Market Performance - The aerospace equipment sector increased by 1.36% on September 22, with Xingwang Yuda leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Key stocks in the aerospace equipment sector showed varied performance, with Xingwang Yuda closing at 21.35, up 3.14%, and China Satellite at 35.47, up 1.37% [1] - The trading volume and turnover for Xingwang Yuda were 142,400 shares and 304 million yuan, respectively [1] Capital Flow - The aerospace equipment sector experienced a net outflow of 72.87 million yuan from institutional investors, while retail investors saw a net inflow of 41.56 million yuan [1] - The detailed capital flow for key stocks indicates that Xingwang Yuda had a net inflow of 16.30 million yuan from institutional investors, while China Satellite had a net outflow of 10.47 million yuan [2]

Market Overview - The aerospace equipment sector experienced a decline of 0.16% on September 19, with the leading stock, Ligong Navigation, falling by 3.06% [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Notable gainers in the aerospace equipment sector included: - Xinyu Guoke (300722) with a closing price of 31.94, up 2.24% on a trading volume of 58,900 shares and a turnover of 188 million yuan [1] - Aerospace Huanyu (688523) closed at 22.94, up 1.19% with a trading volume of 37,200 shares and a turnover of 85.79 million yuan [1] - Aerospace Electronics (600879) closed at 10.44, up 1.16% with a trading volume of 621,000 shares and a turnover of 651 million yuan [1] - Conversely, the following stocks saw declines: - China Satellite (600118) closed at 34.99, down 1.66% with a trading volume of 360,900 shares and a turnover of 1.277 billion yuan [1] - Ligong Navigation (688282) closed at 43.13, down 3.06% with a trading volume of 6,670 shares and a turnover of 29.18 million yuan [1] Capital Flow - The aerospace equipment sector saw a net outflow of 155 million yuan from institutional investors and 70.95 million yuan from retail investors, while retail investors had a net inflow of 226 million yuan [1] - Detailed capital flow for key stocks included: - Aerospace Electronics (600879) had a net inflow of 46.63 million yuan from institutional investors, while retail investors had a net outflow of 18.69 million yuan [2] - Xinyu Guoke (300722) saw a net inflow of 15.87 million yuan from institutional investors, with a net outflow of 5.56 million yuan from retail investors [2] - China Satellite (600118) experienced a significant net outflow of 20.42 million yuan from institutional investors, while retail investors had a net inflow of 2.35 million yuan [2]

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 ...

Core Viewpoint - On September 18, a total of 6 listed companies had their restricted shares unlocked, with a total market value of approximately 13.475 billion yuan [1] Summary by Category Restricted Share Unlocking - The companies involved in the unlocking of restricted shares include: - For 佛燃能源 (Forn Energy), stock code 002911, 9.9 million shares were unlocked under equity incentive restrictions - For 莱克电气 (Leek Electric), stock code 603355, 2.3528 million shares were unlocked under equity incentive restrictions - For 祥和实业 (Xianghe Industry), stock code 603500, 273,200 shares were unlocked under equity incentive restrictions - For 天地数码 (Tiandi Digital), stock code 300743, 222,700 shares were unlocked under equity incentive restrictions - For 康冠科技 (Kangguan Technology), stock code 001308, 459 million shares had an extended lock-up period but were unlocked - For 理工导航 (Rigong Navigation), stock code 688282, 5.148 million shares were unlocked [1]

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]

Core Viewpoint - The stock of Rigol Navigation (688282.SH) has experienced a decline, closing at 43.20 yuan with a drop of 4.42%, indicating it is currently in a state of underperformance since its IPO [1] Group 1: IPO Details - Rigol Navigation was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 18, 2022, with a public offering of 22 million shares, representing 25% of the total shares post-issuance [1] - The initial offering price was set at 65.21 yuan per share, and the lead underwriter was China International Capital Corporation [1] - The total funds raised from the IPO amounted to 1.435 billion yuan, with a net amount of 1.251 billion yuan after deducting issuance costs, which was 615 million yuan more than the original plan [1] Group 2: Fund Utilization - The funds raised are intended for several projects, including the expansion of inertial navigation device production, the construction of fiber optic gyroscope production facilities, the establishment of a research and development center, and to supplement working capital [1] - The total issuance costs were 184 million yuan, with the underwriter receiving 163 million yuan in underwriting and advisory fees [1]

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]