定增季报 2025 年 10 月 13 日 高热度压折扣，β及α助力收益提升 ——定增市场 2025 年 Q3 总结及 Q4 展望 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 新 股 发 行 研 究 专 题 相关研究 - 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 ⚫ 回顾 25Q3：伴随二级市场强势上行，竞价定增解禁收益胜率达 87.5%、绝对收益率均值为 38.67%，均创 2022 年至今新高。赚钱效应驱动下，定增市场现"抢筹加仓"情形，竞价 参与者小幅增加、报价博弈加剧、25Q3 竞价基准折价率降至新规后谷值（11%）。展望 25Q4，待解禁竞价项目发行日上证指数点位为 3238.23~3429.76 点，均值 ...

据介绍，西宁市低空智航应用平台建设高度重视标准化体系构建，覆盖无人机的选址、架设、飞控、 AI算法及行业场景应用全链条；一是依据空域条件与场景需求，制定基础设施选址与架设的标准化流 程；二是对多品牌、多类型无人机控制接口进行抽象，形成飞行控制标准化接口；三是规范算法从样本 标注、模型训练到输入输出的处理流程，实现算法应用标准化；四是为不同行业场景下的无人机及载荷 选型、飞行作业参数、成果输出制定最优规则，推动行业场景建设标准化。此套体系不仅是"统一规 则"，更是保障低空应用安全、高效、规模化发展的核心基础。 本报讯 （记者贺王娟）9月26日，2025星图低空云发展大会暨西宁市低空智航应用平台发布会在西宁成 功举办，会上，"西宁市低空智航应用平台"正式发布。 西宁市副市长吉辉表示，西宁始终将低空经济作为高质量发展的新引擎，在低空基础设施建设、飞行器 制造、运营服务等领域持续发力，拓展低空经济在物流配送、观光旅游、短途交通、应急救援、生态监 测、公共治理等领域应用场景，将战略部署转化为实际生产力，欢迎各位企业家、专家学者来西宁投资 兴业，探索创新高原低空经济的新路径，共同谱写低空经济产业的新篇章。 中科星图股份有 ...

会上，低空领域专家与政府部门领导深度剖析国家及地方低空经济发展政策导向与落地路径，为产业健 康发展提供权威视角；同步重磅发布低空经济创新产品，该产品将聚焦低空管控、资源调度与安全监管 核心需求，赋能低空新场景、打造数字化发展新标杆；此外，大会还通过政策解读、主题报告、案例分 享等多元形式，聚焦产业前沿趋势与痛点难题，为低空经济高质量发展注入新动能。 9月26日，中科星图(688568)牵头举办的2025星图低空云发展大会暨西宁市低空智航应用平台发布会在 西宁顺利落幕。西宁市委常委、副市长吉辉，中国航空运输协会副理事长、中国民用航空局空中交通管 理局原局长车进军，海光产业生态合作组织秘书长任京暘等政府与行业协会领导共同出席会议。本次大 会以"以天强空 以算制空"为主题，吸引了来自政府、学界、产业界、媒体界等逾300人参会，共同探索 低空经济的高原特色发展路径。 战略引领，协同共筑低空经济全产业链生态 作为战略性新兴产业与新质生产力的重要代表，低空经济已连续两年写入国务院政府工作报告，政策红 利持续释放。在此背景下，地方层面的布局也加速推进。西宁市副市长吉辉在致辞中表示，西宁始终将 低空经济作为高质量发展的"新引 ...

26日，2025星图低空云发展大会暨西宁市低空智航应用平台发布会在青海省会西宁举行。 "在技术创新 层面，我们构建了西宁全域三维数字底座，并依托自主研发的快速孪生建模技术，在星图地球超算能力 的加持下，实现了1小时内完成西宁市7606平方公里全要素三维重建的突破性能力，并能支持一周内的 数据快速更新。"中科星图股份有限公司董事长许光銮介绍："这意味着人们能够以极高的效率和极低的 成本，将整个西宁市的建筑物、道路、绿地、水系等地理实体在数字世界中实现动态、鲜活的'镜像'， 为所有低空应用提供了厘米级到米级精度的'活'地图。"（中新网） ...

9月26日，中科星图盘中下跌2.02%，截至09:54，报42.68元/股，成交1.35亿元，换手率0.39%，总市值 344.89亿元。 资金流向方面，主力资金净流出2188.33万元，特大单买入744.00万元，占比5.52%，卖出2883.84万元， 占比21.38%；大单买入4165.82万元，占比30.89%，卖出4214.30万元，占比31.25%。 分红方面，中科星图A股上市后累计派现2.79亿元。近三年，累计派现1.90亿元。 机构持仓方面，截止2025年6月30日，中科星图十大流通股东中，富国中证军工龙头ETF（512710）位 居第七大流通股东，持股777.02万股，为新进股东。南方中证500ETF（510500）位居第八大流通股 东，持股596.06万股，为新进股东。博时军工主题股票A（004698）位居第十大流通股东，持股525.05 万股，相比上期增加172.67万股。香港中央结算有限公司、国泰中证军工ETF（512660）退出十大流通 股东之列。 责任编辑：小浪快报 资料显示，中科星图股份有限公司位于北京市顺义区临空经济核心区机场东路2号(产业园1A-4号1、5、 7层)，成立日期 ...

9月22日，中科星图盘中上涨2.01%，截至10:53，报42.15元/股，成交2.17亿元，换手率0.65%，总市值 340.61亿元。 资金流向方面，主力资金净流入200.45万元，特大单买入3156.39万元，占比14.56%，卖出1552.01万 元，占比7.16%；大单买入4688.31万元，占比21.63%，卖出6092.24万元，占比28.11%。 中科星图今年以来股价涨23.39%，近5个交易日涨0.36%，近20日跌8.88%，近60日涨17.05%。 资料显示，中科星图股份有限公司位于北京市顺义区临空经济核心区机场东路2号(产业园1A-4号1、5、 7层)，成立日期2006年1月20日，上市日期2020年7月8日，公司主营业务涉及面向政府、企业以及特种 领域用户提供软件销售与数据服务、技术开发与服务、一体机产品,以及系统集成。主营业务收入构成 为：地理信息-民用领域53.46%，地理信息-特种领域27.46%，商业航天14.34%，低空经济4.73%，其他 (补充)0.01%。 截至6月30日，中科星图股东户数2.44万，较上期增加5.16%；人均流通股33228股，较上期增加 41.69 ...

本报记者 贺王娟 得益于气象卫星、地面雷达等先进探测设备和人工智能大模型的深度融合，气象技术正经历革命性突 破。如今的天气预报不仅能实现从小时级到分钟级的精准预测，覆盖精度也从中小尺度细化到街道级 别。气象预报的要素变得更加丰富，除了传统的温度、降水、湿度和风向等常规气象数据，还能预测日 出、霞光、极光等观赏性气象现象，甚至推出了关注健康需求的过敏原气象数据预报，气象服务正持续 进化，以更智能、更精准的姿态赋能各行各业。 从能用到好用，再到走向世界，中国气象服务正以崭新的姿态书写着"出海"新篇章。中科星图维天信科 技股份有限公司（以下简称"星图维天信"）作为国内领先的商业气象企业，于今年正式开启了国际化之 路。近日，星图维天信高级副总裁马志学在接受《证券日报》记者专访时表示："依托多年国内气象服 务的经验积累，星图维天信基于雷达和地面观测资料等多源数据，综合深度学习大模型质控等多种智能 算法，已具备全球服务能力的气象产品，全球化技术能力的支撑叠加海外气象服务需求旺盛，中国气象 服务'出海'正当其时。" 应用场景不断拓展 调研数据显示，目前全球气象服务市场增长潜力巨大，预计到2031年全球气象服务市场规模将攀升 ...

Core Viewpoint - The integration of advanced meteorological technologies, including meteorological satellites and AI models, is revolutionizing weather forecasting, enabling precise predictions at street-level detail and expanding the range of forecasted elements to include health-related data and aesthetic phenomena like auroras [1][2]. Group 1: Company Overview - Xingtuwitian Technology Co., Ltd. (referred to as "Xingtuwitian") is a leading commercial meteorological enterprise in China that has officially embarked on internationalization, leveraging its extensive domestic experience and advanced technology to meet global service demands [1][2]. - The company has launched an international strategy and a matrix of meteorological service products, including global weather services and high-precision weather forecasts, supporting over 80 languages [1][4]. Group 2: Technological Capabilities - Xingtuwitian possesses global meteorological data capabilities, supported by its parent company, and has developed its own meteorological models to enhance forecasting accuracy and disaster response [2][3]. - The company has established multiple overseas data centers to improve data transmission efficiency and support its global weather service system [2]. Group 3: Market Potential - The global meteorological service market is projected to reach $7.2 billion by 2031, driven by demand from sectors such as agriculture, aviation, energy, and disaster management, with commercial applications accounting for 55% of the market [4]. - Xingtuwitian has introduced several international core service products, such as Rain-Pulse and Storm-Pulse, which significantly enhance its competitive position in the overseas meteorological service market [4][5]. Group 4: International Expansion Strategy - The company is expanding its international presence by collaborating with smartphone manufacturers and travel apps to integrate meteorological services, targeting emerging markets in Southeast Asia and the Middle East [5][6]. - Xingtuwitian aims to diversify its revenue streams through subscription models and customized solutions while enhancing its brand presence globally [5][6]. Group 5: Future Outlook - The company plans to explore innovative applications in overseas sectors such as energy, transportation, agriculture, and environmental protection, while continuing to deepen its international strategy and enhance global service capabilities [6].

Group 1: Market Dynamics - As of September 15, 2025, there were 16 new private placement projects added, a decrease of 10 projects compared to the previous period[6] - The number of terminated projects was 6, down by 4 projects from the previous period[6] - The approval rate for projects was 100%, with 10 projects approved by the review committee, an increase of 2 projects[17] Group 2: Fundraising and Valuation - The total fundraising amount for the three listed projects in the last two weeks was 11.281 billion yuan, a decrease of 32.21%[32] - The average price discount rate for the successful project "Fulede" was 13.26%, with a market price discount rate of 16.25%[32] - Zhongke Xingtou plans to raise up to 2.488 billion yuan for various projects, with a projected revenue growth rate exceeding 20% for 2024 and H1 2025[23] Group 3: Performance Metrics - The average absolute return for newly unlocked competitive projects was 33.82%, a decrease of 74.78 percentage points[32] - The average absolute return for pricing projects was 52.71%, down by 32.70 percentage points[32] - The average market price discount rate for pricing projects was 54.35%, an increase of 31.31 percentage points[32] Group 4: Risks - Risks include slower-than-expected review progress, stock price volatility in the secondary market, and changes in the pricing environment for private placements[32]

Core Viewpoint - Zhongke Xingtou's stock price has shown significant growth this year, with a year-to-date increase of 25.41% and a recent upward trend in trading volume and market capitalization [1][2]. Company Overview - Zhongke Xingtou Co., Ltd. is located in Shunyi District, Beijing, and was established on January 20, 2006. The company went public on July 8, 2020. Its main business includes software sales and data services, technology development, integrated machine products, and system integration [1]. - The revenue composition of Zhongke Xingtou is as follows: Geographic Information - Civil Sector 53.46%, Geographic Information - Special Sector 27.46%, Commercial Aerospace 14.34%, Low-altitude Economy 4.73%, and Others 0.01% [1]. Financial Performance - For the first half of 2025, Zhongke Xingtou achieved operating revenue of 1.348 billion yuan, representing a year-on-year growth of 22.03%. The net profit attributable to shareholders was 78.1018 million yuan, with a year-on-year increase of 22.82% [2]. - Since its A-share listing, Zhongke Xingtou has distributed a total of 279 million yuan in dividends, with 190 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, Zhongke Xingtou had 24,400 shareholders, an increase of 5.16% from the previous period. The average number of circulating shares per shareholder was 33,228, up by 41.69% [2]. - Notable institutional shareholders include the Fortune Zhongzheng Military Industry Leader ETF, which is the seventh-largest shareholder with 7.7702 million shares, and the Southern Zhongzheng 500 ETF, which is the eighth-largest with 5.9606 million shares, both being new shareholders [3].