Core Viewpoint - The commercial aerospace sector is experiencing significant growth driven by supportive government policies and the recent establishment of clearer IPO guidelines for commercial rocket companies, which is expected to accelerate their market entry and boost related industries. Group 1: Market Performance - The Zhongzheng General Aviation Theme Index (931855) rose by 1.62% as of December 29, 2025, with notable increases in constituent stocks such as Guangwei Composites (300699) up 14.57%, Haige Communication (002465) up 10.04%, and Leike Defense (002413) up 9.97% [1] - The General Aviation ETF (561660) increased by 1.70%, marking its fourth consecutive rise, with the latest price reported at 1.2 yuan [1] Group 2: Policy Developments - In November 2025, the National Space Administration issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025-2027)", which supports commercial entities in developing new technologies and products, and establishes a national commercial aerospace development fund [1] - The Shanghai Stock Exchange released specific guidelines for commercial rocket companies to access the Sci-Tech Innovation Board, which is expected to expedite the IPO process for leading private commercial rocket firms [2] Group 3: Industry Insights - The commercial rocket sector is identified as the "launch base" of commercial aerospace, with its industrialization expected to drive demand across satellite manufacturing, ground equipment, and space applications [2] - The Zhongzheng General Aviation Theme Index includes 50 listed companies involved in aviation materials, components, aircraft manufacturing, infrastructure, operations, and applications, reflecting the overall performance of the general aviation sector [2] - As of November 28, 2025, the top ten weighted stocks in the Zhongzheng General Aviation Theme Index accounted for 40.68% of the index, including companies like Aerospace Electronics (600879) and China Satellite Communications (601698) [2]

Core Viewpoint - The general aviation sector is experiencing significant growth, driven by government support and strategic initiatives aimed at enhancing technological independence and promoting the low-altitude economy and commercial aerospace development [1][2]. Group 1: Market Performance - As of December 26, 2025, the China General Aviation Theme Index (931855) rose by 1.83%, with notable increases in constituent stocks such as Guanglian Aviation (300900) up 13.94% and Zhongfu Shenying (688295) up 13.03% [1]. - The General Aviation ETF (561660) also saw a rise of 1.91%, marking its third consecutive increase, with the latest price reported at 1.17 yuan [1]. Group 2: Government Initiatives - A successful satellite launch using the Long March 8A rocket from Hainan's commercial space launch site occurred, deploying 17 low-orbit satellite internet satellites into their designated orbits [1]. - The strategic emerging industry development fund, with a scale of 51 billion yuan, has officially launched, focusing on providing substantial financial support to the aerospace sector and related industries [1]. Group 3: Index Composition - The China General Aviation Theme Index tracks 50 listed companies involved in various aspects of general aviation, including manufacturing, infrastructure, and operations [2]. - The top ten weighted stocks in the index account for 40.68% of the total index, with key companies including Aerospace Electronics (600879) and Haige Communication (002465) [2].

Core Viewpoint - The general aviation sector is experiencing significant growth, driven by the launch of a commercial aerospace industry alliance fund and the anticipated advancements in rocket recovery technology in China [1][2]. Group 1: Market Performance - As of December 25, 2025, the China General Aviation Theme Index (931855) rose by 1.94%, with key stocks such as Guanglian Aviation (300900) increasing by 19.99% and Plittech (688333) by 6.93% [1]. - The General Aviation ETF (561660) also saw a rise of 1.90%, with the latest price reported at 1.13 yuan [1]. - Over the past week, the General Aviation ETF fund experienced a significant growth of 193.17 million yuan [2]. Group 2: Fund and Investment Details - The newly launched commercial aerospace industry alliance fund has an initial issuance scale of 1 to 2 billion yuan, with a long-term goal of expanding to 10 billion yuan over a 10-year period [1]. - The fund will focus on four main areas: low-orbit satellite constellations and satellite internet, reusable launch vehicles and rocket launch services, new materials and devices for commercial aerospace, and the development and utilization of space resources [1]. - The top ten weighted stocks in the China General Aviation Theme Index account for 40.68% of the index, including companies like Aerospace Electronics (600879) and Haige Communication (002465) [2].

证券日报网讯 12月23日，华测导航发布公告称，公司第四届董事会第二十四次会议审议通过《关于的 议案》等。 （文章来源：证券日报） ...

Group 1 - The core point of the article is that Huace Navigation announced the convening of its board meeting to review the third vesting period of the 2021 restricted stock incentive plan on December 23, 2025 [1] - For the first half of 2025, Huace Navigation's revenue composition is as follows: Resources and Public Utilities accounted for 38.29%, Construction and Infrastructure 35.92%, Geographic Information 19.56%, and Robotics and Unmanned Driving 6.23% [1] - As of the time of reporting, Huace Navigation's market capitalization is 25.4 billion yuan [1] Group 2 - The article also mentions that a real estate company, referred to as the "top student," is facing a 2 billion yuan debt due and is currently negotiating its first debt extension, with over 10 billion yuan in public debt maturing next year [1]

上海华测导航技术股份有限公司 1 一、关于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名单的核 查意见 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的100名激励对象 作为公司本次可归属的激励对象主体资格合法、有效，符合《公司法》《证券法》 等法律、法规和规范性文件以及《公司章程》规定的任职资格，符合《管理办法》 《上市规则》等法律、法规和规范性文件规定的激励对象条件，符合本激励计划规 定的激励对象范围，其作为公司本激励计划激励对象的主体资格合法、有效，本激 励计划预留授予部分第三个归属期的归属条件已成就。 综上，董事会薪酬与考核委员会同意本激励计划预留授予部分第三个归属期的 归属名单，同意公司为满足条件的激励对象办理本激励计划预留授予部分第三个归 属期归属相关事宜。 二、关于作废2021年限制性股票激励计划部分已授予尚未归属的限制性股票的 核查意见 因离职，不再具备激励对象资格，4人2024年度个人绩效考评结果为B，本次个人层 面归属比例为90%，合计作废处理上述13名激励对象不得归属的限制性股票6.9850万 股。公司本次作废部分已授予尚未归属的限制性股票符合有关法律、法规及公司 ...

国浩律师（杭州）事务所 关 于 上海华测导航技术股份有限公司 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年十二月 国浩律师（杭州）事务所 法律意见书 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条件成就 及部分限制性股票作废事项 之 法律意见书 国浩律师（杭州）事务所 关 于 上海华测导航技术股份有限公司 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条件成就 及部分限制性股票作废事项 之 法律意见书 致：上海华测导航技术股份有限公司 国浩律师（杭州）事务所（以 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-110 上海华测导航技术股份有限公司 第四届董事会第二十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 上海华测导航技术股份有限公司（以下简称"公司"）第四届董事会第二十 四次会议的通知于2025年12月18日以书面或电子邮件的形式发出，会议于2025 年 12 月 23 日在上海市青浦区崧盈路 577 号华测时空智能产业园 C 座二楼会议 室以现场结合通讯方式召开。本次会议应出席董事 8 名，实际出席董事 8 名。本 次会议由公司董事长赵延平先生主持，公司部分高级管理人员列席了本次会议。 本次会议的召开和表决程序符合《中华人民共和国公司法》等有关法律、行 政法规、部门规章、规范性文件和《上海华测导航技术股份有限公司章程》的规 定。 二、董事会会议审议情况 经与会董事审议，以记名投票表决方式通过如下议案： 1、以 8 票同意，0 票反对，0 票弃权，审议通过关于《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。 根据《上 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-111 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 第三个归属期符合归属条件的公告 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： 限制性股票拟归属数量（调整后）：46.1870 万股，占目前公司总股本1的 0.0587%。 归属股票来源：公司向激励对象定向发行公司 A 股普通股股票。 上海华测导航技术股份有限公司（以下简称"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，董事会认为公司2021年限制性 股票激励计划（以下简称"本激励计划"）预留授予部分第三个归属期归属条件已 经成就，同意按规定为符合条件的100名激励对象办理46.1870万股第二类限制性股 票归属相关事宜，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 ...

证券代码：300627 证券简称：华测导航 公告编号：2025-112 上海华测导航技术股份有限公司 关于作废 2021 年限制性股票激励计划 部分已授予尚未归属的限制性股票的公告 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。 上海华测导航技术股份有限公司（以下简称"公司"）于2025年12月23日召开 的第四届董事会第二十四次会议审议通过了关于《作废2021年限制性股票激励计划 部分已授予尚未归属的限制性股票》的议案，现将相关事项公告如下： 一、本次限制性股票授予已履行的决策程序和信息披露情况 1、2021年10月11日，公司召开第三届董事会第八次会议，会议审议通过了关 于《公司<2021年限制性股票激励计划（草案）>及其摘要》的议案、关于《公司<2021 年限制性股票激励计划实施考核管理办法>》的议案、关于《提请股东大会授权董 事会办理公司2021年限制性股票激励计划相关事项》的议案、关于《召开公司2021 年第三次临时股东大会》的议案。公司独立董事就本激励计划相关议案发表了同意 的独立意见。 同日，公司召开第三届监事会第八次会议，审议通过了关于《公司< ...