Group 1 - The "Liangxi Constellation" project is publicly tendered with an estimated contract value of 450 million yuan, funded by self-raised capital [1] - The project involves the construction of a satellite constellation consisting of 12 intelligent computing satellites, utilizing 3D printing for manufacturing and featuring advanced computing payloads [1] - The total computing power of the constellation is expected to be no less than 20P after network completion, covering various aspects such as satellite development, launch, frequency allocation, and operational services [1] Group 2 - The demand for computing power is experiencing exponential growth due to the surge in artificial intelligence (AI), leading to unprecedented challenges for traditional ground data centers in terms of energy consumption and land resources [1] - Space computing is emerging as a significant direction for investment in both China and the United States, with the potential to become a crucial component of future computing power [1] - The space computing sector encompasses multiple key areas, including satellite manufacturing, core chips, data processing, and communication links, each presenting investment opportunities [1] Group 3 - Aerospace Hongtu has established the "Nüwa Constellation" for remote sensing data processing in orbit, achieving over 40% market share in remote sensing data processing, and is expected to benefit from the development of space computing [2] - Zhongke Xingtou, a subsidiary of the Chinese Academy of Sciences, is planning commercial satellite constellations for space computing and sensing, integrating ground-based data with supercomputing capabilities [2] - The company is collaborating with Zhongke Shuguang to build a "space-ground integrated" computing network, enhancing urban governance and disaster warning scenarios [2]

Investment Rating - The report indicates a positive investment outlook for the commercial aerospace industry, particularly in satellite manufacturing and satellite internet sectors, as they are expected to experience significant growth in the coming years [12][14]. Core Insights - The commercial aerospace industry is witnessing a recovery, with overall revenue growth of 12.76% year-on-year in the first three quarters of 2025, marking an end to the downward trend observed since 2023 [31]. - The satellite manufacturing sector has shown a remarkable recovery with a year-on-year revenue increase of 85.28%, driven by the completion of satellite system projects and increased orders [32]. - The satellite communication sector is expected to see a shift towards diversified business models, with government-led applications in disaster response and maritime communication leading the way [76]. - The report highlights the emergence of "space computing" as a new frontier, with significant investments from global tech companies aiming to establish space-based data centers [77][80]. Summary by Sections 1. Commercial Aerospace Sector Analysis - The satellite manufacturing sector is experiencing a strong recovery, with a 85.28% increase in revenue year-on-year [32]. - The satellite navigation and measurement control sectors are also growing rapidly, with approximately 16% growth [31]. - The satellite communication sector has ended its decline, achieving a 5.35% year-on-year growth [31]. 2. Investment Opportunities - The report suggests focusing on companies involved in satellite manufacturing and satellite internet, as the construction of satellite constellations accelerates [12]. - Companies intersecting with emerging industries like smart driving and artificial intelligence are also highlighted as potential investment opportunities [12]. 3. Recent Developments - The report notes that multiple commercial aerospace companies have initiated IPO guidance, indicating a robust interest in the sector from investors [10]. - The opening of satellite operation licenses is expected to stimulate market activity and create a new landscape for satellite communication [76]. 4. Future Outlook - The report anticipates that 2025 will be a pivotal year for the commercial aerospace industry, with increased policy support and resource allocation expected to drive growth [14]. - The integration of satellite internet with terrestrial 5G/6G networks is projected to create a comprehensive information network [76].

Group 1 - The A-share market experienced a decline, with the Shanghai Composite Index down by 2.05%, the Shenzhen Component Index down by 2.80%, and the ChiNext Index down by 3.31% as of 14:13 on November 21 [1] - Lenovo Group announced plans to launch a personal super intelligent agent at the Lenovo Innovation Technology Conference next year, which will learn user habits and predict intentions to enhance user experience [1] - Lenovo's CEO Yang Yuanqing expressed confidence that the market will not experience an AI bubble, predicting a shift towards the popularization of AI technology, making it accessible to a broader audience [1] Group 2 - Huatai Securities noted that generative AI is entering a new development stage dominated by AI agents, with a trajectory of "first B2B, then B2C, and finally terminal" [2] - The AI ETF (515070) tracks the CS AI Theme Index (930713), focusing on companies providing technology, foundational resources, and applications in the AI sector, often referred to as the "robot brain" creators [2] - The top ten weighted stocks in the AI ETF include leading domestic technology companies such as Zhongji Xuchuang, Xinyisheng, and Hikvision, indicating a strong presence in the AI industry [2]

Core Insights - The Shenzhen Low Altitude Development Conference highlighted the importance of low-altitude economy and safety, with over 1,000 attendees from various sectors discussing innovative paths for healthy development [1][2] - Zhongke Xingtu (688568) announced the establishment of its headquarters in Shenzhen Luohu, enhancing the low-altitude economic development in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2] - The company launched a comprehensive low-altitude safety product matrix, marking significant advancements in China's low-altitude safety infrastructure [1][7] Company Strategy - Zhongke Xingtu has developed a strategic framework termed "1+2+N+M," focusing on low-altitude cloud services, experimental fields, and various application scenarios [2][5] - The company has completed the core product layout of the "low-altitude three-piece set," which has become essential in the current market [2][3] Product Offerings - The "low-altitude three-piece set" includes three main products: a unified flight management system, a low-altitude flight service management platform, and a drone countermeasure system [3][4] - The newly released low-altitude safety product matrix encompasses several platforms and systems, providing a comprehensive solution for low-altitude safety [8] Technological Capabilities - Zhongke Xingtu's core technological advantages lie in six key areas, including satellite data services, low-altitude grid modeling, supercomputing capabilities, and extensive application scenario development [4][5] - The company has established a robust low-altitude safety solution that integrates planning, security assurance, collaborative supervision, flight services, and application scenarios [7][8] Market Position - Zhongke Xingtu has signed contracts in nearly 20 cities offline and provided services to over 70 cities online, positioning itself as a leader in the low-altitude economy sector [5][6] - The company is actively involved in the development of low-altitude economic standards and has formed partnerships with over 20 ecological partners across the entire industry chain [5][6] Future Outlook - The low-altitude economy is entering a golden development period under national strategic guidance, with Zhongke Xingtu aiming to foster innovation and build a robust industrial ecosystem [9]

Group 1 - The board of directors of Zhongke Xingtou Co., Ltd. held its 11th meeting of the third session on November 17, 2025, with all 11 directors present, ensuring compliance with relevant laws and regulations [2][3] - The board approved a proposal for a procurement contract with the related party Zhongke Satellite (Shandong) Information Technology Co., Ltd., which involves the purchase of communication satellite attitude control and power supply subsystem design [2][3] - The transaction was conducted through an invitation bidding process, ensuring fair pricing and not harming the interests of the company or minority shareholders [2][3] Group 2 - The supervisory board of Zhongke Xingtou Co., Ltd. also held its 10th meeting of the third session on November 17, 2025, with all 3 supervisors present, confirming the legality and validity of the meeting [7][8] - The supervisory board reviewed and approved the same procurement contract proposal, affirming that the transaction is based on daily operational needs and follows principles of openness and fairness [9][10] - The supervisory board concluded that the transaction would not affect the company's operational independence or create significant reliance on the related party [9][10]

Core Viewpoint - The company Zhongke Xingtou (688568.SH) announced that its subsidiary, Zhongke Xingtou Measurement and Control Technology Co., Ltd. (referred to as "Xingtou Measurement and Control"), plans to sign a procurement contract with the related party Zhongke Satellite (Shandong) Information Technology Co., Ltd. (referred to as "Zhongke Satellite Information") for the design of communication satellite attitude control and power supply subsystems, with an expected amount of 11.4037 million yuan [1]. Group 1 - The procurement contract involves the purchase of communication satellite attitude control and power supply subsystem design [1]. - The expected contract amount is 11.4037 million yuan [1].

Core Viewpoint - The company Zhongke Xingtou (688568.SH) announced that its subsidiary, Zhongke Xingtou Measurement and Control Technology Co., Ltd. (referred to as "Xingtou Measurement and Control"), plans to sign a procurement contract with its affiliate Zhongke Satellite (Shandong) Information Technology Co., Ltd. (referred to as "Zhongke Satellite Information") for the design of communication satellite attitude control and power supply subsystems, with an expected amount of 11.4037 million yuan [1] Group 1 - The procurement contract involves the purchase of communication satellite attitude control and power supply subsystem design [1] - The expected contract amount is 11.4037 million yuan [1]

证券代码：688568 证券简称：中科星图 公告编号：2025-070 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： 中科星图股份有限公司（以下简称"公司"）控股子公司中科星图测控技 术股份有限公司（以下简称"星图测控"）拟与关联方中科卫星（山东）信息技 术有限公司（以下简称"中科卫星信息"）签署《采购合同》，向其采购通信卫星 姿轨控和供电分系统设计，预计金额为 1,140.37 万元。 本次交易未构成重大资产重组，交易实施不存在重大法律障碍。 本次关联交易事项已经公司第三届董事会独立董事专门会议 2025 年第 五次会议、第三届董事会第十一次会议、第三届监事会第十次会议审议通过，该 事项无需提交公司股东大会审议。 一、关联交易基本情况 因日常经营活动需要，公司控股子公司星图测控针对通信卫星姿轨控和供电 分系统设计项目以邀请招标方式确定供应商。2025 年 11 月 5 日，基于公平、公 正、诚实信用的原则，经过招标评标工作，星图测控确定中科卫星信息为中标单 位，中标内容为通信卫星姿轨控和供电分系统设计， ...

证券代码：688568 证券简称：中科星图 公告编号：2025-072 中科星图股份有限公司 第三届监事会第十次会议决议公告 本公司监事会及全体监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、准确性和完整性承担法律责任。 一、监事会会议召开情况 （一）审议通过《关于控股子公司拟与中科卫星信息签署采购合同暨关联交易 的议案》 经与会监事审议，监事会认为：公司控股子公司拟与中科卫星（山东）信息技 术有限公司发生的日常关联交易是基于日常经营活动所需，交易通过邀请招标方式 产生，交易价格根据竞标结果确定，遵循了公开、公平、公正的原则，不存在损害 公司和全体股东尤其是中小股东利益的行为，不会影响公司的经营独立性，公司不 会因本次日常关联交易而对关联方形成重大依赖。 表决结果：3票同意，0票反对，0票弃权。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《中 科星图股份有限公司关于控股子公司拟签署采购合同暨关联交易的公告》（2025- 070）。 1 特此公告。 中科星图股份有限公司监事会 2025年11月18日 2 中科星图股份有限公司（以下简称"公司 ...

证券代码：688568 证券简称：中科星图 公告编号：2025-071 中科星图股份有限公司 赖。本次关联交易额度在董事会审议范围内，无需提交股东大会审议。 表决结果：10 票同意，0 票反对，0 票弃权，关联董事王东辉回避表决。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《中 科星图股份有限公司关于控股子公司拟签署采购合同暨关联交易的公告》 （2025-070）。 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、准确性和完整性承担法律责任。 一、董事会会议召开情况 中科星图股份有限公司（以下简称"公司"）第三届董事会第十一次会议于 2025 年 11 月 17 日在公司会议室以现场结合通讯的方式召开，会议通知已于 2025 年 11 月 11 日以邮件的形式送达全体董事。本次会议由董事长许光銮召集并主持， 应出席董事 11 人，实际出席董事 11 人，公司监事、高级管理人员列席了本次会 议。本次会议的召集、召开程序均符合《中华人民共和国公司法》《中华人民共 和国证券法》等相关法律法规、部门规章、规范性文件及《中科星图股 ...