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]

长江证券承销保荐有限公司 关于西安西测测试技术股份有限公司 2025 年度持续督导培训情况的报告 根据《证券发行上市保荐业务管理办法》《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》等相关要求，长江证券承销保荐有限公司（以下简称"长江保荐"、"保荐 机构"）作为西安西测测试技术股份有限公司（以下简称"西测测试"、"公司"） 持续督导的保荐机构，于 2025 年 11 月 19 日对西测测试董事、高级管理人员及 实际控制人等相关人员进行了一次现场授课培训。此次培训的具体情况如下： 一、培训时间与人员安排 1、培训时间：2025 年 11 月 19 日 2、培训方式：现场授课 3、培训对象：西测测试董事、高级管理人员及实际控制人等相关人员 1、根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监 管要求》和《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》等相关法律法规及主要条款，重点讲解募集资金管理的相关规定； 对于因故未能参加现场培训的相关人员，保荐机构已通过线上培训的方式进 行培训并向其提供本次培训的相 ...

Group 1 - The core point of the article highlights the recent performance of Xian Xice Testing Technology Co., Ltd., which saw a stock price increase of 5.14% to 57.30 CNY per share, with a trading volume of 168 million CNY and a turnover rate of 5.14%, resulting in a total market capitalization of 4.836 billion CNY [1] - The company, established on June 1, 2010, and listed on July 26, 2022, specializes in inspection and testing services for military equipment and civil aircraft products, offering services such as environmental and reliability testing, electronic component testing, and electromagnetic compatibility testing [1] - The revenue composition of the company includes: environmental and reliability testing (49.49%), electronic assembly business (29.38%), electromagnetic compatibility testing (10.81%), electronic component testing (8.18%), sales of testing equipment (1.88%), and others (0.26%) [1] Group 2 - From the perspective of the top circulating shareholders, Changcheng Fund has a fund, Changcheng Jiujia Innovation Growth Mixed A (004666), which entered the top ten circulating shareholders in the third quarter, holding 1.2 million shares, accounting for 2.06% of the circulating shares, with an estimated floating profit of approximately 3.36 million CNY [2] - The fund, established on July 5, 2017, has a latest scale of 1.974 billion CNY, with a year-to-date return of 31.36% and a one-year return of 35.35%, ranking 1915 out of 8136 and 1553 out of 8058 respectively [2]

Group 1 - The core point of the article highlights the recent stock performance of Xian Xice Testing Technology Co., Ltd., which saw a 5.58% increase, reaching a price of 53.70 CNY per share, with a total market capitalization of 4.532 billion CNY [1] - The company, established on June 1, 2010, specializes in inspection and testing services for military equipment and civil aircraft products, offering services such as environmental and reliability testing, electronic component testing, and electromagnetic compatibility testing [1] - The revenue composition of the company includes: environmental and reliability testing (49.49%), electronic assembly business (29.38%), electromagnetic compatibility testing (10.81%), electronic component testing (8.18%), sales of testing equipment (1.88%), and other services (0.26%) [1] Group 2 - Longcheng Fund's Longcheng Jiujia Innovation Growth Mixed A Fund entered the top ten circulating shareholders of Xice Testing, holding 1.2 million shares, which is 2.06% of the circulating shares, with an estimated floating profit of approximately 3.408 million CNY [2] - The Longcheng Jiujia Innovation Growth Mixed A Fund was established on July 5, 2017, with a current scale of 1.974 billion CNY, achieving a year-to-date return of 24.66% and a one-year return of 22.62% [2] - The fund manager, You Guoliang, has a tenure of 6 years and 34 days, with the fund's total asset size at 4.262 billion CNY, achieving a best return of 123.38% and a worst return of -15.93% during his tenure [3]

Core Viewpoint - The company, Xicet Testing, has established a strong competitive advantage in providing high-reliability product services for the aerospace sector, particularly in space products testing and verification services [2] Group 1: Company Capabilities - The company has developed comprehensive capabilities across the entire service chain, including electrical assembly, component testing and selection, environmental and reliability testing, and electromagnetic compatibility testing [2] - It has achieved a one-stop service capability that encompasses component procurement and testing, large-scale production manufacturing, fault analysis, and industry-leading qualifications [2] Group 2: Market Strategy - The company is actively expanding its customer base and enhancing market presence while increasing production capacity [2] - The focus on providing high-quality, low-cost, and efficient one-stop services is aimed at solidifying its foundation in the commercial aerospace sector [2]

Core Viewpoint - The company, Xicet Testing (301306.SZ), announced that its subsidiary, Luoyang Xicet Technology Service Co., Ltd. (referred to as "Luoyang Xicet"), is undergoing a share transfer where shareholders Cao Bangwu and Luoyang Hehe Technology Co., Ltd. plan to sell their respective 51% and 15% stakes in Luoyang Xicet to Shaanxi Xicet Huijin M&A Equity Investment Partnership (Limited Partnership) [1] Group 1 - The shareholders of Luoyang Xicet intend to transfer their stakes, which correspond to registered capital of 10.2 million yuan and 3 million yuan, respectively [1] - The company has a preferential right to purchase the shares being transferred according to the Company Law of the People's Republic of China [1] - After careful consideration, the company's board of directors has decided to waive its preferential right to purchase the shares in this transfer [1]

Core Viewpoint - The company, Xicet Testing (301306.SZ), announced that its subsidiary, Luoyang Xicet Technology Service Co., Ltd. (referred to as "Luoyang Xicet"), is undergoing a share transfer where shareholders Cao Bangwu and Luoyang Hehe Technology Co., Ltd. plan to sell their respective 51% and 15% stakes to Shaanxi Xicet Huijin M&A Equity Investment Partnership (Limited Partnership) [1] Group 1 - The shareholders of Luoyang Xicet intend to transfer their stakes, which correspond to registered capital of 10.2 million yuan and 3 million yuan, respectively [1] - The company holds a preferential right to purchase the aforementioned shares according to the Company Law of the People's Republic of China [1] - After careful consideration, the company's board of directors has decided to waive its preferential right to purchase the shares in this transfer [1]

Group 1 - The core point of the article is that Xicetest (SZ 301306) held its 28th meeting of the second board of directors on November 14, 2025, to discuss the proposal for the third extraordinary shareholders' meeting of 2025 [1] - For the year 2024, Xicetest's revenue composition is as follows: technical services account for 99.46%, while other businesses account for 0.54% [1] - As of the time of reporting, Xicetest has a market capitalization of 4.9 billion yuan [1]

长江证券承销保荐有限公司 关于西安西测测试技术股份有限公司 放弃参股公司股权转让优先购买权暨关联交易的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）作为 西安西测测试技术股份有限公司（以下简称"西测测试"或"公司"）首次公开 发行股票并在创业板上市的保荐机构，根据《公司法》《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 7 号——交易与关联 交易》等相关规定，对公司放弃参股公司洛阳合和科技有限公司（以下简称"洛 阳合和"）股权转让优先购买权暨关联交易事项进行了核查，具体情况如下： 一、关联交易概述 公司参股公司洛阳西测技术服务有限公司（以下简称"洛阳西测"）的股东 曹邦武、洛阳合和科技有限公司（以下简称"洛阳合和"）拟将其分别持有的洛 阳西测 51%、15%的股权（分别对应洛阳西测注册资本 1,020 万元、300 万元， 均已经实缴出资）转让给陕西西测汇金并购股权投资合伙企业（有限合伙）。根 据《中华人民共和国公司法》等的相关规定，公司对上述股权享有优先购买权。 经董事会审慎决定，公司拟放弃本次股权转让的优先购买权。 公司控股股东、实际控制人李泽新先生 ...

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。 西安西测测试技术股份有限公司（以下简称"公司"）于 2025 年 11 月 14 日召开第二届董事会第二十八次会议，审议通过了《关于放弃参股公司股权转让 优先购买权暨关联交易的议案》，现将相关事项公告如下： 一、关联交易概述 公司参股公司洛阳西测技术服务有限公司（以下简称"洛阳西测"）的股东 曹邦武、洛阳合和科技有限公司（以下简称"洛阳合和"）拟将其分别持有的洛 阳西测 51%、15%的股权（分别对应洛阳西测注册资本 1,020 万元、300 万元， 均已经实缴出资）转让给陕西西测汇金并购股权投资合伙企业（有限合伙）。根 据《中华人民共和国公司法》等的相关规定，公司对上述股权享有优先购买权。 经董事会审慎决定，公司拟放弃本次股权转让的优先购买权。 公司控股股东、实际控制人李泽新先生直接持有本次股权受让方陕西西测汇 金并购股权投资合伙企业（有限合伙）的普通合伙人陕西玖沣睿新私募基金管理 有限公司（以下简称"玖沣资本"）18%股权，且其配偶担任玖沣资本董事，玖 沣资本系公司关联方。根据《深圳证券交易所创业板股票上市规 ...