点击 最 下方 关注《材料汇》 ， 点击"在看"和" "并分享 添加 小编微信 ，遇见 志同道合 的你 （请添加小编微信，后续会组建 相关微信群 ） 正文 主要内容： | ※ | | --- | 1、2024/2025年钨精矿价格屡创新高 2024 年二季度我国钨精矿价格一度创下历史新高;并且该高点已于 2025 年二季度再次突破。2024年二季度我国钨精矿价格一度创下历史新高;并且该 高点已于 2025 年二季度再次突破。2024 年钨价的高点出现在 2024 年 5 月 24 日的 15.8 万元/吨,突破自 2012年以来的历史前高 (2013年 8 月 12 日的 14.4 万元/吨），当日年内累计涨幅达到 29.26%。2025年，随着我国开始对钨制品 实施出口管制、第一批钨精矿开采配额同比下降等价格利好因素的出现，钨精矿 价格再次进入趋势性上涨通道,12月17日,我国钨精矿价格达到历史新高 42.30 万元/吨,当日年内累计涨幅达到195.80%。 图 1: 2024/2025 年二季度我国钨精矿价格屡创新高 回顾上一轮钨价大涨，行情结束原因主要包括中美贸易摩擦导致的信心下降 以及供大于求的供需格 ...

点击 最 下方 关注《材料汇》 ， 点击"在看"和" "并分享 添加 小编微信 ，遇见 志同道合 的你 特别福利 （欢迎加入 材料汇商业航天交流群 并记住加小编微信 ） 商业航天在2025年底迈入2026年的步伐中，走出了新姿态、新趋势，市场关注度与资本热度空前高涨。我们认为，这种蓬勃发展的态势背后，是行业在多 个维度上焕发出的"新"生命力。 一是战略价值进一步凸显，商业航天成为大国产业竞速的"新"领域。 2026年初，国际电信联盟(ITU)官网显示，2025年12月25日到31日期间，我国正式向 ITU提交新增20.3万颗卫星的频率与轨道资源申请。与此同时，AI快速发展驱动算力需求增长，地面数据中心长远发展受到制约，业界纷纷将视角转向太 空，计划建设太空算力中心。1月30日，SpaceX已申请发射并运营一个由多达100万颗卫星组成的星座，旨在构建"轨道数据中心"。 卫星互联网、太空算 力等领域已成为大国博弈的新高地 ，美国星链的大规模组网部署、Spacex的上市计划等国际动态，进一步倒逼我国商业航天产业加速技术迭代与模式创 新。 二是"新"政策支撑体系持续完善，监管体系全面升级。 2025年11月，国家航天 ...

Core Viewpoint - The article discusses the rapid growth and investment opportunities in the advanced packaging materials sector, highlighting the potential for domestic companies to replace foreign imports in critical areas of technology [7][8]. Market Overview - The global market for advanced packaging materials is projected to reach $2.032 billion by 2028, with the Chinese market expected to grow to 9.67 billion yuan by 2025 [8]. - Specific materials such as PSPI and Al-X photoresist are identified as key growth areas, with PSPI's market size in China estimated at 7.12 billion yuan in 2023 [8]. Investment Opportunities - The article outlines various advanced packaging materials and their projected market sizes, indicating significant growth potential in areas like conductive adhesives, chip bonding materials, and epoxy encapsulants [8]. - For instance, the conductive adhesive market is expected to reach 3 billion yuan by 2026, while the epoxy encapsulant market is projected to grow to $9.9 billion by 2027 [8]. Competitive Landscape - The article lists both domestic and international players in the advanced packaging materials market, emphasizing the competitive dynamics and the potential for domestic companies to capture market share from established foreign firms [8]. - Companies such as 鼎龙股份, 国风新材, and 三月科 are highlighted as key domestic players in the PSPI segment, while international competitors include Fujifilm and Toray [8]. Investment Strategies - Different investment stages in the new materials industry are discussed, with a focus on the varying risk levels and investment strategies appropriate for each stage, from seed funding to pre-IPO [10]. - The article emphasizes the importance of thorough industry and team assessments at each investment stage to mitigate risks and maximize returns [10].

点击 最 下方 关注《材料汇》 ， 点击"在看"和" "并分享 添加 小编微信 ，遇见 志同道合 的你 （请添加小编微信，后续会组建 相关微信群 ） 正文 五矿证券 珍惜有限 创造无限 1. 2025年有色金属——关税影响、降息预期与战略金属价值重估 1.1 2025年主要有色金属价格,宏观与地缘政治扰动成为主因 ロ 2025年受到关税和美联储降息预期的波动，以及地缘环境下战略金属政策等影响，有色金属价格除铅、中重稀土基本出现普涨。 ロ 大类涨跌幅来看，贵金属涨幅居前（>100%），小金属涨幅（≈78%，分化明显），工业金属（≈30%）。 ロ 具体品种来看，2025年钨价涨幅领先达到343%，COMEX黄金白银分别上涨81%、178%；铜、锡上涨51%、67%，氧化错较涨 幅达到97%,氧化简跌幅较大。 图表1:2025年有色金属价格涨跌幅与预期差异 珍惜有限 创造无限 图表2：2025年有色金属行业利润（上）、板块表现（下） 3 年度涨幅 收入YOY % 归母净利润YOY% 有色金属板块涨跌幅 40.9 71.72 9.5 SW金属新材料 58.89 8.1 8.24 6.51 51.12 SW磁性材料 3 ...

点击 最 下方 关注《材料汇》 ， 点击"在看"和" "并分享 添加 小编微信 ，遇见 志同道合 的你 特别福利 （欢迎加入 材料汇商业航天交流群 并记住加小编微信 ） 2 月 7 日，酒泉卫星发射中心传来重磅消息，长征二号 F 运载火箭成功将可重复使用试验航天器送入预定轨道，这一里程 碑式的发射，再度印证了可回收技术是航天产业从 "单次探索" 走向 "规模化应用" 的核心方向。 可回收航天装备的材料选型史，正是一部 "性能、成本、重复使用性" 的平衡艺术史， 商业航天的核心竞争，早已 从"能否上天"转向"能否低成本重复上天" 。而这一转变的关键，藏在可回收火箭 、航天器 的 每一寸结构里—— 材料选择，既是技术突破的基石，更是降本逻辑的终极落地 。 从长征系列火箭的材料优化，到国际商业航天标杆产品的技术迭代 ，可回收火箭的材料迭代史，正是一部"性能、成本、 重复使用性"的平衡艺术史， 本文将全面拆解这一变革背后的科学逻辑与商业考量， 揭秘 97% 降本的核心密码 。 （1）极端环境适应性： 需耐受-196℃（液氧低温）至1200℃（再入气动加热）的温差，同时抵御高压燃烧、高速气流冲刷 与着陆冲击； （2）重 ...

点击 最 下方 关注《材料汇》 ， 点击"在看"和" "并分享 添加 小编微信 ，遇见 志同道合 的你 （请添加小编微信，后续会组建 相关微信群 ） 图：多数经济体通胀水平仍高于疫情前（2019/12） 图:当前主要经济体实际长期利率依然较高 & 调:同比 3 - 2. Real Long-Term Interest Rates ):所有类目不包括能源、食品、酒精与烟草(核心HICP):同比 (Percent, year over year) 0% 2 - - United States - Euro area - United Kingdom 不包括食品和能源(核心CPI):当月同比 Japan 1-3 5 -2 - 2015: 21: 17: 19: 23: 25: 01 Q1 Q1 Q1 Q1 Q2 4 赛每来源:Wind. INF、奥源证券研究 | (实际GDP增速) | 2024 | 2025E | 2026E | (实际GDP增速) | 2024 | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | --- | --- | | 全球产出 | ...

Core Viewpoint - The article discusses the rapid growth and investment opportunities in the advanced packaging materials sector, highlighting the potential for domestic companies to replace foreign imports in critical areas of technology [7][8]. Market Overview - The global market for advanced packaging materials is projected to reach $2.032 billion by 2028, with the Chinese market expected to grow to 9.67 billion yuan by 2025 [8]. - Specific materials such as PSPI and Al-X photoresist are highlighted, with PSPI's market size in China estimated at 7.12 billion yuan in 2023 [8]. Investment Opportunities - The article identifies 14 key advanced packaging materials that are critical for the semiconductor industry, emphasizing the potential for domestic companies to capture market share from established foreign players [7][8]. - Companies like 鼎龙股份, 国风新材, and 三月科 are mentioned as potential leaders in the domestic market for advanced packaging materials [8]. Growth Projections - The market for conductive adhesives is expected to reach 3 billion yuan by 2026, while the chip bonding materials market is projected to grow from approximately $4.85 billion in 2023 to $6.84 billion by 2029 [8]. - The epoxy encapsulant market is anticipated to grow to $9.9 billion by 2027, indicating strong demand for these materials in the electronics sector [8]. Competitive Landscape - The article outlines the competitive landscape, noting that foreign companies like Fujifilm, Toray, and JSR dominate certain segments, while domestic firms are emerging as strong competitors [8]. - The need for innovation and investment in R&D is emphasized for domestic companies to successfully compete against established international players [8].

Core Viewpoint - The article discusses the rapid growth and investment opportunities in the advanced packaging materials sector, highlighting the potential for domestic companies to replace foreign imports in critical areas of technology [7][8]. Market Overview - The global market for advanced packaging materials is projected to reach $2.032 billion by 2028, with the Chinese market expected to grow to 9.67 billion yuan by 2025 [8]. - Specific materials such as PSPI, epoxy resin, and conductive adhesives are identified as key growth areas, with significant market size and growth forecasts provided [8]. Investment Opportunities - The article outlines various advanced packaging materials and their respective market sizes, including: - PSPI: $528 million in 2023, expected to grow significantly [8]. - Conductive adhesives: projected to reach $3 billion by 2026 [8]. - Chip bonding materials: expected to grow from approximately $485 million in 2023 to $684 million by 2029 [8]. - The investment landscape is characterized by a shift towards domestic production, with numerous Chinese companies emerging as competitors to established foreign firms [7][8]. Industry Trends - The article emphasizes the trend of domestic substitution in advanced materials, particularly in sectors heavily reliant on imports from countries like Japan [7][8]. - It highlights the importance of innovation and R&D in maintaining competitive advantages within the industry [7][8]. Strategic Insights - Investment strategies vary across different stages of company development, from seed rounds to pre-IPO phases, with specific focus areas for investors at each stage [10]. - The article suggests that companies in the growth phase with established sales channels and increasing revenue present lower risk and higher return potential for investors [10].

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 特别福利 （欢迎加入 材料汇商业航天交流群，并记住加小编微信 ） 从碳纤维到不锈钢：可回收火箭材料选型变革，揭秘97%降本核心 从价值链到落地：新材料企业切入商业航天的低风险路径 正文 历经前几年资本的狂热追捧与概念的野蛮生长，商业航天行业正逐步褪去浮华，迈入"去伪留真"的关键 发展期。曾经被资本炒作的"太空旅游""星际移民"等噱头逐渐降温，那些缺乏技术壁垒、没有真实需求 支撑、仅靠故事融资的企业陆续被市场淘汰。 如今，无论是国内火箭产业链、海外SpaceX/Tesla协同生态，还是技术变革驱动下的卫星产业链，核心 逻辑均已回归产业本质—— 以技术突破为根基，以真实需求为导向，以商业化落地为目标，以产业链 协同为支撑 。 脱离这一核心的布局，终将在行业洗牌中被淘汰；唯有坚守技术攻坚、聚焦真实价值，才能在商业航天 的黄金赛道中站稳脚跟。 本文将围绕商业航天核心细分领域， 结合行业趋势、技术进展、热点事件及关联投资方向 ，展开详细 论述，挖掘行业真正的发展机遇与核心价值。 一、国内火箭产业链： 延伸阅读 深度｜商业航天 ...

Core Viewpoint - The article discusses the emergence of a new era in satellite technology, emphasizing the urgent need for efficient power supply systems for satellites as China prepares to launch a significant number of satellites by the end of 2025 [6][9]. Group 1: Satellite Launch and Development - By the end of 2025, China plans to submit approximately 203,000 satellites to the ITU, covering 14 satellite constellations, with the Radio Innovation Institute applying for two constellations, each with 96,714 satellites, totaling nearly 193,000 satellites [7][8]. - Major operators and commercial satellite companies are also advancing medium-scale constellations, with China Mobile applying for 2,520 satellites, Yuxin Satellite for 1,296, and Guodian Gaoke for 1,132 [8][10]. - As of December 2025, the overall launch completion rate for major domestic constellations remains low, indicating they are in the early stages of network formation [13]. Group 2: Starlink Program and Launch Trends - The Starlink program exhibits a clear generational rhythm, with cumulative launches reaching approximately 11,034 satellites and applications totaling about 41,943 as of January 2026 [2][16]. - The annual launch volume has increased significantly, with projections for 2025 reaching around 3,200 satellites, reflecting a trend of accelerating deployment [15][20]. - Starlink's V1 to V3 satellites utilize crystalline silicon technology to prioritize supply chain scalability and system-level cost reduction, while V4 may adopt P-type silicon HJT or P-type silicon HJT-perovskite tandem structures [3][4]. Group 3: Photovoltaic Technology in Space - The current mainstream technology for space photovoltaic applications in China is multi-junction gallium arsenide (GaAs), although there is ongoing testing and validation of perovskite systems by various companies [4][26]. - The high unit price of GaAs photovoltaic cells is becoming a significant factor limiting system economics, prompting the industry to explore lower-cost alternatives such as silicon-based and perovskite technologies [21][34]. - The article highlights the unique requirements for photovoltaic cells in space, including radiation resistance, thermal stability, and long-term reliability under extreme conditions [22][25]. Group 4: Industry Outlook and Recommendations - The acceleration of satellite launches and the continuous validation of new photovoltaic technologies indicate a rising industry outlook and long-term growth potential for the space photovoltaic sector [5][6]. - The article recommends a "buy" rating for the space photovoltaic industry, citing key companies such as Maiwei Co., Aotewi, and others as relevant investment targets [5][6].