Group 1 - The defense and military industry sector has shown renewed activity after two consecutive days of decline, with the defense military ETF (512810) experiencing significant buying interest, accumulating over 140 million yuan in the past five trading days [1] - Commercial aerospace concept stocks have performed well, with notable increases such as Platinum Tech rising over 10% and Zhongshen Power increasing over 8% [1][3] - The recent construction of the satellite super factory project in Wenchang, Hainan, has attracted 26 companies, indicating a strong industrial clustering effect [2] Group 2 - Short-term factors driving the commercial aerospace sector include satellite constellation construction and launches, with high sensitivity to event stimuli expected to persist [3] - Historical data shows that July has a high success rate for sectors like defense and military, new energy manufacturing, and resource products such as steel and chemicals [3][4] - The defense military ETF (512810) has undergone a share split, reducing the trading threshold from approximately 120 yuan to around 60 yuan, making it more accessible for investors [5]

Core Points - The company has established regulations for the management and use of raised funds to enhance efficiency and protect shareholder interests [1][2][3] - The board of directors is responsible for ensuring that raised funds are not misappropriated and that their use aligns with the stated purposes in the prospectus [2][3][7] - The company must set up a special account for raised funds, which should only be used for designated purposes and must not mix with other funds [5][6][19] Fund Management - The company must sign a tripartite supervision agreement with the sponsor or independent financial advisor and the bank holding the raised funds within one month of the funds being received [3][4][6] - The company is required to disclose the main contents of the tripartite agreement promptly after signing [4][6] - The company must maintain detailed records of the use of raised funds and ensure compliance with internal control systems [28][15] Fund Usage - Raised funds must be used in accordance with the commitments made in the prospectus, and any changes in usage must be approved by the board of directors [7][8][12] - The company is prohibited from using raised funds for high-risk investments or for purposes outside the approved projects [8][11][12] - If the company plans to change the use of raised funds, it must obtain approval from both the board and the shareholders [24][25][26] Oversight and Reporting - The internal audit department must conduct quarterly checks on the management and use of raised funds and report findings to the audit committee [15][30] - The company must provide a special report on the status of raised funds at least semi-annually, detailing the progress of projects funded by these resources [29][30] - Any significant discrepancies between actual and planned fund usage must be explained, and adjustments to the investment plan must be disclosed [16][30]

证券代码：300762 证券简称：上海瀚讯 公告编号：2025-029 上海瀚讯信息技术股份有限公司 第三届董事会第十七次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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 上海瀚讯信息技术股份有限公司（以下简称"公司"）第三届董事会第十七 次临时会议通知于 2025 年 6 月 23 日以邮件和电话方式送达全体董事，会议于 2025 年 6 月 26 日在公司会议室召开，会议应出席董事 7 人，实际出席董事 7 人。 会议由公司董事长胡世平先生主持。本次会议的召集、召开、表决程序符合我国 《中华人民共和国公司法》（以下简称《公司法》）和《上海瀚讯信息技术股份 有限公司章程》的有关规定，合法有效。 二、董事会会议审议情况 经与会董事认真审议，形成如下决议： 1. 审议通过了《关于修订<募集资金管理办法>的议案》 为规范公司募集资金的使用和管理，依照《公司法》《中华人民共和国证券 法》《上市公司募集资金监管规则》《深圳证券交易所创业板股票上市规则》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等 ...

上海瀚讯信息技术股份有限公司 证券代码：300762 证券简称：上海瀚讯 公告编号：2025-030 关于增加 2025 年度日常关联交易预计的公告 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。 一、日常关联交易基本情况 （一）2025 年度已预计日常关联交易情况概述 上海瀚讯信息技术股份有限公司（以下简称"公司"或"上海瀚讯"）于 2025 年 4 月 25 日召开第三届董事会第十六次会议和第三届监事会第十三次会议，并 于 2025 年 5 月 20 日召开 2024 年年度股东大会，审议通过了《关于 2025 年度日 常关联交易预计的议案》，2025 年度公司及子公司将与关联方成都中科微信息 技术研究院有限公司、白盒子（上海）微电子科技有限公司、瀚阙(成都)信息技 术有限公司、成都中科星辰信息技术有限公司、成都瀚联九霄科技有限公司、上 海垣信卫星科技有限公司及其控制的关联方发生日常关联交易，交易金额合计不 超过 25,090 万元。具体内容详见公司于 2025 年 4 月 29 日刊登在巨潮资讯网 （http://www.cninfo.com.cn）上的 ...

上海瀚讯信息技术股份有限公司 上海瀚讯信息技术股份有限公司 募集资金管理办法 （经第三届董事会第十七次临时会议修订） 第一章 总则 第一条 为规范上海瀚讯信息技术股份有限公司（以下称"公司"）募集 资金的使用和管理，进一步提高资金使用效率和公司效益，切实保护广大股东的 利益及募集资金的安全，依照《中华人民共和国公司法》、《中华人民共和国证 券法》、《上市公司募集资金监管规则》、《深圳证券交易所创业板股票上市规 则》（以下简称"《上市规则》"）、《深圳证券交易所上市公司自律监管指引 第2号——创业板上市公司规范运作》（以下简称"《规范运作指引》"）等有 关法律、法规及规范性文件和《上海瀚讯信息技术股份有限公司章程》（以下简 称"《公司章程》"）的规定，并结合公司实际情况，特制定本办法。 第二条 本办法所称募集资金是指公司通过发行股票或者其他具有股权 性质的证券，向投资者募集并用于特定用途的资金，但不包括公司实施股权激励 计划募集的资金。 第三条 公司的董事和高级管理人员应当勤勉尽责，确保公司募集资金安 全，不得操控公司擅自或者变相改变募集资金用途。 公司的控股股东、实际控制人及其他关联人不得占用公司募集资金，不 ...

上海瀚讯：公司是千帆星座通信分系统供应商及G60星座载荷核心承研单位，负责该星座通信分系统的 保障与支撑，研制并供给相关卫星通信载荷、信关站、卫星通信终端等关键通信设备。 陕西华达：公司三大类产品均应用于商业航天领域，处于行业领先地位，助力星网、千帆星座等国家重 点重大航天项目成功实施。 据证券时报报道，商业航天创新企业轨道辰光近日宣布完成首轮及加轮融资，总额达1.4亿元人民币。 加轮由顺灏股份独家投资1.1亿元，首轮融资则来自联想创投旗下联想中小企业基金的2000万元及团队 跟投的1000万元。作为北京星空院首个孵化落地的产业项目，轨道辰光专注于"926工程"——晨昏轨道 巨型算力卫星星座的建设和运营。此次融资将助力其推进商业航天技术研发及星座部署，进一步提升在 航天领域的竞争力。 分析认为，我国商业航天产业正处于"技术突破"和"规模爆发"双重拐点。技术方面，可重复使用火箭、 卫星互联网 、激光通信终端等取得关键进展，大幅降低发射成本。市场需求端，卫星通信、遥感、导 航等应用加速落地，低轨星座组网带动整星制造、地面终端等环节增长。随着政府工作报告将商业航天 列为新兴产业首位，卫星互联网星座建设正在加速。20 ...

Core Viewpoint - The aerospace sector is experiencing a significant surge, with key stocks and ETFs showing strong performance, driven by recent successful satellite launches and a positive outlook for the industry [1][2]. Group 1: Market Performance - As of May 29, 2025, the CN5082 aerospace industry index rose by 1.71%, with notable stock increases including Guangqi Technology (7.39%) and Shanghai Hanyun (5.39%) [1]. - The Aerospace ETF Tianhong (159241) increased by 1.51%, leading its category, with a trading volume of 100 million yuan and a turnover rate of 29.06% [1][2]. Group 2: Fee Structure - The management fee for the Aerospace ETF Tianhong is 0.50%, and the custody fee is 0.10%, making it the lowest among comparable funds [2]. Group 3: Recent Launches - In May 2025, several successful satellite launches occurred, including: - Long March 6 rocket launched the Remote Sensing Satellite 40 on May 11 [2]. - Long March 3B rocket successfully launched Communication Technology Test Satellite 19 on May 13 [2]. - Long March 2D rocket launched a constellation of twelve satellites on May 14 [2]. - Blue Arrow Aerospace's Zhuque-2 rocket successfully launched six satellites on May 17 [2]. Group 4: Industry Outlook - According to a report by CICC, the aerospace technology sector is gradually bottoming out due to demand, with strong demand rigidity and long-term certainty expected to drive recovery in the industry [2]. - The sector is anticipated to experience compensatory growth in 2025, supported by a low base and the easing of industry disruptions [2]. Group 5: Index Composition - As of April 30, 2025, the top ten weighted stocks in the CN5082 aerospace industry index accounted for 52.89% of the index, including Guangqi Technology and AVIC Shenyang Aircraft [3].

Core Viewpoint - The satellite ETF (159206) is experiencing significant activity, driven by the recent announcement from the FCC to expand satellite communication frequency spectrum, which is expected to enhance the satellite communication industry and stimulate competition [1][2][3]. Group 1: Market Activity - As of May 29, the satellite ETF (159206) rose by 1.52% in early trading, with key component stocks such as Xinyisheng increasing by over 5% [1]. - The top-performing stocks within the ETF include: - Xinyisheng: +5.85%, trading volume of 30.34 million, market cap of 26.72 billion - Hangyuwei: +4.44%, trading volume of 15.80 million, market cap of 1.96 billion - Zhongji Xuchuang: +4.20%, trading volume of 21.36 million, market cap of 20.35 billion - Xinyu Communication: +3.94%, trading volume of 12.19 million, market cap of 2.68 billion - Shanghai Huanxun: +3.54%, trading volume of 9.87 million, market cap of 2.09 billion [2]. Group 2: Industry Developments - The FCC plans to release over 20,000 MHz of frequency resources to support the development of low Earth orbit (LEO) satellites and next-generation satellite broadband services, addressing the spectrum shortage faced by the commercial space and satellite internet sectors [3]. - Recent advancements in ground communication technology have achieved a record communication speed of 2100 Mbps in the X-band, marking a 75% increase in microwave communication code rate [3]. - The satellite internet sector is rapidly evolving, with regular satellite launches increasing communication capacity and reducing latency, paving the way for applications like direct satellite connections for mobile broadband and intelligent driving systems [3]. Group 3: Future Outlook - The satellite communication industry is positioned as a foundational technology for the development of 6G, vehicle networking, and the Internet of Things (IoT) [3]. - The Chinese satellite industry is expected to enter a phase of mass satellite deployment by 2025, with both state-owned and private enterprises collaborating on low-cost satellite manufacturing [3].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% compared to the benchmark index [4][15]. Core Insights - The company achieved a revenue of 353 million yuan in 2024, a year-on-year increase of 12.97%, and a net profit attributable to shareholders of -124 million yuan, improving by 34.71% year-on-year. In Q1 2025, revenue surged to 126 million yuan, reflecting an 84.41% year-on-year growth, with a net profit of 13 million yuan, marking a positive turnaround [4][5]. Market Performance - As of May 5, 2025, the company's closing price was 21.27 yuan, with a total share capital of 628 million shares and a market capitalization of 13.357 billion yuan [3]. Business Developments - The company is significantly involved in the construction of the "Qianfan" satellite constellation, with 90 satellites currently in orbit and plans to launch 648 satellites by the end of 2025, aiming for global network coverage by 2030. The company is a key supplier for satellite communication systems, contributing to a projected revenue of 1.5 billion yuan from satellite business in 2024 [5][6]. Financial Performance and Projections - The company is expected to achieve net profits of 136 million yuan in 2025, 282 million yuan in 2026, and 444 million yuan in 2027, with corresponding year-on-year growth rates of 209.4%, 107.9%, and 57.4% respectively. The earnings per share (EPS) are projected to be 0.22 yuan in 2025, 0.45 yuan in 2026, and 0.71 yuan in 2027 [9][11]. Cost Management - The company effectively controlled its expenses, with total expenses of 65 million yuan in 2024, a decrease of 11.3% year-on-year. The company is expected to achieve profitability in the coming year due to improved cost management and the anticipated growth in satellite and military communication businesses [9][10].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% compared to the benchmark index [3][8]. Core Views - The satellite business is showing significant results, with a competitive advantage as the company participates in the construction of the "Qianfan" satellite constellation, which aims to provide global network coverage by 2030 [4][6]. - The military communication industry is gradually recovering, with the company positioned well in new fields such as military 5G and broadband data links, leading to a positive outlook for future growth [6][7]. - Effective cost control measures are in place, with expectations of turning profitable in the coming year as the satellite business scales up [8]. Financial Performance - In 2024, the company achieved revenue of 353 million yuan, a year-on-year increase of 13.0%, and a net profit of -124 million yuan, improving by 34.7% year-on-year [10]. - The forecast for 2025 estimates a revenue of 853 million yuan, representing a significant year-on-year growth of 141.3%, with a projected net profit of 136 million yuan [10]. - The company's gross margin is expected to stabilize around 42.0% in 2025, with a net profit margin turning positive at 15.9% [10]. Market Position and Strategy - The company has secured multiple contracts, including a significant project with Shanghai Yanshin for an integrated gateway station system, indicating strong market demand and operational capabilities [5][6]. - The company is expected to supply a substantial portion of the payloads for the Qianfan satellite constellation, which will contribute to rapid revenue growth [4][8]. Future Outlook - The company is projected to achieve net profits of 1.36 billion yuan, 2.82 billion yuan, and 4.44 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting a robust growth trajectory [8][10]. - Earnings per share (EPS) are expected to rise from 0.22 yuan in 2025 to 0.71 yuan by 2027, indicating strong profitability potential [10].