证券代码：688375 证券简称：国博电子 公告编号：2025-046 南京国博电子股份有限公司 关于变更会计师事务所的公告 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。 重要内容提示： 南京国博电子股份有限公司（以下简称"公司"）于 2025 年 12 月 12 日召 开第二届董事会第十二次会议，审议通过了《关于选聘公司 2025 年度财务审计 机构及内控审计机构的议案》，公司拟聘任立信作为公司 2025 年度财务审计机 构及内控审计机构，该议案尚需提交公司股东会审议，并自公司股东会审议通过 之日起生效。现将相关事项公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 1 本次拟聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙） （以下简称"立信"）； 原聘任的会计师事务所名称：天健会计师事务所（特殊普通合伙）（以 下简称"天健"）； 变更会计师事务所的简要原因及前任会计师的异议情况：鉴于天健已连 续 8 年为公司提供审计服务，根据《国有企业、上市公司选聘会计师事 务所管理办法》（财会〔20 ...

南京国博电子股份有限公司 关于增加 2025 年度日常关联交易预计及 2026 年度 日常关联交易预计的公告 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。 重要内容提示： 本次日常关联交易事项尚需提交股东会审议。 本次拟增加的 2025 年度日常关联交易预计为向关联人/委托关联人销售 商品，交易金额预计增加 13,650.00 万元；向关联人采购除商品以外的其他资产， 交易金额预计增加 51.00 万元。 证券代码：688375 证券简称：国博电子 公告编号：2025-046 公司董事会独立董事专门会议 2025 年第二次会议审议通过了《关于增加 2025 年度日常关联交易预计及 2026 年度日常关联交易预计的议案》。独立董事 认为：公司增加 2025 年度日常关联交易预计、公司 2026 年度日常关联交易预计 系公司正常生产经营活动的必要组成部分，交易事项符合公司业务发展需求，交 易定价遵循市场化原则，具有公允性和商业合理性，符合相关法律、法规和规范 性文件及《公司章程》等规定，不存在损害公司及全体股东特别是中小股东 ...

证券代码：688375 证券简称：国博电子 公告编号：2025-049 南京国博电子股份有限公司 关于调整组织架构的公告 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。 为推动公司高质量发展、更好推进公司战略规划目标实现，明确职责划分， 提高公司经营管理效率，结合公司战略发展规划及实际经营发展情况，南京国博 电子股份有限公司（以下简称"公司"）根据相关法律、法规、规范性文件及《公 司章程》的有关规定，对公司组织架构进行了调整。 本次组织架构调整是对公司内部管理机构的调整，不会对公司生产经营活动 产生重大影响，调整后的公司组织架构图详见附件。 特此公告。 南京国博电子股份有限公司董事会 2025 年 12 月 13 日 1 附件：南京国博电子股份有限公司组织架构图 2 公司于 2025 年 12 月 12 日召开第二届董事会第十二次会议，审议通过了《关 于调整公司组织架构的议案》，对公司组织架构进行了调整优化，董事会同时授 权经营管理层负责组织架构调整后的具体实施等相关事宜。 ...

关于召开2025年第二次临时股东会的通知 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。 证券代码：688375 证券简称：国博电子 公告编号：2025-048 南京国博电子股份有限公司 重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 召开日期时间：2025 年 12 月 30 日 10 点 00 分 召开地点：南京市江宁经济技术开发区正方中路 155 号 2025年第二次临时股东会 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 30 日 至2025 年 12 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 股东会召开日期：2025 ...

| 交易日期 | 证券調核 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | 类出营业部 | 是否为专场 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-12 | 国博电子 | 688375 | 76.8 | 1691.14 | 22.02 | 机构专用 | ន់​ដើម​ដែ | | Ka | | 2025-12-12 | 国博电子 | 688375 | 76.8 | 333.31 | 4.34 | 机构专用 | 2012-01- | | Ka | 12月12日，国博电子大宗交易成交26.36万股，成交额2024.45万元，占当日总成交额的1.7%，成交价 76.8元，较市场收盘价76.8元持平。 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the aerospace industry index and related stocks, indicating a positive trend in the commercial aerospace sector [1] - As of December 11, 2025, the CN5082 aerospace industry index rose by 1.28%, with key stocks such as China Satellite (600118) increasing by 7.18% and Shanghai Hanyun (300762) by 5.92% [1] - The Satellite Internet Industry Ecosystem Conference held on December 4-5, 2025, showcased the successful testing of the Qianfan Constellation's in-orbit communication services, which are now being tested in international application scenarios [1] Group 2 - The aerospace ETF (159227) closely tracks the national aerospace index and covers critical industry chain segments, with a significant focus on commercial aerospace concepts, accounting for 56.5% of its weight [2] - The top ten holdings of the ETF include industry leaders such as Aerospace Development, China Satellite, and Aerospace Electronics, making it the largest commercial aerospace-related ETF in the market [2] - The conference indicated that China's low-orbit satellite communication technology is now capable of cross-regional service, marking a transition towards globalization and commercialization in the satellite internet industry [1]

Group 1: Commercial Aerospace - Focus on core targets in satellite manufacturing and launch sectors, which are expected to maintain stable or improving value under cost reduction trends[3] - Key targets include Shanghai Hanzhou, Zhenlei Technology, and Aerospace Electronics for satellite manufacturing, and Hai Ge Communication, Guo Bo Electronics, and Tong Yu Communication for application terminals[3] - Anticipated mergers and acquisitions in Aerospace Technology Group due to its substantial external assets[3] Group 2: Wind Power - Offshore wind power in China is experiencing rapid growth due to abundant resources and proximity to major electricity consumption centers, with significant long-term growth potential[3] - The offshore wind power installation capacity is projected to increase significantly, with various provinces planning substantial projects, such as Zhejiang's 28 GW and Guangdong's 16 GW[38] - European offshore wind construction is expected to accelerate as financing costs decrease, with an anticipated installation of 8.7 GW by 2026[40] Group 3: Hengbo Co., Ltd. - Hengbo is projected to achieve net profits of 1.52/1.77/2.05 billion yuan from 2025 to 2027, with year-on-year growth rates of 16.3%/16.6%/15.4%[3] - The company is positioned as a leading supplier in the intake system sector, leveraging its cost advantages and customer resources to expand into overseas markets[3] - The PEEK business, through joint ventures, is expected to capture significant market share in high-end manufacturing applications, particularly in humanoid robots[3] Group 4: Tool Industry - The tool industry is experiencing a supply expansion due to high profit margins attracting numerous manufacturers, leading to increased competition[3] - Rising tungsten prices are prompting raw material suppliers to demand cash payments, which may lead to the exit of smaller firms and stabilize the industry structure[3] - Major companies are expected to expand production capacity, enhancing their resilience against market fluctuations[3]

Group 1: Company Overview - Shengyi Technology (600183) focuses on high-frequency and high-speed copper-clad laminates and bonding sheets for the commercial aerospace sector, providing core materials for satellite communication equipment and rocket electronic control systems, with over 30 years of technology accumulation in high-frequency materials [1][19] - Guangqi Technology (002625) is a leader in metamaterials for aerospace applications, developing lightweight and high-strength structural components that reduce the weight of aerospace equipment by over 30%, enhancing stealth and extreme environment capabilities [2][20] - China Satellite Communications (601698) is the only domestic operator of commercial communication satellites, managing 18 high-orbit satellites and leading the GW constellation project for 13,000 low-orbit satellites, covering over 95% of the globe [3][21] Group 2: Product Applications - Jingwang Electronics (603228) provides high-density interconnect (HDI) printed circuit boards and flexible circuit boards for commercial aerospace, with applications in satellite navigation systems and rocket measurement and control equipment [4][22] - Sanan Optoelectronics (600703) specializes in the research and production of GaN (gallium nitride) semiconductors, which are critical components for rocket engine control systems and satellite communication payloads, significantly improving energy efficiency and reliability [5][22] - China Aerospace Science and Technology Corporation (600118) is the only listed platform of the Aerospace Science and Technology Group, focusing on the research, manufacturing, and integration of commercial satellites, holding the largest market share in small satellites in China [7][25] Group 3: Emerging Technologies - Guodun Quantum (688027) applies quantum communication technology in commercial aerospace, developing satellite-based quantum communication payloads and quantum key distribution devices to ensure secure data transmission [8][26] - Aerospace Electronics (600879) has a dominant market share in rocket measurement and control systems, with over 90% market share, and provides core measurement and control solutions for private rocket companies [9][27] - Light Library Technology (300620) develops core optical communication devices for satellite laser communication systems, enabling high-speed, low-loss data transmission between satellites [10][28] Group 4: Industry Trends - Huafeng Technology (688629) provides high-reliability connectors and cable components for commercial aerospace, meeting the needs of rocket structure connections and satellite payload integration [13][32] - Aojie Technology (688220) focuses on satellite communication baseband chips, enabling efficient data exchange between satellites and ground terminals, supporting new applications like direct satellite connections for mobile phones [14][33] - Zhongke Xingtou (688568) offers space-based big data processing and application services, leveraging its GEOVIS digital earth platform for diverse data services in agriculture, urban planning, and disaster warning [15][34]

Investment Rating - The report maintains an "Overweight" rating for the industry [5]. Core Viewpoints - The commercial aerospace sector is experiencing significant catalytic growth, leading to a substantial increase in industry prosperity [8][17]. - The establishment of a dedicated Commercial Aerospace Administration by the China National Space Administration marks a new phase in the development of commercial aerospace, enhancing stability and transparency in the industry [21]. - The successful launch of the Zhuque-3 reusable rocket signifies a breakthrough in China's commercial liquid rocket capabilities, supporting satellite internet and commercial remote sensing needs [10][21]. Summary by Sections Industry Overview - The industry comprises 142 listed companies with a total market capitalization of 2,915.34 billion yuan and a circulating market value of 2,530.17 billion yuan [2]. Key Developments - The Zhuque-3 rocket's successful launch on December 3, 2025, represents a critical milestone in the commercial aerospace sector, enabling a payload capacity of over 20 tons and reducing launch costs significantly [10][25]. - The 2025 China (Zhengzhou) Military Technology Information and Equipment Expo highlights advancements in military technology and the integration of civilian and military sectors [13][26]. Focus Areas - **Aerospace Equipment**: The Civil Aviation Administration is seeking opinions on emergency medical equipment for large aircraft, indicating a focus on enhancing safety standards [11][23]. - **Military Electronics**: Companies such as Gaode Infrared and Tianjian Technology are highlighted as key players in the military electronics sector [19][22]. - **Nuclear Equipment**: China and France are enhancing cooperation in the peaceful use of nuclear energy, focusing on technology innovation and safety [30][32]. Market Performance - The defense and military industry index rose by 2.82% in the past week, outperforming other major indices [33][38]. - The current PE (TTM) for the defense and military industry is 69.3 times, with aerospace equipment at 73.6 times and space equipment at 317.8 times, indicating high investor interest [39][44].

Group 1: China Satellite (600118) - China Satellite is a leading player in the domestic satellite manufacturing sector and a key support for the national satellite internet strategy, handling over 50% of domestic low-orbit communication satellite orders [1][20] - The company has a monopoly advantage in small and micro-satellite platform technology, with products covering optical remote sensing, communication, and navigation [1][20] - It benefits from the increasing density of domestic satellite launches and the acceleration of constellation networking processes [1][20] Group 2: China Satcom (601698) - China Satcom is the only domestic telecom operator with independent satellite communication resources, managing multiple commercial communication satellites and providing a global satellite communication network [2][21] - The company plays a dominant role in aviation satellite internet services, providing high-speed and stable satellite-ground connectivity for flights [2][21] - Its business model encompasses the entire chain from satellite operation to bandwidth leasing and value-added services, benefiting from the growing demand for satellite bandwidth resources [2][21] Group 3: Shanghai Huguang (603131) - Shanghai Huguang is a core player in the private satellite manufacturing sector, with capabilities in the assembly, integration, and testing (AIT) services for the G60 Qianfan constellation project [3][22] - The company has a production capacity of over 100 satellites annually, supporting the deployment of 15,000 satellites for the Qianfan constellation [3][22] - It leverages advanced welding technology and automation to meet precision manufacturing requirements, achieving a 20% improvement in weld strength compared to traditional methods [3][22] Group 4: Chengchang Technology (001270) - Chengchang Technology is one of the few companies providing complete solutions for satellite internet phased array T/R chips, focusing on GaN, GaAs, and silicon-based processes [4][23] - The company’s products are widely used in various scenarios, achieving international advanced performance levels [4][23] - It benefits from the growing demand for satellite communication chips and the domestic replacement of high-end RF chips [4][23] Group 5: Huali Chuantong (300045) - Huali Chuantong is a core supplier of satellite communication terminals, playing a key role in the satellite communication functionality of Huawei's Mate60 series [5][24] - The company’s products cover satellite communication, BeiDou navigation, and simulation testing, with significant advantages in both military and civilian sectors [5][24] - It is well-positioned to benefit from the increasing penetration of consumer-grade satellite communication terminals [5][24] Group 6: Haige Communication (002465) - Haige Communication has a complete technology system in the low-orbit satellite internet sector, providing integrated solutions from chips to terminals and systems [6][25] - The company is deeply involved in major domestic BeiDou navigation and satellite internet projects, with a strong customer base in military satellite communication [6][25] - It is positioned to benefit from the dual growth of military and civilian markets through its collaborative development model [6][25] Group 7: Qian Zhao Optoelectronics (300102) - Qian Zhao Optoelectronics is a leading supplier of gallium arsenide solar cells in the commercial aerospace sector, holding over 50% market share [7][26] - The company has achieved vertical integration from gallium arsenide epitaxial wafers to chips, with products suitable for extreme space environments [7][26] - It benefits from the increasing satellite launch volumes and the growth of the commercial aerospace industry [7][26] Group 8: Aerospace Electronics (600879) - Aerospace Electronics specializes in providing key electronic devices and control systems for satellites and rockets, serving as a core support for the aerospace industry [8][27] - The company has a strong technical reserve in inter-satellite links and high-precision measurement and control [8][27] - It is positioned to benefit from the rapid development of commercial aerospace and the increasing demand for aerospace equipment [8][27] Group 9: Zhenlei Technology (688270) - Zhenlei Technology is a core supplier in the satellite internet chip sector, with a market share exceeding 40% in satellite RF chips and power management chips [9][28] - The company has achieved breakthroughs in high-end chip domestic production, with reliability and performance reaching international standards [9][28] - It is well-positioned to benefit from the demand for satellite internet core components and the domestic replacement of imported products [9][28] Group 10: Guobo Electronics (688375) - Guobo Electronics is a leading company in the satellite phased array T/R component sector, focusing on the development of compound semiconductor devices [10][29] - The company has a complete technical system for the design, manufacturing, and testing of phased array T/R components [10][29] - It is positioned to benefit from the growing demand for high-frequency communication in satellite applications [10][29] Group 11: Zhongke Xingtou (688568) - Zhongke Xingtou is a leader in satellite remote sensing data processing and visualization, providing critical data support for satellite internet applications [11][30] - The company has a full-chain technology for satellite remote sensing data acquisition, processing, analysis, and visualization [11][30] - It is positioned to benefit from the explosion of satellite remote sensing data and the digital transformation of industries [11][30] Group 12: Siwei Tuxin (002405) - Siwei Tuxin is a leader in high-precision mapping and positioning navigation, providing integrated solutions for satellite internet applications in smart driving [12][31] - The company has a leading high-precision map database and core technology for BeiDou navigation [12][31] - It is positioned to benefit from the integration of satellite positioning technology and map data in the automotive sector [12][31] Group 13: Shanghai Huanxun (300762) - Shanghai Huanxun is a core enterprise in the military communication and satellite internet integration sector, serving as the exclusive payload supplier for the G60 Qianfan constellation [13][32] - The company has developed core technologies for 6G communication, enhancing frequency utilization and anti-interference capabilities [13][32] - It is positioned to benefit from the dual growth of military and civilian satellite communication markets [13][32] Group 14: Obit (300053) - Obit specializes in the development and production of core electronic devices for satellites, adapting to the trends of satellite miniaturization and lightweight [14][33] - The company’s products are widely used in various satellites and spacecraft, ensuring stable operation in orbit [14][33] - It is positioned to benefit from the increasing demand for satellite electronic products as commercial satellite launches rise [14][33] Group 15: Aerospace Hanyu (688523) - Aerospace Hanyu focuses on the development and production of structural components and electronic devices for satellites and rockets, serving as a key support for the aerospace industry [15][34] - The company has a complete capability from product design to mass production, meeting high reliability and precision manufacturing requirements [15][34] - It is positioned to benefit from the acceleration of satellite networking and the increasing launch density of rockets [15][34] Group 16: Tongyu Communication (002792) - Tongyu Communication is a leading company in the satellite communication antenna sector, focusing on the development of antennas for satellite and mobile communication [16][35] - The company has a complete capability from antenna design to testing, with products applied in various satellite communication projects [16][35] - It is positioned to benefit from the construction of ground facilities for satellite internet and the upgrading of communication equipment [16][35] Group 17: Tianyin Electromechanical (300342) - Tianyin Electromechanical is a core supplier of satellite attitude control system components, playing a significant role in commercial satellite systems [17][36] - The company’s products ensure stable satellite attitude and energy supply, with applications in various commercial satellites [17][36] - It is positioned to benefit from the increasing demand for attitude control system components as satellite launches rise [17][36]