Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5] Core Insights - The establishment of the Commercial Space Administration by the National Space Administration signifies a dedicated regulatory body for the commercial space industry, which is expected to drive high-quality development and benefit the entire industry chain [2][37] - The low-altitude economy is entering a phase of accelerated commercialization, with significant policy support and new product development, indicating a promising growth trajectory [3][36] - The defense and military sector is projected to experience sustained growth due to the execution of backlog orders from the 14th Five-Year Plan and the introduction of new orders under the 15th Five-Year Plan [3][38] Summary by Sections Market Review - The defense and military index rose by 2.85% last week, ranking 14th among 31 primary industries [1][13] - The current PE (TTM) for the defense and military sector is 77.60 times, with aerospace equipment at 305.61 times and military electronics at 106.55 times [1][22] Key Recommendations - Recommended companies include: 1. Downstream manufacturers: AVIC Chengfei, Hongdu Aviation, AVIC Shenyang, AVIC Xifei 2. New military technologies: Lianchuang Optoelectronics, Guangqi Technology, Zhongjian Technology 3. Underwater equipment: Yaxing Anchor Chain, Zhongke Haixun, Changying Tong 4. Missile industry chain: Feili Hua, Guoke Military Industry, Zhongbing Hongjian 5. Military titanium materials: Western Superconducting 6. Electronic components: Hongyuan Electronics, Aerospace Electric [4][40][41][42][43][44][45][46] Industry Dynamics - The National Space Administration's action plan for commercial space development aims for a significant expansion of the industry by 2027, enhancing innovation and resource utilization [2][37] - The low-altitude economy is being bolstered by new regulations and infrastructure developments, with a focus on safety and efficiency in low-altitude flight activities [3][34][36]

Core Viewpoint - Chengdu Lijun Industrial Co., Ltd. has signed a significant sales contract with GRANDWAY INTERNATIONAL TRADE PTE. LTD., which is expected to positively impact the company's future operating performance, accounting for 52.53% of the audited consolidated revenue for the fiscal year 2024 [2][17]. Group 1: Contract Overview - The contract was signed on November 28, 2025, with a total value of approximately $5,760.7728 million, equivalent to about ¥40,779.93 million at an exchange rate of 7.0789 [2][17]. - The contract involves the sale of high-pressure roller mills and related equipment, with the seller being Lijun Holdings (Singapore) Pte. Ltd., a wholly-owned subsidiary of the company [7][17]. - The contract stipulates that the first batch of equipment will be delivered based on specific notifications, while the second batch will be negotiated separately [7][17]. Group 2: Payment Terms and Conditions - The payment structure includes a 30% advance payment, with subsequent payments tied to progress and acceptance milestones [8][9][10]. - The first batch's total payment includes various components: advance, progress payment, acceptance payment, and warranty retention [8][9][10][11]. - The warranty period for the entire project is set at two years [13][17]. Group 3: Impact on Company Operations - The execution of this contract is anticipated to enhance the company's market share in overseas markets and expand its operational scale, aligning with the company's strategic development plan [17]. - The company has the necessary resources, including funding, technology, and personnel, to fulfill the contract [17]. - The contract does not significantly affect the company's operational independence or create dependency on the counterparty [17]. Group 4: Counterparty Information - GRANDWAY INTERNATIONAL TRADE PTE. LTD. is a registered company in Singapore with a capital of 20,000 SGD and engages in wholesale trade without a dominant product [4][5][17]. - There have been no similar transactions between the company and GRANDWAY in the past three years, indicating a new business relationship [6][17]. Group 5: Legal and Compliance Aspects - The contract requires approval from the company's board of directors and shareholders due to the special legal relationship between the seller and the production entity [20][21]. - Any disputes arising from the contract will be governed by the laws of the People's Republic of China, excluding the United Nations Convention on Contracts for the International Sale of Goods [15][17].

Group 1 - SMIC announced the termination of the sale of its stake in SMIC Ningbo due to failure to reach an agreement within the expected timeframe, retaining a 14.832% stake post-termination, with no significant impact on financial status [2] - Chaozhuo Aerospace's actual controller will change to Hubei State-owned Assets Supervision and Administration Commission, with stock resuming trading on December 1 [2] - ST Lifan faces potential forced delisting due to false disclosures in its 2021-2023 annual reports, with a total false revenue of 592 million yuan, representing 50.91% of the reported revenue for those years [3] Group 2 - Lijun Holdings' subsidiary signed a contract worth approximately 57.6 million USD for high-pressure roller mills, accounting for 52.53% of the audited consolidated revenue for 2024, expected to positively impact future performance [3] - Sanjiang Shopping's second-largest shareholder, Alibaba Zeta, reduced its stake by 5.4768 million shares, decreasing its holding from 30% to 29% [4] - Tianfeng Securities is under investigation by the CSRC for suspected information disclosure violations and illegal financing [5] Group 3 - China Jushi's major shareholder, Zhenstone Group, plans to increase its stake by no less than 550 million yuan and no more than 1.1 billion yuan [6] - Helun Zhe's major shareholder received a notice of investigation for suspected information disclosure violations, which does not affect the company's operations [7] - Yongtai Energy's actual controller also received a notice of investigation for similar violations, with no impact on the company's operations [8] Group 4 - Wuhantian Source's major shareholder, Konka Group, plans to transfer 9.83% of its shares to China Resources Asset Management [9] - Pinggao Electric won a bid for a State Grid project worth approximately 773 million yuan [9] - Zhejiang Longsheng is collaborating with a private equity fund to establish a venture capital partnership [9]

Key Points - Guizhou Moutai elected Chen Hua as the chairman of the fourth board of directors and plans to repurchase shares between RMB 1.5 billion and RMB 3 billion [1] - Tianfeng Securities is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure and illegal financing [1] Share Buybacks - Demai Technology raised the upper limit for share repurchase to RMB 45 per share [5] - Jianbang Technology plans to repurchase shares worth between RMB 15 million and RMB 30 million [5] - Huayuan Holdings intends to repurchase shares worth between RMB 30 million and RMB 60 million [5] Major Investments - Jinling Pharmaceutical plans to invest RMB 893 million in hospital expansion projects [7] - Dongfang Mingzhu intends to invest approximately RMB 500 million to establish a partnership and acquire part of the equity of New H3C [7] - Chang'an Automobile aims to establish a robotics company to develop innovative products and solutions [7] Mergers and Acquisitions - Kaizhong Co. plans to acquire 60% of Anhui Tuosheng's equity, with stock resuming trading on December 1 [7] - Youa Co. has resumed the review process for issuing shares and cash to purchase assets [7] - Jiasheng Technology intends to acquire controlling interest in Shudun Information Technology Co., with stock continuing to be suspended [7] Financing Activities - Shenzhen Energy plans to apply for a public bond issuance with a total scale not exceeding RMB 20 billion [7] - Huakong Saige has terminated its specific object stock issuance [7]

人民财讯11月28日电，利君股份(002651)11月28日公告，公司全资子公司利君控股与GRANDWAY INTERNATIONAL TRADE PTE. LTD.（简称"GRANDWAY"）签订了买卖合同，利君控股（含生产方） 为GRANDWAY负责相关项目选矿厂的整体设计及技术服务，负责提供高压辊磨机及选矿厂其它所需全 套设备采购技术支持，并提供相应的现场安调指导和培训指导；GRANDWAY向利君控股采购高压辊磨 机和配套设备，合同总金额5760.77万美元（换算为人民币约为4.08亿元），合同总金额占2024年度经会 计师审计公司合并营业收入的52.53%。 转自：证券时报 ...

Group 1 - The core point of the article is that Lijun Co., Ltd. has signed a sales contract with GRANDWAY, which involves the design and technical services for a mineral processing plant, with a total contract value of approximately 57.61 million USD, accounting for 52.53% of the company's audited consolidated revenue for 2024 [1] - The contract includes the provision of high-pressure roller mills and other necessary equipment, along with on-site adjustment and training support [1] - As of the first half of 2025, Lijun Co., Ltd.'s revenue composition is entirely from the machinery manufacturing industry, with a 100% share [1] Group 2 - The current market capitalization of Lijun Co., Ltd. is 11.1 billion RMB [2]

Core Viewpoint - The company Lijun Co., Ltd. has signed a sales contract with GRANDWAY, involving the provision of design, technical services, and equipment for a mineral processing plant, with a total contract value of approximately $57.61 million [1] Group 1: Contract Details - The contract is between Lijun Holdings (Singapore) Private Limited, a wholly-owned subsidiary of Lijun Co., Ltd., and GRANDWAY [1] - Lijun Holdings is responsible for the overall design and technical services of the mineral processing plant, including the supply of high-pressure roller mills and other necessary equipment [1] - The total contract amount is $57.607728 million [1]

格隆汇11月28日丨利君股份(002651.SZ)公布，公司全资子公司利君控股与GRANDWAY签订了《买卖合 同》。合同约定：卖方利君控股（含生产方）为买方GRANDWAY负责相关项目选矿厂的整体设计及技 术服务，负责提供高压辊磨机及选矿厂其它所需全套设备采购技术支持，并提供相应的现场安调指导和 培训指导；买方GRANDWAY向卖方利君控股采购高压辊磨机和配套设备，合同总金额5,760.7728万美 元（按1美元兑人民币7.0789元的汇率，换算为人民币约为40,779.93万元，最终以合同实际结算价格为 准），合同总金额占2024年度经会计师审计公司合并营业收入的52.53%。 ...

Core Viewpoint - The company announced a significant contract with GRANDWAY for mining plant design and equipment procurement, which is expected to positively impact its performance in 2024 [1] Group 1: Contract Details - The contract was signed on November 28, 2025, and involves the company's wholly-owned subsidiary, Lijun Holdings [1] - The total contract amount is approximately $57.61 million, equivalent to about RMB 407.80 million [1] - This contract represents 52.53% of the company's consolidated revenue for the fiscal year 2024 [1] Group 2: Conditions and Impact - The contract is subject to approval by the board of directors and shareholders [1] - The effectiveness of the contract depends on the receipt of the first batch of equipment prepayment and the second batch of equipment deposit [1] - The execution of this contract is anticipated to have a positive impact on the company's performance [1]

Core Viewpoint - Lijun Co., Ltd. announced a significant contract with GRANDWAY, which is expected to positively impact the company's future operating performance [1] Group 1: Contract Details - Lijun Holdings, a wholly-owned subsidiary of Lijun Co., signed a sales contract with GRANDWAY [1] - The contract involves the overall design and technical services for a mineral processing plant, including the provision of high-pressure roller mills and other necessary equipment [1] - The total contract amount is approximately $57.61 million, equivalent to about 407.80 million RMB [1] Group 2: Financial Impact - The contract represents 52.53% of the audited consolidated revenue for the fiscal year 2024 [1] - The expected positive impact on the company's future operating performance is highlighted [1]