Core Viewpoint - The commercial aerospace sector in the A-share market has shown significant activity, driven by the National Space Administration's recent action plan for high-quality and safe development in commercial aerospace from 2025 to 2027, which aims to enhance the industry's overall layout and achieve substantial growth and innovation [1] Summary by Category Market Activity - The commercial aerospace stocks experienced notable increases, with Qianzhao Optoelectronics rising over 19%, Xinle Energy up over 11%, and Shunhao Co. and Tongyu Communication hitting the 10% limit up [1] - Other companies such as Yaguang Technology and Tianrun Technology saw increases of over 6%, while Huali Chuantong and Aerospace Hongtu rose over 5% [1] Company Performance - Qianzhao Optoelectronics: Increased by 19.57%, with a total market value of 17.5 billion and a year-to-date increase of 84.10% [2] - Xinle Energy: Increased by 11.62%, with a market value of 14.5 billion and a year-to-date increase of 138.48% [2] - Shunhao Co.: Increased by 10.00%, with a market value of 8.512 billion and a year-to-date increase of 166.22% [2] - Tongyu Communication: Increased by 9.99%, with a market value of 12.5 billion and a year-to-date increase of 60.03% [2] - Other notable performers include Yaguang Technology (6.67%), Tianrun Technology (6.74%), Huali Chuantong (5.56%), and Aerospace Hongtu (5.10%) [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its long-term operational potential [1][3]. Core Insights - The company has deepened its focus on the power supply industry for nearly 30 years, specializing in high-efficiency and high-reliability power supply markets. It has established a solid foundation in the telecommunications sector and is now increasing investments in data center power supply as a strategic business [1][7]. - The company is expected to achieve new growth in the AIDC power supply market, with potential strong profitability if it successfully penetrates overseas markets with its new products [1][7]. - The company has a robust research and development (R&D) capability, with R&D expense ratios significantly increasing in recent years due to investments in new fields, which is expected to improve operational performance in the future [1][7]. Financial Data and Valuation - The company’s total revenue is projected to decline from 1,467 million yuan in 2023 to 922 million yuan in 2024, followed by a recovery to 1,729 million yuan in 2026 and 2,327 million yuan in 2027, reflecting a growth rate of 37% in 2025 and 35% in 2027 [2][24]. - The net profit attributable to the parent company is expected to be -501 million yuan in 2024, improving to 132 million yuan in 2026 and 353 million yuan in 2027, with corresponding price-to-earnings (PE) ratios of -25.9 in 2024 and 36.8 in 2027 [2][24]. - The company’s total market capitalization is approximately 13 billion yuan, with a circulating market value of 10.8 billion yuan [3]. Company Overview - The company has established itself as a leading supplier of high-reliability and high-power density power products, with applications in critical sectors such as telecommunications, aerospace, military, and railways [7][11]. - The company has a diversified product range, including modular power supplies, customized power supplies, and high-power power supply systems, catering to various industries [17][19]. Growth Opportunities - The rapid development of AI is expected to create significant demand for power supply solutions, presenting opportunities for the company to enter overseas supply chains [7][29]. - The company has a strong customer base and has established long-term partnerships with major domestic and international clients, enhancing its market position [35][36]. - The company is strategically investing in AIDC power supply business, which is anticipated to yield breakthroughs in the near future [37][38]. Recent Developments - The company has implemented a new round of employee stock ownership plans and incentive programs aimed at enhancing team motivation and performance [41][42]. - The company has seen initial success in converting R&D efforts into revenue, with a significant increase in revenue in the third quarter of 2025, marking a turning point in its financial performance [23][24].

中信证券股份有限公司 关于北京新雷能科技股份有限公司 募集资金专项账户部分资金被冻结的核查意见 中信证券股份有限公司（以下简称"中信证券"）作为北京新雷能科技股份 有限公司（以下简称"新雷能"、"公司"）创业板向特定对象发行 A 股股票 的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板 股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市 公司规范运作》《上市公司募集资金监管规则》等有关规定，对新雷能募集资金 专项账户部分资金被冻结的事项进行了核查，核查的具体情况及核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意北京新雷能科技股份有限公司向特定 对象发行股票注册的批复》（证监许可﹝2022﹞2062 号）批复，公司向特定对 象发行股票 37,849,061 股，每股发行价格为 41.76 元/股，募集资金总额为人民币 1,580,576,787.36 元，扣除发行费用（不含税金额）33,169,931.09 元，实际募集 资金净额为 1,547,406,856.27 元。上述募集资金已于 2022 年 10 月 11 日划至公司 指定账户，中 ...

Market Overview - The other power equipment sector increased by 0.59% compared to the previous trading day, with ST Huaxi leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - ST Huaxi (002630) closed at 2.87, up 5.13% with a trading volume of 604,700 shares and a turnover of 172 million yuan [1] - Aikesaibo (688719) closed at 44.63, up 3.62% with a trading volume of 59,300 shares and a turnover of 263 million yuan [1] - Shanghai Electric (601727) closed at 8.88, up 3.14% with a trading volume of 2,667,600 shares and a turnover of 2.348 billion yuan [1] - Other notable stocks include Keda (002518) at 45.06 (+2.88%), Oulu Tong (300870) at 220.99 (+2.81%), and ST Yishite (300376) at 5.78 (+1.58%) [1] Capital Flow - The other power equipment sector experienced a net outflow of 415 million yuan from institutional investors, while retail investors saw a net inflow of 342 million yuan [2] - The capital flow for key stocks shows that Shanghai Electric had a net inflow of 17.5 million yuan from institutional investors, while ST Huaxi had a net inflow of 27.7 million yuan [3] - Aikesaibo and Keda also saw net inflows from retail investors, indicating interest in these stocks despite the overall sector outflow [3]

Market Strategy - The recent market rebound aligns with previous predictions of a "layout window emerging," but the market has not shown a simultaneous increase in volume and price, indicating that the rebound does not change the overall oscillating pattern [6] - The current tension in Sino-Japanese relations is a major factor restraining risk appetite, suggesting a cautious approach to technology growth sectors, which are more sensitive to risk preferences [6] - The real estate market has been in a downward trend since the policy release last September, with recent price increases in the sector driven by changes in policy expectations and capital inflows, but further confirmation of policy effectiveness is needed to sustain this momentum [6] Sector Strategy - In the technology sector, a cautious approach is recommended due to the difficulty in further upward adjustments in expectations amid declining risk appetite [6] - The cyclical consumer manufacturing sector, characterized by medium risk, is expected to gain market consensus as conditions evolve [6] - The real estate sector requires significant fiscal policy measures, such as mortgage interest subsidies, to boost market confidence and reverse negative expectations [6] Defense Industry - Recent U.S. arms sales to Japan, totaling approximately $82 million, may accelerate China's equipment development in response to increasing uncertainties in the Asia-Pacific region [6] - The geopolitical climate, influenced by Japan's military expansion and U.S. support, is likely to drive growth in China's defense capabilities [6]

Core Viewpoint - The establishment of the Commercial Space Administration marks a significant turning point for the regulation and development of China's trillion-yuan commercial space industry, indicating a move towards standardized management and oversight [1][5]. Group 1: Regulatory Changes - The newly created Commercial Space Administration will be responsible for policy research, project management, coordination of major issues, and safety supervision within the commercial space sector [5]. - The previous fragmented regulatory framework, which involved multiple departments such as the National Defense Science and Technology Industry Administration, the Ministry of Industry and Information Technology, and the National Space Administration, has led to inefficiencies and challenges in coordination [6][8]. - The rapid growth of the commercial space industry since 2025 has highlighted the urgent need for a more integrated regulatory approach [8]. Group 2: Industry Growth and Developments - As of November 24, over 90,000 commercial space-related companies exist in China, with nearly 60% established in the last three years, indicating a surge in industry activity [8]. - In 2025 alone, 22,200 commercial space-related companies were registered, surpassing the total for the previous year and marking a 58.3% increase compared to the same period in 2024 [8]. - The successful launch of the Shenzhou-22 spacecraft and the Long March 2F rocket signifies advancements in China's manned space program and the increasing frequency of launch missions [3][5]. Group 3: Market Impact - Following the announcement of the new regulatory body, stocks in the commercial space sector experienced significant gains, with companies like Aerospace Huan Yu and Shanghai Port Bay reaching historical highs [3]. - The establishment of the Commercial Space Administration is expected to enhance the efficiency of key processes such as launch approvals and satellite operation licensing, addressing previous regulatory bottlenecks [13].

证券代码：300593 证券简称：新雷能 公告编号：2025-068 北京新雷能科技股份有限公司 关于公司募集资金专户部分资金被冻结的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、 基本情况概述 北京新雷能科技股份有限公司（以下简称"公司"或"新雷能"） 于近日从银行获悉公司一募集资金专户被法院冻结，具体情况如下： | 主体 | 开户银行 | 账号 | 账户性质 | 冻结金额（元） | 冻结原因 | | --- | --- | --- | --- | --- | --- | | 新雷能 | | | | 3,012,020.41 | 公司尚未收到法院 | | | | | | | 冻结该账户的法律 | | | 浦发银行昌 | 9149007880 | 募集资金 | | 文书、通知或其他信 | | | 平支行 | 1000003027 | 专户 | | 息，可能系因结算金 | | | | | | | 额差异引起的合同 | | | | | | | 纠纷事宜。 | 二、账户被冻结原因 截至本公告披露日，公司尚未收到法院关于冻结公司上述账户的 法律文书、通知或 ...

Group 1 - The commercial aerospace sector experienced a significant rally on November 25, with multiple stocks reaching new highs and showing strong performance [1] - Aerospace Hangyu achieved a consecutive two-day increase, while Shanghai Port Bay hit the daily limit, marking a historical peak [1] - Stocks such as Superjet Co., New Ray Energy, and others saw gains exceeding 10%, indicating robust investor interest in the sector [1]

Group 1 - The satellite sector remains active, with the satellite industry ETF (159218) rising by 2% as of the report date, and notable stocks such as Guangku Technology hitting the daily limit and Newray Energy increasing by over 11% [1] - The establishment of the Commercial Space Administration by the National Defense Science and Technology Industry Bureau is expected to enhance coordination and efficiency in satellite industry operations, including launch approvals and satellite operation licensing [1] - Blue Arrow Aerospace's reusable rocket "Zhuque-3" is set for its maiden flight in mid to late November, with private rocket companies in China making significant advancements in liquid and solid rocket development [1] Group 2 - The satellite industry ETF (159218) is the first in the market to track the CSI Satellite Industry Index, covering the entire industry chain including satellite manufacturing, launching, and navigation communication applications [2] - As of November 24, the ETF has seen a share growth of over 371% this year, with its components including leading companies in defense and military (51.7%), computer (14.0%), and electronics (12.7%) sectors [2]

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5] Core Viewpoints - The uncertainty in the Asia-Pacific situation is increasing, which may accelerate the equipment construction in China, focusing on new combat capabilities [2][12] - China's high-end aviation equipment showcased at the Dubai Airshow is expected to further expand the military trade market [12][15] - The Fujian aircraft carrier has conducted its first live training at sea, indicating a significant advancement in operational capabilities and technology [12][18] - The report emphasizes the importance of domestic demand for new combat capabilities and military trade as key growth areas [19] Summary by Sections Investment Suggestions and Targets - The report highlights various investment targets across different segments, including: - Engine and fuel chain: Companies like Xi'an Aero Engine (600893), Western Superconducting (688122), and others [19][20] - New quality and domains: Companies such as Aerospace Electronics (600879), Haige Communication (002465), and others [19][20] - Military electronics: Companies like Aerospace Electric (002025), Zhonghang Optical (002179), and others [19][20] - Military trade and main equipment: Companies such as AVIC Shenyang Aircraft (600760), AVIC Chengfei (302132), and others [19][20] Industry News and Market Performance - The report notes that the defense and military industry index has outperformed the broader market, with a decline of only -1.72% compared to the Shanghai Composite Index's -3.90% [22][25] - The report provides a detailed analysis of weekly market performance, indicating that the defense and military sector remains resilient amid broader market declines [22][25] Key Events and Developments - The report outlines significant recent events, including: - The U.S. government approved a new round of arms sales to Japan, which may heighten regional tensions and prompt China to expedite its military equipment development [12][9] - The successful live training of the Fujian aircraft carrier, showcasing advanced operational capabilities [12][18] - The participation of Chinese high-end military equipment in international exhibitions, enhancing China's presence in the global military trade market [12][15]