证券代码：001270 证券简称：*ST铖昌 公告编号：2026-010 浙江铖昌科技股份有限公司 特别提示： 1、拟聘任的会计师事务所名称：中兴华会计师事务所（特殊普通合伙）（以 下简称"中兴华所"）。 2、原聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙）（以下 简称"立信所"）。 3、变更会计师事务所的原因：公司原审计机构立信所因审计工作人员变动和 整体工作安排等综合原因，预计无法为公司提供 2025 年度财务报告及内部控制审 计服务，向公司提出辞任 2025 年度审计机构。为确保公司年度审计工作顺利完成， 拟聘请中兴华所为公司 2025 年度财务报告及内部控制审计机构，聘期一年。公司 已就本事项与前后任会计师事务所进行充分沟通，前后任会计师事务所均已明确 知悉本次变更事项并表示无异议。 4、本次拟变更会计师事务所事项符合《国有企业、上市公司选聘会计师事务 所管理办法》等有关规定。公司审计委员会、董事会对本次变更会计师事务所事 项无异议。本次变更事项尚需提交公司股东会审议。 关于拟变更会计师事务所的公告 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 ...

证券代码：001270 证券简称：*ST铖昌 公告编号：2026-011 浙江铖昌科技股份有限公司 关于召开2026年第一次临时股东会的通知 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"）第二届董事会第十四次会议， 审议通过了《关于召开2026年第一次临时股东会的议案》，决定于2026年2月13 日召开公司2026年第一次临时股东会，现将本次会议的有关事项通知如下： 一、召开会议的基本情况 1、股东会届次：2026年第一次临时股东会。 2、股东会的召集人：公司第二届董事会。 3、会议召开的合法、合规性：第二届董事会第十四次会议审议通过了《关于 召开2026年第一次临时股东会的议案》，本次会议的召开符合法律法规、部门规 章、规范性文件和《公司章程》等的规定。 4、会议召开时间： 现场会议召开时间：2026年2月13日（星期五）下午14:30。 网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的具体时间为：2026年2月 13日上午9:15-9:25和9:30-11:30，下午13:00-15:00；（2 ...

证券代码：001270 证券简称：*ST铖昌 公告编号：2026-009 浙江铖昌科技股份有限公司 1、审议通过了《关于拟变更会计师事务所的议案》。 表决情况：9票同意，0票反对，0票弃权。 本议案尚需提交公司2026年第一次临时股东会审议。 第二届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 浙江铖昌科技股份有限公司（以下简称"公司"）第二届董事会第十四次会议 于2026年1月28日以现场结合通讯表决的方式在公司会议室召开。 本次会议通知已于2026年1月28日以现场口头、电话等方式送达给全体董事， 全体董事一致同意豁免本次会议的提前通知时限，召集人已在本次会议中就本次 会议通知的相关情况做出说明。会议应出席董事9名，实际出席董事9名（其中白 清利先生、王文荣先生、马广富先生、夏成才先生、蒋国良先生以通讯表决方式 出席会议）。公司高级管理人员列席了会议。本次会议的出席人数、召集、召开程 序和议事内容均符合《公司法》和《公司章程》的规定。会议由董事长罗珊珊女 士主持，经与会人员认真审议，形成如下决议： 二 ...

每经AI快讯，1月28日，*ST铖昌（001270）公告称，*ST铖昌预计2025年归属于上市公司股东的净利润 为9500万元~12400万元，上年同期为亏损3111.79万元，同比扭亏为盈。公司股票因2024年度经审计净 利润为负值且扣除后营业收入低于3亿元，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。 公司已披露股票可能被终止上市的风险提示公告，并计划更换会计师事务所以推进2025年度审计工作。 ...

证券代码：001270 证券简称：*ST铖昌 公告编号：2026-008 浙江铖昌科技股份有限公司 2025年年度业绩预告 一、本期业绩预计情况 （一）业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日 （二）业绩预告情况： 股票交易已被实施财务类退市风险警示后的首个会计年度、预计净利润为正 值且属于扭亏为盈情形 √扭亏为盈 同向上升 同向下降 | 项目 | 本会计年度 | 上年同期 | | --- | --- | --- | | 利润总额 | 盈利：9,600.00万元–12,500.00万元 | 亏损：-3,781.20万元 | | | 比上年同期增长：353.89%–430.58% | | | 归属于上市公司股东的净利润 | 盈利：9,500.00万元–12,400.00万元 | 亏损：-3,111.79万元 | | | 比上年同期增长：405.29%–498.48% | | | 扣除非经常性损益后的净利润 | 盈利：8,900.00万元–11,500.00万元 | 亏损：-4,361.40万元 | | | 比上年同期增长：304.06%–363.68% | | | 基本每股 ...

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； 证券代码：001270 证券简称：*ST铖昌 公告编号：2026-005 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 1 月 22 日、2026 年 1 月 23 日、2026 年 1 月 26 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 1、公司经过自查不存在违反信息公平披露的情形； 2、公司 2025 年年度报告预计将于 2026 年 4 月 3 日披露，如经公司测算达到 《深圳证券交易所股票上市规则》规定的业绩预告有关情形， ...

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace industry [1] Core Insights - The aerospace sector is transitioning from being viewed as a "cost center" driven by national will to a "growth engine" driven by commercial demand, with significant investments and strategic planning from both the US and China [6][9] - The global aerospace economy is projected to reach $613 billion in 2024, with commercial aerospace contributing 78%, and is expected to exceed $1 trillion by 2032 [6][9] - The value chain of commercial aerospace is divided into five core levels: "space, ground, terminal, rocket, and application," each presenting unique market opportunities and technical challenges from 2026 to 2030 [10][29] Summary by Sections 1. Space: Satellite Manufacturing - The satellite manufacturing market in China is expected to grow from approximately 7.1 billion yuan in 2025 to about 39.4 billion yuan by 2030, reflecting a shift from sporadic research models to continuous, batch engineering deliveries [16][18] 2. Ground: Ground Systems - The ground systems market is projected to increase from around 1.2 billion yuan in 2025 to approximately 39.1 billion yuan by 2030, evolving from a supporting role to a core infrastructure essential for stable satellite constellation operations [21][22] 3. Terminal: Key Variable for Commercial Aerospace - The terminal market is anticipated to grow from 500 million yuan in 2025 to about 141.9 billion yuan by 2030, driven by multiple vertical industries and potential consumer scenarios [23][24] 4. Rocket: Core Constraint - The cost of rocket launches is a critical constraint, with reusable technology expected to reduce costs by 80%-90% compared to traditional expendable rockets. The market for rocket launch services is projected to grow from approximately 10.7 billion yuan in 2025 to about 34.3 billion yuan by 2030 [25][26] 5. Application: Final Value Realization - The application market is expected to expand from 200 million yuan in 2025 to 525 billion yuan by 2030, with the revenue share from applications projected to rise from single digits to over 67% by around 2030 [27][28] 6. Investment Opportunities - Investment opportunities in commercial aerospace can be categorized into three main tracks: 1. Launch and manufacturing segments, which are expected to benefit directly from increased orders and visibility 2. Core components and systems, characterized by high technical barriers and critical for long-term competitiveness 3. Downstream applications and operational services, which, while currently limited in scale, hold the greatest long-term potential for value realization [29][30]

Core Viewpoint - *ST Chengchang's stock hit the daily limit down, reflecting significant concerns regarding its operational stability and market confidence due to various risks including potential delisting and project delays [2] Group 1: Company Fundamentals - The company is under delisting risk as a *ST (Special Treatment) entity, raising doubts about its ongoing operational capability [2] - The new generation chip project has been delayed twice until 2026, indicating high R&D challenges and negatively impacting market confidence in the company's future [2] - The operating cash flow for the first three quarters was -106 million yuan, with accounts receivable increasing by 53.45%, highlighting cash flow pressures [2] Group 2: Market Environment and Valuation - The company operates in the phased array T/R chip sector, which has a first-mover advantage in the low-orbit satellite field, but faces a complex and volatile market environment [2] - The company's price-to-earnings ratio is 278 times (industry average 54 times) and price-to-book ratio is 17 times (industry average 5.5 times), indicating significant valuation pressure [2] - Recent performance in related concept sectors has been poor, with multiple stocks experiencing declines, which could further negatively impact *ST Chengchang's stock price [2] Group 3: Short-term Trends and Investor Behavior - The stock reached a historical high on January 16, 2026, before hitting the daily limit down, suggesting that the previous price surge may have led to profit-taking by investors [2] - The lack of fundamental support for the recent price increase may have triggered sell-offs from technical investors [2]

Core Viewpoint - The commercial aerospace sector experienced a significant downturn on January 20, with many stocks hitting their daily limit down, marking the end of a month-long rally. The sector's volatility is attributed to a combination of policy changes, clarifications of business relevance, and recent launch failures [1][2][3]. Market Performance - As of January 20, the commercial aerospace sector index (BK0963) fell over 3.2%, with individual stocks like Xice Testing (301306.SZ) and Aerospace Hongtu (688066.SH) dropping more than 11%. A total of 11 stocks hit their daily limit down, while others like Aerospace Huanyu (688523.SH) and Shenglu Communication (002446.SZ) saw declines exceeding 8% [2][3]. - The index has decreased from above 3100 points on January 12 to around 2790 points, ending a rapid rise that began in late November 2025, during which at least 10 stocks doubled in price [2][3]. Factors Influencing Market Changes - The recent market cooling is attributed to multiple factors, including over 20 companies issuing risk warnings or clarifications about their lack of substantial involvement in commercial aerospace. For instance, Aerospace Hongtu stated that its strategic cooperation with a space technology company has not led to any significant business collaboration [3][6]. - The sector faced setbacks with launch failures, including the Long March 3B rocket and the private commercial rocket from Star River Power, which both experienced mission failures [3][4]. Policy and Industry Developments - The previous surge in the sector was driven by favorable policies, such as China's application for 203,000 new satellites, the largest in recent years, and the Shanghai Stock Exchange's announcement allowing commercial rocket companies to apply for IPOs under specific standards [4][5]. - Recent developments indicate that several companies with core technology capabilities are in the IPO preparation stage, although many have not yet gone public [6][7]. Financial Challenges - Financial data reveals significant challenges for companies in the sector. For example, Blue Arrow Aerospace reported net losses of 8.21 billion yuan in 2022, 12.16 billion yuan in 2023, and 9.16 billion yuan in 2024, with a total loss exceeding 35 billion yuan over three and a half years [7][8]. - The commercial viability of these companies is hindered by their early-stage development and the high costs associated with rocket technology, which still lag behind international competitors [8]. Future Outlook - Despite the recent downturn, long-term prospects for the commercial aerospace sector remain positive, with industry experts suggesting that the current market correction may help identify companies with genuine technological capabilities and commercial potential [9]. - Analysts believe that the sector may experience a recovery similar to the renewable energy market, driven by ongoing policy support and potential improvements in profitability [9].

Group 1 - The commercial aerospace sector experienced a downward trend on January 20, with multiple stocks, including *ST Chengchang and Aerospace Power, hitting the daily limit down. Stocks like Superjet Co. and Xicet Testing fell over 13%, while Zhenlei Technology and Aerospace Micro dropped over 11% [2][3] - *ST Chengchang opened with a rapid rise to the daily limit but later experienced significant volatility, ultimately hitting the limit down. As of the report, *ST Chengchang was priced at 128.66 yuan per share [2][3] - The Shenzhen Stock Exchange issued a regulatory notice regarding *ST Chengchang's stock price volatility, leading to a suspension for investigation and a risk warning announcement. Following its resumption on January 16, the stock continued to hit the daily limit up, with some investors engaging in abnormal trading behaviors [2][3] Group 2 - The company *ST Chengchang was established in November 2010 and specializes in the research, production, sales, and technical services of microwave and millimeter-wave analog phased array T/R chips [7]