Market Overview - As of November 21, the Shanghai Composite Index closed at 3834.89 points, down 96.16 points, a decline of 2.45% [1] - The Shenzhen Component Index closed at 12538.07 points, down 442.75 points, a decline of 3.41% [1] - The ChiNext Index closed at 2920.08 points, down 122.26 points, a decline of 4.02% [1] Trading Activity - A total of 91 A-shares had a turnover rate exceeding 20% on this day [1] - Notable stocks with high turnover rates included: - Dapeng Industrial (920091) with a turnover rate of 98.28% and a price increase of 1211.11% [1] - Jianglong Shipbuilding (300589) with a turnover rate of 55.14% and a price increase of 14.50% [1] - C Nanshan Data (301638) with a turnover rate of 52.72% and a price increase of 0.91% [1] Notable Stocks - Other significant stocks with high turnover rates included: - C Hengkun (688727) with a turnover rate of 46.22% and a price decrease of 11.47% [1] - Inspur Software (600756) with a turnover rate of 46.20% and a price increase of 6.76% [1] - ST Dongtong (300379) with a turnover rate of 44.50% and a price increase of 4.15% [1] - Additional stocks with notable performance included: - Shennong Agriculture (300189) with a turnover rate of 42.82% and a price increase of 3.67% [1] - Beifang Changlong (301357) with a turnover rate of 42.52% and a price increase of 0.68% [1]

Group 1 - The company, Aerospace Development, held a temporary board meeting on November 21, 2025, to discuss the proposal for increasing capital and introducing investors for its subsidiary, Aerospace Tianmu (Chongqing) Satellite Technology Co., Ltd. [1] - For the first half of 2025, the revenue composition of Aerospace Development was as follows: Defense Equipment accounted for 54.06%, Equipment Manufacturing for 32.72%, Information Technology for 12.38%, and Other Civilian Industries for 0.84% [1] - As of the report, the market capitalization of Aerospace Development was 19.8 billion yuan [1]

Core Viewpoint - Aerospace Development (000547.SZ) announced that its subsidiary, Aerospace Tianmu (Chongqing) Satellite Technology Co., Ltd. plans to raise capital through public listing to attract investors. The company's other subsidiary, Aerospace Xintong Technology Co., Ltd., has waived its preferential subscription rights for this capital increase [1] Group 1 - Aerospace Tianmu is seeking to expand its capital base by introducing new investors through a public offering [1] - Aerospace Xintong has chosen not to exercise its right to participate in the capital increase of Aerospace Tianmu [1]

Core Viewpoint - The company has approved a proposal for its subsidiary, Aerospace Tianmu (Chongqing) Satellite Technology Co., Ltd., to raise capital through public listing and attract investors [1] Group 1 - The subsidiary, Aerospace Tianmu, will conduct a capital increase through public listing on the Shanghai United Assets and Equity Exchange [1] - Aerospace Xintong Technology Co., Ltd., another subsidiary, has waived its preferential subscription rights for this capital increase [1]

Core Viewpoint - The company has approved a proposal to increase capital and introduce investors for its subsidiary, Aerospace Tianmu (Chongqing) Satellite Technology Co., Ltd. through a public listing [1] Group 1 - The board of directors has passed a resolution regarding the capital increase and investor introduction for Aerospace Tianmu [1] - Aerospace Tianmu plans to raise capital through a public listing on the Shanghai United Assets and Equity Exchange [1] - The subsidiary, Aerospace Xintong Technology Co., Ltd., has waived its preferential subscription rights for this capital increase [1]

Core Viewpoint - The company announced a plan to increase capital and introduce investors for its subsidiary, Aerospace Tianmu Satellite Technology Co., Ltd., through a public listing process [1] Group 1: Company Actions - The company will hold the 25th meeting of the 10th Board of Directors on November 21, 2025, to review the proposal for capital increase and investor introduction [1] - Aerospace Tianmu Satellite Technology Co., Ltd. intends to raise capital through a public listing to attract new investors [1] - The company's subsidiary, Aerospace Xintong Technology Co., Ltd., has waived its preferential subscription rights for this capital increase [1] Group 2: Implications - Following the completion of this transaction, Aerospace Xintong may no longer be the controlling shareholder of Aerospace Tianmu, which could lead to changes in the consolidation scope of the company's financial statements [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、交易概述 1.航天工业发展股份有限公司（以下简称"公司"）于2025年11月21日召开 第十届董事会第二十五次（临时）会议，审议通过了《关于控股孙公司航天天目 （重庆）卫星科技有限公司以公开挂牌方式增资扩股暨引入投资者的议案》。公 司控股孙公司航天天目（重庆）卫星科技有限公司（以下简称"航天天目"）拟 通过公开挂牌方式增资扩股，引入投资者。公司子公司航天新通科技有限公司（以 下简称"航天新通"）放弃本次航天天目增资扩股的优先认缴出资权。 2.本次增资将采取在上海联合产权交易所有限公司公开挂牌的方式，最终交 易方、交易金额等尚存在不确定性，无法判断是否构成关联交易。 3.本次交易完成后，公司子公司航天新通可能不再是航天天目的控股股东， 航天天目可能不属于公司合并报表范围内控股孙公司，可能会改变公司合并报表 范围。 证券代码：000547 证券简称：航天发展 公告编号：2025-049 航天工业发展股份有限公司关于控股孙公司 以公开挂牌方式增资扩股暨引入投资者的公告 4.本次挂牌尚不确定交易方及交易金额，公司将根 ...

航天工业发展股份有限公司（以下简称"公司"）第十届董事会第二十五次（临 时）会议于 2025 年 11 月 21 日以现场结合视频方式召开，会议通知于 2025 年 11 月 20 日以电子邮件及信息方式发出。会议应到董事 9 名，实到董事 9 名。会议由 公司董事长胡庆荣先生主持，董事会秘书列席了会议。会议的召集和召开程序符 合《公司法》及《公司章程》的有关规定。 会议经过认真审议，一致通过《关于控股孙公司航天天目（重庆）卫星科技有 限公司以公开挂牌方式增资扩股暨引入投资者的议案》。 公司控股孙公司航天天目（重庆）卫星科技有限公司（以下简称"航天天目"） 拟以公开挂牌方式增资扩股，引入投资者。公司子公司航天新通科技有限公司放 弃本次航天天目增资扩股的优先认缴出资权。本次挂牌尚不确定交易方及交易金 额，公司将根据事项进展情况，严格按照相关法律法规及《公司章程》的规定履 行相应的审议程序和信息披露义务。 证券代码：000547 证券简称：航天发展 公告编号：2025-048 航天工业发展股份有限公司 第十届董事会第二十五次（临时）会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 ...

Core Viewpoint - The company is planning to increase capital and expand its subsidiary, Tianmu (Chongqing) Satellite Technology Co., Ltd., through public listing to attract investors, which may lead to a change in control dynamics within its subsidiaries [1] Group 1 - The company’s subsidiary, Aerospace Xintong, has waived its preferential subscription rights for the capital increase [1] - Following the completion of the capital increase, Aerospace Xintong may no longer be the controlling shareholder of Tianmu [1] - Tianmu may not be included in the company’s consolidated financial statements as a controlled subsidiary after the capital increase [1]

Core Viewpoint - The A-share market in Fujian province experienced a significant decline, with multiple stocks plummeting, indicating a bearish trend in the region's equity market [1] Summary by Category Stock Performance - Haixia Innovation (300300) saw a drop of 18.26%, with a total market capitalization of 9.943 billion [2] - Zhongfutong (300560) decreased by 12.71%, with a market cap of 3.961 billion [2] - Ashi Chuang (300706) fell by 12.25%, with a market value of 5.102 billion [2] - Yuanxiang New Materials (301300) declined by 10.97%, with a market cap of 2.961 billion [2] - Aerospace Development (000547) dropped by 10.01%, with a total market capitalization of 19.8 billion [2] - Jiumuwang (601566) decreased by 9.99%, with a market cap of 9.522 billion [2] - Xinha Co. (003016) fell by 9.95%, with a market value of 3.654 billion [2] - Sanmu Group (000632) saw a decline of 9.93%, with a market cap of 3.124 billion [2] - Dahua Intelligent (002512) decreased by 9.93%, with a market value of 5.651 billion [2] - Longzhou Co. (002682) fell by 9.92%, with a market cap of 3.217 billion [2] - Xiamen Engineering Machinery (600815) dropped by 9.38%, with a market value of 6.511 billion [2] - Minfa Aluminum (002578) decreased by 8.96%, with a market cap of 3.529 billion [2] - Jianfa Heceng (603909) fell by 8.66%, with a market value of 3.136 billion [2] - Qingyuan Co. (603628) decreased by 8.68%, with a market cap of 3.733 billion [2] - Shengtun Mining (600711) dropped by 8.50%, with a total market capitalization of 35 billion [2]