Investment Rating - The report rates the defense and military industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2][29]. Core Insights - The defense and military sector has shown resilience, with the Shenwan Defense and Military Index rising by 2.13%, outperforming major indices such as the Shanghai Composite Index, which fell by 0.03% [3][7]. - The report anticipates a growth cycle for Chinese military trade, driven by increased international recognition of Chinese military products amid geopolitical tensions [6]. - The fundamental changes in the military sector are expected to solidify the upward trajectory of the industry, particularly benefiting companies involved in consumable weapons as the military modernization efforts intensify [6]. - The report suggests increasing attention to the military sector, highlighting specific areas such as precision-guided weapons, underwater capabilities, and advancements in AI and robotics [6]. Market Review - The Shenwan Defense and Military Index outperformed the market, ranking third among 31 sectors with a 2.13% increase [3][7]. - Notable stock performances included Rongfa Nuclear Power, which surged by 31.79%, and Haige Communication, which rose by 16.34% [14][15]. - Conversely, stocks like Lijun Co. and Changchun Yidong experienced significant declines, with Lijun Co. dropping by 21.89% [15]. Valuation Changes - The current PE-TTM for the Shenwan Defense and Military sector stands at 74.13, indicating a high valuation relative to historical levels [15][21]. - The report notes a divergence in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [15][19]. Key Valuation Metrics - The report provides a detailed valuation table for key companies in the defense sector, indicating projected net profits and PE ratios for the years 2024 to 2027 [21][24].

Group 1 - The military industry sector is experiencing a rise, with companies such as Xingwang Yuda (002829), Aerospace Rainbow (002389), and Laisai Laser hitting the daily limit up [1] - Other companies like Zhongtian Rocket (003009), Beihua Co. (002246), and Debang Co. (603056) previously reached their limit up, indicating strong market interest [1] - Several companies, including Zongheng Co., Wanlima (300591), and Zhong Wunongji, have seen their stock prices increase by over 10% [1] Group 2 - Additional companies such as Haige Communication (002465), Aerospace Nanhu, Guihang Co. (600523), Guangyun Da (300227), and Jialiqi (301586) are also experiencing upward movement in their stock prices [1]

Group 1 - The core viewpoint highlights the positive performance of the defense ETF and its associated index, driven by significant gains in drone-related stocks following recent geopolitical events and market forecasts for the military drone sector [1] - The defense ETF (512670.SH) rose by 0.42%, while the associated index, the CSI Defense (399973.SZ), increased by 0.68% [1] - Key component stocks such as Haige Communication, AVIC Shenfei, and Aerospace Rainbow saw notable increases, with Haige Communication rising by 5.79% and AVIC Shenfei by 1.33% [1] Group 2 - According to research from Shenwan Hongyuan Securities, the defense and military industry is expected to face short-term profit pressure in 2024 and the first quarter of 2025, with net profit attributable to shareholders projected to decline by 23.00% and 2.94% respectively [2] - Despite short-term challenges, the fundamental logic of the industry remains strong, with stable operational indicators and guaranteed prosperity [2] - High-end combat capabilities (e.g., AVIC Shenfei, Aerospace Electronics) are expected to have stable demand and high earnings certainty, while new combat capabilities (e.g., Haige Communication, Aerospace Electronics) are identified as future growth directions with significant elasticity [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 特此公告。 广州海格通信集团股份有限公司 董 事 会 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。 广州海格通信集团股份有限公司（以下简称"公司"）近日收到中信证券股份有限公司（以下简称"中信 证券"）出具的《关于更换保荐代表人的函》。中信证券为公司2023年度向特定对象发行股票项目的保 荐人，原委派保荐代表人王国威先生和耿世哲先生负责公司持续督导工作，持续督导期限至2024年12月 31日止，因公司本次发行募集资金尚未使用完毕，中信证券对公司尚未使用完毕的募集资金仍履行持续 督导责任。 根据中信证券安排，其委派保荐代表人洪树勤先生（简历见附件）接替耿世哲先生负责公司持续督导工 作。本次变更后，公司向特定对象发行股票的持续督导保荐代表人为王国威先生和洪树勤先生。 证券代码：002465 证券简称：海格通信 公告编号：2025-030号 广州海格通信集团股份有限公司 关于变更持续督导保荐代表人的 2025年6月3日 洪树勤先生，现任中信证券股份有限公司投资银行管理委员会高级副总裁，保荐代表人，曾负责或参 ...

Investment Rating - The report maintains a "Buy" rating for the reusable rocket technology and highlights the broad prospects for satellite applications [1] Core Insights - Breakthroughs in reusable rocket technology have been achieved, marking significant advancements in China's commercial space industry [1][29] - The satellite communication market is opening up to consumer applications, with major telecom companies launching devices that support direct satellite connectivity [9][40] - The report emphasizes the importance of resource integration and innovation in downstream applications within the commercial aerospace sector [46] Summary by Sections Industry Weekly Viewpoint - The computer index increased by 1.66% during the week, while the Shanghai Composite Index decreased by 0.03% and the ChiNext Index fell by 1.40% [7][13] - Notable gains were observed in satellite navigation (+3.69%), commercial aerospace (+3.17%), and military information technology (+3.12%) [7][13] Market Performance (05.26-05.30) - The report notes a significant performance in individual stocks, with Zongheng Co. rising by 25.63% and Digital Government rising by 18.05% [18] - Conversely, companies like Bangyan Technology and Zhongke Star Map experienced declines of 16.09% and 10.26%, respectively [18] Valuation Analysis - The valuation of the low-altitude economy, aerospace equipment, and aviation equipment sectors is reported to be in the ranges of 96-98, 128-131, and 50-51 respectively, indicating high valuation levels compared to historical data [26] Breakthroughs in Rocket Recovery Technology - The successful test flight of the Yuanhang-1 rocket by Arrow元科技 marks a significant milestone in the development of large-scale reusable rockets [29] - The rocket is designed for 20 reuses and aims to support various market needs, including space tourism and deep space exploration [34] Opening of Consumer-Level Satellite Communication Market - The establishment of 5G satellite standards led by China is expected to revolutionize satellite communication, allowing direct connections from mobile devices to satellites [9][40] - As of April 2025, 30 devices supporting satellite connectivity have been launched by major telecom brands, indicating a shift towards consumer applications [9][40] Recent Highlights - The successful launch of the Tianwen-2 probe and the establishment of the Satellite Application Innovation Institute by China Aerospace Technology Group are significant developments in the aerospace sector [41][44] - The report highlights the potential of the drone logistics market, predicting a market size of approximately 300 billion yuan by 2024 [8][20] Investment Recommendations and Beneficiary Companies - The report suggests focusing on companies involved in satellite manufacturing and rocket launches, such as China Satellite and Shanghai Hanhua [46] - It also highlights beneficiaries in satellite operations and applications, including China Satcom and Huace Navigation [46]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The report emphasizes the acceleration of low-altitude intelligent network layout and the normalization of satellite constellation launches, which are expected to catalyze the application of low-altitude economy [2][13] - The "Jiutian" drone is set to make its maiden flight, with potential applications in logistics and aerial photography, paving the way for urban transportation and emergency rescue in the medium to long term [2][16] - The report highlights the strategic importance of low-altitude intelligent networks as a digital foundation for low-altitude economic development, ensuring efficient regulation and safe operations in an open airspace [8][12] Summary by Sections 1. "Jiutian" Drone Maiden Flight - The "Jiutian" drone features a wingspan of 25 meters, a maximum takeoff weight of 16 tons, and a maximum payload of 6 tons, with capabilities for various types of munitions [6][7] - The drone is designed by the Aviation Industry Corporation of China and is expected to complete its maiden flight by the end of June 2024 [6][7] 2. Low-altitude Intelligent Network Layout - The National Development and Reform Commission plans to promote policies for high-quality development of the low-altitude economy by 2025, including the research and layout of low-altitude intelligent networks [8][12] - The report outlines a three-tier architecture for the low-altitude intelligent network, including airborne terminals, data support layers, and application systems [11] 3. Investment Logic and Beneficiary Stocks - The report recommends continuous investment in the low-altitude sector, highlighting companies like China Telecom, China Mobile, and China Unicom for their roles in low-altitude intelligent network infrastructure [2][16] - Other beneficiary stocks include ZTE Corporation, Tongyu Communication, and Haige Communication, which are involved in various aspects of the low-altitude and satellite communication industries [2][16]

关于变更持续督导保荐代表人的公告 证券代码：002465 证券简称：海格通信 公告编号：2025-030 号 广州海格通信集团股份有限公司 董 事 会 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。 广州海格通信集团股份有限公司（以下简称"公司"）近日收到中信证券股 份有限公司（以下简称"中信证券"）出具的《关于更换保荐代表人的函》。中信 证券为公司 2023 年度向特定对象发行股票项目的保荐人，原委派保荐代表人王 国威先生和耿世哲先生负责公司持续督导工作，持续督导期限至 2024 年 12 月 31 日止，因公司本次发行募集资金尚未使用完毕，中信证券对公司尚未使用完 毕的募集资金仍履行持续督导责任。 根据中信证券安排，其委派保荐代表人洪树勤先生（简历见附件）接替耿世 哲先生负责公司持续督导工作。本次变更后，公司向特定对象发行股票的持续督 导保荐代表人为王国威先生和洪树勤先生。 特此公告。 广州海格通信集团股份有限公司 2025 年 6 月 3 日 1 附件：洪树勤先生简历 洪树勤先生，现任中信证券股份有限公司投资银行管理委员会高级副总裁， 保荐代表人，曾负责 ...

Group 1 - The core viewpoint of the news is the performance of the China Securities Military Industry Index, which has shown a slight decline recently despite a modest increase over the past month [1] - The China Securities Military Industry Index has decreased by 0.73% to 10,524.13 points, with a trading volume of 25.619 billion yuan [1] - Over the past month, the index has increased by 3.75%, while it has only risen by 0.07% over the last three months and has decreased by 0.46% year-to-date [1] Group 2 - The index comprises ten major military groups and other representative listed companies related to the military industry, reflecting the overall performance of military industry companies [1] - The top ten weighted companies in the index include China Shipbuilding (5.72%), Guangqi Technology (5.28%), AVIC Shenyang Aircraft (4.35%), China Heavy Industry (4.15%), and others [1] - The market share of the index's holdings is 55.25% from the Shanghai Stock Exchange and 44.75% from the Shenzhen Stock Exchange [1] Group 3 - The index's holdings are primarily in the industrial sector (73.17%), followed by information technology (9.43%), materials (9.40%), telecommunications services (6.32%), and consumer discretionary (1.68%) [1] - The index samples are adjusted every six months, with adjustments typically not exceeding 10% of the sample [2] - Special circumstances may lead to temporary adjustments of the index, such as delisting of samples or corporate actions like mergers and acquisitions [2]

Core Viewpoint - The China Securities Index for Aerospace and Defense (空天军工指数) has shown a slight decline recently, with a year-to-date decrease of 0.11%, despite a 3.76% increase over the past month [1]. Group 1: Index Performance - The Aerospace and Defense Index opened lower and experienced a fluctuation, closing down 0.82% at 1906.16 points, with a trading volume of 15.177 billion yuan [1]. - Over the last three months, the index has increased by 0.56% [1]. Group 2: Index Composition - The index includes leading companies related to the aerospace and defense strategy, covering sectors such as aircraft, power and control systems, early warning systems, weapon systems, C4ISR systems, military digitalization, and aerospace materials [1]. - The index is based on a starting point of 1000.0 points as of June 30, 2011 [1]. Group 3: Top Holdings - The top ten weighted companies in the index are: AVIC Shenyang Aircraft (8.08%), AVIC Optoelectronics (7.58%), Aero Engine Corporation of China (6.91%), AVIC Xi'an Aircraft (5.2%), AVIC Aircraft (4.24%), Haige Communications (3.82%), Aerospace Electronics (3.61%), AVIC Chengfei (3.6%), Filihua (3.54%), and Western Superconducting (3.5%) [1]. Group 4: Market and Sector Breakdown - The index's holdings are primarily listed on the Shanghai Stock Exchange (53.13%) and Shenzhen Stock Exchange (46.87%) [2]. - The industry composition of the index includes: Industrial (74.33%), Materials (14.08%), Communication Services (6.73%), and Information Technology (4.85%) [2]. Group 5: Index Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]. Group 6: Related Funds - Public funds tracking the Aerospace and Defense Index include Penghua China Securities Aerospace and Defense C and Penghua China Securities Aerospace and Defense A [3].

Group 1 - Satellite navigation concept stocks surged, with China Great Wall (000066) hitting the daily limit up [1] - Four Creation Electronics (600990) and Fenghuo Electronics (000561) previously reached the daily limit up, while Aerospace Zhizhuang (300455) rose over 10% [1] - Other companies such as China Satellite (600118), Haige Communication (002465), and Hezhong Shizhuang (002383) also experienced gains [1]