证券代码：688102 证券简称：斯瑞新材 公告编号：2026-013 陕西斯瑞新材料股份有限公司 关于向特定对象发行股票限售股上市流通的公告 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。 本次上市流通的限售股属于向特定对象发行股票，认购对象承诺所认购的股 票限售期限为自发行结束之日起 6 个月。除上述承诺外，本次申请上市的限售股 股东无其他特别承诺。 重要内容提示： 本次股票上市类型为向特定对象发行股份；股票认购方式为网下，上市股 数为41,724,617股。 一、本次上市流通的限售股类型 2025 年 8 月 18 日，中国证券监督管理委员会出具《关于同意陕西斯瑞新材料 股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕1782 号）， 同意陕西斯瑞新材料股份有限公司（以下简称"公司"）向特定对象发行 A 股股 票的注册申请。公司本次向特定对象发行股票 41,724,617 股，于 2025 年 10 月 9 日在中国证券登记结算有限责任公司上海分公司办理完毕本次发行新增股份登记、 托管及股份限售手续。 ...

证券代码：688102 证券简称：斯瑞新材 公告编号：2026-014 陕西斯瑞新材料股份有限公司 关于 2023 年股票期权激励计划 2026 年第一季度自主行权 结果暨股份变动的公告 本次行权数量： 1、陕西斯瑞新材料股份有限公司（以下简称"公司"）2023 年股票期权激励计划 （以下简称"本激励计划"）首次授予股票期权第一个行权期可行权数量为 7,040,800 份，实际可行权期为 2025 年 5 月 21 日-2026 年 4 月 23 日（行权日须为交易日）。 2026 年 1 月 1 日至 2026 年 3 月 31 日期间，累计行权并完成股份过户登记数量 1,903,429 股，占本期可行权额度 7,040,800 股的 27.03%。 截至 2026 年 3 月 17 日，累计行权并完成股份过户登记数量 7,040,800 股，占本 期可行权额度 7,040,800 股的 100%，公司 2023 年股票期权激励计划首次授予股票期权 第一个行权期可行权股票期权已行权完毕。具体详见公司于 2026 年 3 月 19 日在上海 证券交易所网站（www.sse.com.cn）披露的《陕西斯瑞新材料 ...

国泰海通证券股份有限公司 关于陕西斯瑞新材料股份有限公司 一、本次上市流通的限售股类型 2025年8月18日，中国证券监督管理委员会出具《关于同意陕西斯瑞新材料 股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕1782号），同 意陕西斯瑞新材料股份有限公司（以下简称"公司"）向特定对象发行A股股票的 注册申请。公司本次向特定对象发行股票41,724,617股，于2025年10月9日在中国 证券登记结算有限责任公司上海分公司办理完毕本次发行新增股份登记、托管及 股份限售手续。 本次上市流通的限售股为公司向特定对象发行股份的限售股，涉及股东数量 为16名，限售期为自发行结束之日起6个月。该等限售股股东对应的股份数量为 41,724,617股，占截至本核查意见出具日公司总股本777,593,807股的5.37%。现锁 定期即将届满，将于2026年4月9日起上市流通。 二、本次上市流通的限售股形成后至今公司股本数量变化情况 2025年10月9日至本核查意见出具日，因公司2023年股票期权激励计划首次 授予股票期权第一个行权期、预留授予股票期权第一个行权期激励对象自主行权， 公司总股本由773,198, ...

Investment Rating - The report assigns an "Accumulate" rating for the industry [6] Core Insights - The National Development and Reform Commission and the Ministry of Finance have issued a notice to optimize the wireless frequency occupation fee standards, which is expected to significantly reduce satellite internet frequency fees and accelerate the popularization of satellite terminal applications [2][4] - The new rules will change the frequency fee structure, where satellite communication stations will no longer require individual fees from users, benefiting the proliferation of satellite terminals [4][7] - The new regulations will lower fees for certain high-frequency bands, which is expected to further reduce costs for low Earth orbit satellite internet and inter-satellite laser communication applications [4][7] Summary by Sections - The optimization of the fee structure will transform frequency fees into fixed costs, leading to a significant decrease in costs for large-scale satellite networks [4][7] - The new rules will adjust the fee collection method, charging only satellite operators instead of individual users, which is favorable for the adoption of satellite terminals [4][7] - The report highlights the potential for a substantial decrease in satellite internet frequency fees, which could accelerate the growth of the satellite terminal application market [2][4] - The report recommends focusing on commercial aerospace industry chain-related stocks, including Aerospace Electronics, Shaanxi Huada, and others [7][9]

Group 1 - SpaceX plans to submit an IPO prospectus soon, aiming to raise over $75 billion through the IPO [5] - The target valuation for SpaceX is set at $1.75 trillion, which would make it the sixth-largest company by market capitalization in the U.S. if achieved [5] - The New York Stock Exchange is competing for the listing, but SpaceX has not made a final decision regarding which exchange to choose [5] Group 2 - Direct core suppliers for SpaceX include companies such as 信维通信, 西部材料, and 派克新材 [6] - Indirect supply chain supporting companies include 晋拓股份, 航天电器, and 电连技术 [6] - Beneficiary companies from equity and industrial synergy include 利欧股份, 蓝思科技, and 震有科技 [6]

证券代码：688102 证券简称：斯瑞新材 公告编号：2026-012 陕西斯瑞新材料股份有限公司 二、本次限制行权期为 2026 年 3 月 29 日至 2026 年 4 月 27 日，在此期间全部激 励对象将限制行权。 三、公司将按照有关规定及时向中国证券登记结算有限责任公司上海分公司申请 办理限制行权相关事宜。 特此公告。 陕西斯瑞新材料股份有限公司董事会 2026 年 3 月 21 日 提示性公告 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。 根据《上市公司股权激励管理办法》《陕西斯瑞新材料股份有限公司 2023 年股票 期权激励计划（草案）》及中国证券登记结算有限责任公司上海分公司关于股票期权 自主行权的相关规定，结合陕西斯瑞新材料股份有限公司（以下简称"公司"） 2025 年年度报告的发布计划，现对 2023 年股票期权激励计划限制行权时间公告如下： 一、公司处于行权期的股票期权激励计划情况如下： | 计划名称 | 行权期 | 行权代码 | | | 行权起止日期 | | | | --- | --- | --- ...

证券代码：688102 证券简称：斯瑞新材 公告编号：2026-011 陕西斯瑞新材料股份有限公司 关于 2023 年股票期权激励计划首次授予股票期权第 一个行权期自主行权结果暨股份变动的公告 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： 本次行权数量： 陕西斯瑞新材料股份有限公司（以下简称"公司"）2023 年股票期权激励 计划（以下简称"本激励计划"）首次授予股票期权第一个行权期可行权数量 为 7,040,800 份，实际可行权期为 2025 年 5 月 21 日-2026 年 4 月 23 日（行权 日须为交易日）。截至 2026 年 3 月 17 日，累计行权并完成股份过户登记数量 7,040,800 股，占本期可行权额度 7,040,800 股的 100%。 公司 2023 年股票期权激励计划首次授予股票期权第一个行权期可行权股票 期权已行权完毕。 本次行权股票上市流通时间： 公司本次行权采用自主行权模式，激励对象行权所得股票于行权日（T 日） 后的第一个交易日（T+1 日）到达股票账户，并于第二 ...

Investment Rating - The report suggests focusing on investment targets with large market space, high barriers, and high performance elasticity, particularly in sectors expected to experience high growth such as new aviation equipment, missiles, unmanned equipment, military trade, domestic large aircraft, gas turbines, and commercial aerospace [5][30]. Core Insights - The report highlights that the military industry is driven by three macro factors: national defense policy, geopolitical environment, and domestic military expenditure, indicating an upward trend for the industry [2][31]. - It emphasizes the structural characteristics of traditional equipment showing steady growth while new combat power equipment is expected to see high growth, with military trade and civil-military integration opening up growth ceilings for military enterprises [2][30]. - The analysis of the military industry from 2020 to 2025 indicates that significant price inflation in certain segments, driven by equipment upgrades and increased usage, has led to substantial profit elasticity [1][23]. Summary by Sections Review of Military Industry Trends - The report reviews the military industry from 2020 to 2025, noting that the growth was primarily driven by national defense policies and the release of new equipment, leading to a "Davis double-click" market dynamic [14][16]. - It also discusses the impact of geopolitical events, such as the Russia-Ukraine war, on military stock performance, particularly in the U.S. market, where military stocks have seen significant valuation increases despite not achieving rapid growth in fundamentals [25][26]. Key Sectors to Watch - The report identifies key sectors to focus on, including: - **Aviation New Equipment**: Emphasizing the importance of new models and increased usage [8]. - **Missiles**: Highlighting the potential for high elastic growth due to low baselines and strong consumption attributes [8]. - **Unmanned Equipment**: Noting the maturation of China's unmanned equipment industry and its expected high growth during the 14th Five-Year Plan [8]. - **Military Trade**: Recognizing military trade as a significant growth driver for established military enterprises [8]. - **Domestic Large Aircraft**: Indicating that the large aircraft industry is entering a period of accelerated development [8]. - **Gas Turbines**: Focusing on the high demand driven by data center electricity needs [9]. - **Commercial Aerospace**: Identifying it as a super track with significant growth potential [9]. Investment Recommendations - The report recommends identifying investment targets that are positioned in high-growth sectors with large market potential and high barriers to entry, ensuring that these companies can benefit from the overall industry growth [5][30]. - It suggests focusing on companies with strong market positions and high performance elasticity, particularly those involved in high-demand segments such as military AI, unmanned systems, and commercial aerospace [5][30].

Investment Rating - The mechanical equipment industry is rated as "Outperform" compared to the market [1] Core Insights - The semiconductor equipment and components sector is expected to see accelerated domestic substitution due to rising prices of key materials and supply chain security demands [2] - The laser equipment sub-sector showed the best performance with a weekly increase of 7.89% [2] - The report highlights the potential for price increases in the tool industry driven by rising raw material costs and recovering demand [2] Summary by Sections Industry Performance - The Shanghai Composite Index decreased by 1.07% this week, while the mechanical equipment sector fell by 2.81%, ranking 19th out of 31 sectors [5][6] - The PE-TTM for the mechanical equipment sector is at 43.7x, within the 92nd percentile over the past three months [11] Sub-sector Analysis - The top-performing sub-sector was laser equipment (+7.89%), while the worst performers included instruments and meters (-7.18%) and robotics (-6.72%) [8][2] - The PE-TTM for sub-sectors shows significant variation, with other automation at 201.3x and robotics at 193.8x, while rail transportation III is at 18.8x [11] Key Companies and Recommendations - Recommended companies in the semiconductor equipment sector include North Huachuang (002371), Zhongwei Company (688012), and Shengmei Shanghai (688082) [2] - In the controllable nuclear fusion sector, recommended companies include Wanyi Technology (688600) [2] - For commercial aerospace, suggested companies are Western Materials (002149) and Yingliu Co., Ltd. (603308) [2] Market Trends - The report indicates a strong growth trajectory for the semiconductor equipment market, driven by domestic supply chain enhancements and increasing demand for high-purity materials [2] - The commercial aerospace sector is expected to experience a significant increase in launch frequency and market size, with projections indicating a market growth from 10.26 billion yuan in 2025 to 47.39 billion yuan by 2030 [37]

证券代码：688102 证券简称：斯瑞新材 公告编号：2026-010 陕西斯瑞新材料股份有限公司 关于更换持续督导保荐代表人的公告 公司董事会对赵中堂先生所做出的贡献表示衷心的感谢！ 特此公告。 陕西斯瑞新材料股份有限公司董事会 2026 年 3 月 7 日 1 附件：陈秋月女士简历 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。 陕西斯瑞新材料股份有限公司（以下简称"公司"）于近日收到国泰海通证 券股份有限公司（以下简称"国泰海通"）出具的《关于更换陕西斯瑞新材料股 份有限公司持续督导保荐代表人的函》。 国泰海通为公司首次公开发行股票并在科创板上市以及 2024 年度向特定对 象发行股票的保荐机构，首次公开发行股票并在科创板上市以及 2024 年度向特 定对象发行股票的保荐代表人为林文亭先生、赵中堂先生，负责保荐工作及持续 督导工作，持续督导期分别至 2025 年 12 月 31 日以及 2027 年 12 月 31 日。由于 原保荐代表人赵中堂先生工作变动，无法继续从事公司的持续督导工作。为保证 持续督导工作的有序进行 ...