12月26日晚间，振芯科技公告2025年第一次临时股东大会决议，三项议案被否，国腾电子投反对票，理 由是控股股东权利受限。此前，国腾电子曾提请增加临时提案被拒。股东大会现场气氛平静，双方维持 表面礼貌但交流少。双方核心分歧仍未解决，国腾电子指责上市公司阻断权利，振芯科技董事则指责实 控人影响融资且意图"大换血"。（每经） ...

（文章来源：证券日报） 证券日报网讯 12月26日，振芯科技发布公告称，公司2025年第一次临时股东大会审议通过《关于修订 的议案》《独立董事工作制度》《对外投资管理办法》等多项议案。 ...

证券代码：300101 证券简称：振芯科技 公告编号：2025-081 成都振芯科技股份有限公司 2025 年第一次临时股东大会决议公告 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。 特别提示： 1、本次股东大会是否出现否决议案：是。被否决的议案名称： （四）召开方式：现场投票与网络投票相结合方式 （五）召集人：公司董事会 （六）主持人：董事长谢俊先生 （七）本次会议的召集、召开符合《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司股东会规则》《深圳证券交易所创业板股票上市规则》 及《成都振芯科技股份有限公司章程》（以下简称"《公司章程》"）的规定。 2、会议出席情况 一、会议召开和出席情况 1、会议召开情况 （一）现场会议召开时间：2025 年 12 月 26 日下午 14:30 （二）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为： 2025 年 12 月 26 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00；通过深圳证券 交易所互联网投票系统投票的时间为：2025 年 12 月 26 日 9 ...

电话:010-52682888 传真:010-52682999 邮编:100033 北京市西城区金融街 19 号富凯大厦 B 座 12 层 北京德恒律师事务所 关于成都振芯科技股份有限公司 2025 年第一次临时股东大会的法律意见 北京德恒律师事务所 关于成都振芯科技股份有限公司 北京德恒律师事务所 关于成都振芯科技股份有限公司 2025 年第一次临时股东大会的 法律意见 本法律意见根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）等有关法律、法规和 规范性文件，以及《成都振芯科技股份有限公司章程》（以下简称"《公司章程》"） 而出具。本所及本所承办律师依据《中华人民共和国证券法》《律师事务所从事 证券法律业务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法 律意见出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉 尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真 实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈 述或者重大遗漏，并承担相应法律责任。 为出具本法律意见，本所承办律师审 ...

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing at 3940.95 points, above the six-month moving average, reflecting a gain of 0.53% [1] Group 1: Market Performance - The total trading volume of A-shares reached 1,897.242 billion yuan today [1] - A total of 193 A-shares have surpassed the six-month moving average, indicating strong market interest [1] Group 2: Individual Stock Performance - The stocks with the highest deviation rates from the six-month moving average include: - Xinjingang (300629) with a deviation rate of 10.73%, closing at 22.66 yuan after a 20.02% increase [2] - Puni Testing (300887) with a deviation rate of 10.50%, closing at 9.32 yuan after a 19.95% increase [2] - Pulit (002324) with a deviation rate of 9.18%, closing at 14.42 yuan after a 9.99% increase [2] - Other notable stocks with significant performance include: - Anhui Heli (600761) with a 9.98% increase and a deviation rate of 7.99% [2] - Wuzhou Special Paper (605007) also increased by 9.97% with a deviation rate of 7.99% [2] - Beijing Culture (000802) saw a 10.11% increase with a deviation rate of 7.39% [2]

每经AI快讯，12月24日，卫星互联网指数盘中涨2%，天银机电、合众思壮涨停，北斗星通、中国卫星 涨超5%，振芯科技涨超4%。 （文章来源：每日经济新闻） ...

Core Insights - The article provides a comprehensive overview of the Beidou navigation industry, highlighting key companies, their business layouts, and the industry chain structure [1][8][12]. Industry Chain Overview - The Beidou navigation industry relies on satellite support, encompassing satellite design, manufacturing, launching, and operation [1]. - The upstream components are crucial for self-control, primarily consisting of baseband chips, RF chips, boards, and antennas [1]. - The midstream focuses on terminal integration and system integration, which are key development areas [1]. - The downstream service clientele includes consumer markets, industrial markets, and military markets [1]. Key Companies and Their Business Layouts - Major listed companies in the Beidou navigation sector include Beidou Star Communication, Haige Communication, Huace Navigation, and others [1][2]. - By the first half of 2025, Huace Navigation, Hezhong Shizhuang, and Tongyu Communication are expected to achieve over 500 million yuan in Beidou-related revenue, leading other listed companies [8]. - Companies like Zhenlei Technology, Haige Communication, and Huace Navigation have gross profit margins exceeding 50%, outperforming their peers [8]. Regional Distribution of Companies - Upstream satellite manufacturing enterprises are primarily located in Beijing and Jiangsu [6]. - Upstream component suppliers are distributed across Beijing, Guangdong, Zhejiang, and Chongqing [6]. - Midstream navigation product and solution providers are mainly found in Beijing, Shanghai, Guangdong, and Sichuan [6]. - Downstream application companies are concentrated in Liaoning and Beijing [6]. Recent Investment Trends - In 2023, Haige Communication and Beidou Star Communication established subsidiaries to expand their business scale [12]. - Reiko Defense set up an investment fund to focus on advantageous projects, while other companies like Aerospace Intelligence and Zhenlei Technology increased capital in their subsidiaries to advance project construction [12][14]. - Notable investments include Huace Navigation's 1 billion yuan increase in its subsidiary and Haige Communication's establishment of a new subsidiary in Chongqing to enhance market presence [14].

Core Viewpoint - The establishment of the first "Liyuan Manyuan" workstation for the electronic information industry in Chengdu High-tech Zone marks a new phase of operational and service normalization, aiming to enhance the integration of technological and industrial innovation for high-quality development in the electronic information sector [1] Group 1 - The workstation is a collaborative effort between Chengdu High-tech Zone and Chengdu Vocational and Technical College, designed to create an efficient platform for interaction among parks, schools, and enterprises [1] - The workstation will facilitate the collection and publication of six types of lists, including technology demand, talent training needs, and graduate supply, to effectively gather and match core elements such as policies, technology, talent, and capital [2] - The collaboration with companies will promote "order-based" talent cultivation, teacher enterprise practice, and engineer-in-school teaching initiatives, exploring the establishment of a training base group [2] Group 2 - Chengdu Vocational and Technical College has established partnerships with major enterprises like BOE Technology Group and Yicheng Technology, offering 40 specialized programs aligned with key industries such as electronic information and cultural tourism [1] - The Chengdu High-tech Zone, recognized as one of the first national high-tech zones, has developed a cluster of advantages in industries like integrated circuits, new displays, and smart terminals, which the workstation aims to leverage for resource matching and efficient integration [1]

Core Viewpoint - The A-share market shows a divergence with the Shanghai Composite Index slightly rising while the ChiNext Index declines, driven by strong performances in the aerospace and satellite internet sectors, particularly through the General Aviation ETF Huabao (159231) which rose by 2.03% [1][8]. Group 1: Market Performance - The General Aviation ETF Huabao (159231) has shown a strong technical pattern, breaking above all moving averages and forming a "one bullish engulfing candle covering two bearish candles" pattern, indicating a potential key phase in its upward movement [1]. - Among the 50 constituent stocks, 70% experienced gains, with Tianyin Electromechanical hitting a 20% limit up at one point and closing up by 16.53%, while Aerospace Huanyu and Zhongke Xingtong rose by over 14% and 10% respectively [3][9]. Group 2: Commercial Aerospace Insights - A report from Huaxi Securities indicates a significant cost restructuring in the global commercial aerospace launch sector, where traditional rockets have hardware manufacturing costs constituting about 67%, while emerging commercial rockets reduce this to around 24% through reusable designs, creating a sustainable model [4][9]. - Companies like SpaceX have established a continuous optimization model characterized by increased reuse, higher launch frequency, and reduced unit costs, while Chinese commercial aerospace firms are making rapid technological advancements and cost reductions [4][9]. Group 3: Satellite Industry Developments - According to a report from Kaiyuan Securities, low Earth orbit satellite constellations are becoming a new battleground for major powers, with the satellite industry market space targeting trillions, as the competition for frequency resources accelerates the transition from the "investment incubation period" to the "profit realization period" [5][10]. - The satellite manufacturing and launch segments of the supply chain are expected to benefit first from this peak in network formation, indicating a favorable environment for investment in the satellite industry [5][10]. Group 4: General Aviation ETF Overview - The General Aviation ETF Huabao (159231) and its linked funds comprehensively cover 50 constituent stocks across various sectors, including low-altitude economy, large aircraft, military aircraft, commercial aerospace, satellite navigation, and drones, with the aerospace sector accounting for over 37% of the index [6][11]. - The ETF is positioned as a strategic tool for investing in the Chinese aerospace industry chain, focusing on technological barriers and core commercial aspects, benefiting from both domestic demand and military trade [6][11].

Core Insights - The aerospace ETF Tianhong (159241) has seen significant trading activity, with a turnover of 8.83% and a transaction volume of 53.17 million yuan as of December 18, 2025 [1] - The underlying index, the National Aerospace Industry Index (CN5082), rose by 2.17%, with notable gains from constituent stocks such as Beimo Gaoke (002985) up 10.01% and Guobo Electronics (688375) up 8.67% [1] - Over the past week, the Tianhong aerospace ETF has experienced a scale increase of 22.37 million yuan and a share increase of 12 million shares, indicating strong growth [1] Product Highlights - The Tianhong aerospace ETF (159241) is designed to efficiently capture core military aerospace opportunities, tracking the National Aerospace Index, which has a military attribute of 97.86%, making it the highest military content index in the market [1] - The ETF has a high weight of 66.8% in aerospace equipment, significantly surpassing the weights in the CSI Military and CSI Defense indices [1] Hot Events - From December 2025 to early 2026, China's commercial space sector will witness a series of maiden flights for reusable rockets, including the Tianlong-3 and Long March 12甲, marking a new phase in the verification of reusable rocket technology [1] - The Long March 12甲, developed by the China Aerospace Science and Technology Corporation's Eighth Academy, is set for its historic first launch in late December 2025, representing a significant entry into the reusable rocket field for China's "national team" [2] Institutional Views - Dongwu Securities notes that recent breakthroughs in reusable rocket technology indicate that China's aerospace industry is moving closer to "low-cost, high-reusability" solutions, which will benefit related sectors such as aerospace manufacturing, new materials, and satellite applications [2] - The advancements in reusable rocket technology are seen as pivotal for national security, high-end manufacturing upgrades, and reshaping the global competitive landscape [2]