证券代码：002625 证券简称：光启技术 公告编号：2026-015 | 股东名 称 | 是否为控 股股东或 第一大股 | 本次质押数 量 | 占其所 持股份 | 占公司 总股本 | 是否为限 售股（如 是，注明限 | 是否为 补充质 | 质押起 始日 | 质押到 期日 | 质权人 | 质押用 途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其一 | | 比例 | 比例 | 售类型） | 押 | | | | | | | 致行动人 | | | | | | | | | | | 西藏映 邦 | 是 | 30,346,000 | 6.12% | 1.41% | 否 | 否 | 2026年 3月18 日 | 2029年3 月15日 | 国金证 券股份 有限公 | 融资 | | | | | | | | | | | 司 | | 一、本次股份质押基本情况 二、股东股份累计质押情况 截至公告披露日，西藏映邦所持质押股份情况如下： | | | | | | | | 已质押股份情 | | 未质押股份 | | | --- | ...

Core Insights - The report identifies a new cycle in China's defense equipment construction driven by "steady growth in traditional military industry" and "rapid development of civilian conversion of military technology" [4] - Traditional military industry is expected to continue its systematic and long-term progress, supported by key milestones such as the centenary of the People's Liberation Army in 2027 and the modernization goals by 2035 [4] - The civilian conversion of military technology is accelerating, creating new growth opportunities in various emerging industries, significantly enhancing the industry's elasticity [4] Group 1: Domestic and International Market Dynamics - The domestic market is expected to stabilize, while the international market presents new expansion opportunities for military trade [5][17] - The "14th Five-Year Plan" is initiating a new construction cycle, with a focus on enhancing military capabilities through mechanization and information technology [7][19] - The military trade landscape is evolving, with a shift towards a more integrated and systematic approach to military exports [52][56] Group 2: Military Technology Spillover - Military technology is increasingly spilling over into civilian applications, broadening the growth space and enhancing elasticity in the military industry [70][73] - Key areas of focus include commercial aerospace, advanced aircraft engines, controllable nuclear fusion, and deep-sea technology, which are expected to drive long-term growth [4][80] - The report emphasizes the importance of technological breakthroughs and cost reductions in facilitating the transition from military to civilian applications [76] Group 3: Investment Opportunities - The report highlights specific sectors for investment, including commercial aerospace, the dual-use aircraft industry, and controllable nuclear fusion [4][19] - The commercial aerospace sector is positioned for rapid growth, supported by national policies that prioritize aerospace as a key emerging industry [80][82] - The dual-use aircraft industry is expected to benefit from a resonance of military and commercial development, enhancing overall market potential [4][19]

证券代码：002625 证券简称：光启技术 公告编号：2026-014 光启技术股份有限公司 2026 年 3 月 3 日，公司首次通过回购股份专用证券账户以集中竞价交易方 式回购公司股份 200,000 股，占公司总股本的 0.01%，最高成交价为 45.82 元/股， 最低成交价为 45.59 元/股，成交总金额为 9,149,192 元（不含交易费用）。 1 本次回购符合相关法律法规的要求，符合既定的回购方案。 二、其他说明 公司首次回购股份符合《回购指引》第十七条、第十八条的相关规定。具体 情况如下： 1、公司未在下列期间回购股份： 关于首次回购公司股份的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 光启技术股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日召开第 第五届董事会第二十八次会议，审议通过了《关于回购公司股份方案的议案》， 同意公司使用自有资金通过深圳证券交易所交易系统以集中竞价交易方式回购 公司已发行的部分人民币普通股（A 股）股票。本次回购股份将用于后续员工 持股计划或股权激励，公司如未能在披露回购结果暨股份变 ...

证券代码：002625 证券简称：光启技术 公告编号：2026-013 光启技术股份有限公司 关于开立募集资金现金管理产品 专用结算账户的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 光启技术股份有限公司（以下简称"公司"）于2025年12月3日召开第五届 董事会第二十七次会议，于2025年12月19日召开2025年第六次临时股东会，审议 通过了《关于继续使用部分闲置募集资金进行现金管理的议案》，同意公司在确 保不影响募集资金项目建设和募集资金使用的前提下，公司及所属相关子公司、 孙公司使用总额不超过人民币300,000万元（含本数）的闲置募集资金进行现金 管理。上述额度自公司股东会审议通过之日起12个月内有效，在前述额度和期限 范围内可滚动使用。具体内容详见公司于2025年12月4日在《上海证券报》《证 券时报》《中国证券报》《证券日报》及巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于继续使用部分闲置募集资金进行现金管理的公告》（公告编号： 2025-102）。 公司于2026年1月9日召开第五届董事会第二十九次会议，于 ...

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。 证券代码：002625 证券简称：光启技术 公告编号：2026-012 光启技术股份有限公司 关于回购公司股份的进展公告 光启技术股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日召开第 第五届董事会第二十八次会议，审议通过了《关于回购公司股份方案的议案》， 同意公司使用自有资金通过深圳证券交易所交易系统以集中竞价交易方式回购 公司已发行的部分人民币普通股（A 股）股票。本次回购股份将用于后续员工 持股计划或股权激励，公司如未能在披露回购结果暨股份变动公告后 36 个月内 实施前述用途，尚未使用的已回购股份将依法予以注销。本次回购资金总额不低 于人民币 5,000.00 万元（含）且不超过人民币 10,000.00 万元（含），回购价格 不超过人民币 74.54 元/股（含），实施期限为自公司董事会审议通过回购股份方 案之日起不超过 12 个月。具体内容详见公司披露于《上海证券报》《证券时报》 《中国证券报》《证券日报》及巨潮资讯网（http://www.cninfo.com.cn）上的《关 于 ...

Group 1 - China Satcom (601698) is a key player in satellite communication, holding scarce orbital positions and spectrum resources, crucial for commercial space ventures. The demand for satellite communication and data services is rapidly increasing due to the acceleration of low-orbit satellite networks and mobile direct satellite connections [1][44] - The company has a complete ground station network and high-throughput satellite resources, deeply integrated with national satellite internet projects, ensuring stable and sustainable cash flow [1][45] - With the ongoing scale-up of commercial space, the demand for satellite operation, data distribution, and industry applications continues to grow, supported by favorable policies for satellite internet [1][45] Group 2 - China Satellite (600118) focuses on the entire satellite manufacturing and application chain, covering communication, navigation, and remote sensing, making it a core player in satellite manufacturing [2][46] - The demand for small satellite launches is surging as low-orbit satellite constellations reach their peak, leading to explosive growth in satellite assembly and core component supply [2][46] - The company leverages its technological and resource advantages from the Aerospace Science and Technology Corporation, participating in major national space projects and expanding its service offerings [2][46] Group 3 - Aerospace Electronics (600879) specializes in aerospace measurement and control, covering key areas such as rocket control and satellite attitude control, with a supply rate exceeding 90% [3][47] - The demand for aerospace measurement and satellite electronics is increasing due to the rise in commercial rocket launches and large-scale low-orbit satellite networks [3][47] - The company has a strong order backlog and is actively expanding into the commercial space market, providing services to private rocket and satellite companies [3][47] Group 4 - ZTE Corporation (000063) is a global leader in communication equipment, deeply involved in the ground core network and terminal equipment for satellite internet, making it a key participant in commercial space ground systems [4][48] - The demand for satellite communication ground stations, core network equipment, and terminal chips is surging due to the acceleration of low-orbit satellite construction [4][48] - The company is leveraging its 5G and communication technology expertise to quickly enter the satellite communication field, participating in national satellite network projects and expanding into overseas markets [4][48] Group 5 - AVIC Optoelectronics (002179) focuses on high-reliability connectors and cable components, widely used in rockets, satellites, and spacecraft, making it a core supplier in commercial aerospace connection systems [5][49] - The demand for high-reliability connectors is growing as the complexity and reliability requirements of commercial aerospace equipment increase [5][49] - The company is actively expanding into the private aerospace market, providing services to commercial rocket and satellite companies, enhancing its market share [5][49] Group 6 - Aerospace Development (000547) is the only publicly listed platform for commercial aerospace under the Aerospace Science and Industry Corporation, covering the entire satellite manufacturing, operation, and ground terminal chain [6][50] - The company has seen a significant increase in commercial aerospace orders, leveraging its military qualifications and resource advantages [6][50] - With the gradual establishment of the "Tianmu-1" low-orbit meteorological satellite constellation, the company is enhancing its satellite data service capabilities [6][50] Group 7 - Guangqi Technology (002625) specializes in metamaterials, widely used in aerospace equipment for stealth and structural enhancement, making it a core player in the new materials sector of commercial aerospace [7][51] - The demand for metamaterials is continuously increasing as commercial aerospace equipment requires lightweight, stealthy, and high-performance materials [7][51] - The company is actively expanding into the civilian commercial aerospace market, providing metamaterial solutions to private rocket and satellite companies [7][51] Group 8 - Chengchang Technology (001270) is a leading supplier of spaceborne T/R chips, with a market share exceeding 70%, making it a core supplier in the commercial aerospace RF chip sector [8][53] - The demand for spaceborne T/R chips is experiencing exponential growth due to the large-scale networking of low-orbit constellations [8][53] - The company is expanding into overseas markets and entering the global commercial satellite supply chain, further enhancing its market share [8][53] Group 9 - Tianyin Electromechanical (300342) specializes in satellite attitude control star sensors, holding a market share exceeding 60%, making it a leading enterprise in core components for commercial aerospace satellites [9][54] - The demand for star sensors is robust, with each satellite requiring one, and the company is seeing significant growth in order volume due to the batch launch of low-orbit satellites [9][54] - The company is actively expanding its product layout to include other core satellite components, further enhancing its market share [9][54]

Core Insights - The article highlights the significant advancements made by the company in the field of metamaterials, particularly in aerospace applications, showcasing its journey from theoretical research to practical implementation [2][4][6]. Group 1: Research and Development - The company began its metamaterials research in 2009, with a pivotal paper published in *Science*, which laid the groundwork for future developments [2]. - Over the years, the number of papers and citations in the metamaterials field from China has surged, positioning the company as a leader in this domain [4]. - The transition from theoretical research to industrial application has been a challenging yet successful journey for the company, demonstrating a solid approach to commercialization [4]. Group 2: Manufacturing and Production - The company has invested significantly in R&D, with expenditures increasing from around 10 billion to nearly 70 billion, focusing on platform development and capability enhancement [6]. - The manufacturing process involves extensive documentation, with 38.28 billion words of process files and 7.74 billion words of design documents, indicating a highly detailed and organized approach [8]. - The company achieved a high yield rate of 97.51% in complex functional structure manufacturing, showcasing its advanced production capabilities [8]. Group 3: Product Development and Applications - The company has established a comprehensive supply chain, with a production capacity that has shown significant growth, evidenced by a 132% year-on-year increase in production volume by Q3 2025 [10]. - The company has secured contracts totaling 27.89 billion for the production of fourth-generation aerospace metamaterial components, indicating strong and diverse demand [12]. - The integration of multifunctional structures in products allows for enhanced performance in aerospace applications, contributing to a competitive edge in the market [14][20]. Group 4: Innovation and Market Impact - The company has developed the world's first full-body metamaterial drone, significantly reducing costs compared to traditional models, thus opening new market opportunities [16]. - The deep integration of technology across design, materials, and manufacturing processes has led to a comprehensive upgrade in aerospace equipment [20]. - The successful delivery of metamaterial components is expected to drive further advancements in the aerospace industry, reflecting the maturity of the company's technology and market acceptance [20].

Core Viewpoint - The military industry sector in A-shares shows strong performance on the first trading day of the Year of the Horse, with significant interest in military ETFs, particularly the Huabao ETF, which has seen a price increase and active buying [1][3]. Group 1: Market Performance - The military sector experienced a quick recovery after a brief dip, with the Huabao ETF reaching a high of 1.98% and closing up 1.16%, marking three consecutive days of gains [1]. - Among the constituent stocks, 57 increased while 23 decreased, with notable gains from Zhonghang Heavy Machinery and Feiliwa, both rising over 8%, and China Power increasing by 6.17% [1]. - Major stocks such as China Shipbuilding, Aero Engine Corporation of China, and Guangqi Technology all rose by over 2% [1]. Group 2: Industry Catalysts - The military industry is experiencing multiple catalysts, including a significant increase in domestic flight operations of the C919 aircraft, which averaged nearly 50 flights per day during the Spring Festival, representing a year-on-year growth of 52.6% [3]. - The commercial aerospace sector is expected to see intensive testing of recoverable rocket experiments from March to June [3]. - Internationally, heightened tensions between the U.S. and Iran have led to increased urgency in China's defense construction, as evidenced by the U.S. Navy's approval of Raytheon Technologies' smart weapon for use on the Super Hornet fleet [3]. Group 3: Investment Recommendations - Dongfang Securities recommends increasing allocation to the military sector, particularly focusing on large aircraft and military trade, anticipating accelerated progress in large aircraft production and increased market share in military trade in new markets like the Middle East [3]. - The Huabao ETF, which covers various popular themes such as large aircraft, commercial aerospace, low-altitude economy, satellite navigation, military informationization, and controllable nuclear fusion, is highlighted as an efficient tool for investing in core military assets [3].

Group 1: Economic Resilience - The Chinese economy remains strong during the Spring Festival, with many listed companies continuing operations to meet market demand and fulfill orders [1][2][8] - Companies like LiuGong and TianNai Technology are maintaining production during the holiday to capitalize on increased demand, particularly from overseas markets [2][3] Group 2: Manufacturing Sector - Manufacturing companies are strategically scheduling production and reasonable breaks to ensure continuous delivery and meet customer needs [2][3] - LiuGong reported significant growth in industry demand, leading to a busy production schedule during the holiday [2] - TianNai Technology is also continuing production to better serve customers due to rapid market demand for its products [2] Group 3: Consumer Sector - The Spring Festival is a peak consumption period, with companies like Quanjude and Guangzhou Restaurant Group launching various marketing activities to attract customers [4][5] - Quanjude has prepared for a strong demand for New Year's Eve dinners and is implementing online and offline marketing strategies [4] - Guangzhou Restaurant Group is promoting themed activities and special menus to enhance customer engagement during the holiday [4][5] Group 4: Digital Technology Integration - Companies are leveraging digital technology to enhance traditional festive experiences, such as the fully digitalized lantern festival in Shanghai [7] - Cybersecurity firm Qihoo 360 is providing 24/7 technical support during the holiday to ensure smooth operations for clients [7] - AI service provider Zongheng Communication anticipates increased traffic and engagement on major platforms during the Spring Festival, which may positively impact its business [7] Group 5: Overseas Projects - Some companies are accelerating overseas projects during the Spring Festival, with Hongbang Biological confirming that construction is proceeding as planned in Australia and Indonesia [8]

Group 1 - Aerospace Electronics (600879) is a core listed platform of the Aerospace Science and Technology Group, focusing on aerospace electronic information systems, inertial navigation, integrated circuits, and electromechanical components. It is a leading supplier for manned lunar landing projects, providing key equipment for the Long March 10 rocket and the Dream Chaser spacecraft, with a leading market share in aerospace electronic support [1][25]. - Aerospace Power (600343) specializes in aerospace liquid propulsion systems and is a key supplier for the Long March 10 rocket's propulsion system. The company is recognized for its high-temperature and high-reliability products, suitable for manned lunar landing conditions, and is expected to see strong growth in orders as the lunar landing program progresses [2][26]. - Aerospace Engineering (603698) relies on resources from the Aerospace Science and Technology Group and is involved in system integration and launch support for manned lunar landing projects. The company is recognized as a leader in aerospace engineering contracting and is expected to expand its system integration business as demand for launch support services increases [3][27]. Group 2 - Aerospace Electromechanical (600151) focuses on special materials and energy systems for spacecraft, serving as a core supplier for the Dream Chaser and lunar probe. The company is recognized for its lightweight and high-strength products, which are essential for manned lunar missions, and is expected to see rapid growth in its aerospace support business [4][28]. - Aerospace Electrical (002025) specializes in high-end relays, connectors, and micro motors, with a market share exceeding 70% in aerospace connectors. The company is viewed as a critical supplier for manned lunar projects, with strong reliability and high technical barriers, and is expected to see increased demand as the lunar landing program advances [5][30]. - Quanxin Co., Ltd. (300447) focuses on aerospace special cables and transmission components, providing high-temperature and interference-resistant cables for lunar landing projects. The company is recognized as a leader in the aerospace cable segment, with stable orders expected to grow as demand for aerospace information technology increases [6][31]. Group 3 - Zhenhua Technology (000733) is a leading military electronics company, providing essential electronic components and power systems for spacecraft. The company is expected to see significant growth in product demand as the lunar landing program progresses, supported by its strong technical capabilities and customer resources [7][32]. - Torch Electronics (603678) specializes in ceramic capacitors and aerospace components, recognized as a core supplier for ceramic capacitors in lunar landing projects. The company is expected to see growing demand for its aerospace-grade capacitors as the lunar landing program advances [8][33]. - Guojijiang Precision (002046) focuses on aerospace special bearings and precision manufacturing equipment, with a market share exceeding 90% in high-reliability aerospace bearings. The company is expected to see strong demand for its special bearings as the lunar landing spacecraft development accelerates [9][34]. Group 4 - China Satellite (600118) is a leading satellite manufacturer under the Aerospace Science and Technology Group, providing satellite development and application services for lunar landing projects. The company is expected to see rapid growth in its satellite manufacturing and application business as demand for space-based systems increases [10][35]. - China Satcom (601698) specializes in satellite communication services, providing critical communication links for lunar landing missions. The company is recognized as a leader in satellite communication operations, with expected growth in service revenue as lunar landing tasks progress [11][36]. - Haige Communication (002465) focuses on satellite navigation and wireless communication, serving as a core supplier for navigation and communication terminals in lunar landing projects. The company is expected to see strong growth in its core business as demand for lunar landing measurement and control systems increases [12][37]. Group 5 - Beidou Xingtong (002151) is a core enterprise in the Beidou navigation industry chain, providing high-precision navigation solutions for rockets and spacecraft. The company is expected to see rapid growth in its aerospace navigation business as demand for high-precision navigation increases with the lunar landing program [13][38]. - Guangwei Composite Materials (300699) is a leading carbon fiber manufacturer, providing lightweight materials for the Long March 10 rocket and Dream Chaser. The company is expected to see growing orders for its composite materials as demand for lightweight solutions in aerospace increases [14][39]. - Guangqi Technology (002625) specializes in metamaterials and aerospace structural components, providing lightweight and radiation-resistant parts for spacecraft. The company is expected to see increasing demand for its metamaterial solutions as the lunar landing program progresses [15][40]. Group 6 - Steel Research High-Nickel (300034) focuses on high-temperature alloys and aerospace special alloys, providing critical materials for rocket engines. The company is expected to see strong demand for its high-temperature alloys as the lunar landing rocket production accelerates [16][41]. - Western Materials (002149) specializes in titanium alloys and rare metal composite materials, providing lightweight components for lunar landing vehicles. The company is expected to see growing demand for its special materials as the lunar landing spacecraft development accelerates [17][42]. - Hailanxin (300065) focuses on marine electronic information and aerospace recovery measurement and control systems, providing critical support for lunar landing return missions. The company is expected to see rapid growth in its measurement and control business as lunar landing return tasks are implemented [18][43]. Group 7 - Jieli Rigging (002342) specializes in special rigging and lifting equipment, providing critical components for the safe recovery of lunar landing rockets. The company is expected to see increasing demand for its special rigging solutions as the technology for reusable rockets becomes more prevalent [19][44]. - China Shipbuilding (600150) is a leading shipbuilding company, focusing on the construction of marine recovery platforms for lunar landing missions. The company is expected to see continued growth in its recovery platform construction business as lunar landing tasks progress [20][45]. - Chaojie Co., Ltd. (301005) specializes in high-strength fasteners and precision structural components, providing critical fasteners for rockets and spacecraft. The company is expected to see growing demand for its fasteners as the lunar landing program moves into mass production [21][46]. - Yingliu Co., Ltd. (603308) focuses on high-temperature alloy castings and aerospace precision components, providing critical parts for rocket engines. The company is expected to see strong demand for its core components as the lunar landing rocket production accelerates [22][47].