证券代码：688568 证券简称：中科星图 公告编号：2025-080 中科星图股份有限公司关于 控股子公司中科星图维天信科技股份有限公司 拟申请在全国中小企业股份转让系统终止挂牌的公告 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。 维天信为公司控股子公司，截至本公告披露日，公司持有维天信 45.9459% 股份。基于长期经营发展战略与资本规划的整体部署，为提高决策和经营效率， 高效开展业务，控制运营成本，经慎重考虑，维天信拟申请股票在全国中小企业 股份转让系统终止挂牌，具体申请终止挂牌相关事宜由维天信董事会负责办理， 具体终止挂牌时间以全国中小企业股份转让系统批准的时间为准。 为充分保护异议股东的权益，维天信为本次终止挂牌制定了相应异议股东权 益保护措施，即回购义务人承诺将对满足条件的异议股东所持维天信股票进行回 购，回购价格按异议股东取得该股份时的成本价格（其中成本价格不含交易手续 费、资金成本等，并需进行除权除息处理）与维天信最近一期经审计的每股净资 产孰高为准，具体回购价格及方式由双方协商确定。 维天信本次申请在 ...

中科星图公告称，其控股子公司维天信（证券代码874126）于2025年12月23日召开董事会，审议通过拟 申请在全国中小企业股份转让系统终止挂牌等议案。截至公告披露日，公司持有维天信45.9459%股 份。维天信为提高决策和经营效率、控制成本，拟申请终止挂牌，具体时间以获批为准。维天信制定了 异议股东权益保护措施，回购义务人将按规定回购满足条件的异议股东股份。该事项尚需经维天信2026 年第一次临时股东会审议通过并报相关部门审批，存在不确定性。 ...

Event Overview - The 2026 Beijing International Commercial Aerospace Exhibition will be held from January 23 to 25, 2026, at the Yichuang International Convention Center in Beijing, co-hosted by the Zhongguancun Yichuang Commercial Aerospace Alliance and Beijing Yichuang Star Arrow Technology Development Co., Ltd. [1] - This exhibition marks the first international commercial aerospace event in the "14th Five-Year Plan" period, aiming to create a platform for the entire industry chain and is expected to gather over 75% of leading domestic rocket manufacturing companies, with more than 300 exhibitors and over 20,000 professional visitors [1][2] Exhibition Highlights - The exhibition will feature four core areas: satellite manufacturing, rocket and launch systems, aerospace applications, and aviation services and support [2] - The third Beijing Commercial Aerospace Industry High-Quality Development Conference will take place concurrently, showcasing the latest innovations in the industry through reports, roundtable discussions, and project signings [2] Global Competition Acceleration - In December 2025, the Zhuque-3 rocket successfully completed its maiden flight, and China has launched several satellites, including the Resource-3 04 satellite and a constellation of low-orbit satellites [3] - Internationally, significant developments include Trump's reaffirmation of the goal to return to the Moon by 2028, SpaceX's plans for an IPO with a target valuation of approximately $1.5 trillion, and advancements in satellite technology by companies like Starcloud and Google [3] Market Growth Projections - According to a report by the Ministry of Industry and Information Technology, China's commercial aerospace market is expected to exceed 2.5 trillion yuan by 2025, with annual output value in rocket launches and satellite manufacturing projected to reach 85 billion yuan by 2030 [4] - The maturation of reusable rocket technology is anticipated to enable China to achieve 100 launches per year by 2030, with a cost of approximately 10 million yuan per launch [4] Industry Chain Companies - In the upstream sector, key players in rocket manufacturing include Superjet Co., Srey New Materials, Aerospace Power, and others, focusing on rocket structure components and engine support [7] - In satellite manufacturing, China Satellite is a leading company, with others like Guobo Electronics and Zhenlei Technology possessing core technologies in satellite payloads [7] Midstream and Downstream Services - The midstream sector benefits from increased launch frequency, with companies providing rocket launch and recovery services, while ground equipment providers like Haige Communication and Zhongke Xingtai offer ground control and data processing services [8] - Downstream applications focus on satellite communication, remote sensing, and navigation, with companies in the low-altitude economy, such as Lijun Co. and Weihai Guotai, also benefiting from industry integration [9]

分析称，资金对卫星产业的长期看好，基于产业基本面的三重破局： 应用破局：国家设定"千万用户"发展目标，卫星通信功能正加速向大众消费市场普及。 12月23日，延续强势的卫星板块盘中震荡下探。数据显示，截至14时44分，卫星产业ETF(159218)放量 跌5.03%，前几大权重股方面，航天电子跌9.71%，中国卫星跌5.36%，中科星图跌4.98%，中国卫通跌 9.65%。交投持续升温，成交站上4亿历史大关，环比前日放量118.60%，资金热度不减，据Wind Level2 实时行情结合均价预估，盘中净流入约1.1亿。 尽管回收环节遭遇挫折，但本次发射的核心入轨成功，意味着我国在可回收火箭这一关键技术上取得了 实质性突破。它验证了技术路线的可行性，为后续迭代提供了宝贵数据，并未动摇产业"制度-技术-应 用"共振的长期逻辑。对于普通投资者而言，卫星产业ETF（159218）仍是布局这一高确定性长周期赛 道的高效工具。 风险提示：基金有风险，投资需谨慎。 制度破局：国家航天局近期设立"商业航天司"，发布商业航天行动计划，从顶层设计推动产业发展。 技术破局：长征十二号甲与月初民营火箭"朱雀三号"的成功入轨，共同验证可 ...

Group 1 - Zhongke Xingtou's stock price dropped by 5.03% to 47.25 CNY per share, with a trading volume of 1.36 billion CNY and a turnover rate of 3.46%, resulting in a total market capitalization of 38.182 billion CNY [1] - The company, established on January 20, 2006, and listed on July 8, 2020, is located in the Beijing Shunyi District and primarily engages in software sales, data services, technology development, integrated machine products, and system integration [1] - The revenue composition of Zhongke Xingtou includes 53.46% from civil geographic information, 27.46% from special geographic information, 14.34% from commercial aerospace, 4.73% from low-altitude economy, and 0.01% from other sources [1] Group 2 - Bosera Fund's military industry theme fund (004698) holds 5.2505 million shares of Zhongke Xingtou, unchanged from the previous period, representing 0.65% of the circulating shares, with an estimated floating loss of approximately 13.1264 million CNY [2][4] - The fund, established on July 4, 2017, has a current scale of 2.448 billion CNY, with a year-to-date return of 40.53% and a one-year return of 36.01%, ranking 941 out of 4197 and 975 out of 4154 respectively [2] - The fund manager, Zeng Peng, has a tenure of 12 years and 343 days, with total assets under management of 7.493 billion CNY, achieving a best fund return of 270.03% and a worst fund return of -48.43% during his tenure [3]

Core Viewpoint - The successful first flight of the Long March 12A rocket marks a significant step in China's commercial space sector, aiming to enhance the capabilities of reusable rockets and address the growing demand for low-cost, high-frequency satellite launches in the trillion-dollar market [2][3][5]. Group 1: Launch and Technology Development - The Long March 12A rocket's maiden flight achieved basic success, with the second stage entering the designated orbit, although the first stage was not successfully recovered [2]. - The launch signifies the entry of state-led reusable rocket technology into the competitive landscape, aiming to facilitate a transition to a low-cost, high-frequency launch era [2][3]. - The industry is witnessing a shift towards optimizing launch and operational costs, with a focus on the development of reusable rockets and satellite mass production [3][9]. Group 2: Market Dynamics and Competition - The competition in the commercial space sector is intensifying, with a focus on not just successful launches but also on the stability of delivery capabilities and reliability of new commercial rockets [6][9]. - Companies are exploring different strategies and technologies, such as the use of various propellants, to enhance the performance and cost-effectiveness of their rockets [7][11]. - The market is expected to evolve towards a comprehensive industrial system, emphasizing cost reduction through continuous technological innovation [9][11]. Group 3: Future Prospects and Challenges - The industry is at a critical juncture, moving from a focus on individual rocket success to a broader competition encompassing technological autonomy, production stability, and economic efficiency [9][12]. - The development of large payload rockets and the establishment of a robust satellite constellation are essential for meeting the demands of the rapidly growing satellite internet market [3][12]. - Regulatory improvements and the establishment of a supportive ecosystem are necessary to facilitate the growth of the commercial space sector and address existing bottlenecks [13].

Group 1 - The big data industry ETF (516700) showed weak performance with a decline of 0.52% in intraday trading on December 23 [1] - Key stocks such as Qiming Star, Guotou Intelligent, and Qi Anxin performed strongly with increases of 2.17%, 1.49%, and 0.98% respectively, while Zhongke Star Map, Youkede, and Siwei Tuxin showed weaker performance with declines of 3.06%, 2.57%, and 2.0% respectively [1] Group 2 - Moore Threads released a new generation of full-featured GPU architecture "Huagang" on December 20, supporting full precision computing and launching high-performance AI training and inference chips, with its Kua'e Wanka intelligent computing cluster reaching international mainstream levels in multiple indicators [3] - Alibaba integrated its C-end business to establish the "Qianwen C-end Business Group" on December 15, aiming to develop the Qianwen APP into an AI super application entry point covering multiple intelligent service scenarios [3] - The focus of the global large model is shifting from "fast thinking" to "slow thinking," moving from computing power accumulation to algorithm and training paradigm optimization, with the industry focus transitioning from benchmark testing to real-world task execution [3] Group 3 - The big data industry ETF passively tracks the CSI Big Data Industry Index, heavily investing in sectors such as data centers, cloud computing, and big data processing, with key stocks including Zhongke Shuguang, Keda Xunfei, and Unisplendour [4] - Investors interested in technology self-reliance may focus on three catalytic aspects: the call for "technology to take the lead," the top-level design of digital China to activate digital productivity, and the acceleration of the domestic substitution process [5]

Group 1 - The core viewpoint of the news highlights the performance of the big data industry ETF (516700), which showed a decline of 0.52% in intraday trading, while certain constituent stocks like Qimingxingchen, Guotou Intelligent, and Qi Anxin performed strongly with increases of 2.17%, 1.49%, and 0.98% respectively [1] - The article discusses the recent developments in the AI sector, particularly the launch of the new GPU architecture "Huagang" by Moore Threads, which supports full precision computing and high-performance AI training chips, achieving international mainstream levels in several metrics [3] - The focus of the AI industry is shifting from "fast thinking" to "slow thinking," emphasizing algorithm and training paradigm optimization, with a transition from benchmark testing to real-world task execution [3] Group 2 - The big data industry ETF (516700) passively tracks the CSI Big Data Industry Index, heavily investing in sectors such as data centers, cloud computing, and big data processing, with key stocks including Zhongke Shuguang, Keda Xunfei, and Unisplendour [4] - There are three main catalysts for investors interested in the direction of technological self-reliance: the call for "technology to lead," the top-level design of Digital China to activate digital productivity, and the acceleration of the domestic substitution process [4] - The article notes that the trend of "信创" (Xinchuang) is expected to accelerate, indicating a broad outlook for technological self-reliance [4]

Group 1 - The core viewpoint is that policy and industry collaboration is driving a new turning point for China's commercial aerospace sector [1] - The expected operational cost of China's ultimate space computing power is projected to be only 1/12 of that on the ground, indicating significant economic value [2] - The successful vertical recovery test of the Zhuque-3 rocket and the imminent maiden flight of the Long March 12A rocket highlight advancements in reusable rocket technology [1][3] Group 2 - The commercial aerospace sector's large-scale application heavily relies on low-cost and high-frequency launch capabilities, with reusable rockets being crucial [3] - By 2030, China is expected to achieve 100 launches per year at a cost of approximately 10 million yuan per launch, with the annual output value of rocket launches and satellite manufacturing reaching 85 billion yuan [3] - The development of space computing power is anticipated to provide a new path for forming an economic closed loop in China's commercial aerospace sector [2] Group 3 - Beneficiary companies in the commercial rocket sector include Superjet, Srey New Materials, Aerospace Power, and others [4] - Satellite payload companies include China Satellite, Guobo Electronics, and others [4] - Downstream application companies include Haige Communication, Zhongke Xingtou, and others [4]

数据显示，截至2025年11月28日，中证人工智能主题指数(930713)前十大权重股分别为中际旭创 (300308)、新易盛(300502)、寒武纪(688256)、中科曙光(603019)、澜起科技(688008)、科大讯飞 (002230)、海康威视(002415)、豪威集团(603501)、金山办公(688111)、浪潮信息(000977)，前十大权重 股合计占比63.92%。 中信证券研报称，2025年以来，在AI服务器功耗和芯片功率大幅提升的背景下，液冷方案凭借更高的 散热效率、更低的PUE，正逐步成为数据中心节能降耗的主流技术路径。该机构预测，随着液冷加速渗 透叠加技术升级ASP提升，2027年全球液冷市场空间将达到218亿美元。从行业竞争格局看，当前液冷 产业链以台系厂商为主。随着芯片厂商逐步参与液冷供应链选择，国产厂商迎来重大机遇。看好国产厂 商充分受益AIDC液冷需求放量，推荐具备液冷核心组件量产能力及整体解决方案的厂商。 AI人工智能ETF紧密跟踪中证人工智能主题指数，中证人工智能主题指数选取50只业务涉及为人工智能 提供基础资源、技术以及应用支持的上市公司证券作为指数样本，以反映人工智 ...