Core Viewpoint - The company, Alliance Electronics (688311.SH), provides satellite navigation products that offer stable high-precision positioning, speed measurement, and timing functions for carrier platforms, primarily applied in the commercial aerospace sector for rocket control systems [1] Group 1: Product Application - The satellite navigation products are mainly used in rocket control systems, providing critical parameters such as time, position, and speed for rocket flight, orbit insertion, and recovery [1] - The company has collaborated with Blue Arrow Aerospace and Star River Power Aerospace for several years, supplying satellite navigation products for their "Zhuque" and "Gushenxing" rocket series [1] Group 2: Financial Impact - Some orders have been formalized into contracts, although the monetary value of these contracts currently represents a small proportion of the company's total revenue [1] - The company commits to strictly adhering to relevant regulations regarding information disclosure [1]

Core Viewpoint - The Shanghai Stock Exchange has released guidelines for commercial rocket companies to issue IPOs on the Sci-Tech Innovation Board, providing a pathway for these companies to access capital markets and support technological innovation in the aerospace sector [1][2]. Group 1: Guidelines for Commercial Rocket Companies - The guidelines specify that commercial rocket companies must demonstrate significant technological advantages, including the successful launch of a medium to large reusable rocket payload into orbit as a milestone achievement [1][2][3]. - Companies are required to have relevant qualifications for research and manufacturing, and must obtain launch permits before conducting rocket launches [3]. - The guidelines emphasize the importance of market positioning, requiring companies to have a clear target market and a competitive edge over rivals, along with a feasible commercialization plan [3][4]. Group 2: Industry Context and Strategic Importance - The commercial aerospace sector is recognized as a strategic emerging industry in China, with significant government support reflected in recent economic work reports and action plans aimed at enhancing the development of commercial space capabilities [6][7]. - There are currently over 20 commercial rocket companies in China, many of which have successfully launched solid or small liquid rockets, indicating a growing industry [6][7]. - The commercial rocket industry is seen as crucial for the development of satellite constellations and overall high-quality growth in the commercial aerospace sector, addressing the current imbalance of "many satellites but few rockets" [7][8].

商业航天概念近期受到市场关注，相关概念股大涨，12月16日，多家上市公司发布公告或在互动平台回 复相关业务布局情况。 振芯科技：公司自主研制的射频类、视讯类产品可用于商业航天领域，目前公司正积极开展产品研制及 市场应用拓展。 盟升电子：在商业航天领域，公司卫星导航产品已成功应用于"朱雀"、"长征"、"谷神星"、"快舟"等多 型运载火箭。 博云新材：在商用航天领域，公司所研发的碳/碳喉衬材料已成功应用于我国的"快舟系列" 商业航天固 体运载火箭上。 苏州高新：子公司东菱振动为商业航天企业提供振动测试解决方案，产品应用于火箭、卫星等航天器的 研制和测试环节。 川仪股份：公司自主研发的的PDS智能压力变送器、超低温蝶阀、多孔板流量计、智能温度仪表等多款 产品为海南商业航天发射场提供坚实保障。 编辑｜心一 二连板航天信息：公司目前主营业务产品包括数字财税业务产品、智慧业务产品及网信业务产品，不涉 及商业航天。 航天长峰：公司主营业务分为军工电子、公共安全和高端医疗装备三大板块，目前公司不从事商业航天 等相关业务。 航天工程：公司的主营业务是以航天粉煤加压气化技术为核心，专业从事煤气化技术及关键设备的研 发、工程设计、 ...

商业航天概念近期受到市场关注，相关概念股大涨，12月16日，多家上市公司发布公告或在互动平台 回复相关业务布局情况。 振芯科技： 公司自主研制的射频类、视讯类产品可用于商业航天领域，目前公司正积极开展产品研制 及市场应用拓展。 盟升电子： 在商业航天领域，公司卫星导航产品已成功应用于"朱雀"、"长征"、"谷神星"、"快舟"等 多型运载火箭。 博云新材： 在商用航天领域，公司所研发的碳/碳喉衬材料已成功应用于我国的"快舟系列" 商业航天固 体运载火箭上。 苏州高新： 子公司东菱振动为商业航天企业提供振动测试解决方案，产品应用于火箭、卫星等航天器 的研制和测试环节。 川仪股份： 公司自主研发的的PDS智能压力变送器、超低温蝶阀、多孔板流量计、智能温度仪表等多 款产品为海南商业航天发射场提供坚实保障。 二连板航天信息： 公司目前主营业务产品包括数字财税业务产品、智慧业务产品及网信业务产品，不 涉及商业航天。 航天长峰： 公司主营业务分为军工电子、公共安全和高端医疗装备三大板块，目前公司不从事商业航 天等相关业务。 航天工程： 公司的主营业务是以航天粉煤加压气化技术为核心，专业从事煤气化技术及关键设备的研 发、工程设 ...

格隆汇12月16日｜有投资者在互动平台向盟升电子提问：商业航天是未来全球的一个重要发展方向和中 国先进生产力发展的一个方向，里面涉及到的太空算力，卫星互联网等具体细分领域也会向今天的5G 和AI一样进入大家的日常生活，贵公司作为该领域的细分龙头之一，在商业航天领域的重要客户有哪 些？市场占有率多少？有什么样子的下一步发展计划？ 盟升电子回复称，公司在商业航天领域主要提供卫星导航产品和卫星通信产品。卫星导航产品主要应用 于火箭的控制箭机系统，主要客户包含航天科技集团、航天科工集团、蓝箭航天、星河动力航天等；卫 星通信产品主要为面向天通卫星、中星16/26、亚太6D、低轨卫星等不同星座的应用终端产品，主要客 户包含航天科技集团、中电科集团、中国电信、中国星网等国内外头部运营商、集成商。 ...

每经AI快讯，12月16日，盟升电子在互动平台表示，公司自成立以来，一直致力于卫星及卫星应用相 关领域，经过十余年的技术积累与市场沉淀，已自主掌握了天线、微波射频、信号处理、信息处理、软 件算法等多项核心技术，主要产品涵盖卫星导航、卫星通信、数据链、电子对抗等多个领域，广泛应用 于特种行业和民用场景，公司是四川省首家科创板上市的卫星互联网企业，同时也是成都市卫星互联网 链主企业。在商业航天领域，公司卫星导航产品已成功应用于"朱雀""长征""谷神星""快舟"等多型运载 火箭。作为火箭控制箭机的重要部件，通过对多颗卫星信号的精准处理，实时确定火箭的位置、速度和 时间等关键参数，在发射和飞行阶段为火箭提供高精度导航信息，支撑了多项国家重大航天工程 （603698）与商业发射任务；卫星通信产品主要为面向天通卫星、中星16/26、亚太6D、低轨卫星等不 同星座的应用终端产品，现已形成高轨、中轨、低轨及高/中/低轨兼容的系列化产品，为天空、海洋、 偏远地区等地面网络无法覆盖的区域，提供稳定、高速的天地一体化通信服务，产品应用覆盖飞机、船 舶、车辆、地面及便携等平台，行业客户包含特种用户及国内外头部运营商、集成商。 ...

格隆汇12月16日丨盟升电子(688311.SH)在投资者互动平台表示，公司自成立以来，一直致力于卫星及 卫星应用相关领域，经过十余年的技术积累与市场沉淀，已自主掌握了天线、微波射频、信号处理、信 息处理、软件算法等多项核心技术，主要产品涵盖卫星导航、卫星通信、数据链、电子对抗等多个领 域，广泛应用于特种行业和民用场景，公司是四川省首家科创板上市的卫星互联网企业，同时也是成都 市卫星互联网链主企业。在商业航天领域，公司卫星导航产品已成功应用于"朱雀"、"长征"、"谷神 星"、"快舟"等多型运载火箭，作为火箭控制箭机的重要部件，通过对多颗卫星信号的精准处理，实时 确定火箭的位置、速度和时间等关键参数，在发射和飞行阶段为火箭提供高精度导航信息，支撑了多项 国家重大航天工程与商业发射任务；卫星通信产品主要为面向天通卫星、中星16/26、亚太6D、低轨卫 星等不同星座的应用终端产品，现已形成高轨、中轨、低轨及高/中/低轨兼容的系列化产品，为天空、 海洋、偏远地区等地面网络无法覆盖的区域，提供稳定、高速的天地一体化通信服务，产品应用覆盖飞 机、船舶、车辆、地面及便携等平台，行业客户包含特种用户及国内外头部运营商、集成商 ...

华是科技在互动平台表示，公司卫星导航产品有部分订单。 ...

IPO Review and Registration Progress - Five companies passed the IPO review last week, including振石股份, 易思维, 爱得科技, 通领科技, and 兢强科技, with振石股份 planning to raise approximately 39.81 billion yuan [3][4] - 易思维 focuses on machine vision equipment for automotive manufacturing, reporting revenues of 20.4 million yuan and a net loss of 7.1755 million yuan for the first three quarters of 2025 [4] - Three companies passed the review at the North Exchange, with爱得科技 specializing in orthopedic medical devices, 通领科技 in automotive interior parts, and 兢强科技 in electromagnetic wire [5] Upcoming IPOs - Three companies, 永大股份, 美德乐, and 海菲曼, are set to present their IPO applications this week at the North Exchange [6] - 永大股份 reported revenues of 696 million yuan in 2022, with a projected decline in net profit for 2024 [6] - 美德乐's revenue from products in the new energy battery sector accounts for about 60% of its main business income, with high customer concentration [7] - 海菲曼 expects revenues between 232 million and 266 million yuan for 2025, with a net profit forecast of 70 million to 85 million yuan [7] New IPO Applications - Two IPO applications were accepted last week, with 北斗院 focusing on satellite navigation and space control technologies, and 格林生物 specializing in fragrance products [8][9] - 北斗院's revenue for 2025 is projected at 112 million yuan, with a declining gross margin trend [9] - 格林生物 aims to raise approximately 690 million yuan for various projects, including the production of high-end fragrances [9] New Stock Listings - Four new stocks were listed last week, with 大鹏工业 seeing a significant first-day increase of 1211.11% [11][13] - 海安集团 will officially list on November 25, with a share price of 48 yuan, reporting a revenue decline of 4.77% for the first three quarters of 2025 [12] - Other companies listed include 北矿检测, 恒坤新材, and 南网数字, all showing substantial first-day gains [13] Upcoming New Stock Subscriptions - Two new stocks are scheduled for subscription this week, with 摩尔线程 setting a record IPO price of 114.28 yuan per share [14] - 摩尔线程 expects to raise approximately 7.576 billion yuan, which would be a record for the year in the Sci-Tech Innovation Board [14] - 百奥赛图 anticipates a revenue of 1.351 billion yuan for 2025, reflecting a growth of 37.75% [16]

Core Viewpoint - The company, Hezhong Shizhuang, experienced a decline in stock price and trading volume on October 16, with a net financing outflow, indicating potential investor caution and low trading activity [1]. Financing Summary - On October 16, Hezhong Shizhuang had a financing buy-in amount of 5.77 million yuan and a financing repayment of 8.48 million yuan, resulting in a net financing outflow of 2.70 million yuan [1]. - The total financing and securities balance as of October 16 was 181 million yuan, which represents 2.77% of the circulating market value, indicating a low financing balance compared to the past year [1]. Securities Lending Summary - On October 16, there were no shares repaid or sold in the securities lending market, with a total lending balance of 0.00 yuan, suggesting a high level of inactivity in this area [1]. - The securities lending balance is at a high level, exceeding the 90th percentile of the past year, indicating a potential lack of short-selling activity [1]. Company Overview - Hezhong Shizhuang Technology Co., Ltd. was established on September 30, 1998, and listed on April 2, 2010. The company specializes in the research, production, and sales of satellite navigation products, as well as providing space information services [1]. - The company's main business revenue is entirely derived from satellite navigation system technology and equipment [1]. Financial Performance - As of June 30, the number of shareholders increased to 81,200, a rise of 31.77%, while the average circulating shares per person decreased by 24.11% to 9,119 shares [2]. - For the first half of 2025, Hezhong Shizhuang reported a revenue of 659 million yuan, reflecting a year-on-year growth of 18.97%, but recorded a net profit loss of 9.07 million yuan, although this was an improvement of 84.29% compared to the previous year [2]. - The company has cumulatively distributed 138 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [2]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 11.08 million shares, an increase of 5.26 million shares from the previous period [2].