太空资源开发：开展"天工开物"重大专项论证，建设太空资源开发综合实验和地面支持系统，重点突破 小天体资源勘查、智能自主开采、低成本转移运输、在轨处理等关键技术。 太空交通管理：开展太空碎片监测、预警、清除等关键技术攻关，为我国在太空交通管理国际规则制定 中赢得主动奠定坚实基础，为空间基础设施安全运行提供保障。（央视新闻） 中国航天科技集团今天（29日）表示，"十五五"时期，将谋划推动太空旅游、太空数智基础设施、太空 资源开发、太空交通管理等新领域发展。 太空旅游：加快迭代形成亚轨道和轨道太空旅游飞行器产品，完成相关无人或有人飞行验证，建立完善 的太空旅游运营体系，实现亚轨道太空旅游航班化运营，逐步发展轨道太空旅游。 太空数智基础设施：建设吉瓦级太空数智基础设施，创建云、边、端一体的新型太空体系架构，实现算 力、存力、运力等深度融合，赋能"天数天算""地数天算""天地同算"。 ...

北京商报讯（记者 程靓）1月29日，据央视新闻消息，中国航天科技集团表示，"十五五"时期，将谋划 推动太空旅游、太空数智基础设施、太空资源开发、太空交通管理等新领域发展。 太空资源开发方面，开展"天工开物"重大专项论证，建设太空资源开发综合实验和地面支持系统，重点 突破小天体资源勘查、智能自主开采、低成本转移运输、在轨处理等关键技术。 太空交通管理方面，开展太空碎片监测、预警、清除等关键技术攻关，为我国在太空交通管理国际规则 制定中赢得主动奠定坚实基础，为空间基础设施安全运行提供保障。 具体来看，太空旅游方面，加快迭代形成亚轨道和轨道太空旅游飞行器产品，完成相关无人或有人飞行 验证，建立完善的太空旅游运营体系，实现亚轨道太空旅游航班化运营，逐步发展轨道太空旅游。 太空数智基础设施方面，建设吉瓦级太空数智基础设施，创建云、边、端一体的新型太空体系架构，实 现算力、存力、运力等深度融合，赋能"天数天算""地数天算""天地同算"。 ...

中国航天科技集团今天(29日)表示，"十五五"时期，将谋划推动太空旅游、太空数智基础设施、太空资 源开发、太空交通管理等新领域发展。 太空旅游 加快迭代形成亚轨道和轨道太空旅游飞行器产品，完成相关无人或有人飞行验证，建立完善的太空旅游 运营体系，实现亚轨道太空旅游航班化运营，逐步发展轨道太空旅游。 太空数智基础设施 太空资源开发 开展"天工开物"重大专项论证，建设太空资源开发综合实验和地面支持系统，重点突破小天体资源勘 查、智能自主开采、低成本转移运输、在轨处理等关键技术。 太空交通管理 开展太空碎片监测、预警、清除等关键技术攻关，为我国在太空交通管理国际规则制定中赢得主动奠定 坚实基础，为空间基础设施安全运行提供保障。（央视新闻） 建设吉瓦级太空数智基础设施，创建云、边、端一体的新型太空体系架构，实现算力、存力、运力等深 度融合，赋能"天数天算""地数天算""天地同算"。 ...

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [4] Core Insights - The U.S. is advancing its lunar return plan, which may lead to increased international competition in space strategy, benefiting China's rocket technology and space operations [8][11] - The proximity of low Earth orbit satellites between China and the U.S. highlights the need for enhanced space traffic management and situational awareness [12][16] - The upcoming "14th Five-Year Plan" is expected to clarify new equipment construction plans, emphasizing the importance of unmanned and anti-unmanned equipment, deep-sea technology, and operational informatization [17] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on commercial aerospace, military trade, and new quality combat capabilities as key investment areas [9][17] - Specific recommended stocks include: - Commercial Aerospace: Aerospace Electronics (600879, Buy), Haige Communication (002465, Buy), and others [17] - Engine & Fuel Chain: West Superconductor (688122, Buy) and others [17] - New Quality Domains: New Light Optoelectronics (688011, Increase) and others [17] - Military Electronics: Aerospace Electric (002025, Buy) and others [17] - Military Trade/Main Equipment: Aerospace Electronics (600879, Buy) and others [17] Industry Performance - The defense and military industry index (Shenwan) rose by 1.53%, outperforming the Shanghai and Shenzhen 300 index [19][21] - The report notes that the defense and military sector ranked 11th out of 31 in terms of weekly performance [22] Key News and Developments - The report highlights significant developments such as the successful first flight of the Rainbow-7 high-altitude stealth drone and the establishment of a permanent lunar outpost by 2030 as part of the U.S. space strategy [26][27] - It also mentions the ongoing military trade dynamics and the implications of recent geopolitical events on the defense sector [28][29]

Core Viewpoint - The "Star Eye" space perception constellation plan aims to provide innovative solutions for space traffic management and establish a new model for space management services [1][2]. Group 1: Industry Context - The current era is marked by unprecedented activity in space, with a rapid increase in global satellite launches and the deployment of large-scale constellations, indicating a new phase of growth in commercial space [1]. - The increasing congestion in orbital space poses significant challenges, including a surge in space debris and heightened collision risks, threatening the sustainable development of the space environment [1]. Group 2: Company Initiative - The "Star Eye" space perception constellation consists of 156 satellites designed to create a global, responsive near-Earth orbit monitoring network [2]. - The company plans to launch 2 experimental satellites in the first half of 2026, followed by 10 engineering satellites in 2027, with additional enhancement and comprehensive satellites to be launched subsequently [2]. - Utilizing the company's independently developed "Observer" space information analysis platform and the space management service platform "Space Cloud," the "Star Eye" will track, orbit, and catalog on-orbit satellites, monitor space debris, analyze satellite orbit data, and predict collision risks, thereby providing precise and efficient space traffic management data services [2].

Core Viewpoint - The "Star Eye" space perception constellation plan by Xingtou Measurement and Control Technology Co., Ltd. aims to provide innovative solutions for space traffic management and establish a new model for space management services [1][2]. Group 1: Industry Context - The current era is marked by unprecedented activity in space, with a rapid increase in global satellite launches and the deployment of large-scale constellations, indicating a new phase of growth in commercial space [1]. - The increasing congestion in orbital space poses significant challenges, including a surge in space debris and heightened collision risks, threatening the sustainable development of the space environment [1]. Group 2: Company Initiative - The "Star Eye" space perception constellation consists of 156 satellites designed to create a global, responsive near-Earth orbit monitoring network [2]. - The company plans to launch 2 experimental satellites in the first half of 2026, followed by 10 engineering satellites in 2027, with additional enhancement and comprehensive satellites to be launched subsequently [2]. - Utilizing the company's independently developed "Observer" space information analysis platform and the space management service platform "Space Cloud," "Star Eye" will track, determine orbits, and catalog on-orbit satellites, monitor space debris, analyze satellite orbit data, and predict collision risks, thereby providing precise and efficient space traffic management data services [2].

Core Viewpoint - The launch of the "Star Eye" space perception constellation by Xingtong Measurement and Control aims to provide new solutions for space traffic management amidst increasing satellite launches and collision risks in space [1][5]. Group 1: Industry Context - The global satellite launch frequency is rapidly increasing, with large-scale constellation deployments becoming mainstream, marking a robust development phase for commercial space [3]. - The space environment faces unprecedented challenges, with over 50,000 pieces of debris larger than 10 cm and approximately 1.2 million pieces between 1 cm and 10 cm, posing significant risks to operational satellites [3]. Group 2: Incident Background - Several incidents of space collisions have occurred, including damage to the Shenzhou-20 spacecraft and the Tianhe space station due to space debris, highlighting the urgent need for improved space safety measures [4]. Group 3: Government Initiatives - The national government emphasizes space safety through the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)," integrating commercial space into the overall national space development strategy [5]. Group 4: "Star Eye" Constellation Details - The "Star Eye" constellation consists of 156 satellites designed to create a global, responsive near-Earth orbit monitoring network, utilizing the "Observer" space information analysis platform for tracking and collision risk prediction [5][6]. - The constellation will be built in two phases: the first phase includes 12 high-performance satellites, while the second phase will add 144 low-cost satellites to enhance monitoring capabilities [6]. Group 5: Commercial Applications - The "Star Eye" constellation is positioned as a critical infrastructure for the commercial space era, providing a complete ecosystem for monitoring, early warning, and services, including space traffic management and collision risk assessment [7]. - Compared to ground-based observation methods, space-based perception offers significant advantages in coverage and detection efficiency, with ongoing developments from both domestic and international companies [7]. Group 6: Future Development Plans - Xingtong Measurement and Control plans to enhance space management service capabilities through increased R&D investment and collaboration with industry partners, contributing to a safer and more orderly space environment [8].

Core Insights - The company StarMap Control aims to become a global leader in space management services with the launch of its "Star Eye" space perception constellation plan, addressing the urgent need for innovative solutions in space traffic management [1][3] Industry Overview - The global interest in space exploration is increasing, with various commercial aerospace companies actively exploring industrial applications. The number of satellites is projected to rise from 12,000 to 57,000 in the next five years, highlighting a competitive landscape in the aerospace sector [1] - The space environment is facing unprecedented challenges due to an increase in space debris, with over 50,000 pieces larger than 10 centimeters currently in orbit, raising the risk of satellite collisions [1][3] Company Initiatives - StarMap Control's "Star Eye" constellation will consist of 156 satellites, with the first experimental satellites expected to launch in the first half of 2026. The initial phase will include a high-performance backbone constellation of 12 satellites, followed by a low-cost enhancement constellation of 144 satellites [3] - The company plans to provide tracking, orbit determination, and cataloging of satellites, monitor space debris, and predict collision risks, offering precise and efficient space traffic management data services [3] - StarMap Control also aims to provide space situational awareness data services to insurance companies and other third parties, promoting the healthy development of related industries [3][4]

Core Insights - The "2025 Space Sustainability Forum" held in Geneva focused on challenges in space sustainability and emphasized the need for improved coordination and management of spectrum and orbital resources [1][2] - The demand for spectrum and orbital resources has increased 5.5 times over the past decade, leading to escalating space challenges that require large-scale collaborative efforts [1] Group 1: Forum Discussions - Operators of large satellite constellations called for the establishment of effective international rules and mechanisms to promote space sustainability [2] - The need for improved space traffic management rules was highlighted, particularly regarding satellite launches, orbit maintenance, and collision avoidance [2] Group 2: Importance of Space Sustainability - Space sustainability is viewed as a global public good essential for sustainable development, climate action, education, and security [2] - The forum indicated a shift from verbal commitments to actual actions among countries regarding space sustainability [2]

Group 1: Investor Relations Activity Overview - The investor relations activity was organized by Beijing Stock Exchange and Anhui Securities Regulatory Bureau, with a theme of "Direct Service for Rational Investment" [3] - The event took place on July 18, 2025, in the company meeting room, attended by 23 participants from Zhongyou Securities and individual investors [3] - Company representatives included Senior Vice President Luo Dan and Securities Affairs Representative Wang Jian [3] Group 2: Future Business Growth Plans - The company plans to expand horizontally in specialized fields, leveraging existing project experience and customer resources to tap into new specialized units [4] - There is a focus on deepening engagement in the commercial aerospace sector, enhancing ground station network construction and data service capabilities [4] - The development of a digital space cloud platform is underway, aiming to create a comprehensive product system for space management [4] Group 3: Collaboration with Controlling Shareholder - The company maintains operational independence from its controlling shareholder, with no overlapping core business areas, and a steady decline in related party transactions [5] - Future collaborations will be pursued in compliance with regulations, leveraging synergies in resources and technology for mutual growth [5] Group 4: Personnel Expansion Strategy - The company will cautiously optimize personnel structure and scale in line with business development and market conditions, avoiding blind expansion [6] - A balance between business growth and cost control will be prioritized to ensure sustainable value creation for shareholders [6]