Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5]. Core Insights - NATO is expected to increase defense budgets, presenting new opportunities for military trade, particularly for China [2][35]. - The defense industry is poised for long-term growth, with recovery in demand and a clear roadmap for modernization by 2035 and 2050 [3][36]. - The low-altitude economy is gaining attention, supported by recent policies and strategic partnerships, indicating a potential growth area [31][34]. Summary by Sections Market Review - The Shenwan Defense and Military Index fell by 1.18%, ranking 30th among 31 sectors [1][13]. - The PE (TTM) ratio for the defense sector is 74.26, with aerospace equipment at 133.63 and ground armaments at 138.63 [19][27]. Key Recommendations - Focus on downstream manufacturers such as Hongdu Aviation and AVIC Shenyang Aircraft [4]. - Highlight new technologies in military applications, including companies like Lianchuang Optoelectronics and Guangqi Technology [4]. - Emphasize underwater equipment and missile industry chains, with key players like Hailanxin and Guokai Military Industry [4]. Industry Dynamics - The global military trade market is expected to grow due to increased defense spending, particularly in NATO countries [2][35]. - China's military trade exports are anticipated to rise, benefiting from geopolitical tensions and a competitive edge in weaponry [41][39].

Core Insights - The Fourth National Metamaterials Conference was held in Shenzhen from May 15 to 18, where the "Top Ten Advances in the Metamaterials Industry" award was presented for the first time, recognizing both fundamental research and technological innovation [2] - Liu Ruopeng, chairman of leading metamaterials company Guangqi Technology, was awarded for his work on "mass production of metamaterials," highlighting China's significant progress in this emerging field [2] - Despite a late start compared to Europe and the US, China now boasts the largest and most innovative group of scholars in metamaterials, gaining a certain level of influence in the field [2][3] Industry Development - The metamaterials field has expanded from early physics scholars to include researchers from engineering, mechanics, and electronics, leading to rapid growth in the number of scholars [3] - The Chinese government has prioritized metamaterials as a strategic development area since the 12th Five-Year Plan, with various ministries emphasizing its importance from both technological and industrial perspectives [3] - The National Metamaterials Conference aims to promote research in metamaterial theory, design, fabrication, and device applications, with previous conferences held in Xi'an, Nanjing, and Wuzhen [3]

Core Insights - The year 2023 is pivotal for the industrialization of metamaterials, transitioning from academic research to mass production [1] - Metamaterials are expected to drive systemic transformations across various traditional industries by redefining materials, processes, and equipment [2][3] Industry Development - Metamaterials, created through micro-nano lithography, surpass the performance limitations of traditional materials, showcasing exceptional capabilities in electromagnetic, acoustic, and mechanical fields [2] - The demand for metamaterials has surged due to challenges faced by existing materials in addressing industrial upgrades [3] Company Positioning - Guangqi Technology is a pioneer in the industrialization of metamaterials in China, having successfully commercialized metamaterial technologies for advanced equipment manufacturing [4] - The company has overcome ten key technological bottlenecks in the new generation of aerospace equipment, establishing a complete manufacturing system from meter-scale design to nanometer-level precision [4] Market Potential - The metamaterials sector is positioned within a trillion-yuan emerging innovation market, with applications in defense, aerospace, and intelligent manufacturing [4] - Guangqi Technology has reported a cumulative contract amount exceeding 4.6 billion yuan for metamaterial aerospace structural products over the past three years, leading the industry in commercialization [4] Strategic Initiatives - Guangqi Technology has introduced a "1+7+N" development strategy, focusing on core metamaterial technology and establishing seven capability platforms to enhance advanced manufacturing [5][6] - The company is actively expanding production capacity to meet the rapidly growing downstream demand, with plans to build five production bases across China [7] Challenges and Future Outlook - Despite significant achievements in basic research, the industry faces challenges in transitioning from theoretical applications to practical industrialization [7] - Guangqi Technology's Q1 2025 report indicated revenues of 372 million yuan, a year-on-year increase of 15.96%, and a net profit of 151 million yuan, up 10.82%, marking historical highs [7] - The company is enhancing collaboration with upstream and downstream enterprises to address challenges in the metamaterial industrialization process [8]

Group 1 - The fourth National Metamaterials Conference was held in Shenzhen, attracting nearly 3,000 technology workers from universities, research institutes, and leading companies to discuss the latest developments and future trends in the metamaterials field [1] - Liu Ruopeng, chairman of Guoke Technology, emphasized that this year is crucial for the industrialization of metamaterials and expressed hope for more young people to engage in this transformative technology [1] - Metamaterials are engineered to exhibit extraordinary properties beyond natural materials, enabling breakthroughs in various emerging industries [1] Group 2 - Guoke Technology has successfully overcome ten key technological bottlenecks in the new generation of aviation equipment, establishing a complete manufacturing system for airborne metamaterials [2] - The company’s innovative "integrated functional structure" metamaterial components have become core solutions for complex functional system designs in next-generation aerospace equipment [2] - Over the past three years, Guoke Technology has disclosed contracts for metamaterial aviation structural products totaling over 4.6 billion yuan, leading the industrialization of metamaterials [2] - The company has built an industrial system covering the entire lifecycle of metamaterials, creating a complete closed-loop industrial chain from theoretical design to performance testing [2]

Group 1 - The company announced a change in the continuous supervision sponsor representative due to the work change of the previous representative [1][2] - Wang Liquan has been appointed as the new continuous supervision sponsor representative, replacing Yang Keyi [1][2] - The change does not affect the ongoing supervision work by Guotai Junan Securities [2] Group 2 - The company raised a total of RMB 6,894,000,000 through a non-public offering of 966,900,415 shares, with a net amount of RMB 6,837,763,309 after deducting issuance costs [6] - The company adjusted the investment in the Shunde Industrial Base project, increasing it by RMB 61,395.01 million to a total of RMB 236,577.34 million [7] - The company signed a four-party supervision agreement for the management of raised funds, involving the company, its subsidiary, the bank, and the sponsor [8][9] Group 3 - The four-party supervision agreement outlines the responsibilities of each party in managing and supervising the raised funds [9][10] - The sponsor has the right to change the designated representative and must notify the bank accordingly [11] - The agreement will remain effective until all funds are fully utilized and the account is closed [11][12]

证券代码：002625 证券简称：光启技术 公告编号：2025-043 一、非公开发行募集资金基本情况 经中国证券监督管理委员会《关于核准浙江龙生汽车部件股份有限公司非公 开发行股票的批复》（证监许可〔2016〕2587号）核准，光启技术股份有限公司 （以下简称"公司"）向特定投资者发行人民币普通股966,900,415股，募集资金 总额人民币6,894,000,000.00元，扣除发行费用总额56,236,690.04元后，募集资金 净额为人民币6,837,763,309.96元。该等募集资金已于2017年1月23日全部到位， 已经天健会计师事务所（特殊普通合伙）审验，并出具天健验字[2017]8号《验 资报告》。 公司于2024年9月5日召开2024年第一次临时股东大会审议通过了《关于调整 部分募投项目、变更募集资金用途的议案》，公司调增了顺德产业基地项目（以 下简称"709基地"）的投资，709基地的总投入增加61,395.01万元，达到236,577.34 万元。 公司于2024年12月2日召开2024年第三次临时股东大会审议通过了《关于调 整部分募投项目、变更募集资金用途、对全资子公司增资、减资及设 ...

董 事 会 证券代码：002625 证券简称：光启技术 公告编号：2025-042 光启技术股份有限公司 关于更换持续督导保荐代表人的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚虚 假记载、误导性陈述或者重大遗漏负连带责任。 光启技术股份有限公司（以下简称"公司"）于 2025 年 5 月 12 日收到公司 保荐机构国泰海通证券股份有限公司（以下简称"国泰海通"）出具的《关于变 更持续督导保荐代表人的通知函》。国泰海通为公司 2017 年非公开发行股票的 保荐机构，原委派袁业辰先生、杨可意女士作为公司非公开发行项目的持续督导 保荐代表人，现因杨可意女士工作变动，不再担任公司非公开发行股票持续督导 期间的保荐代表人，为保证持续督导工作有序进行，国泰海通委派王立泉先生接 替杨可意女士担任持续督导期间的保荐代表人。 王立泉先生的简历见附件。 本次变更不影响国泰海通对公司的持续督导工作。本次变更后，公司非公开 发行股票的持续督导保荐代表人为袁业辰先生和王立泉先生。 特此公告。 光启技术股份有限公司 二〇二五年五月十三日 附件： 王立泉先生简历 王立泉，保荐代表人，曾先后参与天壕节能 IPO、 ...

Investment Rating - The report rates the defense and military industry as "better than the market" [4]. Core Insights - The recent conflict between India and Pakistan, where Pakistan used Chinese weapons to shoot down multiple Indian aircraft, has created new opportunities for China's military trade [2][34]. - Pakistan has imported over 80% of its military equipment from China in the past five years, highlighting its role as a key partner in China's Belt and Road Initiative [2][35]. - The demand for advanced military equipment, such as air defense systems and drones, is increasing due to the ongoing tensions in the region [2][35]. Summary by Sections Market Review - The defense and military index rose by 6.33% last week, outperforming other major indices [13]. - The current PE (TTM) for the defense and military sector is 76.08, with aerospace equipment at 136.47 and ground weaponry at 144.71 [21]. Key Recommendations - Recommended companies include: Hongdu Aviation, AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, and Zhongji Aviation for downstream manufacturers; and companies like Lianchuang Optoelectronics and Guangqi Technology for military technology [3][36]. Industry Dynamics - The military industry is expected to see long-term growth, with demand recovering and production capacity improving [3]. - The global military trade market has shown steady growth, with military spending correlating with trade volume [36][42]. Military Trade Insights - The top five military exporters from 2019 to 2023 were the USA (41.7%), France (10.9%), Russia (10.5%), China (5.8%), and Germany (5.6%) [39]. - China's military exports have been rapidly increasing, with a market share of 8.35% in 2023, driven by competitive weaponry and a decline in Russian exports [42][44].

Summary of Key Points from Conference Call Records Company and Industry Overview - **Companies Involved**: 优博讯 (Youbo Information), 光启技术 (Guangqi Technology), 浪潮信息 (Inspur Information) - **Industries**: Mobile intelligent solutions, advanced materials, AI computing, and military technology Key Insights and Arguments 优博讯 (Youbo Information) - **Market Expansion Plans**: The company aims to expand into emerging sectors such as smart healthcare and intelligent manufacturing, while also enhancing its global strategy by increasing investments in new product development and expanding overseas sales teams, particularly in Latin America, the Middle East, and Africa [1][1][1] - **Product Offerings**: The company specializes in developing, manufacturing, and selling intelligent data terminals, smart payment terminals, and automation equipment, with key products including handheld PDAs and RFID reading terminals [1][1][1] - **Military Applications**: The company's smart data collection terminals and specialized printers are utilized in military logistics and asset management, with a focus on meeting national military standards [2][2][2] - **Technological Advancements**: The introduction of the new open-source HarmonyOS-based smart handheld terminal DT505G, which integrates AI technologies for enhanced local processing efficiency [3][3][3] - **Cross-Border Payment Solutions**: The company provides smart POS terminals that support multiple currencies, facilitating cross-border payment solutions in collaboration with banks and third-party payment platforms [3][3][3] 光启技术 (Guangqi Technology) - **Drone Development**: The company is focused on developing large-scale drone swarms with long flight durations, currently in the testing phase [4][4][4] - **Material Innovations**: Guangqi Technology is advancing the application of metamaterials in various sectors, including electronics and smart vehicles, and has established the world's first production line for metamaterials [4][4][4] - **Strategic Partnerships**: The company has signed strategic cooperation agreements to integrate AI technology with metamaterial research for humanoid robots, enhancing production capabilities [4][4][4] - **Military Technology**: Guangqi Technology has developed next-generation stealth technology for naval vessels, utilizing metamaterials to replace traditional coatings [5][5][5] 浪潮信息 (Inspur Information) - **AI Chip Collaborations**: The company has partnered with over 20 domestic AI chip manufacturers to enhance its product offerings and support the development of a domestic intelligent computing ecosystem [7][7][7] - **Market Position**: Inspur Information is recognized as the largest server manufacturer in China, maintaining a leading position in global server and storage markets [8][8][8] - **Innovative Products**: The company has launched several cutting-edge products, including the AI general-purpose server NF8260G7, which operates large models with minimal CPU usage, and the first 42kW intelligent cooling server [8][8][8] Additional Important Information - **Financial Performance**: The companies are actively pursuing growth strategies in their respective markets, with a focus on innovation and technological advancements to enhance competitiveness [1][1][1][4][4][4][7][7][7] - **Industry Trends**: The integration of AI and advanced materials is a significant trend across the industries represented by these companies, indicating a shift towards more intelligent and efficient solutions [3][3][3][4][4][4][7][7][7] This summary encapsulates the essential points from the conference call records, highlighting the strategic directions, technological innovations, and market positions of the involved companies.

证券代码：002625 证券简称：光启技术 公告编号：2025-041 光启技术股份有限公司 关于股东解除一致行动关系暨权益变动触及 1% 的整数倍的提示性公告 公司股东深圳光启空间技术有限公司保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 光启技术股份有限公司（以下简称"公司"）于近日收到公司控股股东西藏 映邦实业发展有限公司（以下简称"西藏映邦"）之一致行动人深圳光启空间技 术有限公司（以下简称"光启空间"）的通知，其原董事季春霖先生、张洋洋先 生已离任，故其与西藏映邦之间就《上市公司收购管理办法》第八十三条所规定 的原一致行动关系相应解除。具体情况如下： 一、一致行动关系的形成 因季春霖先生、张洋洋先生已离任光启空间董事职务，西藏映邦与光启空间 已不存在《上市公司收购管理办法》第八十三条规定的构成一致行动关系的情形， 故自季春霖先生、张洋洋先生离任光启空间董事职务之日起，西藏映邦、光启空 间不再构成一致行动关系。 三、本次权益变动超过1%的基本情况 1 本次权益变动不涉及各方各自所持股份数量和比例的 ...