证券代码：688568 证券简称：中科星图 公告编号：2025-036 中科星图股份有限公司 关于 2024 年年度权益分派实施后 调整股份回购价格上限和回购数量的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、回购股份的基本情况 中科星图股份有限公司（以下简称"公司"）于 2025 年 4 月 14 日召开第三 届董事会第四次会议、第三届监事会第四次会议，于 2025 年 5 月 7 日召开 2025 年第一次临时股东大会，审议通过《关于以集中竞价交易方式回购公司股份方案 的议案》。公司拟使用首次公开发行股票取得的超募资金和自有资金以集中竞价 交易方式回购公司发行的人民币普通股（A 股）股票，本次回购的股份拟用于注 销并减少公司注册资本，本次回购的资金总额不低于人民币 4,000 万元（含）且 不超过人民币 6,000 万元（含），回购价格不超过人民币 84.39 元/股（含），回 购期限为自公司股东大会审议通过本次回购方案之日起不超过 12 个月，具体回 购股份数量以回购完毕或回购实施期限届满时实 ...

证券代码：688568 证券简称：中科星图 公告编号：2025-037 中科星图股份有限公司 关于 2024 年年度权益分派实施后 调整向特定对象发行股票发行数量上限的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 中科星图股份有限公司（以下简称"公司"）2024 年年度权益分派方案已经 实施完毕，公司总股本由 543,325,930 股变更为 809,555,636 股，现将公司 2025 年度向特定对象发行 A 股股票（以下简称"本次向特定对象发行股票"）的发行 数量上限由不超过 162,997,779 股（含本数）调整为不超过 242,866,690 股（含本 数）。除上述调整外，公司本次向特定对象发行股票的其他事项未发生变化。 一、本次向特定对象发行股票发行数量上限的调整依据 公司于 2025 年 3 月 3 日召开第三届董事会第三次会议、第三届监事会第三 次会议，并于 2025 年 3 月 25 日召开公司 2024 年年度股东大会，审议通过《关 于中科星图股份有限公司 2025 年度向特定 ...

Group 1 - Major stock indices opened lower on May 22, with sectors like AI smartphones, wireless charging, and automotive chips showing gains [1] - The software ETF (159852) saw a net inflow of 99.66 million yuan from May 20 to 21, indicating strong investor interest [1] - The software ETF (159852) tracks the CSI Software Service Index, which includes 30 listed companies involved in software development and services [1] Group 2 - Tencent's large model strategy was showcased at the 2025 Tencent Cloud AI Industry Application Summit, highlighting upgrades in its product matrix [2] - The mixed Yuan TurboS model ranked among the top eight globally on the Chatbot Arena platform, demonstrating strong capabilities in coding and mathematics [2] Group 3 - Guosen Securities is optimistic about the AI industry entering a rebound cycle, supported by healthy demand from US tech companies [3] - The first quarter reports from companies like Google and META indicate robust advertising demand and significant AI efficiency improvements [3] - Despite a decline in cloud CAPEX due to supply chain constraints, revenue continues to accelerate, with AI trends expected to drive stock prices for major internet companies [3]

截至2025年5月21日 13:25，中证软件服务指数下跌0.48%。成分股方面涨跌互现，中科软领涨1.32%，中科星图上涨1.27%，润和软件上涨1.10%；光环新网 领跌，拓维信息、石基信息跟跌。软件ETF(159852)下修调整。 流动性方面，软件ETF盘中换手1.87%，成交5369.73万元。拉长时间看，截至5月20日，软件ETF近1月日均成交1.87亿元，排名可比基金第一。 规模方面，软件ETF近1月规模增长1.55亿元，实现显著增长，新增规模位居可比基金第一。份额方面，软件ETF近1月份额增长1.92亿份，实现显著增长， 新增份额位居可比基金第一。 中信建投研报称，Agent进展迅速，AI产业链趋势有望持续向上。1）AI模型及技术持续迭代，利好有数据、有客户、有场景的软件企业，AI产品有望带动 公司ARPU提升和项目单价上升，继续看好ERP和政府方向率先落地订单和产品。2）模型私有化需求增加，利好一体机、超融合和B端服务外包企业。a） 推荐服务器、一体机、超融合等相关标的；b）金融、政府、能源等依赖软件定制较多的领域；c）算力租赁和IDC的标的亦值得关注。 数据显示，截至2025年4月30日，中 ...

Core Insights - The eVTOL (electric Vertical Take-off and Landing) industry is gaining momentum comparable to electric vehicles, large aircraft, and humanoid robots, with significant market potential in China [1][2] - The low-altitude economy is expected to drive industrial upgrades and technological innovation across multiple sectors, similar to the impact of electric vehicles [2][4] - The successful development of the eVTOL market hinges on the establishment of a comprehensive supporting infrastructure [3][5] Industry Overview - The low-altitude economy encompasses three main segments: eVTOL manufacturing, low-altitude operation services, and low-altitude infrastructure [4] - China aims to expand its eVTOL market globally, with a focus on building a robust low-altitude infrastructure [4][9] Market Comparison - As of the end of 2024, China has 475 registered general airports, only 11% of the number in the U.S., with an airspace openness rate of less than 30% [7] - The U.S. has over 5,000 public general aviation airports, highlighting its significant lead in the general aviation sector [8] Competitive Advantages - China's eVTOL manufacturing benefits from a unique industrial chain reuse advantage due to similarities with electric vehicles in battery, motor, and control technologies [9] - The country leads in 5G technology, which is crucial for communication and tracking of eVTOLs in densely populated urban areas [9] Infrastructure Development - The low-altitude infrastructure is seen as a critical market segment, with various industries such as agriculture, healthcare, and tourism expected to benefit [10] - Key players in low-altitude infrastructure include state-owned enterprises and innovative companies, with local governments beginning to allocate funds to this sector [11][13] Regional Initiatives - Guangdong has made significant progress in low-altitude infrastructure, completing the first eVTOL cross-city flight demonstration [15] - Cities like Hangzhou and Hefei are actively developing eVTOL operations and infrastructure, with Hefei recently obtaining the world's first operational qualification for a manned drone [13][15] Market Growth Projections - Goldman Sachs identified three high-growth sub-sectors within the low-altitude economy, with vertical take-off and landing airport services projected to grow at a compound annual growth rate of 39% [17] - The low-altitude economy market in China is expected to exceed 2 trillion yuan by 2030, with current infrastructure and flight support accounting for only 5% of the market [17] Infrastructure Components - Low-altitude infrastructure includes ground facilities such as general airports, vertiports, and charging stations, as well as airspace management systems [22][23] - The air traffic management (ATM) system is crucial for managing air traffic and ensuring safety [25] Key Players and Innovations - Companies like EHang and CATL are collaborating to develop eVTOL aircraft and charging infrastructure [29] - Domestic companies are increasingly replacing foreign firms in the air traffic management sector, with significant advancements in automation and monitoring systems [30][36] Technological Advancements - The integration of 5G-A technology is pivotal for the development of low-altitude infrastructure, enabling enhanced communication and data transmission for eVTOL operations [48][51] - Major telecommunications companies are actively developing low-altitude communication networks to support the growing eVTOL market [58][60] Future Outlook - The low-altitude infrastructure sector is still in its early stages, facing challenges such as compatibility issues and isolated developments [66][67] - The demand for drone countermeasures is anticipated to grow, with the global market projected to reach $10.3 billion by 2030 [68] - The competition in low-altitude infrastructure is intensifying, with a mix of state-owned enterprises, tech giants, and startups vying for market share [69][70]

Group 1 - The Shanghai Stock Exchange Composite Index increased by 0.38%, while the Shanghai National New Sci-Tech Board State-Owned Enterprise Index decreased by 0.19%, closing at 972.15 points with a trading volume of 11.629 billion yuan [1] - The Shanghai National New Sci-Tech Board State-Owned Enterprise Index has risen by 1.13% over the past month, declined by 4.42% over the past three months, and increased by 0.12% year-to-date [1] - The index reflects the overall performance of state-owned enterprises listed on the Sci-Tech Board, selected from securities listed on the Sci-Tech Board that are either state-owned enterprises or have state capital participation without actual control [1] Group 2 - The top ten weighted stocks in the index include: China Resources Microelectronics (5.98%), Haiguang Information (5.73%), Western Superconducting (5.41%), Huahai Qingke (5.32%), SMIC (5.21%), Jinghe Integrated (3.97%), Zhongwei Company (3.90%), Huahong Semiconductor (3.66%), Zhongke Star Map (3.63%), and China Communication Signal (3.22%) [1] - The index's holdings are entirely from the Shanghai Stock Exchange, with a 100% allocation [1] - The industry composition of the index includes: Information Technology (53.86%), Industrial (30.03%), Materials (9.96%), Healthcare (3.53%), and Communication Services (2.62%) [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the periodic sample adjustments, which are fixed until the next scheduled adjustment unless a special situation arises [2] - Companies that are delisted or undergo mergers, acquisitions, or splits will be processed according to the calculation and maintenance guidelines [2]

Group 1 - The core viewpoint of the news highlights the performance of the Sci-Tech Innovation Board AI Index and the related ETF, indicating a positive trend in the AI sector with significant stock movements and liquidity [2][3] - The Sci-Tech AI ETF closely tracks the Sci-Tech Innovation Board AI Index, which consists of 30 large-cap companies providing foundational resources, technology, and application support for AI [3] - Recent developments in AI platforms, such as Manus and Tencent's new model, indicate ongoing innovation and competition in the AI field, with a focus on enhancing capabilities and user experience [2] Group 2 - The Sci-Tech AI ETF has seen a notable increase in scale, with a growth of 35.36 million yuan over the past week, ranking second among comparable funds [3] - The ETF's recent performance shows a net inflow of 11 million yuan over the last five trading days, indicating strong investor interest [4] - The ETF's historical performance includes a maximum monthly return of 15.59% and a 60% probability of profit in up months, showcasing its potential for returns [4] Group 3 - The top ten weighted stocks in the Sci-Tech Innovation Board AI Index account for 70.68% of the index, with notable companies like Lanqi Technology and Cambricon leading the list [6][8] - The ETF has a management fee of 0.50% and a custody fee of 0.10%, which are among the lowest in comparable funds, indicating cost efficiency for investors [6] - The tracking error of the ETF over the past two months is 0.013%, reflecting high tracking precision compared to similar funds [6]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [19]. Core Insights - The successful launch of the first batch of 12 satellites for the space computing constellation marks a significant milestone for China's space computing capabilities, ushering in the "Heavenly Computing Era" [2][9]. - The space computing constellation, led by the Zhijiang Laboratory, aims to create a large-scale space-based intelligent computing infrastructure, addressing traditional satellite data processing efficiency bottlenecks [9]. - The constellation's total computing power is projected to reach 1000POPS (one hundred billion billion calculations per second) once fully operational, significantly enhancing data processing capabilities for various applications [9]. Company Profit Forecast and Valuation - The report provides a detailed profit forecast and valuation for key companies in the industry, including: - Softcom Power: Market Cap 55.36 billion, EPS 0.2 (2024A), PE 306.9 (2024A) [4]. - Guangxun Technology: Market Cap 34.65 billion, EPS 0.8 (2024A), PE 52.4 (2024A) [4]. - China Satellite: Market Cap 31.21 billion, EPS 0.0 (2024A), PE 1117.9 (2024A) [4]. - Zhongke Star Map: Market Cap 29.84 billion, EPS 0.6 (2024A), PE 84.9 (2024A) [4]. - Fenghuo Communication: Market Cap 24.74 billion, EPS 0.6 (2024A), PE 35.2 (2024A) [4]. - The report highlights the expected growth in EPS and PE ratios for these companies from 2024 to 2025, indicating a positive outlook for the industry [4]. Industry Basic Data - The industry consists of 336 listed companies, with a total market capitalization of 4,278.56 billion and a circulating market capitalization of 3,671.50 billion [6]. Relative Index Performance - The absolute performance of the industry over the past 12 months is 33.7%, with a relative performance of 26.9% compared to the benchmark index [7].

证券研究报告：国防军工|行业周报 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 1484.75 | | 52 | 周最高 | 1712.48 | 52 周最低 1113.62 行业相对指数表现 -16% -11% -6% -1% 4% 9% 14% 19% 24% 29% 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 国防军工 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 近期研究报告 《中邮军工周报 5 月第 2 周：中国装备 在印巴冲突中表现突出，主机厂比上游 企业更受益于军贸增长》- 2025.05.13 国防军工行业报告 我国首部国家安全白皮书发布 ⚫ 投资要点 国务院新闻办公室 5 月 12 日发布《新时代的中国国家安全》白 皮书，旨在全面阐释新 ...

Core Viewpoint - The article discusses the recent performance of the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index and the implications of new U.S. regulations on AI technology exports to China, highlighting the need for domestic AI industry localization and self-sufficiency [3][4]. Group 1: Market Performance - As of May 19, 2025, the Shanghai Sci-Tech Innovation Board Artificial Intelligence Index (950180) decreased by 1.00%, with mixed performance among constituent stocks [3]. - Zhongyou Technology (688648) led the gains with an increase of 3.61%, while Tianzhun Technology (688003) experienced the largest decline at 4.82% [3]. - The Sci-Tech AI ETF (588790) fell by 0.86%, with a latest price of 0.58 yuan and a turnover rate of 4.16%, totaling a transaction volume of 121 million yuan [3]. Group 2: Regulatory Impact - The U.S. Department of Commerce has announced the repeal of AI diffusion rules from the Biden administration, introducing new guidelines that tighten controls on the AI industry in China, including restrictions on high-performance computing chips and AI technology services [4]. - The domestic AI industry is urged to accelerate localization and self-sufficiency in response to these regulatory changes [4]. Group 3: Fund Performance - The Sci-Tech AI ETF has seen significant growth, with an increase of 42.89 million yuan in scale over the past week, ranking second among comparable funds [4]. - The ETF's share count rose by 18.6 million shares in the same period, placing it first among comparable funds [4]. - The ETF has recorded a net outflow of 13.97 million yuan recently, but has attracted a total of 96.07 million yuan over the last five trading days [5]. Group 4: Leverage and Returns - Leverage funds have been actively buying into the Sci-Tech AI ETF, with a net purchase of 13.81 million yuan on the highest single day, bringing the latest financing balance to 64.20 million yuan [5]. - Since its inception, the ETF has achieved a maximum monthly return of 15.59% and an average monthly return of 15.59% during rising months, with a 70.97% probability of profit over three months [5]. Group 5: Index Composition - As of April 30, 2025, the top ten weighted stocks in the Shanghai Sci-Tech Innovation Board Artificial Intelligence Index accounted for 70.68% of the index, with Lanqi Technology (688008) holding the highest weight at 10.47% [6][8].