Core Insights - The report emphasizes the ongoing prosperity in the commercial aerospace and military sectors, highlighting opportunities in overseas markets and the importance of technological advancements in the industry [2][3] Group 1: Industry Overview - The commercial aerospace sector is experiencing upward momentum, driven by SpaceX's advancements in reusable rocket technology, which could reduce space access costs by 100 times [13] - The military aviation sector is expected to benefit from increased demand for large aircraft and military trade, with significant growth anticipated in 2026 [14] - The report identifies a focus on supply chain reforms and the integration of AI technologies as key trends shaping the future of the defense and aerospace industries [15] Group 2: Investment Recommendations - The report recommends companies that align with the "S-curve" evolution, focusing on supply chain reforms and automation, including firms like航发动力 (Aero Engine Corporation) and 中航沈飞 (AVIC Shenyang Aircraft Corporation) [15] - Companies positioned for expansion in military trade and civil aviation, such as 国睿科技 (Guorui Technology) and 中国动力 (China Power), are highlighted for their growth potential [15] - Emerging industries like commercial aerospace, AI, and quantum computing are also recommended, with firms like 睿创微纳 (Ruichuang Micro-Nano) and 菲利华 (Feilihua) noted for their innovative capabilities [15] Group 3: Company Valuations and Financial Analysis - 航发动力 (Aero Engine Corporation) is projected to have a 2025E EPS of 0.22 CNY, with a PE ratio of 216.82 for 2025 [6] - 中航高科 (AVIC High-tech) is expected to achieve a 2025E EPS of 0.90 CNY, with a PE ratio of 29.16 for 2025 [6] - The report provides detailed financial metrics for various companies, indicating growth in EPS and improvements in PE ratios across the sector, reflecting a positive outlook for the defense and aerospace industries [6]

Investment Rating - The report assigns an "Overweight" rating to the computer industry [5][13]. Core Insights - As of Q4 2025, institutional holdings in the computer sector have decreased to 2.1%, down 1.1 percentage points from Q3, marking a historical low. This level is only slightly above the 2.0% recorded in Q2 2022. There is significant potential for increase as the current holdings are far below the highs of over 6% seen in 2020 and 2023, and well below the 12% level in 2015 [3][5][7]. - The report highlights that institutions are increasing their positions in sub-sectors such as AI applications and commercial aerospace, while still heavily invested in large models, intelligent computing, and domestic innovation [5][7]. - The top ten companies by number of institutional holders in Q4 2025 include Kingsoft Office, Southern Power Digital, iFlytek, Inspur Information, and others. In terms of market value, Kingsoft Office leads with 139 billion, followed by iFlytek with 108 billion [7][8]. Summary by Sections - **Institutional Holdings Analysis**: The report details that institutional holdings in the computer industry have fluctuated significantly over the past five years, with a notable rise to 6.2% in late 2022, followed by a decline to 2.1% in Q4 2024. The report emphasizes the potential for recovery given the historical context [5][6][7]. - **Sector Performance**: The report indicates that the computer sector is currently underweight, with a significant gap from previous highs, suggesting a favorable environment for future investment [5][6]. - **Key Companies**: The report lists the top ten companies by institutional holdings, noting changes in the composition of these holdings compared to Q3 2025, with new entries and exits among the top firms [7][8].

Core Viewpoint - The company, Zhongke Xingtou Co., Ltd., anticipates a significant decline in both revenue and net profit for the fiscal year 2025 compared to the previous year, primarily due to strategic transformation and increased R&D investments [3][5]. Performance Forecast - The company expects its annual revenue for 2025 to be between 250,000.00 million and 275,000.00 million, representing a decrease of 50,742.78 million to 75,742.78 million, or a year-on-year decline of 15.58% to 23.25% [3]. - The projected net profit attributable to the parent company's owners is estimated to be between 3,000.00 million and 4,500.00 million, reflecting a decrease of 30,669.85 million to 32,169.85 million, or a year-on-year decline of 87.20% to 91.47% [3]. - The expected net profit after deducting non-recurring gains and losses is forecasted to be between -15,000.00 million and -12,500.00 million, indicating a decrease of 36,454.20 million to 38,954.20 million, or a year-on-year decline of 152.18% to 162.62% [3]. Cash Flow and Financial Status - The company anticipates a net cash flow from operating activities of 14,000.00 million to 17,000.00 million for 2025, which would be an increase of 22,115.60 million to 25,115.60 million compared to the previous year [7]. - In the previous year, the company reported an operating revenue of 325,742.78 million and a net profit attributable to the parent company's owners of 35,169.85 million [7]. Factors Influencing Performance - The company's performance is significantly impacted by its strategic transformation, as it shifts its main business structure, leading to slower revenue growth due to market demand and technological evolution [5]. - Increased R&D investments aimed at capturing long-term opportunities in emerging industries have also affected the company's current net profit [5]. - The overall expenses have risen compared to the previous year due to support for strategic transformation and business expansion, alongside increased financial costs and asset impairment losses [8]. - Enhanced management of receivables has improved the quality of business, resulting in a substantial increase in operating cash flow [8].

Core Viewpoint - The company, Zhongke Xingtou, anticipates a revenue of 2.5 billion to 2.75 billion yuan and a net profit attributable to shareholders of 30 million to 45 million yuan for the year 2025, driven by a dual transition period of old and new momentum and business model transformation [1][2] Group 1: Business Performance - The company's traditional geographic information sector is experiencing a slowdown in business expansion due to structural changes in market demand, impacting overall performance despite being the main revenue contributor [1] - Emerging sectors such as commercial aerospace and low-altitude economy are still in the initial stages of development, with their benefits not yet fully realized [1] Group 2: Strategic Initiatives - Zhongke Xingtou has completed a full industry chain layout in the commercial aerospace field, launching the "Star Eye" space perception constellation plan, with plans to launch 156 satellites starting in the first half of 2026 to address traffic safety management issues caused by space debris [1] - The low-altitude economy sector is implementing a "1+2+N+M" strategic system, with benchmark projects in cities like Hanzhong and Chongqing, although the short market cultivation period limits immediate profitability [1] Group 3: Transformation and Investment - The company is transitioning from a project-based to a product-based model, enhancing its business model towards scalability and sustainability through the development of the Star Map Cloud platform and developer ecosystem [2] - Research and development investment intensity remains above 20%, with over 20 new products launched by the Low Altitude Product Research Institute, although this has temporarily squeezed profit margins [2] - The company expects a net cash flow from operating activities to increase by 221 million to 251 million yuan year-on-year in 2025, indicating improved cash management and business quality [2]

证券日报网讯 1月23日，中科星图发布2025年年度业绩预告称，公司预计2025年年度实现营业收入为 250000.00万元到275000.00万元，同比减少15.58%到23.25%；实现归属于母公司所有者的净利润为 3000.00万元到4500.00万元，同比减少87.20%到91.47%。 （编辑 袁冠琳） ...

新兴业务板块逐步取得成效 2026年1月23日晚间，中科星图股份有限公司（以下简称"中科星图"）发布2025年业绩预告，预计公司2025年实现营业收 入25亿元至27.5亿元，归属于母公司所有者的净利润为0.3亿元至0.45亿元。 本报记者贺王娟 对于去年的业绩表现，中科星图称，主要受到公司战略转型、研发投入加大等因素影响。具体来看，中科星图表示当前公 司主营业务结构正处于战略转型与新旧动能转换的关键阶段，传统业务受市场需求及行业技术演进阶段性影响，市场拓展节奏 大幅放缓，导致公司收入增长不及预期。但是，随着公司商业航天、低空经济等战略性新兴产业业务持续增长，公司有望逐步 扭转业务发展趋势。 当前以数字地球为核心的地理信息板块，仍是中科星图稳步发展的"核心基石"。但随着市场环境的变化；在政策、技术、 市场的共同发力下，地理信息产业也迎来了全新变革，商业航天与低空经济的强势崛起，为传统的地理信息产业发展注入强劲 动力。 据悉，作为"一体"核心，中科星图地理信息板块仍贡献主要营收，虽受市场需求影响增速阶段性放缓，但在2025年中科星 图"两翼"业务，即商业航天与低空经济业务板块，实现从"0"到"1"的突破，并逐步 ...

智通财经APP讯，中科星图(688568.SH)发布2025年年度业绩预告，预计公司2025年年度实现归属于母 公司所有者的净利润为3000万元到4500万元，与上年同期(法定披露数据)相比，将减少30,669.85万元到 32,169.85万元，同比减少87.20%到91.47%。 ...

维天信于近日收到全国中小企业股份转让系统有限责任公司出具的《关于同 意中科星图维天信科技股份有限公司股票终止在全国中小企业股份转让系统挂 牌的函》（股转函〔2026〕187 号），根据《全国中小企业股份转让系统挂牌公 司股票终止挂牌实施细则》的规定，同意维天信股票（证券简称：维天信，证券 代码：874126）自 2026 年 1 月 26 日起终止在全国中小企业股份转让系统挂牌。 维天信将根据中国证券登记结算有限责任公司北京分公司的相关规定及时办理 股票退出登记手续。 维天信股票在全国中小企业股份转让系统终止挂牌事项不会对公司及维天 证券代码：688568 证券简称：中科星图 公告编号：2026-005 中科星图股份有限公司 关于控股子公司中科星图维天信科技股份有限公司 在全国中小企业股份转让系统终止挂牌的公告 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。 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维天信科 技股份有限公司（证券简称：维天信，证券代码：874126）分别于 2025 年 12 月 23 日 ...

Group 1 - The digital economy sector increased by 1.21% compared to the previous trading day, with Zhongke Xingtou 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] - The net outflow of main funds in the digital economy sector was 3.457 billion yuan, while retail investors saw a net inflow of 3.723 billion yuan [1] Group 2 - The data regarding the fund flow in the digital economy sector indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their investments [1] - The overall performance of the digital economy stocks reflects a positive trend despite the net outflow from major funds [1]

格隆汇1月23日丨中科星图(688568.SH)公布，预计公司2025年年度实现营业收入为250,000.00万元到 275,000.00万元，同比减少15.58%到23.25%。预计公司2025年年度实现归属于母公司所有者的净利润为 3,000.00万元到4,500.00万元，同比减少87.20%到91.47%。预计公司2025年年度实现归属于母公司所有 者的扣除非经常性损益的净利润为-15,000.00万元到-12,500.00万元，同比减少152.18%到162.62%。 公司主营业务结构正处于战略转型与新旧动能转换的关键阶段，传统业务受市场需求及行业技术演进阶 段性影响，市场拓展节奏大幅放缓，导致公司收入增长不及预期。但是，随着公司商业航天、低空经济 等战略新兴产业业务持续增长，公司有望逐步扭转业务发展趋势。 ...