Core Viewpoint - Shaanxi Huada (301517.SZ) has achieved breakthroughs in interconnection technology, focusing on high-reliability interconnect products based on its extensive experience in aerospace engineering [1] Group 1: Technological Advancements - The company has overcome the interconnection technology bottlenecks under the constraints of radiation resistance, high power, and signal integrity [1] - Key technological platforms established include radiation-resistant material systems, power impact-resistant contact structures, ultra-low loss dielectric designs, and precision molding processes [1] Group 2: Comprehensive Solutions - The company possesses the capability to provide high-reliability signal interconnection solutions for spacecraft throughout their entire lifecycle, supported by a complete technology chain from core device design to specialized process manufacturing and full-link reliability verification [1]

Summary of the Conference Call for Zhongshun Co., Ltd. Industry Overview - The commercial aerospace sector is experiencing a surge in demand for harmonic reducers, driven by large-scale satellite deployment projects such as Xinwang and G60, as well as emerging applications like in-orbit maintenance robots. The total market demand is expected to reach tens of thousands of units [2][6]. Key Points and Arguments - **High Price of Aerospace Harmonic Reducers**: Zhongshun Co., Ltd. offers aerospace harmonic reducers at approximately 50,000 yuan each, significantly higher than civilian products priced around 1,000 yuan. This price difference is attributed to material costs (vacuum-resistant non-metal materials, special lubricants), stringent quality control (vacuum and temperature tests, vibration simulations), and full-size inspections [2][7][8]. - **Market Coverage and Clientele**: Zhongshun Co., Ltd. has achieved full coverage in the aerospace reducer market, with major clients including Galaxy Aerospace and Shanghai Mechanical Institute. The company is expected to capture over 50% of the market share in the future due to high trust levels in the commercial aerospace sector [2][9]. - **Expansion into Robotics**: The company is actively expanding into the robotics reducer market, having established connections with leading domestic and international firms. Positive feedback has been received from product testing, and the company is providing technical support to domestic humanoid robot manufacturers [2][10]. - **Production Capacity and Investment**: Zhongshun Co., Ltd. has invested in new testing equipment and hired additional staff to enhance production capacity. With the addition of automated assembly lines, the annual production capacity is projected to reach 70,000 to 80,000 units, with potential expansion to 100,000 units [2][11]. - **Specific Applications of Harmonic Reducers**: In commercial aerospace, harmonic reducers are used in satellite antenna pointing mechanisms, solar wing deployment mechanisms, and camera pointing and zoom mechanisms. Future applications may include satellite orbit adjustment and attitude control using vector electric propulsion technology [3][4]. - **Market Demand and Competition**: The current market demand for aerospace harmonic reducers is driven by large deployment projects, with each project expected to deploy over 10,000 satellites. The competitive landscape includes two main players, with Zhongshun Co., Ltd. positioned favorably due to its technological advantages and pricing power [2][9]. Additional Important Information - **Challenges in Market Entry**: The commercial aerospace sector has high entry barriers, requiring capabilities in design, testing, and understanding of space environments. Many companies struggle to meet the stringent requirements for aerospace applications [12][13]. - **Customer Expectations**: Commercial aerospace clients prioritize verification cycles and long-term support capabilities, necessitating thorough testing and validation of products in space environments [14]. - **Future Plans for Investment and Cooperation**: Zhongshun Co., Ltd. plans to increase investment in Chongqing Steel and may pursue larger-scale cooperation in 2026 to leverage joint advantages in the aerospace sector [17][18]. - **Revenue Projections**: The company anticipates significant growth in its LED driver and plant lighting businesses, with a target revenue of over 2 billion yuan and profits exceeding 200 million yuan by 2026 [19].

苏试试验：公司自主研发的热真空试验设备能够模拟10⁻³Pa～10⁻⁵Pa及以上的真空度环境条件，可实现 冷黑背景下高真空加温度变化的热真空试验，具有高真空度性能、多维精准控温系统、高智能化控制等 特点，适用于航天领域的材料。 普天科技：聚焦通信与算力相关技术及产品研发，在航天通信、卫星导航等领域有业务布局。 *免责声明：文章内容仅供参考，不构成投资建议 长江证券认为，太空算力在能源效率、可扩展性等核心维度具备颠覆性优势，能从根本上突破地面算力 的物理扩张瓶颈。2024年全球数据中心耗电达415太瓦时，占全球用电总量1.5%，而太空算力不受土 地、电网限制，散热优势显著，已成为海外大厂重点探索方向，国内产学研结合下，我国已处于太空算 力赛道领军地位。 产业链方面，太空算力产业涉及卫星制造与发射、耐空间环境算力硬件、太空算力运营等环节，上游为 芯片、太阳能与储能设备供应商，中游包含卫星制造商、发射服务提供商，下游聚焦各类太空算力应用 场景。 据上市公司公告、互动平台及券商研报表示， 据中华网等报道，美国正推进冷战以来最大规模的太空军事化部署，总统特朗普签署行政令将载人登 月、建立月球基地和太空武器防御列为国家优先 ...

2025 年 12 月 21 日 中小盘研究团队 重视火箭核心环节的投资机会 ——中小盘周报 | 周佳（分析师） | 张越（分析师） | 赵晨旭（联系人） | | --- | --- | --- | | zhoujia@kysec.cn | zhangyue1@kysec.cn | zhaochenxu@kysec.cn | | 证书编号：S0790523070004 | 证书编号：S0790524090003 | 证书编号：S0790124120019 | 本周专题：重视火箭核心环节的投资机会 火箭作为一台精密的分级飞行器，需要分级推动载荷入轨。以二级火箭为例，其 结构可以拆分为整流罩、载荷、载荷支架、仪器舱、液氢舱、液氧舱、二级发动 机、一二级间段、一级氧化剂箱、一级箱间段、一级燃料箱、一级发动机、助推 器头锥以及助推器发动机。 整流罩位于火箭顶部，作用包括保护卫星、载荷等；贮箱是火箭的主体结构，累 计长度占火箭总长度约三分之二，占据了箭体 60%的质量，用于储存液氢和液 氧推进剂；液体火箭结构复杂，但具备运载能力强等优势。液体推进剂平时储存 在贮箱内，工作时再输送进发动机燃烧室；而固体推进剂原本就贮存在 ...

Group 1 - The company reported a revenue of 7.72 billion yuan in the first half of 2025, with the liquid rocket engine thrust chamber business generating 23.29 million yuan [1] - Revenue from the liquid rocket engine thrust chamber products is projected to grow from 20.97 million yuan in 2022 to 30.16 million yuan in 2024, maintaining rapid growth into 2025 [1] - The company has initiated a project for the industrialization of materials, parts, and components for liquid rocket engine thrust chambers, with an initial investment of 230 million yuan aimed at achieving an annual production capacity of approximately 200 tons of forgings and various rocket engine components [1] Group 2 - In the high-end medical equipment core components sector, the company holds a significant position in the CT and DR tube components market in China [2] - The company primarily provides products and technical services to domestic CT tube manufacturers while also expanding into international markets [2] - Major clients include Siemens Healthineers, United Imaging, Kunshan Medical Source, and others, with the company becoming a strategic supplier for some of these clients [2]

证券日报网讯12月19日，航天晨光（600501）在互动平台回答投资者提问时表示，公司作为中国航天型 号产品用金属软管定点研制生产单位，陆续为国家多项航天工程（603698）提供配套产品。 ...

证券日报网讯12月19日，航天晨光（600501）在互动平台回答投资者提问时表示，公司可为商业航天地 面发射场加注供气系统配套高压储气罐，为火箭发动机、箭体管路系统配套金属软管，为火箭贮箱配套 隧道管组件等；公司可为核聚变提供杜瓦、冷屏、真空室等大型设备以及相关配套的膨胀节等系统部 件。 ...

来源：@究竟视频微博 【今日股市1218丨指数分化震荡但个股活跃度高 能否继续积极做多？】今日提要【话题】沪指震荡收 红，能否继续上行？【话题】 "犒赏经济"成为消费新模式，能否持续活跃？【观点】 陈文：市场技术 指标趋于钝化，均线系统密集咬合。【观点】徐习瑶：科技方向分歧较大，存储板块有止跌的迹象。 【观点】 吕嵩杰：市场风格重回均衡，化工等低位品种轮动。今日盘面A股三大指数表现分化，截至收 盘，沪指涨0.16%，收报3876.37点；深证成指跌1.29%，收报13053.97点；创业板指跌2.17%，收报 3107.06点。如何看待创业板指的反复表现，短期会如何运行？三市成交额为16770亿，较昨日萎缩1575 亿。量能水平萎缩，短期是否有上攻动能？行业板块涨跌互现，医药商业、航天装备、煤炭、银行、油 气、零售板块领涨，消费电子、电池、光伏、锂矿板块跌幅居前。市场反复个股活跃，短期如何操作？ 个股方面，上涨下跌股票数量相差不多，超70只股票涨停，较昨日明显增加。"犒赏经济"作为新型消费 模式成为今天的市场焦点，三湘印象、浙江众成等十几只个股批量涨停，能否持续活跃？零售板块依然 强势，龙头百大集团六连板，南 ...

继续明显大涨之后，航天卫星产业链今天继续表现强势。 截至收盘，沪指涨0.36%报3890.45点，深证成指涨0.66%，创业板指涨0.49%。板块方面，零售、核电、电池、光伏、计算机等板块上涨明显。其中， 航天装备板块上涨1.51%显著跑赢大盘，卫星产业ETF（159218）上涨0.77%，近20日涨幅达25.52%，走出独立行情，跑赢沪深300指数超22个百分 点。 回顾今年以来，在政策、资本、市场的共振下，商业航天成为全球高度共识要加速发展的超级赛道，国内外股票市场频频走出持续强劲上涨的大行 情。 展望2026年，不少机构认为，商业航天的赛道将迎来更多的投资机遇。 01、爆发元年 1，发射次数。截至2025年11月底，全球已完成290次轨道发射，超过2024年全年261次的历史记录。全年预计达320+次，超过2024年全年261次的历史 记录。平均每月26.4次，正式进入"周更发射时代"。 其中，美国SpaceX主导全球发射，1-11月完成154次（占全球67%），92次为星链任务，猎鹰9号每50个小时就可以一次发射； 中国发射同样提速，年内长征系列完成57次，商业发射38次（同比+46%），民营火箭（如 ...

Core Insights - The company is actively involved in providing high-pressure gas storage tanks for commercial space launch sites, metal flexible hoses for rocket engine and pipeline systems, and tunnel pipe components for rocket storage tanks [1] - In the field of nuclear fusion, the company offers large equipment such as dewars, cold screens, and vacuum chambers, along with related expansion joints and system components [1] - The company aims to strengthen its core supporting advantages in pipeline systems within the commercial space sector while implementing a dual-driven strategy of "hard technology + system services" [1] - In the nuclear fusion sector, the company plans to leverage its core component support advantages to develop related supporting components and establish a comprehensive fusion research and production system [1] Product and Technology Applications - The company has products and technologies applied in the commercial space sector, including high-pressure gas storage tanks and metal flexible hoses [3] - In the controllable nuclear fusion field, the company provides large-scale equipment and components necessary for the development of fusion technology [3] Strategic Development - The company is focused on seizing opportunities in the emerging fields of commercial space and controllable nuclear fusion to enhance its growth and development [3]