Core Viewpoint - The company aims to embrace technological and societal changes over the next fifteen years, focusing on expanding into a trillion-dollar emerging market with its metamaterials technology, redefining the global technology landscape with a "Chinese solution" [2] Group 1: Company Development and Achievements - Over fifteen years, the company has achieved a leap from non-existence to large-scale production, creating a series of metamaterials technologies and solutions for advanced aerospace equipment [2][3] - The company has established a comprehensive industrial chain layout with 1 headquarters, 5 bases, 7 capability platforms, 8 specialized companies, and 1919 upstream and downstream partners, marking a transition from following to leading in the metamaterials industry [2] - The company has completed 117,200 design drawings, built 545,000 digital simulation models, and written 7.74 billion words of technical documents, showcasing its extensive research and development efforts [3] Group 2: Strategic Focus and Innovation - The company has implemented a "deep vertical" industry development strategy since 2017, focusing on core material development and vertical integration of the metamaterials industry chain, resulting in a 30% to 50% cost reduction compared to industry standards [3] - The company has successfully developed four generations of metamaterials technology, with the third and fourth generations achieving large-scale industrialization, significantly enhancing the performance of advanced aerospace equipment [4] Group 3: Product and Application Innovations - The company has developed the world's first low-cost, mass-producible metamaterials drone, which meets all performance indicators and has successfully completed multiple test flights [5] - The company has filed over 6,000 patent applications, securing more than 4,000 authorized patents, making it a leader in the metamaterials patent landscape globally [5] Group 4: Management and Talent Development - The company has undergone a digital transformation, implementing a digital management platform that covers all operational processes, significantly improving efficiency [6] - The company has cultivated a skilled workforce, including 13 chief engineers, 134 postdoctoral researchers, and 649 R&D personnel, emphasizing the importance of talent in driving growth [7][9]

Investment Rating - The report does not explicitly state an investment rating for the defense and military industry but highlights a positive outlook for long-term growth potential [4]. Core Insights - The defense and military industry is expected to experience a recovery in demand as the "14th Five-Year Plan" approaches its final year, with a clear directive for modernization by 2035 and a world-class military by 2050 [4]. - The report emphasizes the significant impact of AI technology on military equipment and decision-making, showcasing its transformative value in modern warfare, particularly highlighted by the ongoing Russia-Ukraine conflict [2][39]. - The report identifies specific investment opportunities in the military sector, particularly in AI applications, low-altitude economy developments, and the upcoming commissioning of the Fujian aircraft carrier [3][38]. Summary by Sections Market Review - The defense and military index rose by 0.08% last week, ranking 6th among 31 primary industries, while the overall market indices declined [2][13]. - The current PE (TTM) for the defense and military sector is 84.92, with sub-sectors showing varied valuations, such as aerospace equipment at 146.02 and ground armaments at 189.72 [2][21]. Key Recommendations - The report recommends focusing on companies involved in downstream manufacturing, military technology, underwater equipment, missile supply chains, titanium materials, electronic components, and laser weapons [4]. - Specific companies highlighted include Hongdu Aviation, AVIC Shenyang Aircraft, and Reicoh Laser among others [4]. Industry Dynamics - The report discusses the emergence of low-altitude economy opportunities, driven by recent policy initiatives and technological advancements in drone logistics and infrastructure [3][32][37]. - The military AI sector is identified as a core growth driver, with expectations for a surge in orders for AI-enabled equipment by 2025 [40].

Core Viewpoint - The article highlights the growth potential and investment opportunities in the aerospace and defense industry, particularly focusing on the commercial space sector and the domestic aircraft manufacturing market, driven by favorable policies and technological advancements [7][8][9]. Group 1: Aerospace and Defense Industry Overview - The Huazhong National Aerospace Industry ETF closely tracks the National Aerospace Industry Index, which includes high-quality companies in aerospace equipment, military electronics, ground weaponry, and aerospace equipment, with a defense industry representation of 98.2% [2]. - Key companies in the National Aerospace Index include AVIC Shenyang Aircraft Corporation (weight 8.37%, market cap 182.41 billion), AVIC Xi'an Aircraft Industry Group (weight 5.36%, market cap 79.96 billion), and others [3]. Group 2: Historical Performance - Since 2020, the National Aerospace Index has achieved a cumulative return of 38.4%, with an annualized return of 6.4% and an annualized volatility of 33.4%, showing significant excess returns during market rebounds compared to the China Securities Military Industry Index [5]. Group 3: Catalysts for Growth - The commercial space sector is entering a new phase of scale and marketization, supported by recent regulatory frameworks from the National Space Administration aimed at enhancing quality supervision [7][8]. - The domestic aircraft market is seeing stable deliveries of the C919 aircraft, with China Commercial Aircraft Corporation predicting the delivery of 9,323 aircraft over the next 20 years, valued at approximately 1.4 trillion USD [9]. - The low-altitude economy is expanding rapidly, with a projected market size of 1.064 trillion RMB by 2026, reflecting a growth rate of 33.8% in 2023 [10]. Group 4: Policy and Regulatory Environment - Strengthened regulations and new policies from the Science and Technology Innovation Board are expected to enhance project quality and industry management, promoting long-term healthy development in the aerospace sector [11]. - The frequency of space launches has reached a new high, with 35 successful launches in the first half of the year, indicating a robust growth trajectory for the industry [11].

Core Viewpoint - The China Aerospace and Aviation Index (CS Aerospace, H30213) has shown significant growth, with a 2.97% increase over the past month, 19.87% over the past three months, and 9.41% year-to-date, reflecting the overall performance of listed companies in the aerospace sector [2]. Group 1: Index Performance - The CS Aerospace Index is composed of 50 listed companies in the aerospace sector, with a base date of December 31, 2004, set at 1000.0 points [2]. - The index has experienced a monthly increase of 2.97%, a quarterly increase of 19.87%, and a year-to-date increase of 9.41% [2]. Group 2: Index Composition - The top ten weighted companies in the CS Aerospace Index are: AVIC Shenyang Aircraft (9.77%), Guangqi Technology (8.54%), Aero Engine Corporation of China (7.8%), AVIC Optoelectronics (6.77%), AVIC Xi'an Aircraft (5.51%), AVIC Aircraft (4.24%), Aerospace Electronics (3.69%), AVIC Chengfei (3.45%), AVIC Gaoke (3.11%), and Huace Navigation (2.73%) [2]. - The index's holdings are primarily from the Shanghai Stock Exchange (52.90%) and the Shenzhen Stock Exchange (47.10%) [2]. Group 3: Industry Breakdown - The industry composition of the index shows that aerospace accounts for 78.74%, defense equipment for 15.81%, communication equipment for 2.73%, and software development for 2.72% [2]. Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio not exceeding 20% [3]. - Weight factors are adjusted in accordance with sample changes, and special circumstances may lead to temporary adjustments [3].

Core Viewpoint - The company is committed to increasing its research and development investment in the field of metamaterials, aiming for continuous innovation and breakthroughs in technology [2] Group 1: Development and Industrialization - Since its establishment in 2010, the company has transformed metamaterial technology from laboratory research to large-scale production, creating a new industrial chain over 15 years [3] - The company has established five major research and production bases across the country to support the growing customer orders, with existing bases in Foshan and Luoyang operating at full capacity [3] - New production bases in Zhuzhou, Tianjin, and Leshan are set to begin operations soon, which will alleviate current capacity delivery pressures and enhance production efficiency [3] Group 2: Competitive Advantages - The company has over 4,000 employees and has restructured its management system through digitalization and AI, significantly reducing management costs and improving efficiency [4] - The core competitive advantages are identified as: the introduction of the Metamaterials 4.0 technology group for aerospace applications, lower production costs compared to peers, and a manufacturing system that ensures efficiency and stability in large-scale production [4] Group 3: Ecosystem Construction - The company is focused on building an industrial ecosystem for metamaterials, emphasizing the need for collaboration with other excellent enterprises to strengthen the industry [5] - The company has established a comprehensive industrial chain ecosystem that includes approximately 2,000 upstream and downstream enterprises, covering research, production, and application of metamaterials [5] Group 4: Systematic Industry Chain Construction - The company has developed a systematic industry chain that includes upstream raw material research and production, midstream key component manufacturing, and downstream end products and services [6] - This strategic framework integrates vertical technological innovation and horizontal industrial collaboration, forming a complete closed-loop ecosystem for breakthrough developments in metamaterials [6] Group 5: Expanding Application Areas - The company is expanding the application of metamaterials into various fields, such as smart vehicles and robotics, addressing technical challenges and enhancing performance [7] - Future developments will focus on integrating sensing and semiconductor technologies, leading to fundamental changes in industrial models [7] - The ultimate goal is to achieve multi-dimensional technological integration beyond single-function optimization [7] Group 6: Future Research Directions - The company is planning to establish a new research institute aimed at exploring material design from a molecular structure perspective, providing foundational support for future disruptive innovations in metamaterials [8]

Core Viewpoint - The company is committed to increasing its investment in research and development in the field of metamaterials, aiming to drive continuous innovation and application across various industries [1]. Group 1: Company Development and Achievements - Over 15 years, the company has transformed metamaterial technology from laboratory research to large-scale production, establishing a complete industrial chain [2]. - The company has expanded its production capacity by setting up new research and production bases in Zhuzhou, Tianjin, and Leshan, in addition to existing facilities in Foshan and Luoyang [2]. - The company has achieved full-capacity production at its Foshan and Luoyang bases, with new bases expected to alleviate delivery pressure and enhance production efficiency [2]. Group 2: Core Competitiveness - The company identifies its core competitiveness in three areas: advanced metamaterial technology, significant cost control through digital transformation, and strong order delivery capabilities [3]. - The introduction of the Metamaterials 4.0 technology group is expected to enhance aerospace equipment performance and create new product categories [3]. Group 3: Industrial Ecosystem Construction - The company is focused on building a complete industrial ecosystem for metamaterials, integrating around 2,000 upstream and downstream enterprises to foster innovation and high-quality development [4]. - The industrial layout includes upstream raw material research, midstream key component manufacturing, and downstream end products and services, creating a comprehensive industrial chain [4]. Group 4: Application Expansion - The company is actively expanding the application of metamaterials in various fields, including smart vehicles and robotics, addressing technical challenges and improving performance [7]. - Future developments will focus on integrating sensing and semiconductor technologies, leading to fundamental changes in industrial models [7].

Group 1 - The company held its 16th meeting of the 5th Supervisory Board on July 17, 2025, and the meeting was conducted in accordance with relevant regulations [1] - The Supervisory Board approved the proposal for the initial grant of stock options under the 2025 stock option incentive plan with a vote of 3 in favor, 0 against, and 0 abstentions [1] - The initial grant date for the stock options is set for July 22, 2025, which complies with the regulations of the Management Measures for Equity Incentives of Listed Companies and the company's draft incentive plan [1] Group 2 - The announcement regarding the initial grant of stock options will be published in various financial newspapers and on the company's official information disclosure website [2] - The Supervisory Board has verified the list of incentive objects for the stock option grant and provided its verification opinion [1][2]

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 二、核心骨干员工名单（排名不分先后） 激励对象中核心骨干员工的具体姓名已向深圳证券交易所申请豁免披露，激 励名单如下： | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 艾** | 核心骨干员工 | | 2 | 蔡** | 核心骨干员工 | | 3 | 曾** | 核心骨干员工 | | --- | --- | --- | | 4 | 晁** | 核心骨干员工 | | 5 | 陈** | 核心骨干员工 | | 6 | 陈** | 核心骨干员工 | | 7 | 陈 * | 核心骨干员工 | | 8 | 陈** | 核心骨干员工 | | 9 | 陈 * | 核心骨干员工 | | 10 | 陈 * | 核心骨干员工 | | 11 | 陈** | 核心骨干员工 | | 12 | 褚 * | 核心骨干员工 | | 13 | 豆** | 核心骨干员工 | | 14 | 范** | 核心骨干员工 | | 15 | 方** | 核心骨干员工 | | 16 | 冯 * | 核心骨干员工 | | 17 | 冯** | 核心骨干员工 ...

证券代码：002625 证券简称：光启技术 公告编号：2025-060 首次授予股票期权的公告 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"、"光启技术"）于 2025 年 7 月 22 日召开了第五届董事会第二十二次会议、第五届监事会第十六次会议，审议 通过了《关于向 2025 年股票期权激励计划激励对象首次授予股票期权的议案》， 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、公司《2025 年股票期权激励计划（草案）》（以下简称"《激励计划（草案）》"、"本激 励计划"）的相关规定以及公司 2025 年第三次临时股东会授权，董事会认为公 司 2025 年股票期权激励计划的授予条件已经成就，同意以 2025 年 7 月 22 日为 本激励计划的首次授予日，向符合条件的 133 名激励对象授予 293.02 万份股票 期权。现将有关事项公告如下： 一、公司2025年股票期权激励计划简述 光启技术股份有限公司 关于向2025年股票期权激励计划激励对象 注2：上述激励对象不包括公司独立董事和监事，亦不包括单 ...

公司简称：光启技术 证券代码：002625 上海荣正企业咨询服务（集团）股份有限公司 关于 光启技术股份有限公司 2025 年股票期权激励计划首次授予相关事项 之 独立财务顾问报告 2025 年 7 月 1 | 一、释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、本次激励计划已履行的相关审批程序 6 | | 五、 本次激励计划授予条件成就说明 7 | | 六、 本次激励计划的首次授予情况 8 | | 七、 实施本次激励计划对相关年度财务状况和经营成果影响的说明 9 | | 八、结论性意见 10 | | 九、备查文件及咨询方式 11 | 一、释义 | 以下词语如无特殊说明，在本文中具有如下含义： | | --- | | 光启技术、公司 | 指 | 光启技术股份有限公司 | | --- | --- | --- | | 《激励计划（草案） | 指 | 《光启技术股份有限公司2025年股票期权激励计划（草案）》 | | 》 | | | | 本激励计划 | 指 | 光启技术股份有限公司2025年股票期权激励计划 | | 股票期权 | 指 | 公司根据本激励计划的规定，授予激励对象在 ...