Core Insights - The article highlights the active performance of the AI-focused ETF (589520) amid market fluctuations, indicating strong investor confidence in the domestic AI industry chain [1] - The ByteDance Volcano Engine FORCE conference is set to unveil new AI models and tools, emphasizing advancements in video generation and the expansion of the AI application ecosystem [3] - The current strategic "golden window period" for AI innovation is driven by policy support, strong earnings validation, external pressures for self-sufficiency, and significant potential for domestic AI applications to catch up with international counterparts [6] Group 1: ETF Performance and Market Sentiment - The AI-focused ETF (589520) has seen a net inflow of 13.46 million yuan over the past three days, reflecting positive market sentiment towards the domestic AI industry [1] - Key stocks within the ETF, such as Zhongke Xingtu and Xinghuan Technology, have shown significant gains, with increases of over 11% and 7% respectively [1] Group 2: Industry Developments and Innovations - The FORCE conference will introduce new members to the Doubao model, aiming for performance enhancements and cost reductions, particularly in video generation [3] - The focus on upgrading Agent development tools and expanding the Agent ecosystem is expected to facilitate the practical application of AI in business settings [3] Group 3: Strategic Importance of AI - The new five-year plan emphasizes "technological self-reliance," providing robust support for AI and domestic alternatives [6] - As of Q3 2025, 20 out of 30 companies in the ETF's portfolio reported profitability, with 22 showing year-on-year net profit growth, indicating strong industry performance [6] - The need for self-sufficiency in AI technology is underscored by geopolitical tensions, making domestic AI development crucial [6] Group 4: Investment Opportunities - The AI application sector is seen as having significant room for growth compared to its international counterparts, suggesting a potential for price corrections and increased investment attractiveness [6] - The ETF's index includes a substantial proportion of AI application stocks, with a weight of 30.94% in AI applications and 33.66% in the ByteDance industry chain as of the end of November [5]

Core Viewpoint - China's commercial space industry is transitioning from "experimental exploration" to "ecosystem construction," marking a new development phase for companies like Zhongke Xingtu Co., Ltd. [1] Group 1: Strategic Direction - Zhongke Xingtu aims to occupy a significant position in the commercial space industry under its "one body, two wings" strategy, focusing on space cloud computing as a new development opportunity [1] - The company plans to leverage its technological advantages in the space cloud constellation field to gain a favorable position in the space computing sector [1] Group 2: Space Computing Development - Space computing involves deploying computational resources in space to enhance data processing and analysis capabilities, particularly benefiting the AI industry [1] - Zhongke Xingtu is developing a space computing network in collaboration with Sugon Information Industry Co., Ltd., aiming to create a "space-ground integrated" intelligent computing architecture [2] Group 3: Technical Challenges - The development of space computing faces several technical challenges, including energy utilization, efficient heat dissipation, radiation-resistant chips, stable data computation, and space debris avoidance [3] - The company recognizes that reducing satellite launch costs is crucial for domestic commercial space development, advocating for focused R&D on reusable rocket technology and standardized satellite production [3] Group 4: Market Expansion - The satellite application market is expanding, driven by increasing demand from industries like low-altitude economy and autonomous driving, which require enhanced satellite data capabilities [4] - Zhongke Xingtu aims to transition satellite data from mere collection to "edge intelligence," enhancing the efficiency of satellite data usage [4] Group 5: Full Industry Chain Layout - Zhongke Xingtu is actively expanding its capabilities across the entire commercial space industry chain, from upstream satellite constellation design to downstream satellite application [5] - The company is investing in upstream satellite rocket component manufacturers to strengthen its aerospace electronic equipment manufacturing capabilities [5] Group 6: International Market Strategy - Zhongke Xingtu plans to leverage its autonomous space information service system for global expansion through technology export and localized innovation [6]

维天信为公司控股子公司，截至本公告披露日，公司持有维天信45.9459%股份。基于长期经营发展战 略与资本规划的整体部署，为提高决策和经营效率，高效开展业务，控制运营成本，经慎重考虑，维天 信拟申请股票在全国中小企业股份转让系统终止挂牌，具体申请终止挂牌相关事宜由维天信董事会负责 办理，具体终止挂牌时间以全国中小企业股份转让系统批准的时间为准。 格隆汇12月23日丨中科星图(688568.SH)公布，公司控股子公司中科星图维天信科技股份有限公司（证 券代码874126，证券简称"维天信"）于2025年12月23日召开第一届董事会第十四次会议，审议通过《关 于拟申请公司股票在全国中小企业股份转让系统终止挂牌的议案》《关于提请股东会授权董事会全权办 理公司股票在全国中小企业股份转让系统终止挂牌相关事宜的议案》《关于拟申请公司股票在全国中小 企业股份转让系统终止挂牌对异议股东权益保护措施的议案》等。 ...

维天信为公司控股子公司，截至本公告披露日，公司持有维天信45.9459%股份。基于长期经营发展战 略与资本规划的整体部署，为提高决策和经营效率，高效开展业务，控制运营成本，经慎重考虑，维天 信拟申请股票在全国中小企业股份转让系统终止挂牌，具体申请终止挂牌相关事宜由维天信董事会负责 办理，具体终止挂牌时间以全国中小企业股份转让系统批准的时间为准。 格隆汇12月23日丨中科星图(688568.SH)公布，公司控股子公司中科星图维天信科技股份有限公司（证 券代码874126，证券简称"维天信"）于2025年12月23日召开第一届董事会第十四次会议，审议通过《关 于拟申请公司股票在全国中小企业股份转让系统终止挂牌的议案》《关于提请股东会授权董事会全权办 理公司股票在全国中小企业股份转让系统终止挂牌相关事宜的议案》《关于拟申请公司股票在全国中小 企业股份转让系统终止挂牌对异议股东权益保护措施的议案》等。 ...

证券代码：688568 证券简称：中科星图 公告编号：2025-080 中科星图股份有限公司关于 控股子公司中科星图维天信科技股份有限公司 拟申请在全国中小企业股份转让系统终止挂牌的公告 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、准确性和完整性依法承担法律责任。 维天信为公司控股子公司，截至本公告披露日，公司持有维天信 45.9459% 股份。基于长期经营发展战略与资本规划的整体部署，为提高决策和经营效率， 高效开展业务，控制运营成本，经慎重考虑，维天信拟申请股票在全国中小企业 股份转让系统终止挂牌，具体申请终止挂牌相关事宜由维天信董事会负责办理， 具体终止挂牌时间以全国中小企业股份转让系统批准的时间为准。 为充分保护异议股东的权益，维天信为本次终止挂牌制定了相应异议股东权 益保护措施，即回购义务人承诺将对满足条件的异议股东所持维天信股票进行回 购，回购价格按异议股东取得该股份时的成本价格（其中成本价格不含交易手续 费、资金成本等，并需进行除权除息处理）与维天信最近一期经审计的每股净资 产孰高为准，具体回购价格及方式由双方协商确定。 维天信本次申请在 ...

中科星图公告称，其控股子公司维天信（证券代码874126）于2025年12月23日召开董事会，审议通过拟 申请在全国中小企业股份转让系统终止挂牌等议案。截至公告披露日，公司持有维天信45.9459%股 份。维天信为提高决策和经营效率、控制成本，拟申请终止挂牌，具体时间以获批为准。维天信制定了 异议股东权益保护措施，回购义务人将按规定回购满足条件的异议股东股份。该事项尚需经维天信2026 年第一次临时股东会审议通过并报相关部门审批，存在不确定性。 ...

Group 1 - Zhongke Xingtou's stock price dropped by 5.03% to 47.25 CNY per share, with a trading volume of 1.36 billion CNY and a turnover rate of 3.46%, resulting in a total market capitalization of 38.182 billion CNY [1] - The company, established on January 20, 2006, and listed on July 8, 2020, is located in the Beijing Shunyi District and primarily engages in software sales, data services, technology development, integrated machine products, and system integration [1] - The revenue composition of Zhongke Xingtou includes 53.46% from civil geographic information, 27.46% from special geographic information, 14.34% from commercial aerospace, 4.73% from low-altitude economy, and 0.01% from other sources [1] Group 2 - Bosera Fund's military industry theme fund (004698) holds 5.2505 million shares of Zhongke Xingtou, unchanged from the previous period, representing 0.65% of the circulating shares, with an estimated floating loss of approximately 13.1264 million CNY [2][4] - The fund, established on July 4, 2017, has a current scale of 2.448 billion CNY, with a year-to-date return of 40.53% and a one-year return of 36.01%, ranking 941 out of 4197 and 975 out of 4154 respectively [2] - The fund manager, Zeng Peng, has a tenure of 12 years and 343 days, with total assets under management of 7.493 billion CNY, achieving a best fund return of 270.03% and a worst fund return of -48.43% during his tenure [3]

Market Overview - The Shanghai Composite Index rose by 0.69% on December 22, with 22 out of the 28 sectors experiencing gains, led by the communication and comprehensive sectors, which increased by 4.28% and 2.63% respectively [1] - The computer sector also saw a rise of 0.65%, while the media and banking sectors faced declines of 0.61% and 0.52% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 6.605 billion yuan, with 11 sectors experiencing net inflows [1] - The communication sector had the highest net inflow of 7.516 billion yuan, corresponding to its 4.28% increase, followed by the electronics sector with a 2.62% rise and a net inflow of 6.073 billion yuan [1] - Conversely, 20 sectors experienced net outflows, with the computer sector leading with a net outflow of 2.408 billion yuan, followed by the media sector with a net outflow of 2.263 billion yuan [1] Computer Sector Performance - Within the computer sector, 336 stocks were tracked, with 194 stocks rising and 131 stocks declining; one stock hit the daily limit [2] - The top three stocks with significant net inflows included Inspur Information with 489.26 million yuan, followed by Sifang Jingchuang with 124.25 million yuan, and Zhongke Xingtu with 100.17 million yuan [2] - The stocks with the highest net outflows included Zhina Zhen with 383.13 million yuan, Haixia Innovation with 336.96 million yuan, and Hikvision with 178.55 million yuan [4]

Core Insights - The Long March 12A reusable launch vehicle, developed by China Aerospace Science and Technology Corporation's Eighth Academy, is scheduled for its first launch in December 2025 at the Jiuquan Satellite Launch Center [1] - The commercial aerospace industry is entering a critical window for industrialization, driven by increased policy support and technological maturity [1] Market Sector Analysis - **Satellite Manufacturing and Launch Services**: The demand for satellite manufacturing and launch services is surging due to the acceleration of low-orbit satellite constellation deployment, transitioning the industry from an "investment incubation phase" to a "profit realization phase" [2] - **Aerospace Equipment and New Materials**: Breakthroughs in reusable rocket technology are driving upgrades in aerospace materials and structural design, leading to increased demand for rocket structural components and high-performance composite materials [2] - **Satellite Internet and Communication**: The three major telecom operators have received satellite licenses, marking a shift from experimental to large-scale commercial satellite communication, resulting in a surge in demand for ground equipment and satellite terminals [2] - **Space Computing and Data Processing**: Space computing is becoming a significant supplement to ground computing, with accelerated integration of AI and aerospace, creating new opportunities in satellite computing and data transmission [2] Company Overview - **Zhongke Xingtou (688568)**: A leading domestic enterprise in digital earth product development, with advantages in remote sensing data processing and space big data applications, expected to benefit from national aerospace infrastructure development [3] - **Aerospace Rainbow (002389)**: A core player in the drone sector, actively expanding into aerospace, with its Rainbow series drones gaining international acclaim and exploring synergies with satellite systems [3] - **Chengchang Technology (001270)**: Focused on the development and production of microwave and millimeter-wave phased array T/R chips, positioned to benefit from the surge in RF chip demand due to low-orbit satellite internet construction [3] - **Sry New Materials (688102)**: A leader in high-end metal new materials, with products successfully applied in various commercial rocket models, expected to see market share growth in aerospace specialty materials [3] - **Chaojie Co., Ltd. (301005)**: A leading company in precision fasteners, expanding into aerospace with products entering the commercial aerospace supply chain, potentially providing new growth points due to high-margin aerospace business [4]

（编辑 丛可心） 证券日报网讯 12月18日晚间，中科星图发布公告称，公司2025年第二次临时股东大会审议通过《关于 取消监事会、变更公司注册资本和经营范围并修订的议案》《关于修订公司部分内部治理制度的议案》 《关于非独立董事辞任暨补选非独立董事的议案》等多项议案。 ...