Group 1: Company Overview - The company is the largest unit in the industry with a production capacity approval of 100,000 units for its human shadow business, issued by the Ministry of Industry and Information Technology [2][3] - The company is actively responding to the requirements of the State-owned Assets Supervision and Administration Commission to enhance the quality of the listed company [4] Group 2: Business Performance - The demand for small guided rocket products is influenced by international politics and regional stability, with no significant cyclicality in orders [3] - The human shadow business experienced a year-on-year decline in 2024 due to client adjustments for warehouse safety renovations, but is expected to stabilize by the end of the year [3] Group 3: Future Development - The company is developing its small guided rockets towards series and multi-platform options to support sustainable future growth [3] - The company is focusing on the research and application of integrated smart security technologies, targeting border patrol scenarios with automated monitoring systems [5] Group 4: Financial Management - The company has initiated a plan for market value management to ensure sustainable and healthy development [5] - Currently, there are no plans for refinancing [6]

Investment Rating - The report maintains a positive outlook on the defense and military industry, suggesting an "Overweight" rating, indicating that the industry is expected to outperform the overall market [4][29]. Core Insights - The defense and military sector is experiencing a significant upward cycle driven by domestic demand and military modernization efforts, particularly the transition to "mechanization + informationization" and the upcoming "intelligent + unmanned" era [5][6]. - The report highlights the increasing global military trade demand due to geopolitical changes, which is expected to create a strong resonance between supply and demand in China's military trade [5]. - The valuation of the military industry is projected to rise as the sector benefits from both domestic construction cycles and the reshaping of global military trade dynamics, leading to higher market recognition and valuation [5][14]. Market Review - Last week, the Shenwan Defense and Military Index rose by 1.36%, while the CSI Military Leaders Index increased by 1.3%. In comparison, the Shanghai Composite Index rose by 1.4%, and the CSI 300 Index increased by 1.54% [4][6]. - The report notes that the defense and military sector's performance ranked 13th among 31 Shenwan primary industry sectors [6]. - The top five performing stocks in the defense and military sector last week were: - Morningstar Aviation (24.21%) - China Ship Emergency (20.23%) - Xuanji Information (17.67%) - Rongfa Nuclear Power (17.02%) - Parker New Materials (12.24%) [6][13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 81.14, placing it in the upper range historically, with a valuation percentile of 70.36% since January 2014 and 99.24% since January 2019 [14][19]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [14][19]. Key Valuation Targets - The report lists several key targets within the military sector, including: - High-end combat capabilities: AVIC Shenyang Aircraft, AVIC Chengdu Aircraft, Inner Mongolia First Machinery, and others. - New quality combat capabilities: Chengdu Huamei, Xindong Link, Aerospace Electronics, and others [5][21].

（一）可转债发行情况 | 证券代码：003009 | 证券简称：中天火箭 | 公告编号：2025-040 | | --- | --- | --- | | 债券代码：127071 | 债券简称：天箭转债 | | 陕西中天火箭技术股份有限公司 关于 2025 年第二季度可转债转股情况的公告 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。 特别提示： 转股期限起止日期：2023 年 2 月 27 日至 2028 年 8 月 21 日 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监 管指引第 15 号——可转换公司债券》的有关规定，陕西中天火箭技术股份有限 公司（以下简称"公司"）现将 2025 年第二季度可转换公司债券（以下简称"可 转债"）转股及公司股份变动情况公告如下： 一、可转债上市发行概况 经中国证监会"证监许可〔2022〕1549 号"文核准，陕西中天火箭技术股 份有限公司（以下简称"公司"）于 2022 年 8 月 22 日公开发行了 4,950,000 股票代码：003009 股票简称：中天火箭 转债代码：127071 债券简称：天 ...

Core Viewpoint - Shaanxi Zhongtian Rocket Technology Co., Ltd. has issued convertible bonds named "Tianjian Convertible Bonds" with a total issuance scale of 4.95 billion RMB, aimed at enhancing production capacity and supporting military product capabilities [2][9]. Group 1: Bond Overview - The bond has a term of 6 years with a fixed interest rate that increases over the years, starting from 0.20% in the first year to 2.00% in the sixth year [2]. - The bond is secured by a full, unconditional, and irrevocable guarantee from the controlling shareholder, Aerospace Fourth Academy, covering 100% of the principal and interest [2][10]. - The bond's initial rating was AA for the issuer and AA+ for the bond itself, with ongoing ratings remaining unchanged [2]. Group 2: Financial Performance - The company's total assets as of the end of 2024 were 311,132.44 million RMB, showing a 1.75% increase from the previous year [8]. - The company's net profit for 2024 was 1,956.62 million RMB, a significant decrease of 79.62% compared to 9,601.27 million RMB in 2023 [8]. - The operating income for 2024 was 92,469.67 million RMB, down 21.64% from 118,008.94 million RMB in 2023 [8]. Group 3: Fund Utilization - The funds raised from the bond issuance are allocated as follows: 263 million RMB for the production line of large-size thermal field materials, 129 million RMB for military product capacity enhancement, and 93 million RMB for working capital [9]. - The actual use of raised funds aligns with the planned purposes, and a special account has been established for managing these funds [9]. Group 4: Debt Servicing and Management - The company has implemented measures to ensure timely and full repayment of the bond's principal and interest, including optimizing asset-liability management and enhancing liquidity [11]. - The company has maintained a stable debt structure and cash flow, which supports its ability to service the debt [12].

陕西中天火箭技术股份有限公司 （住所：陕西省西安市雁塔区高新区创业大厦八楼 C 座） 证券代码：003009 证券简称：中天火箭 债券代码：127071 债券简称：天箭转债 （住所：北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、 《公司债券受托管理人执业行为准则》（以下简称《执业行为准则》）、证券交 易所公司债券上市规则（以下简称"上市规则"）、发行人与中国国际金融股份 有限公司（以下简称"中金公司"或"受托管理人"）签订的债券受托管理协议 （以下简称"受托管理协议"）及其它相关信息披露文件以及陕西中天火箭技术 股份有限公司（以下简称"发行人"或"公司"）出具的相关说明文件和提供的 相关资料等，由受托管理人中金公司编制。中金公司编制本报告的内容及信息均 来源于陕西中天火箭技术股份有限公司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下，未经中金公司书面许可，不得 ...

Market Overview - The three major A-share indices collectively rose today, with the Shanghai Composite Index up by 1.03%, the Shenzhen Component Index up by 1.72%, and the ChiNext Index up by 3.11% [1] - The total market turnover reached 1.6394 trillion yuan, an increase of 191.5 billion yuan compared to the previous day, with over 3,900 stocks rising [1] Sector Performance - The financial, military, and semiconductor sectors led the gains, while oil and gas extraction, port shipping, film and television, and beauty care sectors saw the largest declines [2] - The financial sector experienced a significant surge, with multiple stocks such as Huijin Co., Ltd. and Guosheng Financial Holdings hitting the daily limit [2] - The military sector showed strong performance, with stocks like Beifang Changlong and Zhongbing Hongjian also reaching the daily limit [2] - The semiconductor sector saw a rebound in the afternoon, with stocks like Taiji Co., Ltd. hitting the daily limit [2] - The oil and gas extraction sector continued to adjust, with stocks like Beiken Energy hitting the daily limit down [2] - The port shipping sector lagged, with stocks like Ningbo Shipping hitting the daily limit down [2] Notable Stocks - Stocks with consecutive limit-ups include Nord Co., Ltd. with 7 consecutive days, and Xiangtan Electric with 5 consecutive days [3][4] - Other stocks with notable consecutive limit-ups include Yinglian Co., Ltd. and Xintonglian with 4 consecutive days [5] Hot Sectors - The top hot sector is New Energy Vehicles, with 15 stocks hitting the daily limit and 11 stocks with consecutive limit-ups, led by Nord Co., Ltd. and Xiangtan Electric [7] - The military sector ranks second, with 14 stocks hitting the daily limit and 3 stocks with consecutive limit-ups, including Jida Zhengyuan and Tiansheng New Materials [8] - The BYD concept ranks third, with 13 stocks hitting the daily limit and 10 stocks with consecutive limit-ups, led by Nord Co., Ltd. and Xiangtan Electric [9] Investment Insights - In the multi-financial sector, stocks like Guosheng Financial Holdings and Hongye Futures are highlighted, with the approval of Guotai Junan International to upgrade its securities trading license to include virtual asset trading, potentially transforming the brokerage role [12] - The military equipment sector is expected to maintain high prosperity in the second half of the year, with strong order fulfillment and production acceleration [13] - In the semiconductor sector, the tightening supply in the DRAM market has led to significant price increases for DDR4 memory products, benefiting companies like Taiji Co., Ltd. and Guomin Technology [14]

Core Viewpoint - The company has decided not to adjust the conversion price of the Tianjian convertible bonds despite triggering the downward adjustment clause due to stock price performance [1][5]. Group 1: Convertible Bond Issuance - The company issued convertible bonds totaling 495 million yuan, with a face value of 100 yuan per bond, and the bonds were listed on September 19, 2022 [2]. - The conversion price is set at 85% of the stock price, which is 45.00 yuan per share, and the downward adjustment clause was triggered as the stock price fell below this threshold for 15 out of 30 trading days [3][4]. Group 2: Decision on Price Adjustment - The board of directors approved the decision not to adjust the conversion price during a meeting held on June 24, 2025, considering various factors including market conditions and the company's long-term potential [5]. - The company will not propose a downward adjustment for six months following the board's decision, from June 25, 2025, to December 24, 2025, but may reconsider if the adjustment clause is triggered again after December 25, 2025 [1][5].

| 证券代码：003009 | 证券简称：中天火箭 | 公告编号：2025-039 | | --- | --- | --- | | 债券代码：127071 | 债券简称：天箭转债 | | 陕西中天火箭技术股份有限公司 关于不向下修正天箭转债转股价格的公告 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。 根据相关规定及《陕西中天火箭技术股份有限公司公开发行可转换公司债券 募集说明书》的约定，公司本次发行的可转换公司债券转股价格向下修正条款如 下： （一）修正权限与修正幅度 重要内容提示： 一、截至 2025 年 6 月 24 日，陕西中天火箭技术股份有限公司（"以下简称 公司"）股票在连续三十个交易日中已经有十五个交易日的收盘价格低于当期转 股价格 85%，即 45.00 元/股的情形，触发"天箭转债"转股价格向下修正条款。 二、经公司第四届董事会第二十一次会议审议通过，公司董事会同意本次不 向下修正"天箭转债"转股价格，同时自董事会审议通过之日起六个月内（即自 2025 年 6 月 25 日至 2025 年 12 月 24 日），如再次触发"天箭转债"转股价格 ...

| 证券代码：003009 | 证券简称：中天火箭 | 公告编号：2025-038 | | --- | --- | --- | | 债券代码：127071 | 债券简称：天箭转债 | | 陕西中天火箭技术股份有限公司 第四届董事会第二十一次会议决议公告 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。 （一）《关于不向下修正天箭转债转股价格的议案》 会议审议并通过了《关于不向下修正天箭转债转股价格的议案》。 截至 2025 年 6 月 24 日，"天箭转债"转股价格已触发向下修正条款，鉴于 "天箭转债"发行上市时间较短，距离 6 年的存续届满期尚远，近期公司股价受 到宏观经济、市场调整等诸多因素的影响，出现了波动，公司管理层综合考虑公 司的基本情况、股价走势、市场环境等多重因素，以及对公司的长期发展潜力与 内在价值的信心，为维护全体投资者的利益，公司董事会同意本次不向下修正转 股价格。同时在未来六个月内（即 2025 年 6 月 25 日至 2025 年 12 月 24 日），如 再次触发"天箭转债"转股价格向下修正条款的，亦不提出向下修正方案。在此 期间之后（ ...

Core Viewpoint - The report outlines the issuance and management of the convertible bond "Tianjian Convertible Bond" by Shaanxi Zhongtian Rocket Technology Co., Ltd, detailing its approval, terms, and conditions for bondholders [2][3][5]. Group 1: Bond Issuance Overview - The bond issuance was approved by the company's board meeting on January 19, 2022, and the shareholders' meeting on March 18, 2022, with a validity period until March 17, 2023 [2]. - The bond was officially approved by the China Securities Regulatory Commission (CSRC) on July 18, 2022, allowing the company to issue a total of 495 million RMB (49,500 million) in convertible bonds [2][3]. Group 2: Bond Details - The bond has a face value of 100 RMB per bond, with a total issuance of 4,950,000 bonds [3]. - The bond has a maturity period of 6 years, from August 22, 2022, to August 21, 2028, with annual interest rates starting at 0.2% in the first year and increasing to 2.0% in the sixth year [3][4]. - Interest payments will be made annually, with the first payment starting from the issuance date [4]. Group 3: Conversion Terms - The conversion period for the bonds starts on February 27, 2023, and ends on August 21, 2028 [4]. - The initial conversion price was set at 53.11 RMB per share, which has been adjusted to 52.90 RMB per share due to dividend distributions [4][7]. Group 4: Credit Rating and Guarantees - The bonds received a credit rating of AA+ from Dongfang Jincheng International Credit Rating Co., Ltd, with a stable outlook for the issuer [3][5]. - The bonds are backed by a full, unconditional, and irrevocable guarantee from the controlling shareholder, Aerospace Fourth Academy [5]. Group 5: Management Responsibilities - The management company, China International Capital Corporation (CICC), is responsible for monitoring significant matters affecting bondholders' rights and ensuring compliance with relevant regulations [2][6]. - CICC will continue to oversee the issuer's repayment obligations and other significant matters impacting bondholder interests [6].