Core Viewpoint - The article discusses the recent activity in the military industry stocks, highlighting the impact of the upcoming military parade and the associated "parade market" trends observed in previous years [5]. Group 1: Military Equipment and Technology - The military parade will showcase domestically produced main battle equipment, including new-generation tanks, carrier-based aircraft, and fighter jets, emphasizing the PLA's operational capabilities [4]. - The parade will feature advanced equipment such as hypersonic weapons, air defense systems, and strategic missiles, demonstrating the military's strong deterrent capabilities [4]. - The focus will be on new types of unmanned intelligent systems and electronic warfare capabilities, reflecting the military's adaptation to technological advancements and evolving warfare [4]. Group 2: Market Trends and Analysis - Historical analysis shows that military stocks typically experience a rally 1-2 months prior to major parades, with military indices rising in the lead-up to these events [5]. - The strength of the "parade market" is influenced by overall market conditions and risk appetite, with significant past gains noted, such as an 84% excess return in the military sector during the 2015 parade [5]. - Post-parade, military stocks may face short-term adjustments, but long-term performance will be driven by the fundamentals of the military industry [5].

Core Viewpoint - The company has successfully completed a share buyback plan, repurchasing a total of 1,476,724 shares, which represents 0.1824% of its total share capital, with a total expenditure of approximately RMB 49.96 million [1][3][4]. Summary by Sections Buyback Plan Approval and Details - The buyback plan was proposed by the Vice Chairman and General Manager on April 15, 2025, and approved by the board and shareholders [1]. - The buyback period is set from May 7, 2025, to May 6, 2026, with an expected total expenditure between RMB 40 million and RMB 60 million [1]. - The maximum buyback price was adjusted to RMB 56.55 per share due to the company's annual equity distribution [2]. Implementation of Buyback - As of May 27, 2025, the company had repurchased 276,665 shares, accounting for 0.0342% of the total share capital, with a total payment of approximately RMB 10 million [2]. - The total shares repurchased reached 1,476,724, with a maximum price of RMB 36.28 per share and a minimum price of RMB 32.11 per share, resulting in an average price of RMB 33.83 per share [3][4]. Compliance and Impact - The company adhered to all relevant laws and regulations during the buyback process, and the execution of the buyback plan was consistent with the originally disclosed plan [4]. - The funds used for the buyback were sourced from the company's excess funds from its initial public offering and its own funds, ensuring no significant impact on the company's operations or financial status [4]. Share Cancellation Arrangement - The company plans to apply for the cancellation of the repurchased shares on August 22, 2025, which will reduce its registered capital accordingly [5][6]. - The total number of shares before and after the buyback will be adjusted, with the total shares post-cancellation being 808,078,912 [5].

证券代码：688568 证券简称：中科星图 公告编号：2025-050 一、回购审批情况和回购方案内容 中科星图股份有限公司（以下简称"公司"）于 2025 年 4 月 14 日召开第三届 董事会第四次会议、第三届监事会第四次会议，于 2025 年 5 月 7 日召开 2025 年 第一次临时股东大会，审议通过《关于以集中竞价交易方式回购公司股份方案的 议案》。公司拟使用首次公开发行股票取得的超募资金和公司自有资金以集中竞价 交易方式回购公司已发行的人民币普通股（A 股）股票，本次回购的股份拟用于 注销并减少公司注册资本，本次回购的资金总额不低于人民币 4,000 万元（含）且 不超过人民币 6,000 万元（含），回购价格不超过人民币 84.39 元/股（含），回购期 限为自公司股东大会审议通过本次回购方案之日起不超过 12 个月。具体内容详见 公司分别于 2025 年 4 月 15 日、 2025 年 5 月 8 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以集中竞价交易方式回购 1 中科星图股份有限公司 关于股份回购实施结果暨股份变动的公告 重要内容提示： | ...

证券代码：688568 证券简称：中科星图 公告编号：2025-049 中科星图股份有限公司 关于召开2025年半年度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 现场：北京市顺义区临空经济核心区机场东路 2 号国家地理信息科技产业园 1A-4 星图大厦 9 层多功能会议室 网络：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 会议召开方式：现场、视频结合网络互动 投资者可于 2025 年 8 月 22 日（星期五）至 8 月 28 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 investor@geovis.com.cn 进行提问，公司将在说明会上对投资者普遍关注的问题 进行回答。 中科星图股份有限公司（以下简称"公司"）将于 2025 年 8 月 29 日在上海 证券交易所（网址：www.sse.com.cn）披露公司 2025 年半年度报告。为便于广 大投资者更全面深入地了解公司 2025 年半年 ...

中科星图公告，2025年5月7日至2026年5月6日期间，公司通过集中竞价交易方式累计回购股份147.67万 股，占公司总股本的0.1824%，实际回购金额为4995.94万元，回购价格区间为32.11元/股至36.28元/股。 此次回购股份将用于注销并减少公司注册资本。 ...

Core Viewpoint - The low-altitude economy is emerging as a significant focus in China's technology and industry sectors, with Zhongke Xingtou establishing a foundational support system for this sector, positioning itself as an infrastructure provider in the new era of productivity [2][3]. Group 1: Company Strategy and Positioning - Zhongke Xingtou's starting point is the "Digital Earth," a three-dimensional geographic information platform, which it extends into the low-altitude economy and commercial aerospace sectors [3]. - The company has proposed a "one body, two wings" strategy, focusing on geographic information as a foundation while expanding into aerospace and low-altitude economic development [3]. - Zhongke Xingtou's industry positioning includes being a leader in space information technology innovation, an integrator of the commercial aerospace industry chain, and a promoter of low-altitude economic development [3]. Group 2: Financial Performance and Investments - Despite the industry being in an "investment phase," Zhongke Xingtou has demonstrated strong profitability, indicating successful ecological operations and capital management [5]. - The company has invested in over 70 enterprises, acquiring many at low prices and subsequently enhancing their value, exemplified by the acquisition of Xingtou Measurement and Control, which saw significant revenue and profit growth post-acquisition [5]. Group 3: Collaboration and Development in Qingdao - Zhongke Xingtou established its low-altitude economy headquarters in Qingdao, citing the city's strong industrial foundation and future development potential as key reasons for the decision [2][9]. - The company has formed strategic partnerships with over 20 government entities and has successfully developed more than 40 urban "model projects" to support the large-scale development of the low-altitude economy [7][9]. - Qingdao's favorable conditions, including a 4F-level international airport and a comprehensive low-altitude economic framework, position it as a national model city for low-altitude economic development [11]. Group 4: Future Outlook and Strategic Goals - Zhongke Xingtou aims to establish a "Star Map Low-altitude Cloud" and two low-altitude test sites, expanding into multiple regional demonstrations and focusing on various typical scenarios to accelerate the scale of low-altitude applications [11]. - The complexity of the low-altitude economy exceeds common perceptions, with Zhongke Xingtou's core advantage lying in its systemic capability integration, including over ten years of data accumulation and robust computational power [11].

Core Points - The Shanghai Stock Exchange National New Sci-Tech Board State-Owned Enterprises Index (950253) experienced a decline of 0.89%, closing at 1134.64 points with a trading volume of 35.596 billion yuan [1] - Over the past month, the index has increased by 12.15%, 18.38% over the last three months, and 17.68% year-to-date [1] - The index reflects the overall performance of state-owned enterprises listed on the Sci-Tech Board, with a base date of December 30, 2022, set at 1000.0 points [1] Index Holdings - The top ten weighted stocks in the index are: Huahong Semiconductor (5.97%), Huahai Qingke (5.08%), Western Superconducting (4.95%), China Resources Microelectronics (4.77%), Haiguang Information (4.72%), SMIC (4.57%), Zhongwei Company (4.25%), Jinghe Integration (3.39%), Guodun Quantum (3.37%), and Zhongke Xingtou (2.97%) [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% allocation [1] Industry Composition - The industry composition of the index holdings is as follows: Information Technology (53.91%), Industrial (29.47%), Materials (9.07%), Communication Services (4.98%), and Healthcare (2.57%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

天眼查商业履历信息显示，中科星图股份有限公司，成立于2006年，位于北京市，是一家以从事软件和 信息技术服务业为主的企业。企业注册资本54332.593万人民币，实缴资本31689.7271万人民币。公司法 定代表人为许光銮。 金融界消息 截至2025年8月19日收盘，中科星图（688568）报收于39.41元，下跌0.18%，换手率1.5%， 成交量12.18万手，成交金额4.81亿元。 资金流向方面，今日主力资金净流入1332.54万元，占比成交额2.77%。其中，超大单净流入3082.57万 元、占成交额6.41%，大单净流出1750.03万元、占成交额3.64%，中单净流出流出1641.24万元、占成交 额3.41%，小单净流入308.70万元、占成交额0.64%。 中科星图最新一期业绩显示，截至2025一季报，公司营业总收入5.04亿元、同比增长20.48%，归属净利 润2077.66万元，同比增长971.00%，扣非净利润2396.99万元，同比减少87.73%，流动比率1.703、速动 比率1.472、资产负债率43.35%。 通过天眼查大数据分析，中科星图股份有限公司共对外投资了23家企业，参 ...

Investment Rating - The report maintains a "Positive" outlook on the satellite internet industry [2] Core Insights - The report highlights the rapid growth of commercial space launch sites in China, with 18 operational and 7 under construction, totaling 25 sites as of July 2025 [6][34] - It emphasizes the importance of the testing and launch command monitoring systems as critical technological platforms for launch sites [7][46] - The report identifies investment opportunities in the supply of refueling and gas systems, which are essential for rocket launches [7][69] Summary by Sections 1. Comparison with US Starlink - China's satellite internet is entering a construction phase, with the Starlink project by SpaceX being a benchmark, operating around 7,000 satellites [5][19] - As of July 2025, China has launched 6 groups of satellites totaling 47 for China Star Network and 5 groups totaling 72 for Qianfan constellation [23][26] 2. Growth of Commercial Launch Sites - The report notes the rapid increase in the number of commercial launch sites in China, with significant local government and industry support [6][34] - The report lists six major operational launch sites and additional sites in preparatory stages [34][35] 3. Testing and Launch Command Monitoring Systems - The testing and launch command monitoring system is crucial for tracking spacecraft and sending operational commands [7][46] - The report draws parallels with SpaceX's integrated monitoring systems, which include ground stations and a fleet of support ships [51] 4. Refueling and Gas Supply Systems - The refueling and gas supply systems are described as the "blood vessels" of launch sites, essential for providing propellants and gases during launches [7][69] - The report details the complexity and scale of these systems, which involve extensive pipeline networks and various components [69][70] 5. Investment Strategy - The report suggests that the demand for commercial launch sites exceeds supply, indicating a significant investment opportunity in this sector [7][69] - It highlights the ongoing interest from local policies and industry capital in expanding launch site capabilities [7][34] 6. Related Companies - The report lists several companies involved in ground monitoring stations, on-board monitoring equipment, and refueling systems, including: - Ground Monitoring Stations: Aerospace Universe, Zhongke Xingtu, and Leike Defense [8][56] - On-board Monitoring Equipment: Tianjian Technology, Guorui Technology, and Mengsheng Electronics [8][59] - Refueling and Gas Systems: Jiufeng Energy, Hangyang Co., and Aerospace Morning Glory [8][77]

Core Viewpoint - The company is transitioning from a "digital earth technology pioneer" to a "space and sky information ecosystem builder," with a strategic plan called "one body, two wings" aimed at achieving comprehensive coverage of space and earth information [1][3]. Group 1: Strategic Development - The company aims to solidify its core advantages in the geographic information industry while leveraging artificial intelligence to evolve from data processing tools to intelligent decision-making platforms [3]. - The "one body, two wings" strategy includes a focus on geographic information as the core, with commercial aerospace and low-altitude economy as the two wings, indicating a systemic business restructuring and strategic upgrade [3][4]. - The company has set ambitious goals to grow from a current scale of 3 billion yuan in annual revenue, 30 billion yuan in market value, and approximately 3,000 employees to a target of 100 billion yuan in revenue, 1 trillion yuan in market value, and 10,000 employees over the next five years [3]. Group 2: Commercial Aerospace Initiatives - The company has made significant progress in the commercial aerospace sector, including satellite constellation construction, satellite and rocket manufacturing, and space information application services [4]. - By investing in upstream satellite and rocket component manufacturers, the company has enhanced its capabilities in aerospace electronic systems manufacturing [4]. - The company has established a "flywheel" effect in its commercial aerospace business model, where increased satellite deployment leads to more data, customers, and profitability, reinforcing its competitive edge [4][5]. Group 3: Low-altitude Economy Development - The company launched the "Star Map Low-altitude Cloud 1.0" version, marking its initial foray into the low-altitude economy [6]. - A comprehensive low-altitude infrastructure solution has been developed, covering planning, safety assurance, collaborative regulation, flight services, and application scenarios [6]. - The company anticipates that the low-altitude economy will reach a commercialization phase by 2025, transitioning from experimental zones to operational networks driven by market forces [6].