Core Points - The company, Xingwang Yuda (002829.SZ), announced on November 5, 2024, that it has received a decision regarding the lifting of a procurement ban, allowing it to participate in military procurement activities again [1] Group 1 - The company has successfully appealed and clarified that the military procurement network has lifted the ban on its procurement activities [1] - The restoration of procurement qualifications will enable the company to fully engage in military procurement, positively impacting its normal operations and development [1]

智通财经APP讯，星网宇达(002829.SZ)发布公告，公司于2024年11月5日发布了《关于公司收到违规处 理决定的公告》，经申诉等程序，军队采购网明确，公司已经解除禁止性采购处理，恢复参加军队物资 采购活动资格。资格恢复后，公司可全面参与军队采购活动，这将为公司正常经营和发展带来积极影 响。 ...

证券日报网讯星网宇达11月6日在互动平台回答投资者提问时表示，公司截至2025年10月31日的股东人 数为33，165户。 （文章来源：证券日报） ...

Core Insights - A total of 612 stocks reported their latest shareholder numbers as of October 31, with 264 stocks showing a decline compared to the previous period [1][3] - The most significant decrease in shareholder numbers was observed in Shouhua Gas, which saw a drop of 22.18% to 21,736 shareholders [3] - The average increase in concentrated stocks since October 21 was 3.63%, with notable performers including Haima Automobile, Zhongzhi Technology, and Luoniushan, which rose by 31.59%, 29.95%, and 28.15% respectively [3][4] Shareholder Changes - Among the 264 stocks with decreased shareholder numbers, 23 stocks experienced a decline of over 10% [3] - Xianying Technology had the second-largest decline at 20.80%, with its latest shareholder count at 9,985 [3] - Other notable declines included Shangtai Technology (-19.19%), Baoding Technology (-18.82%), and Yunnan Zhiye (-16.58%) [3] Market Performance - 42% of concentrated stocks outperformed the Shanghai Composite Index, which rose by 1.85% during the same period [2] - The average increase for concentrated stocks since October 11 was 0.77%, indicating a weaker performance compared to the broader market [2] - The highest gainers among stocks with declining shareholder numbers included Xingwang Yuda, which increased by 16.51% since October 11 [2] Industry Insights - The concentrated stocks were primarily found in the machinery, basic chemicals, and automotive sectors, with 27, 27, and 22 stocks respectively [3] - The public utility sector saw significant changes, with Shouhua Gas and Meinen Energy both experiencing notable declines in shareholder numbers [3][5] - The electronics sector also had significant movements, with Xianying Technology and Shengjing Micro experiencing contrasting trends in shareholder numbers and stock performance [3][6]

Core Viewpoint - The satellite ETF (159206) is experiencing a positive market response, with a 0.93% increase and significant net subscriptions, indicating growing investor interest in the commercial space and satellite communication sectors [3][7]. Group 1: ETF Performance - As of 13:38, the satellite ETF (159206) rose by 0.93%, with a net subscription of 11 million yuan during the trading session [3]. - The ETF's current price is 1.193, with an average price of 1.179 and a trading volume of 808 [4]. - The ETF is the first and largest of its kind in the market, tracking the national commercial satellite communication industry index [8]. Group 2: Industry Developments - The successful launch of the Shenzhou 21 manned spacecraft on November 1 and the rapid progress of liquid rockets, including the Tianlong 3 large liquid carrier rocket, are significant milestones in China's space endeavors [5]. - The Long March 7 carrier rocket successfully launched the Remote Sensing Satellite 46, marking the 605th flight of the Long March series [6]. - The commercial space sector is expected to enter a rapid development phase, driven by new rocket models and the construction of large satellite internet constellations, with China planning to launch over 25,000 satellites [6]. Group 3: Investment Opportunities - The satellite ETF focuses on commercial space and satellite communication, particularly emphasizing satellite manufacturing, which is expected to thrive under the "strong aerospace nation" initiative [7]. - The satellite internet industry is characterized by high technology and significant capital requirements, with only China and the U.S. remaining competitive in this field [6].

Core Viewpoint - Xingwang Yuda is a leading provider of inertial technology and application solutions in China, focusing on the development, production, and sales of inertial navigation products across various fields [1] Group 1: Business Performance - In Q3 2025, Xingwang Yuda reported revenue of 266 million yuan, ranking 6th in the industry out of 8 companies, with the industry leader, Aerospace Electronics, generating 8.835 billion yuan [2] - The company's net profit for the same period was 33.748 million yuan, ranking 5th in the industry, with the top performer, China Satellite, achieving 335 million yuan [2] - The main business segments include unmanned systems (45.41% of revenue), information perception (35.18%), satellite communication (16.91%), and others (2.49%) [2] Group 2: Financial Ratios - As of Q3 2025, Xingwang Yuda's debt-to-asset ratio was 26.56%, lower than the previous year's 29.82% and below the industry average of 31.57% [3] - The gross profit margin for Q3 2025 was 19.48%, significantly lower than the previous year's 38.06% and below the industry average of 27.92% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 22.51% to 30,200, while the average number of circulating A-shares held per shareholder increased by 29.05% to 4,841.35 [5] - Among the top ten circulating shareholders, Huaxia Industry Prosperity Mixed A ranked as the third-largest, holding 3.9254 million shares, an increase of 474,200 shares from the previous period [5] Group 4: Executive Compensation - The chairman and general manager, Chi Jiasheng, received a salary of 806,200 yuan in 2024, reflecting a slight increase of 2,200 yuan from 2023 [4]

Core Viewpoint - The aerospace equipment sector experienced a decline of 0.41% on October 30, with significant losses in individual stocks, particularly in the case of Ligong Navigation, which fell by 11.39% [1] Market Performance - The Shanghai Composite Index closed at 3986.9, down 0.73% - The Shenzhen Component Index closed at 13532.13, down 1.16% [1] Individual Stock Performance - China Satellite (600118) saw a closing price of 44.55, with an increase of 4.82% and a trading volume of 1.1121 million shares, totaling 487.6 million yuan - China Satcom (601698) closed at 22.22, down 0.40%, with a trading volume of 760,700 shares, totaling 1.699 billion yuan - Newyu Guoke (300722) closed at 32.30, down 1.34%, with a trading volume of 70,400 shares, totaling 22.8 million yuan - StarNet Yuda (002829) closed at 27.32, down 2.22%, with a trading volume of 160,200 shares, totaling 443 million yuan - Aerospace Huayu (688523) closed at 25.11, down 2.75%, with a trading volume of 105,500 shares, totaling 267 million yuan - Zhongtian Rocket (003009) closed at 54.79, down 3.35%, with a trading volume of 76,300 shares, totaling 421 million yuan - Aerospace Electronics (600879) closed at 11.29, down 4.48%, with a trading volume of 1.385 million shares, totaling 1.567 billion yuan - Ligong Navigation (688282) closed at 53.07, down 11.39%, with a trading volume of 30,400 shares, totaling 16.8 million yuan [1] Capital Flow Analysis - The aerospace equipment sector saw a net inflow of 40.7829 million yuan from institutional investors, while retail investors experienced a net outflow of 160 million yuan - The overall net inflow from speculative funds was 119 million yuan [1] Detailed Capital Flow for Individual Stocks - China Satellite (600118) had a net inflow of over 354 million yuan from institutional investors, while retail investors had a net outflow of 391 million yuan - Ligong Navigation (688282) experienced a net inflow of 499,150 yuan from institutional investors, but a net outflow of 1.54314 million yuan from speculative funds - Newyu Guoke (300722) had a net outflow of 22.4605 million yuan from institutional investors, but a net inflow of 26.0948 million yuan from retail investors - Aerospace Huayu (688523) saw a net outflow of 30.4828 million yuan from institutional investors, with a net inflow of 15.3996 million yuan from speculative funds - StarNet Yuda (002829) had a net outflow of 35.3566 million yuan from institutional investors, but a net inflow of 54.9708 million yuan from retail investors - Zhongtian Rocket (003009) experienced a net outflow of 39.3143 million yuan from institutional investors, with a net inflow of 26.8697 million yuan from retail investors - China Satcom (601698) had a net outflow of 40.9137 million yuan from institutional investors, but a net inflow of 62.1140 million yuan from speculative funds - Aerospace Electronics (600879) saw a net outflow of 150 million yuan from institutional investors, with a net inflow of 30.7196 million yuan from speculative funds [2]

Core Viewpoint - The aerospace equipment sector experienced a 2.67% increase on October 29, with China Satellite leading the gains, while the overall market indices also showed positive performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4016.33, up 0.7% - The Shenzhen Component Index closed at 13691.38, up 1.95% [1] Group 2: Individual Stock Performance - China Satellite (600118) closed at 42.50, up 5.64% with a trading volume of 927,800 shares and a turnover of 3.934 billion - Zhongtian Rocket (003009) closed at 56.69, up 4.13% with a trading volume of 117,500 shares and a turnover of 654 million - Xingwang Yuda (002829) closed at 27.94, up 3.25% with a trading volume of 217,700 shares and a turnover of 607 million - Zhongyuan Wantong (601698) closed at 22.31, up 2.01% with a trading volume of 694,300 shares and a turnover of 1.552 billion - Ligong Navigation (688282) closed at 59.89, up 1.59% with a trading volume of 13,100 shares and a turnover of 78.0448 million - Aerospace Electronics (600879) closed at 11.82, up 0.94% with a trading volume of 779,900 shares and a turnover of 924 million - Aerospace Huaiyu (688523) closed at 25.82, up 0.70% with a trading volume of 101,400 shares and a turnover of 26.1 million - Xinhui Guoke (300722) closed at 32.74, up 0.68% with a trading volume of 92,800 shares and a turnover of 302 million [1] Group 3: Fund Flow Analysis - The aerospace equipment sector saw a net outflow of 17.0682 million from institutional investors and a net outflow of 78.4159 million from retail investors, while there was a net inflow of 95.4841 million from individual investors [1] - China Satellite (601698) had a net outflow of 1.90 million from institutional investors, with retail investors contributing a net inflow of 2.48 million [2] - Zhongtian Rocket (003009) experienced a net inflow of 31.6454 million from institutional investors, while retail investors had a net outflow of 2.77732 million [2]

Company Overview - Beijing StarNet Yuda Technology Co., Ltd. was established on May 20, 2005, and listed on December 13, 2016. The company is located in Beijing Economic and Technological Development Zone [1] - The main business involves the development and application of inertial technology, focusing on inertial navigation, inertial measurement, and inertial stabilization products. It provides autonomous, high-dynamic perception and control services for various sectors including aviation, aerospace, marine, electronics, oil, surveying, transportation, and communications [1] - The revenue composition of the company is as follows: Unmanned Systems 45.41%, Information Perception 35.18%, Satellite Communication 16.91%, and Others 2.49% [1] Stock Performance - On October 29, StarNet Yuda's stock rose by 5.65%, reaching a price of 28.59 CNY per share, with a trading volume of 345 million CNY and a turnover rate of 8.50%. The total market capitalization is 5.941 billion CNY [1] Shareholder Information - Among the top ten circulating shareholders, Huaxia Fund's Huaxia Industry Prosperity Mixed A (003567) increased its holdings by 474,200 shares in the third quarter, totaling 3.9254 million shares, which accounts for 2.69% of the circulating shares. The estimated floating profit today is approximately 6.0059 million CNY [2] - Huaxia Industry Prosperity Mixed A was established on February 4, 2017, with a current scale of 8.972 billion CNY. Year-to-date returns are 57.75%, ranking 740 out of 8155 in its category; the one-year return is 58.48%, ranking 613 out of 8031; and since inception, the return is 384.15% [2]

Core Insights - The report maintains a positive outlook on the defense and military industry, highlighting recent performance and valuation metrics [2][4] - The defense and military industry index has shown a weekly increase of 2.81%, ranking 12th out of 31 in the Shenwan first-level industry classification [8][12] - The current PE-TTM for the defense and military industry is 85.77, which is in the 78.19th percentile of the past decade, indicating a relatively high valuation [14][15] Industry and Stock Performance Review Industry Performance Review - Over the past week (October 18-25, 2025), the defense and military industry index increased by 2.81%, ranking 12th among 31 Shenwan first-level industries [8] - In the past month (September 25 - October 25, 2025), the index saw a minimal change of 0.02%, ranking 17th [9] - Over the past year (October 25, 2024 - October 25, 2025), the index increased by 12.18%, ranking 19th [14] Stock Performance Review - The top-performing stocks in the defense and military sector over the past week include: - Aowei Communication (21.31%) - Feiliwa (17.92%) - Xingwang Yuda (15.29%) [19] - Conversely, the worst-performing stocks include: - Hangfa Control (-1.44%) - Qiyi Er (-1.60%) - Guorui Technology (-1.89%) [19] Funding Situation - The total transaction volume for the defense and military industry was 242.1 billion yuan for the week of October 18-25, 2025, which is a decrease of 43.00% year-on-year and a decrease of 22.10% week-on-week [30] - The military ETF fund shares decreased by 0.42% compared to the previous week but increased by 64.28% year-on-year [32] Important Company Announcements - Companies such as Aerospace Rainbow reported a 162.48% increase in revenue year-on-year for Q3 2025, while Guorui Technology reported a 6.98% decrease in revenue [36] - Notable increases in net profit were reported by companies like Zhenlei Technology (337.49% increase) and Sanjiao Defense (466.32% increase) [36] Industry News - Significant developments include the completion of the first phase of the Zhuque-3 rocket flight test and the launch of over 10,000 Starlink satellites [4]