Group 1 - The core viewpoint of the article highlights that *ST Chengchang (001270.SZ) is one of the main enterprises in China engaged in the research and development of T/R chips, primarily driven by research institutions [1] - The company sees a favorable opportunity for long-term growth due to the significant increase in downstream demand and the substantial rise in product application penetration [1] - The gross profit margin for the company in the first three quarters of 2025 was reported at 69.72%, indicating a strong profitability outlook [1] Group 2 - The company is committed to continuously expanding its operational scale to enhance profitability [1]

格隆汇12月24日丨*ST铖昌(001270.SZ)在互动平台表示，公司产品T/R芯片在产业链中较为前端，下游 直接客户以天线、雷达院所企业等居多。公司已针对下一代低轨通信卫星以及地面配套设备新研发出多 款产品，公司将结合自身实际情况，积极拓展符合公司发展规划的业务。 ...

Core Viewpoint - The commercial aerospace sector is experiencing a significant surge in stock prices despite a general downturn in the A-share market, driven by strong policy support, technological advancements, and capital inflow [1][3][5]. Policy Support - The establishment of the National Commercial Aerospace Administration and the release of the "Commercial Aerospace Action Plan (2025-2027)" have integrated low-orbit satellite internet into national strategic development [3]. - The creation of special funds and proactive local government planning provide robust policy backing for the development of commercial aerospace [3]. Technological Advancements - Successful tests of reusable rockets have significantly reduced launch costs, while breakthroughs in satellite mass production technology and domestic replacements for key components like inter-satellite laser communication and onboard chips lay a solid technical foundation for the industry [5]. - The operational launch of the reusable Zhuque-3 rocket and the successful deployment of low-orbit satellites by the Long March 12 rocket signify major technological progress [11]. Capital Inflow - The news of SpaceX's planned IPO has sparked global capital interest in commercial aerospace, with leading domestic companies also racing towards IPOs, facilitated by smooth financing channels on the Sci-Tech Innovation Board [5]. - A notable influx of funds into the commercial aerospace sector is evident, with several stocks seeing net inflows exceeding 100 million yuan in a single day [1]. Stock Performance - Companies like Jiuzhiyang and Tianli Composite have seen significant stock price increases of 20% and 18% respectively, with Tianli Composite being the sole bulk supplier of titanium-stainless steel composite joints for satellite propulsion systems [1][7]. - Other companies such as Hualing Cable and Tongyu Communication have also experienced strong performance, with Hualing Cable holding a 70% market share in rocket ignition cables [7][9]. Market Dynamics - There is a clear distinction in the "value" of individual stocks within the commercial aerospace sector, with those directly related to core aerospace functions attracting more investment [7][8]. - Companies with high order visibility and clear performance paths, such as Tianli Composite and Tongyu Communication, are prioritized by investors [9]. Industry Outlook - The commercial aerospace industry is entering a phase of industrialization and scale production, with the establishment of a super manufacturing base capable of producing thousands of satellites annually [11]. - The sector is expected to see broader development opportunities by 2026, as it transitions from technology validation to large-scale implementation [11].

Core Insights - The Long March 12A reusable launch vehicle, developed by China Aerospace Science and Technology Corporation's Eighth Academy, is scheduled for its first launch in December 2025 at the Jiuquan Satellite Launch Center [1] - The commercial aerospace industry is entering a critical window for industrialization, driven by increased policy support and technological maturity [1] Market Sector Analysis - **Satellite Manufacturing and Launch Services**: The demand for satellite manufacturing and launch services is surging due to the acceleration of low-orbit satellite constellation deployment, transitioning the industry from an "investment incubation phase" to a "profit realization phase" [2] - **Aerospace Equipment and New Materials**: Breakthroughs in reusable rocket technology are driving upgrades in aerospace materials and structural design, leading to increased demand for rocket structural components and high-performance composite materials [2] - **Satellite Internet and Communication**: The three major telecom operators have received satellite licenses, marking a shift from experimental to large-scale commercial satellite communication, resulting in a surge in demand for ground equipment and satellite terminals [2] - **Space Computing and Data Processing**: Space computing is becoming a significant supplement to ground computing, with accelerated integration of AI and aerospace, creating new opportunities in satellite computing and data transmission [2] Company Overview - **Zhongke Xingtou (688568)**: A leading domestic enterprise in digital earth product development, with advantages in remote sensing data processing and space big data applications, expected to benefit from national aerospace infrastructure development [3] - **Aerospace Rainbow (002389)**: A core player in the drone sector, actively expanding into aerospace, with its Rainbow series drones gaining international acclaim and exploring synergies with satellite systems [3] - **Chengchang Technology (001270)**: Focused on the development and production of microwave and millimeter-wave phased array T/R chips, positioned to benefit from the surge in RF chip demand due to low-orbit satellite internet construction [3] - **Sry New Materials (688102)**: A leader in high-end metal new materials, with products successfully applied in various commercial rocket models, expected to see market share growth in aerospace specialty materials [3] - **Chaojie Co., Ltd. (301005)**: A leading company in precision fasteners, expanding into aerospace with products entering the commercial aerospace supply chain, potentially providing new growth points due to high-margin aerospace business [4]

Group 1 - The core point of the article is that Heertai has confirmed that Chengchang Technology is a subsidiary of the company, and its financial statements will be included in the consolidated financial statements according to relevant accounting standards [1] Group 2 - Heertai will consolidate the financial data of Chengchang Technology based on the proportion of shares held in the subsidiary [1]

Core Insights - Since 2020, global rocket launches have reached record highs for three consecutive years, indicating unprecedented activity in the aerospace sector [1] - China's low Earth orbit (LEO) satellite construction is lagging behind high orbit high-throughput satellites, with the Tian Tong-1 satellite being a mature GEO satellite constellation widely used across various industries [1] - The formal networking of two major satellite constellations (GW and G60) in 2024 marks the beginning of a new era of regular satellite deployment, with expectations for a rapid increase in industry scale as domestic satellite internet construction progresses [1] Industry Analysis - **Satellite Manufacturing Sector**: The construction of LEO satellite constellations is entering a high-frequency launch phase, leading to a surge in orders for satellite platforms and payload manufacturers, with urgent capacity expansion needs [2] - **Rocket Launch Sector**: There is a significant increase in demand for commercial space launches, with low-cost and high-frequency launch capabilities becoming core competitive advantages, presenting development opportunities for private rocket companies [2] - **Ground Equipment Sector**: There is a growing demand for satellite terminals, base stations, and chips, with a broad market space for user-side equipment and an accelerated process of domestic substitution [2] - **Operational Services Sector**: Satellite communication operators are expected to obtain licenses and commence commercial services, potentially opening up incremental markets in maritime, aviation, and IoT sectors [2] Listed Companies Overview - **China Satellite (600118)**: A core listed platform under the Aerospace Science and Technology Corporation, with capabilities in the development and mass production of small and micro satellites, deeply involved in national satellite internet projects [3] - **Aerospace Electric (002025)**: A leading manufacturer of high-end electronic components, with products including connectors and relays widely used in satellite and rocket control systems [3] - **Chengchang Technology (001270)**: A core supplier of phased array T/R chips, which are essential components for satellite communication antennas, characterized by high technical barriers [3] - **Huali Chuantong (300045)**: An early player in satellite communication baseband chips and terminal products, successfully developed the "Tian Tong-1" satellite phone, and participated in multiple national projects [3] - **Mengsheng Electronics (688311)**: Focused on satellite navigation and communication terminal equipment, with applications in both defense and civilian sectors, showcasing strong technical capabilities [3] - **Beidou Xingtong (002151)**: Extends from Beidou chips to comprehensive satellite internet services, providing integrated solutions for high-precision positioning and communication [3]

Group 1 - The company *ST Chengchang experienced a limit-down trading session, indicating significant selling pressure in the market [1] - The stock recorded a trading volume of 1.594 billion yuan, reflecting heightened investor activity and concern [1]

Group 1 - The commercial aerospace sector in the A-share market continues to strengthen, with significant stock price increases for several companies, including Youji Co., which rose over 18%, and Xinke Mobile, which increased over 17% [1] - The upcoming period from December 2025 to early 2026 is expected to see a concentrated launch phase for reusable rockets in China's commercial aerospace sector, with private aerospace company Tianbing Technology's Tianlong-3 and the China Aerospace Science and Technology Corporation's Long March 12甲 both entering the countdown to launch [1] Group 2 - Notable stock performance includes: - Youji Co. with an 18.62% increase and a total market value of 3.105 billion [2] - Xinke Mobile with a 17.26% increase and a total market value of 36.2 billion [2] - Xingchen Technology with a 13.78% increase and a total market value of 5.147 billion [2] - Wanlong Optoelectronics with an 11.85% increase and a total market value of 3.436 billion [2] - Aerospace Intelligent Equipment with a 10.11% increase and a total market value of 20.6 billion [2]

证券代码：001270 证券简称：*ST铖昌 公告编号：2025-049 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（2025 年 12 月 16 日、2025 年 12 月 17 日、2025 年 12 月 18 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。 公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市规则》 等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协 议等；董事会也未获悉公司有根据《深圳证券交易所股票上市规则》等有关规定 应予以披露而未披露的、对公司股票交易价格产生较大影响的信息；公司前期披 露的信息不存在需要更正、补充之处。 四、必要的风险提示 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 ...

*ST铖昌公告称，公司股票在2025年12月16日、12月17日、12月18日连续三个交易日内收盘价格涨幅偏 离值累计超过12%，属于股票交易异常波动。经核实，公司前期披露信息无更正补充；未发现公共传媒 报道可能影响股价的未公开重大信息；经营情况正常，内外部环境无重大变化；控股股东和实控人无应 披露未披露重大事项，异常波动期间未买卖公司股票。公司提醒投资者理性投资，注意风险。 ...