Core Viewpoint - On January 14, a total of 5 companies had their restricted shares unlocked, with a combined unlock volume of 7.2278 million shares, amounting to a market value of 151 million yuan based on the latest closing price [1] Summary by Category Unlock Volume - The companies with the highest unlock volumes were Xinhua Pharmaceutical, Huace Navigation, and Ruile New Materials, with unlock shares of 6.3748 million, 454,500, and 269,100 respectively [1] Unlock Market Value - In terms of unlock market value, Xinhua Pharmaceutical, Huace Navigation, and Ruile New Materials led with values of 10.8 million yuan, 1.84892 million yuan, and 1.26923 million yuan respectively [1] Unlock Ratio - Regarding the proportion of unlock shares to total share capital, Xinhua Pharmaceutical, Ruile New Materials, and Huace Navigation had the highest ratios at 0.92%, 0.15%, and 0.06% respectively [1]

Economic News - The Ministry of Commerce stated that multiple rounds of consultations have been held between China and the EU to address the EU's case against Chinese electric vehicles, agreeing to provide general guidance on price commitments for Chinese exporters [1] - The U.S. has escalated sanctions against Iran, imposing a 25% tariff on any country conducting business with Iran [1] - The National Development and Reform Commission issued guidelines to strengthen government investment fund planning, focusing on supporting emerging industries such as new information technology and new energy [1] - The Ministry of Agriculture aims to increase soybean oil production capacity and self-sufficiency, promoting higher yields in grain and oil crops [1] - The U.S. Federal Reserve chair candidates are being interviewed, with Rick Rieder from BlackRock being a notable candidate [1] - Tianjin's housing authority has mandated that new home prices cannot fluctuate more than 10% from the registered price to prevent rapid price declines [1] - The official confirmation of the J-10CE fighter jet achieving combat success, marking a significant milestone for China's export aircraft [1] - The Ministry of Health and other departments released regulations on the management of deceased patients' services, emphasizing that medical institutions should not engage in funeral services [1] - The Ministry of Industry and Information Technology plans to enhance the role of enterprises in technological innovation and implement new policies to support high-quality development of specialized small and medium-sized enterprises [1] - The State Administration for Market Regulation released 160 national standard samples to improve product quality and promote technological advancement [1] Company Insights - WuXi AppTec expects to achieve a revenue of 45.456 billion yuan in 2025, a year-on-year increase of 15.84%, with a net profit of 19.151 billion yuan, up 102.65% [4] - Zhitex New Materials' stock has seen a continuous rise, with a 198.57% increase over six trading days, leading to a temporary suspension of trading [4] - Jinlongyu plans to invest approximately 1.2 billion yuan in a new solid-state battery production line in Shenzhen [4] - Yonghui Supermarket anticipates a negative net profit for 2025, indicating a potential operational loss [4] - Blue Arrow Electronics intends to acquire at least 51% of Chengdu Xinyi Technology Co., with a valuation not exceeding 675 million yuan [4] Industry Analysis - The securities industry is expected to see improved performance in 2026 due to supportive policies and accelerated consolidation, despite challenges from global geopolitical events and trade issues [5][6] - The average daily trading volume has increased since early 2025, indicating improved market activity and investor engagement [6] - Regulatory support for technology growth companies has led to increased IPO and financing activities, benefiting brokerage revenues [7] - The stability and sustainability of proprietary investments are crucial for brokerage performance, with a focus on balancing high returns and risk management [8] - The securities industry is likely to experience further consolidation, with notable mergers already occurring among major firms [10]

Core Insights - CHC Navigation has launched the APACHE 4 PRO, a versatile Unmanned Surface Vessel (USV) designed for hydrographic and bathymetric survey applications, featuring a rugged hull design and intelligent navigation capabilities [1] Group 1: Product Features - The APACHE 4 PRO is engineered for mission flexibility, accommodating various Acoustic Doppler Current Profilers (ADCPs) and integrating with the CHCNAV HQ-400 Multibeam Echo Sounder (MBES) for diverse survey tasks [2] - The vessel's triple-hull structure is made from high-strength carbon fiber, providing resistance to collisions, while protective mesh covers reduce mechanical damage risk [3] - Equipped with adaptive navigation algorithms and anti-interference transducers, the APACHE 4 PRO ensures precise data collection in complex underwater terrains, with real-time mission planning and monitoring via the EasySail app [4] Group 2: Company Overview - CHC Navigation develops advanced mapping, navigation, and positioning solutions aimed at increasing productivity across various industries, including geospatial, agriculture, and construction [5] - The company has a global presence in over 140 countries and employs more than 2,000 professionals, establishing itself as a leader in the geospatial industry [5]

| 688311 | 盟升电子 | 1 | -10.51 | 88.83亿 | 16.01 | | --- | --- | --- | --- | --- | --- | | 300627 | 华测导航 | 1 | -10.39 | 326亿 | 18.85 | | 688282 | 理工导航 | 4 | -10.32 | 74.34亿 | 33.04 | | 688682 | 霍莱沃 | | -10.25 | 63.82亿 | 18.45 | | 301136 | 招标股份 | | -10.23 | 60.13 乙 | 7.85 | | 300629 | 新劲网 | + | -10.16 | 75.15亿 | 25.69 | | 600345 | 长江通信 | | -10.00 | 125亿 | 9.00 | | 002565 | 顺灏股份 | 1 | -10.00 | 218亿 | 12.38 | | 601698 | 中国卫通 | 1 | -10.00 | 2048亿 | 35.71 | | 605598 | 上海港湾 | | -10.00 | 167亿 | -1.84 | | 000547 | 航天发 ...

| 688311 | 盟升电子 | 1 | -10.51 | 88.83亿 | 16.01 | | --- | --- | --- | --- | --- | --- | | 300627 | 华测导航 | 1 | -10.39 | 326亿 | 18.85 | | 688282 | 理工导航 | 1 | -10.32 | 74.34亿 | 33.04 | | 688682 | 霍莱沃 | | -10.25 | 63.82 乙 | 18.45 | | 301136 | 招标股份 | | -10.23 | 60.13亿 | 7.85 | | 300629 | 新劲刚 | 1 | -10.16 | 75.15亿 | 25.69 | | 600345 | 长江通信 | | -10.00 | 125亿 | 9.00 | | 002565 | 顺灏股份 | 1 | -10.00 | 218亿 | 12.38 | | 601698 | 中国卫通 | 1 | -10.00 | 2048亿 | 35.71 | | 605598 | 上海港漫 | | -10.00 | 167亿 | -1.84 | | 000547 | 航天发 ...

有券商表示，从时间角度看，中国正处于类似Space X 2018-2020年的组网前夜。随着G60千帆与GW国网进入密集发射期，卫 星制造正从实验室定制向汽车流水线式生产转型。能提供通用化电源、通信、姿控系统的配套商将率先兑现业绩。 每日经济新闻 卫星概念股走低，臻镭科技跌超12%，华测导航跌超11%，航天电子、中国卫通、北斗星通等跌停。 受盘面影响，卫星相关ETF跌超8%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 563230 | D星ETF | 1.790 | -0.160 | -8.21% | | 159218 | P星产业ETF | 2.176 | -0.198 | -8.34% | | 512630 | 卫星ETF广发 | 1.789 | -0.157 | -8.07% | | 563530 | 卫星ETF易方达 | 1.778 | -0.159 | -8.21% | | 563790 | 卫星ETF鵬华 | 1.351 | -0.112 | -7.66% | ...

Core Viewpoint - The company Huace Navigation (300627.SZ) is expected to achieve a net profit attributable to shareholders of approximately 670 million to 690 million yuan in 2025, representing a year-on-year growth of 14.84% to 18.27%, marking seven consecutive years of positive growth in net profit [1][2] Financial Performance - The projected net profit for 2025 is between 670 million and 690 million yuan, compared to 583 million yuan in the previous year, indicating a growth rate of 14.84% to 18.27% [2] - The expected net profit after deducting non-recurring gains and losses is estimated to be between 598 million and 618 million yuan, up from 504 million yuan last year, reflecting an increase of 18.70% to 22.67% [2] - The company anticipates a share-based payment expense of approximately 44 million yuan due to the implementation of an equity incentive plan, which has been included in the current report period's profit [2] Business Strategy - Huace Navigation is focusing on a globalization strategy and a "hit product" approach, actively expanding into industries such as robotics, autonomous driving, and geospatial information, leading to rapid growth in overseas revenue [2][5] - The company maintains high levels of R&D investment to enhance product competitiveness and support market expansion across various industries [2][6] Market Performance - The proportion of revenue from overseas markets has been steadily increasing, with shares of 16.57%, 21.80%, 26.85%, and 28.84% from 2021 to 2024, further rising to 32.82% in the first half of 2025 [1][7] - The gross margin from overseas markets reached 71.16% in the first half of 2025, which is 19.39 percentage points higher than the domestic business gross margin [7] Historical Performance - Since its IPO in 2017, Huace Navigation has shown consistent growth, with revenue increasing from 678 million yuan in 2017 to 3.251 billion yuan in 2024, and net profit rising from 129 million yuan to 583 million yuan in the same period [3][4] - The company has achieved continuous growth in net profit and operating performance over the past seven years [4] R&D and Innovation - Huace Navigation has invested significantly in R&D, with expenditures of 333 million, 403 million, 462 million, 469 million, and 387 million yuan from 2021 to the first three quarters of 2025, reflecting a commitment to innovation [6][8] - The company has applied for over 1,000 intellectual property rights, including more than 700 patents, establishing a strong technological foundation for long-term development [7]

半年暴涨68%！这只基金押中了中国版"星链"的秘密。 最近有只涨势超猛的基金，富国中证卫星产业ETF（563230），成立不到半年，净值已经坐上了火箭！ 20万颗啊！这已经不是织张网了，这是要给地球编个"中国星链"篮子！ 当然了，申报这么多，也不一定全都要送上去！这更像一场全球"太空抢位赛"。先把轨道和频率这些稀 缺资源占上再说。其实战略意义早超数字本身！这个计划一出来，直接吹响产业集结号！ 不管最后上天多少颗，从卫星制造、到火箭发射、再到运营服务，整个产业链的需求和想象空间被彻底 打开了。 而这只基金，正是这条黄金产业链在资本市场上一个鲜活的缩影。 所以你看，去年9月才诞生的"新兵"基金，能秒变绩优生，核心是押中了国家向星辰大海进发的超级赛 道！这不仅是投资，更像是参与一场未来的竞赛。 看看这数据：近三个月暴涨68%，近一个月猛涨65%！妥妥的"黑马之姿"！ 它强劲表现的背后有什么逻辑？我剖析一下它的持仓。它的核心重仓股，清一色是航天产业链的硬核公 司：造卫星的 "中国卫星" 、做导航的"中国卫通"和"华测导航"，除此之外这只基金还持仓了北方导 航、四维图新、航天电子等一批在细分领域领先的公司。 这阵容，简 ...

证券代码：300627 证券简称：华测导航 公告编号：2026-002 上海华测导航技术股份有限公司 关于公司2021年限制性股票激励计划预留授予部分 第三个归属期归属结果暨股份上市的公告 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。 重要内容提示： 公司于 2025 年 12 月 23 日召开了第四届董事会第二十四次会议，审议通过了关 于《公司 2021 年限制性股票激励计划预留授予部分第三个归属期符合归属条件》的 议案，近日，公司已办理完成 2021 年限制性股票激励计划预留授予部分第三个归属 期限制性股票的归属登记工作。现将有关事项说明如下： 一、2021 年限制性股票激励计划实施情况概要 （一）2021 年限制性股票激励计划简介 公司分别于 2021 年 10 月 11 日与 2021 年 10 月 27 日召开第三届董事会第八次 会议与 2021 年第三次临时股东大会，会议审议通过关于《公司<2021 年限制性股票 激励计划（草案）>及其摘要》等相关议案，本激励计划的主要内容如下： 4、限制性股票数量（调整前）：本激励计划拟向激励对象授予不超过 9 ...

Group 1 - The core viewpoint of the news is the significant increase in China's satellite constellation applications, which has raised the total number of satellites from approximately 51,300 to over 254,000, marking the largest application to date [2][3] - The urgency behind this expansion is driven by the need to secure orbital and frequency resources, as the U.S. currently holds nearly 76% of global spacecraft, while China only accounts for 9.4% [3] - The Chinese government has recognized commercial aerospace as a strategic emerging industry, with its importance highlighted in the government work reports for 2024 and 2025 [3] Group 2 - The satellite communication sector has seen significant stock price increases, with companies like Xinke Mobile and China Satellite hitting the daily limit up, and others like Zhongke Xingtou and Hailanxin rising over 10% [2] - The satellite industry ETF (159218) tracks the CSI Satellite Industry Index, which covers the entire industry chain from manufacturing to application, providing investors with a comprehensive investment tool [7] - The ETF has shown strong performance, with a 120-day increase of 124.81% and a significant surge in subscription volumes, indicating high investor sentiment [8]