There has been recent buzz surrounding a research report on 航天宏图 (SpaceMap). On March 13, 2026, analysts 杨林 and 吕浦源 from GTHT co-authored a report titled "Full-Chain Overseas Expansion, Revaluing the Aerospace Leader." The report maintained an "overweight" rating with a target price of 32.65.

However, the stock price did not follow the report's recommendation, instead trending sharply downward. By August 14, the stock had fallen to 9.05, a decline of over 50%.

On May 6, 航天宏图 was designated as a Special Treatment (ST) stock. On August 7, the company and its actual controller were placed under investigation by the China Securities Regulatory Commission (CSRC) for alleged information disclosure violations.

Public records show that 杨林 is the chief analyst for the computer industry at GTHT. He focuses on cutting-edge technology fields such as artificial intelligence, robotics, and edge intelligence, believing that global large models are accelerating toward general artificial intelligence, with the inflection point for commercialization gradually appearing. His core views include favoring investment opportunities in robotics, AI glasses, and edge intelligence, and he has noted that China's systematic technological innovation has yielded remarkable results, transitioning from technological self-reliance to technological confidence.

吕浦源 is an analyst at GTHT, primarily focusing on the computer sector as well as small and medium-sized enterprises and equity research. He joined 海通证券 in April 2023 and subsequently obtained his analyst qualification at GTHT in May 2025, a process that took about two years from entering the industry to obtaining the license.

It is worth noting that last year, from April to May, numerous posts about unpaid wages at this company surfaced online, and I received many submissions on the topic. In theory, analysts should have a better understanding of a company's actual operations. However, I do not fully understand the stock market, as I often see that the worse a company's operations and the more scandals it has, the more its stock price rises. It is still hoped that analysts will reduce the number of low-quality research reports they produce.