公司业务：公司是国内领先的材料研发制造企业，核心业务/产品包括高强高导铜合金材料及制品、中 高压电接触材料及制品、高性能金属铬粉、CT 和 DR 球管零组件、光模块芯片基座/壳体、液体火箭发 动机推力室内壁等。通过围绕标杆客户开展销售活动，公司为GE 集团、Wabtec 集团、阿尔斯通等客户 提供非标个性化定制的产品。 从盈利能力看，2025Q1-Q3 公司的销售毛利率为24.04%（+1.04pcts），销售净利率为9.58% （+1.36pcts）；期间费用率为12.88%（-0.54pct），其中，销售费用率为1.59%（-0.05pct），管理费用 率为4.91%（-0.18pct），研发费用率为5.67%（+0.42pct），总财务费用较上年同期减少39.05%。 此外，2025Q1-Q3 公司应收账款金额为4.12 亿元、较期初增长43.96%，存货为3.51 亿元、较期初增长 35.79%，合同负债为493.66 亿元、较期初增减少-49.05%。公司备产备货节奏良好，全年业绩稳中向 好。 积极拓展各新兴下游领域，为公司未来成长打开空间在关键项目投资与产能打造上，公司凭借领先的科 研能力与资金实 ...

Core Viewpoint - The article highlights a significant rise in A-shares, with over 3,500 stocks increasing in value, driven by four main sectors: computing power industry chain, electric power infrastructure industry chain, commercial aerospace, and non-ferrous metals. Notably, the stock of Moore Threads surged by 416.79%, reaching a market capitalization of 277.6 billion yuan, making it the only stock with a half-day trading volume exceeding 10 billion yuan, totaling 12.59 billion yuan [2][4]. Group 1: Computing Power Industry Chain - The computing power industry chain saw notable gains, particularly in sectors like optical modules and copper cables, with stocks such as Zhishang Technology and Dongtian Micro experiencing significant increases [6]. - Key stocks in this sector included Zhishang Technology, which reached a 20% increase, and Changguang Huaxin, also hitting a 20% increase, with respective market capitalizations of 6.65 billion yuan and 22.7 billion yuan [7]. - Marvell's acquisition of Celestial AI for $3.25 billion, including $1 billion in cash and $2.25 billion in stock, highlights the growing importance of photonic technology in addressing data transmission bottlenecks in data centers [8][9]. Group 2: Commercial Aerospace - The commercial aerospace sector experienced a strong rally, with stocks like Hongxiang Co., Changguang Huaxin, and Chaojie Co. hitting the daily limit of 20% [12]. - The successful launch of the Zhuque-3 rocket and the upcoming 2025 Satellite Internet Industry Ecosystem Conference in Shanghai indicate a growing focus on commercial aerospace advancements [14][15]. - The number of commercial aerospace companies in China has surpassed 600, with significant projects expected to commence during the 14th Five-Year Plan period, including manned lunar missions and satellite internet construction [15].

A股市场可控核聚变概念股表现强势，其中，长光华芯20CM涨停，炬光科技涨超11%，斯瑞新材涨近 11%，永鼎股份、国机重装10CM涨停，冰轮环境涨超7%，哈焊华通、应流股份、远东股份涨超5%，华 菱线缆、合锻智能（维权）、兰石重装、常辅股份、航天晨光、海陆重工（维权）涨超3%。 消息面上，《中国国家原子能机构和法国原子能和替代能源委员会第十五个和平利用核能合作议定书》 中提及将加强核基础研究、核技术应用、核聚变技术等合作。 此外，中金公司研报表示，十五五规划将可控核聚变明确纳入国家未来产业体系，标志着其从前沿科学 探索正式升级为战略性科技攻关方向。其作为清洁基荷能源，不仅能支撑高耗能产业降碳升级，还可衍 生多领域应用，当前产业链上中下游协同突破，核心材料、关键设备与集成设计环节技术成熟度持续提 升，为商业化奠定基础。建议重点关注超导线缆、激光器、传感监测与控制系统等上下游产业链投资机 会。 | | | | | 可控核聚变板块个股 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 名称 | | 涨幅%↓↓ | 总市值 | 年初至今涨幅%。 ...

格隆汇12月5日｜A股市场CPO概念股集体上涨，其中，斯瑞新材涨超13%，仕佳光子涨超11%，永鼎股 份10CM涨停，太辰光涨超8%，可川科技涨7%，炬光科技涨近7%，罗博特科涨超5%，光库科技、天通 股份涨超4%，德科立涨3%。 MACD金叉信号形成，这些股涨势不错！ | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 688102 | 斯瑞新材 | 1 | 13.81 | 199亿 | 193.72 | | 688313 | 仕佳光子 | 资 | 11.84 | 413亿 | 450.01 | | 600105 | 永鼎股份 | 资 | 10.03 | 250亿 | 247.88 | | 300570 | 太辰光 | + | 8.27 | 253亿 | 54.53 | | 603052 | 可川科技 | -06- | 7.02 | 59.56 Z | 24.87 | | 688167 | 炬光科技 | 1 | 6.94 | 125亿 | 117.50 | | 300757 | 罗博特科 | 1 | 5. ...

（文章来源：证券日报） 证券日报网讯 12月3日，斯瑞新材在互动平台回答投资者提问时表示，液体火箭推力室内壁材料需要承 受千度燃烧温度，同时兼具优异的导热性能以导出热量保护发动机结构，公司开发的高强高导铜合金材 料，特别是铬锆铜、铜铬铌材料，因其高温稳定性、耐热性和优越的导热性，成为液体火箭发动机推力 室内壁的理想材料，通过规模化生产降低单件成本，是应对国内外行业竞争的重要举措。公司目前主要 客户有蓝箭航天、九州云箭、星际荣耀、深蓝航天等。 ...

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].

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》 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 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。 陕西斯瑞新材料股份有限公司（以下简称"公司"）于2025年11月14日召开2025年第二次临时股东会，审 议通过了《关于变更公司注册资本、修订〈公司章程〉及办理工商变更登记的议案》，同意公司管理层 或其授权代表办理工商变更登记、章程备案等相关事宜。具体内容详见公司分别于2025年10月30日、 2025年11月15日在上海证券交易所网站（www.sse.com.cn）披露的《关于变更公司注册资本、修订〈公 司章程〉及办理工商变更登记的公告》（公告编号：2025-058）以及《2025年第二次临时股东会决议公 告》（公告编号：2025-061）。 近日，公司已完成上述事项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 ...

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 ...