招股书显示，国星宇航当前仍处于亏损状态。另据财报，商业航天产业链上的一些上市公司 也面临盈利难题，比如中国卫星今年上半年出现亏损，中国卫通未亏损但净利润同比大幅下 降。 近日，成都国星宇航科技股份有限公司向港交所递交上市申请书，继续向"港股商业航天第一股"发起冲 刺。 创投日报记者注意到，本次为国星宇航二次申请递交申请。此前于2025年1月27日，国星宇航首次向港 交所递交招股书，但由于证监会要求补充说明相关信息，且招股书已满 6 个月，该申请于 7 月 27 日失 效。 公司方面称，业绩增长得益于在轨运行及空间AI技术领域的进展，以及卫星制造流程及量产能力升级 优化两项主要因素。 2025年5月14日，国星宇航发射了全球首个由12颗AI智算卫星组成的AI智算卫星星座。 截至最后实际可行日期，公司自主开发了6颗AI有效载荷、4颗AI应用卫星和16颗AI智算卫星，同时完 成了14次太空任务。其中， XSD-15成为全球首颗验证在轨运行AI大模型的卫星。 近期国星宇航的"星算计划"颇受市场关注，业内人士将其与Space X部分业务类比。 据国星宇航执行副总裁赵宏杰此前介绍，"星算"计划由2800颗计算卫星组网构成 ...

Core Viewpoint - The article emphasizes the strategic significance of "technology finance" in China's economic transformation and global competition, highlighting the integration of finance and technology in fostering new productive forces and achieving high-quality development [2]. Group 1: Financial Empowerment in Emerging Industries - The government work report for 2024 highlights the importance of developing a modern industrial system and nurturing new growth engines, including commercial aerospace, which is now recognized as a representative of new productive forces [3]. - Beijing Xinghe Power Aerospace Technology Co., Ltd. has successfully launched rockets multiple times, positioning itself as a leader in the commercial aerospace sector, despite facing challenges such as a recent launch failure [3][4]. - Yuekai Capital's strategic investment in Xinghe Power is aimed at accelerating the development of commercial aerospace and supporting the construction of a strong aerospace nation [4]. Group 2: Long-term Investment Strategy - Yuekai Capital focuses on creating a value-creation loop that integrates capital patience, technological breakthroughs, and industrial transformation, emphasizing post-investment value creation rather than just financial returns [5]. - The company has made significant investments in the low-altitude economy and biomedicine sectors, including leading financing rounds for companies like Xiaopeng Huitian and Guangzhou Anjisheng, to support innovative projects and accelerate their market entry [6]. - The concept of "patient capital" is highlighted as essential for overcoming the challenges faced by technology companies, with Yuekai Capital adopting a long-term investment approach to foster sustainable growth [7][8].

Group 1 - The article emphasizes the strategic significance of "technology finance" in China's economic transformation and global competition, highlighting the deep integration of finance and technology in fostering new productive forces and achieving high-quality development [1] - Guangdong Kai Securities, through its wholly-owned subsidiary Guangdong Kai Capital, focuses on core areas of new productive forces such as renewable energy, biomedicine, commercial aerospace, and low-altitude economy, providing comprehensive services to innovative enterprises from startup to IPO [1][3] - The 2024 government work report includes commercial aerospace for the first time, marking it as a representative of new productive forces, alongside biomanufacturing and low-altitude economy [2] Group 2 - Beijing Xinghe Power Aerospace Technology Co., Ltd. (Xinghe Power) is noted for its successful rocket launches, having achieved 19 successful launches by May 2025, placing it among the top global commercial rocket service providers [3] - Guangdong Kai Capital made a strategic investment of 100 million yuan in Xinghe Power's C+ round financing, despite a recent launch failure, indicating confidence in the company's long-term potential [2][3] Group 3 - Guangdong Kai Capital emphasizes the importance of creating a value chain that includes "capital patience, technological breakthroughs, and industrial transformation" to support technological innovation [4] - The company focuses on post-investment value creation, integrating industry resources to help enterprises enhance their core competitiveness and achieve sustainable growth [4][5] Group 4 - In the low-altitude economy sector, Guangdong Kai Capital led a strategic investment in XPeng Heavens' B1 round financing to support the development of flying cars, with a manufacturing base set to be the world's first large-scale production facility for flying cars [4][5] - In the biomedicine sector, Guangdong Kai Capital led a B+ round financing for Guangzhou Anjisheng, aiming to accelerate the global development of innovative treatments for severe musculoskeletal diseases [6] Group 5 - The concept of "patient capital" is highlighted as a strategic choice in the current challenging macroeconomic environment, with Guangdong Kai Capital adopting a long-term value investment approach to support high-tech enterprises [7][8] - The company has been recognized in various rankings for its fundraising competitiveness and investment capabilities in the Greater Bay Area and growth-oriented investment sectors [7]

"无钢"的济钢,现在不仅能"造卫星",也能"造火箭"。近日,济钢集团计划在济南临港经济开发区建设"大载 重火箭总部及总装制造基地项目"。这标志着济南成为国内不多的同时拥有商业卫星总装与火箭总装能 力的城市。这条"问天之路",济南如何越走越有力量? 记者 李梦瑶 济南报道 预计年产火箭25发 火箭领域构建完整产业链 根据济钢集团"大载重火箭总部及总装制造基地项目"的规划,天兵科技两级可回收运载火箭总部和制造 基地项目总建筑面积超过5万平方米,将建设三大主体建筑,分别是火箭总装测试厂房、动力站、零部件制 造厂房。据悉,项目预计年底开工,建成后预计可生产制造卫星版火箭和洲际运输版火箭25发。 济钢与天兵科技的携手,堪称传统工业基底与新兴航天势力的完美结合。成立于2019年的天兵科技,其标 志性成就当数2023年4月天龙二号液体运载火箭的成功首飞,是全球第一家液体火箭首飞即成的民营火箭 研制企业,开辟了我国商业航天从固体向液体运载火箭跨越的新时代。而告别"钢铁时代"的济钢,已明确 将空天信息产业作为核心方向,剑指空天信息产业"链主"企业。 值得关注的是,济南在火箭领域的布局并非"单点突破"。此前,济南已引入另一航天重 ...

中科星图 20250829.docx AceCamp AI 2025-08-30 摘要 2025 年上半年，中国星图归母净利润同比增长 22.82%，但扣非归母 净利润为负，主要受印度 GT 较多及研发投入增加影响。研发投入同比 增长 38%，显示公司对未来经营的信心。 中国星图实施"一体两翼"战略，地理信息占收入 80%，商业航天和低 空经济分别占比 14.34%和 4.73%。低空经济首次进入财报，商业航天 由新图测控和星图天成主导，预计新兴领域将有更高增速和毛利率。 公司重新划分行业营业收入，一体（特种和民用领域）占 80%，两翼 （商业航天和低空经济）分别占比 14.34%和 4.73%，旨在更清晰地观 察各业务板块发展速度。 中兴通提出"空天地一体化"布局，包括地理信息、商业航天和低空经 济，强调算力基础设施，通过无人机补充卫星能力，构建智能地球，并 计划在新通云上构建四大出口。 中兴通推出五位一体的低空产品矩阵，覆盖低空经济规划到安全保障等 环节，已与 140 个城市展开合作，并将在未来三年内持续扩展市场影响 力。 Q&A 中国星图 2025 年上半年经营指标表现如何？ 2025 年上半年，中国星 ...

商业航天高密度发射，火箭链和卫星链双受益 20250829.docx AceCamp AI 2025-08-30 摘要 中国商业航天在 2017 年后加速发展，受益于高通量卫星技术成熟，主 要项目包括国家队主导的"星网"和民间资本参与的"G60"，两者均在 2024 年后频繁发射，旨在抢占低轨卫星互联网市场。 低轨卫星相较于地面基站具有高覆盖、低延时、宽带化和低成本优势， 适用于偏远地区通信、海洋作业和航空通信等特殊场景，尤其在传统基 站难以覆盖的区域提供稳定高速通信服务。 全球商业航天竞争激烈，各国需遵循 ITU"先到先得"原则抢占频段资源。 美国 SpaceX 的 Starlink 已申请大量卫星，各国加紧布局以避免资源缩 减风险，并需在规定时间内启动发射。 商业航天正向宽带互联网方向发展，从早期语音和物联网服务转向高通 量宽带服务。Starlink 引领市场，各国加紧布局频段资源，商业航天市 场前景广阔，将对全球通信体系产生深远影响。 商业卫星星座已应用于军事作战，如俄乌冲突中 Starlink 为乌克兰提供 战场优势，帮助乌军使用无人机摧毁俄军坦克，改变战争形态，凸显商 业航天在军事领域的重要性。 Q ...

摘要 / 高位震荡还是进一步上冲 今天看了明河投资写的文章，还真有那么点道理。 正愁找不到标题呢，哈哈哈！ "由于经历了漫漫熊市缺乏赚钱效应，消费股依然是狗都嫌的状况，尤其在科技 股一天20%的诱惑下，消费一天不涨就等于下跌20%。 好在我们经过对赌场模 式的深入学习和再认知，发现能从里面能赚钱出来的人还是少数，相当部分人在 90%的时间赚钱，在最后10%的时间输掉短裤，甚至还不如在赌场门口卖茶叶蛋 的——卖一单赚一单，积少成多，胜率接近100%。" 据诚通证券，2016年以来结构性牛市中，单一行业集中度的上限在18-20%左 右。TMT行业集中度也已高达38.98%，逼近2024年10月的高点。 从资金流入角度来看，创业板和科创板ETF净赎回金额扩大，表明当前高估值或 成长性题材承接了资金撤离压力，结构存在高低切换情况。从资金面结构的角度 来看，机构资金自8月初已进入净流出状态，本周这一趋势进一步加剧，表明机 构整体对市场持更加谨慎态度。 不过我也不是完全看空科技哈，因为这行业的叙事能力太强了，加上地缘政治的 演绎，一个20cm就足以让人拍断大腿！ | | | 券商周度策略核心观点速览 | | | --- ...

8月行情收官，9月行情明天开启。 8月份，A股主要指数纷纷上涨，上证指数连破3700点、3800点两大整百关口，科创板及AI科技一马当 先。但在指数上涨的背后，却存在让人吃惊的一面：8月有四分之一的个股竟然收跌。行情割裂，一部 分人狂嗨，一部分人却有些落寞。 那么，9月行情会如何演绎？后市机会又在哪里？今天，达哥和牛博士就大家关心的话题展开讨论。 牛博士：达哥，你好，又到周末我们聊市场的时间。周一，大盘跳空上涨，但随后就陷入震荡，9月会 再创新高并走出趋势行情吗？当前有哪些值得关注的地方？ 道达：8月行情，主线板块的行情一片火热，让人感慨。不知道大家8月份的收益如何，可以在文末就8 月收益进行投票。 首先，来说一下大盘。 当前上证指数临近6124点与5178点的连线。历史上4次在突破重量级高点连线之前，基本上都有小震荡 或平台整理。这方面，我在8月25日及时提示过。 假如上证指数突破6124点与5178点的连线，那么后续会如何呢？我们同样可以借鉴历史走势，供大家参 考。 1999年6月、2006年4月、2014年9月、2020年7月，4次突破重量级高点连线之后，市场再度上涨了8-15 个交易日，随后宽幅震荡了 ...

8月25日，成都国星宇航科技股份有限公司(以下简称"国星宇航")更新招股书，再度推进港交所主板上 市进程，冲刺"商业AI卫星第一股"。随着招股书的更新，国星宇航在技术研发、业务增长及行业布局方 面的成果逐渐清晰，不仅展示出国星宇航迈入AI智算卫星赛道的新发展阶段，亦书写出整个计算卫星 产业的强劲动力。 招股书显示，作为中国AI智算卫星研究、设计与生产的领先者，国星宇航于2018年12月发射了中国第 一颗AI应用卫星，并于2024年2月发射了中国第一颗AI智算卫星。2025年5月14日，国星宇航成功发射 了全国首个由12颗AI智算卫星组成的AI智算卫星星座。援引弗若斯特沙利文数据显示，以2024年收入 计，国星宇航在管理卫星行业全价值链的所有中国民营商业航天公司中排名第二。 上海技术物理研究所研究员、国科大杭州高等研究院院长王建宇此前对《证券日报》等媒体记者表示， 随着航天设备产生的数据量不断增加，将数据全部送至地面再进行处理的及时性会受到影响，发展太空 计算有其必要性。"谁先进入天算领域，谁就占据了优势。" 技术跃迁：从AI应用卫星迈进AI智算卫星 2025年5月14日，国星宇航成功发射全球首个由12颗AI智 ...

Core Insights - Zhongke Xingtou Co., Ltd. reported a strong performance in the first half of 2025, with revenue of 1.348 billion yuan, a year-on-year increase of 22.03%, and a net profit of 78 million yuan, up 22.82% [1] - The company's "one body, two wings" strategy, focusing on geographic information as the foundation and commercial aerospace and low-altitude economy as the wings, has shown significant growth, particularly in the emerging sectors of low-altitude economy and commercial aerospace [1][2] Financial Performance - The company achieved an operating profit of 124 million yuan, reflecting a 42.67% increase year-on-year [1] - The low-altitude economy segment generated 64 million yuan in revenue, accounting for 4.73% of total revenue, while the commercial aerospace segment brought in 193 million yuan, representing 14.34% of total revenue and a remarkable growth of 137.51% [1] Business Segments - The geographic information segment remains the largest, contributing 1.091 billion yuan, or 80.93% of total revenue, with a growth of 6.60% [1] - The low-altitude economy has seen a breakthrough, establishing a comprehensive product system that spans planning, safety assurance, collaborative regulation, flight services, and application scenarios [2] Industry Trends - The low-altitude economy is rapidly developing, with over 60 provinces and cities in China releasing action plans to promote its growth, indicating a significant market potential [2] - The commercial aerospace sector is also maturing, with the company planning to expand its capabilities in satellite constellation construction and operation, as well as satellite application services [3] Strategic Initiatives - Zhongke Xingtou is integrating over 10 subsidiaries to enhance its collaborative advantages and accelerate the implementation of diversified low-altitude applications [3] - The company is also focusing on building a comprehensive ground station network for satellite control and communication, enhancing its competitive edge in the aerospace measurement and control sector [4] Market Opportunities - Recent government policies are expected to boost the satellite communication industry, supporting the development of low-orbit satellite internet and fostering innovation across the industry chain [5] - The commercial aerospace industry is entering a critical phase of technological breakthroughs and scale expansion, driven by policy support, technological innovation, and capital investment [5] Technological Capabilities - Zhongke Xingtou is enhancing its technological capabilities by building a space-based and ground-based service system that integrates data, computing, and applications [6] - The company has established a "data engineering" service capability that covers global observation networks and has aggregated satellite data resources from over 350 satellites [6][7] Data and Computing Resources - The company has developed a comprehensive data foundation for low-altitude flight services, integrating various core datasets to support urban low-altitude operations [7] - Zhongke Xingtou has built a digital earth supercomputer and established connections with national-level computing nodes to enhance its computational capabilities [7]