Market Performance - The aerospace equipment sector increased by 1.77% on December 1, with Aerospace Hanyu leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Stock Performance - Aerospace Hanyu (688523) closed at 41.88, up 10.09%, with a trading volume of 380,600 shares and a transaction value of 1.576 billion [1] - Aerospace Electronics (600879) closed at 11.30, up 3.01%, with a trading volume of 1,539,400 shares and a transaction value of 174.6 million [1] - China Satellite (601698) closed at 21.36, up 2.94%, with a trading volume of 535,000 shares and a transaction value of 114 million [1] - Other stocks in the sector showed mixed performance, with some experiencing declines [1] Fund Flow Analysis - The aerospace equipment sector saw a net outflow of 160 million from institutional investors, while retail investors had a net inflow of 187 million [1] - Aerospace Hanyu had a net inflow of 92.95 million from institutional investors, but a net outflow of 88.26 million from retail investors [2] - Other stocks like China Satellite and Aerospace Electronics experienced significant net outflows from institutional investors [2]

Group 1 - The stock of Rigol Navigation (688282) closed at 55.13 yuan on November 28, with an increase of 15.82%, a turnover rate of 3.21%, and an amplitude of 19.91%, resulting in a transaction volume of 147 million yuan [2] - The stock was listed on the daily trading list due to its closing price increase of 15% [2] - The top five trading departments accounted for a total transaction of 74.89 million yuan, with a net buying amount of 38.86 million yuan [2] Group 2 - The main buying departments included two institutional special seats, with buying amounts of 35.75 million yuan and 4.85 million yuan respectively, totaling 16.27 million yuan [3] - The leading selling department was CITIC Securities Co., Ltd. Hangzhou Fuchun Road Securities Business Department, with a selling amount of 7.24 million yuan [3] - Overall, institutional special seats had a net buying of 40.61 million yuan for the stock [2][3]

Core Viewpoint - The A-share market experienced a decline in November, with the Shanghai Composite Index falling by 1.67%, ending a six-month upward trend. However, on November 28, the market saw a rebound with all indices closing in the green, particularly driven by the commercial aerospace sector [2]. Group 1: Market Performance - The Shanghai Composite Index ended November with a cumulative drop of 1.67%, marking the end of a six-month rising streak [2]. - On November 28, all A-share indices closed positively, indicating a market rebound [2]. Group 2: Sector Highlights - The commercial aerospace sector showed significant activity, with stocks such as Qianzhao Optoelectronics and Aerospace Hanyu hitting the daily limit of 20% increase. Other stocks like Galaxy Electronics, Leike Defense, and Aerospace Development also saw similar gains [2]. - The recent developments in the commercial aerospace industry have been catalyzed by events such as the "Smartly Drawing the Stars - Space Data Center Construction Work Promotion Meeting," where plans were announced to build a large-scale data center system in the 700-800 km twilight orbit, aiming to transfer massive AI computing power to space [2]. Group 3: Key Developments - The first flight information of China's reusable rocket "Zhuque-3" has garnered market attention, as it is expected to be the first operational reusable launch vehicle in the country [2]. - The launch cost of Zhuque-3 is targeted to be below 20,000 yuan per kilogram, comparable to SpaceX's Falcon 9, which costs approximately 3,000 USD per kilogram. This cost reduction is anticipated to alleviate satellite capacity bottlenecks and accelerate the closure of the industry chain [2].

Core Viewpoint - The aerospace equipment sector experienced a significant increase of 3.06% on November 28, with Aerospace Hanyu leading the gains, reflecting positive market sentiment in this industry [1] Market Performance - The Shanghai Composite Index closed at 3888.6, up 0.34% - The Shenzhen Component Index closed at 12984.08, up 0.85% [1] Individual Stock Performance - Aerospace Hanyu (688523) saw a closing price of 38.04, with a remarkable increase of 20.00% and a trading volume of 354,000 shares, amounting to a transaction value of 1.226 billion yuan - LIGONG Navigation (688282) closed at 55.13, up 15.82% with a trading volume of 28,200 shares - StarNet Yuda (002829) closed at 28.08, up 4.74% with a trading volume of 132,200 shares - China Aerospace (600118) closed at 43.40, up 3.83% with a trading volume of 559,300 shares - Other notable stocks include Zhongtian Rocket (003009) and Aerospace Electronics (600879), which also showed positive performance [1] Capital Flow Analysis - The aerospace equipment sector saw a net inflow of 220 million yuan from institutional investors, while retail investors experienced a net outflow of 135 million yuan - The main stocks with significant capital flow include: - China Aerospace (600118) with a net inflow of 153 million yuan from institutional investors - Aerospace Hanyu (688523) with a net inflow of 84.45 million yuan from institutional investors - Aerospace Electronics (600879) with a net inflow of 27.68 million yuan from institutional investors [2]

Core Insights - The aerospace equipment sector experienced a slight increase of 0.24% on November 27, with Zhongtian Rocket leading the gains [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Stock Performance - Zhongtian Rocket (003009) saw a significant rise of 10.00%, closing at 58.83, with a trading volume of 109,100 shares and a transaction value of 614 million [1] - Aerospace Electronics (600879) increased by 0.85%, closing at 10.72, with a trading volume of 608,400 shares and a transaction value of 64.5 million [1] - China Satellite (600118) rose by 0.22%, closing at 41.80, with a trading volume of 358,500 shares and a transaction value of 149.1 million [1] - Other stocks in the sector showed mixed results, with some experiencing declines, such as Aerospace Huanyu (688523), which fell by 5.09% [1] Capital Flow - The aerospace equipment sector saw a net inflow of 101 million from institutional investors, while retail investors experienced a net outflow of 135 million [1] - Retail investors contributed a net inflow of approximately 34 million [1] - The detailed capital flow for individual stocks indicates varying levels of institutional and retail investor activity, with Zhongtian Rocket attracting significant institutional interest [2]

Core Viewpoint - The company, 理工导航 (LIGONG Navigation), has announced its involvement in the commercial aerospace sector through the development and production of high-precision inertial navigation systems and related products, having signed a contract with a domestic commercial aerospace enterprise for a specific inertial navigation system [1] Group 1 - The company is engaged in the research, design, and production of high-precision and reliable inertial navigation systems, acceleration measurement modules, and rate gyro combination systems [1] - The products developed by the company are applicable in the commercial aerospace field [1] - A contract has been signed with a domestic commercial aerospace company for the supply of a specific type of inertial navigation system [1]

Group 1 - The company is actively expanding into the civilian market and has developed products for the commercial aerospace sector [2] - The company has designed and produced high-precision and reliable inertial navigation systems, acceleration measurement modules, and rate gyro combination systems suitable for commercial aerospace applications [2] - The company has signed a contract with a domestic commercial aerospace enterprise for a specific type of inertial navigation system [2]

Core Viewpoint - The aerospace equipment sector experienced a decline of 2.21% on November 26, with Newyu Guoke leading the drop. The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12907.83 [1]. Group 1: Market Performance - The aerospace equipment sector's stocks showed varied performance, with significant declines in several key companies, including: - China 19 Communications: closed at 20.49, down 1.77% - Xingwang Yuda: closed at 26.76, down 2.05% - China Satellite: closed at 41.71, down 2.11% - Aerospace Electronics: closed at 10.63, down 2.39% - Ligong Navigation: closed at 48.19, down 2.67% - Aerospace Huayu: closed at 33.40, down 3.13% - Zhongtian Rocket: closed at 53.48, down 3.55% - Newyu Guoke: closed at 33.47, down 4.29% [1]. Group 2: Capital Flow - The aerospace equipment sector saw a net outflow of 422 million yuan from institutional investors, while retail investors contributed a net inflow of 314 million yuan. The breakdown of capital flow for individual stocks is as follows: - Ligong Navigation: net inflow of 1.57 million yuan from institutions, but a net outflow of 3.08 million yuan from retail investors - Xingwang Yuda: net outflow of 5.73 million yuan from institutions, with a net inflow of 9.17 million yuan from retail investors - Aerospace Electronics: net outflow of 16.33 million yuan from institutions, with a net inflow of 17.05 million yuan from retail investors - Newyu Guoke: net outflow of 47.06 million yuan from institutions, with a net inflow of 55.23 million yuan from retail investors - Zhongtian Rocket: net outflow of 54.23 million yuan from institutions, with a net inflow of 67.19 million yuan from retail investors - Aerospace Huayu: net outflow of 59.30 million yuan from institutions, with a net inflow of 54.33 million yuan from retail investors - China 19 Communications: net outflow of 79.76 million yuan from institutions, with a net inflow of 48.91 million yuan from retail investors - China Satellite: net outflow of 162 million yuan from institutions, with a net inflow of 95.84 million yuan from retail investors [2].

Core Viewpoint - The company announced a share reduction plan by its major shareholders, which has been executed successfully, resulting in a decrease in their total shareholding percentage. Group 1: Shareholding Information - Before the reduction plan, Beijing Institute of Technology Navigation Control Technology Co., Ltd. (hereinafter referred to as "the company") had a major shareholder, Beijing Institute of Technology Asset Management Co., Ltd. (hereinafter referred to as "Asset Management Company"), holding 5,940,000 shares, accounting for 6.75% of the total shares. Its action-in-concert partner, Beijing Institute of Technology Technology Transfer Co., Ltd. (hereinafter referred to as "Technology Transfer Company"), held 1,980,000 shares, accounting for 2.25% of the total shares [1] Group 2: Reduction Plan Implementation - The reduction plan was disclosed on August 4, 2025, with a maximum of 2,640,000 shares to be reduced, representing up to 3.00% of the total shares. Asset Management Company planned to reduce up to 660,000 shares (0.75%), while Technology Transfer Company planned to reduce up to 1,980,000 shares (2.25%). The reduction period was set from August 26, 2025, to November 25, 2025 [1] Group 3: Results of the Reduction - As of the market close on November 25, 2025, Asset Management Company and Technology Transfer Company collectively reduced their shareholding by 1,439,997 shares, decreasing their total holdings from 7,920,000 shares to 6,480,003 shares, which is a reduction in ownership percentage from 9.00% to 7.36% [2]

Summary of Key Points Core Viewpoint - The shareholding reduction plan of Beijing Institute of Technology Navigation Control Technology Co., Ltd. has been completed, with significant share reductions by major shareholders [1][2]. Group 1: Shareholder Information - Before the reduction plan, the major shareholder, Beijing Institute of Technology Asset Management Co., Ltd., held 5,940,000 shares, accounting for 6.75% of the total shares, while its action-in-concert partner, Beijing Institute of Technology Technology Transfer Co., Ltd., held 1,980,000 shares, accounting for 2.25% of the total shares [1]. - Both shareholders held their shares prior to the company's initial public offering, which became tradable on March 20, 2023 [1]. Group 2: Reduction Plan Implementation - The reduction plan was announced on August 4, 2025, with a maximum of 2,640,000 shares to be sold, representing up to 3.00% of the total shares [1]. - The asset management company planned to reduce its holdings by up to 660,000 shares (0.75% of total shares), while the technology transfer company aimed to reduce by up to 1,980,000 shares (2.25% of total shares) [1]. - The reduction period was set from August 26, 2025, to November 25, 2025 [1]. Group 3: Results of the Reduction - As of November 25, 2025, the asset management company and its action-in-concert partner had reduced their holdings by 1,439,997 shares, decreasing their total holdings from 7,920,000 shares to 6,480,003 shares, which is a reduction from 9.00% to 7.36% of the total shares [2]. - The reduction plan was completed within the disclosed timeframe, and the actual reduction was consistent with the previously announced plan [2][3].