Group 1 - The core point of the article is that Zhongke Xingtou has announced an adjustment to the upper limit of the number of A-shares to be issued to specific objects for the year 2025, reducing it from 242,866,690 shares to 242,423,673 shares due to share buyback and cancellation [1] Group 2 - The adjustment in the issuance limit is a result of changes in the company's total share capital following the share buyback [1] - Other aspects of the stock issuance remain unchanged despite this adjustment [1]

证券代码：688568 证券简称：中科星图 公告编号：2025-066 中科星图股份有限公司 关于调整向特定对象发行 A 股股票发行数量上限 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。 重要内容提示： 中科星图股份有限公司（以下简称"公司"）实施股份回购注销导致公司总 股本发生变动，现将公司 2025 年度向特定对象发行 A 股股票（以下简称"本次 向特定对象发行股票"）的发行数量上限由不超过 242,866,690 股（含本数）调整 为不超过 242,423,673 股（含本数）。除上述调整外，公司本次向特定对象发行股 票的其他事项未发生变化。 二、前次向特定对象发行股票发行数量上限的调整情况 因公司实施 2024 年年度权益分派，公司总股本由 543,325,930 股变更为 809,555,636 股，公司总股本发生变化，故公司本次向特定对象发行股票的发行 数量上限由不超过 162,997,779 股（含本数）调整为不超过 242,866,690 股（含本 数 ）。 具 体 内 容 详 见 公 司 于 2 ...

Core Points - Zhongke Xingtou (688568) closed at 43.91 yuan on October 15, 2025, with an increase of 1.88% and a turnover rate of 1.29% [1] - The company received approval from the China Securities Regulatory Commission for a specific stock issuance, valid for 12 months [2][3] Trading Information Summary - On October 15, the net outflow of main funds was 767.25 thousand yuan, accounting for 1.68% of the total transaction amount [2][3] - Retail investors had a net inflow of 1,679.53 thousand yuan, representing 3.67% of the total transaction amount [2] Company Announcement Summary - Zhongke Xingtou has been approved to issue stocks to specific objects, with the approval valid for 12 months from the date of issuance [2][3] - The company must adhere to the submission documents and issuance plan filed with the Shanghai Stock Exchange [2]

Investment Rating - The report maintains a positive outlook on the computer industry, particularly in the context of AI applications in government affairs, with key targets identified for investment [3][7]. Core Insights - The issuance of the "Guidelines for the Deployment and Application of AI Foundation Models in Government Affairs" by the Central Cyberspace Affairs Commission and the National Development and Reform Commission is expected to accelerate the demand for AI in governance [3][7]. - The report highlights the broad market potential for AI applications in government, with the AI+government service market in China projected to reach 2.54 billion RMB in 2024 [3][7]. Summary by Sections Investment Recommendations - Key investment targets include Guotai Epoint Software, Hikvision, Zhejiang Dahua Technology, Beijing eGOVA, Geovis Technology, and Piesat Information Technology, with related targets being Fujian Boss Software, Zhiyang Innovation Technology, Linewell Software, and CHINA INFORMATION DEVELOPMENT INC. [3][7]. Guidelines Overview - The guidelines emphasize the use of "East Data West Computing" and integrated computing networks, promoting a unified model reuse approach and enhancing data governance to support AI model training [3][7]. - Four high-frequency scenarios for AI model application are identified: government services, social governance, office work, and decision support [3][7]. Financial Support and Market Potential - The guidelines propose strengthening financial support for AI applications in government, indicating a broad market potential for AI+government applications [3][7]. - The report notes that since 2025, domestic AI models like Deepseek have seen increased engagement from various regions and departments, indicating a positive trend in technology deployment and system development [3][7].

Core Insights - Zhongke Xingtou's stock price increased by 2.30% to 44.09 CNY per share, with a market capitalization of 35.628 billion CNY as of October 15 [1] - The company has seen a year-to-date stock price increase of 29.07%, with a 6.09% rise over the past 20 days [1] - Zhongke Xingtou's main business includes software sales, data services, and system integration, with revenue primarily from geographic information services [1] Financial Performance - For the first half of 2025, Zhongke Xingtou reported revenue of 1.348 billion CNY, a year-on-year increase of 22.03%, and a net profit of 78.1018 million CNY, up 22.82% [2] - The company has distributed a total of 279 million CNY in dividends since its A-share listing, with 190 million CNY in the last three years [3] Shareholder Information - As of June 30, 2025, Zhongke Xingtou had 24,400 shareholders, an increase of 5.16%, with an average of 33,228 circulating shares per shareholder, up 41.69% [2] - New institutional shareholders include the Fortune China Securities Military Industry Leader ETF and the Southern China Securities 500 ETF, while Hong Kong Central Clearing Limited exited the top ten shareholders list [3]

Core Points - The company has received approval from the China Securities Regulatory Commission (CSRC) for the registration of a specific stock issuance [1][2] - The issuance must be conducted strictly according to the submitted documents and issuance plan to the Shanghai Stock Exchange [2] - The approval is valid for 12 months from the date of registration [3] Regulatory Compliance - The company is required to report any significant events to the Shanghai Stock Exchange from the date of registration until the completion of the issuance [3] - The board of directors will handle the issuance matters within the stipulated timeframe and fulfill information disclosure obligations [3] Contact Information - The company and its sponsor have provided contact details for further inquiries regarding the stock issuance [4]

证券代码：688568 证券简称：中科星图 公告编号：2025-065 中科星图股份有限公司 "一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方 案实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及 时报告上海证券交易所并按有关规定处理。" 公司董事会将按照上述批复文件和相关法律法规的要求以及公司股东大会 的授权，在规定期限内办理本次向特定对象发行股票的相关事项，并及时履行信 息披露义务，敬请广大投资者注意投资风险。 公司（发行人）、保荐人（主承销商）的联系方式如下： 1．发行人：中科星图股份有限公司 联系部门：集团证券部 关于 2025 年度向特定对象发行 A 股股票申请 收到中国证券监督管理委员会同意注册批复的公告 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"）于近日收到中国证券监督管理 委员会出具的《关于同意中科星图股份有限公司向特定对象发行股票 ...

Core Viewpoint - Zhongke Xingtou's stock price has shown a year-to-date increase of 28.13%, with a recent decline of 2.04% on October 14, 2023, indicating volatility in the market [1] Company Overview - Zhongke Xingtou, established on January 20, 2006, and listed on July 8, 2020, is located in the Beijing Shunyi District and specializes in software sales, data services, technical development, integrated machine products, and system integration [1] - The company's revenue composition includes: Geographic Information - Civilian 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 reported revenue of 1.348 billion yuan, a year-on-year increase of 22.03%, and a net profit attributable to shareholders of 78.1018 million yuan, up 22.82% [2] - The company has distributed a total of 279 million yuan in dividends since its A-share listing, with 190 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, Zhongke Xingtou had 24,400 shareholders, an increase of 5.16% from the previous period, with an average of 33,228 circulating shares per shareholder, up 41.69% [2] - Notable new institutional shareholders include the Fortune CSI Military Industry Leader ETF and the Southern CSI 500 ETF, while Hong Kong Central Clearing Limited and the Guotai CSI Military Industry ETF have exited the top ten circulating shareholders list [3] Market Activity - On October 14, 2023, Zhongke Xingtou's stock traded at 43.77 yuan per share, with a total market capitalization of 35.37 billion yuan and a trading volume of 314 million yuan [1] - The stock experienced a net outflow of 4.4474 million yuan from major funds, with significant buying and selling activity from large orders [1]

Group 1: Market Overview - In Q3 2025, the number of listed private placement projects in the A-share market reached 42, an increase of 5 projects quarter-on-quarter and 22 projects year-on-year, raising a total of 773.71 billion yuan, a year-on-year increase of 256.70%[10] - The average absolute return of the 24 auction projects that were unlocked in Q3 2025 was 38.67%, with a winning rate of 87.50%, both figures being the highest since 2022[29] - The average market price discount rate for auction projects in Q3 2025 was 14.48%, reflecting a quarter-on-quarter increase of 1.25%[14] Group 2: Project Dynamics - The number of auction projects increased to 27 in Q3 2025, with a total fundraising of 420.53 billion yuan, marking a quarter-on-quarter increase of 79.68%[10] - The average number of inquiry institutions per project was 25, with an average allocation of 14 institutions, indicating heightened participation in the auction process[26] - The proportion of projects with a base price issuance dropped to a near three-year low of 7.41%[14] Group 3: Future Outlook - In Q4 2025, the expected index range for the Shanghai Composite Index on the issuance date of unlocked auction projects is between 3238.23 and 3429.76 points, indicating a strong potential for profit from unlocked projects[4] - The number of pending projects for review is currently low at 62, suggesting limited supply in a bullish market environment[4] - The average expected discount rate for auction projects is anticipated to remain around 10%[4] Group 4: Risk Factors - Risks include slower-than-expected progress in the review of private placements, fluctuations in secondary market stock prices, and changes in the market environment for private placement pricing[4]

Core Viewpoint - The establishment of the "Xining Low-altitude Intelligent Aviation Application Platform" aims to promote the development of the low-altitude economy in Xining, focusing on various application scenarios such as logistics, tourism, and emergency rescue [1][2]. Group 1: Platform Development - The platform emphasizes the construction of a standardized system covering the entire chain of drone application, including site selection, installation, flight control, AI algorithms, and industry application scenarios [2]. - A solid data foundation has been established, integrating traditional imagery, terrain maps, and high-precision 3D modeling of Xining, covering an area of 7,606 square kilometers and detailing 270,000 buildings and approximately 1,700 roads [2]. Group 2: Industry Applications - The platform currently serves 15 major industries and covers around 300 low-altitude scenarios, aiming for cross-departmental collaboration in government flight management and resource sharing among drones [3]. - A cooperation agreement was signed between Zhongke Xingtai and China Tower Corporation's Qinghai branch to explore new paths for low-altitude economic development in Qinghai Province [3]. Group 3: Market Engagement - Zhongke Xingtai has engaged in low-altitude economic construction in over 20 cities offline and more than 50 cities online, covering key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta [3].