Group 1 - The company Shanghai Hanxun held its third temporary board meeting of the fourth session on February 5, 2026, to discuss important matters [1] - The meeting reviewed the proposal regarding the transfer of equity in an associated company, the waiver of preemptive rights for capital increase in the associated company, and related party transactions [1]

Core Viewpoint - Shanghai Hanxun (300762.SZ) is optimizing its resource allocation by transferring part of its equity in Insight Space (Chengdu) Technology Co., Ltd. and participating in a capital increase for the company [1][2] Group 1: Equity Transfer - The company plans to transfer 1,200 million RMB of registered capital corresponding to its equity in Insight Space to Jiaxing Lidin Yuanhang Equity Investment Partnership for a price of 12 million RMB [2] - Additionally, the company intends to transfer 1,300 million RMB of registered capital corresponding to its equity to Jiaxing Gaoxu Equity Investment Partnership for a price of 13 million RMB [2] Group 2: Capital Increase - Insight Space plans to raise capital through a capital increase, with contributions of 30 million RMB from Shikong Lianjue, 8 million RMB from Lidin Yuanhang, and 7 million RMB from Jiaxing Gaoxu, corresponding to registered capital increases of 30 million RMB, 8 million RMB, and 7 million RMB respectively [2] - The company has decided to waive its preemptive subscription rights for this capital increase after considering Insight Space's current operational situation and future plans [2] Group 3: Ownership Structure - After the completion of the transfers and capital increase, Shanghai Hanxun will hold a 5.31% equity stake in Insight Space [2]

Core Viewpoint - Shanghai Hanxun (300762.SZ) is divesting part of its stake in the subsidiary Insight Space (Chengdu) Technology Co., Ltd. to optimize resource allocation and will hold a reduced ownership percentage post-transaction [1][2] Group 1: Ownership Structure - Insight Space has a registered capital of RMB 200 million, with Shanghai Hanxun holding a 19% stake, while other stakeholders include individuals and partnerships with varying ownership percentages [1] - The ownership breakdown includes: 25% by individual Bu Zhiyong, 21% by Chengdu Space Link Management Consulting Partnership, 15% by Chengdu Ju Li Space Management Consulting Partnership, 10% by Jiaxing Lidin Shenmou Equity Investment Partnership, and 10% by Sichuan Tianfu New Area Tianfu Star Equity Investment Fund Partnership [1] Group 2: Capital Transfer and Financing - The company plans to transfer its stake corresponding to RMB 12 million and RMB 13 million of registered capital to Jiaxing Lidin Yuanheng Equity Investment Partnership and Jiaxing Gaoxu Equity Investment Partnership, respectively, for the same amounts [2] - Insight Space intends to raise capital through a financing round, with contributions of RMB 30 million, RMB 8 million, and RMB 7 million from Space Link, Lidin Yuanheng, and Jiaxing Gaoxu, respectively [2] - After the completion of the transfers and capital increase, Shanghai Hanxun will hold a 5.31% stake in Insight Space [2]

证券代码：300762 证券简称：上海瀚讯 公告编号：2026-009 上海瀚讯信息技术股份有限公司 关于转让参股公司部分股权、放弃参股公司增资优先认 购权暨关联交易的公告 一、 本次交易事项概述 （一）交易内容 洞察时空（成都）科技有限公司（以下简称"洞察时空"或"目标公司"） 系公司参股公司。截至本公告日，洞察时空注册资本为人民币20,000万元。公司 持有洞察时空19.00%股权，自然人卜智勇持有洞察时空25.00%股权，成都时空联 觉企业管理咨询合伙企业（有限合伙）（以下称"时空联觉"）持有洞察时空21.00% 股权，成都聚力时空企业管理咨询合伙企业（有限合伙）（以下称"聚力时空"） 持有洞察时空15.00%股权，嘉兴力鼎深眸股权投资合伙企业（有限合伙）（以下 称"力鼎深眸"）持有洞察时空10.00%股权，四川天府新区天府之星股权投资基 金合伙企业（有限合伙）持有洞察时空10.00%股权。 基于公司战略发展规划，同时为进一步优化资源配置，公司拟将持有的洞察 时空1,200万元注册资本对应的股权转让给嘉兴力鼎远珩股权投资合伙企业（有 限合伙）（以下简称"力鼎远珩"），转让价格1,200万元；拟将洞察时空 ...

（一） 审议通过《关于转让参股公司部分股权、放弃参股公司增资优先认 购权暨关联交易的议案》 证券代码：300762 证券简称：上海瀚讯 公告编号：2026-008 上海瀚讯信息技术股份有限公司 第四届董事会第三次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 上海瀚讯信息技术股份有限公司（以下简称"公司"）第四届董事会第三次 临时会议于2026年2月5日在公司会议室以现场结合通讯的方式召开，会议通知已 于2026年2月2日通过邮件的方式送达全体董事。会议应出席董事7人，实际出席 董事7人。会议由公司董事长胡世平先生主持。本次会议的召集、召开及程序符 合《公司法》和《公司章程》的有关规定，合法有效。 二、董事会会议审议情况 经与会董事认真审议，形成如下决议： 董事会同意本次转让参股公司股权、放弃参股公司增资优先认购权暨关联交 易的事项。本次公司关联交易事项不构成《上市公司重大资产重组管理办法》规 定的重大资产重组，本事项属于公司董事会决策权限内，无需提交公司股东大会 审议。 本议案已经公司独立董事专门会议审议通过。 表决 ...

- The satellite ETF (159206.SZ) tracks the China Commercial Satellite Communication Industry Index (980018.CNI), and the best convergent stock during the period from October 30, 2025, to January 30, 2026, was identified as Shanghai Hanxun (300762.SZ), selected based on the deviation of component stocks from the satellite communication index and research coverage[3][10] - Shanghai Hanxun's valuation at the end of 2024 was 16x PS (Price-to-Sales ratio). Using linear extrapolation of 2027 and 2026 consensus revenue forecasts, the 2028 expected revenue was calculated and multiplied by 16x PS to estimate the 2028 fundamental value per share at 60.87 RMB. The highest stock price on January 14, 2026, was 60.77 RMB, which closely aligns with the 2028 expected fundamental value, indicating that the recent peak price reflects the growth expectations for the next three years[3][10] - The five major weighted stocks of the satellite ETF as of January 30, 2026, were Aerospace Electronics, China Satellite, Raytron Technology, Sunway Communication, and Zhenlei Technology, with a combined weight of 32.76%. For example, Aerospace Electronics showed a maximum price increase of 457.67% since 2024, while its cumulative net profit growth from 2023 to 2028 was expected to be 132.37%, highlighting a significant gap between market performance and fundamental growth expectations. Similar trends were observed for the other four stocks[4][11]

Core Viewpoint - Shanghai Hanxun experienced a decline of 2.27% in stock price on February 2, with a trading volume of 1.711 billion yuan, indicating a significant market activity and investor sentiment shift [1]. Financing and Margin Trading - On February 2, Shanghai Hanxun had a financing buy amount of 127 million yuan and a financing repayment of 196 million yuan, resulting in a net financing outflow of 69.01 million yuan [1]. - As of February 2, the total margin trading balance for Shanghai Hanxun was 1.703 billion yuan, with a financing balance of 1.698 billion yuan, accounting for 6.67% of the circulating market value, which is above the 80th percentile of the past year [1]. - In terms of securities lending, on February 2, Shanghai Hanxun repaid 1,700 shares and sold 100 shares, with a selling amount of 4,051 yuan, while the remaining securities lending balance was 116,600 shares, valued at 4.7235 million yuan, also above the 80th percentile of the past year [1]. Company Performance - As of September 30, Shanghai Hanxun reported a total of 63,800 shareholders, an increase of 11.30% from the previous period, while the average circulating shares per person decreased by 10.15% to 9,850 shares [2]. - For the period from January to September 2025, Shanghai Hanxun achieved an operating income of 305 million yuan, representing a year-on-year growth of 72.72%, while the net profit attributable to shareholders was -48.16 million yuan, a year-on-year increase of 47.25% [2]. - Since its A-share listing, Shanghai Hanxun has distributed a total of 59.2563 million yuan in dividends, with cumulative distributions over the past three years amounting to 8.8009 million yuan [2]. Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder of Shanghai Hanxun was the Guotai CSI Military Industry ETF, holding 6.0965 million shares, a decrease of 1.2026 million shares from the previous period [3]. - The third-largest circulating shareholder was the Southern CSI 1000 ETF, holding 5.7410 million shares, down by 59,700 shares [3]. - The fourth-largest circulating shareholder, Southern Military Industry Reform Flexible Allocation Mixed A, increased its holdings by 1.0849 million shares to 5.7211 million shares [3].

Market Overview - The secondary market prices of publicly listed REITs in China showed a fluctuating upward trend in January 2026, with the CSI REITs closing at 809.56 and the CSI REITs total return index at 1052.42, yielding returns of 3.98% and 4.22% respectively [1] - Compared to other major asset classes, the return rates ranked as follows: Gold > Crude Oil > Convertible Bonds > A-shares > REITs > US Stocks > Pure Bonds [1] Industry Research - SpaceX plans to deploy one million computing satellites, expanding the commercial space demand [2] - The ability to manufacture and launch reusable rockets is fundamental for large-scale constellation construction [2] - Laser communication networks are key for achieving large-scale inter-satellite communication [2] - Recommended companies in the rocket sector include Superjet, Highhua Technology, and Zhongheng Design; in the satellite sector, focus on Shaanxi Huada, Shanghai Port, Shanghai Huanxun, Zhenlei Technology, Changguang Huaxin, Aerospace Electronics, Jiayuan Technology, and Shanghai Huguang [2] Company Research - Baihehua (603823.SH) plans to invest in a 1000-ton PEEK project, enhancing its position in the new materials sector [3] - The forecast for Baihehua's net profit for 2025-2027 is adjusted to 173 million (down 22%), 223 million (down 22%), and 270 million yuan, with corresponding EPS of 0.42, 0.54, and 0.65 yuan [3] - Zhongxin Fluorine Materials (002915.SZ) expects to achieve a net profit of 16-20 million yuan in 2025, benefiting from the recovery in pesticide demand and reduced losses from Fujian Gaobao [4] - The projected net profits for Zhongxin Fluorine Materials for 2025-2027 are 18 million, 75 million, and 110 million yuan [4] - Jiu Ri New Materials (688199.SH) anticipates a net profit of 21-31.5 million yuan in 2025, driven by the price recovery of photoinitiators [6] - The projected net profits for Jiu Ri New Materials for 2025-2027 are 31 million, 78 million, and 136 million yuan [6] - Great Wall Motors (601633.SH, 2333.HK) reported a profit forecast for 2025, with net profits adjusted to 9.9 billion, 12.4 billion, and 15.7 billion yuan for 2025-2027 [7] - Apple (AAPL.O) reported record revenue growth in FY1Q26, driven by strong demand for the iPhone 17 series and the continued penetration of AI features [8] - The company maintained a high gross margin despite rising storage costs, showcasing its pricing power and supply chain management capabilities [8] - Aoyou (1717.HK) expects a revenue growth of 1.1% in 2025, with net profits adjusted to 236 million, 262 million, and 280 million yuan for 2025-2027 [9]

Investment Rating - The report maintains an "Overweight" rating for the commercial aerospace sector [6]. Core Insights - SpaceX plans to deploy up to 1 million AI satellites to create the world's first space data center, expanding the demand for commercial aerospace [1][2]. - The new satellites will operate at altitudes of 500km, 1000km, and 2000km, providing large-scale AI inference and data center services to billions of users globally [1]. - The focus of competition in commercial aerospace is shifting from communication services to the development of orbital computing infrastructure [2]. Summary by Sections Satellite Deployment - SpaceX's initiative aims to establish a "space-based computing network" that leverages solar energy and the unique environment of space to handle high-intensity computing tasks, overcoming the limitations faced by terrestrial data centers [2]. Rocket Manufacturing and Launch Capabilities - SpaceX has reduced the cost of launching payloads to approximately $1400-$2000 per kilogram through the regular recovery and reuse of Falcon 9 rocket boosters, with plans to further decrease costs to $100 per kilogram with the next-generation fully reusable Starship [3]. Communication Infrastructure - Inter-satellite laser communication is critical for the SpaceX orbital data center system, facilitating all major data transmission and network routing tasks [4]. Strategic Asset Integration - Elon Musk is considering merging SpaceX with his AI company xAI or Tesla to enhance the space computing layout, potentially allowing SpaceX's orbital data centers to provide significant computing power to xAI [5]. Investment Recommendations - The report suggests focusing on companies in the rocket sector such as Chaojie Co., Gaohua Technology, and Zhongheng Design, as well as satellite companies like Shaanxi Huada, Shanghai Port, and others [5].

【商业航天领航员|东吴计算机王紫敬】SpaceX申请100万颗算力星座，抢占"频轨"即抢占未来6G话语权 这不仅是算力的布局，更是对近地轨道资源的极限挤压。 核心逻辑升级： 1透过"算力"看本质，实为"太空圈地 【商业航天领航员|东吴计算机王紫敬】SpaceX申请100万颗算力星座，抢占"频轨"即抢占未来6G话语权 新闻事件： 1月31日，SpaceX向FCC提交申请，拟部署最多100万颗卫星用于大规模AI推理及数据中心，轨道高度500-2000公 里。 这不仅是算力的布局，更是对近地轨道资源的极限挤压。 核心逻辑升级： 新闻事件： 1月31日，SpaceX向FCC提交申请，拟部署最多100万颗卫星用于大规模AI推理及数据中心，轨道高度500-2000公 里。 这已不是商业选择，而是国家战略必争。 1透过"算力"看本质，实为"太空圈地"： 虽然SpaceX名义上申请的是"AI算力卫星"，但其部署高度（500- 2000km）正是近地轨道（LEO）的黄金地带。 在ITU"先申报先得"的规则下，申请100万颗实则是利用海量卫星物理锁死轨道资源和频谱资源。 未来3-5年将是发射量的指数级爆发期，这将对火箭运力（发动 ...