 2025, if the conversion price triggers the downward adjustment clause again, the board will convene to decide whether to exercise the right to lower the conversion price [1]

Core Viewpoint - The company has reported significant growth in its operating performance for the first half of the year, achieving a revenue of 208 million yuan, a year-on-year increase of 70.58%, and turning a profit with a net profit of 2.6978 million yuan [1] Group 1: Financial Performance - The company has successfully turned around its performance, with a notable decrease in expense ratios, including a 28.86% reduction in total expense ratio and a 10.16% decrease in sales expense ratio [2] - The gross profit margin has decreased by 4.41% compared to the same period last year, while the operating cash flow net amount has improved by 48.71% [2] Group 2: Business Transformation - The company is accelerating its transformation from traditional software services to cloud services, launching multiple industry cloud products such as agricultural big data service platform and ecological monitoring platform [3] - The company has introduced the PIE-Cloud remote sensing cloud service platform, which offers various cloud services for remote sensing data and is designed to create an open and shared remote sensing cloud ecosystem [4] Group 3: North Star Business Development - The company is focusing on the development of high-precision and specialized applications related to the BeiDou satellite system, with innovations in technologies and products for emergency management and ecological protection [5] - The BeiDou business is expected to have extensive application and market potential in areas such as emergency management, smart cities, and intelligent power grids, following the global networking of the BeiDou satellite navigation system [6]

Group 1 - Aerospace and satellite internet sectors are showing strong performance, with companies like Aerospace Universe rising over 19%, Guangwei Composite increasing by more than 15%, and Haige Communication hitting a 10% limit up [1][6] - The General Aviation ETF Huabao (159231) is experiencing a price increase of 1.72%, marking a strong four-day upward trend [1][6] Group 2 - The private rocket company "New Space Aerospace" announced on December 27 the initiation of key technology engineering tests for the recovery and reuse of the Chitu-1 rocket, indicating accelerated development in low-cost, high-reliability, and reusable space technology [3][8] - Under the national strategy to upgrade "Aerospace Power" and position commercial aerospace as a new growth engine, the industry is at a historic development turning point, with significant downstream application demand in satellite internet constellation construction [3][8] - The General Aviation ETF Huabao (159231) and its linked funds cover 50 constituent stocks across various sectors, including low-altitude economy, large aircraft, military aircraft, commercial aerospace, satellite navigation, and drones, with the aerospace industry accounting for over 37% [3][8]

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300699 | 光威复材 | | 12.02 | 325亿 | 14.57 | | 002471 | 中超控股 | 1 | 10.06 | 94.31亿 | 152.38 | | 603017 | 中衡设计 | | 10.04 | 32.09 Z | 47.49 | | 603278 | 大业股份 | 资 | 10.00 | 48.12 乙 | 85.51 | | 688066 | 航天宏图 | -06- | 9.75 | 85.25 Z | 59.95 | | 688629 | 华丰科技 | 1 | 9.53 | 491亿 | 217.74 | | 688295 | 中复神鹰 | 1 | 8.95 | 307亿 | 71.00 | | 603936 | 博敏电子 | 张 | 8.75 | 80.69亿 | 52.02 | | 002361 | 神剑股份 | 1 | 8.20 | 136亿 | 163.53 | | 002465 | 海格通信 | 1 | ...