Core Viewpoint - Chengdu Huami (688709.SH) has signed a strategic cooperation agreement with Suiruan Technology to collaborate in the fields of large models and high-performance GPU technology, which can be widely applied in model training, space computing, and edge inference [1] Group 1: Strategic Cooperation - The partnership with Suiruan Technology aims to leverage high computing power for various applications [1] - The company emphasizes strict adherence to information disclosure regulations regarding business progress [1] Group 2: Product Applications - The company's products have been applied in clients such as the Aerospace Science and Technology Group and the Aerospace Industry Group [1] - Core products including FPGA, ADC/DAC, and TSN have potential applications in the commercial aerospace industry chain [1] Group 3: Technical Development - The company is actively involved as core experts in the formulation of the "Arrowborne Time-Sensitive Network (TSN) Technical Specification" for commercial aerospace [1] - The company is committed to advancing technology research and market expansion while closely monitoring trends in cutting-edge technology and customer demands [1]

成都华微1月5日公告，公司董事会近日收到独立董事王源的书面辞职报告，王源因工作调整决定辞去公 司第二届董事会独立董事等职务，辞职后将不再担任公司任何职务。王源辞任后，将导致公司董事会及 其任职的专门委员会中独立董事所占比例不符合法律法规以及《公司章程》的有关规定，在公司股东会 选举产生新任独立董事之前，王源将继续按照相关法律法规的规定履行公司独立董事及董事会专门委员 会的职责。 ...

1月5日，卫星产业强势反弹！数据显示，截至11时13分，表征板块的卫星产业ETF(159218)放量涨 2.32%，此前一度跌0.51%。成分股成都华微、北斗星通、海格通信、航天环宇、信维通信涨幅居前， 交投持续升温，成交额约5.9亿，据Wind Level2实时行情结合均价预估，盘中净流入约2.5亿，盘中预估 规模超18亿，在全市场同标的ETF中规模居首。 分析指出，板块热度源自产业各层面的多重催化：国内方面，商业航天龙头蓝箭航天科创板IPO已正式 获受理，拟募资75亿元投向可复用火箭，标志行业资本化进入新阶段。同时，政策层面明确2026年将有 多型新火箭首飞并挑战回收，为技术发展提供清晰指引。国际层面，近期委内瑞拉卫星系统失灵事件， 凸显了卫星互联网的战略价值与自主可控的必要性。在政策、资本、技术与战略需求的共同推动下，商 业航天产业正迎来系统性发展机遇，卫星产业ETF(159218)作为覆盖全产业链的高效工具，已成为市场 参与这一历史性进程的核心载体。 风险提示：基金有风险，投资需谨慎。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> ...

Group 1 - The core viewpoint of the article highlights a significant surge in the storage chip sector, driven by strong performance in both the US and Korean markets, which has positively impacted A-share storage chip stocks [1] - Morgan Stanley predicts that the memory market will tighten by 2026, with manufacturing constraints and stronger demand leading to sustained price increases. The firm has raised its average price forecasts for DRAM by 62% and NAND by 75% for 2026 [1] - Macronix, a Taiwanese storage manufacturer, announced a 100% price increase for NAND products and a 50% increase for NOR products in the first quarter of 2026 [1] Group 2 - Notable stock performances include Jiangbolong, which rose over 14%, and Shanghai Xinyang and Xiechuang Data, both increasing by over 12%. Other companies like Raytheon Defense and Zhaoyi Innovation reached the daily limit of 10% increase [2] - The total market capitalization of Jiangbolong is 117.4 billion, while Shanghai Xinyang stands at 22.4 billion, and Xiechuang Data at 65.4 billion [2] - The MACD golden cross signal formation indicates a positive trend for these stocks, suggesting a favorable market outlook [2]

Core Viewpoint - Chengdu Huamei's stock price has shown significant growth this year, with a year-to-date increase of 49.87% and a recent surge of 7.46% over the past five trading days, indicating strong market interest and potential investment opportunities [2]. Group 1: Stock Performance - As of December 31, Chengdu Huamei's stock rose by 2.01%, reaching a price of 46.25 yuan per share, with a trading volume of 3.01 billion yuan and a turnover rate of 3.04%, resulting in a total market capitalization of 29.454 billion yuan [1]. - The stock has experienced a 21.07% increase over the past 20 days, although it has seen a decline of 3.65% over the last 60 days [2]. Group 2: Company Overview - Chengdu Huamei Electronics Technology Co., Ltd. was established on March 9, 2000, and is set to be listed on February 7, 2024. The company focuses on integrated circuit research, design, testing, and sales, providing overall solutions for signal processing and control systems [2]. - The company's revenue composition includes digital integrated circuits (50.03%), analog integrated circuits (43.20%), other products (3.98%), technical services (2.70%), and other (0.08%) [2]. Group 3: Financial Performance - For the period from January to September 2025, Chengdu Huamei reported a revenue of 518 million yuan, reflecting a year-on-year growth of 22.45%. However, the net profit attributable to shareholders decreased by 28.82% to 62.6051 million yuan [2]. - The company has distributed a total of 84.0638 million yuan in dividends since its A-share listing [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders for Chengdu Huamei increased by 65.15% to 21,700, with an average of 10,061 circulating shares per person, which is a decrease of 39.45% from the previous period [2]. - Notable institutional shareholders include the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, which holds 4.3281 million shares, and several new entrants such as Hong Kong Central Clearing Limited and Southern CSI 1000 ETF [3].

证券日报网讯12月30日，成都华微在互动平台回答投资者提问时表示，公司股价受资本市场影响正常波 动，敬请投资者理性投资，注意投资风险。 ...

证券日报网讯12月30日，成都华微在互动平台回答投资者提问时表示，公司股价受资本市场影响正常波 动，敬请投资者理性投资，注意投资风险。为保证所有投资者公平地获取公司的信息，公司在定期报告 中会披露对应时点的股东信息。 ...

证券日报网讯12月29日，成都华微在互动平台回答投资者提问时表示，2025年8月，公司已与燧原科技 签署战略合作协议，双方围绕大模型、高算力GPU芯片在高可靠领域展开深度合作，共同推动人工智能 技术在高可靠领域的应用与创新。此次合作旨在整合双方优势资源，在技术研发、产品应用及市场拓展 等方面形成协同效应，加速国产AI算力技术的发展与落地。基于公司市场开拓需求，该算力能力可以 广泛应用于模型训练、太空算力、端测推理等领域，相关业务进展公司将严格遵循信息披露规定，在达 到披露标准后及时公告。 ...

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - The Shanghai Stock Exchange has officially released guidelines for commercial rocket companies to apply for the fifth set of listing standards on the Sci-Tech Innovation Board, which supports high-quality commercial rocket enterprises that have not yet formed a certain revenue scale to go public [2][7] - The commercial rocket industry is expected to experience rapid growth due to continuous policy support, accelerated technological iteration, and the release of rocket production capacity, leading to a significant increase in the number of rockets and launch frequency in China [3][7] Summary by Relevant Sections Industry Overview - The guidelines emphasize that companies must have key core technologies and significant technological advantages or breakthroughs, focusing on the self-research capabilities of core components and key indicators such as payload capacity and multi-satellite launch capabilities [7] - The guidelines also require that commercial rocket companies achieve a milestone of successfully launching a medium to large reusable rocket payload into orbit [7] Market Dynamics - The commercial rocket sector is currently a bottleneck in the commercial aerospace industry, and with the release of production capacity, improvement in launch capabilities, and breakthroughs in reusable technology, the progress of satellite networking is expected to experience a leap forward [7] - The report identifies that the future of China's rocket sector will see a threefold resonance of capacity release, enhanced launch capabilities, and breakthroughs in reusable technology, which will accelerate the resolution of launch bottlenecks [7] Investment Targets - Recommended investment targets in the satellite sector include Aerospace Electronics (600879, Buy), Zhenlei Technology (688270, Not Rated), and others [7] - Recommended investment targets in the rocket sector include Aerospace Power (600343, Not Rated), Zhonghang Heavy Industry (600765, Buy), and others [7]

Investment Rating - The report maintains a "Strong Buy" rating for Chengdu Huami (688709.SH) [2] Core Insights - Chengdu Huami has a strong technical accumulation in Time-Sensitive Networking (TSN) and is expected to benefit from the explosive growth of the commercial aerospace market [6][7] - The company showcased its latest TSN system-level boards and FPGA core products at the 14th "Maple Forest Forum" [6] - The company has successfully developed high-speed ADC chips, breaking through technological blockades, which will significantly benefit from the rapid development of commercial aerospace [6][7] Financial Data Summary - Current stock price is 47.18 CNY with a total market capitalization of 30 billion CNY [2] - The company’s total revenue is projected to grow from 902 million CNY in 2025 to 1.467 billion CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 26% [7] - The net profit attributable to the parent company is expected to increase from 243 million CNY in 2025 to 402 million CNY in 2027, with corresponding PE ratios of 124X and 75X respectively [7][10] Shareholder Structure - The major shareholder is China Zhinhua Electronics Group Co., Ltd., holding a 44.84% stake in the company [2] Product Development and Market Position - Chengdu Huami's TSN R&D center has been established, with a team of industry experts contributing to the development of TSN technology standards [6] - The company is positioned as a core participant in the formulation of the "Arrow-mounted TSN Technical Specifications," enhancing its competitive edge in the market [6][7] Revenue and Profitability Forecast - Revenue is expected to recover significantly in 2025 with a forecasted growth of 49% compared to the previous year [7] - The gross margin is projected to remain stable around 72% to 76% over the forecast period [10]