（三）精密机床轴承 精密机床轴承近几年发展稳定，产品种类主要为精密机床主 轴轴承和滚珠丝杠轴承。 二、磨料磨具业务领域 国机精工集团股份有限公司投资者关系活动记录表 编号：2025—017 | ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □电话会议 | | | □其他 | | 参与单位名称 | 东兴证券：石伟晶 | | 及人员姓名 | | | 时间 2025 | 年 9 月 23 日 | | 地点 | 国机精工 会议室 | | 上市公司接待 | 董事会秘书：赵祥功 | | 人员姓名 | 投资者关系助理：汪智婷 | | | 1.问：请简单介绍一下公司的主营业务。 | | | 答：国机精工在轴承行业和磨料磨具行业开展业务，提供满 | | | 足国家战略需求的产品、技术和服务，业务涵盖"新材料、基础 | | | 零部件、机床工具、高端装备、供应链管理与服务"五大业务板 | | | 块。总体来看，目前，特种轴承以及超硬材料磨具业务是公司利 | | | 润的主要来源，风电轴承是增 ...

Group 1 - The core viewpoint emphasizes the importance of attracting and retaining long-term capital in creating a high-quality market ecosystem, with regulatory measures aimed at addressing the imbalance between short-term assessments and long-term goals [1] - The China Securities Regulatory Commission (CSRC) has implemented a series of policies to enhance the weight of long-term assessments for state-owned insurance companies and to shift pension fund evaluations from current yield to cumulative yield over three years, thereby promoting active engagement of long-term capital [1] - As of August 2025, the market value of A-shares held by long-term capital is projected to reach 21.4 trillion yuan, reflecting a 28% increase from the beginning of the year [1] Group 2 - The active participation of private equity and venture capital funds is highlighted as a significant aspect of the optimized investment environment during the 14th Five-Year Plan period, with these funds supporting early-stage innovation [2] - By the end of Q2, the scale of private equity and venture capital funds in China reached 14.4 trillion yuan, with 74% of investments directed towards small and medium-sized enterprises and 50% towards high-tech enterprises [1][2] - The optimization of the investment environment is seen as a release of institutional dividends, with measures such as the establishment of the Sci-Tech Innovation Board and improvements in the ETF product ecosystem enhancing market attractiveness [2] Group 3 - The CSRC is focusing on improving the quality of listed companies through a new three-year action plan aimed at combating financial fraud and enhancing corporate governance [3] - Since the beginning of 2023, there has been a one-third increase in the number of financial fraud leads reported, and companies have been mandated to repurchase shares in cases of illegal selling [3] - The reforms are creating a virtuous cycle of resource allocation efficiency, with significant advancements in sectors like artificial intelligence and commercial aerospace, and the ETF market becoming the largest in Asia [3]

Group 1 - The article highlights the importance of major announcements in the stock market, including suspensions, investments, acquisitions, and performance reports, to help investors identify potential investment opportunities and risks [1] - A company holding equity in Shanghai Microelectronics has launched a public service platform for chip testing, indicating a focus on semiconductor technology [1] - Another company has completed important customer validation for its multi-channel 1.6T high-speed communication cables and has begun mass production of industrial robot cables, showcasing advancements in communication technology and robotics [1] - A third company is involved in humanoid robots, controllable nuclear fusion, commercial aerospace, and marine engineering, having completed sample submissions and product iterations for humanoid robot cable products with multiple enterprises [1]

Group 1: Report Basic Information - The research object is Ciskray, belonging to the electronic components industry. The reception time was September 23, 2025. The company's reception staff included the chairman, general manager, board secretary, financial controller, and independent director [16] - The investors who participated in the company's 2025 semi - annual performance briefing online were among the institutions participating in the research [19] Group 2: Company Performance and Business Highlights - In the first half of 2025, Ciskray achieved an operating income of 101 million yuan, a year - on - year increase of 81.76%. The net profit was 3.5842 million yuan, an increase of 6.053 million yuan compared with the same period last year, achieving a turnaround from loss to profit [23] - The core drivers of the significant increase in operating income were the recovery of the military industry's overall demand and the company's remarkable market expansion results [25] - The company adheres to the development strategy of "building a first - class reliability service platform in China, focusing on long - term development, and building a second growth curve" [23][29] Group 3: R & D and Innovation - In the reporting period, the R & D investment was 10,745,799.18 yuan. The number of testing items recognized by CNAS and DILAC increased to 2,580, a year - on - year increase of 28.7% [24] - The company added 1 utility model patent and 24 software copyrights. As of June 30, 2025, it had more than 46,000 sets of test program software and more than 26,000 sets of test adapters, with the number of test programs increasing by 17.9% and the number of test adapters increasing by 8.3% year - on - year [24] - The company had 292 software copyrights and 90 patents, including 39 invention patents, leading among private testing institutions in the industry [25] Group 4: Business Layout in Commercial Space - Ciskray actively promotes the construction of experimental environments for aerospace - related equipment, increases R & D investment and external cooperation in satellite and chip testing, and aims to build a full - industrial - chain base for reliability [25] - The company plans to form a business model with three parallel businesses: military electronic component testing, aerospace satellite testing, and chip testing [25] - The company's wholly - owned subsidiary, Hainan Guoxing Feice, won the right to use state - owned construction land in Wenchang City in March 2025 for the construction of the Ciskray Testing and Reliability Wenchang Engineering Center. It is expected to start generating production capacity in the second half of 2026 [27] - The project in Hainan Guoxing Feice is progressing smoothly. It is planned to invest 400 million yuan to build five leading domestic aerospace testing centers. It is expected to initially form testing capabilities by the end of 2026 and gradually reach full production relying on the "Hundred Rockets and Thousand Satellites" plan [28] Group 5: Company Management and Other Aspects - After the company was punished by the CSRC, it quickly carried out internal rectification, optimized business processes, and strengthened the construction of the compliance management system [29] - In July 2025, the company jointly established a commercial space industry innovation center with 30 other enterprises in Wenchang International Aerospace City [29] - The company strengthens quality control in the detection process, holds regular "quality review meetings", and trains employees' quality management awareness [31] - The company pays attention to the development of AI - related technologies and conducts technical reserves for the testing methods required by new chips [31] - The company strengthens the construction of the R & D team through external recruitment and internal training, and establishes an incentive mechanism to attract and retain talents [31][32]

证券日报网讯广联航空（300900）9月23日在互动平台回答投资者提问时表示，公司在商业航天板块积 极布局，在运载火箭结构部件、航天器配套组件等方面开展技术攻关与产品研发，构建起设计、生产、 检测一体化业务能力，目前已同商业航天产业链内优质伙伴开展合作，积极承接相关业务订单，拓展市 场份额。 ...

Core Viewpoint - The company Shanghai Port Bay is actively involved in various sectors including soil remediation, perovskite batteries, and commercial aerospace, benefiting from the Belt and Road Initiative and the depreciation of the RMB. Group 1: Company Operations - The company has implemented its technologies in multiple coastal provinces and cities in China, as well as in Southeast Asian countries along the Belt and Road, completing over 20 projects related to soft soil foundation treatment [2] - The company focuses on the "going out" strategy, participating in soil improvement and foundation treatment projects in Belt and Road countries, providing green solutions that enhance local ecological environments and contribute to sustainable development [2] - The company specializes in flexible perovskite technology, achieving a certification efficiency of 18.06% for its 30×30 cm modules, placing it among the industry leaders [3] Group 2: Financial Performance - As of the 2024 annual report, the company's overseas revenue accounted for 83.01%, benefiting from the depreciation of the RMB [4] - For the first half of 2025, the company reported revenue of 816 million yuan, a year-on-year increase of 29.34%, while net profit attributable to shareholders decreased by 9.35% to 66.91 million yuan [8] Group 3: Market Position and Shareholder Information - The company is listed on the A-share main board and has a market capitalization of 6.095 billion yuan, with a trading volume of 66.01 million yuan and a turnover rate of 1.09% on September 23 [1] - As of June 30, 2025, the company had 10,300 shareholders, a decrease of 10.13% from the previous period, with an average of 23,541 circulating shares per person, an increase of 11.28% [8] - Major shareholders include Guangfa Small and Medium Cap Selected Mixed Fund and E Fund New Emerging Growth Mixed Fund, with increases in holdings compared to the previous period [9]

Market Performance - The stock indices experienced fluctuations, with the Shanghai Composite Index closing down 0.18% at 3812.83 points, the Shenzhen Component Index down 0.29% at 13119.82 points, and the ChiNext Index up 0.21% at 3114.55 points [1] - The North Stock 50 Index fell by 2.63%, and the total trading volume across the Shanghai, Shenzhen, and North exchanges reached 25,188 billion [1] Sector Analysis - Sectors such as tourism, real estate, pharmaceuticals, steel, brokerage, and non-ferrous metals saw declines, while banking and semiconductor sectors showed gains, with active movements in lithography machines and storage chip concepts [2] - The market is currently in the second phase of a bull market, with three main drivers for the recent rise in A-shares remaining unchanged [2] Future Outlook - According to招商证券, the market typically experiences a pattern of "pre-holiday contraction and post-holiday explosion" in financing before and after the National Day holiday [2] - Following the Federal Reserve's interest rate cut in September, historical data suggests a higher probability of A/H shares rising in the future [2] - Areas of focus for potential investment include solid-state batteries, AI computing power, humanoid robots, and commercial aerospace, along with a mid-term strategy emphasizing high intrinsic return quality growth [2]

Group 1 - The Shanghai Stock Exchange (SSE) aims to enhance the institutional mechanisms supporting technological self-reliance and innovation, focusing on reforms to improve the inclusiveness of the Sci-Tech Innovation Board [1] - The SSE plans to establish a "growth tier" to better serve high-quality companies in frontier technology sectors such as "hard tech," artificial intelligence, commercial aerospace, and low-altitude economy [1] - The SSE will optimize the new stock issuance pricing mechanism and implement significant reforms to support unprofitable companies and those meeting the fifth set of standards for listing [1] Group 2 - The SSE emphasizes the importance of comprehensive supervision throughout the issuance review process, prioritizing substance over form and ensuring accountability in the application process [1] - The SSE will enhance the coverage of on-site inspections for newly listed companies and maintain strict oversight on projects that withdraw applications after supervisory guidance [1] - The SSE intends to moderately expand the range of issuers for Sci-Tech bonds to further support innovation [1]

Group 1 - The 2025 Air Force Aviation Open Day and Changchun Aviation Expo showcased advancements in satellite technology and its applications, positioning Changchun as a significant player in China's commercial aerospace development [1] - The commercial aerospace company Jitianxingzhou has developed a "non-orbit single-pass curve imaging technology," allowing satellites to capture images along arbitrary curve paths, significantly improving efficiency compared to traditional methods [3] - Changguang Satellite demonstrated the "Jilin-1" wide-field 02B series satellite, which can provide high-resolution images with a coverage width of 150 kilometers and a resolution of 0.5 meters, enabling comprehensive coverage of China within half a month [3] Group 2 - Changchun has established a complete ecosystem for the commercial aerospace industry, with hundreds of related enterprises and the capability to produce 200 satellites annually [5] - The integration of satellite remote sensing, drones, and ground sensor data in urban governance is exemplified by the "Starry Sky and Ground Integrated Monitoring System," which provides near-real-time decision support for urban planning [3] - The competition in commercial aerospace is shifting towards manufacturing efficiency and cost control, alongside technological innovation [5]

Group 1 - The core viewpoint of the article highlights Changchun's emergence as a significant hub for China's commercial aerospace industry, showcasing advancements in satellite technology and applications during the recent aviation exhibition [1][4]. - The commercial aerospace company Jitianxingzhou has developed a "non-orbit single-pass curve imaging technology," which allows satellites to capture images along arbitrary curve paths, significantly improving efficiency compared to traditional methods [1][3]. - Changguang Satellite, another prominent company, presented the "Jilin-1" wide-field 02B series satellite, capable of providing high-definition images with a width of 150 kilometers and a resolution of 0.5 meters, enabling comprehensive coverage of China every half month and six times globally each year [1][3]. Group 2 - Changchun's urban governance is increasingly integrating aerospace technology, exemplified by the "Starry Sky and Ground Integrated Monitoring System" developed by the Changchun Surveying and Mapping Institute, which utilizes satellite remote sensing, drones, and ground sensor data for near-real-time decision support in urban planning [3][4]. - The city has established a complete ecosystem for the commercial aerospace industry, with hundreds of related enterprises, supported by a strong optical technology foundation, mature manufacturing capabilities, and government policies [3][4]. - Changchun has the capacity to produce 200 satellites annually, indicating that future competition in commercial aerospace will focus not only on technological advancements but also on manufacturing efficiency and cost control [3][4].