Core Viewpoint - The company is focused on enhancing its core competitiveness and improving investor returns while strengthening communication with investors, aiming for long-term value creation and greater market recognition [1] Group 1: Business Strategy - The company is committed to its main business and is actively working to improve operational performance [1] - New orders in the high-tech electronics sector have shown year-on-year growth since the beginning of the year [1] Group 2: Future Plans - The company plans to reinforce the strategic position of its civil business and accelerate the application of advanced high-tech electronic technologies in high-end civil sectors such as new energy vehicles, civil aviation, commercial aerospace, and rail transit [1] - The company aims to expand into new markets [1]

Group 1: Financial Performance and Challenges - The decline in revenue for the first half of 2025 was attributed to a shortage of funds leading to insufficient material availability, which affected delivery and revenue recognition [2][3] - The gross margin for microwave circuits and components decreased due to a drop in revenue scale while fixed manufacturing costs remained unchanged, resulting in increased unit costs [2][3] - The company anticipates a dynamic adjustment in product pricing due to the military pricing mechanism and is implementing cost-reduction measures [3][8] Group 2: Order and Revenue Outlook - As of August 2025, the company reported an increase in orders compared to the previous year, with a strong demand for defense equipment driven by national modernization efforts [2][3] - Revenue recognition for the first half of 2025 by application area: radar (30%), airborne (15-20%), satellite (15-20%), and electronic countermeasures (20%) [2][3] Group 3: Strategic Initiatives and Innovations - The company is focusing on technological innovation to reduce costs, including increasing the self-research ratio of core components and optimizing financial structure [3][8] - The company is exploring opportunities in commercial aerospace, with potential growth in microwave circuit applications linked to satellite launches [4][5] Group 4: Asset Management and Impairment - The company has faced significant impairment pressures, particularly in the shipbuilding sector, with substantial write-downs on fixed assets and inventory due to strategic adjustments [6][7] - The company has initiated asset disposals to alleviate financial burdens, including the sale of subsidiaries and idle assets, generating approximately 100 million CNY in cash [8][9] Group 5: Market Position and Future Prospects - The company is well-positioned in the radar and electronic countermeasure markets, with established applications in fire control, early warning, and satellite communications [9] - Future growth is expected in the unmanned vessel sector, with ongoing development and participation in national defense projects [5][6]

在聊行情之前，先来说说市场迎来的几大利好。 一是公募基金降费改革第三阶段落地。 9月5日，证监会发布修订后的《公开募集证券投资基金销售费用管理规定》，并向社会公开征求意 见。其中提到，合理调降公募基金认购费、申购费、销售服务费率水平。这意味着，公募基金行业第三 阶段费率改革落地，费率改革顺利收官。 据媒体报道，以近三年平均数据测算，第三阶段费率改革将每年为投资者让利约300亿元。三个阶 段累计每年将向投资者让利超500亿元。 明天，新一周的行情将开启，大盘还会再接再厉吗？当前哪些板块值得关注？今天，牛博士和达哥 就大家关心的问题展开讨论。 道达：确实，周五的大反攻太振奋人心了。在周四市场大幅调整的时候，有一些投资者发出了"牛 还在吗"的疑问，但这种声音在周五就销声匿迹了。 创业板指数在大跌超4%后第二天实现"反包"，是近十年来的首次，让达哥这个老股民也看呆了。 周四，市场情绪一片低迷，然而周五迎来了大反攻。创业板指数不仅实现了阳包阴，而且几乎收出 本轮行情以来的最高收盘点位；上证指数、国证2000指数、深证成指、沪深300指数、中证500指数均收 复了周四的失地。 牛博士：你好，达哥，又到我们聊行情的时间。本 ...

9月10日，国防军工板块回暖，菲利华、海格通信双双涨超8%，华力创通、中国卫星、中航沈飞等多股 涨超3%。下跌方面，长城军工跌逾2%居前。 场内热门ETF方面，代码有"八一"的国防军工ETF（512810）盘中一度涨逾1%，成交超4800万元，呈 现企稳迹象。 【投国防军工，选"512八一0"，】代码有"八一"的国防军工ETF（512810）兼顾传统主战力量与新域新 质力量，覆盖"商业航天 + 低空经济 + 大飞机 + 深海科技 + 军用AI + 可控核聚变"等诸多热门题材，同 时是融资融券标的+互联互通标的，是一键投资国防军工核心资产的高效工具。 数据来源于沪深交易所、公开资料等。 风险提示：国防军工ETF被动跟踪中证军工指数，该指数基日为2004.12.31，发布于2013.12.26。2020- 2024年分年度历史收益分别为：67.91%、14.28%、-25.74%、-11.02%、8.20%。指数成份股构成根据该 指数编制规则适时调整，其回测历史业绩不预示指数未来表现。以上个股均为标的指数成份股，仅作展 示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金 管 ...

"科创板第五套标准出台后，商业航天产业发展预期和信心大幅增强，行业也甩开顾虑，大步向前拓展业务，包括加大技术研发投入、加快业务推进节 奏。"近日，中科宇航副总裁樊娜接受证券时报记者采访时表示。 近日，中科宇航完成IPO辅导备案。在科创板新政明确支持商业航天企业上市后，目前已有蓝箭航天、屹信航天等头部企业启动上市辅导。 证券时报记者采访获悉，科创板新政为行业注入了信心，也带动了一级市场的投资热情。不过，因技术攻坚久、量产投入大，业内期待更多"耐心资本"入 局，为技术突破与商业化闭环提供长期支撑。 新政提振行业信心 樊娜对记者表示，当前，中科宇航的量产计划正稳步推进，对供应商的采购量明显增加。 中科宇航扩产的信心，来自资本市场新政的护航。6月18日，证监会发布《关于在科创板设置科创成长层增强制度包容性适应性的意见》，以设置科创成 长层为抓手，重启未盈利企业适用科创板第五套标准上市并扩大适用范围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业上市。 "科创板第五套标准出台后，公司加速对接资本市场步伐。"在樊娜看来，上市之后，商业航天企业拥有更好的融资通道，能增强自身发展能力，且企业核 心竞争力与管理能力有望 ...

Economic Overview - US non-farm payroll data was disappointing, raising recession concerns and increasing expectations for interest rate cuts, with investors betting on three cuts by the Federal Reserve this year and a 50 basis point cut in September [1] - US stock indices opened high but closed lower due to fears that the Fed's actions may lag behind the economic situation, with the S&P 500 down 0.32%, Dow Jones down 0.48%, and Nasdaq down 0.03% [1] Market Performance - Nasdaq Golden Dragon China Index rose by 1.16%, with notable gains in Chinese concept stocks such as Fangdd up approximately 33%, Canadian Solar up 15%, and Daqo New Energy up over 8% [2] - US Treasury yields fell across the board, with the 10-year yield dropping over 8 basis points and the 2-year yield reaching its lowest level since 2022 [3] - Gold prices increased by 1.16%, reaching a record high of $3600 per ounce, while US oil prices fell by 2% to a three-month low [3] Corporate Developments - OpenAI is projected to consume $115 billion in cash over the next four years, aiming for $200 billion in revenue by 2030 [3] - NAND manufacturer SanDisk announced a 10% price increase across all channels for consumer products [6] - Nvidia plans to switch to silicon carbide substrates for its Rubin processors by 2027 to enhance performance [7] Domestic Events - The People's Bank of China reported that gold reserves increased to 74.02 million ounces at the end of August, marking the tenth consecutive month of gold accumulation [8] - The China Securities Regulatory Commission is seeking public opinion on the draft of the "Special Preventive Measures for Anti-Money Laundering" [9] Market Strategy Insights - Analysts remain optimistic about the A-share market, suggesting that recent adjustments are mainly due to profit-taking and structural trading, with significant support from the 20-day and 60-day moving averages [10] - The market is expected to benefit from the Fed's interest rate cut expectations, which may strengthen the RMB and attract foreign investment into Chinese assets [10] - The strategy team at Xingsheng suggests that the market will gradually shift from extreme differentiation to a more diversified performance across sectors [10] Industry Trends - The commercial space industry is expected to expand significantly over the next 1-5 years, focusing on low Earth orbit and deep space resource utilization [13] - Tesla's new compensation plan for CEO Elon Musk could be worth up to $1 trillion, contingent on the company's market value reaching $8.5 trillion, with a focus on robot deliveries [14] - Nvidia's shift to silicon carbide for advanced packaging is anticipated to improve thermal performance in high-power GPU chips [15] - Meta has raised its sales forecast for smart glasses due to strong demand, increasing orders for Qualcomm's AR1 chips by 20% [16]

未来商业航天产业支持政策仍值得期待。 图虫创意/供图 证券时报记者 曹晨 "科创板第五套标准出台后，商业航天产业发展预期和信心大幅增强，行业也甩开顾虑，大步向前拓展 业务，包括加大技术研发投入、加快业务推进节奏。"近日，中科宇航副总裁樊娜接受证券时报记者采 访时表示。 近日，中科宇航完成IPO辅导备案。在科创板新政明确支持商业航天企业上市后，目前已有蓝箭航天、 屹信航天等头部企业启动上市辅导。 证券时报记者采访获悉，科创板新政为行业注入了信心，也带动了一级市场的投资热情。不过，因技术 攻坚久、量产投入大，业内期待更多"耐心资本"入局，为技术突破与商业化闭环提供长期支撑。 新政提振行业信心 樊娜对记者表示，当前，中科宇航的量产计划正稳步推进，对供应商的采购量明显增加。 中科宇航扩产的信心，来自资本市场新政的护航。6月18日，证监会发布《关于在科创板设置科创成长 层增强制度包容性适应性的意见》，以设置科创成长层为抓手，重启未盈利企业适用科创板第五套标准 上市并扩大适用范围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业上市。 "科创板第五套标准出台后，公司加速对接资本市场步伐。"在樊娜看来，上市之后，商业 ...

Group 1 - The introduction of the fifth set of standards for the Sci-Tech Innovation Board has significantly boosted the development expectations and confidence in the commercial aerospace industry, leading to increased investment in technology research and accelerated business progress [1][2] - Companies like Zhongke Aerospace have initiated IPO counseling following the new policies, with other leading firms such as Blue Arrow Aerospace and Yixin Aerospace also starting their listing processes [1][2] - The new policies have alleviated the financing challenges faced by commercial aerospace companies, which often struggle with high R&D costs and the lack of profitability, thus enabling them to access capital markets more easily [2][3] Group 2 - The new policies have enhanced the confidence of early-stage investment institutions, allowing unprofitable companies to list based on their core technological strengths, thus addressing exit barriers in the primary market [3] - The government has recognized commercial aerospace as a "new growth engine" in its work reports, emphasizing its strategic importance in economic transformation and technological innovation [4] - Local policies have also been implemented to support the development of commercial aerospace, with over 40 policy plans released across various provinces to foster innovation and industrialization [4][5] Group 3 - The industry has seen a significant increase in financing activities, with a record 138 financing events and a total disclosed amount of 20.239 billion yuan in 2024 [7] - There is a call for "patient capital" that can support companies through the entire cycle of technological challenges, production ramp-up, and market cultivation [7][8] - The value of patient capital lies not only in providing funds but also in addressing different stages of a company's development, from high-risk R&D to market entry [8] Group 4 - Analysts predict that with the implementation of favorable policies, investment and financing activities in the commercial aerospace sector are expected to remain active [6] - The Chinese rocket launch market is projected to exceed 110 billion yuan by 2030, with significant growth anticipated in the reusable rocket market as private companies achieve breakthroughs [9]

短期市场调整接近尾声，转为低斜率上行更加持续。在经过调整后，市场情绪可能会边际放缓，增量资 金节奏可能会更加健康，未来正如我们九月报所描述，市场接下来转为更低斜率上行的概率较大。我们 仍处在牛市第二阶段，调整后的核心应对策略是"拥抱低渗透率赛道"，当前可关注固态电池，AI算力， 人形机器人，商业航天等领域。除此之外，中期角度，也可关注高内在回报率质量成长策略。 ...

Core Viewpoint - The short-term adjustment of A-shares is nearing its end, transitioning to a more sustainable low-slope upward trend, with the market still in the second phase of a bull market that began in September 2024 [1][2]. Market Strategy - The core strategy post-adjustment is to "embrace low penetration sectors," focusing on areas such as solid-state batteries, AI computing power, humanoid robots, and commercial aerospace [1][2]. - In the medium term, high intrinsic return quality growth strategies should also be considered, particularly in the 300 and 500 quality growth categories [2]. Market Performance - Recent A-share market performance has been weak due to several factors: intense market speculation around the National Day parade, profit-taking in previously high-performing sectors, and a noticeable decrease in trading volume [2]. Economic Indicators - The manufacturing PMI for August showed a month-on-month increase, and North American PCB shipments turned positive year-on-year, indicating improved economic conditions in certain sectors [3]. - Key areas of improvement include rising precious metal prices due to expectations of Federal Reserve interest rate cuts, and a positive trend in the TMT sector with increased PCB shipments and software industry profits [3]. Fund Flows - There has been a net inflow of 187.7 billion yuan in financing over the first four trading days, with a significant increase in newly established equity public funds and net inflows into ETFs [3]. Industry Developments - OpenAI's announcement of self-developed AI chips is expected to change the supply-demand dynamics in the AI computing market, with significant capital expenditures planned for data center server chips [4]. - OpenAI's cash burn forecast for 2029 has been raised to $115 billion, indicating a substantial increase in expected expenditures [4]. Valuation Trends - Overall A-share valuation levels have declined, with the Wind All A Index PE (TTM) down 0.3 from the previous week, currently at the 66.5% historical valuation percentile [4].