● 本报记者王婧涵杨洁 当前，我国商业航天产业链生态进入成长期，各项技术渐趋成熟，商业运营成本不断下探，制造产能逐 步释放。高精度卫星导航芯片制造企业司南导航表示，受益于商业航天卫星应用场景扩展，2024年公司 高精度板卡销量增长迅速。 "我们将立足于前沿技术和创新研发，将芯片产品与低轨卫星互联网进行结合，同时融合惯导、激光等 多元传感器，实现在产品层面的持续突破，扩展产品在商业航天中的应用场景。"司南导航副总裁孙中 豪表示。 高精度板卡销量迅速增长 "目前在卫星导航芯片和板卡领域，中国方案已经成为国内市场主流。"孙中豪向中国证券报记者表示， 2012年公司高精度板卡年销量约五千片，目前销量已经翻了几十倍。公司年报显示，2024年司南导航高 精度GNSS板卡/模块销量19.66万片，同比增长15.92%；营业收入5965.13万元，产品毛利率接近50%。 高精度GNSS板卡的销量增长得益于卫星导航与位置服务产业及商业航天的发展。2024年发布的《2024 中国卫星（600118）导航与位置服务产业发展白皮书》显示，预计到2033年，全球GNSS设备的年出货 量为22亿台，其中亚太地区将保持最大的市场份额，占全 ...

来源：中国新闻网 基于良好的产业基础，四川对商业航天头部企业的投资吸引力持续增强。"投资四川资阳，是因为我们 公司有不少上下游企业在四川，同时也看好资阳的营商环境和区位优势。"四川星河动力空间科技有限 公司副总经理崔品在接受采访时表示，该公司目前在四川主要开展"谷神星系列"火箭、"疾风系列"靶标 以及新一代固体飞行器研发等业务。今年1月，该公司制造的谷神星一号固体运载火箭在酒泉卫星发射 中心成功发射，将5颗卫星送入太空，这是首枚"四川造"民营商业火箭。 四川也涌现出一批有实力的本土商业航天企业。位于眉山市的环天智慧科技股份有限公司是一家卫星企 业，已成功完成10颗卫星组网，构建了中国首个以智慧城市为主题的"天府星座"。该公司董事会秘书曹 路萍介绍称，针对四川多云多雾的气候特点，该公司今年计划再发射10颗卫星，并结合智慧城市、农业 监测等需求，开发"卫星+AI"的垂直应用产品。 "与北京、上海等地区相比，四川还存在龙头央企核心板块布局不足、规模化整星整箭制造能力不够、 示范场景缺乏等问题。"成都市卫星互联网与卫星应用产业联盟负责人曹宝林建议，四川应积极争取国 家级资源落地，不断提升产业发展能级，围绕整星制造、星 ...

Core Viewpoint - The 2024 Annual General Meeting of Hunan Aerospace Huanyu Communication Technology Co., Ltd. outlines the company's operational achievements, financial performance, and future strategic goals, emphasizing its focus on satellite communication and aerospace equipment sectors. Meeting Procedures - The company has established guidelines for the AGM to ensure the rights of shareholders are protected and to facilitate orderly proceedings [2][3][4]. - Shareholders must register and present necessary identification documents to participate in the voting process [3][4]. - The meeting will include a report on the board's work and discussions on various proposals, followed by voting [6][7]. Financial Performance - The company reported a revenue of approximately 508 million yuan for 2024, marking an increase of 11.36% compared to 2023 [22][29]. - The net profit attributable to shareholders decreased by 24.42% to approximately 101.57 million yuan [22][29]. - The operating cash flow increased by 45.93%, reaching approximately 57.29 million yuan [22][29]. Key Business Developments - The company has successfully developed satellite communication products and is positioned to capture market opportunities in commercial aerospace [7][9]. - A strategic partnership was formed with Beijing Environmental Characteristics Research Institute to enhance product offerings in aerospace technology [8]. - The company is expanding its capabilities in manufacturing composite materials for aviation, responding to the growing demand in the aerospace sector [9][10]. Governance and Compliance - The board of directors has adhered to legal and regulatory requirements, ensuring transparent decision-making processes [10][12]. - The supervisory board has actively monitored the company's operations and financial practices, confirming compliance with relevant laws [18][20]. - The company has established a robust internal control system to safeguard assets and ensure operational integrity [19][20]. Future Outlook - The board aims to enhance corporate governance and operational efficiency while focusing on strategic growth in aerospace and satellite communication sectors [15][16]. - The company plans to leverage emerging opportunities in low-altitude economy and large aircraft manufacturing [15][16].

Core Viewpoint - The military industry sector is currently attracting market attention and is expected to experience a recovery in performance due to improving demand and order fulfillment [1][4]. Group 1: Industry Performance - The military industry has shown significant signs of performance bottoming out, with a notable increase in advance payments and contract liabilities, reaching 177.2 billion yuan by the end of Q1 2025, a 5.36% increase from the beginning of the year [3]. - The revenue growth rates for the military sector from 2021 to Q1 2025 are 18.3%, 10.3%, 4.5%, -1.7%, and -3%, while the net profit growth rates are 28.2%, 7.5%, -8.8%, -41%, and -24.6% respectively, indicating a narrowing decline in profits in Q1 2025 [3]. Group 2: Market Dynamics - The military sector is expected to benefit from a dual-cycle economic environment driven by domestic demand growth and military trade needs, leading to a favorable outlook for the industry [1][5]. - The military ETF (512660) is currently the largest and most liquid in the sector, with a market size of 14.28 billion yuan and an average daily trading volume of 650 million yuan over the past month [2]. Group 3: Future Outlook - The military sector is anticipated to see a continuous recovery in performance as orders are fulfilled, supported by active themes such as low-altitude economy, commercial aerospace, deep-sea technology, and military intelligence [4][5]. - The combination of active themes and improving performance is expected to drive the overall market for the military sector in the coming period, supported by strategic initiatives like the "14th Five-Year Plan" and "Centenary Goals" [5].

今日军工板块高开低走，全市场规模最大、流动性最好的军工ETF（512660）跌超2%，成交额超4.7亿 元，盘中资金持续涌入，连续5天吸金超5亿。 截至5月9日，军工ETF（512660）最新规模 142.8亿元、近一个月日均成交额6.5亿元，连续5天吸金超5 亿。该基金紧密跟踪中证军工指数，涉及航空航天装备、军工电子、船舶、兵器等军工相关领域的龙头 公司，反映军工行业公司的整体表现。截至2025年5月8日，中证军工指数5连阳，自去年9.24以来指数 反弹超35%。 近期，军工板块受到市场资金的关注和追捧。随着年报一季报落地，军工板块业绩底部特征相对显著， 随着后续订单落地和交付，业绩有望逐季恢复。内需增长叠加军贸需求，军工行业有望迎来内外需双循 环景气周期。 中航证券认为，年初以来，低空经济、商业航天、深海科技、大飞机、军事智能化等主题高度活跃。展 望后市，这些大军工新域新质主题仍将会不断深化、反复演绎；同时，伴随着军工基本面有望迎来持续 回暖，主题活跃+业绩提振，将构成未来较长一段时间的二重奏，共同推动军工整体行情的再次到来。 叠加"十四五任务冲刺"+"建军百年目标"+"自主可控国产替代"三重逻辑催化，军 ...

5月8日，沪指盘中震荡上扬，创业板指涨近2%，场内超3800股飘红。截至收盘，沪指涨0.28%报3352 点，深证成指涨0.93%报10197.66点，创业板指涨1.65%报2029.45点。 盘面上看，军工、汽车、银行、建筑、保险、酿酒等板块拉升，大飞机、商业航天、CPO概念等活跃。 不含当日上市新股，今日可交易A股中，上涨个股有3839只，占比71.24%。统计显示，涨停个股中，主 板有92只，北交所1只，创业板9只，科创板3只。以所属行业来看，上榜个股居前的行业有机械设备、 建筑装饰、国防军工行业，上榜个股分别有18只、12只、11只。 东莞证券认为，短期市场或将继续呈现震荡格局，但风险偏好已显现边际改善迹象，整体指数层面的风 险仍处于可控范围之内。随着业绩验证期结束，前期压制小盘成长股表现的因素逐渐消退，科技领域后 续景气度线索逐步得到强化，成长性板块有望获得市场青睐。 东兴证券表示，随着行情趋于活跃，投资者可提升一定仓位，参与结构性行情。大科技板块仍是首选， 重点关注机器人、人工智能、智能驾驶等方向；其次是消费方向，重点关注以家电、消费电子、汽车为 代表的政策红利方向，同时，政策和外部事件催化较多的 ...

证券代码：301005 证券简称：超捷股份 投资者关系活动记录表 编号 2025-007 投资者关系 活动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 参与单位名称及 人员姓名 天风证券 许宸溪 时间 2025年5月8日 下午14:30-15:30 地点 公司会议室 上市公司接待人 员姓名 公司董事会秘书、财务总监 李红涛 投资者关系活动 主要内容介绍 1、目前公司商业航天业务进展情况如何？ 商业航天业务领域广阔，目前业务主要为商业火箭箭体结构件 制造，包括壳段、整流罩、发动机阀门等，公司在2024年已完成产 线建设，目前已经批量交付客户整流罩、壳段等火箭结构件产品。 同时，公司会根据市场情况同步建设燃料贮箱产线。 2、单枚商业火箭公司产品价值量预估有多少？ 目前市场上主流尺寸的一枚商业火箭成本中结构件占比在25% 左右，目前公司可做的壳段、整流罩、阀门等结构件产品价值量约 为1,500万左右，后续完成燃料贮箱产线建设后，单枚火箭结构件 价值量约为2,500-3,000万。 3、公司在商业航天火箭箭体结构件制造方面有什么优势？ ①人才优势，公司有专门商业航天业务团 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 责任编辑：杨赐 建议关注以下几个维度，一是关注前期超跌、悲观预期充分体现的领域，如军工电子、军工材料；二是 关注指数权重股，比如沪深300和A500等指数中的军工权重股；三是关注行业"双击"，待到"十四五"末 订单和业绩的逐步兑现，以及"十五五"计划的逐步明朗，将带来业绩和估值的"双击"；四是关注拥有行 业特殊性溢价的板块，如并购重组、市值管理预期、地缘政治刺激、新质生产力和新质战斗力等带来的 行业溢价。 同时，王宏涛提醒投资者注意投资风险。他特别指出，军贸受国际安全局势等因素影响较大，当前国际 安全局势等因素较为稳定，如果国际政治格局发生不利变化，将可能对公司的经营业绩产生不利影响。 5月8日，A股军工板块延续涨势，近20股涨停或涨超10%，后续行情将如何演绎？哪些热点题材值得期 待？中航证券航空航天首席分析师王宏涛做客新浪证券直播间，为投资者火线解读。直播详情>> 王宏涛分析表示，年初以来，低空经济、商业航天、深海科技、大飞机、军事智能化等主题高度活跃， 这些大军工新域新质主题仍将会不断深化、反复演绎；同时，伴随着军工基本面有望迎来 ...

Core Viewpoint - The military industry sector in A-shares is experiencing a continuation of its upward trend, with nearly 20 stocks hitting the daily limit or rising over 10%. However, the financial performance of military companies shows signs of slowing down, indicating challenges ahead for the sector [1][2]. Group 1: Financial Performance - In 2024, among 239 listed military companies, 88 reported a year-on-year increase in net profit attributable to shareholders, while 151 experienced a decline [1]. - The median revenue growth rate for military enterprises in 2024 is negative for the first time since 2012, and the median net profit growth rate is the lowest in nearly 20 years [1]. - The Q1 2025 financial data for military companies indicates a continuation of the 2024 trend, with further revenue slowdown and negative net profit growth [1]. Group 2: Industry Outlook - The demand for the military industry remains real and urgent, with expectations that downstream demand may be deferred until the end of the "14th Five-Year Plan," setting the stage for a potential rebound [2]. - Recent announcements of large orders from many upstream military companies signal a positive trend in order recovery within the military sector [2]. - The military industry is expected to undergo a revaluation, benefiting from improved asset quality, new growth areas, larger business scales, and higher market ceilings [2]. Group 3: Market Dynamics - The overall sentiment and fundamentals of the military industry are anticipated to recover continuously, with no significant negative factors expected in the near term [2]. - The second half of the year is projected to perform better than the first half, with quarterly performance expected to improve [2]. - Themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence are expected to remain active and deepen, contributing to a potential resurgence in the military sector [2][3].

Core Viewpoint - The article discusses the implications of the U.S. "tariff war" and the record-high defense budget proposal of $1 trillion for the fiscal year 2026, which is a 12% increase from 2025, highlighting potential investment opportunities in the military and defense sectors amid rising geopolitical tensions [1][4]. Group 1: Military Technology Trends - The focus on military automation and intelligence is emphasized, with the U.S. defense budget prioritizing AI military capabilities. The emergence of unmanned and intelligent equipment is transforming combat systems, indicating a shift towards autonomous decision-making in military operations [5]. - The acceleration of next-generation weaponry development is anticipated, particularly in strategic weapons, as global military competition intensifies. The ongoing geopolitical conflicts are expected to increase the urgency for countries to enhance their strategic weapon reserves [6]. - The deep-sea military presence is becoming crucial, with nations expanding their underwater monitoring networks to secure maritime resources and trade routes amid rising international competition [7]. Group 2: Material and Technology Development - The tariff increases are driving advancements in 3D printing and recycled materials in the military sector, as companies seek to reduce costs through innovative material manufacturing processes [7]. - The push for self-sufficiency in high-end military electronics and integrated circuits is accelerating, with the domestic semiconductor industry expected to benefit from the ongoing tariff situation, leading to increased market opportunities [8]. - The commercial space sector is rapidly developing integrated aerospace and satellite internet applications, with significant competition from global players like SpaceX, indicating a growing market for satellite technology [8]. Group 3: Economic and Industrial Impacts - The tariff situation is prompting a shift towards domestic production of large aircraft, with the C919 gaining attention due to increased costs associated with U.S. aircraft imports. This shift is expected to enhance the competitiveness of domestically produced aircraft in international markets [9]. - The low-altitude economy is emerging as a new growth engine for local economies, with various regions in China developing low-altitude economic platforms to stimulate industrial transformation [10]. - The robotics industry is becoming a key driver of domestic demand growth, supported by government policies and market needs, with AI-driven automation projected to contribute significantly to GDP growth [11]. - The military trade sector is expected to grow as China's production capabilities improve, with a shift from focusing solely on domestic needs to exploring international markets due to changing global demand dynamics [12].