证券代码：002625 证券简称：光启技术 公告编号：2025-054 对象名单的公示情况说明及核查意见 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）等有关 法律、法规及规范性文件的规定，光启技术股份有限公司（以下简称"公司"） 第五届董事会第二十一次会议于 2025 年 6 月 9 日审议通过了《关于公司<2025 年股票期权激励计划（草案）>及其摘要的议案》，公司对授予激励对象的姓名 和职务在公司公告栏进行了公示。根据《管理办法》等法律、法规及规范性文件 和《光启技术股份有限公司章程》（以下简称"《公司章程》"）的规定，公司 监事会结合公示情况对激励对象人员名单进行了核查，相关公示情况及核查意见 如下： 一、公示及核查情况 露了《2025 年股票期权激励计划（草案）》（以下简称"《激励计划（草案）》"） 及其摘要等公告，并在公司公告栏公示了《光启技术股份有限公司 2025 年股票 期权激励计划激励对象名单》，内容包括本次拟激励对象的姓名及职务等信息， 公示时间为 2025 年 6 月 16 日至 ...

Core Viewpoint - The article emphasizes the growing demand for stealth materials in modern air combat, highlighting their critical role in enhancing the performance of advanced military aircraft and the significant market potential for these materials [2][3][4]. New Demand - The emergence of stealth aircraft, such as the F-22, marks a new era in air combat, where stealth capabilities are essential for operational success. Stealth technology allows aircraft to choose their engagement timing and methods, significantly reducing the opponent's countermeasures [2][19]. - The development of stealth materials is becoming a trend in stealth technology, as they can effectively reduce radar and infrared signatures without altering the aircraft's aerodynamic features [36][40]. New Market - The demand for stealth materials is expected to grow rapidly in both the pre-installation market (new military aircraft) and the post-installation market (maintenance and updates). For instance, 50% of the maintenance costs for the F-22 are attributed to its stealth coatings, indicating a robust aftermarket for these materials [3][4][18]. New Logic - The investment logic for stealth materials can be categorized into four phases: 1. Short-term: Increased demand for stealth materials as new aircraft are deployed. 2. Mid-term: Significant potential for performance enhancement and increased penetration rates of stealth materials. 3. Long-term: Expansion of stealth requirements into structural components, creating new growth opportunities. 4. Aftermarket: A large volume of orders leading to economies of scale, driven by the consumable nature of stealth materials [4][5][7]. New Pattern - The stealth materials industry exhibits high barriers to entry, including military qualifications, first-mover advantages, and research and development challenges. Established manufacturers have a competitive edge due to their early development of stealth materials, while newer entrants face significant hurdles [5][6]. Industry Overview - The stealth materials market is characterized by a growing need for advanced materials that can provide radar absorption and infrared stealth capabilities. The market is expected to expand as countries prioritize the development of high-performance military aircraft [3][4][18]. - Companies like Huayin Technology and Guangqi Technology are focusing on different types of stealth materials, such as high-temperature infrared stealth materials and room-temperature radar-absorbing materials, indicating a diverse product landscape within the industry [5][6].

证券代码：002625 证券简称：光启技术 公告编号：2025-054 光启技术股份有限公司 监事会关于公司2025年股票期权激励计划激励 对象名单的公示情况说明及核查意见 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）等有关 法律、法规及规范性文件的规定，光启技术股份有限公司（以下简称"公司"） 第五届董事会第二十一次会议于 2025 年 6 月 9 日审议通过了《关于公司<2025 年股票期权激励计划（草案）>及其摘要的议案》，公司对授予激励对象的姓名 和职务在公司公告栏进行了公示。根据《管理办法》等法律、法规及规范性文件 和《光启技术股份有限公司章程》（以下简称"《公司章程》"）的规定，公司 监事会结合公示情况对激励对象人员名单进行了核查，相关公示情况及核查意见 如下： 一、公示及核查情况 1、公司于 2025 年 6 月 10 日在巨潮资讯网（http://www.cninfo.com.cn）上披 露了《2025 年股票期权激励计划（草案）》（以下简称"《激励计划（草案）》"） 及其摘要等公告， ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Chinese A-share market and its performance as of June 2025, highlighting improvements in market sentiment and liquidity leading to a rise in stock prices [1][4]. Core Insights and Arguments - **Market Performance**: Major indices such as the CSI 300, CSI 500, and CSI 1000 increased by 2.5%, 4.3%, and 5.5% respectively in June, while the Hang Seng Index rose by 3.4% [4]. - **Sector Returns**: - Information Technology led with a 9.7% increase YTD, driven by strong performance in tech hardware and AI-related stocks [2][6]. - Financials and Materials sectors also performed well, with increases of 7.3% and 6.9% respectively [2][6]. - Conversely, the Real Estate sector saw a decline of 1.0% YTD, reflecting ongoing challenges in the market [2][7]. - **Earnings Expectations**: By the end of June, the market's earnings expectations for the CSI 300 index for 2025 and 2026 remained stable at a year-on-year growth of 15.5% and 12.5% respectively [4][24]. - **Investment Trends**: There was a net outflow of $475 million from A-shares in the four weeks ending June 20, with the financial, industrial, and consumer sectors experiencing the most significant sell-offs [10][4]. Additional Important Insights - **Macroeconomic Indicators**: - Retail sales in May grew by 6.4%, supported by government policies, while fixed asset investment growth slowed to 2.9% [31][34]. - The trade surplus for May was reported at $103.2 billion, with exports increasing by 4.8% year-on-year [32][34]. - **Market Sentiment**: The report indicates a cautious sentiment regarding potential reforms from the upcoming political bureau meeting, with expectations for further financial market openings and industry policy adjustments [4][30]. - **Sector-Specific Challenges**: The daily consumer sector faced a decline of 3.4% due to regulatory measures affecting government officials and state-owned enterprise employees [7][6]. Conclusion - The Chinese A-share market is experiencing a mixed performance across sectors, with technology and finance leading gains while real estate and consumer sectors face challenges. Macroeconomic indicators suggest a cautious recovery, with potential for future reforms to stimulate growth.

Group 1 - The core index of the China Securities Index for private high-end equipment has shown a monthly increase of 4.98%, a three-month increase of 4.56%, and a year-to-date increase of 13.08% [1] - The index includes 50 private enterprises involved in sectors such as aviation, aerospace, shipbuilding, and satellites, reflecting the overall performance of these companies [1] - The index's top ten weighted companies include Guangqi Technology (9.43%), Ruichuang Micro-Nano (5.45%), and Lianchuang Optoelectronics (4.76%) [1] Group 2 - The industry composition of the index shows that industrial companies account for 58.37%, information technology for 20.64%, materials for 13.03%, and communication services for 7.96% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers and acquisitions [2]

Investment Rating - The report rates the defense and military industry as "Outperforming the Market" [2] Core Views - The global geopolitical situation remains tense, with ongoing conflicts such as the Russia-Ukraine war and rising risks in the Middle East, leading to an intensified arms race and increased focus on military construction [4][38] - The defense industry is expected to see a recovery in demand as the "14th Five-Year Plan" approaches its final year, with long-term growth certainty supported by clear development goals for 2035 and 2050 [4] - The upcoming military parade on September 3 will showcase both traditional main battle equipment and new combat forces, highlighting advancements in military capabilities [3][40] Summary by Sections Market Review - The defense and military index rose by 6.90% last week, outperforming major indices such as the Shanghai Composite and Shenzhen Component [12] - The current PE (TTM) for the defense and military sector is 79.92 times, with sub-sectors showing varied valuations: aerospace equipment at 143.52 times, aviation equipment at 69.14 times, ground weapons at 174.36 times, naval equipment at 50.76 times, and military electronics at 102.36 times [20][21] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: Hongdu Aviation, AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, and AVIC Helicopter [4] 2. Military new technologies: Lianchuang Optoelectronics, Guangqi Technology, and Zhongjian Technology [4] 3. Underwater equipment: Hailanxin, Yaxing Anchor Chain, and Zhongke Haixun [4] 4. Missile industry chain: Feilihua, Guoke Military Industry, and Zhongbing Hongjian [4] 5. Military titanium materials: Western Superconducting [4] 6. Electronic components: Hongyuan Electronics and Aerospace Electronics [4] 7. Military trade direction: Zhongwu Drone [4] Industry Dynamics - Recent policies related to deep-sea technology indicate significant development potential, particularly for specialized equipment like UUVs, supported by top-level planning [3] - The military trade market is expanding, with recent announcements of procurement from Pakistan for Chinese fighter jets, indicating a growing opportunity in military exports [39]

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 ...