Market Overview - The Shanghai Composite Index rose by 1.04% on June 25, with 28 out of 31 sectors experiencing gains, led by non-bank financials and defense industry, which increased by 4.46% and 3.36% respectively [1] - The coal, oil and petrochemical, and transportation sectors were the biggest losers, with declines of 1.00%, 0.57%, and 0.21% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 7.138 billion yuan, with 10 sectors seeing net inflows, primarily in the non-bank financial sector, which had a net inflow of 12.313 billion yuan [1] - The computer sector followed with a daily increase of 2.99% and a net inflow of 6.793 billion yuan [1] Defense Industry Performance - The defense industry saw a rise of 3.36% with a total net inflow of 4.328 billion yuan, where 133 out of 139 stocks in the sector increased in value, including 10 stocks hitting the daily limit [2] - The top three stocks by net inflow were Zhongbing Hongjian with 740 million yuan, Changcheng Military Industry with 340 million yuan, and Taihao Technology with 307 million yuan [2] Defense Industry Capital Outflow - The defense industry also had stocks with significant capital outflows, led by Neimeng Yiji with a net outflow of 1.329 billion yuan, followed by Guangqi Technology and Zhongke Haixun with outflows of 596 million yuan and 537 million yuan respectively [4] - A total of 6 stocks in the defense sector experienced net outflows exceeding 30 million yuan [4]

Investment Rating - The report maintains a positive outlook on the defense and military industry, particularly in light of the current global geopolitical tensions, indicating a favorable investment opportunity in this sector [3][36]. Core Insights - The defense and military sector is expected to benefit from the recovery of demand and the elimination of previous disruptions, with a long-term growth certainty supported by national defense modernization goals set for 2035 and 2050 [5][38]. - The report highlights the increasing importance of drone technology in modern warfare, emphasizing its cost-effectiveness and operational advantages [4][36]. - The low-altitude economy is identified as a burgeoning sector, with significant policy support and commercial opportunities emerging [4][35]. Summary by Sections Market Review - The defense and military index fell by 2.01% last week, ranking 17th among 31 sectors, with a current PE(TTM) of 74.63 times [3][20]. - The sub-sectors show varying PE ratios, with aerospace equipment at 134.59 times and ground weaponry at 148.10 times [20]. Key Recommendations - Focus on companies with strong demand and product depth in the downstream manufacturing sector, such as Hongdu Aviation, AVIC Shenyang Aircraft, and AVIC Xi'an Aircraft [5][40]. - Highlight new technology firms in the military sector, including Lianchuang Optoelectronics and Guangqi Technology [5][40]. - Emphasize underwater equipment companies like Hailanxin and Yaxing Anchor Chain [5][41]. - Recommend missile industry chain companies such as Feilihua and Guokexun [5][42]. - Suggest companies involved in military-grade titanium materials and electronic components, including Western Superconducting and Hongyuan Electronics [5][43][44]. Industry Dynamics - The report notes that geopolitical tensions, particularly in the Middle East, are driving interest in military investments [3][36]. - The low-altitude economy is highlighted as a significant growth area, with various local governments implementing supportive measures to foster development [31][35].

证券代码：002625 证券简称：光启技术 公告编号：2025-053 光启技术股份有限公司 2025年第二次临时股东会会议决议公告 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。 （1）现场会议召开时间：2025 年 6 月 19 日（星期四）下午 14:30 开始； （2）网络投票时间：2025 年 6 月 19 日 其中，通过深圳证券交易所交易系统进行网络投票的时间 2025 年 6 月 19 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00； 特别提示： 1、本次股东会未出现否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、召集人：光启技术股份有限公司第五届董事会； 2、召开方式：现场投票与网络投票相结合； 3、会议召开时间： 通过深圳证券交易所互联网投票系统进行网络投票的时间为 2025 年 6 月 19 日上午 9:15 至下午 15:00 的任意时间。 4、现场会议召开地点：深圳市南山区高新中一道 9 号软件大厦三层会议室。 5、会议主持人：董事、总经理栾琳女士 6、公司 ...

广东省深圳市福田区中心四路 1-1 号 嘉里建设广场第三座第 28 层 2803-04 室 邮编：518048 电话：（86-755）2939-5288 传真：（86-755）2939-5289 junhesz@junhe.com 北京市君合（深圳）律师事务所 关于光启技术股份有限公司 2025 年第二次临时股东会的法律意见书 致：光启技术股份有限公司 北京市君合（深圳）律师事务所（以下简称"本所"）接受光启技术股份有限 公司（以下简称"贵公司"或"公司"）的委托，就贵公司 2025 年第二次临时股东会 （以下简称"本次股东会"）召开的有关事宜，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》、中国证券监督管理委员会颁布 的《上市公司股东会规则》（以下简称"《股东会规则》"）等中国现行法律、法规、 规章、规范性文件（以下简称"中国法律、法规"，仅为本法律意见书法律适用之 目的，不包括中国香港特别行政区、中国澳门特别行政区及中国台湾省的法律法 规）及现行《光启技术股份有限公司章程》（以下简称"《公司章程》"）的有关规 定，出具本法律意见书。 本法律意见书仅就本次股东会的召集和召 ...

Group 1 - The aerospace industry is experiencing growth due to escalating geopolitical conflicts and increasing global military expenditures, with China's military enterprises gaining technological advantages in drones, fighter jets, and missiles [1] - China's share in the global military trade is currently small, but there is significant potential for growth as Chinese weaponry gains recognition in international markets for its high performance and cost-effectiveness [1] - The aerospace sector is identified as a core beneficiary of these trends, with the potential to expand its market space significantly [1] Group 2 - Aerospace ETFs, specifically the Aerospace ETF (159227) and Aerospace ETF Tianhong (159241), saw increases of 1.46% and 1.45% respectively, with the former having a larger scale of 229 million units and a half-day trading volume of 33.5855 million yuan [2] - The National Aerospace Index (code CN5082) consists of 50 stocks selected based on free float market capitalization, ensuring a representative and flexible index that reflects the overall performance of the aerospace sector [2] - The index is weighted by free float market capitalization, with a maximum weight of 15% for any single stock, balancing the influence of large-cap core companies with opportunities for smaller growth firms [2] Group 3 - Key stocks in the National Aerospace Index include: - Guoke Technology (002625) with a weight of 10.84% - Aero Engine Corporation of China (600893) with a weight of 8.49% - AVIC Shenyang Aircraft Corporation (600760) with a weight of 7.41% - AVIC Xi'an Aircraft Industry Group (000768) with a weight of 5.72% [3] - Other notable stocks include AVIC Aircraft Company (600372), Aerospace Electronic Equipment (600879), and China Satellite Communications (600118), each contributing to the index's overall performance [3]

Group 1: Company Overview and Strategic Positioning - The company specializes in metamaterials technology, which has applications beyond aerospace and military sectors, including new materials and electronic consumer products [4][5] - The company has established a comprehensive platform for large-scale production of metamaterials, supported by eight subsidiaries covering the entire industry chain [2][4] - The company is currently the only entity in China that has achieved large-scale application of metamaterials technology in the high-end equipment sector [4] Group 2: Production Capacity and Expansion Plans - The 905 and 906 bases are designed to enhance the production efficiency of midstream components, allowing the Shunde base to focus more on downstream structural components [2] - The 709 base's second phase began construction two years ago and is expected to significantly increase production capacity across the entire supply chain [2][3] - The company has completed the third phase of expansion at the upstream raw materials production base in Luoyang, which will further boost output as the 905 and 906 bases come online [2] Group 3: Financial Performance and Profitability - The company's products maintain a good profitability level, with a focus on sustainable industry development and collaboration with other companies in the supply chain [4] - Cost optimization efforts and the establishment of new bases are expected to enhance the self-supply rate of raw materials and amplify economies of scale [4] Group 4: Market Dynamics and Growth Drivers - The aerospace sector's unique strategic requirements necessitate continuous high investment in new equipment and technology upgrades, which supports sustained growth in this field [5] - Historical data indicates that investment in aerospace has consistently increased in both China and the United States, providing a favorable environment for the company's growth [5] - The core growth logic of the company is tied to the expansion of the aerospace equipment industry and the increasing importance of integrated structural and functional solutions based on metamaterials technology [5]

光启技术：公司正在致力于开发专用于基地生产的机器人，如机器人能够大规模投入使用，公司产品的 良率与成本有望进一步优化。 ...

链中上游核心企业，是湖南省的重点项目；906基地从事超材 料产品关键部件制造、超材料特种工装制造、专业检验检测技 术的开发与生产，属于公司超材料产业链中上游核心企业，是 天津市津南区重点项目。公司不同基地间的关系是相互协同， 而不是独立发展的。因此，对任何一个基地进行产能的单独核 算是不合理的。由于709基地主要负责超材料产品中下游环节， 随着709基地二期投产，中上游原材料与相关配套产能无法与 下游需求相匹配，因此，公司建设905与906基地的目的是为了 补齐短板，实现更好的产业协同效应。 2、公司是怎样看待产品的盈利水平的？是否有出现利润 承压的情况？ 答：公司产品的盈利水平良好。作为尖端装备领域的核心 供应商，公司的经营目标并非仅包含产品的盈利性，而是希望 该行业能够健康、可持续的发展，并与行产业链内的其他公司 实现共赢。 证券代码：002625 证券简称：光启技术 光启技术股份有限公司投资者关系活动记录表 编号：2025-004 | | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | ...

光启技术股份有限公司监事会 三、本激励计划的内容符合《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司股权激励管理办法》《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南第1号—业务办理》《公司章程》的有关规定， 符合公司实际情况。 四、公司不存在向激励对象提供贷款、贷款担保或者任何其他财务资助的计 划或者安排。 五、本激励计划的实施有利于调动激励对象的工作积极性、创造性与责任心， 确保公司发展战略和经营目标的实现，有利于公司可持续发展，不存在损害公司 及全体股东利益的情形。 光启技术股份有限公司 监事会 二〇二五年六月十日 关于2025年股票期权激励计划有关事项的核查意见 光启技术股份有限公司（以下简称"公司"）监事会依据《中华人民共和国 公司法》《中华人民共和国证券法》《上市公司股权激励管理办法》《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南第1号—业务办 理》《公司章程》等规定，对公司2025年股票期权激励计划（以下简称"本激 励计划"）有关事项进行核查，发表核查意见如下： 一、公司不存在《上市公司股权激励管理办法》规定的禁止实施股权激励计 划的情形，包 ...

Group 1 - The company held the fifteenth meeting of the fifth supervisory board, which complied with relevant regulations [1][2] - The supervisory board approved the draft of the 2025 Stock Option Incentive Plan, confirming it aligns with applicable laws and does not harm the interests of the company and shareholders [1][2] - The draft of the 2025 Stock Option Incentive Plan and its summary will be submitted for special resolution at the company's third extraordinary general meeting in 2025 [1][2] Group 2 - The supervisory board reviewed the implementation assessment management measures for the 2025 Stock Option Incentive Plan, finding it suitable for ensuring the plan's proper operation and sustainable development of the company [2] - The list of incentive objects for the 2025 Stock Option Incentive Plan was also approved, confirming that the individuals meet the qualifications set by relevant laws and regulations [2] - The company will publicly announce the names and positions of the incentive objects at least 10 days before the shareholders' meeting [3]