Core Viewpoint - Zhongke Xingtou's stock price has shown significant growth this year, with a year-to-date increase of 32.26% and a recent uptick of 9.26% over the last five trading days, indicating strong market interest and performance [1]. Financial Performance - For the period from January to September 2025, Zhongke Xingtou achieved a revenue of 2.208 billion yuan, reflecting a year-on-year growth of 10.02%. The net profit attributable to shareholders was 146 million yuan, with a slight increase of 0.54% year-on-year [2]. - The company has distributed a total of 279 million yuan in dividends since its A-share listing, with 190 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Zhongke Xingtou had 28,900 shareholders, an increase of 18.46% from the previous period. The average number of circulating shares per shareholder decreased by 15.74% to 27,999 shares [2]. - The top ten circulating shareholders include notable entities such as the Fortune China Securities Military Industry Leader ETF and Hong Kong Central Clearing Limited, indicating a diverse institutional interest in the company [3]. Market Activity - On December 2, Zhongke Xingtou's stock rose by 2.01%, reaching a price of 45.18 yuan per share, with a trading volume of 435 million yuan and a turnover rate of 1.21%. The total market capitalization stood at 36.509 billion yuan [1].

Core Insights - The report from Zhongyou Securities highlights the emergence of space computing technology as a new direction for tech companies and governments to address the surging demand for AI computing power and the energy and cooling bottlenecks faced by terrestrial data centers [1][2] Group 1: Space Computing Technology - Space computing is a technology that deploys data centers and computing capabilities in space, utilizing satellites and onboard computing hardware for on-orbit data processing [2] - The unique vacuum environment and lighting conditions in space provide advantages such as real-time response, distributed collaboration, and energy efficiency, making space computing a preferred solution for addressing challenges in the AI era [2] Group 2: Global Developments in Space Computing - Major tech giants like NVIDIA, SpaceX, and Google are actively testing and planning space data centers, marking a shift from concept to practical implementation [3] - NVIDIA successfully sent its H100 GPU to space for testing, while SpaceX plans to expand its Starlink V3 satellite scale to establish a space data center with a target of deploying 100GW of data centers annually within 4-5 years [3] Group 3: Domestic Progress in Space Computing - China's commercial aerospace company ADASpace launched its first batch of 12 intelligent computing satellites, achieving a total computing power of approximately 5POPS, marking the practical application of space computing [4] - The National Space Administration of China has established a dedicated management agency for commercial aerospace, which is expected to promote high-quality development in the industry [4] Group 4: Investment Recommendations - Companies to watch include Xingtong Measurement and Control, Zhongke Xingtong, Aerospace Hongtu, SuperMap Software, Holley Well, Shengbang Security, Shanghai Hantong, Shanghai Port, Aisino Technology, and Putian Technology [5]

计算机行业 行业研究 | 动态跟踪 太空算力未来可期，关注核心收益环节 核心观点 投资建议与投资标的 我们认为 AI 算力以及卫星信息基础设施相关标的都有望受益太空算力的发展： AI 算力：海光信息(688041，买入)、寒武纪-U(688256，未评级)； 卫星基础设施：中科星图(688568，未评级)、佳缘科技(301117，未评级)、航天宏图 (688066，增持)、盛邦安全(688651，未评级)。 风险提示 研发进展不及预期； 商业化进展不及预期。 国家/地区 中国 行业 计算机行业 报告发布日期 2025 年 12 月 02 日 看好（维持） | 陈超 | 执业证书编号：S0860521050002 | | --- | --- | | | chenchao3@orientsec.com.cn | | | 021-63326320 | | 浦俊懿 | 执业证书编号：S0860514050004 | | | pujunyi@orientsec.com.cn | | | 021-63326320 | | 宋鑫宇 | 执业证书编号：S0860524090002 | | | songxinyu@orient ...

Core Conclusions - The commercial rocket capacity breakthrough is a key variable for the turning point of China's commercial aerospace industry and the formation of capital market trends, with a high certainty of significant improvement in aerospace capacity next year [1][4]. Industry Dynamics - The satellite internet and commercial aerospace industries in China are expected to reach a fundamental turning point next year, supported by recent policies, commercial rocket launch schedules, and changes in core industry orders [3]. - The national "14th Five-Year Plan" emphasizes the construction of a modern industrial system, with commercial aerospace being a key focus area, as highlighted by the establishment of a Commercial Aerospace Office by the National Space Administration [3]. - The satellite internet industry is projected to maintain a compound annual growth rate (CAGR) of over 100% during the "14th Five-Year Plan" period, with a total of 100 satellite constellations registered, including 88 commercial projects and 12 national strategic projects [3]. - The construction of low-orbit constellations is expected to generate a market of 101.1 billion yuan for rocket capacity and 207.4 billion yuan for satellite manufacturing over the next five years, with respective CAGRs of 82% and 95% [3]. Key Variables - The upcoming launches of mainstream commercial rockets such as Zhuque-3, Tianlong-3, and Long March 12A are anticipated to significantly enhance China's commercial rocket capacity, marking a critical turning point for the industry [4]. Satellite Internet Sub-sectors and Key Companies - Key companies in the satellite internet sub-sector include: - Satellite Payloads: Zhenlei Technology, Xinke Mobile, Chengchang Technology, Shaanxi Huada, Shanghai Hantong, Chuangyi Information, Jiayuan Technology [5]. - Rocket Components: Chaojie Co., Sry New Materials, Gaohua Technology [5]. - Satellite Platform Components: Tianyin Electromechanical, China Satellite, Aerospace Huanyu, Qianzhao Optoelectronics, Shanghai Port, Fudan Microelectronics, Shanghai Huguang, Aerospace Electronics [5]. - Inspection and Testing: Sikrui, Xice Testing, Holiwo, Kunheng Shunwei [5]. - Ground Stations and Terminals: Zhenyou Technology, Tongyu Communications, Guobo Electronics, Sanwei Communications, Nanjing Panda, Mengsheng Electronics, Huali Chuantong, Changjiang Communications [5]. - Space Computing: Putian Technology, Zhongke Xingtou, Zhongke Shuguang, Xingtou Measurement and Control, Shengbang Security [5].

Core Insights - The establishment of a new department by the National Space Administration marks a significant step towards the commercialization of space, driven by policy and disruptive applications [1] - The concept of "space computing power" is emerging as a focal point for global tech giants, with plans for large-scale data centers in orbit to enhance AI capabilities [2] - Investment opportunities are identified in various sectors of the space industry, including rocket launch chains, satellite manufacturing, and testing services [3] Policy Developments - The National Space Administration's creation of a Commercial Space Department aims to improve the efficiency of launch approvals and licensing, promoting high-quality development in China's commercial space sector [1] - The release of the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)" provides a framework for long-term industry growth through research project openness and national fund establishment [1] Industry Trends - The trend of deploying data centers in space is expected to overcome limitations faced by terrestrial data centers, with significant investments from companies like NVIDIA, SpaceX, and Google [2] - The demand for AI computing and decreasing rocket launch costs are anticipated to drive substantial growth in space computing power globally [2] Investment Opportunities - Key sectors for investment include: - Rocket and core supporting fields: Companies such as Aerospace Power, Superjet, Srey New Materials, and Gaohua Technology [3][4] - Satellite manufacturing and operation: Companies like China Satellite, Chengchang Technology, Zhenlei Technology, Aerospace Electronics, and Zhongke Xingtou [3][4] - Testing and service sectors: Companies including Aerospace Universe, West Measurement Testing, and Guobo Electronics [3][4] - Energy systems: Companies such as Shanghai Port and Qianzhao Optoelectronics [3][4]

Group 1: Macro Economic Overview - Industrial production and demand are showing signs of weakening, with construction activity remaining at historical lows and industrial operating rates declining marginally [6][7][9] - Recent weeks have seen a drop in demand for construction materials and consumer goods, with significant declines in automobile sales and home appliance sales [7][8] - The overall price of domestic industrial products is fluctuating weakly, with some commodities like steel and coal showing slight recoveries while others, such as construction materials, are declining [8] Group 2: Industry Insights - The lithium battery industry is experiencing a supply-demand turning point, with a projected global shipment of 2921.8 GWh in 2026, a year-on-year increase of 35% [32] - The demand for dynamic storage is robust, and the industry is expected to benefit from rising prices in segments with tight capacity [32] - The European electric vehicle market is anticipated to recover strongly in 2025, driven by new model releases and government incentives [33] Group 3: Company-Specific Developments - ByteDance has launched the Doubao mobile assistant, emphasizing investment opportunities in edge AI, with hardware support from ZTE [25][30] - Zhongke Star Map is deeply engaged in the commercial aerospace industry, with a focus on satellite constellation construction and aerospace electronic equipment manufacturing [53][54] - Meitu has introduced an e-commerce design agent, enhancing its product offerings in the fashion sector [43][45] Group 4: Investment Recommendations - Recommended stocks in the lithium battery sector include CATL and Yiwei Lithium Energy, which are expected to benefit from the industry's growth [32] - In the humanoid robot sector, companies like UTree and UBTECH are highlighted as key players as the industry approaches a production milestone [37][40] - For AI applications, companies such as Kuaishou and Bilibili are recommended due to their strategic positioning in the gaming and AI sectors [49][50]

证券日报网讯 12月1日，中科星图在互动平台回答投资者提问时表示，截至2025年9月30日公司普通股 股东总数为28，860户。 ...

Investment Rating - The industry investment rating is "Outperform" [1] Core Insights - The report highlights the emergence of space computing as a critical solution to the computational bottlenecks faced in the AI era, with significant advancements in technology and infrastructure [4][5] - Major global tech giants are actively competing in the space computing arena, with initiatives such as NVIDIA's H100 GPU deployment in space and SpaceX's plans for a space data center [5] - Domestic advancements in space computing are progressing well, with companies like ADASpace launching satellites equipped with AI chips, marking the practical application of space computing [6] Summary by Sections Industry Overview - The closing index is at 5224.25, with a 52-week high of 5841.52 and a low of 3963.29 [1] Relative Index Performance - The report includes a performance chart showing a range of percentage changes in the industry relative to the CSI 300 index over time, indicating fluctuations from -17% to +19% [3] Investment Recommendations - The report suggests focusing on companies such as Xingtum Control, Zhongke Xingtum, Aerospace Hongtu, and others as potential investment opportunities in the space computing sector [7]

中科星图股份有限公司 内部审计制度 中科星图股份有限公司内部审计制度 第一章 目的 第一条 为加强和规范中科星图股份有限公司（以下简称"公司"）内部审计 监管工作，保护公司及投资者的合法权益，根据《中华人民共和国审计法》《审 计署关于内部审计工作的规定》《中华人民共和国内部审计准则》以及《上市公 司章程指引》《上市公司独立董事管理办法》《上海证券交易所科创板股票上市规 则》《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》等法 律法规的有关规定，结合公司实际情况，特制定本制度。 第二条 内部审计的目的是促进内部控制制度的建立与健全，有效地控制成 本，改善经营管理，规避经营风险，提高经济效益，维护公司和投资者利益，增 加公司价值，促进公司发展。 第二章 概念定义 第三条 本制度所称内部审计，是指公司内部审计机构依据国家有关法律法 规、财务会计制度和公司内部管理规定，对公司及其控股公司业务活动、风险管 理、内部控制、财务信息等事项进行监督检查的工作。 第三章 范围 第四条 本制度适用于公司本部及所属分公司及全资子公司，控股子公司。 第五条 内部审计的内容包括但不限于财务审计、内控审计、管理审计、专 ...

中科星图股份有限公司 董事和高级管理人员所持公司股份及其变动管理制度 中科星图股份有限公司 董事和高级管理人员所持公司股份及其变动管理制度 第一章 总则 第一条 为加强对中科星图股份有限公司（以下简称"公司"）董事和高级 管理人员持有或买卖本公司股票行为的申报、披露、监督和管理，进一步明确 管理程序，根据《中华人民共和国公司法》《中华人民共和国证券法》（以下 简称《证券法》）、《上市公司股东减持股份管理暂行办法》《上市公司董事 和高级管理人员所持本公司股份及其变动管理规则》《上海证券交易所上市公 司自律监管指引第15号——股东及董事、高级管理人员减持股份》等法律、行 政法规、部门规章、规范性文件、上海证券交易所（以下简称"上交所"）业 务规则，以及《中科星图股份有限公司章程》（以下简称《公司章程》）的有 关规定，结合公司的实际情况，特制定《中科星图股份有限公司董事和高级管 理人员所持公司股份及其变动管理制度》（以下简称"本制度"）。 第二条 本制度适用于登记在公司董事及高级管理人员名下的公司股份及其 变动的管理。 第三条 公司董事及高级管理人员所持公司股份，是指登记在其名下和利用 他人账户持有的所有本公司股份 ...