Group 1 - The core viewpoint of the news is that Huali Chuangtong's stock price increased by 5.11% to 25.71 CNY per share, with a trading volume of 889 million CNY and a turnover rate of 6.87%, resulting in a total market capitalization of 17.037 billion CNY [1] - Huali Chuangtong, established on June 1, 2001, and listed on January 20, 2010, is based in Beijing and operates in various sectors including satellite navigation systems, radar simulation testing equipment, broadband signal recording and generation, general signal processing platforms, and urban rail transit equipment [1] - The company's main business revenue composition includes satellite applications (48.32%), electromechanical simulation testing (21.90%), simulation application integration (12.01%), radar signal processing (10.70%), agency and others (5.77%), and rail transit applications (1.30%) [1] Group 2 - Among the top ten circulating shareholders of Huali Chuangtong, a fund under Southern Fund holds a position, specifically the Southern CSI 1000 ETF (512100), which reduced its holdings by 52,000 shares in the third quarter, now holding 4.8494 million shares, accounting for 0.94% of circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY, achieving a year-to-date return of 23.99% and a one-year return of 20.22% [2]

长信国防军工量化混合A（002983）基金经理为宋海岸。 截至发稿，宋海岸累计任职时间7年312天，现任基金资产总规模64.95亿元，任职期间最佳基金回报 151.43%， 任职期间最差基金回报-26.88%。 从基金十大重仓股角度 数据显示，长信基金旗下1只基金重仓振芯科技。长信国防军工量化混合A（002983）三季度持有股数 913.52万股，占基金净值比例为5.09%，位居第八大重仓股。根据测算，今日浮盈赚取约1023.14万元。 12月18日，振芯科技涨5.08%，截至发稿，报23.17元/股，成交3.16亿元，换手率2.45%，总市值131.58 亿元。 资料显示，成都振芯科技股份有限公司位于四川省成都市高新区高朋大道1号，成立日期2003年6月12 日，上市日期2010年8月6日，公司主营业务涉及公司围绕北斗卫星导航应用的"元器件-终端-系统"产业 链提供产品和服务,主要从事北斗卫星导航应用关键元器件、特种行业高性能集成电路、北斗卫星导航 终端的设计、开发、生产和销售,以及北斗卫星导航定位应用系统的开发和建设。主营业务收入构成 为：集成电路业务50.23%，北斗导航综合应用35.43%，智慧城市建 ...

证券日报网讯12月17日，四维图新（002405）在互动平台回答投资者提问时表示，四维图新参股公司六 分科技已落地多个卫星导航定位系统商业化应用场景，包括为滴滴青桔等共享单车提供实时高精度位置 信息、乘用车软硬服一体定位终端、消费类和专业类定位设备、面向低速无人车的P+V(高精度定位服 务+环境感知)方案和具身智能小脑-空间X运动能力解决方案等。 ...

每经AI快讯，有投资者在投资者互动平台提问：贵公司的航天北斗导航相关技术，都应用到哪些领 域？ 航锦科技（000818.SZ）12月17日在投资者互动平台表示，在北斗产业链领域，公司控股公司武汉导航 院研发产品能够提供基于北斗卫星网络的高精度定位服务。 （文章来源：每日经济新闻） ...

从科创板撤单逾一年，长沙北斗产业安全技术研究院集团股份有限公司（以下简称"北斗院"）再次叩响 资本市场大门，公司科创板IPO近期进入问询阶段。此次二度闯关IPO，北斗院的老问题仍存，应收账 款呈现增长趋势。同时，也有新疑点待解，北斗院欲募资补流的同时，上半年现金分红1640万元。 再冲科创板 上交所官网显示，北斗院科创板IPO于11月21日获得受理，并于12月11日进入问询阶段。 招股书显示，成立于2016年的北斗院，专注于卫星导航、航天测控两大领域的技术与产品的研发、生产 与销售。值得一提的是，此次已是北斗院第二次向科创板发起冲击。公司前次IPO于2023年5月30日获 得受理，并于当年6月23日进入问询阶段。不过，去年9月26日，北斗院撤回了IPO申请。 与此前的申报信息相比，本次北斗院的公司全称由"长沙北斗产业安全技术研究院股份有限公司"变更 为"长沙北斗产业安全技术研究院集团股份有限公司"。此外，北斗院还变更了募投项目，并且拟募资额 也由5.08亿元增至7.09亿元。 重启IPO的背后，北斗院年度净利持续增长。2022—2024年及今年上半年，北斗院营收分别约2.43亿 元、2.85亿元、3.25亿元 ...

东 兴 晨 报 东兴晨报 P1 2025 年 12 月 16 日星期二 经济要闻 1. 上交所: 上交所公告，沐曦集成电路(上海)股份有限公司 A 股股票将在 本所科创板上市交易。该公司 A 股股本为 40010 万股，其中 1813.8973 万股 于 2025 年 12 月 17 日起上市交易。（资料来源：同花顺） 8. 国家发改委：国家发改委在《求是》杂志发表文章《坚定实施扩大内需 战略》中指出，加快健全扩大内需体制机制。推动清理汽车、住房等消费不 合理限制性措施，建立健全适应消费新业态新模式新场景的管理办法（资料 来源：同花顺） 9. 北京：据北京市统计局消息，1-11 月，全市新建商品房销售面积 894.8 万平方米，同比下降 4.6%。其中，住宅销售面积 618 万平方米，下降 6.9%； 办公楼 53.7 万平方米，下降 14.5%；商业营业用房 45 万平方米，下降 15.8%。 （资料来源：同花顺） 10. 重庆：《重庆市加氢站行业发展规划(2025—2035 年)》印发。其中提到， 统筹规划，适度超前。按照"城乡统筹、区域协调、重点突出、集约高效" 的思路，系统推进加氢站及配套设施建设布局 ...

Core Viewpoint - Changsha Beidou Industry Safety Technology Research Institute Group Co., Ltd. (referred to as "Beidou Institute") is making a second attempt to go public on the Sci-Tech Innovation Board (STAR Market) after withdrawing its previous IPO application in September 2024. The company is facing ongoing issues, including a rising trend in accounts receivable, while also planning to raise funds for operational liquidity and other projects [1][4][9]. Group 1 - Beidou Institute's IPO was accepted on November 21 and entered the inquiry stage on December 11 [4]. - The company focuses on satellite navigation and aerospace measurement and control, with products including navigation signal simulators and drone control systems, serving various industries such as defense, commercial aerospace, and education [4][5]. - The company has changed its name from "Changsha Beidou Industry Safety Technology Research Institute Co., Ltd." to "Changsha Beidou Industry Safety Technology Research Institute Group Co., Ltd." and increased its fundraising target from 508 million yuan to 709 million yuan [4][5]. Group 2 - The funds raised will be allocated to product upgrades, industrialization projects, research center projects, information system construction, technology reserves, and working capital, with specific amounts designated for each area [5]. - As of the signing date of the prospectus, Hunan Guoke Defense Electronics Technology Co., Ltd. holds a 39.57% stake in Beidou Institute, making it the controlling shareholder [5]. Group 3 - In the first half of 2025, Beidou Institute distributed cash dividends of 16.4 million yuan while planning to use 8 million yuan from the IPO proceeds for liquidity [6]. - The company has shown consistent revenue growth, with reported revenues of approximately 243 million yuan, 285 million yuan, 325 million yuan, and 112 million yuan for the years 2022 to 2025 [6]. Group 4 - Beidou Institute's accounts receivable have been increasing, with values of approximately 135 million yuan, 191 million yuan, 241 million yuan, and 271 million yuan over the reporting periods, representing 25.07%, 30.12%, 32.83%, and 31.06% of current assets, respectively [9]. - The company attributes the slow collection of accounts receivable to lengthy payment approval processes and the "back-to-back" settlement method prevalent in the military industry [9]. Group 5 - The company's inventory values were approximately 67.09 million yuan, 77.36 million yuan, 77.22 million yuan, and 106 million yuan, accounting for 12.5%, 12.22%, 10.54%, and 12.14% of current assets, respectively [10]. - Research and development expenses were approximately 34.41 million yuan, 45.16 million yuan, 52.44 million yuan, and 21.57 million yuan, representing 14.17%, 15.84%, 16.12%, and 19.31% of revenue [10].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, projecting a target price range of 35.7 to 41.7 CNY, indicating a potential upside of 16% to 36% from the current market value [6][17]. Core Insights - The company, Huace Navigation, is a leading player in China's BeiDou satellite navigation sector, benefiting significantly from the development of the BeiDou system and focusing on high-precision GNSS technology and products [2][30]. - The company achieved a revenue of 3.251 billion CNY in 2024, representing a year-on-year growth of 21.38%, and a net profit of 583 million CNY, with a growth rate of 29.84% [12][45]. - Huace Navigation has established a robust product ecosystem across four main business segments: Resources and Public Utilities, Construction and Infrastructure, Geographic Information, and Robotics and Autonomous Driving, emphasizing high-precision navigation technology [4][34]. Summary by Sections Company Overview - Huace Navigation was founded in 2003 and has focused on high-precision BeiDou/GNSS technology and solutions, achieving significant growth in revenue and profit since the establishment of the BeiDou system [2][30]. - The company has a well-structured equity incentive system that covers over 50% of its core employees, enhancing motivation and performance [3][40]. Market Potential - The BeiDou satellite navigation industry is projected to grow significantly, with the core output value expected to reach approximately 169.9 billion CNY by 2024, driven by the completion of the BeiDou system and supportive policies [5][12]. - The company is well-positioned to benefit from the growing demand for high-precision navigation products, particularly in the agricultural sector, where it holds a leading market share [13][45]. Product Development - Huace Navigation has developed its high-precision navigation chips, achieving self-sufficiency in core technology, with the first-generation chip "Xuanji" launched in 2020 and subsequent advancements planned [12][57]. - The company has launched a satellite-based augmentation service platform, PointX, which aims to provide global high-precision spatial information services [13][82]. Financial Performance - The financial outlook for Huace Navigation is positive, with projected revenue growth rates of 22.6%, 20.2%, and 18.4% for 2025, 2026, and 2027, respectively, alongside net profit growth rates of 27.25%, 25.74%, and 24.08% [18][45]. - The company’s revenue structure indicates a strong reliance on its primary business segments, which contribute approximately 75% of total revenue, showcasing the growth potential in precision agriculture and construction sectors [50].

据工信部官网，2025年12月10日至12日，国际电信联盟第609号决议第22次磋商会议在阿联酋阿布扎比 召开，来自17个国家和地区的30余个卫星导航系统操作单位参与磋商讨论，国际电信联盟无线电通信局 官员作为观察员参加会议。第609号决议磋商会议的目的是，通过建立磋商机制确定各国卫星导航系统 在1164-1215MHz频段空间电台的功率份额，严格确保所有系统的功率总量不超过规定限值，以保护该 频段内的航空无线电导航业务不受有害干扰。经多方协调，我国提案得到会议采纳，进一步巩固了我国 卫星导航系统已纳入磋商的国际规则地位。同时，我国专家当选国际电信联盟第609号决议下一周期磋 商会议（2026年至2028年）召集人。工业和信息化部无线电管理局组织中国卫星导航定位应用管理中 心、国家无线电频谱管理中心、北京卫星导航中心、中国卫星网络集团有限公司和北京未来导航科技有 限公司等单位的11名代表参加本次会议。 ...

证券日报网讯12月15日，云鼎科技（000409）在互动平台回答投资者提问时表示，公司部分产品系军民 融合领域，主要产品有基于北斗+无线自组网通信的系列产品、北斗三号短报文终端、卫星导航定位模 块等，以上产品可实现自组网通信，卫星通信、定位等功能。 ...