证券代码：300922 证券简称：天秦装备 公告编号：2025-088 秦皇岛天秦装备制造股份有限公司 关于 2024 年限制性股票激励计划首次授予部分 第一个归属期第二批次归属结果暨股份上市的公告 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。 重要内容提示： 1.本次归属日/上市流通日：2025 年 12 月 23 日； 2.本次归属数量：180,000 股，占本次归属前公司总股本的 0.11%； 3.本次归属的激励对象人数：2 人； 4.本次归属的限制性股票不设限售期，激励对象为董事、高级管理人员的按照相 关规定执行。 秦皇岛天秦装备制造股份有限公司（以下简称"公司"）于 2025 年 5 月 26 日分 别召开第四届董事会第十九次会议和第四届监事会第十八次会议，审议通过了《关于 2024 年限制性股票激励计划首次授予部分第一个归属期归属条件成就的议案》。鉴于 2 名激励对象暂缓归属登记，公司对 2024 年限制性股票激励计划（以下简称"本激励 计划"）首次授予部分第一个归属期满足归属条件的 63 名激励对象分批次办理归属事 宜，其中第一批次 61 名激 ...

证券代码：300922 证券简称：天秦装备 公告编号：2025-087 秦皇岛天秦装备制造股份有限公司 关于使用部分闲置自有资金进行现金管理的进展公告 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。 秦皇岛天秦装备制造股份有限公司（以下简称"公司"）于2025年10月24日召开了 第四届董事会第二十三次会议及第四届监事会第二十二次会议，审议通过了《关于继续 使用部分闲置自有资金进行现金管理的议案》，同意公司及子公司在不影响公司正常生 产经营及确保资金安全的情况下，使用不超过人民币30,000.00万元（含本数）的自有资 金进行现金管理，使用期限自董事会审议通过之日起12个月内有效，在前述额度和期限 范 围 内 ， 资 金 可 循 环 滚 动 使 用 。 具 体 内 容 详 见 公 司 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上披露的《关于继续使用部分闲置自有资金进行现金管 理的公告》（公告编号：2025-079）。 一、本次使用部分闲置自有资金进行现金管理的基本情况 币种：人民币 注：公司与上述受托方无关联关系，本次进行现金 ...

Investment Rating - The industry rating is "Outperform the Market" [5][64] Core Viewpoints - The report maintains a positive outlook on the commercial aerospace sector, driven by the recent breakthroughs in reusable rocket launch tests, which address the industry's capacity constraints and enhance satellite networking capabilities [3][45] - The report highlights the expected strong recovery in demand for the military industry by 2026, supported by various catalysts such as the nearing 14th Five-Year Plan and the centenary of the military [4][46] Summary by Sections Market Performance - During the week of December 8-12, the Shenwan Military Industry Index rose by 2.80%, outperforming the CSI 300 Index, which fell by 0.08%, resulting in a relative excess return of 2.88 percentage points [3][11] - Since 2025, the Shenwan Military Industry Index has increased by 21.10%, compared to a 16.42% rise in the CSI 300 Index, yielding a relative excess return of 4.68 percentage points [19][11] Key Investment Opportunities - The report suggests focusing on the following sectors: 1. Commercial Aerospace: Companies such as Western Materials, Aerospace Power, Tongyu Communication, Zhenyou Technology, and Aerospace Huanyu [4][46] 2. Nuclear Fusion: Companies including Guoguang Electric, Lianchuang Optoelectronics, Hezhuan Intelligent, Wangzi New Materials, and Xuguang Electronics [4][46] 3. Stealth Materials: Companies like Jiachitech and Huaqin Technology [4][46] 4. Deep Sea: Companies such as Western Materials and China Marine Defense [4][46] 5. Engines: Companies including Aerospace Technology, Aerospace Yat, and Tunan Co [4][46] Financial and Valuation Insights - As of December 12, the current TTM price-to-earnings ratio for the Shenwan Military Industry Index is 70.67, placing it in the 92.55 percentile, indicating a high configuration significance given the expected recovery in 2026 [3][29][37] - The report notes a significant inflow of leveraged funds into the military sector, reflecting confidence in the industry's recovery [36][29]

2025年2月21日，公司使用闲置自有资金10,000.00万元认购了中国银行股份有限公 司的现金管理产品。近日，公司已将上述现金管理产品赎回，赎回的本金及收益具体情 况如下： 币种：人民币 证券代码：300922 证券简称：天秦装备 公告编号：2025-086 秦皇岛天秦装备制造股份有限公司 关于使用部分闲置自有资金进行现金管理到期赎回的公告 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。 秦皇岛天秦装备制造股份有限公司（以下简称"公司"）于2025年10月24日召开了 第四届董事会第二十三次会议及第四届监事会第二十二次会议，审议通过了《关于继续 使用部分闲置自有资金进行现金管理的议案》，同意公司及子公司在不影响公司正常生 产经营及确保资金安全的情况下，使用不超过人民币30,000.00万元（含本数）的自有资 金进行现金管理，使用期限自董事会审议通过之日起12个月内有效，在前述额度和期限 范 围 内 ， 资 金 可 循 环 滚 动 使 用 。 具 体 内 容 详 见 公 司 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上披露的 ...

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [4]. Core Viewpoints - The report expresses optimism about the acceleration of the commercial aerospace industry, particularly following the successful launch of the Zhuque-3 rocket, which is China's first reusable liquid oxygen-methane rocket to achieve orbit. This breakthrough is expected to significantly reduce launch costs and enhance satellite deployment capabilities [44][45]. - The report highlights that the military industry is poised for strong demand recovery in 2026, driven by multiple catalysts including the nearing completion of the 14th Five-Year Plan and the centenary of the military [45]. - The report notes that the current price-to-earnings ratio (P/E) for the military industry index is 69.33, indicating a high valuation but also a strong recovery expectation for the industry [45]. Summary by Sections Industry Performance - From December 1 to December 5, the Shenwan Military Index rose by 2.82%, outperforming the CSI 300 Index, which increased by 1.28%, resulting in a relative excess return of 1.54 percentage points [8][15]. - The military index has increased by 17.8% since 2025, compared to a 16.51% rise in the CSI 300 Index, indicating a relative outperformance of 1.29 percentage points [17]. Key Developments - The successful launch of the Zhuque-3 rocket and the hosting of the 2025 Satellite Internet Industry Ecosystem Conference are significant events that have boosted the commercial aerospace sector [44]. - The report emphasizes the importance of reusable rocket technology in overcoming industry bottlenecks and transitioning from "capacity scarcity" to "scale application" [45]. Investment Opportunities - The report suggests focusing on various segments within the military industry, including: 1. Land Equipment: Tianqin Equipment, Gaode Infrared, Ligong Navigation, Baiao Intelligent, Changcheng Military [45]. 2. Stealth Materials: Jiachitech, Huaqin Technology [45]. 3. Deep Sea: Western Materials, China Marine Defense [45]. 4. Engines: Aerospace Technology, Hangya Technology, Tunan Co. [45]. 5. AI and Intelligent Systems: Xingtuxinke, Aerospace Electronics [45].

（文章来源：证券日报） 证券日报网讯 12月2日晚间，天秦装备发布公告称，截至2025年11月30日，公司尚未减持回购股份，目 前用于出售的回购股份余额为1，541，300股，占公司目前总股本的0.97%。 ...

证券代码：300922 证券简称：天秦装备 公告编号：2025-085 秦皇岛天秦装备制造股份有限公司 关于回购股份集中竞价减持进展的公告 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。 秦皇岛天秦装备制造股份有限公司（以下简称"公司"）于 2025 年 11 月 13 日召开 第四届董事会第二十四次会议，审议通过了《关于回购股份集中竞价减持计划的议案》， 同意公司根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》和公司于 2024 年 2 月 1 日披露的《回购报告书》（公告编号：2024-012）的规定及要求，采用集 中竞价交易方式减持已回购股份，拟减持数量不超过 1,541,300 股，占公司目前总股本 比例为 0.97%；减持价格根据减持时的二级市场价格确定；减持期间为自集中竞价减持计 划公告披露之日起十五个交易日之后三个月内（即 2025 年 12 月 8 日至 2026 年 3 月 7 日， 根据中国证监会及深圳证券交易所相关规定禁止减持的期间除外，下同）。具体内容详 见公司于 2025 年 11 月 14 日在巨潮资讯网（http: ...

证券之星消息，12月2日地面兵装板块较上一交易日下跌0.34%，天秦装备领跌。当日上证指数报收于 3897.71，下跌0.42%。深证成指报收于13056.7，下跌0.68%。地面兵装板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 301357 | 北方长龙 | 4053.99万 | 3.47% | -1204.54万 | -1.03% | -2849.46万 | -2.44% | | 000576 甘化科工 | | 112.84万 | 1.86% | 72.93万 | 1.21% | -185.77万 | -3.07% | | 300922 天秦装备 | | -11.16万 | -0.17% | -81.63万 | -1.27% | 92.79万 | 1.45% | | 300875 捷强装备 | | -961.50万 | -5.15% | -48.63万 | -0.26% | 1010.13 ...

Core Insights - The article discusses the performance of public funds in a structurally rising market, highlighting the contrast between successful funds and those struggling, referred to as "five-dime funds" [1] - It emphasizes the importance of fundamental analysis, diversification, and effective risk management for fund managers to navigate market cycles successfully [1] Fund Performance Overview - Active equity funds have shown strong performance this year, with the mixed equity fund index rising over 28%. However, many funds have missed opportunities, with 84 active equity funds having a net value below 0.6 yuan as of November 28, and 20 of those below 0.5 yuan [2] - A specific example is the Dongfang Alpha Zhaoyang Mixed Fund, which has a net value of 0.4193 yuan and has lost over 17% this year, primarily due to a concentrated bet on the military industry sector [2] Notable Fund Management Issues - The Huiquan Zhenxin Zhiyuan Mixed Fund, managed by well-known investor Liang Yongqiang, has only returned 5.75% this year and has lost over 50% since inception. The fund has seen multiple changes in management, with significant losses during these transitions [3] Successful Turnarounds - Some previously underperforming funds have successfully recovered, such as Hengyue Advantage Selected Mixed Fund and Huatai Bairui Quality Selected Mixed Fund, which have seen their net values rise above 1 yuan as of November 28 [4] - The Hui Tianfu Hong Kong Advantage Selected Mixed Fund, which switched its holdings to the innovative drug sector, has seen a recovery with over 140% returns this year, reaching a net value of 1.6454 yuan [5] Strategic Adjustments - The Hengyue Advantage Selected Mixed Fund has achieved over 136% returns this year, primarily due to a strategic shift towards storage concept stocks and AI-related investments [6][7] - Fund managers are increasingly focusing on risk management and portfolio diversification to avoid heavy losses during market fluctuations [8] Investor Behavior and Market Dynamics - Despite some funds recovering, many investors have chosen to redeem their shares after net value increases, indicating a lack of confidence in long-term holding [8] - High volatility in fund net values can lead to frequent trading by investors, which diminishes overall returns and creates a cycle of higher risk with lower rewards [9]

Core Viewpoint - The company, Keli Equipment (301552.SZ), clarified that it does not have products directly applied in the military industry, although it has provided mold design and processing services for Tianqin Equipment, a military support enterprise, due to its strong supporting and delivery capabilities [1] Group 1 - The company has been recognized as a "Hebei Province Military-Civilian Integration Enterprise" by relevant authorities [1]