Core Viewpoint - The company, SRE New Materials (688102.SH), is focusing on developing high-strength, high-conductivity copper alloy materials for liquid rocket engine thrust chamber inner walls, which need to withstand high combustion temperatures while providing excellent thermal conductivity [1] Group 1: Product Development - The company has developed high-strength, high-conductivity copper alloy materials, specifically chromium-zirconium copper and copper-chromium-niobium materials, which are ideal for the inner walls of liquid rocket engine thrust chambers due to their high-temperature stability, heat resistance, and superior thermal conductivity [1] - The company aims to reduce unit costs through large-scale production, which is a crucial strategy to address domestic and international industry competition [1] Group 2: Clientele - The company's main clients include Blue Arrow Aerospace, Jiuzhou Yunjian, Star Glory, and Deep Blue Aerospace, indicating a strong presence in the aerospace sector [1]

Investment Rating - The report provides a positive investment outlook for the commercial aerospace industry, highlighting significant growth opportunities driven by technological advancements and market demand [2]. Core Insights - The commercial aerospace sector is characterized by market-driven activities involving both private and mixed-ownership enterprises, focusing on investment, operation, and risk management across the entire aerospace value chain [2][38]. - Global satellite frequency and orbital resources are becoming increasingly scarce, leading to a surge in satellite constellation construction, with countries competing for these critical resources [2][46]. - The Starlink project by SpaceX is leading the global satellite constellation efforts, while China is rapidly advancing with its own satellite constellation plans [2][47]. - The era of reusable rockets in China is beginning, with several new commercial rocket models expected to launch by the end of 2025, which could accelerate the deployment of low Earth orbit satellite constellations [2][34]. - Investment recommendations include focusing on satellite manufacturing, rocket launching, and space computing, with specific companies highlighted for their potential in these areas [2][34]. Summary by Sections Commercial Aerospace Overview - Commercial aerospace is defined as market-driven activities involving investment, operation, and risk management by enterprises, covering the entire aerospace technology development, manufacturing, launching, and application [2][38]. - The industry is segmented into upstream manufacturing, midstream launching, and downstream application and operation [2][38]. Satellite Industry Overview - The global aerospace industry is projected to reach $415 billion by 2024, with satellite industry revenues estimated at $293 billion [20]. - Satellite services account for 37% of the total satellite industry revenue, while satellite manufacturing and launching services contribute 6.9% and 3.2%, respectively [25]. Satellite Communication Market - The satellite communication market is expected to grow significantly, with China's satellite internet market projected to reach 75.1 billion yuan by 2025 and 151.2 billion yuan by 2030 [34]. - The demand for satellite communication is primarily driven by commercial and government sectors, accounting for 55% and 31% of the market, respectively [28]. Domestic Satellite Constellation Plans - China has ambitious plans for satellite constellations, with three major projects aiming to deploy over 30,000 satellites, including the GW constellation, G60 constellation, and Honghu-3 constellation [79][81]. - As of October 2025, the GW constellation has launched 116 satellites, marking significant progress in China's satellite internet development [84].

Core Viewpoint - The company has successfully completed the registration capital change and updated its articles of association, obtaining a new business license following the approval from the shareholders' meeting [1][2]. Group 1: Company Registration Changes - The company held its second extraordinary shareholders' meeting on November 14, 2025, where it approved the proposal to change the registered capital and amend the articles of association [1]. - The new registered capital is 773,538,165 yuan [1]. - The company has completed the necessary business registration changes and received a new business license from the Xi'an Market Supervision Administration [1]. Group 2: Company Information - The company is named Shaanxi Sry New Materials Co., Ltd., with a unified social credit code of 91610000623115672Q [1]. - The company is classified as a joint-stock company (listed, natural person investment or control) [1]. - The legal representative is Wang Wenbin, and the company was established on July 11, 1995 [1].

证券日报网讯 12月2日晚间，斯瑞新材发布公告称，公司已完成注册资本变更及《公司章程》修订的工 商变更登记及备案手续，并取得了西安市市场监督管理局换发的《营业执照》，变更后注册资本为 773，538，165元。 （文章来源：证券日报） ...

证券代码：688102 证券简称：斯瑞新材 公告编号：2025-062 陕西斯瑞新材料股份有限公司 关于变更公司注册资本、修改《公司章程》并办理 完成工商变更登记换发营业执照的公告 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。 类型：股份有限公司（上市、自然人投资或控股） 法定代表人：王文斌 成立日期：1995 年 7 月 11 日 住所：陕西省西安市高新区丈八七路 12 号 经营范围：电器机械及器材、机电产品（汽车除外）、精密机械、电池、蓄 电池、充电器、电源、开关设备、钛及钛合金产品、真空镀膜靶材、镍钛合金材 料、有色金属材料及其制品（专控除外）、低铬铜、铬锆铜、纯铜及铜合金、铝 及铝合金、铬及铬合金、钨及钨合金材料的开发、研制、生产、销售及技术开发、 转让、咨询、服务；经营本企业的进料加工生"三来一补"业务；自营和代理各 类商品和技术的进出口业务（国家禁止公司经营的商品和技术除外）；废旧物资 的回收与处理（危险废物和境外可利用废物、报废汽车及废弃电器电子产品处理 除外）。（依法须经批准的项目，经相关部门批准后方可开展 ...

Group 1 - The core viewpoint of the news is that Srey New Materials has shown significant stock performance, with a year-to-date increase of 174.26% and a recent market capitalization of 18.542 billion yuan [1] - As of December 2, Srey New Materials' stock price was 23.97 yuan per share, with a trading volume of 2.51 billion yuan and a turnover rate of 1.46% [1] - The company has a diverse revenue stream, with high-strength and high-conductivity copper alloy materials accounting for 46.51% of total revenue, followed by medium and high-voltage electrical contact materials at 22.90% [1] Group 2 - Srey New Materials operates in the non-ferrous metals sector, specifically in the sub-sector of new metal materials, and is involved in various concept sectors including ultra-high voltage and commercial aerospace [2] - For the period from January to September 2025, Srey New Materials reported a revenue of 1.174 billion yuan, representing a year-on-year growth of 21.74%, and a net profit attributable to shareholders of 108 million yuan, up 37.74% year-on-year [2] - The company has distributed a total of 167 million yuan in dividends since its A-share listing, with 135 million yuan distributed over the past three years [3]

Core Insights - The establishment of a new department by the National Space Administration marks a significant step towards the commercialization of space, driven by policy and disruptive applications [1] - The concept of "space computing power" is emerging as a focal point for global tech giants, with plans for large-scale data centers in orbit to enhance AI capabilities [2] - Investment opportunities are identified in various sectors of the space industry, including rocket launch chains, satellite manufacturing, and testing services [3] Policy Developments - The National Space Administration's creation of a Commercial Space Department aims to improve the efficiency of launch approvals and licensing, promoting high-quality development in China's commercial space sector [1] - The release of the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)" provides a framework for long-term industry growth through research project openness and national fund establishment [1] Industry Trends - The trend of deploying data centers in space is expected to overcome limitations faced by terrestrial data centers, with significant investments from companies like NVIDIA, SpaceX, and Google [2] - The demand for AI computing and decreasing rocket launch costs are anticipated to drive substantial growth in space computing power globally [2] Investment Opportunities - Key sectors for investment include: - Rocket and core supporting fields: Companies such as Aerospace Power, Superjet, Srey New Materials, and Gaohua Technology [3][4] - Satellite manufacturing and operation: Companies like China Satellite, Chengchang Technology, Zhenlei Technology, Aerospace Electronics, and Zhongke Xingtou [3][4] - Testing and service sectors: Companies including Aerospace Universe, West Measurement Testing, and Guobo Electronics [3][4] - Energy systems: Companies such as Shanghai Port and Qianzhao Optoelectronics [3][4]

Core Insights - The commercial aerospace sector has attracted significant capital market interest, with the Wind Commercial Aerospace Index showing a year-to-date increase of over 28%, outperforming the broader market [1] - Several stocks in this sector, including Srey New Materials, Longxi Co., and Chaozhuo Aerospace Technology, have seen their year-to-date gains exceed 100% [1] Financing and Leverage - As of November 27, the overall financing balance for commercial aerospace concept stocks approached 30 billion yuan, representing an increase of over 25% compared to the end of last year [1] - Companies such as Feili Hua, Aerospace Huan Yu, Chaozhuo Aerospace Technology, and Srey New Materials have experienced over 100% increase in financing from investors [1] Shareholder Dynamics - Among the commercial aerospace concept stocks, 7 companies reported a decrease in the number of shareholders compared to the end of Q3, with 5 of these stocks seeing a decline of over 3% in shareholder numbers, including Boyun New Materials, Aerospace Nanhu, and Landun Optoelectronics [1] Market Performance - Within the 7 stocks that saw a decrease in shareholder numbers, AVIC Xi'an Aircraft Industry and Thunder Micro Power have both declined by over 10% year-to-date, while Boyun New Materials and Aerospace Nanhu have performed well with significant gains [1] - Aerospace Nanhu has attracted nearly 75% increase in financing from investors this year, and all three companies—Aerospace Nanhu, AVIC Xi'an Aircraft Industry, and Aerospace Rainbow—have been the focus of research from over 80 institutions this year [1]

Group 1 - The commercial aerospace sector is experiencing significant activity in the capital market, with several stocks achieving multiple trading limits, indicating strong investor interest [1] - The National Space Administration has issued an action plan for the high-quality and safe development of the commercial aerospace industry from 2025 to 2027, aiming for substantial growth and improved governance in the sector [1] - The action plan outlines specific measures to support the goal of establishing a strong aerospace nation, suggesting that the industry is poised for accelerated growth [1] Group 2 - Over 30 commercial aerospace stocks have been investigated by institutions in November, indicating heightened interest and confidence in the sector [2] - Tongyu Communication has invested 20 million yuan in an aerospace industry fund, which focuses on commercial aerospace and satellite communication, and has committed an additional 10 million yuan for further investments [2] - High-tech companies like Gaohua Technology are expanding their business in the aerospace market, establishing partnerships with various commercial aerospace firms [2] Group 3 - Sry New Materials reported a significant increase in revenue from liquid rocket engine thrust chamber products, projecting continued growth through 2025 [3] - The company has initiated a project to industrialize materials and components for liquid rocket engines, with an investment of 230 million yuan planned for the first phase [3] - Aerospace Technology has established deep connections with major rocket manufacturers and is positioned as a core supplier in the commercial aerospace industry, anticipating substantial revenue growth by 2025 [3]

Core Viewpoint - The establishment of the Commercial Space Administration marks a significant step in the development of China's commercial space industry, which is expected to benefit the entire industry chain and promote high-quality growth [1][3]. Group 1: Industry Developments - The Commercial Space Administration has officially been established, integrating various departmental functions to enhance the efficiency of satellite industry development and key processes such as launch approvals and satellite operation licensing [3]. - The launch of medium-sized launch vehicles is imminent, facilitating large-scale constellation networking, with over a hundred satellites already in orbit for projects like GW and Qianfan [3]. - The commercial space sector is experiencing a surge in activity, with significant interest from institutional investors in related stocks, as evidenced by the performance of various commercial space concept stocks [1][3]. Group 2: Company Insights - Tongyu Communication has invested in a space industry fund focusing on commercial space, satellite communication, and advanced manufacturing, with a total investment of 120 million yuan [5]. - Xingtum Measurement and Control has launched the "Star Eye" space perception constellation plan to address the urgent need for in-orbit safety and space traffic management [6]. - Hangyu Technology has established deep connections with leading rocket manufacturers and anticipates significant revenue growth in its commercial space business by 2025 [6][7]. - Gaohua Technology reported a positive market outlook in the aerospace sector, expanding its business in ground testing equipment and rocket engine systems [7]. - Sry New Materials expects revenue from liquid rocket engine thrust chambers to grow from 20.97 million yuan in 2022 to 30.16 million yuan in 2024, with ongoing investments in production capacity [8]. - Guolian Aviation is strategically entering the commercial space sector through acquisitions and partnerships, focusing on core component production for launch vehicles [9]. - ST Sike Rui is developing a comprehensive testing center for space products, enhancing its capabilities to meet commercial space quality standards [10]. - Chaojie Co. is manufacturing structural components for commercial rockets, with a production capacity of 10 rockets per year expected by mid-2024 [11]. - Huali Chuangtong is focusing on the development of radiation-resistant components for low-orbit satellites to reduce manufacturing costs and improve satellite lifespan [12].