Investment Rating - The report provides a "Buy" rating for the industry, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within six months [56]. Core Insights - The global commercial space launch sector is undergoing a profound cost restructuring, shifting from a one-time manufacturing model to a reusable cost model. Traditional rockets have a hardware manufacturing cost share of about 67%, while emerging commercial rockets reduce this to around 24% through reusable designs [3][27]. - The launch market from 2024 to 2025 is expected to exhibit an absolute oligopoly, with launch service providers monopolizing orders and exerting control over the supply chain [5][42]. Summary by Sections 1. Cost Structure of Commercial Rockets - The cost breakdown of rockets shows that the first stage accounts for 60-70% of total costs, with engines being the most significant component, comprising over 50% of the first stage cost [13][27]. - The Falcon 9 rocket's cost structure indicates that the marginal cost of reuse is significantly lower than that of traditional rockets, with costs dropping to approximately $2,720 per kilogram in reusable mode [27][28]. 2. Industry Chain Benefits from Launch Volume - Launch service providers benefit directly from increased launch frequency and larger contracts, with revenue correlating to the number of launch tasks [4][35]. - The demand for reusable components and high-frequency replacement parts is expected to grow, driven by the need for higher reliability and maintenance of reusable systems [36]. 3. Investment Recommendations - Beneficiary stocks include companies involved in rocket manufacturing and space computing, such as Aerospace Power, Superjet, and West Materials, among others [6][52][53].

风险提示：基金有风险，投资需谨慎。 分析指出，卫星板块核心驱动力来自一系列高度确定的里程碑事件：本月底海南文昌将举行高规格商业 航天大会，预计有重磅签约发布；2026年1月，具有划时代意义的长征十二号B商业可复用火箭将首 飞；同时，2026年春晚已设海南文昌分会场，将带来全民级曝光。此外，电科蓝天（宇航电源核心供应 商）IPO过会，产业链"硬科技"资产价值获认证。在密集的事件催化下，板块景气度持续提升。 12月17日，卫星产业开盘上攻。截至9时31分，卫星产业ETF(159218)放量涨0.43%，盘中冲击六连升再 创历史新高；前几大权重股方面，航天电子涨0.80%，中科星图涨1.21%，中国卫通跌0.66%。 ...

Core Insights - The report emphasizes the importance of "globalization and AI+" in advancing high-quality development in the defense and military industry, highlighting the need for modernization and efficiency improvements in military systems [5][30][34] - The investment strategy focuses on balancing value and growth, with traditional sectors entering an S-curve evolution phase while new demands and replacements coexist [5][30] Section Summaries 1. Current Development Stage from the S-Curve Perspective - The defense and military industry is in a growth phase, with traditional sectors experiencing rapid development during the previous five-year plan, but not yet entering a slowdown [16][26] - The S-curve model indicates that the industry lifecycle includes multiple product lifecycles, with the current focus on extending product lifespans through innovation [23][24] 2. S-Curve Cycle Expansion - Global military trade remains robust, emphasizing the importance of lifecycle management from equipment to services [9][18] - The report anticipates that the demand for large aircraft and low-altitude economic activities will accelerate due to supportive policies [9][28] 3. S-Curve Cycle Evolution - Supply chain reforms are crucial for reducing costs and complexity, enhancing the focus on maintenance and repair services [9][33] - The integration of unmanned systems and intelligent technologies is expected to drive significant advancements in military capabilities [9][51] 4. New Cycle of the S-Curve: Emerging Industries - The report identifies commercial aerospace, AI, controllable nuclear fusion, quantum information, and deep-sea technology as key areas for future growth [9][57][65] - The acceleration of technological advancements and policy support is expected to unlock new market opportunities in these sectors [9][58] 5. Investment Recommendations - The report recommends focusing on companies that align with the evolving S-curve, particularly those involved in supply chain reform, maintenance, and unmanned systems [5][30] - Specific companies highlighted for investment include 航发动力, 中航高科, and 国睿科技, among others, which are positioned to benefit from these trends [6][9]

Core Insights - The defense and aerospace industry is experiencing sustained high demand, particularly in the two aircraft sectors and commercial aerospace, which are seen as new growth drivers [2][5][13] - The report highlights the increasing frequency of commercial space launches, with companies like SpaceX targeting a valuation of $1.5 trillion as they prepare for an IPO [5][14] - Investment opportunities are identified in various sectors, including domestic demand and overseas expansion, AI-driven upgrades in military technology, and the potential for new materials and technologies in aviation and space [5][15] Industry Overview - The report notes that the demand for high-end aviation equipment is expected to continue, with significant opportunities for domestic engine replacements in the civil aviation market [23] - The commercial aerospace sector is seeing a notable increase in aircraft deliveries, with a reported 44% year-on-year growth in the delivery of wide-body aircraft as of October 2025 [5][13] - The report emphasizes the importance of strategic partnerships, such as the long-term supply agreement between Yingliu Aviation and Ansaldo Energia, which marks a shift towards large-scale collaboration [5][13] Company Analysis - Companies like AVIC Shenyang Aircraft Corporation and AVIC Xi'an Aircraft Industry Group are highlighted for their potential to benefit from increased domestic and international demand [15][29] - The report discusses the strong growth prospects for companies involved in AI-driven military upgrades, recommending a focus on firms like Ruichuang Micro-Nano and AVIC Optoelectronics [15][18] - The financial outlook for key companies is optimistic, with projected earnings growth and favorable valuation metrics, such as a dynamic PE ratio of approximately 40X for Ruichuang Micro-Nano [18][19] Market Performance - The report indicates that the China Securities Military Industry Index has shown a weekly increase of 2.53%, with a year-to-date increase of 27.99% as of the report date [36] - The military sector has outperformed major indices, indicating strong investor interest and confidence in the defense and aerospace markets [36] Investment Recommendations - The report suggests focusing on companies that are well-positioned to capitalize on the expanding domestic and international markets, particularly those involved in military and aerospace technology [15][23] - Specific companies recommended for investment include AVIC Shenyang, AVIC Xi'an, and Ruichuang Micro-Nano, among others, due to their strategic positioning and growth potential [15][18][29]

Core Insights - The successful launch of the Zhuque-3 Yao-1 rocket marks a significant milestone for China's commercial space industry, establishing a foundation for the reusability of launch vehicles [1] - The establishment of the Commercial Space Administration and the "4+2" strategic plan by Zhongke Xingtou signifies a new phase of institutional empowerment and industrial upgrading in China's commercial space sector [1][2] Group 1: Strategic Developments - The "4+2" strategy includes four specialized satellite constellations and two cloud platforms, aimed at enhancing the core competitiveness of the aerospace information industry [1][2] - The four satellite constellations focus on various market needs: space computing, space monitoring, meteorological services, and electromagnetic spectrum management [2] - The Commercial Space Administration's establishment provides clear management and service responsibilities, facilitating policy implementation in the commercial space industry [2] Group 2: Technological Advancements - The two cloud platforms, "Xingtu Space Cloud" and "Xingtu Cloud," serve as core hubs for data processing and services, creating a comprehensive online service system from data acquisition to industry application [3] - The integration of AI large model technology with aerospace information is reshaping the data value chain, with Zhongke Xingtou developing a hundred billion parameter integrated model as the core of Xingtu Cloud [3] Group 3: Operational Support - Subsidiaries like Xingtou Tianchen and Xingtou Measurement and Control are crucial for the implementation of the strategic plan, focusing on core areas such as launch vehicle measurement and control systems [4] - The successful execution of the Zhuque-3 launch by Xingtou Measurement and Control, as the sole commercial measurement and control service provider, highlights its operational capabilities [4] - Zhongke Xingtou has established a complete industrial chain loop, integrating satellite constellations, hardware manufacturing, measurement and control services, and cloud platform applications [4]

中科星图股份有限公司 2025 年第二次临时股东大会会议资料 证券代码：688568 证券简称：中科星图 中科星图股份有限公司 2025 年第二次临时股东大会会议资料 二〇二五年十二月 | 2025 | 年第二次临时股东大会会议须知 1 | | --- | --- | | 2025 | 年第二次临时股东大会会议议程 3 | | 2025 | 年第二次临时股东大会会议议案 5 | | 议案一 | 关于取消监事会、变更公司注册资本和经营范围并修订《公司章程》 | | | 的议案 5 | | 议案二 | 关于修订公司部分内部治理制度的议案 9 | | | 2.01 关于修订《股东大会议事规则》的议案 9 | | | 2.02 关于修订《董事会议事规则》的议案 9 | | | 2.03 关于修订《独立董事议事规则》的议案 9 | | | 2.04 关于修订《独立董事津贴制度》的议案 9 | | 议案三 | 关于非独立董事辞任暨补选非独立董事的议案 10 | | 附件一 | 《公司章程》修订对比表 12 | | 附件二 | 中科星图股份有限公司章程 62 | | 附件三 | 中科星图股份有限公司股东会议事规则 122 ...

Investment Rating - The investment rating for the industry is "Positive" (maintained) [1] Core Insights - The commercial aerospace industry is increasingly recognized as a strategic emerging industry, with growing government emphasis on its development as a key measure for enhancing national strength and seizing future technological and economic development opportunities [4][24] - The global commercial aerospace market is entering a golden era of development, driven by low Earth orbit (LEO) satellite internet, characterized by technological integration and collaborative innovation across the entire industry chain [13][22] - The competition for low Earth orbit resources has intensified, with major countries vying for satellite positions and frequency bands under the "first come, first served" principle [5][30] Summary by Sections 1. Government Emphasis on Commercial Aerospace - Commercial aerospace has been included in China's top-level design framework, marking its elevation to a strategic emerging industry in government reports [24][28] - The establishment of the Commercial Aerospace Administration and the introduction of a three-year action plan for its development highlight the government's commitment to this sector [7][28] 2. Competition for Low Earth Orbit Resources - Low Earth orbit is identified as a core strategic resource for commercial aerospace, with satellites in this orbit offering low latency and reduced signal loss, making them ideal for internet services [30][31] - SpaceX's Starlink leads the global LEO satellite constellation development, having launched over 10,203 satellites, which is 45% of all satellites launched since 1957 [5][38] - China has applied to the International Telecommunication Union (ITU) for a total of 51,300 low Earth orbit satellites, with three major constellation plans exceeding 10,000 satellites each [36][47] 3. Formation of a Comprehensive Commercial Aerospace Ecosystem - The commercial aerospace market in China is growing annually, forming a complete ecosystem that covers upstream manufacturing, midstream launch and operation, and downstream application services [6][54] - The key to scaling in this industry is "cost reduction and efficiency enhancement," with reusable rocket technology significantly lowering launch costs and shortening mission cycles [6][55] - The expansion of satellite launch sites is leading to a new phase of high-density and normalized launches [6][54] 4. Investment Recommendations - The report highlights several companies as beneficiaries of the commercial aerospace sector, including West Materials, Superjet Co., and Aerospace Power in the rocket industry chain, and companies like Zhongke Xingtou and Aerospace Hongtu in the satellite industry chain [7]

截至10点09分，科创人工智能ETF（589010）下跌1.19%，报1.333元，当前处于日内低位震荡整理 阶段，或为关注该板块的投资者提供了相对低位的配置窗口。持仓股方面虽然跌多涨少，但结构性亮点 突出，中科星图展现强劲势头，逆势大涨超6%，凌云光、石头科技红盘运行；天准科技、澜起科技等 权重股跌幅居前。流动性方面，早盘成交额已突破4500万元，交投情绪并未因价格调整而冰冻。 科创人工智能ETF华夏（589010）紧密跟踪上证科创板人工智能指数，覆盖全产业链优质企业，兼 具高研发投入与政策红利支持，20%涨跌幅与中小盘弹性助力捕捉AI产业"奇点时刻"。 每日经济新闻 消息方面，美国国防部表示，已选定谷歌的Gemini for Government系统，为其约300万名文职和军 职人员提供人工智能支持。"美国作战的未来已经到来，它的名字就叫人工智能"，国防部长皮特·海格 塞斯周二在X发布的一段视频中说道，并补充称该软件将帮助军方快速分析视频和图像。五角大楼在一 份声明中表示，名为GenAI.mil的新平台旨在推动人工智能驱动的文化变革，这种变革将在未来几年主 导数字战场。 华西证券表示，此前产业界对AI技术 ...

Core Viewpoint - The integration of technology in firefighting, particularly for high-rise buildings, is transitioning from training exercises to real-world applications, with various innovative products being deployed to enhance emergency response capabilities [1][2]. Group 1: Technological Advancements - Companies like Zhongke Xingtou and Jiechuang Intelligent are developing and deploying advanced firefighting technologies, including drones and exoskeletons, to improve efficiency and effectiveness in emergency situations [1][4]. - The use of unmanned aerial vehicles (UAVs) and robotic systems, such as "machine dogs," is becoming more prevalent in firefighting operations, providing real-time monitoring and support for rescue teams [2][3]. Group 2: Practical Applications - In practical scenarios, such as the fire drills conducted by Jiangsu and Guangdong fire rescue teams, new technologies like drones and exoskeletons have been successfully utilized to enhance situational awareness and operational efficiency [2][3]. - The exoskeleton equipment has been recognized for significantly reducing the physical strain on rescue personnel, allowing them to perform their duties more effectively in challenging environments [3][4]. Group 3: Market Trends - The market for exoskeleton devices is rapidly expanding, with increasing interest from various sectors, including emergency services, although the adoption in industrial and emergency contexts is still in its early stages [4]. - Companies are actively seeking to adapt existing exoskeleton technologies for specialized environments, indicating a growing demand for innovative solutions in emergency response [4]. Group 4: Challenges and Limitations - Despite advancements, there are still significant challenges in the practical application of these technologies, such as the operational limitations of high-altitude firefighting equipment and the need for further development of exoskeletons to meet specific rescue requirements [6][7]. - The effectiveness of drones in high-temperature environments poses a technical challenge, as their operational stability can be compromised under extreme conditions [6][7].

Market Overview - The Shanghai Composite Index fell by 0.23% on December 10, with 26 industries experiencing gains, led by real estate and retail, which rose by 2.53% and 1.97% respectively. Conversely, the banking and power equipment sectors saw declines of 1.58% and 0.87% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 27.547 billion yuan, with 10 industries seeing net inflows. The real estate sector led with a net inflow of 1.965 billion yuan, followed by retail with 1.307 billion yuan [1] - The electronics sector experienced the largest net outflow, totaling 12.574 billion yuan, followed by power equipment with 5.571 billion yuan. Other sectors with significant outflows included computer, banking, and telecommunications [1] Computer Industry Performance - The computer industry declined by 0.63%, with a net outflow of 3.867 billion yuan. Out of 336 stocks in this sector, 117 rose while 212 fell, with one stock hitting the daily limit up and another hitting the limit down [2] - Among the stocks with net inflows, Rongji Software led with an inflow of 253 million yuan, followed by Zhina Compass and Zhongke Xingtou with inflows of 190 million yuan and 152 million yuan respectively [2] - The stocks with the largest net outflows included Zhongke Shuguang, which saw a net outflow of 934 million yuan, followed by Dahua Intelligent and Inspur Information with outflows of 429 million yuan and 302 million yuan respectively [3]