消息面上，国际电信联盟(ITU)官网显示，2025年的最后几天，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，涵盖14个卫星星座，包括中低轨卫星。我国深度参与ITU事务的专家表示，卫星 系统从卫星网络资料国际申报、国际协调到卫星发射、系统建设、提供服务、应用推广，一般需要较长 时间。此次我国相关单位申报的卫星网络资料，属于履行ITU相关程序的例行操作，应予以理性看待。 光大证券发布研报称，尽管ITU遵循"先到先得"，但是受国际协调、频谱冲突、轨道容量限制，实际获 批量或小于申报量；此次申报更多是频轨资源战略储备，近期日本政府亦提出打造"日本版星链"系统， 意味着大国太空资源博弈加剧。产业层面来看，此次申报再度抬升国内商业航天潜在需求天花板，在以 无线电创新院为代表的"国家队"引领下，行业发展或再度提速。 智通财经APP获悉，商业航天概念股延续跌势，截至发稿，亚太卫星(01045)跌10.48%，报4.27港元；金 风科技(02208)跌5.71%，报14.03港元；西锐(02507)跌2.52%，报59.85港元。 ...

Market Overview - On January 12, the Shanghai Composite Index rose by 1.09%, the CSI 300 increased by 0.65%, the STAR 50 surged by 2.43%, the CSI 1000 climbed by 2.8%, the ChiNext Index went up by 1.82%, and the Hang Seng Index gained 1.44% [5] - The best-performing sectors on January 12 were Media (+7.8%), Computer (+7.26%), Defense and Military Industry (+5.66%), Social Services (+3.21%), and Communication (+2.74%). The worst-performing sectors were Oil and Petrochemicals (-1%), Coal (-0.47%), and Real Estate (-0.29%) [5] - The total trading volume for the A-share market on January 12 was 36,446 billion, with a net inflow of 7.306 billion HKD from southbound funds [5] Important Recommendations Company Updates - **Xirui (02507)**: The company is highlighted for its high visibility in performance and simultaneous increase in volume and price. The valuation is considered attractive, with potential for exceeding expectations in 2026 due to continuous innovation in core models and strong brand recognition [6] - **Dongfang Securities (600958)**: As the second-largest brokerage under Shanghai State-owned Assets, it is positioned to benefit from both internal growth and external integration opportunities. The governance structure is being strengthened, and there are expectations for improved operational efficiency and capital utilization [7][8] Key Insights Strategy Research - The A-share market is expected to have greater certainty in the first half of 2026 compared to the second half, driven by various factors including technical patterns and international conditions. The Shanghai Composite Index is anticipated to trend upwards in the first half, while potential corrections may occur in the second half [10] - The offshore RMB exchange rate is projected to approach the 0.5 percentile between 6.3 and 7.4, which could attract foreign investment and positively impact the A-share market [10] Media Industry Commentary - The application of AI is gaining momentum, particularly in the areas of GEO and AI animation. The rapid evolution of generative engines into marketing necessities is noted, with significant investment opportunities identified in companies involved in these themes [12][13]

Industry Overview - The private jet industry is experiencing steady growth, with high-end models (jets) growing at a faster rate. Post-pandemic, high-net-worth individuals prefer private travel for privacy, while tariff fluctuations have led to a decline in competitors' market share. The supply side continues to introduce competitive new models, driving order growth [1]. Company Insights - The company, as a leader in the piston private aircraft sector, is rapidly increasing its market share due to its strong product quality and customer service attributes. The core competitive barriers are built on product safety and customization, along with a differentiated and systematic service layout. The long-term customer-oriented strategy has established a deep brand effect. Following the launch of the SR series G7+ in 2025, orders are expected to grow rapidly, with a new model anticipated in 2026, which is expected to further drive order growth beyond expectations [2]. Key Expectations - The company has a rich pipeline of new products, with the 2026 launch expected to accelerate order growth beyond expectations. Significant scale effects are anticipated, providing elasticity in net profit margins. Market expectations suggest stable sales growth with gradual price increases, while the company believes that the new product launch in 2026 will lead to an unexpected increase in orders. The current long delivery cycle may support this unexpected order growth, establishing a foundation for exceeding delivery expectations in 2026-2027. Additionally, the service business revenue growth rate increased to 24% in the first half of 2025, indicating that high-margin service operations are entering a realization phase, potentially contributing to earnings and performance beyond expectations [3]. Potential Catalysts - Potential catalysts include: 1) Expected recovery in March 2026 based on 2025 transaction volume and market performance; 2) New product launches in 2026; 3) Quarterly delivery data released by GAMA [4].

Industry Overview - The private jet industry is experiencing steady growth, with high-end models (jets) growing at a faster rate. Post-pandemic, high-net-worth individuals prefer private travel for privacy, while tariff fluctuations have led to a decline in competitors' market share. The supply side continues to introduce competitive new models, driving order growth [1]. Company Insights - The company, as a leader in the piston private aircraft sector, is rapidly increasing its market share due to its strong product quality and customer service attributes. The safety and customization of its products create core competitive barriers, while a differentiated and systematic service layout has established a deep brand effect. Following the launch of the SR series G7 in 2025, orders are expected to grow rapidly, with a new model anticipated in 2026, which will further drive order growth beyond expectations [2]. Key Expectations - The company has a rich pipeline of new products, with the 2026 launch expected to accelerate order growth beyond market expectations. The scale effect is significant, and net profit margins are expected to be elastic. While market expectations are for stable sales growth and gradual price increases, the company believes that the new product launch in 2026 will lead to an unexpected increase in orders. The current long delivery cycle suggests that this order growth could lead to higher-than-expected delivery volumes in 2026-2027. Additionally, the service business revenue growth rate increased to 24% in the first half of 2025, indicating that high-margin service operations are entering a realization phase, potentially contributing to earnings and performance beyond expectations [3]. Potential Catalysts - Potential catalysts for the company include: 1) anticipated market recovery in March 2026 based on transaction volume and market performance; 2) the launch of new products in 2026; 3) quarterly delivery data released by GAMA [4].

Investment Rating - The investment rating for the company is "Buy" [6][8] Core Insights - The report highlights the company's high visibility in performance and simultaneous growth in volume and price, making it a rare investment opportunity in the consumer goods sector. The valuation is considered attractive, and there is potential for earnings to exceed expectations in 2026 due to continuous innovation in core models [1][4]. Industry Overview - The private jet industry is experiencing steady growth, with high-end models (jets) growing at a faster rate. Post-pandemic, high-net-worth individuals prefer private travel for privacy, and tariff fluctuations have led to a decline in competitors' market share. The supply side continues to introduce competitive new models, driving order growth [2]. Company Analysis - The company is a leading player in the piston private aircraft sector, rapidly increasing its market share through strong product quality and customer service. The safety and customization of products create significant competitive barriers. The launch of the SR series G7+ in 2025 has led to a rapid increase in orders, and a new model is expected in 2026, which could further boost orders and establish a foundation for high earnings growth [3][4]. Key Expectations - The company has a rich pipeline of new products, with expectations for significant order growth following the 2026 product launch. The current long delivery cycle suggests that order growth could exceed expectations, contributing to higher delivery volumes in 2026-2027. The service business is also showing strong growth, with a revenue increase of 24% in the first half of 2025, indicating a potential for higher profitability and earnings contributions [4][6]. Potential Catalysts - Key catalysts for the company include the anticipated market recovery in March 2026 based on transaction volume and market capitalization, the launch of new products in 2026, and quarterly delivery data released by GAMA [5].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 西銳飛機有限公司 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02507 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 0.5 | USD | | 250,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 500,000,000 | USD | | 0.5 | USD | | 250,000,000 | 本月底法定/註冊股本總 ...

Group 1: Market Overview - The Hong Kong stock market opened the year 2026 with the Hang Seng Index rising by 2.18%, gaining 559 points to close at 26,189 points, while the Hang Seng Tech Index increased by 3.38% [1] - The early trading volume in the Hong Kong market reached 76.8 billion HKD [1] Group 2: Aerospace and Technology Sector - Blue Arrow Aerospace's IPO on the Sci-Tech Innovation Board has been accepted, accelerating the capitalization process in the commercial aerospace sector, leading to significant gains in related stocks: Goldwind Technology rose over 17%, Asia-Pacific Satellite surged over 32%, Aerospace Holdings increased by over 18%, and AVIC Industry rose by 4% [1] - Huahong Semiconductor surged over 10% as it plans to invest 8.27 billion RMB to acquire equity in Huali Microelectronics [2] - The robotics sector continues to rise, with frequent industry chain exchanges and market anticipation for Tesla's Optimus project, leading to gains in companies like Lijiang Technology (up over 6%), Sanhua Intelligent Control (up 6.37%), and Delta Electronics (up 4.1%) [2] Group 3: Notable Company Developments - Baidu Group's stock rose over 7% as its subsidiary Kunlun Chip submitted a listing application to the Hong Kong Stock Exchange [3] - NetEase's stock increased by over 5%, with its game "Yanyun" topping the iOS sales chart in China, indicating a strong product pipeline [4] - Xirui's stock rose over 8% as the U.S. classified advanced air traffic as a national strategy, benefiting Xirui's long-standing presence in the U.S. market [5] - Skyworth Group's stock increased by nearly 10% following the formal signing of a 10MW distributed photovoltaic power station project in Italy [6] - Li Auto's stock rose over 5%, with cumulative deliveries surpassing 1.5 million units, and reports indicate adjustments to the company's product line [7] - Biran Technology debuted on the market with an opening increase of 82.14%, later rising by 72%, focusing on self-developed GPGPU chips and intelligent computing solutions [7]

Core Viewpoint - The recent increase in the stock price of Cirrus Aircraft (02507) by over 8% is linked to the U.S. Department of Transportation's release of strategic documents aimed at advancing the future of aviation, highlighting the significance of low-altitude economy in both domestic and global markets [1] Company Summary - Cirrus Aircraft, founded in the 1980s in the U.S., has established a strong reputation for private flight needs, being recognized for its "easy to fly" and "safe" aircraft [1] - The company recently delivered its 11,000th SR series aircraft, marking a significant milestone that underscores its excellence in innovation, safety, quality, and service [1] Industry Summary - The U.S. government's strategic documents categorize advanced air mobility as a national priority, indicating the competitive race between the U.S. and China in the global market [1]

Core Viewpoint - Xirui (02507) has delivered its 11,000th SR series aircraft, highlighting its excellence in innovation, safety, quality, and service [1] Group 1: Company Performance - Xirui's stock rose over 3% in the morning and is currently up 2.13%, trading at HKD 55.05 with a transaction volume of HKD 41.75 million [1] - The company has implemented advanced technologies in its aircraft, including the CAPS (Cirrus Airframe Parachute System), Perspective Touch+ avionics system, and Safe Return emergency auto-landing system, which enhance industry standards and boost consumer confidence [1] Group 2: Market Outlook - According to Western Securities (002673), Xirui has maintained a tight balance between supply and demand, and the upcoming production from the new Dafa Ke Si factory will aid in further market share expansion [1] - The long-term competitive landscape of the industry remains solid, with Xirui's brand and manufacturing advantages expected to sustain its market share [1] - The company is gradually advancing capacity expansion and service network development, which, along with improved delivery capabilities and a richer product matrix, is anticipated to accelerate performance [1]

西锐(02507)现涨超3%，截至发稿，涨3.12%，报54.5港元，成交额621.59万港元。 西部证券（002673）发布研报称，西锐短期出通、坠机事件对订单无实质性影响，资金面压力最大时点 已过，明年回通信心足；业绩后手充足，G7+反响火爆，在手订单有所恢复，销量预计全年高个位数增 长，结构升级+规模效应下利润表现更好。该行指出，公司长期受益美国制造业回流，自身α突出，成 长确定性好，当前位置性价比十足，把握优质资产错杀机会。 消息面上，9月8日，西锐被剔除出港股通名单；9月18日，格莱美获奖词曲作者布雷特·詹姆斯驾驶西锐 SR22T坠毁后不幸离世；11月6日，明晟公司(MSCI)公布了11月份指数审议结果，西锐获纳入MSCI全球 小盘股指数。 ...