宏达电子公告，近日收到参股公司江苏展芯半导体技术股份有限公司告知，江苏展芯已向深圳证券交易 所报送了首次公开发行股票并在创业板上市的申请文件，并获得了深圳证券交易所受理。截至本公告 日，公司通过南京一芯一亿创业投资合伙企业（有限合伙）间接持有江苏展芯5102.36万股股份，占其 本次公开发行股票前总股本的13.79%。 ...

截至本公告日，公司通过南京一芯一亿创业投资合伙企业(有限合伙)间接持有江苏展芯5102.36万股股 份，占其本次公开发行股票前总股本的13.79%。 智通财经APP讯，宏达电子(300726.SZ)公告，公司收到参股公司江苏展芯半导体技术股份有限公司(简 称"江苏展芯")告知，江苏展芯已向深圳证券交易所报送了首次公开发行股票并在创业板上市的申请文 件，并获得了深圳证券交易所受理。 ...

关于参股公司首次公开发行股票并在创业板上市申请获得深 圳证券交易所受理的公告 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。 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。 近日，株洲宏达电子股份有限公司（以下简称"公司"）收到参股公司江苏展 芯半导体技术股份有限公司（以下简称"江苏展芯"）告知，江苏展芯已向深圳证 券交易所报送了首次公开发行股票并在创业板上市的申请文件，并获得了深圳证券 交易所受理。 证券代码：300726 证券简称：宏达电子 公告编号：2025-046 株洲宏达电子股份有限公司 株洲宏达电子股份有限公司 董 事 会 2025 年 12 月 18 日 截至本公告日，公司通过南京一芯一亿创业投资合伙企业（有限合伙）间接持 有江苏展芯5,102.36万股股份，占其本次公开发行股票前总股本的13.79%。 江苏展芯首次公开发行股票并在创业板上市申请尚需深圳证券交易所审核通过 以及中国证券监督管理委员会同意注册，最终能否审核通过并取得注册批复尚存在 不确定性。公司将根据该事项的进展及时履行信息披露义务 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [5]. Core Viewpoints - The commercial aerospace sector is experiencing significant catalytic growth, leading to a substantial increase in industry prosperity [8][17]. - The establishment of a dedicated Commercial Aerospace Administration by the China National Space Administration marks a new phase in the development of commercial aerospace, enhancing stability and transparency in the industry [21]. - The successful launch of the Zhuque-3 reusable rocket signifies a breakthrough in China's commercial liquid rocket capabilities, supporting satellite internet and commercial remote sensing needs [10][21]. Summary by Sections Industry Overview - The industry comprises 142 listed companies with a total market capitalization of 2,915.34 billion yuan and a circulating market value of 2,530.17 billion yuan [2]. Key Developments - The Zhuque-3 rocket's successful launch on December 3, 2025, represents a critical milestone in the commercial aerospace sector, enabling a payload capacity of over 20 tons and reducing launch costs significantly [10][25]. - The 2025 China (Zhengzhou) Military Technology Information and Equipment Expo highlights advancements in military technology and the integration of civilian and military sectors [13][26]. Focus Areas - **Aerospace Equipment**: The Civil Aviation Administration is seeking opinions on emergency medical equipment for large aircraft, indicating a focus on enhancing safety standards [11][23]. - **Military Electronics**: Companies such as Gaode Infrared and Tianjian Technology are highlighted as key players in the military electronics sector [19][22]. - **Nuclear Equipment**: China and France are enhancing cooperation in the peaceful use of nuclear energy, focusing on technology innovation and safety [30][32]. Market Performance - The defense and military industry index rose by 2.82% in the past week, outperforming other major indices [33][38]. - The current PE (TTM) for the defense and military industry is 69.3 times, with aerospace equipment at 73.6 times and space equipment at 317.8 times, indicating high investor interest [39][44].

Core Viewpoint - Hongda Electronics is actively exploring opportunities in the commercial sector while leveraging its established brand and technological advantages in high-reliability fields, particularly in aerospace applications [2] Company Summary - Hongda Electronics has indicated that its products are applicable in the aerospace sector [2] - The company is committed to continuously monitoring and utilizing its strengths in high-reliability areas to seek development opportunities in commercial markets [2]

Core Viewpoint - Hongda Electronics (300726.SZ) is actively exploring opportunities in the commercial sector while leveraging its brand and technological advantages established in high-reliability fields, particularly in aerospace applications [1] Group 1 - The company's products are applicable in the aerospace sector [1] - The company will continue to focus on and utilize its established brand and technology advantages in high-reliability fields [1] - The company is exploring development opportunities in the commercial sector [1]

Core Insights - The defense and military industry index increased by 2.85% in the past week, ranking 14th out of 31 in the Shenwan first-level industry [7] - Over the past month, the index decreased by 4.05%, ranking 25th out of 31 [10] - The one-year performance shows a 12.94% increase, ranking 15th out of 31 [18] - The current PE-TTM for the defense and military industry is 77.60, which is at the 73.27 percentile compared to the past ten years, indicating a relatively high valuation level [13][14] - Notable individual stock performances include LeiKe Defense (32.30%), ZhongTian Rocket (21.60%), and HongDa Electronics (14.28%) in the past week [19][29] - The total transaction amount for the defense and military industry reached 378.8 billion yuan, a year-on-year increase of 88.64% [33] - The report suggests focusing on investment themes such as commercial aerospace, military trade, unmanned equipment, military AI, and low-altitude economy [42] Industry and Stock Performance Review - The defense and military industry index performance over the past week, month, and year shows varying trends, with a notable increase in the last week [7][10][18] - Individual stock performance highlights significant gains for top performers and losses for underperformers in the past week [19][29] - The PE-TTM ratios across various sub-sectors indicate differing valuation levels, with aerospace equipment at 77.82 and military electronics at 106.55 [13][14] Funding Situation - The total transaction volume for the defense and military industry reached 378.8 billion yuan, reflecting a strong market activity compared to previous periods [33] - The military ETF fund shares decreased slightly compared to the previous week and month, but showed a significant year-on-year increase [35] Industry News - The launch of the commercial aerospace three-year action plan aims to enhance innovation and resource utilization in the industry [42] - The establishment of a space data center is underway, which will support the development of a large-scale data center system in orbit [43] - The report highlights key developments in the defense and military sector, including significant contracts and partnerships [39][41]

Core Insights - The military electronics sector experienced a rise of 2.08% on November 28, with Hongda Electronics leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Funding Flow Analysis - The military electronics sector saw a net inflow of 1.754 billion yuan from main funds, while retail investors experienced a net outflow of 1.034 billion yuan [2] - Key stocks in the military electronics sector showed varied funding flows, with Aerospace Development receiving a net inflow of 933 million yuan, representing 18.04% of the main fund's total [2] - Other notable stocks include: - Leike Defense with a net inflow of 334 million yuan (16.50%) - Aiguang Technology with a net inflow of 239 million yuan (11.63%) - Qiyi with a net inflow of 156 million yuan (20.45%) [2]

Group 1 - Aerospace Development reached a trading limit increase in the afternoon [1] - Companies such as Qianzhao Optoelectronics, Galaxy Electronics, and Leike Defense also saw their stocks previously hit the trading limit [1] - Other companies including Tianrun Technology, Yaguang Technology, Hongda Electronics, and Bidding Shares experienced stock price increases exceeding 10% [1]

Group 1 - The "Zhuque-3" rocket is set to make its maiden flight in mid to late November, potentially becoming China's first operational reusable launch vehicle [1] - Beijing plans to construct a large centralized data center system with over 1 GW power capacity in the 700-800 km twilight orbit to facilitate large-scale AI computing in space [1] - As of November 28, 2025, the CSI Defense Index (399973) has risen by 0.36%, with notable increases in constituent stocks such as KST (688568) up 4.50% and Triangle Defense (300775) up 2.98% [1] Group 2 - The CSI Defense Index closely tracks the performance of listed companies under the top ten military industrial groups, reflecting the overall performance of defense industry stocks [2] - As of October 31, 2025, the top ten weighted stocks in the CSI Defense Index include AVIC Shenyang Aircraft (600760) and Aero Engine Corporation of China (600893), collectively accounting for 44.41% of the index [2]