截至2025年12月16日 13:50，上证科创板100指数(000698)成分股方面涨跌互现，茂莱光学(688502)领涨 4.24%，芯源微(688037)上涨4.10%，经纬恒润(688326)上涨2.85%；国盾量子(688027)领跌。科创 100ETF基金(588220)最新报价1.28元。 科创100ETF基金(588220)，场外联接(A：019861；C：019862；I：022845) 券商研究方面，国信证券认为，总体而言，在重要会议为"十五五"开局之年定下积极有为的基调，以及 中外流动性宽松周期共振的背景下，A股市场估值相对合理，AI科技革命与能源革命支撑部分产业需 求，上市公司业绩改善有望助力市场继续震荡上行。 开源证券在电子行业周报中指出，半导体设备自主可控是当前兼具确定性和弹性的科技主线，近期半导 体板块领涨，但受海外科技股波动及部分成分股业绩不及预期影响，板块整体呈现分化。该机构认为， 科创100指数中半导体设备类成分股（如芯源微、中科飞测）的逆势上涨，或反映市场对国产化替代逻 辑的持续认可；而存储芯片供需紧张态势可能对相关产业链标的形成支撑，但需注意海外流动性及行业 周期波动对 ...

（记者 王晓波） 每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ 每经AI快讯，睿创微纳（SH 688002，收盘价：87.35元）12月16日发布公告称，公司全资子公司上海为 奇投资有限公司拟将其持有的烟台睿瓷新材料技术有限公司（ 简称"睿瓷新材"）51%股权作价人民币 1707.48万元出售给烟台奇创芯源科技有限公司，其持有的睿瓷新材14%股权作价人民币468.72万元出售 给张巨先。本次股权出售完成后，公司全资子公司为奇投资不再持有睿瓷新材的股权，睿瓷新材将不再 纳入公司合并报表范围。 鉴于公司实际控制人马宏先生为烟台奇创的控股股东，公司副董事长、副总经理赵芳彦先生任睿瓷新材 的董事长，符合《上海证券交易所科创板股票上市规则》《公司关联交易管理制度》规定的关联关系情 形，烟台奇创为公司的关联法人。 2024年1至12月份，睿创微纳的营业收入构成为：多维感知占比98.78%，其他业务占比1.22%。 ...

中信证券股份有限公司 关于烟台睿创微纳技术股份有限公司 全资子公司出售资产暨关联交易的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为烟台睿 创微纳技术股份有限公司（以下简称"睿创微纳"或"公司"）向不特定对象发 行可转换公司债券并在科创板上市项目的保荐人，根据《证券发行上市保荐业务 管理办法》《上海证券交易所科创板股票上市规则》以及《上海证券交易所科创 板上市公司自律监管指引第 1 号——规范运作》等有关规定，对公司全资子公司 出售资产暨关联交易的事项进行了核查，具体情况如下： 一、关联交易概述 （一）本次交易的基本情况 1、本次交易概况 根据公司整体发展战略和经营计划，为进一步聚焦主航道，减少亏损业务单 元，优化公司资产结构，将资源分配在盈利质量更高、经营风险相对较低的其他 业务，提升资金周转及使用效率，睿创微纳全资子公司上海为奇投资有限公司（以 下简称"为奇投资"）拟将其持有的烟台睿瓷新材料技术有限公司（以下简称"睿 瓷新材"）51%股权作价人民币 1,707.48 万元出售给烟台奇创芯源科技有限公司 （以下简称"烟台奇创"），其持有的睿瓷新材 14%股权作价人民币 468.72 ...

| 证券代码：688002 | 证券简称：睿创微纳 公告编号：2025-082 | | --- | --- | | 转债代码：118030 | 转债简称：睿创转债 | 关于全资子公司出售资产暨关联交易的公告 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： 交易简要内容：烟台睿创微纳技术股份有限公司（以下简称"公司"）全资子 公司上海为奇投资有限公司（ 以下简称"为奇投资"）拟将其持有的烟台睿 瓷新材料技术有限公司（ 以下简称"睿瓷新材"）51%股权作价人民币1707.48 万元出售给烟台奇创芯源科技有限公司（以下简称"烟台奇创"），其持有 的睿瓷新材14%股权作价人民币468.72万元出售给张巨先。本次股权出售完成后， 公司全资子公司为奇投资不再持有睿瓷新材的股权，睿瓷新材将不再纳入公 司合并报表范围。 本次交易构成关联交易：鉴于公司实际控制人马宏先生为烟台奇创的控股 股东，公司副董事长、副总经理赵芳彦先生任睿瓷新材的董事长，符合《上 海证券交易所科创板股票上市规则》《公司关联交易管理制度》规定的关联 关系情形 ...

其中，51%的股权作价1707.48万元出售给烟台奇创，另外14%的股权作价468.72万元出售给睿瓷新材的法定代表人张巨先。交易完成后，为奇投资 将不再持有睿瓷新材任何股权，后者也将正式移出上市公司的合并报表范围。 本次交易的核心焦点在于标的资产的经营状况与交易定价的"反差"。财务数据显示，睿瓷新材的经营状况并不乐观。截至2025年8月31日，睿瓷新 材的资产总额为3315.43万元，净资产为2583.08万元；而其2025年1~8月的净利润为亏损464.88万元，扣非后净亏损更是达到479.11万元。 在科创板上市公司的资本运作棋局中，如何平衡业务扩张与资产质量始终是一道必答题。 12月15日晚间，睿创微纳（SH688002，股价87.35元，市值402.02亿元）发布公告披露，公司拟以2176.20万元的总价，将旗下亏损子公司烟台睿瓷 新材料技术有限公司（以下简称"睿瓷新材"）65%的股权进行转让。 《每日经济新闻》记者注意到，尽管睿瓷新材在2025年前8个月亏损超过464.88万元，但此次交易价格相较于账面成本仍实现了226.20万元的溢 价。 此次交易的接盘方之一为睿创微纳实际控制人马宏控制的烟台奇 ...

Core Insights - The report emphasizes the importance of "globalization and AI+" in advancing high-quality development in the defense and military industry, highlighting the need for modernization and efficiency improvements in military systems [5][30][34] - The investment strategy focuses on balancing value and growth, with traditional sectors entering an S-curve evolution phase while new demands and replacements coexist [5][30] Section Summaries 1. Current Development Stage from the S-Curve Perspective - The defense and military industry is in a growth phase, with traditional sectors experiencing rapid development during the previous five-year plan, but not yet entering a slowdown [16][26] - The S-curve model indicates that the industry lifecycle includes multiple product lifecycles, with the current focus on extending product lifespans through innovation [23][24] 2. S-Curve Cycle Expansion - Global military trade remains robust, emphasizing the importance of lifecycle management from equipment to services [9][18] - The report anticipates that the demand for large aircraft and low-altitude economic activities will accelerate due to supportive policies [9][28] 3. S-Curve Cycle Evolution - Supply chain reforms are crucial for reducing costs and complexity, enhancing the focus on maintenance and repair services [9][33] - The integration of unmanned systems and intelligent technologies is expected to drive significant advancements in military capabilities [9][51] 4. New Cycle of the S-Curve: Emerging Industries - The report identifies commercial aerospace, AI, controllable nuclear fusion, quantum information, and deep-sea technology as key areas for future growth [9][57][65] - The acceleration of technological advancements and policy support is expected to unlock new market opportunities in these sectors [9][58] 5. Investment Recommendations - The report recommends focusing on companies that align with the evolving S-curve, particularly those involved in supply chain reform, maintenance, and unmanned systems [5][30] - Specific companies highlighted for investment include 航发动力, 中航高科, and 国睿科技, among others, which are positioned to benefit from these trends [6][9]

Group 1: Industry Overview - The commercial aerospace sector has become a focal point in the A-share market, with related stocks experiencing a collective rise due to a combination of policy support, technological advancements, and market demand [1] - The establishment of the Commercial Aerospace Department by the National Space Administration and the release of the "Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025-2027)" provide a clear policy framework, boosting market confidence [1] - Significant technological breakthroughs, such as the successful maiden flight of Blue Arrow Aerospace's "Zhuque-3" reusable rocket, mark substantial progress in reducing launch costs, indicating a potential surge in demand for satellite manufacturing and launch services [1] Group 2: Company Developments - Beichuang Technology has made progress in the development and manufacturing of precision displacement and optical platform products for commercial aerospace, although current order sizes are small [2] - Guojijiang Precision has a market share of over 90% in traditional aerospace bearings and serves several rocket companies in the commercial aerospace sector [2] - Jiuziyang has focused on developing core components for inter-satellite and ground communication, contributing to the national aerospace strategy [3] - Zhonghang Optoelectronics has successfully supported mainstream rocket models and is expanding cooperation with leading commercial rocket companies [3] - Chaojie Co. specializes in manufacturing large components for commercial rockets, with major clients among top commercial aerospace firms [4] - Huitian New Materials produces high-performance adhesives suitable for aerospace applications and is actively developing advanced materials for commercial aviation [5] - Haite High-tech is involved in satellite internet services and has developed an eVTOL simulator, contributing to the low-altitude economy [6] - Guangwei Composite Materials is a key supplier of carbon fiber materials for solid and liquid propulsion systems, with a significant role in the commercial aerospace supply chain [7] - Fuguang Co. has achieved batch production of arrow-mounted lenses and is developing various optical products for low-orbit satellites [10] Group 3: Market Potential and Future Outlook - The commercial aerospace market is expected to enter a rapid growth phase, with companies like Ruichuang Micro-Nano developing advanced satellite communication technologies [11] - The overall aerospace industry is projected to benefit from the establishment of dedicated regulatory bodies, which will promote high-quality development in the sector [6] - Companies are optimistic about the potential for significant market growth in commercial aerospace, with many actively pursuing partnerships and expanding their product offerings [12]

Group 1 - Unicom Guowei has established a Central Research Institute focusing on the development of edge AI chips for applications in autonomous driving, embodied robots, and low-altitude flying vehicles [2] - The research will also include new types of storage devices based on two-dimensional materials and high-performance special sensor chips [2] - Aerospace Electronics plans to increase its investment in Aerospace Long March Rocket Technology Co., Ltd. by 728 million yuan, maintaining the existing shareholding structure [3] Group 2 - Aerospace Rainbow successfully completed the first flight test of its self-developed Rainbow-7 high-altitude, high-speed, long-endurance drone, achieving all preset parameters [4] - The project is still in the research and testing phase, with further rigorous testing and validation required before mass production [4] Group 3 - Changchun High-tech's subsidiary signed an exclusive licensing agreement for the GenSci098 injection project, potentially earning up to 1.365 billion USD in milestone payments [5] - The agreement includes an initial payment of 120 million USD and additional milestone payments related to development and commercialization [5] Group 4 - TCL Technology plans to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan, increasing its ownership from 84.2105% to 94.9761% [26] - This acquisition aims to enhance TCL's competitiveness and profitability in the semiconductor display industry [26] Group 5 - Zhongmin Resources announced the successful ignition of its Tsumeb smelting plant's multi-metal comprehensive recycling project, with an annual processing capacity of 80,000 tons [11] - The project will produce various products, including germanium ingots and zinc ingots, with a design capacity of 33 tons/year for germanium [11] Group 6 - Xinhua Insurance reported a 16% year-on-year increase in original insurance premium income, totaling 188.85 billion yuan from January to November 2025 [43] - This growth reflects the company's strong performance in the insurance market [43]

格隆汇12月15日丨睿创微纳(688002.SH)公布，根据公司整体发展战略和经营计划，为进一步聚焦主航 道，减少亏损业务单元，优化公司资产结构，将资源分配在盈利质量更高、经营风险相对较低的其他业 务，提升资金周转及使用效率，睿创微纳全资子公司为奇投资拟将其持有的睿瓷新材51%股权作价人民 币1707.48万元出售给烟台奇创，其持有的睿瓷新材14%股权作价人民币468.72万元出售给张巨先。本次 股权出售完成后，公司全资子公司为奇投资不再持有睿瓷新材的股权，睿瓷新材将不再纳入公司合并报 表范围。 ...

睿创微纳(688002.SH)发布公告，公司全资子公司上海为奇投资有限公司(简称"为奇投资")拟将其持有的 烟台睿瓷新材料技术有限公司(简称"睿瓷新材")51%股权作价人民币1707.48万元出售给烟台奇创芯源科 技有限公司，其持有的睿瓷新材14%股权作价人民币468.72万元出售给张巨先。本次股权出售完成后， 公司全资子公司为奇投资不再持有睿瓷新材的股权，睿瓷新材将不再纳入公司合并报表范围。 ...