股票研究 /[Table_Date] 2026.03.30 低轨星座收费标准优化，规模化效应利好显著 [Table_Industry] 军工 ——关于优化完善无线电频率占用费标准的通知事件点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 周明頔(分析师) | 010-83939792 | zhoumingdi@gtht.com | S0880525080003 | | 杨天昊(分析师) | 010-83939791 | yangtianhao@gtht.com | S0880523080010 | 本报告导读： 国家发展改革委、财政部发布关于优化完善无线电频率占用费标准的通知。低轨星 座收费标准优化，终端不再单独交费，卫星互联网频率费有望大幅下降，卫星终端 应用市场普及或加速，建议关注商业航天产业链相关标的。 投资要点： 变成了固定的成本，大规模卫星组网承担的频率费将大幅下降；2） 新规则将卫星通信站（包括手机直连卫星等终端设备）需要单独缴 纳频率占用费调整为只向卫星运营商收取，用户端不再单独交费， 有利于卫星终端的普及 ...

国浩律师（杭州）事务所 关 于 超捷紧固系统（上海）股份有限公司 2026 年第一次临时股东会的 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二六年三月 国浩律师（杭州）事务所 关于超捷紧固系统（上海）股份有限公司 2026 年第一次临时股东会的 法律意见书 致：超捷紧固系统（上海）股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受超捷紧固系统（上海）股 份有限公司（以下简称"公司"）委托指派律师出席公司 2026 年第一次临时股东会 （以下简称"本次股东会"），并依据《中华 ...

超捷紧固系统（上海）股份有限公司 关于 2026 年限制性股票激励计划内幕信息知情人 买卖公司股票的自查报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 超捷紧固系统（上海）股份有限公司（以下简称"公司"）于 2026 年 3 月 6 日召开第七届董事会第二次会议，审议通过了《关于公司<2026 年限制性股票 激励计划（草案）>及其摘要的议案》等相关议案，具体内容详见公司于 2026 年 3 月 10 日在巨潮资讯网（www.cninfo.com.cn）披露的公告。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所创业板上市 公司自律监管指南第 1 号——业务办理》《上市公司股权激励管理办法》的相关 规定，通过向中国证券登记结算有限责任公司深圳分公司查询，公司对 2026 年 限制性股票激励计划（以下简称"本激励计划"）的内幕信息知情人在本激励计 划（草案）公开披露前 6 个月内（即 2025 年 9 月 9 日至 2026 年 3 月 9 日，以下 简称"自查期间"）买卖公司股票的情况进行自查，具体情况如下： 一、核查的范围与程序 1、核查对象为 ...

超捷紧固系统（上海）股份有限公司 2026年第一次临时股东会决议公告 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。 特别提示： 1、本次股东会以现场投票和网络投票相结合的方式召开； 2、本次股东会不涉及变更前次股东会决议； 证券代码：301005 证券简称：超捷股份 公告编号：2026-010 3、本次股东会召开期间没有增加或变更提案； 4、本次股东会未出现否决议案的情形。 一、会议召开情况 （一）会议通知情况： 超捷紧固系统（上海）股份有限公司（以下简称"公司"）董事会于2026 年 3 月 10 日 在 中 国 证 监 会 创 业 板 指 定 信 息 披 露 网 站 巨 潮 资 讯 网 （www.cninfo.com.cn）刊登了《关于召开2026年第一次临时股东会的通知》（公 告编号：2026-007）。 （二）会议召开时间： 1、现场会议召开时间：2026年3月25日（星期三）14：30； 2、网络投票时间： 1 （四）会议召开方式：本次股东会所采用的表决方式是现场表决与网络投票 相结合的方式。 1、现场投票：股东本人出席现场会议或者通过授权委托书委 ...

Group 1 - SpaceX plans to submit an IPO prospectus soon, aiming to raise over $75 billion through the IPO [5] - The target valuation for SpaceX is set at $1.75 trillion, which would make it the sixth-largest company by market capitalization in the U.S. if achieved [5] - The New York Stock Exchange is competing for the listing, but SpaceX has not made a final decision regarding which exchange to choose [5] Group 2 - Direct core suppliers for SpaceX include companies such as 信维通信, 西部材料, and 派克新材 [6] - Indirect supply chain supporting companies include 晋拓股份, 航天电器, and 电连技术 [6] - Beneficiary companies from equity and industrial synergy include 利欧股份, 蓝思科技, and 震有科技 [6]

Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Views - The automotive sector is experiencing a significant improvement in weekly data, with wholesale daily averages increasing to 31,000 vehicles in the first week of March and 58,000 vehicles in the second week, alongside retail daily averages of 31,000 and 45,000 vehicles respectively. This improvement is attributed to the end of the holiday season and new vehicle launches. The rise in oil prices due to geopolitical tensions in the Middle East is expected to boost demand for new energy vehicles, accelerating the overseas expansion of automotive companies. The profitability of car manufacturers is currently at a low point, but is expected to improve from March to June as new vehicles are launched and sales recover [1][2][3] Summary by Sections Weekly Dynamics - The report highlights that new energy vehicle companies such as Xiaopeng, Li Auto, and others have achieved significant year-on-year sales growth, with Xiaopeng and Li Auto reaching profitability in Q4 2025. The overall sales growth for these companies is reported at 126% for Xiaopeng and 103% for Li Auto [10][12] Weekly Market Performance - The automotive sector saw an overall decline of 4.40% in the week from March 16 to March 22, ranking 16th out of 31 sectors. The Shanghai Composite Index fell by 3.38%, while the Shenzhen Component Index and CSI 300 Index decreased by 2.90% and 2.19% respectively. Among sub-sectors, passenger vehicles showed a slight increase of 0.78%, while other segments like automotive services and parts experienced declines of 5.53% and 6.20% respectively [13][20] Recommendations - The report suggests focusing on several companies across different segments: 1. Passenger Vehicles: Jianghuai Automobile, Geely Automobile, BYD, Xiaopeng Motors, Tesla 2. Commercial Vehicles: Weichai Power, China National Heavy Duty Truck Group, Yutong Bus, King Long Automobile 3. Liquid Cooling: Yinlun Holdings, Feilong Holdings, Ruikeda 4. Robotics: Zhejiang Rongtai, Laling Holdings, Deka Motor Holdings, Top Group, Sanhua Intelligent Controls, Xinquan, Shuanghuan Transmission, Hengshuai 5. Autonomous Driving: Horizon Robotics, Hesai Technology, Suteng Juchuang, Pony.ai, Nexperia, Coboda, Jingwei Hirun, Borsali 6. Commercial Aviation: Chaojie Holdings, Haoneng Holdings, Jingwei Hirun [3]

证券代码：301005 证券简称：超捷股份 公告编号：2026-008 超捷紧固系统（上海）股份有限公司 公司董事会薪酬与考核委员会核查了本激励计划激励对象名单、身份证件、 激励对象与公司签订的劳动合同、激励对象在公司担任的职务及其任职文件等情 况。 二、核查意见 董事会薪酬与考核委员会关于 2026 年限制性股票激励计划 激励对象名单的核查意见及公示情况说明 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 超捷紧固系统（上海）股份有限公司（以下简称"公司"）于 2026 年 3 月 6 日召开第七届董事会第二次会议，审议通过了《关于公司<2026 年限制性股票 激励计划（草案）>及其摘要的议案》等相关议案，具体内容详见公司于 2026 年 3 月 10 日在巨潮资讯网（www.cninfo.com.cn）披露的公告。 根据《深圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"） 《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》（以下简 称"《监管指南第 1 号》"）《上市公司股权激励管理办法》（以下简称"《管 理办法》"）的相关规定 ...

Investment Rating - The report suggests focusing on investment targets with large market space, high barriers, and high performance elasticity, particularly in sectors expected to experience high growth such as new aviation equipment, missiles, unmanned equipment, military trade, domestic large aircraft, gas turbines, and commercial aerospace [5][30]. Core Insights - The report highlights that the military industry is driven by three macro factors: national defense policy, geopolitical environment, and domestic military expenditure, indicating an upward trend for the industry [2][31]. - It emphasizes the structural characteristics of traditional equipment showing steady growth while new combat power equipment is expected to see high growth, with military trade and civil-military integration opening up growth ceilings for military enterprises [2][30]. - The analysis of the military industry from 2020 to 2025 indicates that significant price inflation in certain segments, driven by equipment upgrades and increased usage, has led to substantial profit elasticity [1][23]. Summary by Sections Review of Military Industry Trends - The report reviews the military industry from 2020 to 2025, noting that the growth was primarily driven by national defense policies and the release of new equipment, leading to a "Davis double-click" market dynamic [14][16]. - It also discusses the impact of geopolitical events, such as the Russia-Ukraine war, on military stock performance, particularly in the U.S. market, where military stocks have seen significant valuation increases despite not achieving rapid growth in fundamentals [25][26]. Key Sectors to Watch - The report identifies key sectors to focus on, including: - **Aviation New Equipment**: Emphasizing the importance of new models and increased usage [8]. - **Missiles**: Highlighting the potential for high elastic growth due to low baselines and strong consumption attributes [8]. - **Unmanned Equipment**: Noting the maturation of China's unmanned equipment industry and its expected high growth during the 14th Five-Year Plan [8]. - **Military Trade**: Recognizing military trade as a significant growth driver for established military enterprises [8]. - **Domestic Large Aircraft**: Indicating that the large aircraft industry is entering a period of accelerated development [8]. - **Gas Turbines**: Focusing on the high demand driven by data center electricity needs [9]. - **Commercial Aerospace**: Identifying it as a super track with significant growth potential [9]. Investment Recommendations - The report recommends identifying investment targets that are positioned in high-growth sectors with large market potential and high barriers to entry, ensuring that these companies can benefit from the overall industry growth [5][30]. - It suggests focusing on companies with strong market positions and high performance elasticity, particularly those involved in high-demand segments such as military AI, unmanned systems, and commercial aerospace [5][30].

Group 1: Company Overview - The company focuses on the research, production, and sales of high-strength precision fasteners and special connectors, primarily used in automotive engine turbocharging systems, transmission parking control systems, exhaust systems, and key components in both interior and exterior automotive systems [2] - In the field of new energy vehicles, products are mainly applied in battery trays, chassis and body, electronic control inverters, and battery swapping systems [2] Group 2: Competitive Advantages - Key advantages include: 1) High-quality customer resources; 2) Rich technical experience; 3) Strong quality control capabilities; 4) Stable and sufficient production capacity; 5) Enhanced customer service; 6) Combination of metal and plastic components to meet automotive lightweight requirements [3] Group 3: Growth Opportunities - Future growth points in the automotive sector include: 1) Expansion of automotive parts exports, with overseas markets being a strategic focus; 2) Development of new customers such as NIO, BYD, and Huichuan; 3) Product category expansion and increased unit value; 4) Industry consolidation; 5) Domestic substitution [3] Group 4: Market Estimates - The estimated market value of fasteners for a mid-range passenger vehicle is around ¥2,000, while the estimated value for small and medium-sized fasteners is approximately ¥800 per vehicle [3] - In commercial aerospace, structural components account for over 25% of the cost of a mainstream commercial rocket [3] Group 5: Industry Landscape - The manufacturing of rocket structural components is currently in a state of relative supply tightness, which is a bottleneck for rapid industry development [3] - The competitive landscape shows limited suppliers capable of large-scale delivery, primarily concentrated in regions like Beijing-Tianjin-Hebei, Chengdu-Chongqing, and Shandong [4] Group 6: Company Strengths in Aerospace - The company has achieved stable, small-batch product deliveries to private rocket companies, accumulating solid R&D and manufacturing experience [4] - Notable advantages include: 1) A dedicated aerospace business team with experienced personnel; 2) Financial resources to invest in equipment and production line construction based on market conditions [4]

超捷紧固系统(上海)股份有限公司 2026 年限制性股票激励计划（草案）摘要 证券简称：超捷股份 证券代码：301005 超捷紧固系统(上海)股份有限公司 2026 年限制性股票激励计划（草案）摘要 2026 年 03 月 1 超捷紧固系统(上海)股份有限公司 2026 年限制性股票激励计划（草案）摘要 声明 本公司及全体董事保证本激励计划及其摘要不存在任何虚假记载、误导性陈 述或重大遗漏，并对其真实性、准确性和完整性依法承担个别和连带的法律责任。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述 或者重大遗漏，导致不符合授予权益或行使权益安排的，激励对象应当自相关信 息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计划 所获得的全部利益返还公司。 2 超捷紧固系统(上海)股份有限公司 2026 年限制性股票激励计划（草案）摘要 特别提示 一、《超捷紧固系统(上海)股份有限公司 2026 年限制性股票激励计划（草 案）》（以下简称"本激励计划"或"本计划"）由超捷紧固系统(上海)股份有 限公司（以下简称"超捷股份""公司"或"本公司"）依据《中华人民共和国 公司法》《中华人 ...