Core Viewpoint - The commercial aerospace sector is experiencing significant growth, driven by policy support and advancements in technology, particularly in artificial intelligence and satellite capabilities [4][5]. Group 1: Stock Performance - The stock of Jieli Sockets (002342) reached a limit-up increase of 9.99%, closing at 17.61 [2] - Other notable stocks in the commercial aerospace sector include Runbei Aerospace (+6.52% at 60.00), Dongfang Lithium (+4.74% at 45.26), and Junda Co. (+3.81% at 114.42) [2]. Group 2: Industry Developments - SpaceX announced the acquisition of xAI to integrate resources across AI, rockets, and space internet, indicating a focus on enhancing computational capabilities in space [3]. - SpaceX is applying to the FCC to launch a satellite constellation of up to 1 million satellites, aimed at supporting advanced AI applications [3]. Group 3: Policy Support - The Chinese government has introduced favorable policies for the commercial aerospace sector, including the implementation of the "1+6" reform measures by the CSRC to support companies in AI and commercial aerospace [4]. - The Shanghai Stock Exchange has issued guidelines for commercial rocket companies to qualify for the Sci-Tech Innovation Board, emphasizing the importance of "hard technology" [4]. Group 4: Market Activity - Several domestic commercial aerospace companies are initiating IPO processes, including Tianyi Research Institute and Blue Arrow Aerospace, with Blue Arrow's IPO progressing to the inquiry stage [5]. - Despite the excitement in the sector, some companies have issued risk warnings or clarified their non-involvement in commercial aerospace, such as Guokai Military Industry [5][6].

Market Performance - The ground equipment sector increased by 2.41% compared to the previous trading day, with Galaxy Electronics leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Stock Performance - Key stocks in the ground equipment sector showed the following closing prices and percentage changes: - Galaxy Electronics (002519) closed at 8.23, up 4.84% with a trading volume of 1.348 million shares and a turnover of 1.094 billion [1] - North Navigation (600435) closed at 16.67, up 3.09% with a trading volume of 364,000 shares and a turnover of 601 million [1] - Tianzuo Equipment (300922) closed at 22.96, up 2.96% with a trading volume of less than 30,200 shares and a turnover of 16.895 million [1] - Other notable stocks include Guodian (688543) at 65.68, up 2.24%, and Zhongbing Hongjian (000519) at 18.87, up 2.78% [1] Capital Flow - The ground equipment sector experienced a net outflow of 24.918 million from institutional investors, while retail investors saw a net inflow of 14.6 million [1] - Detailed capital flow for key stocks indicates: - Galaxy Electronics had a net inflow of 55.239 million from institutional investors but a net outflow of 14.471 million from retail investors [2] - North Navigation saw a net outflow of 2.409 million from institutional investors but a net inflow of 11.973 million from retail investors [2] - Tianzuo Equipment had a net inflow of 4.195 million from institutional investors and a net outflow of 1.430 million from retail investors [2]

Group 1 - The market is expected to enter a medium to long-term consolidation phase after a short-term momentum decline [10] - The Shanghai government has initiated a program to purchase second-hand housing for affordable rental housing projects, targeting new citizens, young people, and graduates [5] - The Ministry of Industry and Information Technology has approved a new national standard for automotive door handles, set to be implemented in 2027, addressing safety and usability issues [5] Group 2 - The National Development and Reform Commission and other departments have released guidelines for the construction of a low-altitude economy standard system, aiming for over 300 standards by 2030 [3] - The Ministry of Finance has introduced a temporary method for long-term asset input tax deduction, allowing full deduction for mixed-use assets upon purchase [4] - The stock of Guokai Military Industry has experienced significant price fluctuations, with a recent announcement clarifying that its commercial aerospace projects are still in the R&D phase and have minimal impact on revenue [7]

上交所公告，国科军工于2026年1月9日回复投资者提问时，提到公司自2015年起为商业航天企业提供航 天运载火箭科研设计、固体装药、地面测试等全流程配套服务，目前已与多家业内企业深度合作推进运 载火箭项目研发，并确立了"深耕军工主业+拓展商业航天"的战略布局。2026年1月8日、1月9日和1月12 日，公司股票连续三个交易日内价格涨幅偏离值累计超过30%。公司于1月12日晚间披露《关于股票交 易异常波动的公告》称，目前公司与商业航天企业合作推进运载火箭项目尚处于研发阶段，尚未产生定 型产品，在主营业务收入中占比极低（不足1%）。公司回复投资者提问的内容未能准确反映公司在商 业航天领域的业务发展、产品定型、经营业绩等情况，也未就研发不确定性等情况充分提示风险，信息 披露不准确、不完整，风险提示不充分。我部作出如下监管措施决定：对江西国科军工集团股份有限公 司及时任董事会秘书邓卫勇予以监管警示。 ...

Market Overview - The ground equipment sector experienced a decline of 2.78% on February 2, with Jieqiang Equipment leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable stock performances in the ground equipment sector included: - Galaxy Electronics (002519) closed at 7.85, up 0.26% with a trading volume of 795,300 shares and a turnover of 632 million yuan [1] - Jieqiang Equipment (300875) closed at 39.21, down 5.01% with a trading volume of 43,700 shares and a turnover of 173 million yuan [2] - Changcheng Military Industry (601606) closed at 44.01, down 3.72% with a trading volume of 176,100 shares and a turnover of 787 million yuan [2] Capital Flow - The ground equipment sector saw a net outflow of 495 million yuan from institutional investors, while retail investors experienced a net inflow of 382 million yuan [2] - The capital flow for individual stocks showed: - Changcheng Military Industry had a net outflow of 170 million yuan from institutional investors [3] - Jieqiang Equipment had a net outflow of 17 million yuan from institutional investors [3] - Galaxy Electronics had a net outflow of 23 million yuan from institutional investors [3]

Investment Rating - The report maintains an "Overweight" rating for the aerospace and defense sector [8] Core Insights - The aerospace and defense industry is expected to experience significant recovery and growth in 2025, with 30 out of 75 listed companies forecasting positive earnings growth compared to the previous year [11][12] - The report highlights structural opportunities in military equipment demand during the "14th Five-Year Plan" period, focusing on new domains, unmanned systems, advanced weaponry, and low-cost equipment [14][16] Summary by Sections Industry Performance - As of January 31, 2025, 75 out of 120 listed companies in the defense sector have disclosed earnings forecasts, with 30 companies expecting positive growth, 7 expecting positive but declining growth, 17 expecting losses but reduced compared to the previous year, and 21 expecting increased losses [11][12] Key Companies to Watch - Recommended companies include: - AVIC Shenyang Aircraft Corporation (600760 CH) - Guorui Technology (600562 CH) - Steel Research (300797 CH) - Guotai Group (603977 CH) - West Superconductor (688122 CH) - Ruichuang Micro-Nano (688002 CH) - Beifang Navigation (600435 CH) - Gaode Infrared (002414 CH) - Aerospace Intelligence (300446 CH) - Aerospace Rainbow (002389 CH) [3][8][9] Earnings Forecasts - Notable companies with significant earnings growth forecasts include: - Beimo High-Tech: 1169% growth due to product delivery and cost reduction [12] - Hailanxin: 509% growth from increased self-produced products [12] - *ST Chengchang: 452% growth driven by industry recovery [12] - Zhimin Da: 414% growth from increased demand in previously established product lines [12] - Aileda: 351% growth from increased military and civilian product demand [12] Long-term Outlook - The report emphasizes the importance of new equipment construction cycles and suggests focusing on new products and markets during the "14th Five-Year Plan" [14][16] - The military trade market is expected to grow, with China aiming to increase its market share in global military trade [17] Market Trends - The report notes a decline in the defense sector index by 7.69% over the past week, underperforming the broader market [28] - The current PE (TTM) for the defense sector is 95.23, indicating a high valuation compared to historical levels [36] Investment Opportunities - The report suggests that companies involved in unmanned systems, low-cost munitions, and military AI are likely to see significant growth opportunities [16][18] - The commercial aerospace sector is also highlighted as a growing area, with advancements in satellite internet and low-altitude economy [18][25]

国科军工 20260130 摘要 国科军工拥有弹药装备和导弹及火箭弹配套两大业务板块，其中固体火 箭发动机装药及安全控制模块业务增长迅速，是公司最具稀缺性的资产。 公司"十四五"期间收入和利润持续稳健增长，主要得益于动力模块和 主用弹药产品的放量，但 2025 年前三季度受基数和原材料影响有所放 缓，预计 2026 年及以后将恢复高增长。 公司坚持"批产一代、研制一代、预研一代、探索一代"的发展思路， 拥有大量型号储备，包括 43 个批产项目、21 个研制项目和 60 多个预 研项目，将持续贡献增量收入。 公司积极开拓海外市场，已签署 4.66 亿元军贸合同，显示出巨大的国 际市场潜力，同时积极扩产以满足旺盛需求。 公司正在推进航天动力建设项目，提升固体火箭发动机总装能力，拓展 市场格局，该项目将使公司具备生产固体火箭发动机壳体的能力。 公司是国内唯一一家地方国企能够生产固体火箭发动机，拥有多款高性 能复合推进剂和新型隔热材料技术，产品已广泛应用于各类导弹、火箭 武器及军贸市场。 公司在中小口径弹药领域经验丰富，多款主用产品已列装部队，并储备 了许多新型号，同时开发智能化配套产品，如近炸引信、机械引信等， 在 ...

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。 2026年1月31日 附：保荐代表人陈时彦先生简历 陈时彦先生，国泰海通投资银行部先进制造行业一部助理董事，保荐代表人，金融学硕士。曾主持或参 与的项目有：上海洗霸IPO、国科军工IPO、锦江股份非公开发行、悦心健康非公开发行、未名医药公 司债、光明食品公司债等项目。陈时彦先生具有丰富的投资银行业务经验，在保荐业务执业过程中严格 遵守《证券发行上市保荐业务管理办法》等相关规定，执业记录良好。 特此公告。 附：陈时彦先生简历 江西国科军工集团股份有限公司 董事会 江西国科军工集团股份有限公司（以下简称"公司"）于近日收到国泰海通证券股份有限公司（以下简 称"国泰海通"）出具的《关于更换江西国科军工集团股份有限公司持续督导保荐代表人的函》。国泰海 通为公司首次公开发行股票并上市项目的保荐机构及主承销商，保荐代表人为贾世超先生和陈轶劭先 生，持续督导期间为2023年6月21日至2026年12月31日。因工作内容变动，贾世超先生无法继续履行公 司持续督导工作职责，为保证持续督导工作有 ...

（文章来源：证券日报） 证券日报网讯 1月30日，国科军工发布公告称，本次变更后，公司持续督导的保荐代表人为陈时彦先生 和陈轶劭先生，本次变更不影响国泰海通对公司的持续督导工作。 ...

证券代码：688543 证券简称：国科军工 公告编号：2026-002 江西国科军工集团股份有限公司 关于更换保荐代表人的公告 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。 江西国科军工集团股份有限公司（以下简称"公司"）于近日收到国泰海通 证券股份有限公司（以下简称"国泰海通"）出具的《关于更换江西国科军工集 团股份有限公司持续督导保荐代表人的函》。国泰海通为公司首次公开发行股票 并上市项目的保荐机构及主承销商，保荐代表人为贾世超先生和陈轶劭先生，持 续督导期间为 2023 年 6 月 21 日至 2026 年 12 月 31 日。因工作内容变动，贾世超 先生无法继续履行公司持续督导工作职责，为保证持续督导工作有序进行，国泰 海通决定委派陈时彦先生接替贾世超先生的工作，继续履行持续督导职责。本次 变更后，公司持续督导的保荐代表人为陈时彦先生和陈轶劭先生，本次变更不影 响国泰海通对公司的持续督导工作。 公司董事会对贾世超先生所做出的贡献表示衷心的感谢！ 附：保荐代表人陈时彦先生简历 陈时彦先生，国泰海通投资银行部先进制造 ...