Core Viewpoint - The aerospace equipment sector experienced a significant increase of 9.46% on January 23, with Aerospace Hanyu leading the gains. The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1]. Group 1: Stock Performance - Aerospace Hanyu (688523) closed at 72.99, with a rise of 13.27% and a trading volume of 215,000 shares [1]. - China Satellite (600118) closed at 108.90, increasing by 10.00% with a trading volume of 1,530,400 shares [1]. - Aerospace Electronics (600879) closed at 31.46, also up by 10.00%, with a trading volume of 6,771,200 shares [1]. - China Satcom (601698) closed at 42.48, rising by 9.63% with a trading volume of 2,227,400 shares [1]. - Zhongtian Rocket (003009) closed at 76.68, increasing by 6.00% with a trading volume of 139,400 shares [1]. - Other notable performances include: - Ligong Navigation (688282) at 78.79, up 5.04% [1] - StarNet Yuda (002829) at 30.48, up 4.21% [1] - Xinyu Guoke (300722) at 35.12, up 1.53% [1]. Group 2: Capital Flow - The aerospace equipment sector saw a net inflow of 3.833 billion yuan from institutional investors, while retail investors experienced a net outflow of 2.3 billion yuan [1]. - The capital flow for key stocks includes: - Aerospace Electronics (600879) with a net inflow of 1.886 billion yuan from institutional investors and a net outflow of 899.6 million yuan from retail investors [2]. - China Satellite (600118) had a net inflow of 1.483 billion yuan from institutional investors and a net outflow of 1.043 billion yuan from retail investors [2]. - China Satcom (601698) recorded a net inflow of 262 million yuan from institutional investors and a net outflow of 190 million yuan from retail investors [2]. - Zhongtian Rocket (003009) had a net inflow of 97.5 million yuan from institutional investors and a net outflow of 79.3 million yuan from retail investors [2].

Core Viewpoint - The aerospace equipment sector experienced a significant increase of 5.87% on January 22, with Aerospace Hanyu leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Key stocks in the aerospace equipment sector showed notable price increases, with Aerospace Hanyu rising by 8.58% to a closing price of 64.44 [1] Group 2: Stock Performance Details - Aerospace Hanyu (688523) had a trading volume of 149,700 shares and a transaction value of 943 million [1] - China Satellite (600118) closed at 99.00, up 3.36%, with a trading volume of 1,030,100 shares and a transaction value of 101.40 million [1] - Aerospace Electronics (600879) saw a 6.20% increase, closing at 28.60, with a trading volume of 6,633,800 shares and a transaction value of 189.30 million [1] Group 3: Fund Flow Analysis - The aerospace equipment sector saw a net inflow of 431 million from institutional investors, while retail investors experienced a net outflow of 645 million [1] - China Satellite (601698) had a net inflow of 321 million from institutional investors, but a net outflow of 417 million from retail investors [2] - Aerospace Hanyu (688523) recorded a net inflow of 99.16 million from institutional investors, with retail investors showing a net outflow of 82.14 million [2]

公司发布的三季报数据显示，前三季公司共实现营业收入2.62亿元，同比下降17.89%，实现净利润 4818.57万元，同比下降26.72%，基本每股收益为0.1741元，加权平均净资产收益率7.62%。 （文章来源：证券时报网） 新余国科1月21日披露，截至1月20日公司股东户数为28831户，较上期（1月10日）减少3395户，环比降 幅为10.53%。 证券时报·数据宝统计，截至发稿，新余国科最新股价为33.55元，上涨0.12%，本期筹码集中以来股价 累计下跌10.53%。具体到各交易日，3次上涨，5次下跌。 ...

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace industry [1] Core Insights - The aerospace sector is transitioning from being viewed as a "cost center" driven by national will to a "growth engine" driven by commercial demand, with significant investments and strategic planning from both the US and China [6][9] - The global aerospace economy is projected to reach $613 billion in 2024, with commercial aerospace contributing 78%, and is expected to exceed $1 trillion by 2032 [6][9] - The value chain of commercial aerospace is divided into five core levels: "space, ground, terminal, rocket, and application," each presenting unique market opportunities and technical challenges from 2026 to 2030 [10][29] Summary by Sections 1. Space: Satellite Manufacturing - The satellite manufacturing market in China is expected to grow from approximately 7.1 billion yuan in 2025 to about 39.4 billion yuan by 2030, reflecting a shift from sporadic research models to continuous, batch engineering deliveries [16][18] 2. Ground: Ground Systems - The ground systems market is projected to increase from around 1.2 billion yuan in 2025 to approximately 39.1 billion yuan by 2030, evolving from a supporting role to a core infrastructure essential for stable satellite constellation operations [21][22] 3. Terminal: Key Variable for Commercial Aerospace - The terminal market is anticipated to grow from 500 million yuan in 2025 to about 141.9 billion yuan by 2030, driven by multiple vertical industries and potential consumer scenarios [23][24] 4. Rocket: Core Constraint - The cost of rocket launches is a critical constraint, with reusable technology expected to reduce costs by 80%-90% compared to traditional expendable rockets. The market for rocket launch services is projected to grow from approximately 10.7 billion yuan in 2025 to about 34.3 billion yuan by 2030 [25][26] 5. Application: Final Value Realization - The application market is expected to expand from 200 million yuan in 2025 to 525 billion yuan by 2030, with the revenue share from applications projected to rise from single digits to over 67% by around 2030 [27][28] 6. Investment Opportunities - Investment opportunities in commercial aerospace can be categorized into three main tracks: 1. Launch and manufacturing segments, which are expected to benefit directly from increased orders and visibility 2. Core components and systems, characterized by high technical barriers and critical for long-term competitiveness 3. Downstream applications and operational services, which, while currently limited in scale, hold the greatest long-term potential for value realization [29][30]

Market Overview - The aerospace equipment sector experienced a decline of 5.5% on January 20, with Aerospace HuanYu leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Key stocks in the aerospace equipment sector showed the following closing prices and percentage changes: - Aerospace Electronics (600879): 26.31, -0.83% - Xingwang Yuda (002829): 28.91, -3.73% - Xinyu Guoke (300722): 33.51, -4.80% - Zhongtian Rocket (003009): 70.62, -6.15% - China Satellite (600118): 98.04, -6.53% - China Satcom (601698): 37.00, -7.01% - Ligong Navigation (688282): 75.82, -7.14% - Aerospace HuanYu (688523): 60.30, -8.87% [1] Capital Flow - The aerospace equipment sector saw a net outflow of 3.385 billion yuan from institutional investors, while retail investors had a net inflow of 3.481 billion yuan [1] - Detailed capital flow for key stocks includes: - Xinyu Guoke (300722): Institutional net outflow of 17.66 million yuan, retail net inflow of 16.89 million yuan - Ligong Navigation (688282): Institutional net outflow of 30.54 million yuan, retail net inflow of 32.30 million yuan - Xingwang Yuda (002829): Institutional net outflow of 49.15 million yuan, retail net inflow of 40.51 million yuan - Aerospace HuanYu (688523): Institutional net outflow of 92.41 million yuan, retail net inflow of 35.86 million yuan - Zhongtian Rocket (003009): Institutional net outflow of 96.91 million yuan, retail net inflow of 1.30 million yuan - Aerospace Electronics (600879): Institutional net outflow of 44.20 million yuan, retail net inflow of 82.70 million yuan - China Satcom (601698): Institutional net outflow of 101.00 million yuan, retail net inflow of 10.55 million yuan - China Satellite (600118): Institutional net outflow of 164.70 million yuan, retail net inflow of 134.47 million yuan [2]

Core Viewpoint - The aerospace equipment sector experienced a 1.21% increase on January 19, with Aerospace Electronics leading the gains, while the overall market indices showed modest increases [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4114.0, up 0.29% [1]. - The Shenzhen Component Index closed at 14294.05, up 0.09% [1]. - Aerospace Electronics stock closed at 26.53, with a gain of 3.39% [1]. Group 2: Stock Performance - Aerospace Electronics (600879) led the sector with a closing price of 26.53 and a trading volume of 4.18 million shares, totaling a transaction value of 110.67 million yuan [1]. - Aerospace Huanyu (688523) closed at 66.17, up 3.00%, with a trading volume of 135,100 shares and a transaction value of 8.95 million yuan [1]. - China Satellite (600118) closed at 104.89, up 2.93%, with a trading volume of 957,800 shares and a transaction value of 100.78 billion yuan [1]. Group 3: Fund Flow Analysis - The aerospace equipment sector saw a net outflow of 889 million yuan from institutional investors, while retail investors contributed a net inflow of 765 million yuan [1]. - The detailed fund flow indicates that Aerospace Huanyu had a net inflow of 43.11 million yuan from institutional investors, while retail investors had a net outflow of 49.48 million yuan [2]. - China Satellite experienced a net outflow of 26.66 million yuan from institutional investors, with retail investors contributing a net inflow of 107 million yuan [2].

新余国科公告，公司持股5%以上股东江西省农业发展集团有限公司2025年10月25日-2026年1月15日通 过集中竞价减持股份222.32万股，减持均价32.6元/股，减持比例0.80%；减持后持股7453.16万股，占总 股本26.93%。此前其计划减持不超276.76万股，占总股本1%，本次计划已实施完毕。 ...

关于持股5%以上股东减持计划期限届满暨实施情况的公告 公司持股5%以上的股东江西省农业发展集团有限公司保证向本公司提供 的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 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。 江西新余国科科技股份有限公司（以下简称"公司"）于2025年9月17日披露了《关于 持股5%以上股东减持股份预披露公告》（公告编号:2025-040），持股5%以上股东江西省农 业发展集团有限公司（简称"江西农发集团"）计划在公告披露之日起十五个交易日后的 三个月内，以集中竞价的方式合计减持公司股份数量不超过2,767,564股，即不超过公司总 股本的1%。 证券代码：300722 证券简称：新余国科 公告编号：2026-002 江西新余国科科技股份有限公司 股东名 称 股份性质 本次减持前持有股份 本次减持后持有股份 股数（股 ） 占总股本比例 （%） 股数（股 ） 占总股本比例 （%） 江西省 农业发 展集团 有限公 司 合计持有股份 76,754,81 1 27.73% 74,531,60 8 26.93 其中：无限售条 件股 ...

2、公司董事、总经理刘爱平，副总经理何光明，通过新余科信投资管理中心（有限合伙）（简称"新余 科信"）分别间接持有公司股份463,464股（占公司总股本比例0.1675%）、454,511股（占公司总股本比 例0.1642%），均计划以集中竞价交易方式减持公司股份不超过100,000股（占公司总股本比例 0.0361%）。 格隆汇1月15日丨新余国科(300722.SZ)公布，1、公司董事长袁有根通过新余国晖投资管理中心（有限 合伙）（简称"新余国晖"）间接持有公司股份1,093,138股（占本公司总股本的0.3950%），计划以集中 竞价交易方式减持公司股份不超过100,000股（占本公司总股本的0.0361%）。 ...

Group 1 - The company Xinyu Guoke announced that its chairman Yuan Yougen plans to reduce his shareholding by selling up to 100,000 shares, which represents 0.0361% of the total share capital [1] - The company's director and general manager Liu Aiping, along with deputy general manager He Guangming, also plan to reduce their shareholdings by selling up to 100,000 shares each, representing 0.0361% of the total share capital [1] - Yuan Yougen indirectly holds approximately 1.09 million shares, accounting for 0.395% of the total share capital, while Liu Aiping and He Guangming hold approximately 460,000 shares (0.1675%) and 450,000 shares (0.1642%) respectively [1] Group 2 - The news mentions a potential entry of a "cheap version" of Tesla's Model 3 into the Chinese market, with a range of 480 kilometers [1] - There are significant adjustments in the autonomous driving market in the United States, indicating potential shifts in industry dynamics [1]