Market Performance - The ground equipment sector increased by 3.17% compared to the previous trading day, with North Navigation leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] Individual Stock Performance - North Navigation (600435) closed at 18.02, with a rise of 10.01% and a trading volume of 1.25 million shares, resulting in a transaction value of 2.155 billion [1] - Galaxy Electronics (002519) closed at 7.84, up by 9.96%, with a trading volume of 638,200 shares and a transaction value of 493 million [1] - Optoelectronic Co. (600184) closed at 20.44, increasing by 5.63%, with a trading volume of 376,600 shares and a transaction value of 758 million [1] - Other notable stocks include China Weapon Red Arrow (000519) at 19.07 (+3.08%), Inner Mongolia First Machinery (600967) at 17.50 (+1.92%), and Ganhua Science and Technology (000576) at 10.70 (+1.61%) [1] Capital Flow Analysis - The ground equipment sector saw a net inflow of 564 million from main funds, while retail funds experienced a net outflow of 173 million [2] - The main funds' net inflow for North Navigation was 55 million, accounting for 25.51% of its trading volume, while retail funds had a net outflow of 25.6 million [3] - Galaxy Electronics had a net inflow of 96.1 million from main funds, with a net outflow of 53.5 million from retail investors [3]

Core Viewpoint - The commercial aerospace sector is experiencing significant growth, driven by upcoming launches and favorable market conditions, with the Zhongzheng Satellite Industry Index rising by 6.88% [1] Group 1: Market Performance - The Zhongzheng Satellite Industry Index (931594.CSI) saw a notable increase of 6.88%, with six constituent stocks, including Aerospace Electronics and North Navigation, hitting the daily limit [1] - Aerospace HuanYu surged over 19%, Huace Navigation increased by over 15%, and Guoke Microelectronics rose by over 11% [1] - The newly listed Satellite ETF Penghua (563790) rose by 2.94% on its first trading day and continued to increase, reaching an 8.13% rise with a trading volume of 136 million yuan and a real-time premium rate of 0.81% [1] Group 2: Upcoming Developments - Xinghe Power Aerospace is set to implement the "Vesta-1 Sea Launch (Remote 7)" commercial rocket launch task, code-named "Wanghaichao" [1] - Institutions predict that by 2026, the domestic commercial aerospace sector will experience a "triple resonance" of policy, technology, and capital, with several reusable medium and large launch vehicles expected to make their maiden flights [1] - The acceleration of IPOs for commercial rocket companies is anticipated, indicating a robust future for the sector [1] Group 3: Index Composition - The Satellite ETF Penghua (563790) closely tracks the Zhongzheng Satellite Industry Index (931594.CSI), which includes 50 listed companies involved in satellite manufacturing, launching, communication, navigation, and remote sensing [1]

| 代码 类型 名称 | 现价 | 涨跌 涨跌幅 ▼ | | | --- | --- | --- | --- | | 563790 主 卫星ETF胴华 | 1.192 | 0.073 6.52% | | | 512630 - 主 - 卫星ETF广发 | 1.577 | 0.086 | 5.77% | | 563530 主 卫星ETF易方达 | 1.569 | 0.085 | 5.73% | | 563230 主 卫星ETF | 1.576 | 0.083 | 5.56% | | 159218 主 卫星产业ETF | 1.918 | 0.098 5.38% | | 有券商表示，随着发射成本下降与在轨算力提升，未来太空算力有望形成"多发多省"格局，随着技术迭代与配套完善，太空算力和 其他新兴应用有望推动商业航天迎来具备规模化商业价值的产业变革。 （文章来源：每日经济新闻） 卫星概念股午后拉升，华测导航涨超13%，中国卫通、北斗星通、北方导航涨停。 受盘面影响，卫星相关ETF大涨逾5%。 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the satellite industry, with the China Satellite Industry Index (931594) rising by 4.63% and key stocks such as Aerospace Huanyu (688523) and Huace Navigation (300627) showing significant gains [1] - The commercial rocket industry is entering a rapid development phase, transitioning from initial development to a golden period of iteration, driven by the frequent launches of reusable rockets [1] - The commercial rocket supply chain includes propulsion systems, airframe structures, and control systems, all of which are expected to benefit from the increasing demand for rocket manufacturing during the early stages of reusable rocket development [1] Group 2 - As reusable rocket technology matures, liquid rocket engines will gradually be recovered, and airframe structures and control systems are expected to continue benefiting from this trend [1] - The satellite ETF Penghua (563790) closely tracks the China Satellite Industry Index, which includes 50 listed companies involved in satellite manufacturing, launching, communication, navigation, and remote sensing [1] - As of December 31, 2025, the top ten weighted stocks in the China Satellite Industry Index account for 63.64% of the index, with major companies including China Satellite (600118) and Aerospace Electronics (600879) [2]

Group 1 - The market continues to show strong performance, with the Shanghai Composite Index breaking through 4050 points, reaching its highest level since July 2015, driven by policy support, technical factors, and positive market sentiment [1] - The Satellite Industry ETF (159218) has reached a historical high of 1.853, maintaining a bullish technical pattern, indicating the potential for continued upward momentum [1] Group 2 - Major stocks in the satellite sector, such as China Satellite and China Satcom, are also reaching historical highs, reflecting sustained investor interest [3] - Satellite communication technology offers better network coverage and economic efficiency compared to traditional cellular communication, addressing the connectivity issues faced by over 2 billion people globally, particularly in rural and remote areas [4] - Since 2014, global government investment in space has increased significantly, from $4.2 billion to an expected $13.5 billion by 2024, with China being a leading player in this sector [5] Group 3 - The Satellite Industry ETF covers the entire satellite industry chain, with its top holdings including state-owned enterprises like Aerospace Electronics, China Satellite, and China Satcom, as well as competitive private companies like Xinle Energy [6] - The ETF's unique index construction method, which adjusts for operating revenue and free float market capitalization, ensures the selection of high-quality satellite companies, allowing for precise market tracking [7]

Core Viewpoint - The stock of Beifang Navigation has seen a significant increase, driven by market speculation on its business layout in navigation control and ammunition information technology, aligning with the development trends in commercial aerospace and low-altitude economy [1] Market Performance - As of 10:12 AM, Beifang Navigation's stock rose by 10.01%, reaching a price of 18.02 yuan and a total market capitalization of 27.253 billion yuan [1] - The stock opened at 16.05 yuan and experienced a steady upward trend after a brief period of fluctuation, with a notable increase in momentum after 9:45 AM [1] - The trading volume was 11.31 billion yuan, with a turnover of 17.77 billion yuan and a turnover rate of 6.89% [1] Business Focus - The market is focusing on Beifang Navigation's operations in navigation control, guided control, satellite communication, and related technologies, which are relevant to the emerging sectors of commercial aerospace and low-altitude economy [1] - The "14th Five-Year Plan" has identified commercial aerospace as a strategic emerging industry, indicating a potential golden development period for this sector [1] Policy Support - Multiple regions have introduced policies to support the development of the low-altitude economy, promoting the construction of a new aviation industry chain [1] - The acceleration of the listing process for companies in the commercial aerospace sector and ongoing advancements in related industries are noted [1] - Continuous policy reinforcement in the commercial aerospace and low-altitude economy sectors provides solid support for the development of related enterprises [1]

证券代码：600435 证券简称：北方导航 公告编号：临2026-001号 北方导航控制技术股份有限公司 关于公司2020年股票期权激励计划第三个行权期 2025年第四季度自主行权结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ●本次行权股票数量：北方导航控制技术股份有限公司（以下简称"公司"）2020年股票期权激励计划 （以下简称"本次激励计划"）第三个行权期可行权股票期权数量为661.2255万份，实际可行权期为2025 年1月16日至2025年12月29日（行权日须为交易日），行权方式为自主行权。2025年10月1日至2025年12 月29日（行权窗口期除外），共行权并完成股份过户登记1,029,876股，截至2025年12月31日，第三个行 权期累计行权且完成股份过户登记6,326,147股，占第三个行权期可行权股票期权总量的95.67 %。 ●本次行权股票上市流通时间：本次激励计划采用自主行权模式行权，激励对象行权所得股票于行权日 （T日）后的第二个交易日（T+2）日可上市交易。 ...

北方导航控制技术股份有限公司 关于公司 2020 年股票期权激励计划第三个行权期 2025 年第四季度自主行权结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： ●本次行权股票数量：北方导航控制技术股份有限公司 （以下简称"公司"）2020 年股票期权激励计划（以下简称 "本次激励计划"）第三个行权期可行权股票期权数量为 661.2255 万份，实际可行权期为 2025 年 1 月 16 日至 2025 年 12 月 29 日（行权日须为交易日），行权方式为自主行权。 2025 年 10 月 1 日至 2025 年 12 月 29 日（行权窗口期除外）， 共行权并完成股份过户登记 1,029,876 股，截至 2025 年 12 月 31 日，第三个行权期累计行权且完成股份过户登记 6,326,147 股，占第三个行权期可行权股票期权总量的 95.67 %。 ●本次行权股票上市流通时间：本次激励计划采用自主 行权模式行权，激励对象行权所得股票于行权日（T 日）后 的第二个交易日（T+2）日可 ...

北方导航控制技术股份有限公司 2026 年第一次临时股东会会议资料 北方导航控制技术股份有限公司 2026 年第一次临时股东会 会议资料 会议召开时间：2026 年 1 月 14 日 三、出席现场会议的股东及代理人，依法享有发言权、表决 权等权利。 | | | 北方导航控制技术股份有限公司 2026 年第一次临时股东会会议资料 会议规则 一、股东会期间，全体出席人员应以维护股东的合法权益、 确保大会的正常秩序和议事效率为原则，自觉履行法定义务。 二、股东会设秘书处，负责大会的程序安排和会务工作。 四、股东需要在大会发言的，应于会议开始前十五分钟在秘 书处登记；登记发言的人数原则上以十人为限，超过十人时安排 持股数最多的前十名股东依次发言。股东或其代理人在发言前， 应先介绍自己的身份、所代表的股份数额等情况，然后发表自己 的观点。发言时间一般不超过五分钟，股东不得无故中断大会议 程要求发言。股东及代理人发言应围绕本次大会所审议的议案， 简明扼要。 五、在议案审议过程中，股东及代理人临时要求发言或就有 关问题提出质询的，须举手向大会申请，并经大会主持人许可后 方可发言或提出问题。主持人可安排公司董事和其他高级管理 ...

Core Insights - The low-altitude economy is maturing with detailed policies and increasing investment value in related industries [1][2] Group 1: Policy and Industry Development - Shanghai aims to establish itself as the "world eVTOL capital" with a target of reaching an industry scale of approximately 80 billion yuan by 2028 [2] - The measures emphasize leveraging Shanghai's manufacturing advantages to create a complete industrial chain for low-altitude new aircraft [2] - The low-altitude economy is characterized by the development of eVTOLs and industrial drones, driving innovation across various sectors [3] Group 2: Market Potential and Growth - The low-altitude economy market in China is projected to become a trillion-yuan blue ocean, with a compound annual growth rate exceeding 10% during the 14th Five-Year Plan [3] - By 2030, the general aviation equipment market is expected to reach a trillion-yuan scale, supported by national strategies and local policies [3] - Key application scenarios include low-altitude logistics and tourism, with major eVTOL manufacturers rapidly expanding their orders and market presence [3] Group 3: Investment and Stock Performance - Nearly 70 A-share stocks are involved in the low-altitude economy sector, with significant institutional interest in companies like Sihua Electronics and Guanglian Aviation [4][5] - Ten low-altitude economy concept stocks are predicted to have net profit growth rates exceeding 20% in 2026 and 2027, with five stocks seeing net purchases exceeding 100 million yuan in December 2025 [7][8] - Aerospace Electronics leads with a net purchase of 1.676 billion yuan in December 2025, indicating strong investor confidence in its future growth [7][8]