智通财经APP讯，航天电器(002025.SZ)发布公告，为加快落实公司"大互连"战略部署和产业发展布局， 持续提升苏州华旃在高速互连、液冷互连领域的核心竞争力，解决苏州华旃高速模组及液冷互连产品生 产能力提升面临的设备产线不足等事项，抢抓信创及AI超算产业发展机遇，进一步扩大市场份额，助 推公司高端互连产业发展。2025年12月5日，公司召开第八届董事会2025年第十三次临时会议审议通过 《关于控股子公司苏州华旃航天电器有限公司投资高速模组及液冷互连产品生产能力建设项目的议 案》，同意苏州华旃投资5,725万元实施高速模组及液冷互连产品生产能力建设项目。 ...

证券代码：002025 证券简称：航天电器 公告编号：2025-71 贵州航天电器股份有限公司 第八届董事会 2025 年第十三次临时会议决议公告 公司控股子公司苏州华旃投资高速模组及液冷互连产品生产能力建设项目的具体 情况，详见 2025 年 12 月 6 日刊登在《证券时报》《中国证券报》和巨潮资讯网上的《关 于控股子公司苏州华旃航天电器有限公司投资高速模组及液冷互连产品生产能力建设 项目的公告》。 二、以 9 票同意，0 票反对，0 票弃权的表决结果通过《关于向银行申请综合授信 额度的议案》 为满足公司生产经营、业务发展资金需求。经审议，董事会同意公司（含控股子公 司）向交通银行股份有限公司、招商银行股份有限公司、中国进出口银行、中信银行股 份有限公司、中国工商银行股份有限公司、国家开发银行、中国银行股份有限公司、中 国光大银行股份有限公司、中国农业银行股份有限公司等金融机构申请总额不超过人民 币43.00亿元的综合授信额度，授信期限不超过2年，授信额度使用范围包括不限于流动 １ 资金贷款、银行承兑汇票、票据贴现、保理、保函、开立信用证等业务。上述授信额度 最终以各家银行实际审批的授信额度为准，具体融资 ...

证券代码：002025 证券简称：航天电器 公告编号：2025-72 贵州航天电器股份有限公司 关于控股子公司苏州华旃航天电器有限公司投资高速模组及液冷 互连产品生产能力建设项目的公告 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、误导性陈述或重大遗漏。 二、投资主体基本情况 1.实施主体：苏州华旃航天电器有限公司 2.统一社会信用代码：913205057833573711 3.企业类型：其他有限责任公司 1 4.住 所：江苏省苏州高新区嵩山路 268 号 一、投资项目概述 贵州航天电器股份有限公司（以下简称"公司"）控股子公司苏州华旃航天 电器有限公司（以下简称"苏州华旃"）主要从事电子元器件及仪器、电缆组装 件等的研发、生产和销售，产品广泛应用于通讯、数据中心、能源装备、防务等 领域。 为加快落实公司"大互连"战略部署和产业发展布局，持续提升苏州华旃在 高速互连、液冷互连领域的核心竞争力，解决苏州华旃高速模组及液冷互连产品 生产能力提升面临的设备产线不足等事项，抢抓信创及 AI 超算产业发展机遇， 进一步扩大市场份额，助推公司高端互连产业发展。2025 年 12 月 5 日，公 ...

证券代码：002025 证券简称：航天电器 公告编号：2025-73 贵州航天电器股份有限公司 关于向银行申请综合授信额度的公告 1 | | | 授信额度使用范围包括不限于流动资金贷款、银行承兑汇票、票 据贴现、保理、保函、开立信用证等业务。 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、误导性陈述或重大遗漏。 2025年12月5日，贵州航天电器股份有限公司（以下简称"公司"） 召开第八届董事会2025年第十三次临时会议审议通过《关于向银行申 请综合授信额度的议案》，经审议，董事会同意公司（含控股子公司） 向交通银行股份有限公司、招商银行股份有限公司、中国进出口银行、 中信银行股份有限公司、中国工商银行股份有限公司、国家开发银行、 中国银行股份有限公司、中国光大银行股份有限公司和中国农业银行 股份有限公司等金融机构申请总额不超过人民币43.00亿元的综合授 信额度，授信期限不超过2年，用于满足公司生产经营、业务发展资 金需求。 | 序号 | 授信银行名称 | 拟申请综合授信额度（亿元） | | --- | --- | --- | | 1 | 交通银行股份有限公司 | 16.00 | ...

证券代码：002025 证券简称：航天电器 公告编号：2025-74 贵州航天电器股份有限公司 关于召开 2025 年第五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、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2025 年第五次临时股东会 2、股东会的召集人：贵州航天电器股份有限公司董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等 法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议召开时间：2025 年 12 月 26 日下午 2:30 （2）网络投票时间：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 2025 年 12 月 26 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系 统投票的具体时间为 2025 年 12 月 26 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 8、 ...

Core Insights - The successful launch of the Zhuque-3 rocket marks a significant milestone for China's commercial space industry, addressing the core issue of insufficient launch capacity [1] - The launch validates the rocket's basic launch capabilities, enabling it to undertake commercial orders [1] - The establishment of the National Commercial Space Administration is expected to optimize management and catalyze growth in the commercial space sector during the 14th Five-Year Plan period [1] Industry Developments - The successful launch is anticipated to accelerate the construction of satellite internet constellations and open new business models such as space tourism and space manufacturing [1] - Several reusable rockets, including Long March 12A and Tianlong 3, are lined up for their maiden flights, indicating a period of intensive validation and potential explosive growth in the industry [1] Market Performance - As of December 4, 2025, the CSI Defense Index (399973) rose by 1.07%, with notable increases in stocks such as Aerospace Electronics (600879) up 8.82% and Yingli Technology (300395) up 4.35% [1] - The National Defense ETF (512670) also saw a rise of 0.91%, reflecting positive market sentiment towards defense-related stocks [1] Index Composition - The CSI Defense Index includes stocks from the top ten military industrial groups and companies that provide weaponry or have contracts with the military, reflecting the overall performance of defense industry stocks [2] - As of November 28, 2025, the top ten weighted stocks in the index accounted for 44.06% of the total index, with significant players including AVIC Shenyang Aircraft (600760) and Aero Engine Corporation of China (600893) [2]

Core Viewpoint - The A-share market's commercial aerospace stocks experienced significant activity, driven by the successful launch of the Zhuque-3 Yao-1 rocket, marking a milestone in China's private aerospace sector [1] Group 1: Market Activity - Commercial aerospace stocks collectively surged, with Longxi Co. hitting the daily limit up, and other stocks like Zhaobiao Co. and Aerospace Hanyu rising over 8% [1] - Notable stock performances include: - Longxi Co. increased by 10% with a market cap of 10.9 billion - Zhaobiao Co. rose by 8.63% with a market cap of 6.583 billion - Aerospace Hanyu gained 8.27% with a market cap of 17 billion [1][1][1] Group 2: Rocket Launch Details - The Zhuque-3 Yao-1 rocket successfully completed its flight mission, achieving a significant milestone as it is the first domestic application of a nine-engine parallel liquid oxygen-methane propulsion system [1] - Despite the failure of the first stage recovery, the successful launch is expected to facilitate the acceleration of satellite networking [1][1] Group 3: Company Insights - Blue Arrow Aerospace, the developer of the Zhuque-3 rocket, initiated guidance for a Sci-Tech Innovation Board listing in July [1] - Zhang Chi, founder of New Ding Capital and investor in Blue Arrow Aerospace, stated that the successful launch would not hinder the company's listing process [1] - The rocket's design is considered one of the leading capabilities in the private commercial aerospace sector [1]

Group 1 - The core point of the article is that Aerospace Electric (002025.SZ) is providing interconnection products, including connectors, to Blue Arrow Aerospace, indicating a business relationship between the two companies [1] Group 2 - Aerospace Electric has confirmed its role as a supplier to Blue Arrow Aerospace through an interaction on its platform [1]

12月2日，航天电器盘中上涨2.04%，截至10:26，报42.06元/股，成交2.37亿元，换手率1.26%，总市值 191.55亿元。 截至9月30日，航天电器股东户数2.36万，较上期增加4.69%；人均流通股19205股，较上期减少4.48%。 2025年1月-9月，航天电器实现营业收入43.49亿元，同比增长8.87%；归母净利润1.46亿元，同比减少 64.53%。 分红方面，航天电器A股上市后累计派现13.67亿元。近三年，累计派现4.46亿元。 机构持仓方面，截止2025年9月30日，航天电器十大流通股东中，易方达国防军工混合A（001475）位 居第二大流通股东，持股1708.72万股，相比上期增加78.51万股。华夏军工安全混合A（002251）位居 第四大流通股东，持股1503.85万股，相比上期增加439.66万股。富国中证军工龙头ETF（512710）位居 第六大流通股东，持股618.57万股，相比上期增加91.67万股。南方中证500ETF（510500）、易方达品 质动能三年持有混合A（014562）退出十大流通股东之列。 责任编辑：小浪快报 今年以来航天电器已经1次登上龙虎榜， ...

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5] Core Insights - The establishment of the Commercial Space Administration by the National Space Administration signifies a dedicated regulatory body for the commercial space industry, which is expected to drive high-quality development and benefit the entire industry chain [2][37] - The low-altitude economy is entering a phase of accelerated commercialization, with significant policy support and new product development, indicating a promising growth trajectory [3][36] - The defense and military sector is projected to experience sustained growth due to the execution of backlog orders from the 14th Five-Year Plan and the introduction of new orders under the 15th Five-Year Plan [3][38] Summary by Sections Market Review - The defense and military index rose by 2.85% last week, ranking 14th among 31 primary industries [1][13] - The current PE (TTM) for the defense and military sector is 77.60 times, with aerospace equipment at 305.61 times and military electronics at 106.55 times [1][22] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: AVIC Chengfei, Hongdu Aviation, AVIC Shenyang, AVIC Xifei 2. New military technologies: Lianchuang Optoelectronics, Guangqi Technology, Zhongjian Technology 3. Underwater equipment: Yaxing Anchor Chain, Zhongke Haixun, Changying Tong 4. Missile industry chain: Feili Hua, Guoke Military Industry, Zhongbing Hongjian 5. Military titanium materials: Western Superconducting 6. Electronic components: Hongyuan Electronics, Aerospace Electric [4][40][41][42][43][44][45][46] Industry Dynamics - The National Space Administration's action plan for commercial space development aims for a significant expansion of the industry by 2027, enhancing innovation and resource utilization [2][37] - The low-altitude economy is being bolstered by new regulations and infrastructure developments, with a focus on safety and efficiency in low-altitude flight activities [3][34][36]