证券代码：001270 证券简称：*ST铖昌 公告编号：2026-014 浙江铖昌科技股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、股票交易异常波动情况 浙江铖昌科技股份有限公司（证券名称：*ST 铖昌，证券代码：001270，以 下简称"公司"或"本公司"）股票连续三个交易日内（2026 年 2 月 10 日、2026 年 2 月 11 日、2026 年 2 月 12 日）收盘价格跌幅偏离值累计超过 12%，根据《深圳证 券交易所交易规则》的相关规定，属于股票交易异常波动的情况。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大 影响的未公开重大信息； 3、公司目前经营情况正常，内外部经营环境未发生重大变化； 4、公司控股股东和实际控制人不存在关于本公司应披露而未披露的重大事项， 或处于筹划阶段的重大事项； 5、公司控股股东及实际控制人在公司股票交易异常波动期间未买卖本公司股 票。 三、是否存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市规则》 等有关规 ...

Core Viewpoint - ST Chengchang (001270.SZ) has changed its auditing firm due to the original auditor, Lixin Accounting Firm, being unable to provide audit services for the fiscal year 2025 because of personnel changes and work arrangements [1][2] Group 1: Audit Change - This is the second consecutive year that ST Chengchang has changed its annual auditing firm [2] - The company plans to appoint Zhongxinghua Accounting Firm as the new auditor, with the proposal to be submitted for approval at a temporary shareholders' meeting [1] Group 2: Financial Situation - As of the end of Q3 2025, accounts receivable for ST Chengchang increased to 656 million yuan, up over 200 million yuan compared to the end of 2024, indicating potential financial risks [2] - The company has a high customer concentration, which may further exacerbate its financial vulnerabilities [2]

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [1] Core Insights - The satellite internet sector is transitioning from a communication hub to a computing intermediary, with a significant increase in the number of satellites reported globally by the end of 2025 [3] - SpaceX's application to deploy up to 1 million satellites aims to create a dual barrier of "physical space + spectrum resources," forcing global space powers to reassess the strategic value of orbital assets [3] - The shift to orbital computing could alleviate the energy crisis faced by ground-based AI data centers, utilizing near-infinite solar energy and natural cooling in a vacuum environment [3] - The aggressive satellite deployment plan by SpaceX is expected to catalyze the domestic industry, enhancing China's position in the satellite internet market and accelerating the transition from policy-driven to market-driven growth [3] Summary by Sections Market Performance - The telecommunications sector has shown a performance range from -34% to +103% compared to the CSI 300 index over the specified periods [2] Related Research - The report references several studies that highlight the competitive landscape and technological advancements in the satellite internet and AI sectors, indicating a growing interest and investment potential in these areas [3] Suggested Companies to Watch - The report recommends monitoring several companies, including Xinke Mobile, Aerospace Huanyu, Aerospace Electronics, and others, which are positioned to benefit from the developments in the satellite internet industry [3]

2026 年 2 月 11 日│中国内地 动态点评 2026年 2月 11日我国在文昌航天发射场成功组织实施长征十号运载火箭系 统低空演示验证与梦舟载人飞船系统最大动压逃逸飞行试验。此次试验标志 着我国载人月球探测工程研制工作取得重要阶段性突破，同时也是长征十号 系列火箭在可回收技术上的重要突破。可回收火箭的进展是商业航天板块的 重要催化，也是加速航天产业发展，建设航天强国的关键之一。我们持续看 好 2026 年商业航天板块表现，建议重点关注产业进展和相关标的。 我国可回收火箭持续取得突破，太空运力产能有望持续增长 证券研究报告 航天军工 我国可回收火箭持续取得突破 华泰研究 风险提示：可回收火箭发射存在失败风险，航天产业政策变化，本研报涉及 的未上市或未覆盖个股内容，均系对其客观信息的整理，并不代表团队对该 公司、该股票的推荐或覆盖。 航天军工 增持 (维持) 2 月 11 日长征十号飞行试验的火箭一子级成功完成返回段飞行和受控溅落， 是我国在重复使用火箭技术领域取得的重要进展。飞行试验进一步考核了火 箭返回段发动机多次起动和高空点火的可靠性、复杂力热环境适应性、返回 段高精度导航控制等多项关键技术，为后续 ...

浙江铖昌科技股份有限公司 关于公司股票可能被终止上市的第二次风险提示公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 特别提示： 1、浙江铖昌科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日在 巨潮资讯网（www.cninfo.com.cn）披露了《关于公司股票交易被实施退市风险警 示暨股票停牌的公告》（公告编号：2025-023），公司 2024 年度经审计净利润为 负值（以财务报表利润总额、归属于上市公司股东的净利润、扣除非经常性损益 后归属于上市公司股东的净利润三者孰低者为准，下同），且扣除后营业收入低 于 3 亿元，根据《深圳证券交易所股票上市规则》第 9.3.1 条第一款第（一）项 的规定，公司股票交易自 2025 年 4 月 24 日起被实施退市风险警示。若公司 2025 年度出现《深圳证券交易所股票上市规则》第 9.3.12 条规定的相关情形，公司股 票将面临被终止上市的风险。 证券代码：001270 证券简称：*ST铖昌 公告编号：2026-013 2、根据《深圳证券交易所股票上市规则》第 9.3.6 条"上市公司因 ...

2026年2月11日，*ST铖昌（sz001270）触及跌停，跌停价127.33元，涨幅-5%，总市值262.45亿元，流 通市值259.12亿元，截止发稿，总成交额10.11亿元。 根据喜娜AI异动分析，*ST铖昌跌停原因可能如下，退市风险+估值偏离+资金净卖： 1、公司自身风险 因素：*ST铖昌处于退市风险警示状态，若2025年未达标任一退市标准将被终止上市。同时，公司估值 显著偏离行业，滚动市盈率和市净率远高于行业水平，存在较大的估值回归风险。 2、市场环境因素： 市场存在异常波动风险，多次出现异常波动反映市场情绪不稳定。在这种市场环境下，投资者对风险的 敏感度较高，*ST铖昌的退市风险和高估值容易引发投资者的担忧和恐慌，从而导致股价下跌。 3、概 念题材及板块情况：*ST铖昌属于TR芯片概念，商业航天行业虽全面加速，但当日可能受市场整体环境 影响，同概念相关板块或也出现了不同程度的调整，对*ST铖昌股价产生了一定的拖累。 4、近期资金 与技术面：2月5日龙虎榜显示游资和机构净卖，总卖出大于总买入，反映了短期资金的流出，这也可能 是导致股价在2月11日跌停的一个因素。短期资金的流出可能影响市场的做多情绪 ...

Core Insights - The company expects significant growth in revenue and profitability for 2025, with a projected net profit attributable to shareholders ranging from 95 million to 124 million yuan, representing a year-on-year increase of 405% to 498% [1] - The company has made substantial progress in satellite-based T/R chip development, with several large-scale remote sensing projects entering regular mass delivery phases [3] - The commercial aerospace sector is experiencing comprehensive acceleration, with advancements in policy, cooperation, application scenarios, and satellite manufacturing [4] Financial Performance - The projected net profit for 2025 is estimated at 1.095 billion yuan, reflecting a year-on-year increase of 451.9% [1] - The non-recurring net profit is expected to be between 89 million and 115 million yuan, indicating a year-on-year growth of 304% to 364% [1] - For Q4 2025, the net profit is forecasted to be between 4 million and 34 million yuan, with a median of 19 million yuan [2] Industry Developments - The company is positioned as a core player in the T/R chip sector, benefiting from the growth of the commercial aerospace industry [4] - There is a strong demand for airborne and ground phased array radar systems, with ongoing project accumulation and new orders being placed [3] - The commercial aerospace industry is seeing breakthroughs in various areas, including policy support, application scenarios, and advancements in reusable rocket technology [4] Product and Market Strategy - The company has developed a complete solution for satellite-based systems and is collaborating closely with key downstream users to ensure timely product delivery [3] - The company is actively expanding into new areas such as low-altitude economy and new productivity, leveraging the advantages of phased array antenna systems for high-precision detection [3] - The company has adjusted its profit forecasts for 2025-2027, reflecting confidence in the accelerating deployment of low-orbit satellite networks [4]

[Table_Date] 2026 年 02 月 08 日 [Table_Title] 关注商业航天，坚定算力基建扩张 证券研究报告|行业点评报告 [Table_Title2] 通信 [Table_Summary] 1、关注商业航天，持续进展催化市场关注度上升 当前时点，国内低轨卫星批量发射已进入实质阶段，与商业航天 高度重合，在相关政策、产业驱动，卫星网络作为 6G 网络建设基 础，当前时点建设确定性较强。伴随可回收火箭预研阶段开启首 个发射项目，后续多家商业火箭可回收发射计划有序进展，商业 航天进入加速落地阶段，卫星互联网发展势头迅猛，星座常态化 发射，实现通信容量增大，时延降低，同时有望看到手机宽带直 连卫星与低轨卫星网联智能驾驶系统的相关应用快速落地。卫星 通信、卫星物联网相关受益标的。 2、四部门发文加快培育数据流通服务机构 当前时点，面临近期的流动性担忧以及外围风险厌恶情绪传 导，我们预计市场仍将保持震荡，板块建议相对谨慎，中性配 置。 尽管短期市场对海外加大资本开支背景下 AI 相关收入的疑 惑，以及对 AI 软件板块受挫，但是我们认为目前 AI 发展阶段 仍处于 Scale up 和 Scal ...

一、机构动向 今日机构参与度较昨日有所降低，净买卖额超1000万元个股共2 1只，净买入7只，净卖出 1 4只，其中净买入银轮股份4.42亿、特发信息2.81亿、巨力索具2 . 4 7亿，净卖出四方股份 2 . 8 8亿、民爆光电8 11 7万、*ST铖昌8082万。 二、 焦点公司 三大指数午后跌幅收窄，此前一度跌超1%，北证5 0指数跌超2%。沪深两市成交额2.18万 亿，较上一个交易日缩量3 0 48亿。 盘面上，全市场超3 7 0 0只个股下跌。从板块来看，大消费板块大涨，食品饮料、零售、 影视院线、旅游酒店方向轮番活跃，横店影视6天5板，杭州解百2连板，安记食品、海欣 食品、金逸影视、三峡旅游涨停。大金融板块午后走强，华林证券、厦门银行涨停。商业 航天概念局部活跃，神剑股份3天2板。 算力租赁概念回暖，群兴玩具4天2板，二六三封涨停。下跌方面，有色金属、电网设备、 油气等板块跌幅居前。其中贵金属概念集体大跌，湖南白银跌停。 ...

Summary of Key Points Core Viewpoint - On February 5, a total of 30 stocks were involved with institutional investors, with 10 stocks showing net buying and 20 stocks showing net selling. Group 1: Institutional Net Buying - The top three stocks with the highest net buying by institutions were: - Yinlun Co., Ltd. with a net buying amount of 442.29 million yuan, an increase of 2.75% [1][2] - TeFa Information with a net buying amount of 281.63 million yuan, an increase of 4.73% [1][2] - JuLi Rigging with a net buying amount of 247.55 million yuan, an increase of 7.21% [1][2] Group 2: Institutional Net Selling - The top three stocks with the highest net selling by institutions were: - Sifang Co., Ltd. with a net selling amount of 288.91 million yuan, a decrease of 10.01% [1][3] - Minbao Optoelectronics with a net selling amount of 81.17 million yuan, an increase of 20.00% [1][3] - *ST Chengchang with a net selling amount of 80.82 million yuan [1][3]