高 鹏（分析师） 证书编号：S0790520090002 2025 年 12 月 12 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790121070009 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 《 PCB 板 块 的 资 金 行 为 监 测 》 -2025.08.01 《固态电池板块的资金行为监测》 -2025.09.12 《有色金属板块的资金行为监测》 -2025.10.10 《 消 费 板 块 的 资 金 行 为 监 测 》 -2025.11.14 商业航天板块的资金行为监测 两融余额动向：融资余额是指在融资融券交易中未偿还的融资总金额。一般认为， 融资余额的增加，意味着投资者看多后市。测算结果显示：商业航天板块融资余 额近期快速攀升。 商业航天成分股资金行为解析 机构调 ...

Group 1 - The stock price of Aerospace Science and Technology increased by 8.62% on August 29, reaching 20.03 CNY per share, with a trading volume of 2.073 billion CNY and a turnover rate of 13.58%, resulting in a total market capitalization of 15.988 billion CNY [1] - Aerospace Science and Technology is primarily engaged in the manufacturing of aerospace vehicles and automotive electronic products, while also involved in household electronics, military electronics, solid rocket boosters, micro special motor servo systems, continuous emission monitoring systems, and precision machinery manufacturing [1] - The company has strong product research and development capabilities, with several products receiving national-level key new product certifications, National Spark Awards, Science and Technology Progress Awards, and provincial-level quality product recognitions [1] Group 2 - As of March 31, the number of shareholders of Aerospace Science and Technology was 85,300, with an average of 9,359 circulating shares per person [2] - For the period from January to March 2025, Aerospace Science and Technology achieved operating revenue of 1.653 billion CNY, representing a year-on-year growth of 0.38%, while the net profit attributable to shareholders was -3.6467 million CNY, a decrease of 148.75% year-on-year [2]

Core Viewpoint - The Heilongjiang Provincial Government has issued policies to support the high-quality development of the aerospace industry, aiming to establish a modern aerospace industry cluster that is distinctive, factor-aggregated, intelligent, high-end, and open [1]. Group 1: Policy Measures - The measures promote the coordinated development of aviation equipment, supporting the growth and market expansion of both complete aircraft and supporting products [1]. - Products that meet the criteria and obtain relevant approvals from the Civil Aviation Administration of China will be included as key new products in the province [1]. - The policies also aim to integrate research, manufacturing, and service in the aerospace sector, supporting the construction of major scientific infrastructure and the development of satellite manufacturing enterprises [1]. Group 2: Innovation and Technology - The measures emphasize enhancing the innovation capabilities of enterprises, providing subsidies for R&D investments exceeding 500,000 yuan, based on the previous year's R&D expenditure [2]. - There is a focus on breaking through key core technologies, supporting aerospace enterprises in leading major technology breakthroughs, and promoting the industrial application of scientific achievements [2]. - The establishment of collaborative innovation platforms that integrate enterprises, markets, and research institutions is encouraged to foster technological advancements [2]. - Major technology equipment projects with an investment of over 100 million yuan will be implemented annually to promote innovation in the aerospace sector [2].