证券代码：920116 证券简称：星图测控 公告编号：2026-003 中科星图测控技术股份有限公司 股东拟减持股份的预披露公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 | | 计划减持 | 计划减 持数量 | | | 减持 | | 拟减 | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | | | 减持 | 减持 | | 拟减持股 | | | | 数量 | 占总股 | | | 价格 | | 持 | | 称 | | | 方式 | 期间 | | 份来源 | | | | （股） | 本比例 | | | 区间 | | 原因 | | | | （%） | | | | | | | 宁波霄 | 不高于 | | | 自本公告 | 根据 市场 | 北交所上 | | | 汉久添 | | | 集中竞 | 披露之日 | | 市前取得 | 自身 | | 创业投 | | 0.18% | 价或大 | 起 15 个 | 价格 | （含权益 | 资金 | | 资合伙 | 279,650 ...

Core Viewpoint - The Chinese commercial aerospace sector has transitioned from marginal exploration to a national strategic focus, with significant policy support and a clear framework for development [2] Group 1: Policy Support and Strategic Importance - The central government has issued substantial policies for five consecutive years to support the development of commercial aerospace since "satellite internet" was included in new infrastructure [2] - The 2025 Government Work Report explicitly lists commercial aerospace as a key direction for future industries, indicating its growing importance [2] Group 2: Technological Advancements - The cost structure and frequency limitations of commercial aerospace are being reshaped by technological innovations, including the successful 10-kilometer VTVL test flight by private company Blue Arrow Aerospace [3] - State-owned aerospace enterprises are set to unveil a fully reusable heavy rocket plan at the 2024 Zhuhai Airshow, with a first flight scheduled for 2030, indicating systematic progress in reusable rocket capabilities [3] Group 3: Industry Structure and Ecosystem - The commercial aerospace industry in China has developed a complete chain encompassing upstream manufacturing, midstream launching, and downstream applications, with significant collaboration among state-owned and private enterprises [4] - The industry is moving from isolated breakthroughs to a more integrated ecosystem, with rapid expansion in vertical applications such as remote sensing, navigation, and communication [4] Group 4: Investment Recommendations - The company suggests focusing on high-quality enterprises with core technological capabilities and collaborative advantages, recommending specific stocks such as AsiaInfo Security and Zhongke Star Map [6]

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the commercial aerospace and satellite industry, highlighting rapid advancements and investment opportunities in this sector [1][2]. Core Insights and Arguments - **Rocket Reusability**: Breakthroughs in rocket reusability technology are expected by 2026, which will lower launch costs and enhance competitiveness in commercial aerospace [1][2]. - **Low Earth Orbit (LEO) Satellite Internet**: The development of LEO satellite internet is accelerating, with Starlink achieving near 5G speeds and increasing its user base from 2 million in 2022 to approximately 8-9 million currently [2][4]. - **Global Expansion of LEO Networks**: Companies like Blue Origin and OneWeb are expanding their LEO satellite networks, with OneWeb planning to deploy over 400 satellites [2][3]. - **China's Strategic Moves**: China has applied for frequency resources for 203,000 LEO and medium Earth orbit satellites, indicating a strategic push to secure limited resources in the satellite industry [3][4]. - **Technological Integration**: The integration of commercial aerospace with AI and other emerging technologies is expected to enhance data processing capabilities and improve applications in various sectors [5][6]. Investment Opportunities - **Space Infrastructure**: Investment opportunities include space computing, solar power, 3D printing, and satellite internet, particularly in the context of 6G technology [8][9]. - **LEO Satellites**: There is a significant demand for upgrading TR components and antenna sizes to improve signal quality and bandwidth [9][10]. - **Platform and Service Companies**: Companies providing production testing solutions and satellite asset management services are poised for growth as the industry expands [10][11]. Additional Important Insights - **Technological Innovations**: Key innovations include larger antenna arrays for better connectivity, advanced TR components to counteract Doppler frequency shifts, and upgrades in baseband payloads to meet higher bandwidth demands [12][13][14]. - **Market Dynamics**: The satellite industry is experiencing a shift from mere transmission capabilities to include space computing and solar power, driven by increasing demand and limited supply [7][8]. This summary encapsulates the essential points discussed in the conference call, providing a comprehensive overview of the commercial aerospace and satellite industry's current state and future prospects.

Group 1 - The article discusses the limited resources in low Earth orbit (LEO) and the accelerated competition among countries to secure these resources, particularly in satellite deployment and frequency bands [3][6][9] - Satellites are categorized into three types: scientific satellites, technology demonstration satellites, and application satellites, each serving distinct functions and applications [3][4] - The International Telecommunication Union (ITU) rules dictate a "first come, first served" approach for occupying orbital and frequency resources, leading to intensified competition among nations [9][10] Group 2 - The article highlights that the number of global rocket launches is on the rise, with the United States leading the growth, primarily due to SpaceX's advancements in reusable rocket technology [12][14] - SpaceX's Falcon 9 rocket has significantly reduced launch costs, enabling large-scale deployment of the Starlink satellite constellation [15][21] - SpaceX has deployed nearly 10,000 satellites, aiming for a total of 42,000, establishing a dominant position in the global low Earth orbit communication network [21][23] Group 3 - Other countries and companies are also accelerating their satellite constellation deployments, with projects like OneWeb and Amazon's Kuiper Project emerging as competitors to SpaceX [23][24] - China's satellite constellation plans are ambitious, with over 200,000 satellites applied for, indicating a strong commitment to participating in the space race [26][27] - The demand for satellite launches in China is expected to surge between 2026 and 2030, driven by the need to meet ITU deployment requirements [28][30] Group 4 - The commercial space market is projected to reach $800 billion by 2030, with a compound annual growth rate (CAGR) of approximately 10% from 2025 to 2030 [34] - The commercial space industry encompasses a full value chain from materials to end-user applications, including satellite manufacturing, launch services, and satellite applications [37][38] - Companies like Xingtu and Chuangyuan are leading in satellite management services and satellite communication testing, respectively, showcasing the growth of specialized firms within the commercial space sector [40][43]

Investment Rating - The report maintains a "Buy" rating for the commercial aerospace sector, emphasizing the long-term investment value in this area [4]. Core Insights - The report highlights that SpaceX's Starship aims to reduce the cost of space access by 100 times, with a target of producing 10,000 Starships annually, which could redefine global logistics [3][12]. - The learning curve in aerospace manufacturing suggests that as production scales, costs will decrease significantly, potentially lowering the cost per kilogram to around $15.6 [3][49]. - The report discusses the diminishing marginal returns of rocket reusability, indicating that future cost reductions will rely more on mass production rather than just reusability [3][14]. Summary by Sections Introduction - The report introduces the concept of drastically reducing space access costs and the ambitious production goals of SpaceX's Starship, which could transform the space economy [3][12]. Cost Reduction Analysis - Current rocket reusability has led to significant cost reductions, but the report notes that the benefits may diminish over time [14]. - The learning curve in aerospace indicates that cumulative production will lead to lower unit costs, with typical learning rates between 85% and 90% [32][39]. - If SpaceX achieves its goal of producing over 10,000 Starships annually, the cost per kilogram could drop to approximately $15.6, driven by both reusability and mass production [49][50]. Business Model Revolution - The report draws parallels between the standardization of shipping containers and the modular approach of SpaceX's rockets, which allows for diverse customer needs while reducing costs [57]. - A launch cost of around $15 per kilogram could revolutionize logistics networks, making space transportation more accessible and efficient [57]. Investment Recommendations - The report emphasizes the importance of technological upgrades and the need to capitalize on industry trends and commercialization rhythms, reiterating the long-term investment potential in the commercial aerospace sector [3].

Group 1 - The core viewpoint is that the competition for space resources is accelerating, leading to rapid development in China's commercial space sector, with over 250,000 satellite applications submitted and a projected global space market exceeding $800 billion by 2030 [1][3] Group 2 - The deployment of satellites in the U.S. is significantly ahead, with SpaceX leading the way; by the end of 2025, SpaceX is expected to have deployed over 9,000 satellites, accounting for about 60% of the global total [2] - China's actual satellite deployment is notably lower than that of the U.S., with a strong demand for satellite launches; policies are being implemented to support the acceleration of space development [2] - The global commercial space market is projected to reach $6.13 trillion by 2024, with commercial space accounting for approximately $4.8 trillion; by 2030, the market is expected to grow to $8 trillion, with a CAGR of about 10% from 2025 to 2030 [3]

Investment Rating - The report suggests a positive outlook for the commercial aerospace industry, highlighting significant growth potential and investment opportunities [3]. Core Insights - The commercial aerospace sector is experiencing high demand driven by limited low Earth orbit (LEO) satellite resources and competitive international efforts to secure orbital and frequency resources [3][10]. - The global commercial aerospace market is projected to reach $800 billion by 2030, with a compound annual growth rate (CAGR) of approximately 10% from 2025 to 2030 [3][39]. - The report emphasizes the urgency for China to accelerate its satellite deployment, with over 250,000 satellites applied for, while actual launches remain significantly lower compared to the U.S. [3][31]. Summary by Sections Section 1: Limited Low Earth Orbit Resources - The LEO satellites are crucial for commercial applications, with the ITU rules favoring early applicants for orbital and frequency resources [3][10]. - The U.S. leads in satellite deployment, primarily through SpaceX, which has launched over 9,000 satellites, accounting for about 60% of the global total [3][23]. - China's satellite deployment is lagging, with a pressing need for launches from 2026 to 2030 to meet its ambitious plans [3][31]. Section 2: U.S. Satellite Deployment and Competitive Landscape - The U.S. has significantly increased its rocket launch frequency since 2015, with projections of 324 launches in 2025, of which 194 will be from the U.S. [3][13]. - SpaceX's Falcon 9 rocket has drastically reduced launch costs, facilitating the rapid deployment of the Starlink satellite constellation [3][17]. - Other international players, such as OneWeb and Amazon's Kuiper Project, are also expanding their satellite constellations, contributing to a competitive landscape [3][29]. Section 3: Market Growth and Investment Opportunities - The commercial aerospace market is expected to grow from $4.8 trillion in 2024 to $8 trillion by 2030, driven by increasing demand for satellite services [3][39]. - The report identifies several companies as potential investment opportunities, including Minstar, Optoelectronics, and Fujida, among others [3]. - The commercial aerospace industry is characterized by a comprehensive supply chain, from materials to end-user applications, indicating robust growth potential across various segments [3][43].

本周建筑材料赛道涨幅居前，北交所新股申购资金首次突破万亿元关口 ——北交所周报（1.19-1.23） 评级： 增持（维持） Email：fengsheng@zts.com.cn 分析师：万欣怡 执业证书编号：S0740524070005 Email：wanxy@zts.com.cn | 上市公司数 | 290 | | --- | --- | | 行业总市值(亿元) | 9,670.53 | | 行业流通市值(亿元) | 6,035.44 | 最近一年北证 50 VS 沪深 300 分析师：冯胜 执业证书编号：S0740519050004 本周北交所新股： 北交所 证券研究报告/行业定期报告 2026 年 01 月 26 日 北交所基本状况 本周暂无新股发行。按最新审核状态分类，2026 年 1 月 19 日-1 月 23 日更新信息： 17 家企业更新审核状态至已问询；4 家企业更新审核状态至上市委会议通过；3 家企 业更新审核状态至注册；1 家企业更新审核状态至上市委会议暂缓。 北交所相关新闻： 报告摘要 北交所行情概览： 1）整体行情：截至 2026 年 1 月 23 日，北证成份股 290 个，平均市值 ...

Investment Rating - The industry investment rating is "Outperform the Market - A" [4] Core Insights - The importance of aerospace and satellite technology is increasingly recognized, with the acceleration of space infrastructure construction benefiting the related industry chain in the long term [2][12] - The report highlights significant recent developments in the commercial aerospace and satellite industry, including the launch of new satellite networks and rockets, which are expected to enhance the application potential of satellite infrastructure [1][11] - The report suggests focusing on incremental directions in space infrastructure, such as space computing power, 3D printing, terminal direct connection, and inter-satellite connectivity, as well as value-enhancing segments in low Earth orbit satellites [2][12] Summary by Sections Industry Performance - The report indicates that the industry has shown a relative return of 14.7% over the past month, 9.2% over three months, and 23.8% over twelve months, with absolute returns of 16.5%, 11.2%, and 47.4% respectively [6][13] Recent Developments - The report details various recent events, including the launch of the "TeraWave" satellite communication network by Blue Origin, which will consist of 5,408 low Earth orbit satellites, and the successful launch of multiple satellites by different companies [1][11] - It also mentions the approval of policies in Beijing to support the development of commercial satellite remote sensing data resources from 2026 to 2030, indicating a favorable regulatory environment for the industry [1][11] Investment Focus - The report recommends paying attention to companies involved in satellite and space asset management, safety, and applications, as well as those engaged in testing and simulation services [2][12]

分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 本周建筑材料赛道涨幅居前，北交所新股申购资金首次突破万亿元关口 ——北交所周报（1.19-1.23） 评级： 增持（维持） 分析师：万欣怡 执业证书编号：S0740524070005 Email：wanxy@zts.com.cn | 上市公司数 | 290 | | --- | --- | | 行业总市值(亿元) | 9,670.53 | | 行业流通市值(亿元) | 6,035.44 | 最近一年北证 50 VS 沪深 300 北交所 证券研究报告/行业定期报告 2026 年 01 月 26 日 报告摘要 北交所行情概览： 1）整体行情：截至 2026 年 1 月 23 日，北证成份股 290 个，平均市值 33.35 亿元。 本周北证 50 指数涨跌幅+2.58%，收盘 1588.66 点；同期沪深 300、创业板指、科创 50 涨跌幅分别为-0.68%、+0.36%、+3.11%。 2）赛道行情：本周 A 股涨幅前五的行业为建筑材料、钢铁、有色金属、化工、房地 产，涨幅分别为 7.50%、6.3 ...