证券代码：001270 证券简称：*ST铖昌 公告编号：2026-020 浙江铖昌科技股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、股票交易异常波动情况 浙江铖昌科技股份有限公司（证券名称：*ST 铖昌，证券代码：001270，以 下简称"公司"或"本公司"）股票连续三个交易日内（2026 年 3 月 30 日、2026 年 3 月 31 日、2026 年 4 月 1 日）收盘价格涨幅偏离值累计超过 12%，根据《深圳证 券交易所交易规则》的相关规定，属于股票交易异常波动的情况。 二、公司关注、核实情况说明 针对公司股票异常波动，公司董事会对有关事项进行了核实，有关情况说明 如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大 影响的未公开重大信息； 3、公司目前经营情况正常，内外部经营环境未发生重大变化； 4、公司控股股东和实际控制人不存在关于本公司应披露而未披露的重大事项， 或处于筹划阶段的重大事项； 1、公司经过自查不存在违反信息公平披露 ...

2025年 相控阵T/R芯片行业词条报告 头豹分类/制造业/计算机、通信和其他电子设备制造业/电子 器件制造/集成电路制造 Copyright © 2025 头豹 智驭波束——相控阵T/R芯片在军民融合与智能浪潮中的核心跃迁 头豹词条报告系列 梁霄同 · 头豹分析师 梁 2026-02-05 未经平台授权，禁止转载 行业分类： 制造业/集成电路制造 摘要 相控阵T/R芯片是相控阵雷达核心元器件，决定雷达天线参数和整机性能，且探测效能与芯片配置数量紧密相关。其行业特征包括应用领域广泛、军用战略意义强、利润空 间高。2020-2025年，行业市场规模由8.41亿增至24.80亿，预计2026-2030年将增至44.82亿。历史增长得益于智能驾驶与5G基站需求扩张，以及军民融合推动。未来，卫 星互联网加速组网、智能驾驶产业高速发展，将进一步拉动相控阵T/R芯片需求，推动行业规模持续扩大。 行业定义 相控阵T/R芯片是相控阵雷达的核心元器件之一，通常集成于T/R组件内，承担信号发射、接收及幅相调控的关键功能，以此实现雷达的波束 赋形与波束扫描。该芯片的性能指标直接决定雷达天线的参数表现，对整机综合性能起着决定性作用。 ...

2025年 相控阵T/R芯片行业词条报告 头豹分类/制造业/计算机、通信和其他电子设备制造业/电子 器件制造/集成电路制造 Copyright © 2025 头豹 梁霄同 · 头豹分析师 梁 2026-02-05 未经平台授权，禁止转载 行业分类： 制造业/集成电路制造 摘要 相控阵T/R芯片是相控阵雷达核心元器件，决定雷达天线参数和整机性能，且探测效能与芯片配置数量紧密相关。其行业特征包括应用领域广泛、军用战略意义强、利润空 间高。2020-2025年，行业市场规模由8.41亿增至24.80亿，预计2026-2030年将增至44.82亿。历史增长得益于智能驾驶与5G基站需求扩张，以及军民融合推动。未来，卫 星互联网加速组网、智能驾驶产业高速发展，将进一步拉动相控阵T/R芯片需求，推动行业规模持续扩大。 行业定义 相控阵T/R芯片是相控阵雷达的核心元器件之一，通常集成于T/R组件内，承担信号发射、接收及幅相调控的关键功能，以此实现雷达的波束 赋形与波束扫描。该芯片的性能指标直接决定雷达天线的参数表现，对整机综合性能起着决定性作用。除此之外，相控阵雷达的探测效能还与相 控阵T/R芯片的配置数量紧密相关，一部雷达 ...

证券代码：001270 证券简称：*ST铖昌 公告编号：2026-018 浙江铖昌科技股份有限公司 关于公司股票可能被终止上市的第四次风险提示公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 特别提示： 1、浙江铖昌科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日在 巨潮资讯网（www.cninfo.com.cn）披露了《关于公司股票交易被实施退市风险警 示暨股票停牌的公告》（公告编号：2025-023），公司 2024 年度经审计净利润为 负值（以财务报表利润总额、归属于上市公司股东的净利润、扣除非经常性损益 后归属于上市公司股东的净利润三者孰低者为准，下同），且扣除后营业收入低 于 3 亿元，根据《深圳证券交易所股票上市规则》第 9.3.1 条第一款第（一）项 的规定，公司股票交易自 2025 年 4 月 24 日起被实施退市风险警示。若公司 2025 年度出现《深圳证券交易所股票上市规则》第 9.3.12 条规定的相关情形，公司股 票将面临被终止上市的风险。 2、根据《深圳证券交易所股票上市规则》第 9.3.6 条"上市公司因 ...

证券代码：001270 证券简称：*ST铖昌 公告编号：2026-019 浙江铖昌科技股份有限公司 关于2025年年度报告编制及最新审计进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 浙江铖昌科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日在巨潮 资讯网（www.cninfo.com.cn）披露了《关于公司股票交易被实施退市风险警示暨 股票停牌的公告》（公告编号：2025-023），公司 2024 年度经审计净利润为负值 （以财务报表利润总额、归属于上市公司股东的净利润、扣除非经常性损益后归 属于上市公司股东的净利润三者孰低者为准，下同），且扣除后营业收入低于 3 亿元，根据《深圳证券交易所股票上市规则》第 9.3.1 条第一款第（一）项的规 定，公司股票交易自 2025 年 4 月 24 日起被实施退市风险警示。若公司 2025 年 度出现《深圳证券交易所股票上市规则》第 9.3.12 条规定的相关情形，公司股票 将面临被终止上市的风险。 根据《深圳证券交易所股票上市规则》第 9.3.6 条"上市公司因触及本规则第 9 ...

Core Insights - The report identifies a new cycle in China's defense equipment construction driven by "steady growth in traditional military industry" and "rapid development of civilian conversion of military technology" [4] - Traditional military industry is expected to continue its systematic and long-term progress, supported by key milestones such as the centenary of the People's Liberation Army in 2027 and the modernization goals by 2035 [4] - The civilian conversion of military technology is accelerating, creating new growth opportunities in various emerging industries, significantly enhancing the industry's elasticity [4] Group 1: Domestic and International Market Dynamics - The domestic market is expected to stabilize, while the international market presents new expansion opportunities for military trade [5][17] - The "14th Five-Year Plan" is initiating a new construction cycle, with a focus on enhancing military capabilities through mechanization and information technology [7][19] - The military trade landscape is evolving, with a shift towards a more integrated and systematic approach to military exports [52][56] Group 2: Military Technology Spillover - Military technology is increasingly spilling over into civilian applications, broadening the growth space and enhancing elasticity in the military industry [70][73] - Key areas of focus include commercial aerospace, advanced aircraft engines, controllable nuclear fusion, and deep-sea technology, which are expected to drive long-term growth [4][80] - The report emphasizes the importance of technological breakthroughs and cost reductions in facilitating the transition from military to civilian applications [76] Group 3: Investment Opportunities - The report highlights specific sectors for investment, including commercial aerospace, the dual-use aircraft industry, and controllable nuclear fusion [4][19] - The commercial aerospace sector is positioned for rapid growth, supported by national policies that prioritize aerospace as a key emerging industry [80][82] - The dual-use aircraft industry is expected to benefit from a resonance of military and commercial development, enhancing overall market potential [4][19]

Investment Rating - The report suggests focusing on investment targets with large market space, high barriers, and high performance elasticity, particularly in sectors expected to experience high growth such as new aviation equipment, missiles, unmanned equipment, military trade, domestic large aircraft, gas turbines, and commercial aerospace [5][30]. Core Insights - The report highlights that the military industry is driven by three macro factors: national defense policy, geopolitical environment, and domestic military expenditure, indicating an upward trend for the industry [2][31]. - It emphasizes the structural characteristics of traditional equipment showing steady growth while new combat power equipment is expected to see high growth, with military trade and civil-military integration opening up growth ceilings for military enterprises [2][30]. - The analysis of the military industry from 2020 to 2025 indicates that significant price inflation in certain segments, driven by equipment upgrades and increased usage, has led to substantial profit elasticity [1][23]. Summary by Sections Review of Military Industry Trends - The report reviews the military industry from 2020 to 2025, noting that the growth was primarily driven by national defense policies and the release of new equipment, leading to a "Davis double-click" market dynamic [14][16]. - It also discusses the impact of geopolitical events, such as the Russia-Ukraine war, on military stock performance, particularly in the U.S. market, where military stocks have seen significant valuation increases despite not achieving rapid growth in fundamentals [25][26]. Key Sectors to Watch - The report identifies key sectors to focus on, including: - **Aviation New Equipment**: Emphasizing the importance of new models and increased usage [8]. - **Missiles**: Highlighting the potential for high elastic growth due to low baselines and strong consumption attributes [8]. - **Unmanned Equipment**: Noting the maturation of China's unmanned equipment industry and its expected high growth during the 14th Five-Year Plan [8]. - **Military Trade**: Recognizing military trade as a significant growth driver for established military enterprises [8]. - **Domestic Large Aircraft**: Indicating that the large aircraft industry is entering a period of accelerated development [8]. - **Gas Turbines**: Focusing on the high demand driven by data center electricity needs [9]. - **Commercial Aerospace**: Identifying it as a super track with significant growth potential [9]. Investment Recommendations - The report recommends identifying investment targets that are positioned in high-growth sectors with large market potential and high barriers to entry, ensuring that these companies can benefit from the overall industry growth [5][30]. - It suggests focusing on companies with strong market positions and high performance elasticity, particularly those involved in high-demand segments such as military AI, unmanned systems, and commercial aerospace [5][30].

Summary of Key Points from Conference Call Records Industry Overview - The aerospace industry has been explicitly identified as a "pillar industry" in the government work report dated March 5, marking a significant recognition of its importance in the national economic strategy [1] - The report emphasizes the acceleration of satellite internet development, further solidifying aerospace and satellite internet as key focus areas during the 14th Five-Year Plan period [1] Core Insights and Arguments - The government report highlights the need for high-level technological self-reliance and strength, indicating a strategic shift towards enhancing domestic capabilities in critical technology sectors [1] - A "green channel" mechanism for listing financing and mergers and acquisitions for key technology enterprises is proposed, which could facilitate faster capital access and growth for companies in the aerospace sector [1] Investment Opportunities - The commercial aerospace sector is experiencing accelerated growth, with a focus on reusable rockets and other catalysts driving industry momentum [2] - Key industry players and investment targets have been identified across various segments of the aerospace supply chain: - **Rocket Launch**: Guojijiang Engineering, Chaojie Co., Gaohua Technology - **Baseband Routers**: Zhenlei Technology, Xinke Mobile, Fenghuo Communication, Shanghai Hantong, Fudan Microelectronics (FPGA), Nanjing Panda - **Phased Array and RF**: Zhenlei Technology, Chengchang Technology, Tongyu Communication, Canqin Technology, Aerospace Huanyu, Guobo Electronics - **Satellite Platforms**: Guojijiang Engineering, Aerospace Zhizhuang, Qianzhao Optoelectronics, Tianyin Electromechanical, Zhimingda - **Information Encoding**: Jiayuan Technology - **Ground Stations**: Zhenyou Technology, Xinke Mobile - **Satellite Terminals**: Haige Communication, Xinwei Communication, Mengsheng Electronics - **Satellite Testing**: Xice Testing, Sikrui [2] Additional Important Insights - The emphasis on the aerospace industry as a pillar suggests potential government support and funding, which could lead to increased investment and innovation in this sector [1] - The identification of specific companies within the supply chain indicates a strategic approach to investment, focusing on firms that are likely to benefit from government initiatives and industry growth [2]

证券代码：001270 证券简称：*ST铖昌 公告编号：2026-017 二、其他说明 公司于 2026 年 1 月 29 日披露了《2025 年年度业绩预告》（公告编号：2026- 008）， 经财务部门初步测算，预计 2025 年年度扣除后的营业收入为 38,000.00 万 元-43,500.00 万元，归属于上市公司股东的净利润为 9,500.00 万元-12,400.00 万元， 扣除非经常性损益后的净利润为 8,900.00 万元-11,500.00 万元，预计 2025 年末净 资产为 145,241.18 万元-154,141.18 万元。以上预告数据仅为初步核算数据，未经 会计师事务所审计，尚存在不确定性，具体准确的财务数据以公司正式披露的经 审计后的《2025 年年度报告》为准。 公司选定的信息披露媒体为《证券时报》《证券日报》《经济参考报》和巨潮 资讯网（http://www.cninfo.com.cn），公司所有信息均以在上述媒体刊登的公告为 准。敬请广大投资者谨慎决策，注意投资风险。 浙江铖昌科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日在巨潮 资讯网（www ...

证券代码：001270 证券简称：*ST铖昌 公告编号：2026-016 浙江铖昌科技股份有限公司 关于公司股票可能被终止上市的第三次风险提示公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 特别提示： 1、浙江铖昌科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日在 巨潮资讯网（www.cninfo.com.cn）披露了《关于公司股票交易被实施退市风险警 示暨股票停牌的公告》（公告编号：2025-023），公司 2024 年度经审计净利润为 负值（以财务报表利润总额、归属于上市公司股东的净利润、扣除非经常性损益 后归属于上市公司股东的净利润三者孰低者为准，下同），且扣除后营业收入低 于 3 亿元，根据《深圳证券交易所股票上市规则》第 9.3.1 条第一款第（一）项 的规定，公司股票交易自 2025 年 4 月 24 日起被实施退市风险警示。若公司 2025 年度出现《深圳证券交易所股票上市规则》第 9.3.12 条规定的相关情形，公司股 票将面临被终止上市的风险。 2、根据《深圳证券交易所股票上市规则》第 9.3.6 条"上市公司因 ...