1月9日，航天电子涨5.44%，截至发稿，报27.50元/股，成交10.22亿元，换手率1.13%，总市值907.31亿 元。 中邮军民融合灵活配置混合A（004139）基金经理为王高。 截至发稿，王高累计任职时间5年187天，现任基金资产总规模19.15亿元，任职期间最佳基金回报 63.28%， 任职期间最差基金回报-29.36%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，中邮基金旗下1只基金重仓航天电子。中邮军民融合灵活配置混合A（004139）三季度持有 股数230万股，占基金净值比例为2.5%，位居第六大重仓股。根据测算，今日浮盈赚取约326.6万元。 中邮军民融合灵活配置混合A（004139）成立日期2017年4月1日，最新规模8.59亿。今年以来收益 7.39%，同类排名665/8827；近一年收益73.68%，同类排名618/8084；成立以来收益149.7%。 资料显示，航天时代电子技术股份有限公 ...

1月8日，航天电子涨5.15%，截至发稿，报24.93元/股，成交33.93亿元，换手率4.25%，总市值822.52亿 元。 资料显示，航天时代电子技术股份有限公司位于北京市海淀区丰滢东路1号，成立日期1990年7月18日， 上市日期1995年11月15日，公司主营业务涉及主要从事测控通信、机电组件、集成电路、惯性导航以及 其他航天技术应用产品的研发、生产和销售。航天精密惯性仪表专业制造、液浮惯性器件制造、光纤陀 螺及光纤传感系统制造、电线电缆产品制造、位置姿态测量系统解决方案服务。主营业务收入构成为： 军品99.34%，民品0.39%，其他(补充)0.27%。 从基金十大重仓股角度 数据显示，长城基金旗下1只基金重仓航天电子。长城景气成长混合A（018939）三季度持有股数396.21 万股，占基金净值比例为4.07%，位居第九大重仓股。根据测算，今日浮盈赚取约483.38万元。 长城景气成长混合A（018939）成立日期2023年9月12日，最新规模5503.29万。今年以来收益3.67%， 同类排名3485/8825；近一年收益56.7%，同类排名1433/8084；成立以来收益52.06%。 长城景 ...

Company Overview - Aerospace Electronic Technology Co., Ltd. is primarily engaged in the research, production, and sales of aerospace technology application products, including measurement and control communication, electromechanical components, integrated circuits, and inertial navigation systems [1] - The company was established on July 18, 1990, and was listed on November 15, 1995 [1] Financial Performance - As of June 30, 2025, Aerospace Electronic reported a revenue of 5.822 billion yuan, a year-on-year decrease of 24.51%, and a net profit attributable to shareholders of 174 million yuan, down 30.37% year-on-year [2] - The company has distributed a total of 1.124 billion yuan in dividends since its A-share listing, with 514 million yuan distributed in the last three years [3] Stock Performance - As of September 22, the stock price of Aerospace Electronic increased by 2.01% to 10.65 yuan per share, with a total market capitalization of 35.138 billion yuan [1] - Year-to-date, the stock has risen by 19.53%, with a recent 5-day increase of 1.14%, a 20-day decline of 10.58%, and a 60-day increase of 1.72% [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 154,400, a rise of 13.22%, while the average circulating shares per person decreased by 11.67% to 21,368 shares [2] - Notable new institutional shareholders include the Fortune China Securities Military Industry Leader ETF and E Fund Defense Industry Mixed A, holding 50.656 million shares and 48.223 million shares, respectively [3] Industry Classification - Aerospace Electronic is classified under the defense and military industry, specifically in the aerospace equipment sector [2] - The company is involved in various concept sectors, including general aviation, military-civilian integration, space station, Beidou navigation, and commercial aerospace [2]

Summary of Aerospace Electronics Conference Call Company and Industry Overview - **Company**: Aerospace Electronics - **Industry**: Aerospace and Defense, focusing on commercial space and unmanned systems Key Points and Arguments 1. **Market Growth**: Aerospace Electronics is expected to benefit significantly from the increase in space launch missions and deep space exploration, with the commercial low Earth orbit market projected to reach 600 billion yuan by 2028, particularly in satellite manufacturing [2][13][16] 2. **Unmanned Systems Development**: The company is the primary unit for the development of unmanned systems in the military, focusing on small to medium-sized drones and expanding into larger high-altitude, high-speed drones and underwater equipment, which is anticipated to lead to substantial performance releases driven by domestic and foreign market demand [2][3][9][22] 3. **Core Business Focus**: The company has divested non-core civilian businesses to concentrate on military products, enhancing profitability and operational efficiency. In 2023, it raised 4.1 billion yuan through a private placement for investments in inertial navigation, unmanned equipment, and special control communications [2][5][6] 4. **Financial Performance**: Since the overall restructuring in 2016, the company has maintained growth in gross margin, revenue, and net profit levels. However, there were declines in 2020 and 2022 due to losses in civilian businesses. The divestment of non-core businesses is expected to improve long-term profitability [6][23] 5. **Technological Advantages**: The company has a strong market share in FPGA and military special components, with applications across aerospace, automotive electronics, and navigation terminals. It leverages resources from key institutes to maintain robust production and research capabilities [2][10][17] 6. **Business Segmentation**: The company operates in two main segments: aerospace electronic support and unmanned drone assembly. The electronic support segment includes five key areas: measurement and control communication, inertial navigation, electromechanical components, and integrated circuits, with measurement and control communication being the core segment [7][8][11] 7. **International Market Potential**: The company’s drone products have been exported to over 10 countries, with small drones and loitering munitions showing significant potential in international markets due to their lower political sensitivity and broader application range [4][19] 8. **R&D and Pricing Flexibility**: The military trade business offers greater flexibility in R&D costs and pricing, which is expected to enhance operational direction and drive performance growth [20] 9. **Incentive Mechanisms**: The company employs equity incentive mechanisms to promote performance release, aligning the interests of core technical personnel and management with the company's long-term development [21][22] 10. **Future Growth Drivers**: The company anticipates growth driven by domestic and foreign demand, having divested its cable business to focus on military products, and aims to improve operational efficiency through lean management [23] Additional Important Insights - **Strategic Positioning**: As the only listed entity under the Aerospace Science and Technology Group's Ninth Academy, the company enjoys a unique positioning and resource advantage, which is expected to facilitate significant growth in both traditional aerospace and emerging commercial space sectors [3][14][15][17] - **Collaboration with State Entities**: The company has a high proportion of revenue from transactions with the Aerospace Science and Technology Group, enhancing its competitive edge through collaborative synergies in technology and market access [16][17]