证券代码：002967 证券简称：广电计量 公告编号：2025-040 摊薄即期回报、填补回报措施及相关主体承诺的公告 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。 根据《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作 的意见》 广电计量检测集团股份有限公司 关于 2025 年度向特定对象发行 A 股股票 （国办发〔2013〕110 号） 《国务院关于进一步促进资本市场健康发展的 若干意见》 （国发〔2014〕17 号）以及《关于首发及再融资、重大资产重组摊薄 即期回报有关事项的指导意见》 （证监会公告〔2015〕31 号）的相关要求，广电 计量检测集团股份有限公司（以下简称"公司"）就本次向特定对象发行 A 股股 票事项可能对即期回报摊薄的影响进行了认真分析，并提出填补回报措施，相关 主体对公司填补回报措施能够得到切实履行作出承诺。 一、本次向特定对象发行股票摊薄即期回报对公司主要财务 指标的影响 （一）主要假设和前提条件 经营环境等方面没有发生重大不利变化； 发行股票摊薄即期回报对公司主要财务指标的影响，不构成对本次向特定对象发 行股票实际 ...

Fundraising Plan - The company plans to issue up to 67,131,773 shares to raise a maximum of 1.3 billion yuan, with net proceeds primarily allocated to various testing platform projects and working capital [1][2] Project Summaries Aviation Equipment Testing Platform - The project aims to enhance the testing capabilities for general aviation and low-altitude flight equipment, which are crucial for industry upgrades and safety assessments [3][4] - The project aligns with national policies promoting the development of aviation standards and safety verification systems [6][7] New Generation AI Chip Testing Platform - The project focuses on establishing a public service platform for testing AI chips, addressing the need for reliable standards and testing capabilities in the AI sector [9][10] - The AI chip market in China is rapidly growing, with a significant increase in registered companies from 14,700 in 2021 to 20,600 in 2024, indicating a compound annual growth rate of 11.93% [11] Satellite Internet Quality Assurance Platform - The project aims to develop testing and certification capabilities for satellite internet technologies, which are essential for ensuring the quality and reliability of satellite systems [13][14] - The global satellite internet market is projected to reach over $600 billion by 2040, highlighting the significant growth potential in this sector [14][15] Data Intelligence Quality Safety Testing Platform - This project seeks to enhance the company's digital testing capabilities, focusing on the integration of digital services and AI to support the digital economy [16][17] - The initiative aims to create a comprehensive digital transformation platform that includes software evaluation, cybersecurity, and AI services [17] Xi'an Measurement Testing Laboratory Upgrade - The upgrade of the Xi'an laboratory is intended to support the high-quality development of the aerospace and manufacturing industries in the region [19][20] - The laboratory aims to become a leading third-party testing institution in the northwest, enhancing the company's service capabilities and market presence [21][26] Financial Impact - The fundraising will enhance the company's capital strength, improve asset structure, and support sustainable business growth [27]

2025年6月，我国成功将卫星互联网低轨04组卫星送入预定轨道。自2024年12月16日成功发射卫星互联 网低轨01组卫星以来，我国已完成四次低轨卫星发射任务，展现了我国在卫星互联网领域的快速进步。 这也让盛邦安全董事长权小文更加坚定了他多年前的选择，并对公司未来发展充满信心。 从"打短工"到行业标杆： 十五年前，面对老东家的不看好以及网络安全行业日益激烈的竞争，不甘心成为外企"螺丝钉"的权小文 毅然决定创业。面对完全市场化的残酷竞争，创业团队靠着"吹过的牛必须自己兑现"的信念，通过给大 厂"打零工"的方式，慢慢在业内找到一席之地，逐渐站稳了脚跟。 当谈及这段成功的创业历程时，权小文谦逊地表示，其中不乏"运气"的因素。他直言，正是因为工程师 的"迟钝"基因，公司与接连涌现的热门风口擦身而过，当行业回归理性时，迎来了真正属于公司的机 会。从漏洞扫描起步，盛邦安全的业务现已覆盖场景化安全、网络空间地图和卫星互联网安全，成为我 国网络信息安全行业的重要参与者。 工程师的长期主义突围战 "我们内部常讲'坚持长期主义'，要敢于耐下心坐'冷板凳'，唯有这样才能将机会做深做透，好多机会都 是熬出来的。"复盘创业历程，权小文 ...

Group 1 - The central urban work conference emphasized the goal of building innovative, livable, beautiful, resilient, civilized, and smart modern cities, marking a significant shift in urban development strategy in China [1] - The Sichuan Tianfu New Area held the "Beautiful Life in Park City" conference, unveiling the "High-Quality Development Action Plan" and "High-Quality Life Action Plan," aligning with the central government's new urban development requirements [1][4] - Nearly 500 representatives from various sectors gathered to witness the latest practices and visions for integrating modern urban development with high-quality living in Tianfu New Area [1] Group 2 - The conference introduced the "Beautiful Life Open Governance Mechanism," which aims to collect public opinions and address development challenges through regular meetings and direct communication [2] - Nine key projects were signed at the conference, covering social services, entrepreneurship, satellite internet, artificial intelligence, and cultural commerce, supporting the goals of high-quality development and high-quality living [2] - The Tianfu New Area is focusing on creating a "15-minute community happiness living circle" to enhance residents' quality of life through integrated community services [2][3] Group 3 - The "High-Quality Development Action Plan" targets nine major industries, including artificial intelligence and international trade, aiming to elevate industrial capabilities [4][5] - The "High-Quality Life Action Plan" addresses housing, employment, education, healthcare, and environmental sustainability, with specific measures to resolve housing delivery risks and enhance public services [5][6] - The conference highlighted the importance of collaboration among government, market, society, and citizens to realize the vision of a park city with high-quality living [6][7] Group 4 - The education sector in Tianfu New Area has seen significant growth, with the number of quality primary and secondary schools increasing, reflecting the area's role in attracting talent and supporting industry [7] - The conference served as a declaration of Tianfu New Area's commitment to high-quality development and living, aiming to create a vibrant, eco-friendly, and livable urban model [7][8]

Group 1 - The core viewpoint emphasizes that AI and other frontier technologies are profoundly reshaping global communication patterns and development paths, urging BRICS countries to accelerate technological collaboration and industrial cooperation to build a more balanced, inclusive, and resilient AI cooperation ecosystem [1][5] - The integration of AI with display technology is highlighted as a means to lower the barriers to accessing high-quality information and services, particularly benefiting users in underprivileged or remote areas [3][4] - The future of media devices is envisioned as personalized information and service centers equipped with "smart broadcasting brains," capable of deep content analysis and natural human-computer interaction, which can enhance cultural understanding and media service accessibility [4][5] Group 2 - The company is actively developing advanced display materials and technologies, such as ultra-wide, high-transmittance polarizers and AI display motherboards, to ensure reliable operation in diverse environmental conditions across BRICS countries [3][4] - The establishment of a satellite internet network, referred to as "BRICS Sky Chain," aims to enhance regional digital resilience and support the creation of a "digital community" among BRICS nations [4] - The company advocates for an open platform that gathers BRICS wisdom to define an AI development path that respects diverse cultural values, aiming to make AI a bridge for civilizational exchange rather than a tool for cultural homogenization [5]

Core Viewpoint - The approval of the SES-Intelsat merger by the FCC marks a significant consolidation in the satellite industry, creating a leading global satellite operator with enhanced capabilities and a larger satellite fleet, which is expected to reshape the market landscape [1][4]. Group 1: Merger Details - The FCC has approved SES's acquisition of Intelsat for $3.1 billion, following the EU's unconditional approval [1]. - The merger results in a combined satellite fleet of 120 satellites, enhancing SES's operational capabilities and market position [1]. - The new entity will generate approximately 60% of its revenue from high-growth sectors, indicating a strategic focus on expanding into lucrative markets [1]. Group 2: Financial Implications - SES's projected annual revenue post-merger is estimated to reach €3.7 billion, with a compound annual growth rate (CAGR) expected to be in the low to mid-single digits from 2024 to 2028 [3]. - The adjusted EBITDA is forecasted to be €1.8 billion, with plans to achieve over €1 billion in adjusted free cash flow by 2027-2028 [3]. - The merger is supported by a contract backlog exceeding €8 billion, providing clear visibility for future revenue [3]. Group 3: Industry Context - Traditional satellite operators like Intelsat face increasing competition from emerging satellite startups and technologies, particularly from low Earth orbit (LEO) providers like Starlink [2][4]. - The demand for satellite content distribution services is declining due to the rise of terrestrial fiber networks and streaming services [4]. - The merger is seen as a strategic move to consolidate resources and enhance competitiveness against new satellite internet giants [4]. Group 4: Technological Advancements - The combined company will leverage a multi-orbit satellite strategy, integrating capabilities from GEO, MEO, and LEO satellites to provide flexible and diverse connectivity solutions [5][6]. - SES is a key proponent of multi-orbit and hybrid connectivity strategies, aiming to meet various use cases, including IoT and satellite direct communication [6][8]. - The merger will enable SES to invest in new network capacity and technologies, with planned annual capital expenditures of €600 to €650 million from 2025 to 2028 [8]. Group 5: Future Challenges - Concerns exist regarding the merged entity's dominance in the U.S. C-band video programming distribution, although alternative transmission methods are anticipated to become more prevalent [9][10]. - The FCC has noted that SES and Intelsat control over 95% of the U.S. C-band video programming transmission, but other viable alternatives are expected to emerge [9]. - The merger is positioned as a means to enhance competitiveness against LEO operators, which are projected to dominate certain service revenues by 2032 [10].

Core Viewpoint - The aerospace ETF Tianhong (159241) has shown strong performance, with a notable increase in trading volume and significant growth in fund size, driven by key catalysts in the military industry and increasing market interest [3][4][5]. Group 1: ETF Performance - As of July 18, 2025, the aerospace ETF Tianhong (159241) rose by 1.76%, with a turnover rate of 19.89% and a transaction volume of 783.29 million yuan, indicating active market trading [3]. - The fund's size reached 391 million yuan, with a total of 344 million shares, reflecting an 80% increase in shares year-to-date, the highest among similar products [3][4]. Group 2: Key Catalysts in Military Sector - The upcoming grand military parade is expected to showcase the latest achievements in military equipment, highlighting China's capabilities in joint command and operational support [4]. - The anticipated commissioning of the Fujian aircraft carrier, China's first fully domestically designed and built catapult aircraft carrier, is generating significant market interest due to expected demand for carrier-based aircraft [4]. - Successful military trade collaborations, including a $1 billion deal with the UAE for 350 low-altitude aircraft, are expanding order volumes and enhancing China's military export prospects [4]. Group 3: Industry Outlook - The defense and military industry is entering an upward cycle, with domestic demand expected to rise due to military modernization efforts transitioning from mechanization and informatization to intelligent and unmanned systems [4]. - The global geopolitical landscape is increasing military trade demand, with China's products gaining recognition for performance and supply capabilities, potentially reshaping the global military trade landscape [4]. Group 4: ETF Characteristics - The aerospace ETF Tianhong (159241) closely tracks the National Aerospace and Aviation Industry Index, focusing on key sectors such as aircraft and satellite industries, aligning with emerging themes like commercial space [5]. - The index has the highest "military content," with 98.2% of its constituent stocks belonging to the defense and military industry, surpassing traditional military indices [6]. - It also leads in "drone content," with significant participation from companies involved in drone technology, making it the index with the highest drone exposure in the market [7]. - The index covers the aerospace industry chain comprehensively, with over 69% weight in aerospace, aviation, and naval equipment, marking it as the highest in "aerospace content" among military indices [8]. - The index constituents exhibit stronger technological attributes, aligning with the trend of high-end development in the military sector, and have outperformed traditional military indices in terms of returns over the past year [9].

Core Viewpoint - The aerospace ETF Tianhong (159241) has shown strong performance, with significant inflows and a notable procurement agreement in the eVTOL sector, indicating a bullish outlook for the aerospace industry [2][3]. Group 1: ETF Performance - As of July 17, 2025, the aerospace ETF Tianhong (159241) increased by 3.19%, with a trading volume of 83.39 million yuan and a turnover rate of 20.71% [2]. - The latest scale of the aerospace ETF Tianhong reached 395 million yuan, with a total of 360 million shares, both hitting record highs since inception [2]. - The ETF has seen a net inflow of 24.46 million yuan over the past four days, indicating strong investor interest [2]. Group 2: Industry Developments - On July 16, a procurement agreement worth 1 billion USD was signed between UAE's Autocraft and China's Shide Technology for 350 units of E20eVTOL, marking the largest single eVTOL order in China to date [2]. - The agreement is expected to deliver the first batch of orders after obtaining the airworthiness certificate from the Civil Aviation Administration of China [2]. Group 3: Military Trade Insights - China Aviation Industry Corporation (AVIC) has emphasized military trade as a core business, establishing a dedicated committee to streamline decision-making processes [3]. - Analysts predict that geopolitical conflicts will enhance the valuation of Chinese military enterprises, with a focus on military trade and new defense industry opportunities [3]. - The military industry is expected to see a gradual recovery in performance in Q2 2025, with an optimistic outlook for industry prosperity [3]. Group 4: ETF Investment Strategy - The aerospace ETF Tianhong closely tracks the National Aerospace and Aviation Industry Index, focusing on key sectors such as fighter jets and satellite industries [4]. - The ETF's constituent companies are well-positioned to benefit from emerging themes like commercial aerospace and low-altitude economy [4]. Group 5: Index Highlights - The index has a high "military content," with 96.24% of its constituents belonging to the defense and military industry, surpassing other military indices [5]. - It also leads in "drone content," featuring companies deeply involved in drone technology, making it the highest in the market [6]. - The index covers the aerospace industry chain comprehensively, with over 73% weight in aviation and aerospace equipment [7]. - The index constituents exhibit stronger technological attributes, aligning with the trend of high-end development in the military and aerospace sectors, achieving a return of 31.68% over the past year [8]. - The forecasted revenue growth for the index in 2025 is projected at 42.73%, exceeding traditional military indices [9].

Group 1 - The communication industry is experiencing multiple catalysts, with ongoing support for the satellite internet sector and increasing policy backing, leading to deeper industry development [1] - Research on 5G-A and 6G standards is progressing, highlighting relevant investment opportunities [1] - Nvidia has launched several new products, further driving demand for computing power, which benefits the communication equipment supply chain [1] Group 2 - The communication ETF tracks the communication equipment index, which is compiled by China Securities Index Co., Ltd., selecting listed companies from the A-share market involved in communication network infrastructure and terminal equipment [1] - Investors without stock accounts can consider the Guotai CSI All-Share Communication Equipment ETF Connect C (007818) and Guotai CSI All-Share Communication Equipment ETF Connect A (007817) [1]

Core Viewpoint - The report highlights the performance and investment strategy of the Yongying High-end Equipment Select Mixed Fund, focusing on the satellite internet sector as a key investment opportunity in the high-end equipment industry, with a notable net value growth during the second quarter of 2025 [1][2]. Fund Overview - The fund is managed by Yongying Fund Management Co., Ltd. and is a mixed-type open-end fund that primarily invests in high-end equipment-related assets [1]. - As of the end of the reporting period, the total fund shares amounted to 691,393,948.39 [1]. Financial Performance - The net value growth rate for Class A shares was 4.80% during the reporting period, while Class C shares saw a growth rate of 4.69% [4][5]. - The performance benchmark for Class A shares yielded a return of 0.67% during the same period [4]. Investment Strategy - The fund aims to achieve medium to long-term stable appreciation of net asset value while controlling risks through diversified asset allocation strategies, including stocks, fixed income, and derivatives [1][2]. - The fund's investment focus is on the satellite internet sector, which is seen as a critical area for future growth and technological advancement [2][4]. Sector Analysis - The report indicates that the satellite internet sector is gaining traction due to increased military orders and the normalization of satellite launches, with significant developments in low Earth orbit satellite networks [2][4]. - The fund's investment strategy includes monitoring the progress of satellite internet projects and the advancement of key technologies within the industry [2]. Portfolio Composition - As of the reporting period, the fund's assets were primarily allocated to the manufacturing sector (84.04%) and information technology services (10.28%), with a total equity investment of approximately 529.14 million yuan [5]. - The fund did not hold any bonds or asset-backed securities during the reporting period [5]. Shareholder Information - The report details the changes in fund shares, with Class A shares totaling 138,536,669.50 and Class C shares totaling 552,857,278.89 at the end of the reporting period [5][6]. - The fund management did not utilize proprietary funds for investment in the fund during the reporting period [6].