Core Viewpoint - The general aviation sector is experiencing significant growth, driven by the launch of a commercial aerospace industry alliance fund and the anticipated advancements in rocket recovery technology in China [1][2]. Group 1: Market Performance - As of December 25, 2025, the China General Aviation Theme Index (931855) rose by 1.94%, with key stocks such as Guanglian Aviation (300900) increasing by 19.99% and Plittech (688333) by 6.93% [1]. - The General Aviation ETF (561660) also saw a rise of 1.90%, with the latest price reported at 1.13 yuan [1]. - Over the past week, the General Aviation ETF fund experienced a significant growth of 193.17 million yuan [2]. Group 2: Fund and Investment Details - The newly launched commercial aerospace industry alliance fund has an initial issuance scale of 1 to 2 billion yuan, with a long-term goal of expanding to 10 billion yuan over a 10-year period [1]. - The fund will focus on four main areas: low-orbit satellite constellations and satellite internet, reusable launch vehicles and rocket launch services, new materials and devices for commercial aerospace, and the development and utilization of space resources [1]. - The top ten weighted stocks in the China General Aviation Theme Index account for 40.68% of the index, including companies like Aerospace Electronics (600879) and Haige Communication (002465) [2].

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]

Core Viewpoint - The successful maiden flight of the Rainbow-7 drone marks a strategic breakthrough for China's high-end drone capabilities, potentially enhancing the market position of Aerospace Rainbow (002389.SZ) in the global military drone market [4][10][11]. Company Overview - Aerospace Rainbow, originally Zhejiang Nanyang Electronic Film Co., was listed in 2010 and restructured in 2017 to focus on drone and guided weapon systems, with the China Aerospace Science and Technology Corporation as the new controlling shareholder [12]. - The company operates primarily in two sectors: drones and new materials, with drones being the core business encompassing research, design, production, and sales [12][13]. Product Development - The Rainbow-7 drone features advanced design elements such as a flying wing layout, stealth capabilities, and multi-tasking abilities, including reconnaissance and strike functions [9][10]. - The drone can fly for up to 16 hours, has a maximum range of 8,000 kilometers, and can carry up to 2 tons of weapons, making it a strategic asset in military operations [9][10]. Market Position - Aerospace Rainbow has maintained a leading position in the global drone export market, with the Rainbow series drones consistently ranking among the top three in global export volumes for the past decade [13][24]. - The company holds a 70% share of China's military drone export market, with significant sales to over ten countries and regions [13][24]. Financial Performance - The company has faced declining revenues and profits from 2022 to 2024, with a reported revenue of 2.567 billion yuan in 2024, down 10.45% year-on-year, and a net profit of 88 million yuan, down 42.54% [18][20]. - Despite recent challenges, there are signs of recovery, with a significant revenue increase of 162.48% year-on-year in Q3 2025, indicating a potential turning point [21][22]. Industry Outlook - The global military drone market is projected to grow significantly, reaching $34.3 billion by 2025, driven by increasing demand for advanced drone capabilities [23]. - The Asia-Pacific region is expected to lead this growth, with China's defense modernization efforts contributing to a surge in drone procurement [23][24]. - Aerospace Rainbow is well-positioned to capitalize on this growth, especially with the anticipated demand for high-end drones in the international market [24][25].

Group 1 - The core viewpoint of the news is that Aerospace Rainbow has shown significant stock performance with a year-to-date increase of 33.52% and a recent uptick in trading activity, indicating potential investor interest and market confidence [1] - As of December 18, Aerospace Rainbow's stock price reached 24.02 CNY per share, with a market capitalization of 23.658 billion CNY and a trading volume of 343 million CNY [1] - The company has experienced a net inflow of main funds amounting to 6.4939 million CNY, with large orders contributing significantly to the buying activity [1] Group 2 - Aerospace Rainbow, established on November 30, 2001, and listed on April 13, 2010, specializes in unmanned aerial vehicles (UAVs) and related products, as well as manufacturing capacitive films, solar cell back materials, optical films, and lithium-ion battery separators [2] - The revenue composition of Aerospace Rainbow includes 37.59% from UAVs and related products, 23.85% from back materials and insulation materials, 20.64% from optical films, 15.02% from technical services, and 2.91% from other sources [2] - As of November 28, the number of shareholders increased to 123,000, with an average of 8,004 circulating shares per person [2] Group 3 - Aerospace Rainbow has distributed a total of 466 million CNY in dividends since its A-share listing, with 178 million CNY distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders include notable entities such as the Guotai Zhongzheng Military Industry ETF and Hong Kong Central Clearing Limited, with some shareholders reducing their holdings [3]

（编辑 任世碧） 证券日报网讯 12月16日晚间，航天彩虹发布公告称，公司于2025年12月15日召开第七届董事会第五次 会议，审议通过了《关于续聘会计师事务所的议案》，拟续聘天健会计师事务所（特殊普通合伙）为公 司2025年度审计机构。本事项尚需提交公司股东会审议。 ...

Market Overview - The low-altitude economy index increased by 2.23% this week, with a relative increase of 2.31% [1][2] - The average daily transaction amount reached 633.48 billion yuan, while the price-to-earnings ratio (TTM) stood at 121.53 times [1][2] - There was a net outflow of main funds averaging -12.59 billion yuan this week, despite a significant increase in transaction volume compared to last week [1][2] Stock Performance - The top five stocks by increase this week were Xibu Materials, Chaojie Co., Ltd., Sichuang Electronics, Guanglian Aviation, and Aerospace Electronics [3] - The bottom five stocks by decrease were ZTE Corporation, Yingboer, Xingyuan Zhuomei, ChaoTu Software, and China Chemical Geology [3] Industry Dynamics - The National Development and Reform Commission is working on improving the low-altitude economic industry ecosystem [4] - Hainan's annual drone flight volume has surpassed 10 million [4] - A regular logistics route for low-altitude drones from Haikou Xiuying to Guangdong Xu Wen has been established [4] - Successful maiden flights of the "Jiutian" drone and the Rainbow-7 high-altitude stealth drone have been reported [4] - The domestic transport drone SUNNY-T2000 has officially rolled off the production line [4] - The first heavy-lift eVTOL AR-E800 has successfully completed its maiden flight [4] - Jinhua, Zhejiang, is developing a network for unmanned delivery to facilitate the "last mile" [4] - Hefei City held a meeting to promote low-altitude delivery logistics [4] - The National Medical Insurance Administration organized a seminar on cultivating and opening scenarios in the medical insurance field [4] Policy Developments - Two mandatory national standards for drone real-name registration and operational identification have been released [5] - Several local "14th Five-Year" planning suggestions mention the development of the low-altitude economy [5] - The Hubei Provincial Low-altitude Operation Management Center issued a notice on the "Guidelines for Low-altitude Flight Service Work Procedures (Trial)" [5] - Zhuhai City published a list of application scenario opportunities in the low-altitude field for 2025 [5] Company Developments - Aerospace Rainbow (002389.SZ) plans to jointly invest with Zhongtian Rocket to establish Xinjiang Zhongtian Rocket Weather Modification Technology Co., Ltd. [6] - Jifeng Technology (300022.SZ) has a subsidiary that is expected to procure drones and parts from Dongtai Lianfei, with a total transaction amount not exceeding 100 million yuan [6]

截至发稿，航天彩虹市值为243亿元。 每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ 每经AI快讯，航天彩虹（SZ 002389，收盘价：24.63元）12月16日晚间发布公告称，公司第七届第五次 董事会会议于2025年12月15日以通讯表决方式召开。会议审议了《关于调整全资子公司与非关联方合资 设立低空科技公司投资方案的议案》等文件。 （记者 曾健辉） 2025年1至6月份，航天彩虹的营业收入构成为：航空航天产品制造占比52.61%，电子元器件制品占比 44.49%，其他业务占比2.91%。 ...

特别提示： 1.公司 2024 年度审计意见为标准的无保留意见； 2.本次聘任不涉及变更会计师事务所； 证券代码：002389 证券简称：航天彩虹 公告编号：2025-056 航天彩虹无人机股份有限公司 关于拟续聘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、误导性陈述或重大遗漏。 3.审计委员会、董事会对本次续聘会计师事务所事项不存在异议； 4.本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的 《国有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号） 的规定。 航天彩虹无人机股份有限公司（以下简称"公司"）于 2025 年 12 月 15 日召开第七届董事会第五次会议，审议通过了《关于续聘会计师事 务所的议案》，拟续聘天健会计师事务所（特殊普通合伙）为公司 2025 年度审计机构。该事项已经公司董事会审计委员会审议通过，尚需提交公 司股东会审议。现将有关情况公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1.基本信息 会计师事务所名称：天健会计师事务所（特殊普通合伙） 注册地址：浙江省杭州市西湖区灵隐街道西溪路 128 ...

证券代码：002389 证券简称：航天彩虹 公告编号：2025-057 航天彩虹无人机股份有限公司 关于调整全资子公司与非关联方合资设立低空科技公司 投资方案的公告 | | | 航天彩虹无人机股份有限公司（以下简称"航天彩虹"或 "公司"） 于 2025 年 12 月 15 日召开第七届董事会第五次会议审议通过《关于调整 全资子公司与非关联方合资设立低空科技公司投资方案的议案》，同意全 资子公司彩虹无人机科技有限公司（以下简称"彩虹公司"）调整对外投 资方案，根据前次资产评估结果，以彩虹-8 全倾转旋翼相关专利等无形 资产作价出资人民币 41,701.46 万元（含税价），与重庆都梁城工高新科 技集团有限公司（以下简称"都梁高新集团"）共同设立重庆运虹低空科 技有限公司（以下简称： "重庆运虹"或"标的公司"），并修订出资协 议，本事项尚需提交公司股东会审议。现将具体情况公告如下： 一、对外投资事项概述 公司于 2025 年 11 月 21 日召开第七届董事会第四次会议，审议通过 了《关于全资子公司以包括部分募投项目资产在内的非货币性资产出资与 非关联方合资设立低空科技公司的议案》，同意全资子公司彩虹公司以价 ...

证券代码：002389 证券简称：航天彩虹 公告编号：2025-055 航天彩虹无人机股份有限公司 第七届董事会第五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 航天彩虹无人机股份有限公司（以下简称"公司"）第七届董事会第 五次会议（以下简称"会议"）于 2025 年 12 月 15 日以通讯表决方式召 开。会议通知已于 2025 年 12 月 8 日以书面、邮件和电话方式发出。本次 会议应参加表决董事 9 名，实际参加表决董事 9 名。公司董事长胡梅晓先 生主持本次会议，公司部分高级管理人员列席本次会议。会议的召集、召 开程序符合相关法律、法规、规范性文件及《公司章程》的规定，合法有 效。 二、董事会会议审议表决情况 1、以 9 票同意，0 票反对，0 票弃权，审议通过了《关于续聘会计 师事务所的议案》。 同意公司聘用天健会计师事务所（特殊普通合伙）为公司 2025 年度 审计机构。该事项已经公司审计委员会审议通过，尚需提交公司股东会批 准。 详 见 2025 年 12 月 16 日 《 证 券 时 报 》 及 巨 ...