（来源：淘金ETF） 1. 中国卫通（601698） 作为卫星通信运营国家队，手握稀缺轨位与频谱资源，是商业航天从上天到变现的关键枢纽。在低轨星 座加速组网、手机直连卫星需求爆发的背景下，卫星通信运营与数据服务成为核心增长极。凭借完整地 面站网络与高通量卫星资源，深度绑定国家星网工程，承接卫星互联网、应急通信、偏远地区覆盖等核 心订单，现金流稳定且可持续。随着商业航天规模化落地，卫星运维、数据分发、行业应用需求持续释 放，叠加政策对卫星互联网的战略支持，长期成长逻辑清晰。在空天地一体化建设浪潮中，凭借资源壁 垒与运营优势，成为商业航天运营端最具确定性的核心标的，业绩与估值具备向上空间。 2. 中国卫星（600118） 深耕卫星研制与应用全产业链，覆盖通信、导航、遥感等多领域卫星制造，是商业航天卫星制造端的核 心力量。随着低轨星座建设进入高峰期，微小卫星批量发射需求激增，卫星总装与核心部件配套迎来爆 发式增长。依托航天科技集团技术与资源优势，在卫星平台、载荷研发、总装测试等环节具备深厚积 累，深度参与国家重大航天工程与商业卫星项目。同时积极布局卫星应用服务，构建"制造+运营+数 据"闭环，拓展行业应用场景。在商 ...

（文章来源：证券日报） 证券日报网讯 2月26日，三角防务在互动平台回答投资者提问时表示，截至2026年1月30日，公司股东 总数67706户。 ...

证券日报网讯2月26日，三角防务（300775）在互动平台回答投资者提问时表示，截至2026年2月10日， 公司股东总数60587户。 ...

（文章来源：证券日报） 证券日报网讯 2月26日，三角防务在互动平台回答投资者提问时表示，截至2026年2月13日，公司股东 总数56670户。 ...

| 证券代码：300775 | 证券简称：三角防务 | 公告编号：2026-008 | | --- | --- | --- | | 债券代码：123114 | 债券简称：三角转债 | | 二、公司此前 12 个月内使用闲置募集资金及自有资金进行现金 管理的情况 | 受托方 | 产品名称 | | 关联 | 产品类型 | 认购金额 | 购买日/起息 | 到期日/赎 | 预期年化收 | 闲置资金 | 备注 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 关系 | | （万元） | 日 | 回日 | 益率 | 来源 | | | 长安银行 | 大额可转让存单 | | 无 | 存款类 | 20,000.00 | 2024.6.26 | — | 3.25% | 自有资金 | 未到期 | | 农业银行 | 大额可转让存单 | | 无 | 存款类 | 2,000.00 | 2024.9.14 | — | 2.90% | 自有资金 | 未到期 | | 农业银行 | 大额可转让存单 | | 无 | 存款类 | 2,000.0 ...

Group 1 - Triangle Defense's stock price fell by 5.15% on February 11, closing at 42.21 yuan per share, with a trading volume of 1.768 billion yuan and a turnover rate of 7.65%, resulting in a total market capitalization of 23.112 billion yuan [1] - The stock has experienced a continuous decline over three days, with a cumulative drop of 4.77% during this period [1] - Triangle Defense, established on August 5, 2002, and listed on May 21, 2019, specializes in the research, production, and service of forged products in industries such as aviation, aerospace, shipbuilding, and non-ferrous metals [1] Group 2 - According to data, one fund under Penghua Fund holds a significant position in Triangle Defense, with the Penghua CSI 1000 Index Enhanced A (016785) holding 652,500 shares, accounting for 0.76% of the fund's net value, making it the sixth-largest holding [2] - The fund has incurred a floating loss of approximately 1.4942 million yuan today, with a total floating loss of 1.4551 million yuan during the three-day decline [2] - The Penghua CSI 1000 Index Enhanced A fund was established on December 26, 2022, with a current scale of 1.282 billion yuan, and has achieved a year-to-date return of 8.86% [2]

Company Performance - The company experienced a significant net profit growth of 466.32% year-on-year in Q3 2025, but revenue for the first three quarters declined by 8.51% [4] - The net operating cash flow remains negative at -0.39 billion, and accounts receivable constitute 405% of profit, raising concerns about profit quality [4] Stock and Fund Performance - The stock price saw a technical correction after a substantial short-term increase of 34.55% over 20 days, peaking at 49.29 yuan at the beginning of February [2] - On February 10, the net inflow of main funds was 1.35 billion, but on February 11, the selling pressure was significant with a委比 of -66.03% [2] - The financing balance showed a net repayment of 97.91 million after February 3, indicating a decrease in leveraged fund activity [2] Industry Sector Situation - On the same day, the defense and military industry sector fell by 0.23%, and the aviation equipment II sector decreased by 0.76%, negatively impacting individual stocks [3] - The Shanghai Composite Index rose by 0.29%, indicating a divergence in the performance of the company compared to the broader market [3] Company Valuation - The current price-to-earnings ratio (TTM) stands at 51.41, which is above the industry average, suggesting valuation pressure [5] - Some institutions have set target prices below the current stock price, indicating that short-term valuation may exacerbate volatility [5]

Group 1 - The core point of the article is that Triangle Defense announced a change in its continuous supervision representatives for the issuance of convertible bonds and stock to unspecified and specific objects, respectively [1] Group 2 - The continuous supervision representatives appointed are Mr. Mei Yu and Mr. Zhao Niwei, and their supervision obligation will last until the end of the continuous supervision period [1]

Investment Rating - The report maintains a positive outlook on the defense and military industry, recommending continued focus on commercial aerospace and large aircraft sectors [4][5]. Core Insights - The defense and military industry is expected to see a recovery in performance and orders, with a trend of acceleration anticipated in the second quarter of 2026. Increased military spending intentions from Europe and the US, along with potential catalysts from the upcoming Two Sessions military budget, suggest a sustained interest in the military sector [4]. - The report indicates that the military industry is entering a new cycle of quality improvement and growth, driven by the 14th Five-Year Plan and ongoing geopolitical tensions [4]. - The commercial aerospace sector is highlighted as a key area for investment, with significant developments expected in reusable spacecraft technology and a focus on nearly 30 launch missions in 2026 [4]. - The report emphasizes investment opportunities driven by domestic demand growth and technological advancements in the military sector, including areas such as smart technology, unmanned systems, and military trade [4]. Market Performance - Last week, the Shenwan Defense and Military Index rose by 0.21%, while the CSI Military Leaders Index increased by 0.6%. In contrast, the Shanghai Composite Index fell by 1.27%, and the ChiNext Index dropped by 3.28%, indicating that the defense sector outperformed the broader market indices [5][12]. - The top five performing stocks in the defense sector included Shenjian Co. (up 28.07%), Galaxy Electronics (up 21.58%), and TeFa Information (up 20.17%), while the bottom five performers included Tongyou Technology (down 18.37%) and Chunxing Precision (down 13.65%) [12][13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 95.29, indicating it is in the upper range historically, with a valuation percentile of 74.63% since January 2014 [12][21]. - The report notes a differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [12][21].

证券代码：300775 证券简称：三角防务 公告编号：2026-007 债券代码：123114 债券简称：三角转债 西安三角防务股份有限公司 关于公司持股 5%以上股东部分股份质押的公告 注：上述数据以公司截至2026年1月30日收市后公司总股本547,548,262股为依据计算。 二、其他说明 西安航空产业投资有限公司资信状况良好，具备良好的资金偿 还能力，由此产生的质押风险在可控范围之内，不会对公司生产经 营、公司治理等产生不利影响。截至公告披露日，西安航空产业投 资有限公司所持公司股份不存在被冻结或拍卖等情况，不存在平仓 风险或被强制过户风险。 公司将持续关注其质押相关情况，并按规定及时做好相关信息 披露工作。 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、股东股份质押基本情况 近日，西安三角防务股份有限公司(以下简称"公司")收到公 司持股5%以上股东西安航空产业投资有限公司的告知函，获悉其将 所持的公司部分股份办理了质押业务，具体事项如下： （二）股东股份累计质押情况 截至公告披露日，西安航空产业投资有限公司所持质押股份情 况如下： 股东 名称 ...