Core Viewpoint - The company highlights the potential applications of microwave radio frequency technology in the biomedical field, particularly in wireless signal transmission for brain-computer interfaces, while acknowledging the technical challenges that need to be overcome [1] Group 1: Technology and Applications - Microwave radio frequency technology is identified as a key method for signal transmission and processing, with broad potential applications in biomedical fields [1] - The company’s subsidiaries, Kuanpu Technology and Renjian Microwave, have extensive experience in developing and manufacturing RF microwave components for specialized applications, focusing on high reliability, miniaturization, and low loss [1] Group 2: Challenges and Future Directions - Practical applications of this technology in brain-computer interfaces face multiple technical challenges, including weak signal transmission, interference suppression, biocompatibility, and safety [1] - The company has not yet commercialized any brain-computer interface products but plans to closely monitor advancements in frontier technologies and explore cross-domain collaboration opportunities based on its core technological advantages [1]

Core Viewpoint - Microwave radio frequency technology has significant potential applications in brain-computer interfaces, although practical implementation faces multiple technical challenges [2]. Company Insights - New Jingang (300629.SZ) acknowledges the potential of microwave radio frequency technology in biomedical fields, particularly for wireless transmission of neural electrical signals in brain-computer interfaces [2]. - The company’s subsidiaries, Kuanpu Technology and Renjian Microwave, have extensive experience in developing and manufacturing RF microwave components for specialized applications, focusing on high reliability, miniaturization, and low loss [2]. - Currently, the company has not commercialized any brain-computer interface products but plans to monitor advancements in cutting-edge technologies and explore cross-industry collaborations based on its core technological advantages [2].

Group 1 - New Jingang's stock price increased by 5.7% to 27.98 CNY per share, with a trading volume of 814 million CNY and a turnover rate of 14.21%, resulting in a total market capitalization of 7.035 billion CNY [1] - New Jingang Technology Co., Ltd. specializes in the research, development, production, and sales of high-performance metal matrix composites and products, primarily serving the military electronics information industry [1] - The company's main business revenue composition includes 95.11% from RF microwave products, 4.30% from materials for special applications, and 0.58% from other sources [1] Group 2 - Huashang Fund's Huashang Advantage Industry Mixed A (000390) is among the top ten circulating shareholders of New Jingang, having reduced its holdings by 978,100 shares to 1.4594 million shares, representing 0.67% of circulating shares [2] - The fund has achieved a year-to-date return of 1.44%, ranking 6076 out of 8827 in its category, and a one-year return of 114.58%, ranking 78 out of 8084 [2] - The fund manager, Zhang Mingxin, has been in position for 312 days, with the fund's total asset size at 9.603 billion CNY and a best return of 115.34% during his tenure [3]

1月8日，沪指窄幅震荡，创业板指盘中跌超1%。从板块来看，商业航天概念集体爆发，和顺电气、邵 阳液压、乾照光电、海兰信、航天宏图、谱尼测试、泰胜风能等7只个股20CM涨停。臻镭科技、信维 通信、新劲刚等个股涨超10%。 消息面上，1月7日上午，箭元科技中大型液体运载火箭总装总测及回收复用基地项目开工仪式在杭州市 钱塘区举行，箭元科技、玻色量子、地卫二、二维超材，四家企业共同签署战略合作协议。这是国内首 个海上回收复用火箭产能基地，也是首个不锈钢火箭超级工厂。 中信建投证券最新研报认为，当前商业航天产业在国家政策支持和产业技术突破共同助力下，有望进入 新纪元。商业航天产业涉及信息化的主要环节包括（1）遥感及其应用；（2）卫星测运控系统；（3） CAE仿真/卫星测试；（4）星际传输处理模块、通信模组、数据处理平台等；新场景扩展层面关注太空 算力。此外，中信建投证券认为当前商业航天发展是国企与民营企业共振周期。 （文章来源：21世纪经济报道） ...

Market Overview - A-share market showed mixed performance with major indices fluctuating, while the defense and military industry sector led the gains [1][2] - The concept of brain-computer interfaces became active again, with related indices rising over 4% [1][8] Sector Performance - The defense and military sector saw a maximum intraday gain of nearly 4%, with stocks like Aerospace Nanhu, Hangya Technology, and New Jingang rising over 10% [2] - The media sector also performed well, with gains exceeding 2%, and stocks such as Yili Media and Oriental Pearl hitting the daily limit [2] - The computer sector experienced significant growth, with intraday gains approaching 2%, highlighted by stocks like Hand Information reaching the daily limit [5] Notable Stocks - Aerospace Nanhu rose by 14.51% to 42.94, Hangya Technology increased by 10.68% to 31.29, and New Jingang went up by 10.39% to 25.82 [3] - In the media sector, Yili Media and Oriental Pearl both saw gains of 9.99% [4] - Hand Information surged by 18.05% to 23.61, while other stocks like Weihong Co. and Baoxin Software also saw significant increases [5] Declining Sectors - The non-bank financial sector led the declines, with a drop exceeding 2%, particularly among brokerage stocks [5] - Huayin Securities hit the daily limit down, while several other brokerage stocks fell over 3% [6] Brain-Computer Interface Concept - The brain-computer interface concept stocks saw significant increases, with stocks like Aipeng Medical and Kefu Medical approaching the daily limit [10] - However, several companies issued announcements warning about the risks associated with the brain-computer interface hype, clarifying their lack of related products or revenue [11][12]

Group 1 - The core viewpoint of the news highlights the ongoing developments in the general aviation sector, with the China General Aviation Theme Index showing mixed performance among its constituent stocks, reflecting the volatility in the market [1] - The low-orbit satellite internet construction is advancing, with Starlink connecting over 9 million active users globally and expected to add over 4.6 million new users by 2025, indicating significant growth in the aviation and maritime sectors [1] - The China Securities Regulatory Commission indicates that the commercial space industry is entering a breakthrough period, with supportive policies and upcoming IPOs expected to catalyze growth in the sector [2] Group 2 - The China General Aviation Theme Index includes 50 listed companies involved in various aspects of general aviation, such as aircraft manufacturing and aviation infrastructure, reflecting the overall performance of the sector [2] - As of December 31, 2025, the top ten weighted stocks in the China General Aviation Theme Index account for 43.4% of the index, indicating a concentration of investment in key players within the industry [3]

Group 1 - The core viewpoint of the news is that New Jingang's financial performance has shown significant declines in revenue and net profit, alongside notable changes in shareholder structure and trading activity [2][3]. Group 2 - As of January 6, New Jingang's stock price decreased by 1.10%, with a trading volume of 518 million yuan. The financing buy-in amount was 77.22 million yuan, while the financing repayment was 52.39 million yuan, resulting in a net financing buy of 24.83 million yuan [1]. - The total financing and margin trading balance for New Jingang reached 490 million yuan, with the financing balance accounting for 8.36% of the circulating market value, indicating a high level compared to the past year [1]. - On the short selling side, New Jingang had no shares repaid on January 6, with 2,900 shares sold short, amounting to 67,500 yuan at the closing price. The short selling balance was 286,300 yuan, which is at the 90th percentile level over the past year [1]. Group 3 - As of November 28, the number of shareholders for New Jingang was 23,400, a decrease of 0.49%, while the average circulating shares per person increased by 0.49% to 9,260 shares [2]. - For the period from January to September 2025, New Jingang reported revenue of 270 million yuan, a year-on-year decrease of 33.18%, and a net profit attributable to shareholders of 11.23 million yuan, down 90.04% year-on-year [2]. Group 4 - Since its A-share listing, New Jingang has distributed a total of 103 million yuan in dividends, with 68.08 million yuan distributed over the past three years [3]. - As of September 30, 2025, among the top ten circulating shareholders, Huashang Advantage Industry Mixed A (000390) held 1.4594 million shares, a decrease of 978,100 shares from the previous period. New shareholder Guangfa Advantage Growth Stock A (011425) held 1.2053 million shares [3].

Core Viewpoint - The company is actively engaging in the low-altitude economy sector, responding to national policies and aiming for high-quality growth in this emerging industry [2] Group 1: Company Developments - The company’s subsidiary, Kaiji Intelligent, is a key player in the low-altitude economy and has achieved significant milestones in its business development [2] - In October 2024, Kaiji Intelligent signed a strategic cooperation agreement with Shenzhen Zhisheng High Technology Research Institute, indicating deepening collaboration [2] - In September 2025, Kaiji Intelligent invested 8 million yuan in Guangzhou Jinkong Technology Innovation Co., Ltd. to jointly develop drone countermeasure products, enhancing the commercialization process of low-altitude regulation systems [2] Group 2: Market Strategy - The company plans to closely monitor the development trends in the low-altitude economy industry and leverage Kaiji Intelligent's technological expertise and project experience [2] - The company aims to actively expand its market presence in the low-altitude economy sector, striving for improved operational performance to benefit investors [2]

Core Viewpoint - The company has completed a series of R&D tasks for its fairing project as per customer requirements and is currently in a technical adjustment phase due to changes in downstream industry demand [1] Group 1: Company Developments - The company has developed the necessary capabilities to support its fairing project [1] - Future revenue generation will depend on specific demands from downstream customers [1] - The company will continue to monitor market dynamics and actively promote technological upgrades [1] Group 2: Market Conditions - The company is adjusting its technology in response to changes in downstream industry demand [1] - The timing of product promotion will be aligned with customer needs [1]

Core Viewpoint - The company, New Jingang, emphasizes its long-term commitment to the special application materials sector, particularly in providing high-temperature protective materials for critical national defense infrastructure [1] Group 1: Business Focus - The company has developed thermal protection materials that offer solutions against extreme environments, including high temperatures and impacts, for key defense facilities such as command centers and communication nodes [1] - The core value of these materials lies in enhancing the damage resistance and survivability of critical facilities, ensuring the continuity and stability of command systems and communication links during external attacks [1] Group 2: Technological Development - The company is dedicated to ongoing technological research and application expansion centered around its main business, aiming to strengthen its core competitiveness in the materials field [1] - Future efforts will focus on providing stronger support for the modernization of national defense equipment, with a commitment to timely information disclosure regarding significant developments [1]