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 ...

Market Overview - The ground armament sector declined by 1.4% on January 30, with Zhongbing Hongjian leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Notable stock performances include: - Changcheng Military Industry (601606) closed at 45.71, up 0.77% with a trading volume of 133,200 shares and a turnover of 610 million yuan [1] - Zhongbing Hongjian (000519) closed at 18.86, down 3.68% with a trading volume of 611,500 shares and a turnover of 1.151 billion yuan [2] - Beifang Navigation (600435) closed at 16.50, down 2.08% with a trading volume of 486,400 shares and a turnover of 801 million yuan [2] Capital Flow - The ground armament sector experienced a net outflow of 405 million yuan from institutional investors, while retail investors saw a net inflow of 436 million yuan [2][3] - Specific stock capital flows include: - Beifang Navigation had a net outflow of 6.5665 million yuan from institutional investors and a net inflow of 121 million yuan from retail investors [3] - Zhongbing Hongjian saw a net outflow of 11.2832 million yuan from institutional investors and a net inflow of 115 million yuan from retail investors [3]

Group 1: Key Insights - The report highlights multiple positive catalysts for the electronics sector, particularly for Huadian Co., Ltd. (002463), including the upcoming financial disclosures from overseas cloud vendors and domestic supply chain performance forecasts, which will validate the sustainability of computing power demand and industry prosperity [4] - The defense and military industry, represented by Guoke Military Industry (688543), is transitioning from conventional ammunition to intelligent and information-based ammunition, positioning the company to benefit from high industry demand and military trade orders, which are expected to drive significant growth [4] - In the pharmaceutical and biotechnology sector, Huan Huang Pharmaceutical (0013.HK) is advancing its ATTC platform with candidates entering clinical trials, including HMPL-A251, which is a first-in-class drug, and is also expanding the indications for existing drugs, indicating strong future growth potential [5] Group 2: Company-Specific Analysis - Wan Hua Chemical (600309) is reinforcing its position as a global leader in polyurethane, with significant market shares in MDI and TDI, and is expected to enhance profitability through strategic partnerships and cost advantages in its petrochemical segment [6] - Su Kan Agricultural Development (601952) anticipates a slight decline in 2025 profits due to falling grain prices, but expects a recovery driven by rising grain prices and increased farmland area through land transfer initiatives [7] - Yingwei Technology (002837) is poised for substantial growth in the server liquid cooling market, with expectations of doubling industry growth in 2026 and 2027, supported by orders from major overseas clients [8] Group 3: Financial Performance and Projections - China Pacific Insurance (601601) demonstrated strong resilience with a 11% year-on-year increase in net profit to 27.9 billion yuan, driven by robust growth in new business value in its life insurance segment [8] - Jin Jiang Shipping (601083) reported a 64% year-on-year increase in net profit for Q3, indicating strong performance relative to peers, with expectations for continued growth [8] - Xiaoshangcheng (600415) is benefiting from increased rental income and new merchant additions, with projections for profit doubling in 2026 due to enhanced service offerings and improved gross margins [8]

Market Performance - The ground armament sector increased by 1.48% compared to the previous trading day, with Guoke Military leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Individual Stock Performance - Guoke Military (688543) closed at 71.97, up 4.18% with a trading volume of 94,400 shares and a transaction value of 6.65 billion [1] - Jieqiang Equipment (300875) closed at 41.82, up 4.13% with a trading volume of 65,200 shares and a transaction value of 270 million [1] - Zhongbing Hongjian (000519) closed at 19.65, up 2.50% with a trading volume of 69,080 shares and a transaction value of 1.34 billion [1] - Beifang Changlong (301357) closed at 138.04, up 2.37% with a trading volume of 22,600 shares and a transaction value of 311 million [1] - Guodian Co. (600184) closed at 18.74, up 2.24% with a trading volume of 152,300 shares and a transaction value of 281 million [1] Capital Flow Analysis - The ground armament sector experienced a net outflow of 17.49 million from institutional investors and 19.19 million from speculative investors, while retail investors saw a net inflow of 36.68 million [1] - Zhongbing Hongjian had a net inflow of 54.46 million from institutional investors, but a net outflow of 60.51 million from retail investors [2] - Beifang Changlong saw a net inflow of 29.41 million from institutional investors, with a net outflow of 24.41 million from retail investors [2] - Jieqiang Equipment had a net inflow of 21.15 million from institutional investors, but a net outflow of 29.55 million from retail investors [2]

Market Overview - The ground armament sector experienced a decline of 3.07% on January 26, with Galaxy Electronics leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Key stocks in the ground armament sector showed varied performance, with the following notable changes: - Galaxy Electronics (002519) closed at 8.40, down 7.28% with a trading volume of 2.3196 million shares and a transaction value of 2.026 billion [2] - Other significant declines included: - Optical Electric Co. (600184) down 5.71% [2] - National Science and Technology Military Industry (688543) down 4.76% [2] - Northern Navigation (600435) down 4.13% [2] Capital Flow - The ground armament sector saw a net outflow of 886 million from institutional investors, while retail investors contributed a net inflow of 701 million [2] - The capital flow for individual stocks indicated: - Significant net outflows for Northern Long Dragon (301357) at 60.86 million, and Inner Mongolia First Machinery (600967) at 150 million [3] - Retail investors showed a net inflow into stocks like Galaxy Electronics and Optical Electric Co. despite overall sector declines [3]

Investment Rating - The report maintains a "Positive" investment rating for the aerospace and defense industry [4] Core Insights - The domestic commercial aircraft market in China is projected to reach approximately 10 trillion yuan over the next 20 years, with an expected demand of over 400 aircraft per year by 2029 [15][18] - The C919 aircraft family has expanded with the introduction of the C919-600 highland variant, which is designed for high-altitude operations, marking a significant step in China's civil aviation equipment development [14] - The report highlights the trend towards self-sufficiency in domestic commercial aircraft engines, indicating a potential to break the existing monopoly in the market [41] Summary by Sections Section 1: C919 Aircraft Development - The C919-600 highland variant has been publicly unveiled, designed specifically for high-altitude routes, enhancing adaptability for challenging environments [14] - The C919 family now includes basic, extended, and highland variants, with a steady progression towards a comprehensive product matrix [14] Section 2: Market Demand and Projections - The domestic commercial aircraft market is expected to be 2.5 times larger than the current military aircraft market, with a forecasted demand of 9,856 aircraft and a market size of 103.53 billion yuan over the next 20 years [15][17] - By 2029, the demand for new commercial aircraft in China's civil aviation fleet is projected to exceed 400 units annually, with specific annual requirements outlined for the years 2025 to 2029 [18][19] Section 3: Engine Market Dynamics - The global commercial aircraft engine market is anticipated to exceed 13 trillion yuan over the next 20 years, with China's market expected to surpass 2.9 trillion yuan [43][45] - The report indicates a significant mismatch in supply and demand for commercial aircraft engines globally, with a strong push for domestic development of aviation power systems [52][59] Section 4: Commercial Aerospace Developments - Blue Arrow Aerospace's IPO status has changed to "under inquiry," indicating a rapid acceleration in the commercial space sector [71] - The report outlines plans for multiple rocket launches in 2026, with a focus on both near-Earth and deep-space exploration, highlighting the increasing activity in China's commercial space industry [77][86] Section 5: Satellite Manufacturing and Launch Capabilities - The report notes that domestic satellite manufacturing capacity is robust, with several companies capable of producing hundreds of satellites annually, which is expected to drive down costs [99][100] - The establishment of new liquid rocket launch facilities at the Hainan commercial launch site is set to enhance China's capabilities in commercial space launches [108]

Market Overview - The ground equipment sector increased by 1.12% compared to the previous trading day, with Galaxy Electronics leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Galaxy Electronics (002519) closed at 9.06, up 5.35%, with a trading volume of 3.0493 million shares and a turnover of 2.726 billion yuan [1] - Northern Navigation (600435) closed at 17.91, up 1.99%, with a trading volume of 1.0508 million shares and a turnover of 1.878 billion yuan [1] - National Science and Technology Year (688543) closed at 72.53, up 1.54%, with a trading volume of 127,100 shares and a turnover of 915 million yuan [1] - Other notable stocks include: - China Weapon Red Arrow (000519) at 19.45, up 1.30%, turnover of 1.02 billion yuan [1] - Optoelectronic Co. (600184) at 19.44, up 1.14%, turnover of 274 million yuan [1] Capital Flow - The ground equipment sector experienced a net outflow of 367 million yuan from institutional investors, while retail investors saw a net inflow of 268 million yuan [2] - The overall capital flow indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2] Individual Stock Capital Flow - National Science and Technology Year (688543) had a net inflow of 45.61 million yuan from institutional investors, but a net outflow of 46.16 million yuan from retail investors [3] - ST Emergency (300527) saw a net inflow of 10.53 million yuan from institutional investors, while retail investors had a net outflow of 536.57 million yuan [3] - Northern Navigation (600435) had a net outflow of 2.41 million yuan from institutional investors, with a significant net inflow of 84.47 million yuan from retail investors [3]

Market Performance - The ground equipment sector increased by 1.78% compared to the previous trading day, with Galaxy Electronics leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Stock Performance - Galaxy Electronics (002519) closed at 8.60, with a rise of 9.97% and a trading volume of 2.629 million shares, amounting to a transaction value of 2.202 billion [1] - Other notable stocks include: - Guoke Nian Gong (688543) at 71.43, up 3.19% [1] - Beifang Navigation (600435) at 17.56, up 2.39% [1] - Tianzao Equipment (300922) at 24.63, up 2.11% [1] - Zhongbing Hongjian (000519) at 19.20, up 2.02% [1] Capital Flow - The ground equipment sector saw a net inflow of 446 million from institutional investors, while retail investors experienced a net outflow of 269 million [2] - The capital flow for key stocks includes: - Galaxy Electronics with a net inflow of 469 million from institutional investors [3] - Beifang Navigation with a net inflow of 83.02 million [3] - Zhongbing Hongjian with a net inflow of 24.69 million [3]

Market Overview - The ground armament sector experienced a slight decline of 0.06% on January 21, with Galaxy Electronics leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Stock Performance - Key stocks in the ground armament sector showed varied performance, with the following notable movements: - Optoelectronic Co. (600184) closed at 19.23, up 2.61% with a trading volume of 174,000 shares and a turnover of 332 million yuan [1] - Jieqiang Equipment (300875) closed at 40.70, up 1.29% with a trading volume of 24,600 shares and a turnover of 99.73 million yuan [1] - Northern Long Dragon (301357) closed at 137.97, up 0.75% with a trading volume of 14,000 shares and a turnover of 194 million yuan [1] - Galaxy Electronics (002519) closed at 7.82, down 1.64% with a trading volume of 1,264,600 shares and a turnover of 999.7 million yuan [2] Capital Flow - The ground armament sector saw a net outflow of 193 million yuan from institutional investors, while retail investors contributed a net inflow of 245 million yuan [2] - The following stocks had significant capital flow: - Optoelectronic Co. had a net inflow of 16.16 million yuan from institutional investors, but a net outflow of 25.73 million yuan from retail investors [3] - Northern Long Dragon experienced a net outflow of 0.68 million yuan from institutional investors, with a net inflow of 1.89 million yuan from retail investors [3] - Galaxy Electronics faced a net outflow of 7.28 million yuan from institutional investors, while retail investors contributed a net inflow of 17.73 million yuan [3]

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace industry [1] Core Insights - The aerospace sector is transitioning from being viewed as a "cost center" driven by national will to a "growth engine" driven by commercial demand, with significant investments and strategic planning from both the US and China [6][9] - The global aerospace economy is projected to reach $613 billion in 2024, with commercial aerospace contributing 78%, and is expected to exceed $1 trillion by 2032 [6][9] - The value chain of commercial aerospace is divided into five core levels: "space, ground, terminal, rocket, and application," each presenting unique market opportunities and technical challenges from 2026 to 2030 [10][29] Summary by Sections 1. Space: Satellite Manufacturing - The satellite manufacturing market in China is expected to grow from approximately 7.1 billion yuan in 2025 to about 39.4 billion yuan by 2030, reflecting a shift from sporadic research models to continuous, batch engineering deliveries [16][18] 2. Ground: Ground Systems - The ground systems market is projected to increase from around 1.2 billion yuan in 2025 to approximately 39.1 billion yuan by 2030, evolving from a supporting role to a core infrastructure essential for stable satellite constellation operations [21][22] 3. Terminal: Key Variable for Commercial Aerospace - The terminal market is anticipated to grow from 500 million yuan in 2025 to about 141.9 billion yuan by 2030, driven by multiple vertical industries and potential consumer scenarios [23][24] 4. Rocket: Core Constraint - The cost of rocket launches is a critical constraint, with reusable technology expected to reduce costs by 80%-90% compared to traditional expendable rockets. The market for rocket launch services is projected to grow from approximately 10.7 billion yuan in 2025 to about 34.3 billion yuan by 2030 [25][26] 5. Application: Final Value Realization - The application market is expected to expand from 200 million yuan in 2025 to 525 billion yuan by 2030, with the revenue share from applications projected to rise from single digits to over 67% by around 2030 [27][28] 6. Investment Opportunities - Investment opportunities in commercial aerospace can be categorized into three main tracks: 1. Launch and manufacturing segments, which are expected to benefit directly from increased orders and visibility 2. Core components and systems, characterized by high technical barriers and critical for long-term competitiveness 3. Downstream applications and operational services, which, while currently limited in scale, hold the greatest long-term potential for value realization [29][30]