Core Viewpoint - The stock of Beijing Ligong Navigation Control Technology Co., Ltd. has experienced fluctuations, with a year-to-date increase of 41.10% but a recent decline in the last five, twenty, and sixty trading days [1][2]. Company Overview - Beijing Ligong Navigation was established on February 24, 2012, and went public on March 18, 2022. The company specializes in the research, development, production, and sales of inertial navigation systems and their core components [1]. - The main revenue sources for the company are product sales (99.63%), with minimal contributions from other services [1]. Financial Performance - For the first half of 2025, the company reported a revenue of 35.76 million yuan, representing a year-on-year growth of 170.36%. However, it also recorded a net profit attributable to shareholders of -16.81 million yuan, which is a 45.06% increase in losses compared to the previous period [2]. - Cumulatively, the company has distributed 103 million yuan in dividends since its A-share listing, with 48.4 million yuan distributed over the last three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 11.23% to 5,328, while the average number of circulating shares per person decreased by 10.10% to 6,854 shares [2]. - Notable institutional shareholders include Guotou Ruijin National Security Mixed A, which is the third-largest shareholder with 1.2991 million shares, and several new entrants among the top ten shareholders [3].

中国国际金融股份有限公司 关于北京理工导航控制科技股份有限公司 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关 法律、法规的规定，中国国际金融股份有限公司（以下简称"中金公司"或"保荐机 构"）作为正在履行北京理工导航控制科技股份有限公司（以下简称"理工导航"、 "公司"）持续督导工作的保荐机构，负责理工导航上市后的持续督导工作，并出 具本持续督导期间（以下简称"2025 年上半年"或"报告期"）跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对 具体的持续督导工作制定相应的工作计划 | 保荐机构已建立健全并有效执行 了持续督导制度，并制定了相应的 | | | | 工作计划。 | | 2 | 根据中国证监会相关规定，在持续督导工作开始 | 保荐机构已与理工导航签订《保荐 协议》，该协议明确了双方在持续 | | | 前，与上市公司或相关当事人签署持续督导协议， | | | | 明 ...

| 股票简称 | 股票代码 | 限售股类型 | 解禁股数 | | --- | --- | --- | --- | | 佛燃能源 | 002911 | 股权激励限售流通 | 990万 | | 莱克电气 | 603355 | 股权激励限售流通 | 235.28万 | | 祥和实业 | 603500 | 股权激励限售流通 | 27.32万 | | 天地数码 | 300743 | 股权激励限售流通 | 22.27万 | | 康冠科技 | 001308 | 延长限售锁定期流通 | 4.59亿 | | 理工导航 | 688282 | | 5148万 | 9月18日共有6家上市公司的限售股解禁，解禁总市值约134.75亿元。 今日具体限售解禁股情况如下： ...

Investment Rating - The report maintains an "Outperform" rating for the military industry [1] Core Views - The military industry is experiencing a revenue rebound, with significant increases in inventory and contract liabilities. In the first half of 2025, 141 listed companies in the military sector achieved a total revenue of 254.549 billion yuan, a year-on-year increase of 9.3%. However, the net profit attributable to shareholders decreased by 1.1% to 15.526 billion yuan [7][11][13] - The overall inventory of these companies reached 310.839 billion yuan, up 19.8%, while contract liabilities totaled 152.030 billion yuan, increasing by 14.9% [11][13] - The report suggests focusing on specific sub-sectors for investment opportunities, including the aircraft and aero-engine supply chain, missile and unmanned combat equipment, and military trade-related enterprises [17] Summary by Sections Industry Overview - The military industry is showing signs of recovery, with a notable increase in revenue and contract liabilities. The overall gross margin for the industry is 18.7%, which is a slight increase from the previous year [13][16] - The report indicates a shift in industry dynamics, with upstream electronic components benefiting first, followed by downstream core components and equipment [16] Market Performance - In the first two weeks of September 2025, the military sector indices experienced significant adjustments, with the defense and military industry index dropping by 7.90%, underperforming compared to the broader market [18][24] - The report highlights that the military sector's performance was negatively impacted after the "September 3" military parade, leading to a sell-off in military stocks [18][20] Company Dynamics - Notable companies in the sector include: - **博实股份**: Signed a major contract worth approximately 235.1132 million yuan [43] - **埃斯顿**: Became the first domestic robot brand to lead the Chinese industrial robot market with a market share of 10.5% [44] - **融发核电**: Reported a sufficient backlog of orders and is progressing according to production plans [46] - **中航西飞**: Expanding strategic cooperation with Airbus to meet production needs for the A320 series [47] - **晶盛机电**: Achieved domestic production of semiconductor equipment and is advancing global customer validation for silicon carbide substrates [48] Investment Recommendations - The report recommends focusing on ETFs related to the military sector, such as 富国中证军工龙头 ETF and 国泰中证军工 ETF, as potential investment vehicles [2]

理工导航首次公开发行募集资金总额14.35亿元，扣除发行费用后，募集资金净额为12.51亿元。理工导 航最终募集资金净额比原计划多6.15亿元。理工导航于2022年3月14日披露的招股说明书显示，公司拟 募集资金6.36亿元，分别用于惯性导航装置扩产建设项目、光纤陀螺仪生产建设项目、研发中心建设项 目、补充流动资金。 理工导航发行费用总额为1.84亿元，其中保荐机构中国国际金融股份有限公司获得保荐及承销费用1.63 亿元。 中国经济网北京9月15日讯理工导航(688282.SH)今日收报43.20元，跌幅4.42%。 理工导航于2022年3月18日在上交所科创板上市，公开发行股份数为2200.00万股，发行股份占公司发行 后股份总数的比例为25.00%，发行价格为65.21元/股，保荐机构(主承销商)为中国国际金融股份有限公 司，保荐代表人为石一杰、严焱辉。目前该股处于破发状态。 ...

Core Points - The aerospace equipment sector experienced a decline of 2.16% on September 15, with the leading stock, Ligong Navigation, falling by 4.42% [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index rose by 0.63% to 13005.77 [1] Sector Performance - Aerospace Electronics (600879) closed at 10.53, up 1.45% with a trading volume of 780,100 shares and a turnover of 828 million yuan [1] - StarNet Yuda (002829) closed at 20.41, down 0.97% with a trading volume of 58,100 shares and a turnover of 119 million yuan [1] - Zhongtian Rocket (003009) closed at 48.81, down 1.63% with a trading volume of 28,100 shares and a turnover of 138 million yuan [1] - Xinyu Guoke (300722) closed at 32.27, down 2.03% with a trading volume of 47,700 shares and a turnover of 155 million yuan [1] - China Communications (601698) closed at 21.54, down 2.53% with a trading volume of 524,900 shares and a turnover of 1.14 billion yuan [1] - Aerospace Bad Yu (688523) closed at 22.94, down 2.76% with a trading volume of 48,500 shares and a turnover of 112 million yuan [1] - China Satellite (600118) closed at 36.57, down 4.19% with a trading volume of 653,100 shares and a turnover of 2.40 billion yuan [1] - Ligong Navigation (688282) closed at 43.20, down 4.42% with a trading volume of 8,709 shares and a turnover of 3.80 million yuan [1] Capital Flow - The aerospace equipment sector saw a net outflow of 623 million yuan from institutional investors, while retail investors had a net inflow of 641 million yuan [1] - Speculative funds experienced a net outflow of 18.57 million yuan [1]

Company Overview - Beijing Ligong Navigation Control Technology Co., Ltd. is located in Beijing Economic and Technological Development Zone and was established on February 24, 2012. The company went public on March 18, 2022. Its main business involves the research, development, production, and sales of inertial navigation systems and their core components, as well as providing related technical services based on proprietary technology [1]. Financial Performance - As of the latest report, Ligong Navigation's stock price dropped by 5% to 42.94 CNY per share, with a trading volume of 32.54 million CNY and a turnover rate of 2.04%. The total market capitalization stands at 3.779 billion CNY [1]. - The revenue composition of the company is as follows: product sales account for 99.63%, other supplementary income for 0.34%, and technical services for 0.04% [1]. Shareholder Information - In the top ten circulating shareholders of Ligong Navigation, one fund from Invesco Great Wall, specifically the Invesco Great Wall Research Selected Stock A (000688), entered the list in the second quarter, holding 338,400 shares, which is 0.93% of the circulating shares. The estimated floating loss for today is approximately 764,800 CNY [2]. - The Invesco Great Wall Research Selected Stock A fund was established on August 12, 2014, with a latest scale of 2.606 billion CNY. Year-to-date returns are 51.9%, ranking 302 out of 4,223 in its category; the one-year return is 103.19%, ranking 318 out of 3,803; and since inception, the return is 183.3% [2]. Fund Management - The fund manager of Invesco Great Wall Research Selected Stock A is Jiang Shan, who has been in the position for 4 years and 35 days. The total asset scale of the fund is 10.811 billion CNY. During his tenure, the best fund return was 181.42%, while the worst was -16.09% [3].

Core Viewpoint - The aerospace equipment sector experienced a slight decline of 0.31% on September 12, with Aerospace Hanyu leading the drop, while the Shanghai Composite Index rose by 0.22% to close at 3883.69 [1] Summary by Category Market Performance - The Shanghai Composite Index closed at 3883.69, up 0.22% - The Shenzhen Component Index closed at 12996.38, up 0.13% [1] Aerospace Equipment Sector - The aerospace equipment sector saw a net outflow of main funds amounting to 34.52 million yuan, while retail investors contributed a net inflow of 56.58 million yuan [1] - The following companies in the aerospace equipment sector had notable stock performance: - China Satellite (600118): Closed at 38.66, up 2.76%, with a trading volume of 628,600 shares and a transaction value of 2.404 billion yuan - Zhongtian Rocket (003009): Closed at 49.53, up 1.87%, with a trading volume of 29,600 shares and a transaction value of 146 million yuan - Xinyu Guoke (300722): Closed at 33.08, up 1.53%, with a trading volume of 41,700 shares and a transaction value of 138 million yuan - Other companies like Ligong Navigation (688282), Aerospace Electronics (600879), and China Communications (601698) showed minor declines [1]

Market Performance - The aerospace equipment sector increased by 1.31% on September 11, with Aerospace Hanyu leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Notable stock performances include: - Aerospace Hanyu (688523) closed at 24.15, up 3.34% with a trading volume of 58,300 shares and a turnover of 139 million yuan - LIGONG Navigation (688282) closed at 45.25, up 3.26% with a trading volume of 5,116 shares and a turnover of 23.03 million yuan - Aerospace Electronics (600879) closed at 10.46, up 1.75% with a trading volume of 612,900 shares and a turnover of 636 million yuan [1] Capital Flow - The aerospace equipment sector experienced a net outflow of 160 million yuan from institutional investors, while retail investors saw a net inflow of 176 million yuan [1] - Detailed capital flow for specific stocks shows: - Aerospace Electronics (600879) had a net inflow of 19.30 million yuan from institutional investors but a net outflow of 18.72 million yuan from retail investors [2] - LIGONG Navigation (688282) had a net inflow of 3.56 million yuan from institutional investors but a net outflow of 2.83 million yuan from retail investors [2] - China Satellite (600118) had a significant net outflow of 11.20 million yuan from institutional investors, while retail investors contributed a net inflow of 123 million yuan [2]

Core Viewpoint - Beijing Institute of Navigation Control Technology Co., Ltd. is set to list 51,480,000 shares of restricted stock for public trading on September 18, 2025, marking the end of a 42-month lock-up period for these shares [1][16]. Group 1: Stock Listing Details - The total number of shares to be listed is 51,480,000, which represents 58.50% of the company's total share capital [2]. - The shares being listed are part of the company's initial public offering (IPO) and were subject to a lock-up period of 36 months, which has now been extended by an additional 6 months [2][16]. - The shares were initially issued as part of the IPO, which included 22,000,000 shares that were listed on March 18, 2022 [1][2]. Group 2: Shareholder Commitments - The major shareholders, including the controlling shareholders, have made commitments regarding the lock-up and reduction of their shares, ensuring compliance with relevant regulations [4][7]. - Shareholders are prohibited from transferring or managing their pre-IPO shares during the lock-up period and must adhere to specific conditions if they choose to reduce their holdings after the lock-up expires [4][10]. - The commitments include a stipulation that any reduction in shares must not occur below the IPO price and must be announced three trading days in advance [10][11]. Group 3: Regulatory Compliance - The underwriting institution, China International Capital Corporation, has verified that the shareholders have adhered to their commitments regarding the lock-up period [14][15]. - The listing of the restricted shares complies with the relevant laws and regulations governing securities issuance and trading [14][15].